Company number: 8871642 Charity number: 1157318 

**CGD Europe Report and financial statements For the year ended 31 December 2022** 



## **Contents** 

**Reference and administrative information ......................................................................................................................................... 1 Trustees’ annual report ...................................................................................................................................................................... 2** Objectives and Activities ......................................................................................................................................................................... 2 Financial and Operational Review ........................................................................................................................................................ 10 Structure, Governance and Management ............................................................................................................................................ 14 **Independent auditor’s report to the members of CGD Europe .......................................................................................................... 18** Opinion .................................................................................................................................................................................................. 18 Basis for opinion ................................................................................................................................................................................... 18 Conclusions relating to going concern .................................................................................................................................................. 18 Other Information ................................................................................................................................................................................. 19 Opinions on other matters prescribed by the Companies Act 2006 .................................................................................................... 19 Matters on which we are required to report by exception .................................................................................................................. 19 Responsibilities of trustees ................................................................................................................................................................... 20 Auditor’s responsibilities for the audit of the financial statements ..................................................................................................... 20 Capability of the audit in detecting irregularities ................................................................................................................................. 20 Use of our report................................................................................................................................................................................... 21 Statement of financial activities (incorporating an income and expenditure account) ……………………………………….22 Balance sheet ……………………………………………………………………………………………………………………………………  ……………..23 Statement of cash flows……………………………………………………………………………………………………………………………………..24 Notes to the financial statements ………………………………………………………………………………………………………………………25 



## **CGD Europe Reference and administrative information for the year ended 31 December 2022** 

**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) 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 personnel** Amanda Glassman Chief Executive 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 

**1** 

CG D EU R O PE: R EP O R T A N D FI N A N CI A L STATE M EN T S FO R TH E Y E A R EN D ED 31 D ECE M B ER 2022 



## **CGD Europe Trustees’ annual report for the year ended 31 December 2022** 

The Trustees present their report and the audited financial statements for the year ended 31 December 2022. 

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: 

- poverty; 

- health; 

- sustainable development; 

- economics; 

- good governance and transparency in public life and administration; and 

- public finance (including social finance); and to 

- publish and disseminate the useful results of such research. 

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. 

## **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 and Impact of CGD Europe’s Work in 2022’ section on page 4. 

**2** 

CG D EU R O PE: R EP O R T A N D FI N A N CI A L STATE M EN T S FO R TH E Y E A R EN D ED 31 D ECE M B ER 2022 



## **Letter from the Chair** 

The development landscape has been fundamentally altered by the COVID-19 pandemic, and with an emerging recovery underway in early 2022, the Russian invasion of Ukraine dealt another blow to the global economy by disrupting supply chains, raising fuel and food prices, and setting off a wave of global inflation and interest rate hikes. The impact on developing countries is significant with likely tens of millions of people being pushed into extreme poverty. Simultaneously, the need for climate change mitigation and adaptation became more urgent. The world is still grappling with the need to fortify health systems, particularly pandemic preparedness, without losing sight of the need to address setbacks, particularly in education. With all these pressures on the international system, it is increasingly apparent that deep changes are needed in the global development financing architecture to meet these multiple challenges. In this changing context, the importance of the work undertaken at CGD Europe, in close coordination with our colleagues at CGD, has come into even sharper focus. 

As more countries rise out of poverty, there is a need to focus on the inequalities and emerging problems that jeopardise global health progress: How can global health donors and other development partners advance global health security, pandemic preparedness, and health systems strengthening? What can be done to address health inequities in low- and middle-income countries? 2022 remained an important time to use the momentum from COVID-19 to highlight the importance of pandemic prevention, especially as it relates to topics like antimicrobial resistance. While the global community continues to track pandemic response and recovery, CGD experts are also looking further ahead to identify neglected development challenges and catalyse policy action. Notably, lead 

poisoning may be among the most pressing public health challenges faced by low and middle-income countries and is certainly one of the least recognized and most neglected. Throughout 2022, CGD Europe increased visibility of neglected global health crises and galvanised public interest in these topics, to help ensure the global community does not let chances slip by. 

Prompted by the 2022 Russian invasion of Ukraine, analysis from the development community focused on how the world’s poorest people continue to be impacted by this ongoing conflict and considering how policymakers should respond. To this end, CGD Europe’s timely analysis suggested the scale of the food and energy price spike will push over 40 million into extreme poverty, which was widely reported by global news outlets. Relatedly, the 

New York Times spoke with one of our experts on the impact of sanctions with regards to food security. Our experts also argued that diverting aid to Ukraine—rather than expanding it—could also make things worse, calling on policymakers to take urgent steps to avert human suffering and contribute to stability. 

The many global problems that the world faces cannot be handled alone, the case for multilateralism could not be clearer. To counter such problems and meet the Sustainable Development Goals, the world must ramp up 

development financing from billions to trillions of dollars. And yet, the future of the multilateral system is looking increasingly uncertain. There remains a need to repurpose, renew, and better deploy the international development machinery that we already have, and which has served us well over the past few decades. Throughout 2022, CGD Europe sought to shape the landscape of international development cooperation through evidence-based policy innovation emerging from independent, rigorous research, and effective partnerships. 

Our presence in media across different platforms continued at high and unprecedented levels in 2022 and many new funders reached out to support our work. We continued to work closely with a range of think tanks and international organisations on joint analyses of and solutions to difficult policy problems, strengthening our outreach both in the UK and in Europe. 

Beyond research, CGD Europe has also continued to evolve its operations in 2022. After four years as COO and Senior Fellow at CGD Europe Mark Plant, who has been instrumental in CGD Europe’s success, stepped down to return to Washington, D.C., USA. I am excited that Mikaela Gavas has been appointed as Managing Director, CGD Europe and Senior Policy Fellow, effective from January 2023, continuing to work in close partnership with the CEO. CGD Europe successfully negotiated a new lease at 1 Abbey Gardens. The office has remained open since January 2022, after being temporarily closed due to the COVID-19 Omicron variant in December 2021, and staff are now working from the office at least twice a week. CGD Europe is continuing to provide in-person opportunities for colleagues to meet and socialise. 

**3** 

CG D EU R O PE: R EP O R T A N D FI N A N CI A L STATE M EN T S FO R TH E Y E A R EN D ED 31 D ECE M B ER 2022 



Our work is far from complete. Over the next year we expect to deepen the analysis of how international support to developing countries can be strengthened in an increasingly fractured political environment weighed down by global economic disequilibria. CGD Europe aims to provide policymakers with evidence-based recommendations which aim to mitigate the economic impact of global risks like climate change, strengthen international financial institutions (IFIs) and capital flows to countries in need, lead to a more cohesive development finance system in the UK, and Europe, and improve education outcomes for all children. CGD Europe will continue to play an active role in informing multilateral and national development policies and interventions across the globe. 

**Masood Ahmed KCMG Chair – CGD Europe Board of Trustees** 

**4** 

CG D EU R O PE: R EP O R T A N D FI N A N CI A L STATE M EN T S FO R TH E Y E A R EN D ED 31 D ECE M B ER 2022 



## **Results and Impact of CGD Europe’s Work in 2022** 

In 2022, CGD Europe’s research and analysis contributed to improving the evidence base and its use in policy formulation and debates, and generated ideas that have been discussed and adopted in international agencies: 

## _**European Development Policy and Leadership (EDPL) Programme**_ 

Our **European development finance** work focused on the cohesion of the European development finance system and the impact of the European Union’s (EU) development finance instruments. The team published and presented a paper to the European Parliament’s Development, Foreign Affairs and Budgets Committee on the challenges 

and blind spots in the European development finance architecture. Our recommendations were included in the European Parliament’s Resolution . We also continued to raise awareness of our proposal for an Accelerator Hub to pool and streamline technical assistance to generate a pipeline of bankable projects . The proposal has now been adopted by a range of European financial institutions as a model for their technical assistance facilities. 

Our work on **UK development cooperation** examined UK aid policy and the future of the UK as a development leader. The team analysed the UK Government’s plans for counting vaccines as ODA; saw an improved UK Trade for Development regime post-Brexit which CGD helped catalyse; and proposed alternative budget strategies to avoid further aid cuts, drawing significant attention to the impact of the government’s decision to pause aid spending for 

“non-essential” programmes due to the surging costs of domestic refugee programmes, primarily from Ukraine. We received direct feedback that our research was considered helpful by partner organisations and Parliamentarians. It received significant media attention (with citations in over 600 pieces) featuring in BBC, Sky News, The Guardian, The Independent and other media outlets; the visibility of these and other analyses may have underpinned a subsequent increase in aid funding by the Chancellor . 

Our work on **climate and concessional finance** focused on the analysis of climate finance volumes, focus, and effectiveness. We submitted evidence to the UNFCCC’s call for views on the new collective quantified goal; attended COP27 in Sharm El-Sheik, Egypt, where we co-hosted a convening and luncheon on reforming the global financial architecture; and published a paper identifying and exploring six challenges to the effectiveness of climate finance. 

We organised CGD’s annual **Development Leaders Conference** 2022, in partnership with the Agence Française de Développement (AFD) in Paris. The conference brought together over 60 senior policymakers from official bilateral and multilateral development agencies and institutions to explore how their organisations are adapting to an increasingly challenging and uncertain geopolitical landscape, the opportunities of investing in evidence- 

based innovation, and how to get back on track to achieving the SDGs through additional financial mobilization and alignment. 

**5** 

CG D EU R O PE: R EP O R T A N D FI N A N CI A L STATE M EN T S FO R TH E Y E A R EN D ED 31 D ECE M B ER 2022 



## _**Global Education (GE) Programme**_ 

The Global Education Programme launched two flagship reports on **Girls Education** and **Schooling for All** . Both reports achieved good traction with policy makers and the broader education sector. We had contributions to the Schooling for All report from 25 experts across the global education community, including thought leaders such as Rukmini Banerji and Ugo Gentilini . The girls’ education report included contributions from 30 scholars and contained several pieces of original analysis, including on identifying gaps in research and a review of donor contributions to girls’ education over the past two decades. Both reports were disseminated widely, and we engaged with international development partners and policymakers in several countries in the Global South to share their findings. 

We informed the strategy of a new donor – Pousaz Philanthropies. Building on our research and outreach, **school violence** is a core pillar of the Pousaz Philanthropies inaugural strategy, and the foundation will support CGD’s growing body of work on understanding and eliminating school violence . 

## _**Global Health Policy Programme**_ 

In 2022, with many developing countries facing a fiscal and debt crisis, the Global Health Policy Programme conducted timely analysis, provided targeted technical support, and created global public goods to advise governments on optimizing the value for money of limited budgets during the crises and beyond. CGD experts led the production of a seminal global guidance document on revising **health benefits packages as part of universal health coverage reforms around the world** , coordinating the input of experts and decision makers from 14 countries as part of the Joint Learning Network, alongside the World Bank. CGD also successfully executed the next step in our strategy to transfer iDSI ( **The international Decision Support Initiative** , which CGD Europe is the secretariat) to African co-leadership, setting up joint decision-making structures with Africa CDC and KEMRI Welcome trust, recruiting an African-based chair to our Advisory Board, and scaled up two regional hubs at the Africa CDC and AfroHTA run by KEMRI. These hubs have, with CGD’s input, provided technical assistance to seven African countries. The Health Economics Program (HEP), housed at the Africa Centres for Disease Control and 

Prevention (Africa CDC), has particularly grown with CGD support. Originally launched as a “unit,” the most nascent level of institutional development, the HEP has now secured sufficient financing and staffing to advance to a higher level of maturity as a “program.” The HEP signed new agreements to support research capacity strengthening in health economics totaling US$1 .9 million with the French Development Agency, BMGF and US CDC. The HEP continues to partner with CGD to conduct a range of research projects, including on the cost-effectiveness of COVID-19 oral antivirals. 

Under our **antimicrobial resistance** (AMR) workstream, we convened a high-level working group comprised of over 20 key global actors, seeking to propose new purchasing systems that will improve access, stewardship, and innovation for antimicrobials in LMICs . As part of this work, CGD will propose a Grand Bargain for sustainable, equitable access to antimicrobials which we hope will form the basis of a 2024 UN political declaration on AMR. The working group includes actors representing LMIC policymakers, civil society, industry, and funding organisations. CGD have produced three publications to support this working group and are working with a range of partners to develop over ten further research pieces. These research pieces in particular aim to increase available evidence focused on LMICs, to amplify LMIC voices to ensure fair representation of their needs in the new Grand Bargain governing action on AMR. 

**6** 

CG D EU R O PE: R EP O R T A N D FI N A N CI A L STATE M EN T S FO R TH E Y E A R EN D ED 31 D ECE M B ER 2022 



## _**Migration, Displacement and Humanitarian Policy (MDHP) Programme**_ 

The Migration, Displacement and Humanitarian Policy Programme’s migration workstream generated multiple major research outputs. The **Refugee Work Rights** Report is a ground-breaking overview of refugees’ access to labour opportunities in 51 countries, finding that at least 55% of refugees live in a country that significantly restricts their right to work in practice . This was CGD’s most-read publication in 2022 and has attracted high interest from media and policymakers. 

The **Labour Market Access** research programme has completed Phase I, and Phase II funding is secured from Hilton, a new donor. Research programmes in Kampala are continuing. In the Climate-Affected Migration research strand, a major report will be published at the start of 2023, and engagement with policymakers and the research community has been undertaken throughout 2022. CGD staff also participated in the planning processes for the World Bank’s 2023 World Development Report, focused on migration. Finally, while the humanitarian workstream formally concluded in September 2021, Sir Mark Lowcock has joined as a Senior Fellow and has been an active figure in media and policy engagements on reforming the humanitarian system. 

## _**Sustainable Development Finance (SDF) programme**_ 

During 2022, the SDF programme remained at the forefront of the analysis and conversation around the possible and best uses for the $650 billion of IMF **Special Drawing Rights** (SDRs) allocated in August 2021 . CGD provided the international community with the economic and technical arguments for SDR recycling and has worked with MDBs, such as the African Development Bank and the International Fund for Agricultural Development, to put 

forward concrete proposals for recycling. CGD liaised with potential bilateral donors to encourage them to consider recycling SDRs to MDBs and worked with civil society organisations and think tanks to support the public and political campaign for recycling. 

On **Climate Finance** , the SDF team in London has been exploring the potential for pull financing mechanisms to stimulate innovations that have both climate and development payoffs, and the application of such technologies at scale, with the potential to improve outcomes cost-effectively. We proposed a portfolio of such mechanisms with input from Instiglio, and we have been actively engaging with policy makers and development organisations to promote the use of such mechanisms . As a result of this work and a successful outreach strategy, the UK Department for Business, Energy, and Industrial Strategy (BEIS) are currently scoping a new £100-150 million programme of work to implement pull financing instruments for climate and development. 

**7** 

CG D EU R O PE: R EP O R T A N D FI N A N CI A L STATE M EN T S FO R TH E Y E A R EN D ED 31 D ECE M B ER 2022 



## **Future Plans** 

CGD Europe, in close coordination with our colleagues at CGD, will continue to bring development expertise to the multiple and interconnected crises the world faces including the Russian invasion of Ukraine, the continuing impact of COVID-19 and the devastating effects of climate change. 

In 2023, the world faces unprecedented, unusual, and unexpected levels of uncertainty, auguring a future of insecurity and instability. The chain of problems—the Russian invasion of Ukraine, the devastating effects of climate change and extreme weather and the impact of the COVID-19 pandemic — has fuelled inflation and protectionism, global food and energy shortages, debt crises, humanitarian and refugee crises and the resurgence of global poverty. Carbon emissions have climbed, as the postpandemic global economy fired back up. Food and energy have become weaponised by the war in Ukraine, sending inflation soaring to levels not seen in decades, globalising a cost-of-living crisis and fuelling social unrest. These shocks have hit low- and middle-income countries particularly hard. The implications of these shocks for development require careful analysis and mitigating strategies. The world’s collective focus is being channelled into the “survival” of today’s crises: cost of living, social and political polarisation, food and energy supplies, tepid growth, and geopolitical confrontation. 

Our task is to identify and understand the elements that drive these dynamics and to shape international policy discussions so that they focus on the transition to a more resilient, sustainable and equitable global economy and ensure that the 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, CGD Europe will help shape the development landscape to address these challenges. 

## **In 2023, CGD Europe will focus its policy and research expertise on the following strategic areas:** 

## _**European Development Policy and Leadership (EDPL) programme**_ 

In 2023, we will continue to analyse and shape EU development finance instruments and modalities to ensure maximum development impact, including how to leverage EU concessional resources. We will also continue to develop proposals for a more coordinated and effective European development finance system. 

The EDPL programme will also build on our body of research and analysis on the UK’s role in development, trends in UK ODA and UK policy beyond aid. We will inform the implementation of the UK Government’s current development strategy and contribute ideas for future UK governments ahead of the next general election. We will also consider the UK’s broader role in global development and the multilateral system where there are opportunities to lead reform. 

We will continue to scrutinize progress on the $100bn climate finance target and related commitments, assess options for funding a loss and damage facility outside of ODA, and inform a new collective quantified goal on climate finance in terms of incentives, effectiveness and coherence with development finance. We will also continue to work on the quality and effectiveness of climate finance, by focusing on what we know about how to spend climate finance well and how development agencies could improve value and impact. 

**8** 

CG D EU R O PE: R EP O R T A N D FI N A N CI A L STATE M EN T S FO R TH E Y E A R EN D ED 31 D ECE M B ER 2022 



Our research on the future of development cooperation and agencies/institutions will continue, and we will update and publish new iterations of the Commitment to Development Index and the Finance for International Development (FID) measure. We will analyse contributions of emerging economies to the multilateral system and quantify the over-counting of aid in concessional loans. 

## _**Global Education (GE) Programme**_ 

With education budgets domestically and globally squeezed, there are growing efforts by big donors to coalesce aid money around foundational literacy and numeracy. In 2023, the CGD Education Programme will increasingly focus on how to ensure that other issues – that are just as (if not more) core to children’s education and wellbeing – are not displaced. We will ramp up our research agendas on school violence, school meals and lead poisoning (in collaboration with the CGD Health Programme) and elevate these issues to be a much higher priority for the global 

education community. We are also undertaking an ambitious project, funded by Open Philanthropy, to measure the long-term effects of early-grade literacy interventions. 

## _**Global Health Policy Programme**_ 

Our goals for 2023 for the iDSI network include supporting Africa CDC and AfroHTA to become the pre-eminent convenors and technical assistance providers on continental priority setting and to secure their own independent grants. We will also complete our workplans in eight key countries (Rwanda, Ghana, Nigeria, Ethiopia, Kenya, Uganda, India, Indonesia), with a focus on sustainability and independence from iDSI support. Finally, we will disseminate the lessons learnt during the iDSIplus grant by publishing global guidance on adaptive Health Technology Assessments (HTA), estimating the return on investment of HTA India, and publishing a special issue in the Health Systems & Reform journal to provide insights from a range of LMICs on HTA institutionalization. 

For the Working Group on a New Grand Bargain for Antimicrobial Procurement, we will conduct case studies to develop targeted policy recommendations to shape the market for antibiotics in India, Brazil, and Kenya. We will also disseminate the findings of the AMR working group through high-level events in India, Brazil, and Kenya, and at the World Health Assembly in Geneva. We will then launch the final report at the UN General Assembly in September 2023. 

## _**Migration, Displacement and Humanitarian Policy (MDHP) Programme**_ 

Priorities in 2023 include green-skilled migration, following research conducted during the Climate-Affected Migration project undertaken with funding from the Robert Bosch Foundation. Green skills are a major bottleneck in the green transition globally, and Global Skill Partnerships are a high potential solution. Discussions on this subject have already been undertaken with German and UK policymakers. 

We will also work on healthcare migration, with a focus on regions undergoing a demographic transition and upon equitable and sustainable migration of healthcare professionals. 

Finally, we will focus on reform of multilateral development bank programming regarding migration, especially given the possible framing of migration as a contributor to global public goods in the areas of green skills and healthcare. MDB funding for climateaffected migration and for refugee hosting is a further area of interest and urgency. 

**9** 

CG D EU R O PE: R EP O R T A N D FI N A N CI A L STATE M EN T S FO R TH E Y E A R EN D ED 31 D ECE M B ER 2022 



## _**Sustainable Development Finance (SDF) programme**_ 

In 2023, the SDF team will continue its work to support innovations with climate and development impact, and the institutional structure required for delivering this. We will also look at how best to define and fund Global Public Goods, and their relationship with the core development mandate of many development agencies looking to do more in this space. Finally, the SDF team will be working on a comprehensive analysis of the history of the 

Department for International Development, its development approach and institutional impact, drawing lessons for donors and development actors today. 

## _**CGDE Outreach and Operations**_ 

Following a competitive process in 2022, Mikaela Gavas was appointed as Managing Director, CGD Europe and Senior Policy Fellow, and will take over the position effective 2nd January 2023. As the new Managing Director, along with the CEO and the executive team, Mikaela will continue to seek areas where CGD Europe can strengthen its operational performance and find new opportunities to increase CGD Europe’s profile and visibility in the UK and Europe. 

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

## **Financial and Operational Review** 

## _**Financial Performance**_ 

## **Income** 

Our income in 2022 was £10,315,230. While rising inflation and knock-on effects of the invasion of Ukraine made 2022 a challenging year, CGD Europe’s efforts to leverage relevant expertise in areas such as European development policy, global health, global education and, sustainable development finance to raise funds from a range of funders, many of whom are funding us for the first time. We continued to prioritise 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 £7,415,969 in 2022, with the highest proportion of expenditure on staffing followed by sub-award payments made to partner organisations. The average number of employees remains the same as last year at 

43 staff. The results and impact of our work with this expenditure are set out earlier in this report. 

As at 31 December 2022, the overall results show a £2,899,261 surplus for the year, the majority of which is explained by the fact CGD Europe received a large amount of restricted income, as an advance payment, for use in 2022 and in subsequent years, as was the case for the Bill & Melinda Gates Foundation funded iDSIPlus and HTA in India projects and also new grants from the Good Ventures and Pousaz Foundations. 

**10** 

CG D EU R O PE: R EP O R T A N D FI N A N CI A L STATE M EN T S FO R TH E Y E A R EN D ED 31 D ECE M B ER 2022 



The total funds carried forward at the end of the year was £6,108,230, which is made up of funds brought forward from 2021 (£3,208,969) and the surplus realised in 2022 (£2,899,261). This includes £5,394,763 of restricted funds for use in future years and £713,467 of unrestricted funds. The Restricted funds carried forward at the end of the year will be used for specified purposes as agreed with funders. A full description of the funds can be found in note 15a to the Financial Statements. 

## **Grants Payable** 

Grants payable are payments made to third parties (‘sub-awards’) 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-awards to partner with other institutions that can bring different and complementary skill sets to help us achieve our education and research objectives. These may be research institutions that can offer local expertise and/or offer different skill sets such as specialist knowledge of a research area outside of CGD Europe’s fields of expertise. Sub-awardees ensure that CGD Europe can achieve policy goals effectively by broadening the scope of our research and bringing it to new or different audiences. New sub-awardees are subject to due diligence checks, and sub-award monitoring occurs 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. We have successfully negotiated a new lease for 1 Abbey Gardens, which will continue to provide a base for CGD Europe staff and operations in the medium-term. We have also started the process of 

upgrading AV systems in the office to improve hybrid meetings and events. In 2022, we implemented a new financial management system, which allows us to better manage and track our income and expenditure. 

Throughout 2022, CGD Europe staff members have continued with 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 staff are required to be in the office a minimum of 2 days a week. In person team lunches restarted in 2022, giving staff the opportunity to meet and connect in a different way. In addition to the lunch, a voluntary team breakfast is organised twice a month. 

## **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. 

**11** 

CG D EU R O PE: R EP O R T A N D FI N A N CI A L STATE M EN T S FO R TH E Y E A R EN D ED 31 D ECE M B ER 2022 



## **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. The assessment considers the degree to which CGD Europe is exposed to financial risk and the fact that its unrestricted income is secured through its relationship with CGD. The trustees have set a current target of 3-4 months of future unrestricted expenditure (£289,534–£386,045). 

As at 31 December 2022, net current assets (‘free unrestricted funds’) were £523,588, 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** 

Designated funds represent monies that have been set aside by the Trustees for specific purposes. 

In 2021, the trustees agreed to create a designated fund to support future costs associated with the renewal or termination of the lease for CGDE’s current offices. Following the recent renewal of CGD Europe’s lease, it is 

envisaged these funds may be needed in 2025 should the Trustees decide to enact the break clause in the lease. Additional details of the fund can be found in note 15a to the Financial Statements. 

## **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: 

- A review of the risk register at each formal board meeting to discuss and update the principal risks and uncertainties that the charity faces; 

- The establishment of policies, procedures, and systems to mitigate those risks identified in the annual review; 

- The implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise; and 

- The delegation of day-to-day management of risks (including operational, financial, and external) to CGD Europe’s executive team, in consultation with CGD Europe’s Board of Trustees and CGD communications. 

In 2022 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 and December 2022. 

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: 

- Regular review of available funds, 

- Relationship building with existing donors and potential new donors, 

- Controlling operating costs to match budgeted levels. 

**12** 

CG D EU R O PE: R EP O R T A N D FI N A N CI A L STATE M EN T S FO R TH E Y E A R EN D ED 31 D ECE M B ER 2022 



CGD Europe’s executive team and the trustees also considered the potential risk associated with the ongoing litigation matter, which is reflected in the risk register. The Employment Tribunal hearing in the matter of Maya Forstater and CGD Europe took place in March 2022. On 6th July 2022 the Presiding Judge, Employment Judge Glennie, issued a judgement which found in favour of Ms . Forstater on some claims, and dismissed others. The hearing for remedies took place in March 2023 and we are awaiting the outcome. When remedies are awarded, CGD Europe expects to cover its share of the remedies from its insurance policy, with any shortfall being covered in full by the Center for Global Development. 

Since these proceedings began, CGD Europe has taken steps to ensure that we have a documented hiring process in place, as well as a framework to assure that discussions of differences of belief are grounded in our core values of mutual respect and dignity for all. We have phased out our visiting fellow affiliation and have better defined our other affiliations by introducing clearer and more formal hiring practices and procedures. We have put new 

social media guidelines for staff and affiliates in place. We have clearly articulated our organisational values on our website and during the onboarding of new staff, and we have a more rigorous process in place to investigate any grievances. Our onboarding process ensures all new staff are made aware of CGD Europe’s values and have read our HR policies, including anti-bullying and harassment policies, grievance procedure, and the new social media guidelines. 

CGD Europe increased the level of risk relating to cyber security and made progress towards completing the Cyber Essentials Readiness Toolkit. In 2023, we will start the process of obtaining cyber security certification with the Information Assurance for Small and Medium Enterprises Consortium. 

Throughout 2022, CGD Europe monitored the changing risk levels of COVID-19 and its impact on CGD Europe’s operations and programme activities, and on staff morale and well-being. Ongoing COVID-19 related risks, along with the risks of future pandemics or epidemics are reflected in the risk register, along with our mitigation strategies. 

## **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. 

**13** 

CG D EU R O PE: R EP O R T A N D FI N A N CI A L STATE M EN T S FO R TH E Y E A R EN D ED 31 D ECE M B ER 2022 



## **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. 

## **Constitution** 

The CGD Europe (CGDE) Board of Trustees have independent control over, and legal responsibility for, CGDE’s management and administration. The Trustees set strategic direction and ensure CGDE 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. 

CGDE’s Board of Trustees consists of two ex-officio Trustees appointed by CGD (Masood Ahmed, President of CGD and Chair of the CGDE Board of Trustees, and Ellen Mackenzie, CFO of CGD), three independent Trustees (Stephen Brooker, Shaila Khan Leekha, Lindy Cameron), and one Trustee who also serves on CGD’s board in Washington, D .C . (John Lipsky). The Board Secretary for CGDE is Jo Redhead, co-director of Institutional Advancement. 

The CGDE Board meets three times a year, although the frequency can be modified if needed. The April and December meetings have formal agendas, and the September meeting has an informal agenda for programmatic research updates. The quorum for Trustees’ meetings must include at least one independent Trustee. CGDE also has a separate Audit Committee, which meets once a year and reports into the Board. The Committee is chaired by Stephen Brooker and the members are Ellen Mackenzie and Shaila Khan Leekha. The Committee must have at least two directors and the Chair of the Audit Committee must be an independent Trustee of CGD Europe. 

Independent Trustee candidates are nominated by the Chair and approved by the Board of Trustees. The chair solicits recommendations for Trustees from various stakeholders, including current Trustees, staff and others associated with CGDE. The Board must include at least two Independent Trustees, defined as individuals who are not on the board or governing body of CGD, nor paid employees or consultants of CGD. When recruiting new 

independent Trustees, CGD Europe aims to ensure that the board reflects different perspectives, experiences, and skills, in line with the updated Charity Governance Code principle for equality, diversity and inclusion. 

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. 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. 

Independent Trustees hold office for a term of three years, or until he or she ceases to hold office in accordance with Article 26 of CGDE’s Memorandum and Articles of Association. They may be reappointed twice. The Chair of the Board of Trustees may resolve to extend a Retiring Trustee’s final term by up to three calendar months for handover purposes. Term limits do not apply to exofficio Trustees appointed by the Member. 

**14** 

CG D EU R O PE: R EP O R T A N D FI N A N CI A L STATE M EN T S FO R TH E Y E A R EN D ED 31 D ECE M B ER 2022 



The Trustees are responsible for identifying and reporting serious incidents to the Charity Commission. 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. 

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

## **CGD Europe’s Organisational Values** 

We strive for excellence and intellectual rigor. We believe global prosperity starts with smart policy based on evidence. Our work is non-partisan and our recommendations are not influenced by our funders. As a team, we are champions of diversity, equity, and inclusion. We value a workplace built around respect and collaboration where we hold ourselves to the highest standards of personal and professional integrity. We are committed to the elimination of harassment, discrimination, bullying, and other non-inclusive behaviour in all its forms. We recognise the inherent dignity of all persons and pledge ourselves to creating and maintaining an environment that recognizes and respects diverse groups of individuals and their experiences. Each of us assumes a responsibility for our collective community and for one another, always striving toward empathy, understanding, and a safe, comfortable work environment. 

## **Diversity, Equity and Inclusion** 

In 2022, CGD Europe continued efforts to embed the principles of equality, diversity and inclusion in our organisation, reflecting the updated Charity Governance Code principle for equality, diversity and inclusion. CGD Europe has made progress in diversifying recruitment strategies, shortlists and hiring over the period, and in our identification and affiliation of non-resident fellows over the period. With support and input from CGDE leadership, our staff-led DEI committee has created a DEI agenda that will take us through 2023, which includes training for our managers and recruiting new peer support advisors. We continue to look for ways to support our staff through the transition back to the office, as the hybrid workplace becomes the new norm. 

**15** 

CG D EU R O PE: R EP O R T A N D FI N A N CI A L STATE M EN T S FO R TH E Y E A R EN D ED 31 D ECE M B ER 2022 



## **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: 

- Select suitable accounting policies and then apply them consistently 

- Observe the methods and principles in the Charities SORP 

- Make judgements and estimates that are reasonable and prudent 

- State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the finance statements 

- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation 

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: 

- There is no relevant audit information of which the charitable company’s auditor is unaware. 

- The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. 

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. 

**16** 

CG D EU R O PE: R EP O R T A N D FI N A N CI A L STATE M EN T S FO R TH E Y E A R EN D ED 31 D ECE M B ER 2022 



## **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. 

The trustees’ annual report has been approved by the trustees on 25 April 2023 and signed on their behalf by 

## **Name: Stephen Brooker Position: Trustee** 

**17** 

CG D EU R O PE: R EP O R T A N D FI N A N CI A L STATE M EN T S FO R TH E Y E A R EN D ED 31 D ECE M B ER 2022 



## **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 2022 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). 

In our opinion, the financial statements: 

- Give a true and fair view of the state of the charitable company’s affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure for the year then ended 

- Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice 

- Have been prepared in accordance with the requirements of the Companies Act 2006 

## **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. 

**18** 

CG D EU R O PE: R EP O R T A N D FI N A N CI A L STATE M EN T S FO R TH E Y E A R EN D ED 31 D ECE M B ER 2022 



## **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: 

- The information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- The trustees’ annual report has been prepared in accordance with applicable legal requirements. 

## **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: 

- Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- The financial statements are not in agreement with the accounting records and returns; or 

- Certain disclosures of trustees’ remuneration specified by law are not made; or 

- We have not received all the information and explanations we require for our audit; or 

- The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ annual report and from the requirement to prepare a strategic report. 

**19** 

CG D EU R O PE: R EP O R T A N D FI N A N CI A L STATE M EN T S FO R TH E Y E A R EN D ED 31 D ECE M B ER 2022 



## **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: 

- We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to: 

   - Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance; 

   - Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud; 

   - The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. 

- We inspected the minutes of meetings of those charged with governance. 

**20** 

CG D EU R O PE: R EP O R T A N D FI N A N CI A L STATE M EN T S FO R TH E Y E A R EN D ED 31 D ECE M B ER 2022 



- We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience. 

- We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. 

- We reviewed any reports made to regulators. 

- We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. 

- We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. 

- In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business. 

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) 25 May 2023 

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

**21** 

CG D EU R O PE: R EP O R T A N D FI N A N CI A L STATE M EN T S FO R TH E Y E A R EN D ED 31 D ECE M B ER 2022 



## **CGD Europe** 

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

## **For the year ended 31 December 2022** 

|**For theyear ended 31 December 2022**|||||||
|---|---|---|---|---|---|---|
|Note<br>**Income from:**<br>2<br>3<br>4<br>4<br>**Reconciliation of funds:**<br>Total funds brought forward<br>**Total funds carried forward**<br>Transfers between funds<br>**Net income / (expenditure)**<br>Donations<br>Charitable activities<br>**Net income/(expenditure)**<br>**for the year**<br>**Total expenditure**<br>**Total income**<br>**Expenditure on:**<br>Raising funds<br>Charitable activities|Unrestricted<br>£<br>1,934<br>673,450|Restricted<br>£<br>-<br>9,639,846|**2022**<br>**Total**<br>**£**<br>**1,934**<br>**10,313,296**<br>**10,315,230**<br>**153,464**<br>**7,262,505**<br>**7,415,969**<br>**2,899,261**<br>**-**<br>**2,899,261**<br>**3,208,969**<br>**6,108,230**|Unrestricted<br>£<br>1,200<br>543,319|Restricted<br>£<br>-<br>5,240,751|2021<br>Total<br>£<br>1,200<br>5,784,070|
||675,384|9,639,846||544,519|5,240,751|5,785,270|
||153,464<br>237,170|-<br>7,025,335||143,764<br>169,490|-<br>6,084,523|143,764<br>6,254,013|
||390,634|7,025,335||313,254|6,084,523|6,397,777|
||284,750<br>2,723|2,614,511<br>(2,723)||231,265<br>4,222|(843,772)<br>(4,222)|(612,507)<br>-|
||287,473<br>425,994|2,611,788<br>2,782,975||235,487<br>190,507|(847,994)<br>3,630,969|(612,507)<br>3,821,476|
||713,467|5,394,763||425,994|2,782,975|3,208,969|



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. 

22 



## **CGD Europe** 

## **Balance sheet** 

|**Balance sheet**|||||
|---|---|---|---|---|
|**As at 31 December 2022**|||**Company no. 08871642**||
|Note<br>**Fixed assets:**<br>11<br>**Current assets:**<br>12<br>**Liabilities:**<br>13<br>14<br>15<br>Total unrestricted funds<br>**The funds of the charity:**<br>Creditors: amounts falling due within one year<br>**Net current assets**<br>**Total net assets**<br>Restricted income funds<br>Unrestricted income funds:<br>Designated funds<br>General funds<br>**Total charity funds**<br>Cash at bank and in hand<br>Tangible assets<br>Debtors|**£**<br>**528,965**<br>**6,562,705**|**2022**<br>**£**<br>**36,379**<br>**36,379**<br>**6,071,851**<br>**6,108,230**<br>**5,394,763**<br>**713,467**<br>**6,108,230**|£<br>126,805<br>3,857,030|2021<br>£<br>46,496<br>46,496<br>3,162,473<br>3,208,969<br>2,782,975<br>425,994<br>3,208,969|
||**7,091,670**<br>**(1,019,819)**||3,983,835<br>(821,362)||
||**559,967**<br>**153,500**||272,494<br>153,500||
||||||



Approved by the trustees on 25 April 2023 and signed on their behalf by 

Stephen Brooker Trustee 

23 



## **CGD Europe** 

## **Statement of cash flows** 

|**Statement of cash flows**||||
|---|---|---|---|
|**For the year ended 31 December 2022**||||
|**a)**<br>**Net income (expenditure) for the reporting period**<br>**(as per the statement of financial activities)**<br>Depreciation charges<br>(Increase) / Decrease in debtors<br>Increase in creditors<br>**Net cash provided by (used in) operating activities**<br>**b)**<br>Cash in hand<br>**Total cash and cash equivalents**<br>**Analysis of cash and cash equivalents**<br>**Reconciliation of net income (expenditure) to net**<br>**cash flow from operating activities**<br>**Cash flows from operating activities:**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**<br>**Change in cash and cash equivalents in the year**<br>**Cash flows from investing activities:**<br>Purchase of fixed assets<br>Net cash provided by operating activities|**Note**<br>**a**<br>**b**<br>At 1<br>January<br>2022<br>£<br>3,857,030<br>3,857,030|**2022**<br>**£**<br>**2,709,770**<br>**(4,095)**<br>**2,705,675**<br>**3,857,030**<br>**6,562,705**<br>**2022**<br>**£**<br>**2,899,261**<br>**14,212**<br>**(402,160)**<br>**198,457**<br>**2,709,770**<br>Cash<br>flows<br>£<br>2,705,675<br>2,705,675|2021<br>£<br>265,880<br>(23,704)<br>242,176<br>3,614,854<br>3,857,030<br>2021<br>£<br>(612,507)<br>10,000<br>401,904<br>466,483<br>**265,880**<br>**At 31**<br>**December**<br>**2022**<br>**£**<br>**6,562,705**<br>**6,562,705**|



24 



**CGD Europe** 

**Notes to the financial statements** 

## **For the year ended 31 December 2022** 

## **1 Accounting policies** 

## **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. 

## **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. 

## **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: 

- Expenditure on charitable activities includes the costs of delivering services undertaken to further the purposes of the charity and their associated support costs 

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

25 



**CGD Europe** 

**Notes to the financial statements** 

## **For the year ended 31 December 2022** 

## **1 Accounting policies (continued)** 

## **j) Allocation of support and governance costs** 

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: 

- Raising funds   2% 

- Charitable activities  98% 

## **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: 

- Leasehold Improvements 

- Computers and IT equipment 

Straight line over 5 years 20% on straight line basis 

## **m) Debtors** 

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 

## **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. 

## **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. 

26 



**CGD Europe** 

**Notes to the financial statements** 

## **For the year ended 31 December 2022** 

## **2 Income from Donations** 

|**2022**<br>Unrestricted<br>Restricted<br>**Total**<br>Unrestricted<br>£<br>£<br>**£**<br>£<br>597,893<br>312,958<br>**910,851**<br>439,751<br>-<br>126,951<br>**126,951**<br>-<br>-<br>-<br>**-**<br>-<br>-<br>1,204,463<br>**1,204,463**<br>-<br>-<br>2,941,778<br>**2,941,778**<br>-<br>-<br>695,552<br>**695,552**<br>-<br>-<br>-<br>**-**<br>-<br>-<br>-<br>**-**<br>-<br>-<br>84,606<br>**84,606**<br>-<br>-<br>290,731<br>**290,731**<br>-<br>-<br>247,421<br>**247,421**<br>-<br>-<br>6,103<br>**6,103**<br>-<br>-<br>39,028<br>**39,028**<br>-<br>-<br>76,489<br>**76,489**<br>-<br>-<br>376,995<br>**376,995**<br>-<br>-<br>39,346<br>**39,346**<br>-<br>-<br>-<br>**-**<br>30,293<br>-<br>147,373<br>**147,373**<br>-<br>-<br>-<br>**-**<br>-<br>1,015,725<br>**1,015,725**<br>-<br>-<br>41,396<br>**41,396**<br>-<br>-<br>17,250<br>**17,250**<br>-<br>-<br>124,399<br>**124,399**<br>-<br>-<br>47,337<br>**47,337**<br>-<br>-<br>-<br>**-**<br>-<br>-<br>-<br>**-**<br>-<br>-<br>678,878<br>**678,878**<br>-<br>-<br>74,803<br>**74,803**<br>-<br>-<br>129,025<br>**129,025**<br>-<br>-<br>352,737<br>**352,737**<br>-<br>Center for Global Development (CGD) US<br>The Rockefeller Foundation (Institutional analysis to<br>help international decisionmakers govern the BWIs)<br>Bill & Melinda Gates Foundation (IDSI plus)<br>Malala Fund (Partnership for Research on Progress<br>and Resilience in Education)<br>Foreign, Commonwealth & Development Office (Aid<br>Survey)<br>Covid Collective (Investigating Covid-19 Education<br>Policy Response)<br>Bill & Melinda Gates Foundation (European<br>Development Finance)<br>Good Ventures Foundation (Long-run Follow ups on<br>Education RCTs)<br>Bill & Melinda Gates Foundation (Informing Gender-<br>Responsive Policy Responses to COVID-19)<br>Foreign, Commonwealth & Development Office<br>(Impact of COVID-19 on Asian Health and Care<br>Worker Migration to Support Older People Care)<br>Donations<br>Bill & Melinda Gates Foundation (HTA in India)<br>Echidna Giving Fund via Schwab Charitable Fund<br>(how education shapes gender norms and<br>aspirations and how school-based interventions can<br>contribute to gender equality)<br>**Income from charitable activities**<br>Bill & Melinda Gates Foundation (Donor choices on<br>development architecture: lessons from the UK<br>Asian Development Bank (Improving the Global<br>Education Architecture)<br>European Commission (Results Based Financing)<br>Foreign, Commonwealth & Development Office<br>(International Development Support Project)<br>Commitment to Development Index<br>Agence Française de Développement<br>(Development Leaders Conference 2022)<br>Children's Investment Fund Foundation (SDR Policy<br>Note)<br>Centre for Effective Altruism (Mitigating the Global<br>Burden of Lead Poisoning)<br>Bill & Melinda Gates Foundation (Aid, Finance and<br>Policies for Development)<br>Robert Bosch Stiftung (Climate Change & Human<br>Mobility)<br>Foreign, Commonwealth & Development Office<br>(Humanitarian Policy Fund Secondment)<br>The Multilateral Organisation Performance<br>Assessment Network<br>Norwegian Ministry of Foreign Affairs<br>Pousaz Philanthropies Foundation (Violence in<br>Schools)<br>Imperial College London (IDSI 2)<br>International Organization for Migration (Increased<br>Swedish International Development Agency (SIDA)<br>Korean International Cooperation Agency<br>(Research Partnership)|**2022**<br>**Total**<br>**£**<br>**1,934**|2021<br>Total<br>£<br>1,200|
|---|---|---|
||**1,934**|1,200|
||Restricted<br>£<br>728,274<br>-<br>22,252<br>725,385<br>1,437,958<br>552,974<br>44,941<br>128,154<br>-<br>-<br>-<br>-<br>121,991<br>-<br>-<br>197,223<br>152,375<br>4,500<br>-<br>-<br>-<br>-<br>44,267<br>2,713<br>4,145<br>-<br>-<br>103,203<br>579,633|2021<br>Total<br>£<br>1,168,025<br>-<br>22,252<br>725,385<br>1,437,958<br>552,974<br>44,941<br>128,154<br>-<br>-<br>-<br>-<br>-<br>121,991<br>-<br>-<br>227,516<br>152,375<br>4,500<br>-<br>-<br>-<br>-<br>44,267<br>2,713<br>4,145<br>-<br>-<br>103,203<br>579,633<br>27|



## **3 Income from charitable activities** 



**CGD Europe** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2022** 

## **3 Income from charitable activities (continued)** 

|**Income from charitable activities (continued)**|||||||
|---|---|---|---|---|---|---|
|Gift in Kind - CGD US<br>Total income from charitable activities<br>Wellspring Philanthropic Fund (Design of Pull<br>Financing Mechanisms for Climate Change<br>Mitigation in Developing Countries)<br>The World Bank (Joint Learning Network)<br>Wellcome Trust (Panel on Financing for Pandemic<br>Prevention, Preparedness and Response)<br>Wellcome Trust - (Working Group and Research<br>Project on Antimicrobial Resistance)<br>Trans European Policy Studies Association<br>(Evaluation of the state of play of the European<br>Architecture for Development)<br>Wellcome Trust via London School of Hygiene and<br>Tropical Medicine (POETIC)<br>UBS Optimus Foundation –(Covid-19 School|Unrestricted<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>75,557|Restricted<br>£<br>3,151<br>-<br>2,328<br>410,241<br>-<br>-<br>152,782<br>-|**2022**<br>**Total**<br>**£**<br>**3,151**<br>**-**<br>**2,328**<br>**410,241**<br>**-**<br>**-**<br>**152,782**<br>**75,557**|Unrestricted<br>£<br>-<br>-<br>7,588<br>-<br>-<br>-<br>-<br>65,687|Restricted<br>£<br>-<br>-<br>50,589<br>-<br>14,432<br>310,930<br>14,812<br>-|2021<br>Total<br>£<br>-<br>-<br>58,177<br>-<br>14,432<br>310,930<br>14,812<br>65,687|
||673,450|9,639,846|**10,313,296**|543,319|5,240,751|5,784,070|



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

28 



**CGD Europe** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2022** 

## **4a Analysis of expenditure (current year)** 

|Staff costs (note 7)<br>Other staff costs<br>Travel, subsistence & meetings<br>Projects  Events<br>Project  Consultants<br>Project Sub Awards (Note 5)<br>Project  Travel & Subsistence<br>Other Direct cost<br>Premises costs<br>Office costs<br>IT costs<br>Legal & Professional<br>Governance costs<br>Other finance costs<br>Foreign exchange losses<br>Depreciation<br>Gift in Kind - CGD US<br>Support & governance costs<br>**Total expenditure 2022**|Cost of<br>raising<br>funds<br>£<br>125,794<br>-<br>4,843<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>130,637<br>22,827<br>**153,464**|+|Restricted<br>£<br>2,596,096<br>41,995<br>-<br>93,360<br>1,074,262<br>2,325,426<br>205,790<br>10,377<br>-<br>31<br>12,095<br>7,531<br>-<br>-<br>(184,685)<br>-<br>-<br>6,182,278<br>843,058<br>**7,025,335**|Support &<br>governance<br>costs<br>£<br>404,911<br>65,624<br>26,758<br>14,274<br>-<br>-<br>-<br>-<br>305,905<br>15,412<br>217<br>151,713<br>30,357<br>1,009<br>(2,895)<br>14,212<br>75,557<br>1,103,054<br>(1,103,054)<br>**-**|**2022**<br>**Total**<br>**£**<br>**3,126,801**<br>**107,619**<br>**31,601**<br>**107,634**<br>**1,074,262**<br>**2,325,426**<br>**205,790**<br>**10,377**<br>**305,905**<br>**15,443**<br>**12,312**<br>**159,244**<br>**30,357**<br>**1,009**<br>**(187,580)**<br>**14,212**<br>**75,557**|
|---|---|---|---|---|---|
|||Unrestricted<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>237,170<br>**237,170**||||
||||||**7,415,969**<br>-|
||||||**7,415,969**|



29 



**CGD Europe** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2022** 

## **4b Analysis of expenditure (prior year)** 

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



30 



**CGD Europe** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2022** 

## **5a Grant making to institutions (current year)** 

|**Grant making to institutions (current year)**||||
|---|---|---|---|
|Clinton Health Access Initiative<br>National Health Foundation<br>Kemri Wellcome Trust Research Programme<br>At the end of the year<br>London School of Hygiene & Tropical Medicine<br>Ethopian Public Health Institute<br>BRAC University<br>Rainbow Education & Development Services<br>African Field Epidemiology Network<br>**Cost**<br>Center for Global Development|Grants<br>£<br>476,843<br>208,155<br>325,412<br>574,200<br>463,842<br>103,967<br>123,029<br>23,066<br>26,910|Support<br>costs<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|**2022**<br>**£**<br>**476,843**<br>**208,155**<br>**325,412**<br>**574,200**<br>**463,842**<br>**103,967**<br>**123,029**<br>**23,066**<br>**26,910**|
||2,325,426|-|**2,325,426**|



## **5b Grant making to institutions (prior year)** 

|**Cost**<br>London School of Hygiene & Tropical Medicine<br>Ethopian Public Health Institute<br>National Health Foundation<br>Kemri Wellcome Trust Research Programme<br>Clinton Health Access Initiative<br>Center for Global Development<br>At the end of the year|Grants<br>£<br>459,223<br>160,354<br>337,148<br>343,444<br>700,017<br>31,051|Support<br>costs<br>£<br>-<br>-<br>-<br>-<br>-<br>-|2021<br>£<br>459,223<br>160,354<br>337,148<br>343,444<br>700,017<br>31,051|
|---|---|---|---|
||2,031,237|-|2,031,237|



## **6 Net incoming resources for the year** 

This is stated after charging / crediting: 

|This is stated after charging / crediting:|||
|---|---|---|
||**2022**|2021|
||**£**|£|
|Depreciation|**14,212**|10,000|
|Operating lease rentals:|||
|Property|**214,360**|214,360|
|Auditor's remuneration (excluding VAT):|||
|Audit|**12,250**|9,350|



31 



**CGD Europe** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2022** 

## **7 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel** 

Staff costs were as follows: 

|Social security costs<br>Salaries and wages<br>Employer’s contribution to defined contribution pension schemes|**2022**<br>**£**<br>**2,621,014**<br>**286,925**<br>**218,862**|2021<br>£<br>2,461,385<br>289,704<br>184,632|
|---|---|---|
||**3,126,801**|2,935,721|



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: 

|<br>over £60,000, during the year in the following band:|||
|---|---|---|
||**2022**|2021|
||**No.**|No.|
|£60,000 - £70,000|4|5|
|£70,000 - £80,000|2|3|
|£80,000 - £90,000|3|3|
|£90,000 - £100,000|1|1|
|£100,000 - £110,000|2|-|
|£110,000 - £120,000|1|-|
|£120,000 - £130,000|-|3|
|£130,000 - £140,000|3|1|
|£140,000 - £150,000|1|-|
|£160,000 - £170,000|-|-|



The total employee benefits including pension contributions and employer NIC of the key management personnel were £379,484 (2021: £327,556). 

In 2022, 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 (2021: £nil). No charity trustee received payment for professional or other services supplied to the charity (2021: £nil). 

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £2,312 to trustees (2021: £nil). 

## **8 Staff numbers** 

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

|Charitable activities<br>Support<br>Raising funds|**2022**<br>**No.**<br>**2**<br>**35**<br>**6**|2021<br>No.<br>2<br>35<br>6|
|---|---|---|
||**43**|43|



32 



**CGD Europe** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2022** 

## **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 £910,851 (2021: £1,168,025) was received from CGD, made up of £312,958 (2021: £728,274) restricted funds and £597,893 (2021: £439,751) unrestricted excluding £75,557 gift in kind. Debtors related to CGD were £61,762 at the yearend. During the year, the Charity awarded grants of £574,200 (2021: £343,444) to CGD. 

## **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<br>property<br>Fixtures and<br>fittings<br>£<br>£<br>-<br>-<br>-<br>-<br>At the start of the year<br>**Depreciation**<br>**Net book value**<br>**At the end of the year**<br>At the end of the year<br>At the end of the year<br>At the start of the year<br>Charge for the year<br>At the start of the year<br>Additions in year<br>**Cost**|IT<br>Equipment<br>£<br>113,081<br>4,095|Leasehold<br>Improvement<br>£<br>6,673<br>**-**|**Total**<br>**£**<br>**119,754**<br>**4,095**|
||117,176|6,673|**123,849**|
||67,918<br>12,879|5,340<br>1,333|**73,258**<br>**14,212**|
||80,797|6,673|**87,470**|
||**36,379**|**-**|**36,379**|
||45,163|1,333|46,496|



All of the above assets are used for charitable purposes. 

33 



**CGD Europe** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2022** 

## **12 Debtors** 

|**Debtors**|||
|---|---|---|
|Debtors<br>Prepayments<br>Other Debtors<br>Accrued income|**2022**<br>**£**<br>**67,805**<br>**368,578**<br>**92,423**<br>**159**|2021<br>£<br>107,948<br>-<br>17,607<br>1,250|
||**528,965**|126,805|



## **13 Creditors: amounts falling due within one year** 

|Taxation and social security<br>Trade creditors<br>Accruals<br>Grants Payable|**2022**<br>**£**<br>**131,817**<br>**195,503**<br>**124,159**<br>**568,340**|2021<br>£<br>248,369<br>111,915<br>70,691<br>390,387|
|---|---|---|
||**1,019,819**|821,362|



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

|Cash at bank and in hand<br>**Net assets at the end of the year**<br>Tangible fixed assets<br>Debtors<br>Creditors|General<br>unrestricted<br>£<br>36,379<br>41,637<br>579,274<br>(97,323)|Designated<br>funds<br>£<br>-<br>-<br>153,500<br>-|Restricted<br>£<br>-<br>487,328<br>5,829,931<br>(922,496)|**Total**<br>**funds**<br>**£**<br>**36,379**<br>**528,965**<br>**6,562,705**<br>**(1,019,819)**|
|---|---|---|---|---|
||**559,967**|**153,500**|**5,394,763**|**6,108,230**|



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

|**Net assets at the end of the year**<br>Tangible fixed assets<br>Cash at bank and in hand<br>Debtors<br>Creditors|General<br>unrestricted<br>£<br>46,496<br>112,105<br>174,622<br>(60,729)|Designated<br>funds<br>£<br>-<br>-<br>153,500<br>-|Restricted<br>£<br>-<br>14,700<br>3,528,908<br>(760,633)|**Total**<br>**funds**<br>**£**<br>**46,496**<br>**126,805**<br>**3,857,030**<br>**(821,362)**|
|---|---|---|---|---|
||**272,494**|**153,500**|**2,782,975**|**3,208,969**|



34 



**CGD Europe** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2022** 

|**15**<br>At 1<br>January<br>2022<br>Income &<br>gains<br>£<br>£<br>-<br>312,958<br>-<br>126,951<br>455,383<br>1,204,463<br>1,294,497<br>2,941,778<br>148,697<br>695,552<br>10,359<br>-<br>-<br>84,606<br>-<br>290,731<br>-<br>247,421<br>-<br>6,103<br>96,767<br>76,489<br>273,943<br>376,995<br>68,654<br>-<br>69,183<br>147,373<br>(26,322)<br>39,346<br>-<br>1,015,725<br>(19,800)<br>41,396<br>-<br>39,028<br>(8,765)<br>17,250<br>-<br>124,399<br>22,187<br>47,337<br>-<br>678,878<br>-<br>74,803<br>76,035<br>129,025<br>41,402<br>352,737<br>-<br>3,151<br>(71)<br>2,328<br>-<br>410,241<br>279,992<br>-<br>833<br>152,782<br>**Total restricted funds**<br>2,782,975<br>9,639,846<br>**General funds**<br>272,494<br>675,384<br>**Designated funds**<br>153,500<br>-<br>425,994<br>675,384<br>**3,208,969**<br>**10,315,230**<br>Malala Fund (Partnership for Research on Progress and<br>Resilience in Education)<br>Wellspring Philanthropic Fund (Design of Pull Financing<br>Mechanisms for Climate Change Mitigation in Developing<br>Countries)<br>Foreign, Commonwealth & Development Office (Impact of<br>COVID-19 on Asian Health and Care Worker Migration to<br>Support Older People Care)<br>Pousaz Philanthropies Foundation (Violence in Schools)<br>The ELMA Foundation UK (The Educational Impacts of<br>COVID-19)<br>Imperial College London (IDSI 2)<br>Institute for Development Studies (Covid Collective -<br>Multilateral debt, debt relief, and social spending in low- and<br>lower middle-income countries & Investigating Covid-19<br>Education Policy Response)<br>International Organization for Migration (Increased<br>Engagement on the Global Compact on Migration)<br>The Rockefeller Foundation (Institutional analysis to help<br>international decisionmakers govern the BWIs)<br>Good Ventures Foundation (Long-run Follow ups on<br>Korean International Cooperation Agency (Research<br>Wellcome Trust - (Working Group and Research Project on<br>Antimicrobial Resistance)<br>Trans European Policy Studies Association (Evaluation of<br>the state of play of the European Architecture for<br>Development)<br>Robert Bosch Stiftung (Climate Change & Human Mobility)<br>Wellcome Trust via London School of Hygiene and Tropical<br>Medicine (POETIC)<br>The World Bank (Joint Learning Network)<br>Echidna Giving Fund via Schwab Charitable Fund (how<br>Bill & Melinda Gates Foundation (HTA in India)<br>Bill & Melinda Gates Foundation (IDSI plus)<br>Foreign, Commonwealth & Development Office (Aid<br>**Restricted funds:**<br>**Total unrestricted funds**<br>Swedish International Development Agency (SIDA)<br>Bill & Melinda Gates Foundation (Aid, Finance and Policies<br>for Development)<br>Centre for Effective Altruism (Mitigating the Global Burden<br>of Lead Poisoning)<br>Bill & Melinda Gates Foundation (Informing Gender-<br>Children's Investment Fund Foundation (SDR Policy Note)<br>**Total funds**<br>Commitment to Development Index<br>**Movements in funds  - for the year ended 31st December 2022 (current year)**<br>Bill & Melinda Gates Foundation (Donor choices on<br>development architecture: lessons from the UK experience)<br>Center for Global Development (CGD) US<br>Bill & Melinda Gates Foundation (European Development<br>Finance)<br>Agence Française de Développement (Development|**15**<br>At 1<br>January<br>2022<br>Income &<br>gains<br>£<br>£<br>-<br>312,958<br>-<br>126,951<br>455,383<br>1,204,463<br>1,294,497<br>2,941,778<br>148,697<br>695,552<br>10,359<br>-<br>-<br>84,606<br>-<br>290,731<br>-<br>247,421<br>-<br>6,103<br>96,767<br>76,489<br>273,943<br>376,995<br>68,654<br>-<br>69,183<br>147,373<br>(26,322)<br>39,346<br>-<br>1,015,725<br>(19,800)<br>41,396<br>-<br>39,028<br>(8,765)<br>17,250<br>-<br>124,399<br>22,187<br>47,337<br>-<br>678,878<br>-<br>74,803<br>76,035<br>129,025<br>41,402<br>352,737<br>-<br>3,151<br>(71)<br>2,328<br>-<br>410,241<br>279,992<br>-<br>833<br>152,782<br>**Total restricted funds**<br>2,782,975<br>9,639,846<br>**General funds**<br>272,494<br>675,384<br>**Designated funds**<br>153,500<br>-<br>425,994<br>675,384<br>**3,208,969**<br>**10,315,230**<br>Malala Fund (Partnership for Research on Progress and<br>Resilience in Education)<br>Wellspring Philanthropic Fund (Design of Pull Financing<br>Mechanisms for Climate Change Mitigation in Developing<br>Countries)<br>Foreign, Commonwealth & Development Office (Impact of<br>COVID-19 on Asian Health and Care Worker Migration to<br>Support Older People Care)<br>Pousaz Philanthropies Foundation (Violence in Schools)<br>The ELMA Foundation UK (The Educational Impacts of<br>COVID-19)<br>Imperial College London (IDSI 2)<br>Institute for Development Studies (Covid Collective -<br>Multilateral debt, debt relief, and social spending in low- and<br>lower middle-income countries & Investigating Covid-19<br>Education Policy Response)<br>International Organization for Migration (Increased<br>Engagement on the Global Compact on Migration)<br>The Rockefeller Foundation (Institutional analysis to help<br>international decisionmakers govern the BWIs)<br>Good Ventures Foundation (Long-run Follow ups on<br>Korean International Cooperation Agency (Research<br>Wellcome Trust - (Working Group and Research Project on<br>Antimicrobial Resistance)<br>Trans European Policy Studies Association (Evaluation of<br>the state of play of the European Architecture for<br>Development)<br>Robert Bosch Stiftung (Climate Change & Human Mobility)<br>Wellcome Trust via London School of Hygiene and Tropical<br>Medicine (POETIC)<br>The World Bank (Joint Learning Network)<br>Echidna Giving Fund via Schwab Charitable Fund (how<br>Bill & Melinda Gates Foundation (HTA in India)<br>Bill & Melinda Gates Foundation (IDSI plus)<br>Foreign, Commonwealth & Development Office (Aid<br>**Restricted funds:**<br>**Total unrestricted funds**<br>Swedish International Development Agency (SIDA)<br>Bill & Melinda Gates Foundation (Aid, Finance and Policies<br>for Development)<br>Centre for Effective Altruism (Mitigating the Global Burden<br>of Lead Poisoning)<br>Bill & Melinda Gates Foundation (Informing Gender-<br>Children's Investment Fund Foundation (SDR Policy Note)<br>**Total funds**<br>Commitment to Development Index<br>**Movements in funds  - for the year ended 31st December 2022 (current year)**<br>Bill & Melinda Gates Foundation (Donor choices on<br>development architecture: lessons from the UK experience)<br>Center for Global Development (CGD) US<br>Bill & Melinda Gates Foundation (European Development<br>Finance)<br>Agence Française de Développement (Development|**15**<br>At 1<br>January<br>2022<br>Income &<br>gains<br>£<br>£<br>-<br>312,958<br>-<br>126,951<br>455,383<br>1,204,463<br>1,294,497<br>2,941,778<br>148,697<br>695,552<br>10,359<br>-<br>-<br>84,606<br>-<br>290,731<br>-<br>247,421<br>-<br>6,103<br>96,767<br>76,489<br>273,943<br>376,995<br>68,654<br>-<br>69,183<br>147,373<br>(26,322)<br>39,346<br>-<br>1,015,725<br>(19,800)<br>41,396<br>-<br>39,028<br>(8,765)<br>17,250<br>-<br>124,399<br>22,187<br>47,337<br>-<br>678,878<br>-<br>74,803<br>76,035<br>129,025<br>41,402<br>352,737<br>-<br>3,151<br>(71)<br>2,328<br>-<br>410,241<br>279,992<br>-<br>833<br>152,782<br>**Total restricted funds**<br>2,782,975<br>9,639,846<br>**General funds**<br>272,494<br>675,384<br>**Designated funds**<br>153,500<br>-<br>425,994<br>675,384<br>**3,208,969**<br>**10,315,230**<br>Malala Fund (Partnership for Research on Progress and<br>Resilience in Education)<br>Wellspring Philanthropic Fund (Design of Pull Financing<br>Mechanisms for Climate Change Mitigation in Developing<br>Countries)<br>Foreign, Commonwealth & Development Office (Impact of<br>COVID-19 on Asian Health and Care Worker Migration to<br>Support Older People Care)<br>Pousaz Philanthropies Foundation (Violence in Schools)<br>The ELMA Foundation UK (The Educational Impacts of<br>COVID-19)<br>Imperial College London (IDSI 2)<br>Institute for Development Studies (Covid Collective -<br>Multilateral debt, debt relief, and social spending in low- and<br>lower middle-income countries & Investigating Covid-19<br>Education Policy Response)<br>International Organization for Migration (Increased<br>Engagement on the Global Compact on Migration)<br>The Rockefeller Foundation (Institutional analysis to help<br>international decisionmakers govern the BWIs)<br>Good Ventures Foundation (Long-run Follow ups on<br>Korean International Cooperation Agency (Research<br>Wellcome Trust - (Working Group and Research Project on<br>Antimicrobial Resistance)<br>Trans European Policy Studies Association (Evaluation of<br>the state of play of the European Architecture for<br>Development)<br>Robert Bosch Stiftung (Climate Change & Human Mobility)<br>Wellcome Trust via London School of Hygiene and Tropical<br>Medicine (POETIC)<br>The World Bank (Joint Learning Network)<br>Echidna Giving Fund via Schwab Charitable Fund (how<br>Bill & Melinda Gates Foundation (HTA in India)<br>Bill & Melinda Gates Foundation (IDSI plus)<br>Foreign, Commonwealth & Development Office (Aid<br>**Restricted funds:**<br>**Total unrestricted funds**<br>Swedish International Development Agency (SIDA)<br>Bill & Melinda Gates Foundation (Aid, Finance and Policies<br>for Development)<br>Centre for Effective Altruism (Mitigating the Global Burden<br>of Lead Poisoning)<br>Bill & Melinda Gates Foundation (Informing Gender-<br>Children's Investment Fund Foundation (SDR Policy Note)<br>**Total funds**<br>Commitment to Development Index<br>**Movements in funds  - for the year ended 31st December 2022 (current year)**<br>Bill & Melinda Gates Foundation (Donor choices on<br>development architecture: lessons from the UK experience)<br>Center for Global Development (CGD) US<br>Bill & Melinda Gates Foundation (European Development<br>Finance)<br>Agence Française de Développement (Development|Expenditure<br>& losses<br>£<br>(312,958)<br>(109,149)<br>(908,921)<br>(2,714,745)<br>(520,495)<br>(10,359)<br>-<br>(19,488)<br>(142,032)<br>(6,103)<br>(88,124)<br>(241,495)<br>(68,654)<br>(216,556)<br>(13,024)<br>7,474<br>(21,596)<br>(61,149)<br>(8,485)<br>(68,287)<br>(74,885)<br>(44,364)<br>(72,615)<br>(123,160)<br>(388,951)<br>(3,151)<br>(2,257)<br>(410,241)<br>(227,950)<br>(153,615)|Transfers<br>£<br>-<br>-<br>-<br>(2,723)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|**At 31**<br>**December**<br>**2022**<br>**£**<br>**-**<br>**17,802**<br>**750,925**<br>**1,521,530**<br>**321,031**<br>**-**<br>**84,606**<br>**271,243**<br>**105,389**<br>**-**<br>**85,132**<br>**409,443**<br>**-**<br>**-**<br>**-**<br>**1,023,199**<br>**(22,121)**<br>**-**<br>**56,112**<br>**(5,361)**<br>**634,514**<br>**2,188**<br>**81,900**<br>**5,188**<br>**-**<br>**-**<br>**-**<br>**52,042**<br>**-**|
|---|---|---|---|---|---|
||2,782,975|9,639,846|(7,025,335)|(2,723)|**5,394,763**|
||272,494<br>153,500|675,384<br>-|(390,634)<br>-|2,723|**559,967**<br>**153,500**|
||425,994|675,384|(390,634)|2,723|**713,467**|
||**3,208,969**|**10,315,230**|**(7,415,969)**|**-**|**6,108,230**|



35 



**CGD Europe** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2022** 

|**15**<br>At 1<br>January<br>2021<br>Income &<br>gains<br>£<br>£<br>-<br>728,274<br>(18,462)<br>22,252<br>560,163<br>725,385<br>2,438,297<br>1,437,958<br>-<br>552,974<br>-<br>44,941<br>76,976<br>121,991<br>369,948<br>-<br>160,000<br>-<br>(53,905)<br>128,154<br>-<br>152,375<br>-<br>197,223<br>-<br>4,500<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>44,267<br>-<br>2,713<br>-<br>4,145<br>22,148<br>-<br>-<br>103,203<br>70,630<br>579,633<br>5,174<br>-<br>-<br>50,589<br>-<br>14,432<br>-<br>310,930<br>-<br>14,812<br>3,630,969<br>5,240,751<br>General funds<br>190,507<br>544,519<br>Designated funds<br>-<br>-<br>190,507<br>544,519<br>3,821,476<br>5,785,270<br>Total funds<br>Total restricted funds<br>International Organization for Migration (Increased<br>Engagement on the Global Compact on Migration)<br>**Movements in funds - for the year ended 31st December 2021 (prior year)**<br>**Restricted funds:**<br>Norwegian Ministry of Foreign Affairs<br>Open Philanthropy Project Fund<br>The Rockefeller Foundation (Institutional analysis to<br>help international decisionmakers govern the BWIs)<br>Center for Global Development (CGD) US<br>Asian Development Bank (Improving the Global<br>Education Architecture)<br>Bill & Melinda Gates Foundation (HTA in India)<br>Bill & Melinda Gates Foundation (IDSI plus)<br>The ELMA Foundation UK (The Educational Impacts of<br>COVID-19)<br>European Commission (Results Based Financing)<br>Foreign, Commonwealth & Development Office (Aid<br>Foreign, Commonwealth & Development Office<br>(International Development Support Project)<br>Foreign, Commonwealth & Development Office<br>(Humanitarian Policy Fund Secondment)<br>Foreign, Commonwealth & Development Office (Impact<br>of COVID-19 on Asian Health and Care Worker<br>Migration to Support Older People Care)<br>Imperial College London (IDSI 2)<br>Malala Fund (Partnership for Research on Progress and<br>Resilience in Education)<br>The Multilateral Organisation Performance Assessment<br>Network<br>Swedish International Development Agency (SIDA)<br>UBS Optimus Foundation –(Covid-19 School Closures)<br>Wellcome Trust via London School of Hygiene and<br>Tropical Medicine (POETIC)<br>Wellcome Trust (Panel on Financing for Pandemic<br>Prevention, Preparedness and Response)<br>Wellspring Philanthropic Fund (Design of Pull Financing<br>Mechanisms for Climate Change Mitigation in<br>Developing Countries)<br>The World Bank (Joint Learning Network)<br>Total unrestricted funds<br>Bill & Melinda Gates Foundation (Aid, Finance and<br>Policies for Development)<br>Commitment to Development Index<br>Echidna Giving Fund via Schwab Charitable Fund<br>Bill & Melinda Gates Foundation (Informing Gender-<br>Responsive Policy Responses to COVID-19)|**15**<br>At 1<br>January<br>2021<br>Income &<br>gains<br>£<br>£<br>-<br>728,274<br>(18,462)<br>22,252<br>560,163<br>725,385<br>2,438,297<br>1,437,958<br>-<br>552,974<br>-<br>44,941<br>76,976<br>121,991<br>369,948<br>-<br>160,000<br>-<br>(53,905)<br>128,154<br>-<br>152,375<br>-<br>197,223<br>-<br>4,500<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>44,267<br>-<br>2,713<br>-<br>4,145<br>22,148<br>-<br>-<br>103,203<br>70,630<br>579,633<br>5,174<br>-<br>-<br>50,589<br>-<br>14,432<br>-<br>310,930<br>-<br>14,812<br>3,630,969<br>5,240,751<br>General funds<br>190,507<br>544,519<br>Designated funds<br>-<br>-<br>190,507<br>544,519<br>3,821,476<br>5,785,270<br>Total funds<br>Total restricted funds<br>International Organization for Migration (Increased<br>Engagement on the Global Compact on Migration)<br>**Movements in funds - for the year ended 31st December 2021 (prior year)**<br>**Restricted funds:**<br>Norwegian Ministry of Foreign Affairs<br>Open Philanthropy Project Fund<br>The Rockefeller Foundation (Institutional analysis to<br>help international decisionmakers govern the BWIs)<br>Center for Global Development (CGD) US<br>Asian Development Bank (Improving the Global<br>Education Architecture)<br>Bill & Melinda Gates Foundation (HTA in India)<br>Bill & Melinda Gates Foundation (IDSI plus)<br>The ELMA Foundation UK (The Educational Impacts of<br>COVID-19)<br>European Commission (Results Based Financing)<br>Foreign, Commonwealth & Development Office (Aid<br>Foreign, Commonwealth & Development Office<br>(International Development Support Project)<br>Foreign, Commonwealth & Development Office<br>(Humanitarian Policy Fund Secondment)<br>Foreign, Commonwealth & Development Office (Impact<br>of COVID-19 on Asian Health and Care Worker<br>Migration to Support Older People Care)<br>Imperial College London (IDSI 2)<br>Malala Fund (Partnership for Research on Progress and<br>Resilience in Education)<br>The Multilateral Organisation Performance Assessment<br>Network<br>Swedish International Development Agency (SIDA)<br>UBS Optimus Foundation –(Covid-19 School Closures)<br>Wellcome Trust via London School of Hygiene and<br>Tropical Medicine (POETIC)<br>Wellcome Trust (Panel on Financing for Pandemic<br>Prevention, Preparedness and Response)<br>Wellspring Philanthropic Fund (Design of Pull Financing<br>Mechanisms for Climate Change Mitigation in<br>Developing Countries)<br>The World Bank (Joint Learning Network)<br>Total unrestricted funds<br>Bill & Melinda Gates Foundation (Aid, Finance and<br>Policies for Development)<br>Commitment to Development Index<br>Echidna Giving Fund via Schwab Charitable Fund<br>Bill & Melinda Gates Foundation (Informing Gender-<br>Responsive Policy Responses to COVID-19)|**15**<br>At 1<br>January<br>2021<br>Income &<br>gains<br>£<br>£<br>-<br>728,274<br>(18,462)<br>22,252<br>560,163<br>725,385<br>2,438,297<br>1,437,958<br>-<br>552,974<br>-<br>44,941<br>76,976<br>121,991<br>369,948<br>-<br>160,000<br>-<br>(53,905)<br>128,154<br>-<br>152,375<br>-<br>197,223<br>-<br>4,500<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>44,267<br>-<br>2,713<br>-<br>4,145<br>22,148<br>-<br>-<br>103,203<br>70,630<br>579,633<br>5,174<br>-<br>-<br>50,589<br>-<br>14,432<br>-<br>310,930<br>-<br>14,812<br>3,630,969<br>5,240,751<br>General funds<br>190,507<br>544,519<br>Designated funds<br>-<br>-<br>190,507<br>544,519<br>3,821,476<br>5,785,270<br>Total funds<br>Total restricted funds<br>International Organization for Migration (Increased<br>Engagement on the Global Compact on Migration)<br>**Movements in funds - for the year ended 31st December 2021 (prior year)**<br>**Restricted funds:**<br>Norwegian Ministry of Foreign Affairs<br>Open Philanthropy Project Fund<br>The Rockefeller Foundation (Institutional analysis to<br>help international decisionmakers govern the BWIs)<br>Center for Global Development (CGD) US<br>Asian Development Bank (Improving the Global<br>Education Architecture)<br>Bill & Melinda Gates Foundation (HTA in India)<br>Bill & Melinda Gates Foundation (IDSI plus)<br>The ELMA Foundation UK (The Educational Impacts of<br>COVID-19)<br>European Commission (Results Based Financing)<br>Foreign, Commonwealth & Development Office (Aid<br>Foreign, Commonwealth & Development Office<br>(International Development Support Project)<br>Foreign, Commonwealth & Development Office<br>(Humanitarian Policy Fund Secondment)<br>Foreign, Commonwealth & Development Office (Impact<br>of COVID-19 on Asian Health and Care Worker<br>Migration to Support Older People Care)<br>Imperial College London (IDSI 2)<br>Malala Fund (Partnership for Research on Progress and<br>Resilience in Education)<br>The Multilateral Organisation Performance Assessment<br>Network<br>Swedish International Development Agency (SIDA)<br>UBS Optimus Foundation –(Covid-19 School Closures)<br>Wellcome Trust via London School of Hygiene and<br>Tropical Medicine (POETIC)<br>Wellcome Trust (Panel on Financing for Pandemic<br>Prevention, Preparedness and Response)<br>Wellspring Philanthropic Fund (Design of Pull Financing<br>Mechanisms for Climate Change Mitigation in<br>Developing Countries)<br>The World Bank (Joint Learning Network)<br>Total unrestricted funds<br>Bill & Melinda Gates Foundation (Aid, Finance and<br>Policies for Development)<br>Commitment to Development Index<br>Echidna Giving Fund via Schwab Charitable Fund<br>Bill & Melinda Gates Foundation (Informing Gender-<br>Responsive Policy Responses to COVID-19)|Expenditure<br>& losses<br>£<br>(724,052)<br>(3,790)<br>(830,165)<br>(2,581,757)<br>(404,277)<br>(34,582)<br>(102,200)<br>(96,005)<br>(91,346)<br>(74,249)<br>(83,192)<br>(197,223)<br>(4,500)<br>(26,322)<br>(19,800)<br>(8,765)<br>(22,080)<br>(2,713)<br>(4,145)<br>(22,148)<br>(27,168)<br>(608,861)<br>(5,174)<br>(50,660)<br>(14,432)<br>(30,938)<br>(13,979)|Transfers<br>£<br>(4,222)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|At 31<br>December<br>2021<br>£<br>-<br>-<br>455,383<br>1,294,497<br>148,697<br>10,359<br>96,767<br>273,943<br>68,654<br>-<br>69,183<br>-<br>-<br>(26,322)<br>(19,800)<br>(8,765)<br>22,187<br>-<br>-<br>-<br>76,035<br>41,402<br>-<br>(71)<br>-<br>279,992<br>833|
|---|---|---|---|---|---|
||3,630,969<br>190,507<br>-|5,240,751<br>544,519<br>-|(6,084,523)<br>(313,254)<br>-|(4,222)<br>(149,278)<br>153,500|2,782,975<br>272,494<br>153,500|
||190,507|544,519|(313,254)|4,222|425,994|
||3,821,476|5,785,270|(6,397,777)|-|3,208,969|



36 



**CGD Europe** 

**Notes to the financial statements** 

**For the year ended 31 December 2022** 

## **15 Movements in funds (continued)** 

## **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 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. 

## **Agence Française de Développement (Development Leaders Conference 2022)** 

The Agence Française de Développement (AFD) is funding CGD Europe to support the organisation of the Development Leaders Conference. The Development Leaders Conference was co-hosted by CGD and AFD in Paris in September 2022, and brought together over 60 senior policymakers from official bilateral and multilateral development agencies and institutions to explore how their organisations are adapting to an increasingly challenging and uncertain geopolitical landscape, the opportunities of investing in evidence-based innovation, and how to get back on track to achieving the SDGs through additional financial mobilization and alignment. In 2023, this grant will be supporting the promotion of CGD’s work on sustainable development finance of relevance to the forthcoming Financing and Finance in Common Summits. 

## **Bill & Melinda Gates Foundation (HTA in India)** 

The 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. During 2022, grant efforts cantered on consolidating support to the NHA through the ongoing development of a manual documenting methods and processes for PMJAY HBP revision, and to HTAIn and its regional resource centres, through the strengthening of evidencegeneration capacity of local institutions, with a focus on adaptive HTA (aHTA) methods to speed up HTA evidence. In 2023, the focus will be on finalizing remaining grant outputs and disseminating learnings. 

## **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 2023, focus will be on continuing to transfer iDSI to African leadership and consolidating HEP’s position as the pre-eminent convenor on continental priority setting. iDSIplus will continue to provide direct support to in-country stakeholders (e.g. in Rwanda, Indonesia, Ghana, Ethiopia and Kenya) with a focus on HTA institutionalisation and sustainability. Finally, the iDSI network will continue to share knowledge and experiences and disseminate the lessons learnt during the iDSIplus grant. 

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

The 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 spending and to scale up its independent engagement with the EU to ensure it achieves the greatest possible impact on the lives of the world’s poorest people. 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 work also focuses on the EU’s development finance instruments and the European development finance architecture with a cross-cutting emphasis on EU-Africa policies and collaboration. 

Transfers in Note 15a relate to fixed assets purchased during the year under the Aid, Finance and Policies for Development grant. 

37 



**CGD Europe** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2022** 

## **15 Movements in funds (continued)** 

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

The Bill & Melinda Gates Foundation funded 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 leveraged 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. This grant concluded in 2022. 

## **Bill & Melinda Gates Foundation (European Development Finance)** 

The Bill and Melinda Gates Foundation is funding a research project on the form and effectiveness of the UK’s bilateral aid arrangements, to inform best practice in international development in the UK and globally. In 2023, the project team will produce a book analysing the 23 years of the UK’s Department for International Development, drawing on lessons learnt to inform development policy and choices on institutional arrangements. 

## **Centre for Effective Altruism (Mitigating the Global Burden of Lead Poisoning)** 

The Centre for Effective Altruism is funding the Global Education programme’s research on lead poisoning as a human capital and global welfare issue. The project aims to generate actionable strategies and recommendations to better monitor and reduce the burden of global lead poisoning; and increase the salience of lead poisoning and mobilize support for mitigation within the global health and education communities. The focus for 2023 will be to complete empirical work on lead poisoning and convene the high-level working group established by the project. 

## **Children's Investment Fund Foundation (SDR Policy Note)** 

In 2022, the Children’s Investment Fund Foundation funded a research project to analyse the possible use of Special Drawing Rights (SDRs) for climate-related Loss and Damage (L&D) compensation schemes. A CGD blog has been subsequently published enabling a deeper public debate on the use of SDRs as a potential financing source for L&D. 

## **Commitment to Development Index** 

The Commitment to Development Index (CDI) examines and ranks 40 of the major economies, including all G20 countries, on how much their policies do to support the development of low-income countries and is updated and published bi-annually. In 2022, the research team continued to promote the CDI 2021 results and started working to identify relevant method changes in some components and indicators in preparation for the next iteration of the CDI. In 2023, we will publish the nineteenth edition of the CDI, engage in a broad dissemination and outreach strategy of the results, and also update the Finance for International Development (FID) measure which looks at concessional finance across G20 and OECD countries. 

## **Echidna Giving Fund via Schwab Charitable Fund (how education shapes gender norms and aspirations and how school-based interventions can contribute to gender equality)** 

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. In 2023, we will continue our policy engagement on girls’ education using research findings from the Girls’ education report, complete research products on the textbook analysis and the impact of ECD interventions on labour market outcomes, and explore possibilities for partnerships for research on girls education. 

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

The Elma Foundation UK funded CGD Europe’s COVID-19 research partnership. CGD Europe worked with three research institutions in Senegal, Ghana and Malawi to produce context-specific policy-relevant research that will help local policy-makers prioritise resources and make data-driven decisions in the wake of the COVID-19 pandemic. The grant ended in 2022, following completion of a second round of data collection and analysis. 

## **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 low- and 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. The grant activities will conclude in 2023 following the analysis of the results. 

38 



**CGD Europe** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2022** 

## **15 Movements in funds (continued)** 

## **Foreign, Commonwealth & Development Office (Impact of COVID-19 on Asian Health and Care Worker Migration to Support Older People Care)** 

The FCDO funded 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. The grant concluded in 2022 following the publication of the report. 

## **Good Ventures Foundation (Long-run Follow ups on Education RCTs)** 

Good Ventures Foundation is supporting CGD’s Europe’s research project on long-run follow-ups of education RCTs. The goal is to provide policymakers with better guidance about the likely economic returns to educational investments, particularly in early grades. In 2023, the project team will pilot the tracking participants in selected education RCTs conducted over the past two decades to test its feasibility. 

## **Imperial College London (IDSI 2)** 

The iDSI2 grant continued to support CGD Europe’s work in 2022, 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. 

## **Institute for Development Studies (Covid Collective -Multilateral debt, debt relief, and social spending in low- and lower middle-income countries & Investigating Covid-19 Education Policy Response)** 

The Institute for Development Studies, on behalf of the FCDO, is funding two of research projects. The first, “Multilateral debt, debt relief, and social spending in low- and lower middle-income countries”, aims to examine the role of the World Bank and other official creditors in financing debt and social expenditures for low- and lower-middle income countries, and what instruments they have to protect social spending in coming years, given the difficult outlook on the debt front in many developing economies. 

The aim of the second project “Investigating COVID-19 education policy response” is to better understand the impact of the pandemic on girls’ education, with a focus on aspects relating to their wellbeing (including feeding and access to secondary school). This research is being done in partnership with local researchers in Ghana. Both projects will be completed in the first half of 2023. Future funding is anticipated in 2023 and so a negative balance has been carried forward. 

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

In 2022, CGD Europe concluded its collaboration with the UK office of the International Organization for Migration (IOM) on a project funded by the FCDO. The project aimed to support the FCDO in their implementation of the Global Compact for Safe, Regular, and Orderly Migration, both in the UK and abroad. The grant ended in 2022 following the publication of a report looking at expanding the legal migration pathways to the UK. 

## **Korean International Cooperation Agency (Research Partnership)** 

The Korean International Cooperation Agency (KOICA) is funding CGD Europe through a two-year research partnership to support a joint research project on “Changing paradigm in International Development Cooperation – Inclusive partnerships with emerging donors”. The purpose of this partnership is to build an empirical body of research focused on understanding the role of emerging actors in international development cooperation, with a view to providing practical guidance on the challenges and opportunities for deeper collaboration in the years ahead. In 2022, we published the first research paper on the realisation of a global development paradigm and presented it at a workshop with KOICA. In 2023, we will explore how emerging actors cooperate on global development, the barriers to deeper cooperation, how these barriers can be overcome, and KOICA’s potential role in support collaboration between DAC and non-DAC actors. 

## **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. In 2023, CGDE will focus on concluding a second round of data collection in Pakistan, and completing a first round of data collection in Bangladesh. Future funding is anticipated in 2023 and so a negative balance has been carried forward. 

## **Pousaz Philanthropies Foundation (Violence in Schools)** 

Pousaz Philanthropies Foundation is funding CGD Europe’s research on school violence. The research programme, which will be caried out in 2023, aims to elevate the issue of school violence in the global education community and among national governments with the launch of hard-hitting products that map the problem, the evidence and existing interventions. 

39 



**CGD Europe** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2022** 

## **15 Movements in funds (continued)** 

## **Robert Bosch Stiftung (Climate Change & Human Mobility)** 

CGD Europe received a grant from the Robert Bosch Foundation which will run until the end of January 2023. The project aims to combine quantitative data on climate exposure and migration patterns to model the impact of slow-onset climate events on human mobility, now and in the future. This data will be used to construct an objective definition of “climate migrant,” which will then be translated into policy recommendations for governments. In 2023, the project will conclude with the dissemination of research findings and outreach to relevant stakeholders. 

## **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. In 2023, we will continue this work and as well as continue partnering with experts and development institutions to inform development policy and influence the discussion towards effective ways to use SDRs. They will also consider reforms of the IMF’s lending mechanisms to middle-income countries and more fundamental reforms of the international reserves system. 

## **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 thematic areas identified as shared priorities in this partnership include: aid effectiveness, channels, and partners;  development finance;  and new paths to development. 

## **Trans European Policy Studies Association (Evaluation of the state of play of the European Architecture for Development)** 

The Trans European Policy Studies Association (TEPSA) funded CGD Europe in 2022 to produce and present a briefing paper to the European Parliament’s Development, Foreign Affairs and Budgets Committee on the challenges and opportunities of the European development finance architecture. 

## **Wellcome Trust via London School of Hygiene and Tropical Medicine (POETIC)** 

Funded by the Wellcome Trust, the POETIC grant focussed on 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 grant ended in 2022, following completion of a final project report/manuscript and an event to disseminate findings to key stakeholders. 

## **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 2023, CGDE will continue its work to analyse and support innovations with climate and development impact, and the institutional structure required for delivering this. 

## **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). The grant ended in 2022, following a successful writers’ workshop held in India and finalisation of the HBP knowledge product. 

## **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. 

40 



**CGD Europe** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2022** 

## **16 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. 

|periods.|||
|---|---|---|
|One to five years<br>Less than one year|**2022**<br>2021<br>**£**<br>£<br>**116,345**<br>214,360<br>**800,122**<br>53,590<br>**916,467**<br>267,950<br>**Property**||
||**916,467**|267,950|



## **17 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. 

41