1175005 The Abinqer Green Charitable Incorporoted Orgonisution Annual reportfor the periodfrom istjune 2020 to 31st May 2021
Contents Page Reference & administrative details Trustees, report Accountants. report Receipts & payments account io Statement of assets & liabilities li Notes to the accounts 12
Reference & administrative details Registered charity
1175005
Principal address clo lan Nolan rd Room 16, 3 Floor Lansdowne House 57, Berkeley Square London WIJ 6ER Trustees lan Nolan Jamie Butterworth Robert Craig Accountants Wilson Wright LLP Thavies Inn House 34. Holborn Circus London EC4N 2HA
Trustees. Report The Trustees are pleased to present the report ofThe Abinger Green Charitable Incorporated Organisation l-the CIO"} forthe yearfrom I" June 2020 to 31" May 2021. The Trustees, Report and accounts are prepared in accordance with sections 132-166 of the Charities Att 2011 Structure. governance & management The Trustees who served throughout the period were lan Nolan. Robert Craig and Jamie Butterworth. th The Trust is governed by its constitution. dated 5 Ortober 2017. and is constituted as a Charitable Incorporated Organisation. Future Trustee appointment5 will be made by a resolution passed at a properly convened meeting of the charity Trustees. None of the Trustees receive any remuneration from the CIO in respect of their role as Trustees. The only ongoing costs incurred by the CIO are.. to maintain its bank accounts- to use an online system for maintaining its accounting records, and to have its year end accounts prepared. The CIO has to date been funded by donations from a single individual and this is expected to remain the case. Objertives & artivities The object of the CIO is to promote sustainable development for the benefit of the public by: the preservation. conservation and protection of the environment and the prudent use of resources: the relief of poverty and the improvement of the conditions of life in socially and economically disadvantaged communities- and the promotion of 5UStainable means of achieving economic growth and regeneration. "sustainable development" means development which meets the needs of the present without compromising the ability of future generations to meet their own needs. The charity seeks to meet its objett by pro-actively seeking out projects, in the UK or overseas, which are aligned with these objectives. and which they judge to be worthy of financial support. Such support may be in the form of grants, loans or investment. In so far as the CIO makes social investments {as defined by section 292A of the Charities Act 20111 it will comply as appropriate with sections 292B and 292C of the Charities Act 2011.
For the first few years of its life. the principal actiwty of the CIO will be pro-actively to seek out, and provide financial support by way of investment in. social enterprises whose missions are aligned with those of the CIO. Potential recipients will be evaluated against the criteria of: fit with the CIO'S objectives; the credibility of their plans to fulfil their mission and the prospects of their using the social capital provided to develop themselves into self- sustainin8 ventures. Finding and evaluating these projects is undertaken by lan Nolan. who makes recommendations to the Trustees. The nature of the projects supported means that the CIO may find itself providing investment alongside other "impact investment- organisations. "Impact Investin&, refers to 'investments made into companies, organizations, and funds with the intention to generate social and environmental impact alongside a financial return" ref. Global Impact Investing Network IGIINI. Our ambition, as Trustees, is to achieve both the"impacV return on our investments. as well as to sustain. or grow, our financial capital. If we are successful in this regard, then these resources will become available again for future deployment and further impact. alonBside any future donations received. In the medium to longer term, it is the expectation of the Trustees that the activities of the CIO will evolve. and move to the disbursement of its then remaining capital by means of grants. This will seek to achieve the same charitable objettives. but will involve the disposition of all of the CIO'S then resources. and therefore be followed by its winding-up. Achievements ondperformance As foreshadowed in last yearfs accounts. during the year one of our social enterprises. Pula ula-advisors.com successfully closed a $6m funding round to support its future growth. The CIO had made two earlier disbursements to Pula in 2018 and 2019. totalling $103,1201£77.5351 as part of Pula's earlier, $3m seed funding round. In addition, the incoming shareholders (including TLCOM Capital LLP, through their Tl DE Africa Fund, and WWB Capital Partners LP) offered to purchase existing shares from their current holders. This opportunity to sell shares was offered at a 12.5% discount to the valuation of the $6m primary round. This presented the Trustees with the opportunity to sell a proportion of its holding in Pula, realising cash resources which could be used to make further, new investments, and thereby diversify the CIO'S portfolio. Given the attrattive valuation on offer. the Trustees decided to realise half of the CIO'S holding for £55,113 and this transaction completed in October 2020. The carrying valve of the CIO'S investment in Pula as at the balance sheet date of 31 May 2021 was £57,633.
Pula's activities were briefly profiled in last yearfs accounts. and are explained in more detail on htt www. ula-advisors.com about In addition. a summary by the CEO of progress in 2021 is set out below: From the CEO'S Desk 2021 has been a year of milestones. Our company began its evolution towards becoming a global business. We expanded into new markets - particularfy in Asia, while our total sum insured surpassed $1 billion. In Asia, despite the lack of a physical presence, we have been able to assess yields through crop-cutting experiments in the Philippines. Our commitment lo using digital solutions allows us to track progress remotely. In Pakistan, we have launched a crop insurance product in partnership with two banks and the country's agricultural coalition. Capacity building is core to our work. With support from governments and development partners, we run targeted stakeholder workshops. In October 2021 alone. we hosted partners from Djibouti. Ethiopia. Malawi. Mozambique. Sudan, Uganda and Zimbabwe. These sessions aim to improve stakeholders, understanding of our products and services. and agricultural insurance in general. Our partnership approach has been effective in funding our work so far. Many of our programmes require premium subsidies for smallholder farmers. However, few govemments in emerging economies offer such support. While this does not stop market entry, lack of govemment support can limit growth. To overcome this, we now focus on raising both premium subsidies from development agencies and repayable grants from private foundations. For development partners in particular. premium subsidies can achieve significant impact by improving smallholder farmers, resilience to climate shocks.
29% eslimtea female lormews 1 $39.I Million 3 Mtllion 212,482 Gtoss rwtoa Formers P(Ik S l.l Billion 5.1 Million $13.5 Million PDyoJIs OPULA Asol 2021 37% e5timoEt youth lortners The Trustee5 rnade a further disbursement during the year, to Recoolit: htt www.recoolit.com about Recoolit is an ambitious, start-up social enterprise seeking to mitigate the environmental damage which arises from the escape of CFC'S from used refrigerants. and has launched its activities in Indonesia, where a large volume of such refrigerants are currently uncolletted and treated. To the date of writing. Recoolit has collected 993 C02-e tonnes of refrigerant, preventing it from reaching the atmosphere. It has also sold its first offsets at $751ton. and is onboarding with Patch, a well-reputed marketplace for corporate buyers. The team has grown to 6 in Jakarta and is growing its logistics capacity both in-house and through partnerships- equipment procurement and rentals, warehouse space. transportation. and more. Recoolit remains a very young business, tacking a difficult problem, but the Trustees are encouraged by its early progress.
Financiol review The CIO'S assets. net of liabilities. stand at £104.005. This reflerts the value of the investments in Pula and Recoolit, plus cash of £20,618 minus our accounting cost provisions. Public benefit The Trustees confirm that they have referred to the Charity Commission's general guidance on public benefit when making investments and generally in pursuing the objectives of the charity in the period. These objectives will continue to be pursued in the coming period. Investment Poliry and Perfomlance The investment policy of the charity is primarily to preserve the capital of the charity, while carrying out investment in social enterprises as explained above, and with a view to long- term income and capital growth. The investments held will continue to be monitored against the policy of the charity Achievements ond Performance The trustees are glad that they have been able to contribute to the launch and growth of Pula, which is making a real social contribution in helping farmers in emerging markets to manage the climate risks which they face. They are also encouraged by the early progress of Recoolit. Re5erve5 Policy Reserves are maintained at the discretion of the Trustees. They aim to maintain reserves at a level to provide sufficient funds to respond to further applications for social investment, and to ensure that sufficient funds are available to meet support and governance costs. Risk Assessment The Trustees have considered the major risks to which the charity is exposed. They consider that the principal risk is investment risk, which they minimise by a careful evaluation of all possible investments, and subsequent monitoring. They believe that systems are in place to meet such other risks as they have identified. Declarotion The Trustees declare that they have approved the Trustees. report above. Signed on behalf of the chariws trustees lan Nolan Trustee 3rd March 2022
CHARTERED ACCOUNTANTS. REPORT TO THE BOARD OF TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE ABINGER GREEN CIO FOR THE YEAR ENDED 31 MAY 2021 In order to assist you to fulfil your duties under the Charities Act 2011. we have prepared for your approval the financial statements of The Abinger Green CIO for the year ended 31 May 20215et out on pages 10 to 12 from the chariws accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales IICAEWI, we are subject to its ethical and other professional requirements which are detailed at http'.//www.icaew.comlen/memberslregulations-standards-and-guidance. This report is made solely to the Board of Trustees of The Abinger Green CIO, as a body, in accordance with the terms of our current engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of The Abinger Green CIO and state those matters that we have agreed to state to the Board ofTrustees of The Abinger Green CIO, as body, in this report in accordance with ICAEW Technical Release 08116 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Abinger Green CIO and its Board of Trustees as a body, for our work or for this report. It is your duty to ensure that The Abinger Green CIO has kept adequate accounting records and to prepare financial statements that comply with the requirements of the Charities Act 2011. You consider that the Abinger Green CIO is exempt from both the statutory audit requirement and the requirement for an Independent Examination for the year ended 31 May 2021. We have not been instructed to carry out an audit or a review of the financial statements of the The Abinger Green CIO. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, expre55 any opinion on the statutory financial statement5. Wllson Wright LLP, Chartered Accountants. Thavies Inn House, 3-4 Holborn Circus, London, ECIN 2HA, Date: 15th March 2022
The Abinger Green CIO Chority number I175 Receipts and Payments Accountfor the year 1st June 2020 to 31 Moy 2021 Total & Unrestrirted Funds 2021 Total & Unrestrirted Funds 2020 Receipts Interest income Advances received 3,904 3.911 Asset and investment sales Income from the sale of social investments 51,715 Total receipts 51,716 3,911 Payments Accounting fees Bank charges 12,5681 iioii (2,669) 12,5441 1661 12,610 Asset and investment purchases Social investment assets (30,1431 Total payments 132,812) 12,610) Net receipts 18,904 1,301 Cash at l June 2020 1.714 413 Cash at 31 May 2021 20,618 1,714 io
The Abinger Green CIO Charity number 1175005 Statement of assets & liabilities at 31 Moy 2021 Statement of assets & liabilities at the end of the period Assets Cash funds Investment assets Liabilities bank deposits social investments 20,618 85,787 provision for accounting fees 12.4001 Total 104,005 Signed on behalf of all the trustees l M Nolan 3rd March 2022 li
The Abinger Green CIO Charity number 1175(X15 Notes to thefinancial statement5 Note l." Bas15 of preparation These accounts have been prepared on a receipts and payments basis and include a statement of assets and liabilities at 31 May 2021. Note2.. Tn7nsartions with relotedparties No remuneration or expenses were paid to any Trustee or related party. Note 3.. Investment a55etS Investment assets are carried at the Trustees, assessment of market valuation. 12