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
I17￿5
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