1175005 The Abinqer Green Charitable Incorpomted Organisotion Annual reportfor the periodfrom 1StJune 2022 to 31st May 2023
Contents Page Reference & administrative details Trustees, report Accountants, report Receipts and Payments Account Statement of Assets and Liabilities io Notes to the financial statements li
Reference & admini5trotive details Registered charity
1175005
Principal addre55 clo lan Nolan Circularity Capital I, Floor 22 King Street St James's London SWIY 6QY Trustees lan Nolan Jamie Butterworth Robert Craig Accountant5 Wilson Wright LLP I" Floor 5 Fleet Place London EC4M 7RD
Tmstees, Report The Trustees are pleased to present the report of The Abinger Green Charitable Incorporated Organisation I'the CIO") for the year from I" June 2022 to 31, May 2023. The Trustees, Report and accounts are prepared in accordance with sections 132-166 of the Charities Art 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 October 2017, and is constituted as a Charitable Incorporated Organisation. Future Trustee appointments 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 account and to have its year end accounts reviewed. The CIO has to date been funded by donations from a single individual and this is expected to remain the case. Objective5 & 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 sustainable 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 object 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 las defined by section 292A of the Charitie5 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 Pf incipal activity of the CIO will be pro.actively to seek out, and provide financial support by way of investment in, social enterprise5 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- sustaining ventures. Findin8 and evaluatin8 these project5 15 undertaken by lan Nolan, who makes recommendations to the Trustees. The nature of the projects Supported me3n5 that the CIO may find itself providing Investment alongside other "impact investment" organisations. 'Impact Investing" 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 {GIINI. Our ambition, a5 Trustees, 15 to achieve both the "impact" 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, alongside any future donations received. In the medlum to longer term. it is the expettation of the Trustee5 that the activlties 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 objective5 but will involve the disposition of all of the CIO'S then resources. and therefore be followed by its winding-up. Achlevements undperformance During the year the CIO made no new disbursements. The two existing social enterprises in the portfolio had divergent fortunes during the year. Pula, based in Kenya. is an agricultural insurance and technology company that designs and delivers Innovative agricultural insurance and digital products to help smallholder farmers endure yield risks, improve their farming practices, and bolster their incomes over time. As of last year. Pula served some 6.sm smallholder farmers. Towards the end of 2022, in order to help achieve its ambition of serving 100 million smallholder farmers, Pula set out to raise a further $20m of funding from Institutional impact investors. A first close of this round was held after our 31 May year-end. in September'23. A second & final close commenced In January'24 and as at the date of signing this report the lawyers were undertaking the administrative work associated with this. This second close may offer the CIO the opportunity to realise some of the value of its holding, following a partial1£55,000) realisation in October 2020. Any such further realisation will be accounted for In next year's acc045nt5.
Realisation of the CIO'S investment in Pula is consistent with the CIO'S strategy of supporting social enterprise5 in the early '5eed' stage, and then. as these mature, looking to realise Its holdings so as to be able to re-cycle the funding through disbursements to new. Èarly-stage beneficiaries. Subsequent to the year-end. the CIO made such an initial disbursement, to Steama Co, a social enterprise which has a smart metering solution to enable the effective roll-out of electricity grids to low income households in Africa. More details on Steama Co will be disclosed in next yearfs accounts. The CIO'S other social enterprise inve5tment15 in Recoolit in Indonesia. 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 currentlv uncollected and treated. Recoolit Is at a much earlier stage of its development than Pula, as Is still endeavouring to validate its busines5 model. and establish a viable social enterprise mitigating refrigerant emissions. Currently, adverse publicity surrounding the authenticity of the voluntary carbon credit market is affecting demand for such credits, and these form the major part of Recoolit's current incorne. The business h35 cash resources for some further nine months of operation, during which it will seek to evolve its operating model. find new revenue streams and raise incremental funding. The Trustees remaln hopeful that a viable operation can be established but are well aware that success remains to be achieved. Financial review The CIO'5 355ets, net of liabilities, stand at £202,490. Thi5 reflects the value of the investments in Pula and Recoolit, plus cash of £14.811 minus provisions for accounting costs associated with these accounts. Publlc benefit The Trustees confirm that they have referred tothe Charity Commission's general 8uSdance 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 Policy and Perfom?ance 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 lon8- term income and capital growth. The investments held will continue to be monitored against the policy of the charity. Where the social enterprises which we support do prosper, the Clo will look to take the opportunity of realising the value of its investment, and recycling the capital into other. new early-stage opportunitles which fit with its charitable objects.
Achlevements ond Performance The trustees are glad that they have been able to contribute to the launch and grovrth of Pula, which is now making 3 real social contribution in helping farmers in emerging markets to manage the climate risks which they face. and the enterprise is scaling rapidly. They are Iso encouraged by the resilience of Recoolit, 3nd hopeful that it can establish a viable social enterprise mitigating refrigerant emissions in Indonesia. Reserves Poliry Re5erve5 are maintained at the discretion of the Trustees. They aim to maintain reserve5 at level to provide sufficient f unds to respond to further applications for social investment. and to ensure that SU[Clent 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 minimi5e 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. Declorotlon The Trustees declare that they have approved the Trustees, report above. Signed on behalf ofthe charitys trustees lan Nolan Trustee Date: 14th February 2024
CHARTERED ACCOUNTANTS, REPORTTO THE BOARD OF TRUSTEES ON THE PREPARATION OF THE UNAUDITED FINANCIAL STATEMENTS OF THE ABINGER GREEN CIO FOR THE YEAR ENDED 31 MAY 2023 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 2023 which comprise the Receipts and Payments Account, Statement of Assets and Liabilities, and notes to the financial statements from the charit¢s accounting records and from information and explanations you have given us. A5 a 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'.Ilwww.icaew.com/en/members/regulations-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 8oard of Trustees of The Abinger Green CIO, as a 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 give a true and fair view of the a55ets, liabilities, financial position and surplus or deficit of The Abinger Green CIO. 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 2023. 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, express any opinion on the statutory financial statements. Wilson Wright LLP, Chartered Accountants, First Floor, 5 Fleet Place, London, EC4M 7RD, Date.. 15 February 2024
The Abinger Green CIO Charity number 1175(105 Receipts and Payments AccountAor the yeor iKJune 2022 to 31 May 2023 Total & Unrestrirted Funds 2023 Total & Unrestricted Funds 2022 Receipts Interest income 25 Payments Accounting fees Bank charges 12,9701 1661 {3,0361 12,7001 1961 12,796) Total payments Net payments {3,011) (2,796) Cash b/fvJd @ l June 2022 17,822 20,618 Cash clfv4d @ 31 May 2023 14,811 17,822
7he Ablnqer Green CIO Chaty number 1175005 Statement oAA55et5 and Liabilities at 31 May 2023 A55ets Cash funds Investment assets Liabilities bank deposits social investments 14,811 190,649 provision for accounting fees 12.9701 Total 202,490 Slgned on behalf of all the trustees l M Nolan Date: 141h February 2024 io
The Abinger Green CIO Charity Number 1175(105 Notes to thefinanciol statements Note l.. Basis oApreparation These accounts have been prepared on a receipts and payments basis and include a statement of assets and liabilities at 31 May 2023. Note 2.. Tronsartions with related parties No remuneration or expenses were paid to any Trustee or related party. Note 3.. Investment assets Investment assets are dollar denominated. These are carried at the Trustees, assessment of market valuation which is retranslated into sterling on 31 May 2023. li