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
Cha￿ty 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
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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.
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