Charity No. 1175658 IEngland and Wales) Registered No.. 10665679- Company Limited by Guarantee The Global Steering Group for Impact Investment Tnjstees, report and flnancial ststements for the year ended 31 December 2020
The Global Steering Group for Impact Investment Contents For the year ended 31 December 2020 Page Reference and administrative details Report of the Trustees Independent Auditorfs report to the Trustees 13 Consolidated statement of financial activities 17 Consolidated balance sheet 18 Charity balance sheet 19 Consolidated statement of cash flow5 20 Notes to the financial statements 21 Page 2
The Global Steering Group for Impact Investment Reference and administrative details For the year ended 31 December 2020 Re81Stered No 10665679- Company Limited by Guarantee Registered charity number 1175658 Charity name The Global Steering Group for Impart Investment Board Board members at date of signing Sir Ronald Cohen Ichairl Ms Nicola Cobbold Mr Rodrigo Villar Esquivel (appointed 7 October 20201 Mr Ulrich Grabenwarter Ms Hamdiya Ismaila lappointed 7 October 20201 Mr Elias Masilel Ms Giovanna Melandri Mr Nicholas O'DonDhoe Ms Tracy Palandjian (appointed 7 October 20201 Ms Maria Laura Tinelli Mr Masataka Uo Chlef Executlve Offlcer Mr Amit Bhatia Iresigned 31 March 20201 Mr Clifford Prior (appointed l June 20201 Registered office Third Floor 20 Old Bailey London EC4M 7AN Bankers National We5tmin5ter Bank PIC 46 Notting Hill Gate Kensin@ton London WII 3HZ Lawyèrs Forsters LLP 31 Hill Street London WIJ 5LS Auditors Saffery Champness LLP 71 Queen Victoria Street London EC4V 4BE Page 3
The Global Steering Group for Impact Investment Report of the Trustees For the year ended 31 December 2020 Introduction The Trustees are pleased to present the consolidated annual report and financial statements of The Global Steering Group for Impatt Investment I'GSG" orthe -Charitrf'l and its wholly-owned subsidiary. GSG Trade Limited, for the year ended 31 December 2020. The financial statements have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the Charity's Articles of Association, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement c)f Recommended Practice applicable to charities preparingtheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. Structurei governance and management The GSG was formally incorporated as a company on 13 March 2017 (Registered number.. 106656791 and was registered as a charity by the Charity Commission on 9 November 2017 (Registered Charity Number.. 11756581. Prior to the formation of the charitable company similar activitie5 were being undertaken by a voluntary group (which took the form of a G8 Taskforcel whose work was subsequently continued by the Charity. The Charity's activities are governed by its Memorandum and Articles of Association, which were amended by special resolution on 6 November 2017. on 27 September2018 and 19 May 2019. The Charity's Registered Office is Third Floor, 20 Old Bailey, London EC4M 7AN. In March 2019 a tradingsubsidiary, GSG Trade Limited was incorporated (Company No. 119038041 to enable the Charity to fundraise in a tax efficient manner and, in so doin& to protect the assets of the Charity. The trading subsidiary primarily receives sponsorship income in respect of the Annual Summit. The registered office of GSG Trade Limited is Third Floor, 20 Old Bailey, London EC4M 7AN. The following seNed as Trustees of the GSG during the period to which these financial statements relate.. Sir Ronald Cohen (Chairl Ms Rosemary Addis (retired 7 October 20201 Ms Nicola Cobbold Mr Rodrigo Vill3r E5quivel lappointed 7 October 20201 Mr Ulrich Grabenwarter Ms Hamdiya Ismaila (appointed 7 October 20201 Mr Elias Masilela Ms Giovanna Melandri Mr Nicholas O'Donohoe Ms Tracy Palandjian (appointed 7 Ortober 20201 M5 Maria Laura Tinelli Mr Masataka Uo Mr Darren Walker Iretired 7 October 20201 The Charity's principal activity is to alleviate global poverty, protect the environment and promote sustainable dev8lopment, including through c3talysing impact investment and entrepreneurship to benefit people and planet. The Charity a150 educates, and raise5 awareness, about impact investment. Trustees are recruited and appointed in accordance with the Charity's governing document and mission statement, and with relevant legislation. A number of the Charity's tru5tee5 are elected by National Advisory Boards l NABS"), being organisations established to promote and educate on impact investment within a particular country or region and recognised as such by the Trustees. Page 4
The Global Steering Group for Impact Investment Report of the Trustees For the year ended 31 December 2020 Or8anisational strurtyre The governance and strategic planning of the Charity are led by the Trustees who meet quarterly. The Charity has a team c)f staff and contractors which report to the Chief Executive land in turn to the Trustees). As at the date of signing, the dedicated team had 18 people comprising 15 full-time and 3 part-time staff 117 FTEI, located in 6 countries. The team is led by the Chief Executive. Recruitment and appointment of Trustees The Articles Of Association provide for a minimum of three Trustees and a maximum of thirteen Trustees comprising.. up to three Independent Trustees. who are appointed by the Independent Trustees,. up to eight Elected Trustees who are elected by a ballot of the NA8s,' and up to two Co-opted Trustees When recruiting new Trustees, the Board seeks to appoint individuals, who are committed to driving forward the ecosystem of social and environmental impact investing. in order to positively impact the lives of the poor and the state of the planet. The Board seek5 to ensure diversity, including gender diversity, and also aims to ensure sufficient representation from individuals with experience of working in the field of impact investment in diffent parts of the world. As referred to above, the Articles of Association of the Charity also allow representation from the NABS through a ballot arrangement. During 2020 three Elerted Trustees, Hamdiya Ismaila, acting CEO of the Ghana NAB, Tracy Palandjian, founder of Soei81 Finance, and Rodrigts Villar Esquivel. Chair of the Mexico NAB, were appointed by the Trustees. Two Elected Trustees retired as their term of office came to an end. Prior to appointment, all Tru5tee5 rewe information on the Structure, 5trBtegy and governance of the Charity as well as on their role and duties as a Trustee. Where required Trustees are invited to attend Board meetings as observers before their appointment is confirmed. Where appropriate. the Charity supports specific training of Trustees. Investment powers and management The Articles of Association provide a wide power of investment. No financial investments have been made other than that reqtjired to e5tsblish the wholly owned trading 5ub5idiary. Risk assessment Risk Management Is a key aspect of the Charity'5 good gc)vernance and management. A risk management register has been developed by the Chief Financial Officer and the Chief Executive which is reviewed by the Board on a six-mtsnthly basis. The Board reviews the risks in the folltswing five principal areas as identified by the Charity Commission.. Governance risks Operational risks Environmental or external factors Compliance risk (law and regulation) The factors that affect the Charity's financial position are primarily the funding environment for grant donation5 to support its work and the economic climate, including exchange rate exposure since the Charitv Page S
The Global Steering Group for Impact Investment Report of the Trustees For the year ended 31 December 2020 receives much of its income in US dollar5 but incurs expenses in a number of currencies including US dollars, euros and sterling. The Board reviews the financial position of the Charity every quarter. Reserves policy The Trustees have determined that the minimum level of reserves should be equivalent to 3 months, operatinÈ costs, calculated and reviewed annually. Operating costs are approximately £155k per month requiring a level of reserves amounting to approximately £465k. The total amount of unrestricted funds held in reserve at year end is £1,113,390. The Charity has recently received notification that the three year grant from the Foreign, Commonwealth & Development Office of the UK Government (formerly the Department for International Development) which started in April 2020 is currently being reviewed. The potential loss of income could be up to £882k during 2021 and 2022. The Tru5tee5 have reviewed the pipeline of funding from other sources and are confident that thi5 shortfall can be accommodated. Oblectlves and arthrftles Public benefit The Charity works towards the alleviation of global poverty, the protection of the environment and the promotion of sustainable development, including through the support of impact investment. It achieves its aims through its own work and through working with its community of NABS, being orEanisations established to promote and educate on impart investment within a particular country or regitrn and accepted by the Trustees as such. The Charity recognises the need to carry out its charitable activities for the benefit of the general public and retain5 thi5 aim at the centre of it5 Strategic planning. The Board consider5 the Charity Commi55i0n's guidance on public benefit in its decision-making as to the nature and scope of the activities the Charitv should undertake. Ob'ectives The Objects of the Charity as set out in the Articles of Association are.. The relief of poverty- The protettion of the environment,. The promotion of Sustainable Development by.. al the preservation, conservation and the protection of the environment and the prudent use of resources,. bl the relief of poverty and the improvement of the Conditions of life in socially and economicallv disadvantaged Communities., and cl the promotion of sustainable means of achieving economic growth and regeneration all for the benefit of the public and including by the support, facilitation, promotion and development of Imp3ct Investment in the UK and elsewhere, by such mean5 as the Trustees in their absolute discretion See ftt,. The advancement of education in subjects relating to Impact Investment and to promote study and research in such subjects provided thatthe useful results of such study are disseminated to the public at large,. and Such other Charitable Purposes as the Trustees shall from time to time see fit. Page 6
The Global Steering Group for Impact Investment Report of the Trustees For the year ended 31 December 2020 "Sustainable Development" mean5 "development which meets the needs of the present without compromising the ability of future generations to meet their own needs. Activities The GSG'S artivities mainly fall into the following areas.. Fostering the development of the globèl impact investment ecosystem so as to relieve poverty, protect the environment and promote sustainable development Developing and sharing knowledge about impact investment Recent developments The global Covid-19 pandemic crisis which engulfed the world during 2020, and whose effects are continuing during 2021. has placed an even greater urgency on the need for sustainable capital solutions to alleviate ptsvertv, 5UPPOrt the m05t vulnerable in society and protect the planet. The Trustees continue to review the strategy and operational capacity of the organisation in light of this pandemic. The GSG team was able to work from home with little interruption and face to face events such as the Global Summit were held online instead,. it is anticipated that this will continue for the foreseeable future. Achievements and performance in 2020 Despite the global pandemic 2020 was a year of significant activity and success for the Charity with notable highlights including.. the achievement against targets of the first year of a DflD Inow FCDOI supported programme for countries in Sub Saharan Africa and South East Asia., commencing work on 8 action areas that reflect a collective vision of GSG and the NABS for the most powerful artions that our community can drive to achieve a just and impact-led recovery from Covid-19 and its consequences,. improving the approach to NAB entry and development through the work tsf a subcommittee of the Board. There is increasing interest from over 20 tountries to make a start towards a future NAB., highly successful online events including the GSG Leadership Meeting in May 2020 (attended bv 120+ leaders from tsver 40 countries, representing NAB leaders as well as GSG strategic partners) nd the Global Summit,. and the laLJnch of a Leaderfs Declaration calling for a Just and Sustainable Recovery Signed by global leaders from the world of industry, government, and impact investment. In addition one new NAB, representing the Netherland5, wa5 admitted by the Charity- During the year the GSG team was further expanded with the appointment of a number of new roles (including the Head of Communications) and as in previous years contrartors were also engaged for the delivery of specific projert5, including the delivery of the online Global Summit. Page 7
The Global Steering Group for Impact Investment Report of the Trustees For the year ended 31 December 2020 National Adviso Boards The Charity assists with the creation of NABS by bringing together impactful leaders in the Impact Investment arena, who commit themselves and their NABS to helping address the biggest social and environmental challenges in their countries through impact investment. The development in each country starts with an initial group, then formation of a taskforce, and subject to a set of clear criteria, admission to the movement as a NAB. Each NAB, over time, has representation from the five pillars of an ecosystem being Supply of capital, demand for capital, intermediation of capital, market building and government engagement. Once a NAB has been established and recognised, the Charity and other NABS work with the new NAB to progress its work in the area of impact investment, as well as educate, raise awareness, create and share knowledge. By the end of 2020 the Charity had recognised 25 National Advisory Boards and 3 Regional Advisory Boards and the GSG now represents 33 countrie5 (Argentina, Australia, Bangladesh, Brazil, Canada, Chile, Colombia, Costa Rica, El Salvador, Finland, France, Germany, Ghana, Guatemala, Honduras, India, Israel, Italy, Japan, Mexico, the Netherlands. New Zealand. Nicaragua, Panama. Portugal, South Africa. South Koreè, Spain. Sweden, UK, Uruguay, USA and Zambial. Global Summit Each year since 2015 the Global Steering Group initiative has organised a Summit to educate on, and raise awareness of, impact investment and the impact investing ecosystem. Due to the global pandemic the sixth GSG Impact Summit was held online and attracted 1,307 delegates from 73 countries invited to 65 structured sessions led by 287 speakers, and we are proud to have achieved 100% gender parity amongst the speakers. The Summit was highly valued by participants for its practical value in the Covid-19 crisis and its consequences. A key Dutcome of the Summit was a Leaders, Declaration calling for a lust and Sustainable Recovery that was signed by many Summit attendees and others that calls on the world's detision-makers to bring impart to the heart of economies. We ctsntinue to work on adding further global and regional signatories with the aim of presenting the letter to the 2021 G7 and G20 asking that concrete action be taken. The seventh GSG Impact Summit will take place virtually in October 2021 with the purpose being to accelerate the post-covid recovery and the future architecture of impact finance. Global Poli Advocac and Research and Knowled e Sharin The GSG partnered with the United Nations Economic and Social Commission for Asia and the Pacific IUNESCAPI on a new report which encourages greater adoption of impact investing in Asia and the Pacific. The research outlines how governments can fuel an impact-led recovery from the Covid-19 cri%15 to treate fairer and more sustainable economic systems. The report entitled-Tow3rds an Enabling Policy Environment for Impact Investment in Asia and the Pacific" provides prattical information for policymakers and other stakeholders. The analysis and recommendations draw on international best practice and examples of impact investment policies already in use across the region, including impact-led business incubètors and green finance initiatives. to demonstrate how governments in Asia and the Pacific, and around the world, can stimulate impact investment. Page 8
The Global Steering Group for Impact Investment Report of the Trustees For the year ended 31 December 2020 The study was unveiled during a webinar on 3 December 2020 jointly hosted by the GSG and UNESCAP. Knowledge sharing activitie5 remained at the core gf GSG'S work and included.. 15 NAB 'Dialogues" on topics including NAB Skills & Operations, and on Innovations & New Developments with around 500 participant5 4 public Webinars the publication of 33 Country profile5 Transition to Impact Economv, the publication of 5 Digests.. Pension Funds, NAB specific- 5UStainability resource document, Covid Activities, Skills-sharing Map, Best Practice Flnanclal revlew Covid-19 GSG staff were already set up well to work remotely and thereforethe enforced control measures that came into effect in QI 2020 in the countries in which we had staff at that time (UK, France, Argentina and India) did not impart the Charity's ability to operate on a day to day basis. All staff have continued to work from home and induction of new staff members was also delivered remotelv. All meeting5 in 2020 were held virtually and this will remain the case during 2021. There is a 518nificant financial benefit from the reduction in hosting large gatherings and the related travel costs. The Charity has cash reserves for the short term although the impatt on fund-raising for the medium term remains unclear. Sources of fundin and financial osition The Charity funds its activities and administrative costs principally through grant income, which is primarily unrestritted. In 2020 the delivery of the Global Summit was managed by GSG Trade Limited, the wholly- owned subsidiary, which received ticket and sponsorship income. and managed the related expenditure. After intercompany transactions between the Charity and the subsidiary, the small surplus created in GSG Trade Limited will be gift-aided back to the Charitv. The consolidated financial position of the Charity 15 set out in the consolidated statement of financial activities on page 17 and the consolidated balance sheet on page 18. During the period under review, total income amounted to £2,036,998. The cost of raising funds in the period was £77,080, the total cost of charitable activities was £1.422,588, of which 5UPPOrt Costs and governance costs (see note 41 amounted to £187,085 and £64,588 respectively, and the total cost of trading activities was £59,246. The Charity and the trading subsidiary made a combined net surplus from attivities of £478,084 in the year. Page 9
The Global Steering Group for Impact Investment Report of the Trustees For the year ended 31 December 2020 Goin Concern We have set out above a review of the financial performance and the Charity's reseeS PDSItIDn. The Trustees have reviewed the p051tion and conclude that there are adequate financial resources and the Charity is well placed to manage the business risks. The planning process, including financial projertions, has taken into consideration the current economic climate and its potential impact on the various sources of income and planned expenditure. The Tru5tee5 acknowledge that there are uncertaintie5 inherent in the timing of receipts but are confident that they have plans in place to manage any delays in receiving funding. The Trustees have a reasonable expettation that the Charity has adequate resources to continue in operational existence for the foreseeable future and believe that there are no material uncertainties that call into doubt the Charity's ability to continue. The accounts have therefore been prepared on the basis that the Charity is a going concern. Remuneration Remuneration policy for the senior members of the Executive management team is reviewed by the Chief Executive with input from a Board Committee. The remuneration of the Chief Executive Officer 15 reviewed by the trustees. Plans for future periods The Social and economic consequences of the global pandemic have created a lasting and damaging legacv spanning health, jobs, education and more. Impact investing, which intentionally seeks positive outcomes. and measures and reports both the positive ènd negative consequences of investment alongside financial results, can help drwe a just and sustainable recovery from the effects of the Covid-19 pandemic for all people and our planet. During 2021 and beyond there will be two factors at the heart of GSG'5 efforts - working on how impact investment can help in the Covid-19 recovery, and educating on building a resilient and sustainable investment system for the long term. Our prioritie5 will be= Advocating to the G7 and G20.. how Impact Investment can help the world build back better. Stimulating the Debate and Facilitating Impact Transparency approach for standards, reporting and transparency. working towards a coherent Promoting tools to drive the Covid-19 recovery, including results-based financing- the widespread adoption of resuIt5-ba5ed financing IRBFI 501utions is probably the single greatest evolutionary step to foster impart-driven economies. These programme5 tie investors, rewards to the delivery of positive benefrts in society. often in the fields of education, health or work training for the unemployed. Highlighting the Link between Environmental and Social Agendas the GSG work has historically focused on how impact Investing can help on stscial issues, SLJch as education, health and ateess to housing, engaging with partnerships to connect on climate issues. Increasingly, the green and social agendas are inextricably linked. The GSG will be working this year on bringing these two areas together throuEh our educational and advocacy work both nationally and supranationally. A good example of this is the Green Plus Gilt financing innovation from the Impart Investing Institute, the UK'S National Advisory Board and a member of the GSG. Page 10
The Global Steering Group for Impact Investment Report of the Trustees For the year ended 31 December 2020 Expanding our Network- there are 20 more countries building their impact investment ta5kforces, and we will support their development towards joining our existing group of National Advisory Boards representing 33 countries spread across six continents. As more initiatives blossom, our knowledge management and policy work become ever more important. Trystees. responsibilities in relation to the financial 5tatement5 The Charity's trustees are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generallv Actepted Aetounting Practitel. The law applitable to charities in England and Wales requires the thariws trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity, and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements, the trustees are required to= select suitable accounting Policies and then apply them consistentlv,. bserve the methods and principles in the applicable Charities SORP IFRS 1021.. make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements,. prepare the financial statements on the going concern basis unless it 15 inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial p051tion of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Articles of Association. They are als(> responsible for safeguarding the assets of the Charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the Charity and financial information included ON the CharitV'5 web51te in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial 5tatementS. Auditor Saffery Champness LLP have been appointed as auditors and have expressed their willingness to continue in office. Statement as to disdosure of Information to auditors Trustees who were in office on the date of approval of these financial statements have confirmed. as far as they are aware, that there is no relevant audit information of which the auditors are unaware. Each of the Trustees have confirmed that they have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditors. Page 11
The Global Steering Group for Impact Investment Report of the Trustees For the year ended 31 December 2020 Fundraising prartices The Charity does not fundraise from the general public. instead working with charitable foundations and corporate bodies. The Charity does not engage with any professional fundraisers or with any vulnerable people in the realm of fundraising. The Trustees Bre aware of the provisions of the Fundraising Code and of the legal requirements for charities in relation to fundraising activities. By Order of the Trustees Sir Ronald Cohen Chair I'june 2021 Page 12
The Global Steering Group for Impact Investment Independent Auditorfs Report to the Trustees For the year ended 31 December 2020 Opinion We have audited the financial statements of The Global Steering Group for Impact Investment (the parent charitable company'l and its subsidiary Ithe'group'l for the year ended 31 December 2020 which comprise the Con501idated Statement of Financial Activitie5, the Consolidated and Charity only Balance Sheets, the 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statement5= give a true and fair view of the state of the affairs of the group and the parent charitable company a5 at 31 December 2020 and of the group's 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., and 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 IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditols responsibilities for the audit of the financial statements section of OLJr report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, includinE 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. Contlusions relating to going tontem 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 the group or the parent charitable company'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. Page 13
The Global Steering Group for Impact Investment Independent Auditorfs Report to the Trustees For the year ended 31 December 2020 Other infomiation The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements doe5 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. Ovr responsibility is to read the other informatiori 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. Other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Annual Report which includes the Directors, Report for the financial year for which the financial statements are prepared is con515tent with the financial statements- and the Trustees, Annual Report which includes the Directors, Report has been prepared in accordance with applicable legal reqLJirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and the parent charitable company and their 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 where the Companies Act 2006 require us to report to you if, in our opinion= adequate accountinE records have not been kept by the parent charitable company, or returns adequate for our aLJdit have not been received from branches not visited by u5- or the parent charitable company 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 Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and to take advantage of the small companies exemption in preparing the Trustees, Annual Report. Page 14
The Global Steering Group for Impact Investment Independent Auditorfs Report to the Trustees For the year ended 31 December 2020 Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities set out on page 11, the trustees (who are also the directors of the parent charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being Satisfied that they give 3 true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of the 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 group and the parent charitable company'5 ability to continue a5 a going concern, disclc>5ing, as applicable, matters related to going concern and using the going concern basis of accounting unles5 the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. Audltorfs responslbllltles for the audlt of the flnanclal statements We have been appointed as auditors under the CompaleS Act 21K)6 and report in accordance with regulations made under that Act. Our objectives are to obtain reasonable assurance about whetherthe group and parent financial statements a5 a whole are free from material misstatement, whether due to fraud or error, and to Issue an auditc)r'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 IUKI 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 tsken 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 respett of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below. Identifying and assessing risks related to 1rguI3r1ties'. We assessed the susceptibility of the group and parent charitable company's financial statement5 to material misstatement and how fraud might occur, including through discussions with management. di5CU55ions within our audit team planning meeting, updating our record of internal contro15 and ensuring these controls operated as intended. We evaluated possible incentive5 and opportunitie5 for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the Context of the group and parent tharitable company by discussions with trustees and updating our understanding of the sector in which the group and parent charitable company operate. Laws and regulations of direct significance in the context of the group and parent charitable company include The Companies Act 2W6 and guidance issued by the Charity Commission for England and Wale5. Audit response to risks identified.. We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disc105ures. We reviewed the parent charitable company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We Page 15
The Global Steering Group for Impart Investment Independent Auditorfs Report to the Trustees For the year ended 31 December 2020 discussed the parent charitable company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. A further description of our responsibilities is available on the Financial Reporting Council's website at.. www.frc.or auditorsres onsibilities. This description forms part of our auditor's report. During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testinE the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate profe55ional scepticism and thu5 the capacity to identify non-compliance with laws and regulations and fraud. There are inherent limitations in the audit procedures described above and the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Use of our report This report is made solely to the parent 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 miEht state to the parent charitable companws 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 parent charitable company and the parent charitable companvs members as a body, for our audit work, for this report, or for the opinions we have formed. Cara Turtington Isenior Statutory Auditor) for and on behalf of Saffery Champness LLP Chartered Accountants 71 Queen Victoria Street London EC4V 4BE Date.. 12 June 2021 Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. Page 16
The Global Steering Group for Impact Investment Consolidated Statement of Financial Artivities incorporating an Income and Expenditure Account For the year ended 31 December 2020 Notes Unrestrirted Funds 2020 Restricted Funds 2020 Total Funds 2020 Total Funds 2019 Income and endowments from: Charitable Activities Grants and donations NAB donation5 Summit passes Total Trading Activities Total 1,416,304 499,626 1,915,930 2,031,384 49,129 71,716 2.152.229 182,163 2,334,392 42,398 1,458,702 78,670 1,537,372 42,398 1.958,328 78,670 2,036,998 499.626 499,626 Expenditure on: Raising funds Charitable activities Trading activities Total 77,080 941,056 59,246 1,077,382 77,080 1,422,588 59,246 1,558,914 44,372 1,850.201 135,996 2,030,569 481,532 481,532 Net income I lexpendlturel for the year 459,990 18,094 478,084 303.823 Transfers between funds 15,9291 5,929 Net movement on funds 454,061 24,023 478,084 303,823 Reconclllation of funds Total fund5 brought forward 659,329 667,973 364,150 Total funds carrled forward 13 1,113,390 32,667 1,146,057 667,973 The Statement of Financial Activities includes all gains and losses in the period. All of the above amounts relate to continuing attivities. The notes on pages 21 to 33 form part of these financial statements. Page 17
The Global Steering Group for Impact Investment Consolidated Balance Sheet As at 31 December 2020 2020 2019 Notes Fixed assets io 5.952 3,340 Current assets Debtors Cash at bank and in hand li 167,226 1,057,686 152,796 766,676 1,224,912 919,472 Creditors.. amounts falling due within one year 12 84,807 254,839 Net current assets 1,140,105 664,633 Net assets 1.146.057 667.973 Charitable funds Unrestricted income fvnds Restricted income funds 13 13 1,113,390 32,667 659,329 8,644 Total funds 1.146.057 667,973 The notes on pages 21 to 33 form part of these financial statements. These fin3nci315tatements were approved and signed by a member of the Board and authori5ed for issue on I" lune 2021. Sir Ronald Cohen Chairman Page 18
The Global Steering Group for Impact Investment Charity Balance Sheet As at 31 December 2020 2020 2019 Notès Flxed assets Investments io 5.952 loo 3.340 loo Current assets Debtors Cash at bank and in hand li 327,069 1,009,145 152.796 766,676 1,336,214 919,472 Creditors amounts falllng due wlthln one year 12 241.154 301,107 Net current assets 1,095,060 618,365 Net assets 1.101.112 621.805 Charitable funds Unrestricted income funds Restricted income funds 13 13 1.068,445 32,667 613,161 8,644 Total funds 1,101,112 621,805 The notes on pages 21 to 33 form part of these financial statements. As permitted by section 408 of the Companies Act 2006 the Charity has not presented its own Statement of Financial Activities and related notes. The Charivs net income for the year was £479,30712019.. £257,655). These financial statements were approved and signed by a member of the Board and authorised for issue on I" lune 2021. Sir Ronald Cohen Chairman Page 19
The Global Steering Group for Impact Investment Consolidated Cash Flow Statement For the year ended 31 December 2020 2020 2019 Profit from operations Adjustments for Depreciation Loss on disposal of assets Operating profit before working capital changes Ilncrea5ellDecrease in debtor5 Increase/lDecreasel in creditors 478,084 303,823 2,473 605 481.162 1,937 305,760 114,4291 1170.0331 20,769 132,332 Cash generated from operations Interest paid Net cash from operatlng actlvitles 296.700 458,861 296,700 458.861 Cash flows from investing activities Acquisition of shares Purchase of assets Net cash used in investing activities 15.6901 12,0351 {5.6901 12.0351 Cash flows from financing activities Net Increaselldecreasel In cash and cash equivalents 291.010 456.826 Cash and cash equlvalents at start of year 766,676 309.850 Cash and tash equlvalents at end of vear 1.057,686 766.676 The notes on pages 21 to 33 form part of these financial statements. Page 20
The Global Steering Group for Impact Investment Notes to the Financial Statements For the year ended 31 December 2020 Accountin8 policies Basis of Atcounting These accounts cover the year to 31 December 2020. The comparatives cover the period l January to 31 December 2019. The account5 (financial ststementsl have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise ststed in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Prartice.. Accounting and Reporting by Charities applicable in the UK and Republic of Ireland IFRS 1021 las issued October 20191 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Companies Act 26 and the Charities Act 2011. The Charity constitutes a public benefit entity as defined by FRS 102. Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income consists of grant and sponsorship income, contributions to the Charity costs from a number of the National Advisory Boards and income from delegates attending the Global Summit. Expenditure Expenditure is included in the Statement of Financial Activities on an accruals basis, inclusive of VAT. Costs of fundraising are those incurred in attrarting voluntary income. Costs incurred dirertly in relation to the charitable activities are allocated to those artivities as they fall due. Support costs are those incuried directly in support of expenditure on the objects of the Charity and are allocated on the basis of time spent. Governance costs are related to the public accountability of the Charity and costs related to statutory requirements. Restritted funds Restricted funds are to be used for specified purposes a5 laid down by the donor. Expenditure which meets these criteria is identified to the fund. together with a fair allocation of overheads and support costs. Unrestricted funds Unrestricted funds are donation5 and other incoming re50urce5 received or generated for charitable purposes. Page 21
The Global Steering Group for Impact Investment Notes to the Financial Statements For the year ended 31 December 2020 Tangible fixed assets Expenditure on furniture and equipment that exceeds £750 is capitalised. Fixed assets are stated at cost le55 accumulated depreciation. Provision for depreciation of fixed a55et5 held for use by the Charity is made at annual rates calculated to spread the cost of each asset over its expected useful life. The depreciation rates currently in use are.. Computer Equipment 33% straight line on cost Fixed asset investments In the parent charity financial statements, the investment in the subsidiary is initially measured at cost and subsequently measured at cost less any accumulated impairment losses. A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. Cash and cash equivalents Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks. other short-term liquid investments with original maturities of 3 months or less, and bank overdrafts. Any bank overdrafts are shown within borrowing5 in current liabilities. Financial instruments The group has elected to apply the provisions of Section 11 'Basic Financial InstrLJments' and Sertion 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provi5i0n5 Of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements. when there 15 3 legally enforceable right to set off the recogni5ed amounts and there is an intention to settle on a net basis or to realise the a55et and settle the liability simultaneou51v. Basic financial assets, which include debtors, are initially measured at transaction price including transactitsn costs and are subsequently carried at amortised cost using the effertive interest method unless the arrangement constitutes a financing transaction, where the tran5artion 15 measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Financial liabilities and equity instruments are classified aetording to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting 311 of its liabilities. Bèsic financial liabilities. including creditors. bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Page 22
The Global Steering Group for Impact Investment Notes to the Financial Statements For the year ended 31 December 2020 Trade creditors are obligations to pay for goods or service5 that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amort15ed cost LJ5ing the effective interest method. Trade creditors classified a5 payable within one year are not amortised. i.io Foreign exchange Transactions in currencies other than pounds sterling are recorded at the average rates approved bv HMRC for the month in which the transaction took place. At each reporting end date the monetarv assets and liabilities that are denominated in foreign currencie5 are retranslated at the rates prevailing on the reporting end date. Gains or losses arising upon translation are included in the income statement for the period. i.ii Taxation The company is registered as a charity under the Charities Art120111 and as such is entitled to the exemptions under Income and Corporation Taxes Act 119881 and therefore no tax provision is included in the financial ststements. 1.12 Operating leasès Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight-line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed. 1.13 Employee benefits The costs of short-term employee benefits are recognised as a liability and an expense, unle55 those costs are required to be recognised as part of the cost of stock or fixed assets. Termination benefits are recognised immediately a5 an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.14 Basis of consolidation The group financial statements incorporate those c)f Global Steerin8 Group for Impact Investment and all of its subsidiaries lie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). The results of 5ub5idièries acquired or sold are consolidated for the periods from or to the date on which control pa55ed. Control 15 the pc)wer to govern the financial and operating policies of an entity so as to obtain benefits from its activities. All financial Statements are made up to 31 December 2020. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those Used by other members of the groLJP. All intra-group transactions, balances and unrealised gains on transartions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the a55et transferred. Page 23
The Global Steering Group for Impact Investment Notes to the Financial Statements For the year ended 31 December 2020 i.ls Going concern The Board is of the opinion, after considering cash reserves and future income projections, that there are no material uncertainties about the Charity's abiltty to continue as a going concern. The Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence forthe foreseeable future and believe that there are no material uncertainties that call into doubt the Charity's ability to continue. The accounts have therefore been prepared on the basis that the Charity is a going concern. Critical accounting judgements and key sources of estimation uncertainty In the application of the CoMpanS accounting policies the Trustees are required to make judgements, estimates. assessments and assumptions about the carrying amount of assets and liabilitie5 that are not readily apparent from other sources. The estimate5 are reeogni5ed in the period in which the estimate is revised where that revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods. Income from charitable artivities-grants and donations 2020 2020 2019 2019 Group Charlty Group Charlty Unrèstrirted income 1,416,304 1,462,472 I,644,3 1,644,003 Restrlcted income Gifts Global Summit Africa NAB Development IFCDOIDFIDI Open Society Foundations Asia NAB Development IUNESCAPI 7,736 150.257 150.577 7,736 150,257 150,577 4,327 364,568 4,327 364,568 118,715 12,016 118,715 12,016 78,811 78.811 499.626 499.626 387.381 387.381 Total Grants and Donatlons 1.915.930 1.962.098 2,031,384 2.031.384 Page 24
The Global Steering Group for Impact Investment Notes to the Financial Statements For the year ended 31 December 2020 Expenditure Staff costs Direct costs Support costs Governance costs Total 2020 Raising Funds Charitable Activities Trading Activities 70,161 725.021 6,919 445.894 77,080 1.422,588 187,085 64,588 50,605 2,241 6,400 59,246 795.182 503,418 189.326 70,988 1.558.914 2019 Raising Funds Charitable Activities Trading Activities 36,687 522,361 7,685 833,976 44.372 1,850,201 442,308 51,556 43.317 84.569 8,110 135,996 602,365 926,230 450,418 51,556 2,030,569 Govemance costs 2020 2019 Legal and professional fees Audit fees Additional audit fees in respect of the prior year Additional accountancy fees in respect of the prior year Atcountanty and tax advice 29.298 17,750 3,430 3,200 17,310 70,988 35.985 13,300 2,271 51,556 Staff costs 2020 2019 Salaries and fixed term staff (Overseas) Salaries IUKI Social Security Costs (UK and Overseasl Pension Costs 151,179 529,734 106,132 8,137 795.182 298,887 241,920 50.192 11,366 602,365 Page 25
The Global Steering Group for Impact Investment Notes to the Financial Statements For the year ended 31 December 2020 Certain overseas members of stsff are paid using an Employer of Record arrangement to ensure all local taxes are paid appropriately. There were 4 key management staff in the year - the Chief Executive Officer, Chief Operating Officer/Chief Finance Officer, Chief Funds Officer and Chief Market Development Officer. During the year the Charity's first CEO retired and was replaced in June. These l)fficers were paid an aggregate of £386,456 12019= £354,997) including gross pay, benefits and employer pension contributions. Only gross pay was paid over to the employee less the employee deductions pertinent to the relevant tax regulations in each country. In the year, senior employees received the following remuneration. including fees paid on a consultancy basis to overseas staff members.. 2020 2019 Employees with remuneration in the range £60,000- £69,999 Employees with remuneration in the range £70,000- £79,999 Employees with remuneration in the range £80.000- £89,999 Employees with remuneration in the range £90,000- £99,999 Employees with remuneration in the range £IOO,000- £109,999 Employees with remuneration in the range £IIO,000- £119,999 Employees with remuneration in the range £120,000- £129,999 The average number of employee5 and overseas staff member5 paid on B consultsncy basi5 of the charitable company (by headcountl during the year analysed by function were 11 in Programmes 12019.. 71 and 3 in Administration. Fund-Raising and Governance12019.. 31. None of the Trustees received any remuneration or any other benefits from employment with the Charity. Net income 2020 2019 Net income is stated after char8inB Depreciation Auditor5 remuneration.. Audit fees Addition31 audit fees in respect of the prior year Additional accountancy fees in respect of the prior year Tax advice 2,473 1,937 15,250 3,430 3,200 17,310 13,300 2,271 Page 26
The Global Steering Group for Impact Investment Notes to the Financial Statements For the year ended 31 December 2020 Operating lease commitments At the reporting end date the Group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows.. 2020 2020 2019 2019 Group Charity Group Charity Within one year 6,244 6,244 Subsidiary undertaking The Charity contro15 100% of the issued ordinary share capital of GSG Trade Limited, a companv incorporated on 25 March 2019 in England and Wales (Company No. 119038041. The subsidiarv has share capital of Iix) £1 ordinary shares and was formed to enable the parent charity to receive sponsorship income from corporate partners in a tax efficient manner. Forthe yearto 31 December 2020 the subsidiary made a profit of £44,945 and had net assets of £45.045. All profits generated by the subsidiary will be gifted to the parent company charity. io. Tanglble flxed assets Office Equipment Total Group & Charity Group & Charity Cost At l January 2020 Additions Disposals At 31 December 2020 6,874 5,690 11,7781 10,786 6,874 5,690 11,7781 10,786 Depreciation At l January 2020 Charge for year Disposals At 31 December 2020 3.534 2,473 11,1731 4,834 3,534 2,473 11,1731 4,834 Net Book Value At I january 2020 At 31 December 2020 3,340 5.952 3,340 5.952 Page 27
The Global Steering Group for Impact Investment Notes to the Financial Statements For the year ended 31 December 2020 ii. Debtors 2020 2020 2019 2019 Group Charity Group Charity Prepayments and accrued income Trade receivables Trade receivables- intercompany Sundry debtors 14,265 152,961 14,265 115,927 196,877 142,188 142,188 10,608 152,796 10,608 152,796 167,226 327,069 12. Credltors.. amounts falllng due wlthln one year 2020 2020 2019 2019 Group Charity Group Charity Accounts payable Accounts payable Other creditors Accruals Deferred income HMRC, other taxes and social securitv costs 13,734 12,654 180,000 1,004 15,000 33.366 33,366 63,301 146 65,864 3,763 intercompany 1.004 17.750 146 66.409 3,763 52,319 32,496 151,155 134,667 84,807 241,154 254,839 301,107 Page 28
The Global Steering Group for Impact Investment Notes to the Financial Statements For the year ended 31 December 2020 13. Analysis of funds Group Opening balance Incoming resources Outgoing resources Transfers C105ing balance 2020 Restrirted Funds FMO 8,644 4,327 113.8011 830 Open Societv Foundations Africa NAB Development Asia NA8 Development Totsl Restrirted Funds 118,715 186,0481 32,667 364,568 1367,9891 3,421 12,016 113,6941 1,678 499.626 1481.5321 S,929 32.667 Unrestrirted Funds 659.329 1.537,372 11,077,382) 15.9291 1.113.390 Totsl Funds 667,973 2,036,998 11,558,914} 1,146,057 2019 Restrirted Funds FMO Global Summit Africa NAB Development Asia NAB Development Total Restrlcted Funds 21,051 136,942 112,4071 1429,7891 8.644 292,847 150,577 1150,5771 78,811 1137,3361 58,525 387,381 1730,1091 351,372 8,644 Unrestrlcted Funds 364,150 1,947,011 11,300,460) 1351,3721 659,329 Total Funds 364.150 2,334,392 12,030,569) 667.973 Page 29
The Global Steering Group for Impact Investment Notes to the Financial Statements For the year ended 31 December 2020 For 2020.. Open Society Foundations provided a grant to support the convening by GSG of impact agencies to better coordinate work around impact integrity and impact investment. The Global Summit funding was received in the trading subsidiary in 2020. The Africa NAB Development grant was a new three year grant Secured in 2020 from the Foreign, Commonwealth and Development Office (formerly DFIDI to continue the work started in 2018 and 2019 to support the creation of NABS in Africa and South East Asia. The Asia NAB Development grant was the completion of the work in respect of the grant secured in 2019 from the United Nations Economic and Social Commission for Asia and the Pacific. For 2019.. The Global Summit was funded by 9 different donors, including 2 who made donations in kind to pay for the costs of 2 separate side venues lin total £7.7361. and I who provided free advertising services (valued at £61,838). The Africa NA8 Development Erant was a new Erant secured in 2019 from the Department of International Development (which became the Foreign, Commonwealth and Development Office) to continue the work started in 2018 to support the creation of NABS in Africa. The Asia NAB Developmentgrant was a new grant secured in 2019 from the United Nations Economic and Social Commission for Asia and the Pacific to support the creation of NABS in Asia Pacific and to develop the capability of policymakers in that region to effectively formulate and implement policies and Strategies to create an enabling environment for investment advancing the Su5tain3ble Development Goals, social enterprise and responsible business. Page 30
The Global Steering Group for Impact Investment Notes to the Financial Statements For the year ended 31 December 2020 14. Analy515 of Net Assets between Funds Group Unrestrirted Fund5 Rritted Funds 2020 Total Unrestri¢ted Fund5 Restri¢ted Funds 2019 Totsl Fixed assets 5,952 5,952 3,340 3,340 Current assèts 1,192,245 32,667 1,224,912 910,828 8,644 919,472 Current 84,807 84,807 254,839 254,839 Net current assets 1,107,438 32,667 1,140,105 655,989 664,633 Net assets 1,113,390 32,667 1,146,057 659,329 667,973 Charlty Unrestrirted Funds RerIcted Funds 2020 Total Unrestri¢ted Funds Restri¢ted Funds 2019 Totsl Fixed a55et5 5,952 S,9S2 3,340 3,340 Investm'ts i(K> loo loo loo Current assets 1,303,547 32,667 1,336,214 910,828 8,644 919,472 Current 241,154 241,154 301,107 301,107 Net current 1,062,393 32,667 1,095.060 609.721 8,644 618,365 asset5 Net assets 1,068.445 3Z,667 1.101.112 613.161 6ZI,805 Page 31
The Global Steering Group for Impact Investment Notes to the Financial Statements For the year ended 31 December 2020 15. Comparative Statement of Financial Activities for the period ending 31 December 2019 Unrestricted Funds Restrirted Funds Total Funds Income and endowments from charitsble activities.. Grants and donations NAB donations Global Summit passes Sub-Total Trading artivities Total 1,644,003 49,129 71,716 1.764,848 182,163 1,947,011 387,381 2,031,384 49,129 71.716 2.152.229 182,163 2,334,392 387.381 387,381 Expenditure on.. Raising funds Charitable activities Trading artivities Total 44,372 1.120,092 135.996 1,300,460 44,372 1,850,201 135,996 2.030.569 730.109 730,109 Net incomellexpenditurel for the year Transfers between funds 646,551 1342.7281 303,823 1351,3721 295,179 351,372 Net movement on funds 303,823 Reconciliation of fvnds Total funds brought forward Totsl funds Caled forward 364,150 659,329 364,150 667,973 16. Analysls of change In net debt At start of vear Net Cash flows At end of vear Cash 766,676 291,010 1,057,686 Total 766.676 291,010 1.057.686 Page 32
The Global Steering Group for Impact Investment Notes to the Financial Statements For the year ended 31 December 2020 17. Related party transactions One of the donors from whom the Charity has received unrestricted funding in the year is The Ford Foundation. One of the Trustee5 who Served for over 9 months during the year, Darren Walker, is the President of the Ford Foundation. The amount received is not material in the context of the annual charitable giving budget for The Ford Foundation. In addition one of the sponsors from whom the trading subsidiary received sponsorship funding in the year is CDC Group Plc. One of the Trustees, Nick O'Donohoe, is the CEO of CDC Group Plc. The amount received is not material to the annual budget of CDC Group Plc. (No income received 2019.1 No Trustees received any remuneration for their services during the year nor were reimbursed any expenses. (IN 2019 The Charity paid expenses for a number of the Trustees in respect of international travel to the Global Summit and to meetings with NABS at a total cost of £3,730.) Page 33