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
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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.
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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 diffe￿nt 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 re￿we 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
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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.
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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.
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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.
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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.
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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 rese￿eS 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.
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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.
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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.
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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 Compa￿leS 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 1r￿guI3r1ties'.
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 2￿6 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 CoMpan￿S 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
R￿ritted
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
Re￿rIcted
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 Ca￿led 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.)
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