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2021-12-31-accounts

Charity No. ������� (England and Wales) Registered No: �������� - Company Limited by Guarantee

The Global Steering Group for Impact Investment

Trustees’ report and financial statements for the year ended 31 December 2021

The Global Steering Group for Impact Investment

Contents For the year ended 31 December 2021

Page
Reference and administrative details �
Report of the Trustees �
Independent Auditor’s report to the Trustees ��
Consolidated statement of financial activities ��
Consolidated balance sheet ��
Charity balance sheet ��
Consolidated statement of cash flows ��
Notes to the financial statements ��

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The Global Steering Group for Impact Investment

Reference and administrative details For the year ended 31 December 2021

Registered No �������� - Company Limited by Guarantee
Registered charity number �������
Charity name The Global Steering Group for Impact Investment
Board Board members at date of signing
Sir Ronald Cohen (Chair)
Mr Juan Bernal (appointed �� October ����)
Ms Nicola Cobbold
Mr Rodrigo Villar Esquivel
Ms Hamdiya Ismaila
Mr Cyrille Langendorff (appointed �� October ����)
Mr Elias Masilela
Mr Nicholas O’Donohoe
Ms Tracy Palandjian
Ms Maria Laura Tinelli
Mr Masataka Uo
Chief Executive Officer Mr Clifford Prior
Registered office Third Floor
�� Old Bailey
London
EC�M �AN
Bankers National Westminster Bank Plc
�� Notting Hill Gate
Kensington
London
W�� �HZ
Lawyers Forsters LLP
�� Hill Street
London
W�J �LS
Auditors Saffery Champness LLP
�� Queen Victoria Street
London
EC�V �BE

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The Global Steering Group for Impact Investment

Report of the Trustees For the year ended 31 December 2021

Introduction

The Trustees are pleased to present the consolidated annual report and financial statements of The Global Steering Group for Impact Investment (“GSG” or the “Charity”) and its wholly-owned subsidiary, GSG Trade Limited, for the year ended �� December ����. The financial statements have been prepared in accordance with the accounting policies set out in note � to the accounts and comply with the Charity’s Articles of Association, the Charities Act ���� and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland.

Structure, governance and management

The GSG was formally incorporated as a company on �� March ���� (Registered number: ��������) and was registered as a charity by the Charity Commission on � November ���� (Registered Charity Number: �������). Prior to the formation of the charitable company, similar activities were being undertaken by a voluntary group (which took the form of a G� Taskforce) whose work was subsequently continued by the GSG. The Charity’s activities are governed by its Memorandum and Articles of Association which were amended by special resolution on � November ����, on �� September ���� and �� May ����. The Charity’s Registered Office is Third Floor, �� Old Bailey, London EC�M �AN.

In March ���� a trading subsidiary, GSG Trade Limited was incorporated (Company No. ��������) to enable GSG to fundraise in a tax efficient manner and, in so doing, to protect the assets of the Charity. The trading subsidiary primarily receives sponsorship income in respect of the convenings. The registered office of GSG Trade Limited is Third Floor, �� Old Bailey, London EC�M �AN.

The following served as Trustees of the GSG during the period to which these financial statements relate:

The GSG’s principal activity is to alleviate global poverty, protect the environment and promote sustainable development, including through catalysing impact investment and entrepreneurship to benefit people and planet. The Charity also educates, and raises awareness, about impact investment.

Trustees are recruited and appointed in accordance with the GSG’s governing document and mission statement, and with relevant legislation. A number of the Charity's trustees are elected by National Advisory Boards (�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 2021

Organisational structure

The governance and strategic planning of the Charity are led by the Trustees who meet quarterly. The GSG has a team of staff and contractors who report to the Chief Executive (and in turn to the Trustees). As at the date of signing, the dedicated team had �� people comprising �� full-time and � part-time staff (��.� FTE), located in seven 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:

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 seeks 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 different 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 ���� two Elected Trustees (Juan Bernal, Chair of Spain’s NAB and Cyrille Langendorff, Chair of France’s NAB), were appointed by the Trustees. Two Elected Trustees retired as their term of office came to an end.

Prior to appointment, all Trustees receive information on the structure, strategy 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 were made in ����.

Risk assessment

Risk management is a key aspect of the Charity’s good governance and management, and its risk register is reviewed by the Board on a quarterly basis. The Board reviews the risks in the following five principal areas as identified by the Charity Commission:

The factors that affect the Charity’s financial position are primarily the funding environment for grant donations to support its work, and the economic climate including exchange rate exposure, since the Charity receives much of its income in US dollars 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.

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The Global Steering Group for Impact Investment

Report of the Trustees For the year ended 31 December 2021

Reserves policy

The Trustees have determined that the minimum level of reserves should be equivalent to � months’ operating costs, calculated and reviewed annually. Operating costs are approximately ����k per month requiring a level of reserves amounting to approximately ����k (����: ����k).

The total amount of funds held in reserves at year end are ��,���,��� (����: ��,���,���) of which ����,��� are restricted. Two restricted funds EQT Foundation (���k) and Hewlett Foundation (���k) relate to the G� Taskforce, it is anticipated that these funds will be spent in the first part of ����. Additionally, the Ford Foundation grant (����k) relates to the development of National Advisory Boards globally, with a particular focus on Asia, this is expected to be spent over ���� and ����.

The unrestricted funds held in reserve at year end are ��,���,��� (����: ��,���,���). Based on this strong position and ambitious plans for ���� to build on the work of the G� Taskforce and with the return of inperson international convenings, GSG’s Board has approved a deficit budget for ����.

Objectives and activities

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 group of National Advisory Boards and taskforces developing towards this status, being organisations established to promote and educate on impact investment within a particular country or region 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 retains this aim at the centre of its strategic planning. The Board considers the Charity Commission’s guidance on public benefit in its decision-making as to the nature and scope of the activities the Charity should undertake.

Objectives

The Objects of the Charity as set out in the Articles of Association are:

“Sustainable Development” means “development which meets the needs of the present without compromising the ability of future generations to meet their own needs.”

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The Global Steering Group for Impact Investment

Report of the Trustees For the year ended 31 December 2021

Activities

The GSG’s activities mainly fall into the following areas:

Recent developments

The Covid-�� pandemic continued to have a global impact in ����, during which the GSG team continued to work from home. The pandemic impacted the ability of the team to travel internationally, and the Global Summit was held online for the second year.

In ���� the Charity expects the challenges of covid to reduce, but geopolitical and economic challenges to increase. We also anticipate that people working in our field will be conscious of their carbon footprint, making fewer flights for longer visits, which may influence attendance at conferences.

The Trustees continue to review the strategy and operational capacity of GSG in light of these global events.

Achievements and performance in 2021

���� was the second year of GSG’s operations during the global pandemic, and the organisation continued to adapt well to the external constraints. Significant achievements include:

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The Global Steering Group for Impact Investment

Report of the Trustees For the year ended 31 December 2021

During ���� the GSG team grew further with the appointment of a number of new roles; and as in previous years contractors were also engaged for the delivery of specific projects, including the online Global Summit. During the last quarter of the year, recruitment plans were accelerated with the team reaching full capacity in the first quarter of ����.

National Advisory 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 most pressing 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: supply of capital, demand for capital, intermediation of capital, market building and government engagement.

Once a NAB has been established and recognised, GSG 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 ���� GSG had recognised �� National Advisory Boards and � Regional Advisory Boards; and the GSG now represents �� countries (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, Nigeria, Panama, Portugal, South Africa, South Korea, Spain, Sweden, UK, Uruguay, USA and Zambia).

Global Summit

Due to the global pandemic, in ���� the seventh GSG Impact Summit was held online and attracted ��� participants from �� countries, of which ��� of participants were new to impact. Delegates were invited to �� structured sessions led by ��� speakers from �� countries, of whom ��� were female. Investors in the Summit represented ��� trillion assets under management. The ���� Summit was the most highly valued yet by participants for its practical value including the work of the Impact TaskForce.

Along with other agencies in our field, we note that attention span online is reducing, and that travel to global events is time consuming and costly. In response, the ���� summit will be designed as an impact innovation series of three separate summit events. The three events will address the two workstreams of the Impact TaskForce and a culmination to assess progress and drive forward on progress.

Global Policy Advocacy and Research and Knowledge Sharing

The major policy initiative for GSG in ���� was the UK G� supported Impact TaskForce. As noted above, this has created a high level of interest and momentum, with continuing activity across countries, governments, regulators and influential leaders. Key recommendations from the ITF are:

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The Global Steering Group for Impact Investment

Report of the Trustees For the year ended 31 December 2021

In addition, GSG provided input into the G��, B��, and the Sustainable Finance Working Group.

The GSG published a report on the full range of methods which could be used for results based finance, which has been valued across the NABs and by a number of governments, investors and funders.

Knowledge sharing activities remained at the core of GSG’s work and included:

Financial review

Covid-��

During ���� all staff continued to work from home, and induction of new staff members was also delivered remotely. Towards the end of ���� the UK and Argentine teams started to meet in person, and we will continue to develop our hybrid working model in ���� with staff in seven countries.

The pandemic did not appear to have a significant impact on fundraising, although it slowed the progress of countries reaching the status of a National Advisory Board.

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The Global Steering Group for Impact Investment

Report of the Trustees For the year ended 31 December 2021

Sources of funding and financial position

The Charity funds its activities and administrative costs principally through grant income, which is primarily unrestricted. Sponsorship income for the ���� Global Summit was received by the trading subsidiary, GSG Trade Ltd, and the surplus created will be gift-aided back to the Charity. We are deeply grateful for the support of our donors and sponsors, without which our achievements towards our impact goals would have been much reduced.

The consolidated financial position of the Charity is set out in the consolidated statement of financial activities on page �� and the consolidated balance sheet on page ��.

During the period under review, total income amounted to ��,���,���.

The cost of raising funds in the period was ����,���, the total cost of charitable activities was ��,���,���, of which support costs and governance costs (see note �) amounted to ����,��� and ���,��� respectively, and the total cost of trading activities was ��,���.

The Charity and the trading subsidiary made a combined net surplus from activities of ����,��� in the year.

Going Concern

We have set out above a review of the financial performance and the Charity's reserves position. The Trustees have reviewed the position and conclude that there are adequate financial resources and the Charity is well placed to manage the business risks. The planning process, including financial projections, has taken into consideration the current economic climate and its potential impact on the various sources of income and planned expenditure. The Trustees acknowledge that there are uncertainties 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 expectation 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 the Finance Committee. The remuneration of the Chief Executive Officer is reviewed by the trustees.

Plans for future periods

GSG and its countries and stakeholders plan to substantially increase our efforts to develop impact investing and the broader impact movement in ����. Despite continuing challenges with covid and new challenges in geopolitics and economic risks, we believe that this is a breakthrough point for impact.

The Charity has developed a three year strategy, to deliver a stronger global impact ecosystem that reflects the priorities for impact within each country, leading to positive outcomes for all people and the planet. We aim to achieve this by expanding the network of countries with National Advisory Boards for impact, to represent two in every three people in the world and at least ��� of the world’s people in poverty; by supporting the National Advisory Boards, developing and sharing knowledge, influencing the global

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The Global Steering Group for Impact Investment

Report of the Trustees For the year ended 31 December 2021

movement for impact, and connecting and convening the stakeholders involved; and by carrying out policy initiatives to achieve global and local improvements, including the recommendations of the Impact Taskforce. A Strategy Committee will encourage progress and report any major developments to the Charity’s Board

During ���� there will be four themes at the heart of the GSG’s efforts: developing more NABs, supporting their capacity and influence, policy and product initiatives to boost impact investment globally, and improving the communication of our work. Our priorities will be:

Trustees’ responsibilities in relation to the financial statements

The Charity’s trustees are responsible for preparing the trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charity’s 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:

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The Global Steering Group for Impact Investment

Report of the Trustees For the year ended 31 December 2021

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act ����, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Articles of Association. They are also 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 Charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

Auditor

Saffery Champness LLP have been appointed as auditors and have expressed their willingness to continue in office.

Statement as to disclosure 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 has 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.

Fundraising practices

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 are aware of the provisions of the Fundraising Code and of the legal requirements for charities in relation to fundraising activities. The Charity has not received any complaints in relation to its fundraising activities.

By Order of the Trustees

Sir Ronald Cohen Chair

��[th] June ����

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The Global Steering Group for Impact Investment

Independent Auditor’s Report to the Trustees For the year ended 31 December 2021

Opinion

We have audited the financial statements of The Global Steering Group for Impact Investment (the parent charitable company’) and its subsidiary (the ‘group’) for the year ended �� December ���� which comprise the Consolidated Statement of Financial Activities, 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 ���, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our 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, including 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.

Conclusions relating to going concern

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 Auditor’s Report to the Trustees For the year ended 31 December 2021

Other information

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 does 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.

Our responsibility is to read the other information 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 prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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 ���� require us to report to you if, in our opinion:

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The Global Steering Group for Impact Investment

Independent Auditor’s Report to the Trustees For the year ended 31 December 2021

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on page ��, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a 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’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless 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.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act ���� and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the group and parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’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 (UK) 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 taken 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 respect 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 irregularities:

We assessed the susceptibility of the group and parent charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with management, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charitable 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 ���� and guidance issued by the Charity Commission for England and Wales.

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 disclosures. 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

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The Global Steering Group for Impact Investment

Independent Auditor’s Report to the Trustees For the year ended 31 December 2021

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.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the parent charitable company’s members, as a body, in accordance with Chapter � of Part �� of the Companies Act ����. Our audit work has been undertaken so that we might state to the parent charitable company’s 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 company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Cara Turtington (Senior Statutory Auditor) for and on behalf of Saffery Champness LLP

Chartered Accountants �� Queen Victoria Street London EC�V �BE

Date: 4 July 2022

Saffery Champness LLP is eligible to act as an auditor in terms of section ���� of the Companies Act ����

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The Global Steering Group for Impact Investment

Consolidated Statement of Financial Activities incorporating an Income and Expenditure Account For the year ended 31 December 2021

Notes
Income and endowments
from:
- Charitable Activities
- Grants and donations
3
- Summit passes
- Total
Trading Activities
Total
Expenditure on:
4
- Raising funds
- Charitable activities
- Trading activities
Total
Net income /
(expenditure) for the
year
Transfers between funds
Net movement on funds
Reconciliation of funds
Total funds brought
forward
Total funds carried
forward
13		 Unrestricted
Funds
2021
£
�,���
�,���,���
��,���
�,���,���
���,���
1,1�0,404
���,���
�,���,���
�,���
1,286,531
(�6,127)
(�,���)
(���,���)
�,���,���
1,008,810		 Restricted
Funds
2021
£
-
�,���,���
-
�,���,���
-
1,066,80�
-
���,���
-
781,062
285,747
�,���
���,���
��,���
326,867		 Total
Funds
2021
£
�,���
�,���,���
��,���
�,���,���
���,���
2,257,213
���,���
�,���,���
�,���
2,067,5�3
18�,620
-
���,���
�,���,���
1,335,677		 Total
Funds
2020
£
-
�,���,���
��,���
�,���,���
��,���
2,036,��8
��,���
�,���,���
��,���
1,558,�14
478,084
-
���,���
���,���
1,146,057

The Statement of Financial Activities includes all gains and losses in the period.

All of the above amounts relate to continuing activities.

The notes on pages �� to �� form part of these financial statements.

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The Global Steering Group for Impact Investment

Consolidated Balance Sheet As at 31 December 2021

Notes
Fixed assets
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling
due within one year
12
Net current assets
Net assets
Charitable funds
Unrestricted income funds
13
Restricted income funds
13
Total funds		 £
��,���
�,���,���		 2021
£
4,�3�		 £
���,���
�,���,���		 2020
£
5,�52
1,224,�12
��,���
1,532,7�1
���,���
�,���,���
1,335,677
�,���,���
���,���
1,335,677
�,���,���
1,146,057
�,���,���
��,���
1,146,057

The notes on pages �� to �� form part of these financial statements.

These financial statements were approved and signed by a member of the Board and authorised for issue on ��[th] June ����.

Sir Ronald Cohen Chairman

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The Global Steering Group for Impact Investment

Charity Balance Sheet As at 31 December 2021

Notes
Fixed assets
10
Investments
Current assets
Debtors
11
Cash at bank and in hand
Creditors amounts falling due within
one year
12
Net current assets
Net assets
Charitable funds
Unrestricted income funds
13
Restricted income funds
13
Total funds		 £
��,���
�,���,���		 2021
£
4,�3�
���
�,���,���
���,���
�,���,���
1,244,526
���,���
���,���
1,244,526		 £
���,���
�,���,���		 2020
£
5,�52
���
�,���,���
���,���
�,���,���
1,101,112
�,���,���
��,���
1,101,112

The notes on pages �� to �� form part of these financial statements.

As permitted by section ��� of the Companies Act ���� the Charity has not presented its own Statement of Financial Activities and related notes. The Charity’s net income for the year was ����,��� (����: ����,���).

These financial statements were approved and signed by a member of the Board and authorised for issue on ��[th] June ����.

Sir Ronald Cohen Chairman

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The Global Steering Group for Impact Investment

Consolidated Cash Flow Statement For the year ended 31 December 2021

Profit from operations
Adjustments for
- Depreciation
- Loss on disposal of assets
Operating profit before working capital
changes
- (Increase)/Decrease in debtors
- Increase/(Decrease) in creditors
Cash generated from operations
Interest paid
Net cash from operating activities
Cash flows from investing activities
- Acquisition of shares
- Purchase of assets
Net cash used in investing activities
Cash flows from financing activities
Net increase/(decrease) in cash and
cash equivalents
Cash and cash equivalents at start of
year
Cash and cash equivalents at end of
year		 £
���,���
�,���
-		 2021
£		 £
���,���
�,���
���		 2020
£
���,���
��,���
���,���		 ���,���
(��,���)
(���,���)
���,���
-
-
(�,���)		 ���,���
-
(�,���)
3�0,655
(1,�17)
-		 2�6,700
(5,6�0)
-
388,738
1,057,686		 2�1,010
766,676
1,446,424 1,057,686

The notes on pages �� to �� form part of these financial statements.

Page ��

The Global Steering Group for Impact Investment

Notes to the Financial Statements For the year ended 31 December 2021

1. Accounting policies

1.1

Basis of Accounting

These accounts cover the year to �� December ����. The comparatives cover the period � January to �� December ����.

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities applicable in the UK and Republic of Ireland (FRS ���) (as issued October ����) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS ���), the Companies Act ���� and the Charities Act ����.

The Charity constitutes a public benefit entity as defined by FRS ���.

1.2

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.

1.3

Expenditure

Expenditure is included in the Statement of Financial Activities on an accruals basis, inclusive of VAT.

Costs of fundraising are those incurred in attracting voluntary income. Costs incurred directly in relation to the charitable activities are allocated to those activities as they fall due.

Support costs are those incurred 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.

1.4 Restricted funds

Restricted funds are to be used for specified purposes as 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.

1.5

Unrestricted funds

Unrestricted funds are donations and other incoming resources received or generated for charitable purposes.

Page ��

The Global Steering Group for Impact Investment

Notes to the Financial Statements For the year ended 31 December 2021

1.6 Tangible fixed assets

Expenditure on furniture and equipment that exceeds ���� is capitalised. Fixed assets are stated at cost less accumulated depreciation. Provision for depreciation of fixed assets 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 - ��� straight line on cost

1.7 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.

1.8 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 � months or less, and bank overdrafts. Any bank overdrafts are shown within borrowings in current liabilities.

1.� Financial instruments

The group has elected to apply the provisions of Section �� ‘Basic Financial Instruments’ and Section �� ‘Other Financial Instruments Issues’ of FRS ��� 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 provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is 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 according 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 all of its liabilities.

Basic 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 ��

The Global Steering Group for Impact Investment

Notes to the Financial Statements For the year ended 31 December 2021

Trade creditors are obligations to pay for goods or services 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 amortised cost using the effective interest method. Trade creditors classified as payable within one year are not amortised.

1.10

Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date the monetary assets and liabilities that are denominated in foreign currencies 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.

1.11

Taxation

The company is registered as a charity under the Charities Act (����) and as such is entitled to the exemptions under Income and Corporation Taxes Act (����) and therefore no tax provision is included in the financial statements.

1.12 Operating leases

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, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Termination benefits are recognised immediately as 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 of Global Steering Group for Impact Investment and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed. Control is the power 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 �� December ����. 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 group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Page ��

The Global Steering Group for Impact Investment

Notes to the Financial Statements For the year ended 31 December 2021

1.15 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 ability to continue as a going concern. The Trustees have a reasonable expectation 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.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies the Trustees are required to make judgements, estimates, assessments and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates are recognised 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.

3. Income from charitable activities – grants and donations

Unrestricted income
Restricted income
Ford Foundation Asia
G� Taskforce (FCDO)
EQT Foundation
Hewlett Foundation
Global Summit
Africa NAB Development
(FCDO/DFID)
Open Society Foundations
Asia NAB Development
(UNESCAP)
Total Grants and Donations		 2021
£
Group
1,02�,417
���,���
���,���
��,���
���,���
-
���,���
-
-
1,066,80�
2,0�6,226		 2021
£
Charity
1,074,362
���,���
���,���
��,���
���,���
-
���,���
-
-
1,066,80�
2,141,171		 2020
£
Group
1,416,304
-
-
-
-
�,���
���,���
���,���
��,���
4��,626
1,�15,�30		 2020
£
Charity
1,462,472
-
-
-
-
�,���
���,���
���,���
��,���
4��,626
1,�62,0�8

Page ��

The Global Steering Group for Impact Investment

Notes to the Financial Statements For the year ended 31 December 2021

4. Expenditure

Staff costs
Direct
costs
Support
costs
£
£
£
2021
Raising Funds
���,���
-
-
Charitable
Activities
�,���,���
���,���
���,���
Trading
Activities
-
-
�,���
1,360,31�
530,578
141,516
2020
Raising Funds
��,���
�,���
-
Charitable
Activities
���,���
���,���
���,���
Trading
Activities
-
��,���
�,���
7�5,182
503,418
18�,326
5.
Governance costs
Legal and professional fees
Audit fees
Additional audit fees in respect of the prior year
Additional accountancy fees in respect of the prior year
Accountancy and tax advice
6.
Staff costs
Salaries and fixed term staff (Overseas)
Salaries (UK)
Social Security Costs (UK and Overseas)
Pension Costs		 Governance
costs
£
-
��,���
�,���
35,180
-
��,���
�,���
70,�88
2021
£
��,���
��,���
-
-
-
35,180
2021
£
���,���
���,���
���,���
��,���
1,360,31�		 Total
£
���,���
�,���,���
�,���
2,067,5�3
��,���
�,���,���
��,���
1,558,�14
2020
£
��,���
��,���
�.���
�,���
��,���
70,�88
2020
£
���,���
���,���
���,���
�,���
7�5,182

Page ��

The Global Steering Group for Impact Investment

Notes to the Financial Statements For the year ended 31 December 2021

Certain overseas members of staff are paid using an Employer of Record arrangement to ensure all local taxes are paid appropriately.

There were � key management staff in the year - the Chief Executive Officer, Chief Operating Officer, Chief Funds Officer and Market Development Officer. During the year the first COO resigned their post in April, this was filled on an interim basis until October, when the new permanent COO started. These Officers were paid an aggregate of ����,��� (����: ����,���) including gross pay, benefits and employer pension contributions. Only gross pay was paidover 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:

2021 2020
£ £
Employees with remuneration in the range ���,��� - ���,��� � �
Employees with remuneration in the range ���,��� - ���,��� � -
Employees with remuneration in the range ���,��� - ���,��� � �
Employees with remuneration in the range ����,��� - ����,��� - �
Employees with remuneration in the range ����,��� - ����,��� � -

The average number of employees and overseas staff members (including those paid on a consultancy basis) of the charitable company (by headcount) during the year analysed by function were �� in Programmes (����: ��) and � in Administration, Fund-Raising and Governance (����: �).

None of the Trustees received any remuneration or any other benefits from employment with the Charity.

7. Net income

2021 2020
£ £
Net income is stated after charging
Depreciation �,��� �,���
Auditors’ remuneration:
- Audit fees ��,��� ��,���
- Additional audit fees in respect of the prior year - �,���
- Additional accountancy fees in respect of the prior year - �,���
- Tax advice - ��,���

Page ��

The Global Steering Group for Impact Investment

Notes to the Financial Statements For the year ended 31 December 2021

8. Subsidiary undertaking

The Charity controls ���� of the issued ordinary share capital of GSG Trade Limited, a company incorporated on �� March ���� in England and Wales (Company No. ��������). The subsidiary has share capital of ��� �� ordinary shares and was formed to enable the parent charity to receive sponsorship income from corporate partners in a tax efficient manner. For the year to �� December ���� the subsidiary made a profit of ���,��� before tax (���,��� after tax) and had net assets of ���,���. ��� of profits (before tax) generated by the subsidiary will be gifted to the parent company charity.

�. Tangible fixed assets

Cost
At � January ����
Additions
Disposals
At �� December ����
Depreciation
At � January ����
Charge for year
Disposals
At �� December ����
Net Book Value
At � January ����
At 31 December 2021		 Office Equipment
£
Group & Charity
��,���
�,���
-
��,���
�,���
�,���
-
�,���
�,���
4,�3�		 Total
£
Group & Charity
��,���
�,���
-
��,���
�,���
�,���
-
�,���
�,���
4,�3�

Page ��

The Global Steering Group for Impact Investment

Notes to the Financial Statements For the year ended 31 December 2021

10.
Debtors
Prepayments and accrued income
Trade receivables
Trade receivables - intercompany
Loan to employee
11.
Creditors: amounts falling due within one
Accounts payable
Accounts payable - intercompany
Other creditors
Accruals
Corporation tax provision
HMRC, other taxes and social security
costs		 2021
£
Group
��,���
��,���
-
�,���
��,���
year
2021
£
Group
��,���
-
��,���
��,���
�,���
��,���
���,���		 2021
£
Charity
��,���
��,���
��,���
�,���
��,���
2021
£
Charity
��,���
-
��,���
��,���
-
��,���
���,���		 2020
£
Group
��,���
���,���
-
-
���,���
2020
£
Group
��,���
-
�,���
��,���
-
��,���
��,���		 2020
£
Charity
��,���
���,���
���,���
-
���,���
2020
£
Charity
��,���
���,���
�,���
��,���
-
��,���
���,���

Page ��

The Global Steering Group for Impact Investment

Notes to the Financial Statements For the year ended 31 December 2021

12.
Analysis of funds
Group
2021
Restricted
Funds
Ford
Foundation Asia
G� Taskforce
(FCDO)
EQT Foundation
Hewlett
Foundation
Open Society
Foundations
Africa NAB
Development
Total Restricted
Funds
Unrestricted
Funds
Total Funds
Opening
balance
£
-
-
-
-
��,���
-
32,667
1,113,3�0
1,146,057		 Incoming
resources
£
���,���
���,���
��,���
���,���
-
���,���
1,066,80�
1,1�0,404
2,257,213		 Outgoing
resources
£
�,���
(���,���)
(��,���)
(���,���)
(��,���)
(���,���)
(781,062)
(1,286,531)
(2,067,5�3)		 Transfers
£
-
�,���
-
-
�,���
���
8,453
(8,453)
-		 Closing
balance
£
���,���
-
��,���
��,���
-
-
326,867
1,008,810
1,335,677

Page ��

The Global Steering Group for Impact Investment

Notes to the Financial Statements For the year ended 31 December 2021

2020

Restricted
Funds
FMO
Open Society
Foundations
Africa NAB
Development
Asia NAB
Development
Total Restricted
Funds
Unrestricted
Funds
Total Funds		 �,���
-
-
-
8,644
65�,32�
667,�73		 �,���
���,���
���,���
��,���
4��,626
1,537,372
2,036,��8		 (��,���)
(��,���)
(���,���)
(��,���)
(481,532)
(1,077,382)
(1,558,�14)		 ���
-
�,���
�,���
5,�2�
(5,�2�)
-		 -
��,���
-
-
32,667
1,113,3�0
1,146,057

For ����:

The Ford Foundation grant was awarded to support the development of National Advisory Boards globally, with a particular focus on Asia.

The Open Society Foundations expenditure related to the completion of work in respect to the grant secured in ����.

The Hewlett Foundation grant was awarded to support the G� Impact Taskforce work which commenced in ����, continuing into ����.

The EQT Foundation grant was awarded to support the G� Impact Taskforce work which commenced in ����, continuing into ����.

The “Investment Mobilisation for Prosperity � Catalytic” grant was awarded by The Foreign Commonwealth and Development Office, specifically focused on supporting the delivery of the G� Impact Taskforce, this grant had an end date of �� December ����.

The Africa NAB Development grant awarded in ���� ended at the end of Q�.

For ����:

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 ����.

Page ��

The Global Steering Group for Impact Investment

Notes to the Financial Statements For the year ended 31 December 2021

The Africa NAB Development grant was a new three year grant secured in ���� from the Foreign, Commonwealth and Development Office (formerly DFID) to continue the work started in ���� and ���� 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 ���� from the United Nations Economic and Social Commission for Asia and the Pacific.

13. Analysis of Net Assets between Funds

Group
Fixed
assets
Current
assets
Current
liabilities
Net
current
assets
Net assets
Charity
Fixed
assets
Investm’ts
Current
assets
Current
liabilities
Net
current
assets
Net assets		 Unrestricted
Funds
£
�,���
�,���,���
���,���
�,���,���
1,008,810
Unrestricted
Funds
£
�,���
���
���,���
��,���
���,���
�17,65�		 Restricted
Funds
£
-
���,���
��,���
���,���
326,867
Restricted
Funds
£
-
-
���,���
��,���
���,���
326,867		 2021
Total
£
�,���
�,���,���
���,���
�,���,���
1,335,677
2021
Total
£
�,���
���
�,���,���
���,���
�,���,���
1,244,526		 Unrestricted
Funds
£
�,���
�,���,���
��,���
�,���,���
1,113,3�0
Unrestricted
Funds
£
�,���
���
�,���,���
���,���
�,���,���
1,068,445		 Restricted
Funds
£
-
��,���
-
��,���
32,667
Restricted
Funds
£
-
-
��,���
-
��,���
32,667		 2020
Total
£
�,���
�,���,���
��,���
�,���,���
1,146,057
2020
Total
£
�,���
���
�,���,���
���,���
�,���,���
1,101,112

Page ��

The Global Steering Group for Impact Investment

Notes to the Financial Statements For the year ended 31 December 2021

14. Comparative Statement of Financial Activities for the period ending 31 December 2020

Income and endowments from charitable
activities:
Grants and donations
NAB donations
Global Summit passes
Sub-Total
Trading activities
Total
Expenditure on:
Raising funds
Charitable activities
Trading activities
Total
Net income/(expenditure) for the year
Transfers between funds
Net movement on funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
15.
Analysis of change in net debt
Cash
Total		 Unrestricted
Funds
£
�,���,���
-
��,���
�,���,���
��,���
�,���,���
��,���
���,���
��,���
�,���,���
45�,��0
(�,���)
454,061
���,���
1,113,3�0
At start of
year
£
�,���,���
1,057,686		 Restricted
Funds
£
���,���
-
-
���,���
-
���,���
-
���,���
-
���,���
18,0�4
�,���
24,023
�,���
32,667
Net Cash
flows
£
���,���
388,738		 Total
Funds
£
�,���,���
-
��,���
�,���,���
��,���
�,���,���
��,���
�,���,���
��,���
�,���,���
478,084
-
478,084
���,���
1,146,057
At end of
year
£
�,���,���
1,446,424

Page ��

The Global Steering Group for Impact Investment

Notes to the Financial Statements For the year ended 31 December 2021

16. Related party transactions

One of the donors from whom the Charity has received ���,��� unrestricted funding in the year is The R and S Cohen Foundation. Sir Ronald Cohen (Chair of GSG) is also a Trustee of this foundation.

No Trustees received any remuneration for their services during the year nor were reimbursed any expenses (In ���� this was also the case).

Page ��