Charity Registratlon No. 1184661 Company Registration No. 11432760 (England aid W?le5) INTERNATIONAL VENTURE PIULAwfHROPY CENTER AI¥NUAL REPORT AND UNAUDITED FINANCIAL STATEMENrs FOR THE YEAR ENDED 30 JUIYE 2021 "AAXFHZI3" Hackeryoung A07 #256 Chartered Acro￿1￿￿15 MPANIES HOUSE INTERNATIONAL VENTURE PHILANTHROPY CENtER LEGAL AND ADMINISTRATIVE INFORMATION Trustees Douglas Miller Paul Shoemaker Steven Semeels Naina Subberwal Pablo Obregon {App)inted 18 November 2020) {Appointed 18 November 2020) (AFvointed 22 July 2021) Charity number 11846fi1 Compally Muwber 11432760 Registered Squirrels Chase Crossfield Place Weybridge Surrey KT13 ORG IDdependent examiner Julie Mellowes FCCA UHY Hacker Young Quadrant House 4 Thotnas More"Square London Elw IYW Bankers HSBC Bank PIC ChuT¢h Srreei Weybridge Surrey KT138DF INTERNATIONAL VENTURE PHILANTHROPY CENTER Co￿TE￿s Page TTus*es' report JftdepeThlent examin&s report Sts'tement of financial activities Balan¢¢ sheet Notes ￿ th¢ fJnary¢i¥l st#*ments INTERNATIONAL VENTURE PHILANTHROPY CENTER TRUSTEES, REPORT (INCLUDING DIRE￿oRs. REPORT) FOR THE YEAR ENDED 30 JUNE 2021 The trustees present their ann￿1 report arul financial statements for the year ended JO June 2021. ThE financial Statements have been prepared in a¢cordan¢e with the aG(ounung poli¢ies set oul in note I to the f￿an¢[al staiements and comply with the charity5 goveming documenL the Companies Act 2006 and"Accounting and Reporting by Charities= Sthtemeni of Recommended Practice applicable to charities prepariftg their accourtts in accordance with the Frnancial Reporting Starldard applicable in the UK aAI R¢public of Ireland {FRS 102)" ObjfftlV¢5 And activities In¢rnational Venlure Philanthrcyy Centre rivr) is # non-govemmenl organisation in¢oTpor#ted •n 25 June 2018 and it is working on promoting the voluntary seC￿r for the public benefit by 5UPPOrtir and promoting the development of s¢xial investment for these purposes. Vtsion is to= As5iSi in creating a diverse marketpl¥e for x¢¢ssing hurn8￿ fin8ncia] and Intelle¢￿al capit41 for non-profits and social enterprises at all stsges of their development. Perfomi a role for venture philanthropy which complements and strenthns traditional forms of fjjnding from foundations and govemments. Be a global organisation that works to make a significant impact on society. We will do ihat by.. Promoting the ¢xp8nsion of venture philanthropy1￿1￿1 en*ry>rise through0￿ Europe. Asia. Africa, Middle East and Latin Amer5Ca' Making grants to 0rganisaliot￿. Providing value added services andlor other fi¥wwe io Organisaiio￿. Promoting Standards of best prxtice and knowledge-5haTing for all parties to Use in their venture philanthropy actLVities; Promoting collaborations between differem players. The trustees have paid due regard to guida￿e issued by the Charity Commission in deciding what aeiivilies thc charity should underfake. Aehievemettts aftd performltset The establishmen¢ of tVPC represe￿ed the f0M￿lISa11On of work already in process. towards building a global movement to increase the flow of different ty￿5 of capital to addre55 key social challenges, and through greater cooperaiion and knowledge improve ihe impaci of the philanthropiclsocial investM￿t sector. Prior to the est&blishment of IVPC its Board Members and Executives have played key roles in the developm¢nt of two regional rne[nber5￿"P assixiats.ons (RMA5) in Europe and Asia, with more than 1000 members already atrracted between them. Also, extensive due diligence has been conducted in Africa and Latin America with loc￿ govemance and teams now in place. The latter. known as 'LaiÉmpacio' launched in the year 8ttrncung more than l(Ml members io the launch ph&se, th¢ African MA tonlinue5 to build local momentum. INTERNATIONAL VENTiIRE PIULANTHROPY CENTER TRUSTEES, REPORT (iNCLUDING DIRE￿oRs, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 Finameial review The trustees, aim is to maintain free reserves Tn unrestri¢ted fulth •t a level that will Wjvide sutTict¢ni fund5 to cover support and govemanr¢ costs for a minimum of 3 months of OFffjtion. The actual level of these reseThes at 30 June 2021 w&s £41.160. The trustees have a55e55ed the major ri$k5 to which the rharity 15 ¢xp)sed #nd ar¢ 5at15fi¢d that 5yStem5 are in place to mitigare exposure to the major risks. Future plans IVPC will pursue its mission Frimarily by building aThl strenethenirtg the philanthropiclso¢i81 inv&sknent OTnmunity through the creation and Ilevelopment of regional membership ass(Kiation¥ and affiliate organisations aiming 10 Incre￿ soGial impa¢t. Foremost among these organisations will be the existing RMAS - the European Venwre Philanthropy Association (EVPA). the Asian Venture Philanthropy Network (AVPN) and Latimpacto which have more than LI￿ members collectively in almost ?0 countri¢5. a similar entity 15 bring develo￿ in Afri IVPC'S value-add will be grounded in thrt¢ disiin¢t bui mutt￿1]Y reinforcing pathw#ys: l ) Building additional regicrf￿l membership aSs￿latIOnS RMAS. based on models already active in Europe (EVPA). Asia (AVPN) and Latin America (Latimpacto). This Pathway focuses on incre&sing the number of regions of the woyld where social investors have better access to peers, and to knowledge th&t can dramatically incre&%e the s{￿la1 impact of their endeavour5. 2) Maximising synergie5 between exisiing and fu￿re RJAAS and atriliated neNorks. This Pathway focuses on adding value to the existing.RMAs in ways that increase impxt each RMA is able to deliver io its members. as well as the aggregatr value the collectrd RMAS cart deliver. 3) Promoting and advancing S￿181 investment globally_ This Pathway focuses on leveraging the cumulative assets and experience of the iiMAs and capabiliiies of the IVPC team to enhance the scale ond effectiveness of ihe sctial investment community in totsl. by filling gaps. providing thought leadership and mobilizing resources. Struetiire? goverN*Dte 8nd mai*gemeo¢ IVPC was incorpordted on 25 June 2018 and became re8iStered 8$ a charity with the Charity Commission for England and Wales on 30 July 2019. 11 is a charitxble ¢ompany limited by guarantee. with no share capital and is governed by its Memorandum and Articles of Asso¢iation dated 25 June 2018. The ¢n]st¢es. who 4r¢ also the directors for the PUTtM)se of company law, ¥nd who serv¢d during the year and up io the da* of $i￿re of the financial statements were.. Douglas Miller Paul Shoemaker Clifford Prior Steven Serneels N¥in* Subb¢rw•l Pablo Obr¢gon (Resigned 18 November 2020> (Appointed 18 November 2020) (Appointed 18 November 2020) (Appointed 22 July 2021) tNTERN.4TIONAL VE￿ruRE PHILATh'THROPY CENTER TRUSTEES. REPORT {INCLUDtNG DIRECTORS. REpoirr) (CONTIiYLiEDI b'OR THEYEAR ENDED 30JUNE 2021 Truslc¢s art idenlificd and appx)inted by. the chariiF Ihemscli'¢s aThl s¢rve as long as theN' I￿S￿, are abl¢ ond qualifi". Thc mccl or confer frequentli. during thc l'ear to manag¢ th¢ chwits." In accordance i¥iilTrthe goTreming thurncnL: th¢￿ sh411 b¢ less than onc dirccior at an%. onc timc The d1￿clor5. Ivho are 21so the charit%" truslK% ar¢ nonno11i" ¢k¢￿d h. th¢ mcmE¢TS of the tompam, in a general Me￿Ing. IVPC prestnih. has a Boud of) Trustces. Eoch n￿￿. Irustee ikill r¢ccii-¢ ari inducti￿7 ￿$s1O￿ iYlKre thth, a￿ prgkided ii.ith the bxkground ￿ thc charii!" aid it$ ivork. and Tti¢li.¢ gu￿an¢¢ on thcir role ai a th"rector aThd trustc¢ olthc chariTh.' Noiie of th¢ trustees has an!" be[￿r￿la1 itLt¢rEst in th¢ c(mpani'. All ol the IMS￿e5 ore members of thc ¢ompanw aixl guaranree 10 Contribu￿ £1 in Cltni ofj ivindino up. S¢aiernent of irnsttts, responsibilTties Th¢ Iruslees, who are also the (brectors of In*maiional Venture Philanthrow Ccrllcr for rk purpw or coniw laiv: JT¢ resp￿sible for pr¢p￿illg thc Intstees. Rew and fina[￿lJI starcmu￿ in accordanc¢ ivith applrcabte laiy athd United Kingdom AccwnliTrs Siand4Lrds (ulitt￿ Kinsd(xn Gcn¢rall!.' Acceploj Ac¢oLll4in8 Practicel. compan￿ Lai* requiTes tnJs*es ￿ pvepare fuwKial statements fty e*h finJTKial v¢•r %i'hich Bive a truc and fatr i.'iMY oc the statv of aifairs o( thc chan"ts' and of the incomiiie r¢50ure¢s and aFvli¢ati(ffl of T¢50urces, including ihc income Lnd cwnditurc: Orth￿ th8ritsblc tompanw. ftr ihat ￿￿ar_ In preparing th¢sc finwKial stat¢n1¢o￿ th¢ irnstccs are wutred to". - sclcct suitable accounrins wjlietes wh-. thcm consistenilTr.' - obscTh-¢ thc m¢thcds and wincipks io (he Charities SORP. - m4k¢ judgemcnts CSiim&¢s Ikii a￿ reosonablc and prthni: staic ii'hether ipplicable UK Accounrins SiaTrdard5 ha%t kn folloiitd: subjett to am.. makrial dcparruws discloscd and e4)laiJ*din th¢ finuKial sthtements" and - prepaTe th fLnancÈtsl stal£nients ￿ thc going CLMcem basis unless it is inaA)ropnat¢ to pr¢sum¢ that the charity i%ill coniinuc in operatson. The inisiees are resw>nsibl for kceping adeqU￿e Kcounling rcttrfds dial dTrs¢los¢ ii'ith r¢I5￿)able accurac%" ai an!. limc fInancial p)ytion of the chart(i". and enablc io uNr¢ that th¢ fiiiancial sthtcmtnrs complv ii'ith the Companies Act 2r￿. Tt*V are also rc5tnn5iblc for safepuaTdit>g thc assets of thc ¢harily aod hence l¢y takins r¥asonabl¢ stcps for th¢ pre1.￿li(￿ a￿1 dctcctton of fraud irregularities. The rrustceg TCPOrt iY3s approi'cd ￿. the Boxd ofT￿￿te¢s. Dougl95 Miller Tru￿¢¢ n•+*A. UNY M•¢ker Young LLP ¢)Ja(5rani Hrxoe 4 ThLxnd5 Sq￿re Li*thi EIW IYW Hackeryoung Chartered AcctrJniants INDEPENDEKf EXAMINER'S REPORr TO THE TRUSTEES OF INTERNATIONAL VEN'I'UKK PHILArnOPY CENTER report to the trustees on my examination of the financial statements of Intemational Venture Philanthropy Center (the chariry) for the year ended 30 June 2021. Rttptsnsibilities and basi5 of report As the tnjstees of the charity (and also its directors for the purposes of company law) you are respon5ibl¢ for ihe preparalion of the finan¢i#l stat¢ments in accordatKe with the requIren￿Al$ of ihe Companies Act 2006 (the Act). Having satisfied myself that the financial Statements of the charity are not required to be audituj under Part 16 of the 2006 Aci and are eligible for independent ¢xamirtation. rep)rt in respect of my examinatiort of the charity's financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act)- In carrying out my examinaiion I have followed all the applicable Directions given by the Charity Comrnis5irn under 5¢CtiOD 145(5Kb) of the 2011 Aci. Independtnt ¢x#min¢r'$ 5tsteme•¢ Since the chariry's gross i￿orne exceeded £250.OW your examiner rn￿*t be x member of a body listed in section 145 of the 2011 Act. I confirni that l am qualified to und¢rtsk¢ the eKaminalion because l am a member of the Association of Chartered Certified AC¢oun1an￿ whith is one of the listed bodies. l ￿ve completed my exarnination. I confirm that no maner5 have come tt> my attention in connectio with the examÈnation giving me cause to believe that in Jny material respect.. a￿Ourb¢inB records were rK)t kept in respect of the charity as required by section 386 of the 2LX)6 the financial mtements do not accord with tlKJse records. the financial statements do not cornply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which 15 nol g matter considered as part of an independent examination. or th¢ finan¢ial statements have not been prepared in acCOrd￿e wilh the Mell￿ and prirKiples of the Siaiement of Recommended Practice for a¢¢ounring and reportÈng by tharities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in ihe UK and Republic of Ireland (FRS 102). I have no ¢on¢ems and have Come across no other m8llers in conneciion with the examirtatiOT] to whieh attention should be drawn in thi5 report in order to enable a prOr￿r underslartdiog of the financial statements io be reached. Julie Mellowes FCCA UHY Hacker Young Quadrant House 4 Thomas More Square tnndonEIW IYW Dated.. 28 INTERNATIONAL VENTURE PHILANfiiROPY CENTER STATEMENf OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE AccouNr FOR THE YEAR ENDED 30 JUNE 2021 Utsr¢stricled Unrestricted funds funds 2021 2020 Notes DonatiOfLS and leEaèi¢s 412.203 659,522 Charitsble 8¢1ivities 603.615 426.050 Net (expeThdi¢uTe)fin¢oTre for the Y￿rA Net movtmtut •# funds (191.412) 233,472 Fund balances at l July 2020 232.572 (900) FuDd balances 8t 30 June 2021 41.160 232,572 The Sta￿ment of financial activtties includes all gairts aTrJ Ios5e5 recognised in the year. All income and exwjiture derive from continuing activities. The Statem¢nt of finan¢ial ac¢ivi(ies also ￿MPlieS with the requirements for an income and expenditure a¢¢ount under the Companies Act 2(rf)6. INTERNATIONALVEKfuRE PHILANTHROPY CENTER BALANCE SHEET ASAT30JUNE2021 J)20 Note5 Currenl i?$5¢ts Cash ai bankand in iwid Creditors.. amount5 falling due whthin one year (11.010) 13.6(M)I Nei ¢urreni assets 41.160 232.572 Income funds Unr¢sui¢ted funds 41.16L 232.572 41.ldj 232.i72 Tr compam" is entiiled io ihe ewhpbon from & audil re(pijrcment conlained in str110￿ 477 of the ComponiesA¢t 20(￿, rw ik •¥¢ar ¢n(kd Xl 20YI. Thc dJrE¢rots acknffivledge their ￿5￿)￿51￿.￿l(lcs For complbin8 ilith the r¢quircmcnts ol the Companits Act 21XJ6 iviih rcspccl to acccwnting rectyds aml thc prtp4rnion of finaThcial swtemcnts. The in¢mt¢r5 hav¢ not rewEr¢d th¢ wmpani. kn ￿>￿In an auth'i of its fllw￿lal Sta￿￿¢Ats lhc v¢ar in qiiestion 111 &tordance section 476. Thesc financial stakments have prrpared in accc¥datt itrith thc woi'rsions awlicablc to componies subject to the small CCKnpanies regime. )n,. ZL [*- The financial Statements wroi.ed bk" the Truaees on.................. ...... t)wglas Miller Trusttt CompAllV Registration No. 1143?760 INTERNATIONAL VENTURE PHILANTHROPY CEIYTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 IUNE 2021 Accoumting plicie Charity infonnation Int¢marional Ventt￿e Philanthropy Center is a priv8* company limited by gUaran￿e incorporated in England and Wales. The registered office is Squirrels Chase, Cr05sfield Place, Weybridge. Surrey. KT13 ORG. 1.1 A¢¢ounting conveDtiott The financial Statements have been prepared in accordan¢e with the ¢harity'S goveming document. the Companies Act 21yJ6. FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" {"FRS 102-) and the Chariiies SORP 'Accounting Reporting by Charities.. Ststemenl of Recommended Praciice applicable to charities preparing iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effecttve I January 2019). The charity 15 a Public Benefit Entity ￿ defined by FRS 102. The tharity has taken advantage of the provision5 ID the SOIiP for ¢hJrities not to prepare a Ststemenl of Cash Flows. The financial statements are prepared in sterlin& which is the functional CUrr¢￿Y of the charity. Monetary amounts in these financial statements are rouNJed to th¢ nurest £. Tr financi￿ staiem¢nts have been prepared under the hi5torirai ¢051 convention. The principal attounting FK•licies adowed are sel out below. 1.2 Goiffjg eoneern At the time of approving the f￿a￿la1 stalements, the ¢tus*es have a reasonable expectation that lh¢ charity has adequate resources 10 coniinue in operational exisience for the fOre￿ble future. Thus. the tn￿(eeS conrinue ￿ adopt the going cortcem basis of accounting in preparing the financial statements. The ¢harity will ¢ontinu¢ to be supported by its trist￿ to erffjure thai it meets its ligbili¢ies a$ they fall due. IJ Ch4ritsbl¢ fuoits UrLrestricted fvnds are available for use ai the discretion of the tnwees in fvrthern￿e of their charitsble objectlV¢5. liestricwl funds art 5ubje¢i ¢0 speckfic Conditions by donors as to how they may b¢ used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject io specific condiiion5 by doTr)TS that the capital must be maintained by the charity. .4 In¢om¢ Income is recognised when the chaTh"ty is legally entitled io it after any performance condition5 have been met. the amounts can be measured reliably. and it 15 wobable that income wtll be received. INTERNATIONAL VEiwfuRE PHJLthfHROPY CENTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENI)ED 30 JUNE 2021 Attounting policies (Continued) 1.5 Expenditsre Liabilities a￿ recognised 8$ resources expended as siTh gs there is a legal or constructive obligation committing the Charity to t￿ expeTK4iture. All expenditute 15 acwunted for an,a¢¢n￿lS basis arKI has been classified under headings that aggregate all costs related to the category. Governan¢e and $upptsrt costs comprise all costs involving the public accountsbility of the Charity and its compliance with re8ulation arwj g¢)od prnctice, including 411 m4nageMt and administralive costs. All go¥ernanrx and support in¢uTrtd in cOn￿tiOn with ¢h8rit#ble activities and have allocated accordingly. 1.6 Cash and ¢45h ¢quiYal¢nts C￿￿ and cash equivalents include cash in hand, dewisits held at call with banks, other 5horFt¢rm liquid investments wilh original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within tN)rrowin8s in current liabilities. 1.7 FiDan¢i41 instrum¢Jts The charity has ele¢ied io apply the provisions of Section 11 'B&sic Financial Instruments, otyj SeciiL)n 12 '0ther Fina￿181 lTrstrum¢nts Is$u¢s' of FRS 102 to all of its financial instruments. Financial instrvments are recognised in ihe tharity's balan¢e 5heei when the ¢harity become5 party to the contractual provisior￿ of the instrLunenL Finaftcial assets and liabilities are offseL with the net amounts presented in the financial statements. when there is a legally enforceable righi io set off the wised amounts and there is an intention io sertle on a n¢t basis or ￿ realise the &sset and settle the liability $imultaneou$ly. Basicf￿QnCI0[￿$Sets Basi¢ finan¢iai assets, whi¢h in¢lud¢ debiors and cash and bank balances, are initially measured at transaction price including transaction costs and are subseque￿lY carried at amortised cost using the effective interest method unless the arrangemeni constitutes a financiftg transactio￿ where the ironsa¢tion is rnta5u￿d at th¢ Prese￿ value of the fv￿re receipts discounted ai a market rntr ol In￿rest. Financial assets classified as receivable within ooe year are Dot wortised. INTERNATIONAL VENTURE PItILANfHROPY CENfER NOTES TO THE FINANCIAL STATEMENTS {co￿rINuED) FOR THE YEAR ENDED 30 JUNE 2021 Accounting policies (CoDtinued) Bttslcfinancial liabililies Basic financial liabilities. including Creditors and b8nk 108ns are initially re¢ognised ai transaction price unless the arrangement constitutes a financing transaction, where the debt instrnment is measured ai the preseni value of the fuwre payments discounted at a market rate of interesL Financial lÈ#bilities classtfied as payable within one yeat are not amortised. Debi instruments are subsequently carried at arnortised c4)sL using the effective interest rate method. Trade creditors are obligations to pay foT goo&s or services thai have been acquired in the ordinary course of operation5 from 5wliers. Amounts payable are ¢lasstfied #s eurreni liabilities if payment is due within one year or less. If noi they are presented as nonqcurreni liabilities. Trade Creditors or¢ recognised initially at tnnsaction price and subsequently measured at amortised cost using the effective intrresi method. Derecoziiilion ofJ7nun¢lolliabiltsi Financial liabilities are derecognised when the charity's cotllractual obligation5 expire or are discharged or cancelled. Don*tion$ •nd let#¢i¢s 2021 2020 Donations and gifts 412.203 659.522 INTERNATIONALVENTURE PHiLANTHROPY CENTER NOTES TO TIIE FINANCIAL STATEMEIWTS (CONTINUED) FOR THE YEAR ENJPED 30 JUNE 2021 Charitable 4¢tivities 2021 2020 Promotion tsfventure phila*thropy Consuliancy fees Conference expenses Subscription fees Legal fees L0s51(gain) on foreign exchange Bank charge5 Donaiions made to the European Venture Philanthropy Association t)onalions made to the Asian Venture Philanthropy Ne￿Ork DOr￿tIo￿l made io latimpaclo Donations made to the African Venture Philanthropy Association 193.327 2.104 388,505 6.446 1,709 942 (9.610) 743 15,539 18.176 8.105 316 62,626 43,347 286.407 3.603 599.835 422.450 Share of governance costs (see note 4) 3.780 3.600 603,615 426,050 Support eosts SllPPOrtGoverttatte¢ tosts costs 2021 Supw>rt Governance Costs 2020 Independent examinerfs 3,780 3,780 3,600 3.600 3.780 3.780 3,600 Analysed between Charitsble actsvities 3,780 3.780 3.600 All governance and support costs are incurred on charitable activitie5 and have beert allocated accordingly. Trustees None of the trustee5 (or any petsons conrtected with them) reteived any remuner*ion or benefits from the charity during the year. io- INTERNATIONAL VE￿uRE PHILANTHROPY CENTER NufES TO THE FINANCIAL sTATEmE￿s (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 Employees There were no employees during the Current ye4r or priory¢ar. The administration and daily running of the clwity is being undertaken on a vOl￿￿Y basis by the Trusiees 8￿j paid consultants. Creditors: ¥mo￿Trts falliDg dut within one yar 2021 2020 A¢rruals and deferred income 11,010 3.600 Comp4•y liMi¢ed by tu*r#n¢tt The limii of the ioiai gtsarantees of the members of the company amoLEnted 10 £3 at the beg1t￿l￿g ol the year and £5 at the end of the year. Related party tran￿¢t1•11S DurÈng the year donations totalling £256,320 (2020.. £505,409) were received frorn rehted parties. There are restrictions or conditions relaiing to these donations.