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2023-03-31-accounts

The Global Returns Project Limited (A company limited by guarantee)

Annual Report and Unaudited Financial Statements for the year ended 31 March 2023

Charity number 1186683 Registered in England and Wales. Company number 11882899

The Global Returns Project Limited Report and Financial Statements for the year ended 31 March 2023

Contents Page Legal and Administrative Information______ 3 Trustees’ Report_________ 4-18 Independent examiner’s report_______19 Statement of Financial Activities______ 20 Balance Sheet _________21 Notes forming part of the financial statements____ 22-26

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The Global Returns Project Limited

Reference and Administrative Information

Charity Name: The Global Returns Project Limited Charity registration number: 1186683 Company registration number: 11882899 Registered Office: 50 Winchester Street London SW1V 4NH

Operational Address:

Trustees and staff have been working remotely since the disruption caused by the Covid pandemic.

Board of Trustees

J Bacon Chair M Jennings J Judd Treasurer C Swiderska Y Swiderski

Secretary

J Judd

Independent Examiner

– Buzzacott LLP, 130 Wood Street, London EC2V 6DL

Bankers – CAF Bank Ltd, Kings Hill, West Malling, ME19 4JQ – National Westminster Bank PLC, 63-65 Piccadilly, London W1J 0AJ – The Co-operative Bank PLC, P.O. Box 250, Skelmersdale WN8 6WT

Solicitors – Brown Rudnick, 8 Clifford Street, London W1S 2LQ – Withersworldwide, 20 Old Bailey, London EC4M 7AN

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The Global Returns Project Limited

Trustees’ Report for the year ended 31 March 2023

The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the financial statements of The Global Returns Project Limited (“the Charity” or “the Company”) for year ended 31 March 2023. The Trustees confirm that the Annual Report and Financial Statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Our aims and objectives

Our purposes are set out in the objects contained in the Charity’s Articles of Association:

Background

The Global Returns Project connects investors with the world’s highest impact climate philanthropy.

Our work responds to two urgent needs. First, investors increasingly care about tackling climate change. But no investment product directly regenerates the planet. Certain critical climate solutions cannot deliver financial returns and so fall beyond the reach of sustainable or ‘impact’ investing.

Second, climate philanthropy has a vital role to play in this ‘decisive decade’ before 2030. Philanthropy supports the ‘profitless’ projects that enforce environmental law, combat deforestation, defend ocean ecosystems and more. It delivers solutions faster than governments or as-yet-unproven climate technologies. But less than 2% of global philanthropy goes to climate mitigation efforts.

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Connecting investors with high-impact climate philanthropy solves both these problems. Investors can regenerate the planet beyond sustainable investing alone by giving climate philanthropy the funding to be truly effective.

But connecting these issues requires a philanthropic option that looks and feels like an investment portfolio. Investors expect diversification, rigorous research and regular performance reporting.

Our ‘Global Returns Portfolio’ offers this option for the first time. The Portfolio is a selection of diverse, effective and scalable not-for-profit organisations (registered charities) tackling climate change. Our team of world-class climate scientists help curate the Portfolio using our proprietary methodology. Our ‘fund management approach’ means that our experts reassess the Portfolio every six months to produce detailed impact reports.

Currently, there are six charities in the Portfolio: Ashden, ClientEarth, Global Canopy, Rainforest Trust UK, Trillion Trees and Whale and Dolphin Conservation (see page 9 below).

Ensuring our activities deliver our aims

We review our aims, objectives and activities each year. This review looks at what we have achieved and the outcomes of our activities in the 12 months to 31 March 2023.

We have divided our target market into four distinct categories:

As before, we are focusing on these audiences first in the UK and, in due course, globally.

We are working with each of these audiences in a number of ways:

Our campaign has adopted the following approach:

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Making donations to our Portfolio normal and easy offers the potential of channelling significant funding into effective climate charities.

The indicators of effectiveness we monitor include engagements with financial institutions and corporations, donations received, number of visitors to our website www.globalreturnsproject.earth, other website analytics and social media/newsletter analytics.

Activity in the period

The review looks at the success of our activity and the benefits they have brought to the initiatives we seek to support. The review also helps us ensure our aims, objectives and activities remained focused on our stated purposes.

Last year we continued refining our message and strategy for engaging individual donors as well as institutional/corporate partners. We have focused more specifically on the role of ‘climate philanthropy’ in tackling the Climate Crisis and are articulating our work as ‘connecting investors with high-impact climate philanthropy’. We describe our Global Returns Portfolio as a ‘fund management approach to climate philanthropy’, which offers clarity while pioneering a novel approach to charitable giving.

We have made significant progress in our partnerships with financial institutions and corporations. As of February 2023, we had 27 institutional partners including wealth managers, financial planners, financial coaches, fund managers and other corporations. We have also developed successful partnerships with financial trade associations, financial planning networks and sustainability consultants. Partnership highlights include:

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Our campaign – and our institutional/corporate partners – continue to receive good publicity from journalists. The Global Returns Project has been featured in over 30 publications to-date.

During the year, we raised £275,000 from donors (including £26,000 of Gift Aid). Of this, £181,000 was restricted and granted in full to our Portfolio Partners. This brings the total generated for our partner not-for-profits since inception to over £450,000.

It is particularly pleasing to have exceeded last year’s restricted grants figure of £154,000 as last year’s included a one-off donation of £50,000.

We have begun a series of exclusive in-person events for select individuals and institutions:

Our website has recorded approximately 8,000 unique visitors since 1 April 2022.

Our Technical Advisory Board, together with two of our Trustees comprise our Due Diligence Committee (the role of the Due Diligence Committee is set out below). The Technical Advisory Board has four members:

Jo Haigh (Chair) Jo was Co-Director of the Grantham Institute at Imperial College from 2014 until her retirement in 2019. She has been a Lead Author on the United Nations IPCC.

The general Advisory Board comprises:

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Sarah Butler-Sloss Sarah is internationally recognised for her work in the field of green energy over the past 20 years. She is best known for founding the Ashden Awards for Sustainable Energy in 2001. Sarah is also the Chair of Trustees of The Ashden Trust, one of the Sainsbury Family Trusts, established in 1989.

Sai Tampi Sai is Global Head of Funds, ETFs and Manager Selection for the Wealth and Personal Banking Division at HSBC. He joined the Advisory Board in his personal capacity.

We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.

How our activities deliver public benefit

Our first charitable object is to “promote the conservation, protection and improvement of the physical and natural environment and related climate systems including without limitation by supporting initiatives which reduce atmospheric concentrations of carbon dioxide and other greenhouse gases”.

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We have investigated a large number of charitable organisations focused on combatting the Climate Crisis. Accordingly, we have built a detailed and sophisticated methodology to assess which are the most effective, have appropriate governance structures, are scalable and have the potential to make the biggest difference. The methodology is subject to continuous refinement and is reviewed on a quarterly basis by our Due Diligence Committee.

As mentioned above, the Due Diligence Committee comprises two Trustees of the Global Returns Project and all the members of the Technical Advisory Board.

The purpose of the Due Diligence Committee is to:

Our current portfolio of climate not-for-profit Portfolio Partners comprises:

Ashden

Ashden support climate innovation in the UK and Global South through their Awards programme, advocacy work and public campaigns. From providing scalable renewable start-ups with initial funding to connecting UK local authorities with tested climate solutions, Ashden use their network to accelerate transformative climate solutions around the world.

ClientEarth

ClientEarth is a team of lawyers and environmental experts who work in over 60 countries to fight against climate change. They ensure existing environmental laws are respected and they help governments develop effective environmental policies. They drive changes in systems: from greenwashing complaints to challenges to the construction of fossil fuel plants.

Global Canopy

Rainforest Trust Rainforest Trust places threatened rainforests under permanent protection through community engagement and local partnerships. They have now protected over 45 million acres of rainforest and other

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tropical ecosystems by working in partnership with 99 local NGOs and indigenous communities in 47 countries.

Trillion Trees

Trillion Trees is the united force of BirdLife International, Wildlife Conservation Society and WWF. Together they protect and restore forests all over the world - for the benefit of people, nature and the climate.

Whale & Dolphin Conservation

Whales play an important role in maintaining a healthy ocean and planet by accumulating carbon and fertilising carbon-sequestering phytoplankton. Whale and Dolphin Conservation (WDC) is the leading global charity dedicated to the protection of whales and dolphins. They have over thirty years’ experience in lobbying governments and working with the fishing industry to help create over 170 Important Marine Mammal Areas around the world.

The organisations above are best in class and effectively deliver global benefits to the environment and society through their work. As referred to above, to date we have granted £430,000 directly for and have indirectly raised approximately a further £24,000 for these organisations.

Our second charitable object is to “advance education and promote research including without limitation in the subjects of climate science, environmental protection, sustainable development and related fields and disciplines provided that the useful results of any such research are published.”

Our website, newsletter, social media accounts and in-person events provide valuable information to a growing audience in pursuit of this objective.

Impact

Alongside our activity during the year referred to above, part of our impact is measured in the achievements and effectiveness of our charity partners. Some examples of the work they have achieved in part due to grants from the Global Returns Project over the last year are summarised below:

Ashden

Between the beginning of April 2022 and the end of March 2023, the Global Returns Project provided £22,889 in grant funding to Ashden’s various workstreams.

Ashden provide pioneering low carbon organisations in the UK and abroad with the funding, publicity, and networks they need to lower emissions at scale.

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In 2022, Ashden’s Fair Cooling Fund helped a small business in India, Ecozen, offer portable solar-powered cold storage rooms, with thermal energy storage back-up to rural communities to help key their produce fresh.

Ashden’s support helped Ecozen pilot a smaller version of its Ecofrost storage unit, designed specifically to meet the needs of marginalised farmers. Ecozen prototyped and changed their product design based on customer feedback and testing off-site with the community.

With Ashden’s assistance, Ecozen has helped generate over 1 billion units of clean energy (kWh), saved over 20,000 metric tonnes of food loss and reduced over 1 million tonnes of greenhouse gas emissions.

Ashden’s work in the UK continues to focus on reducing carbon emissions in schools and local authorities. Over 2,000 schools have now signed up to Ashden’s school decarbonisation campaign ‘Let’s Go Zero’. Meanwhile, Ashden have helped local authorities in the Southwest of the United Kingdom to install 5,000 retrofit measures - the highest proportions of homes retrofitted through government schemes in the UK.

ClientEarth

Between the beginning of April 2022 and the end of March 2023, the Global Returns Project provided £32,959 in grant funding specifically to ClientEarth’s climate focused workstreams.

ClientEarth continue to hold governments and corporations to account for their net zero promises and obligations. On 18 July 2022, the High Court ruled in ClientEarth’s favour against the UK Government’s inadequate net zero strategy. ClientEarth, along with Friends of the Earth and Good Law Project, had argued that the Government had failed to show that its policies will reduce emissions sufficiently to meet its legally binding carbon budgets.

In February 2023, ClientEarth filed a landmark case against Shell’s Board of Directors. This is the first time ever that a company’s board has been challenged on its failure to properly prepare for the energy transition. This legal challenge argues that Shell’s Board are breaching their legal duties under the UK Companies Act by failing to manage the material and foreseeable risks posed to the company by climate change.

Success in this case would have wider ramifications for high-emitting companies around the world. In the US, ClientEarth have already drafted information request letters to two fossil fuel companies on behalf of a shareholder.

Global Canopy

Between the beginning of April 2022 and the end of March 2023, the Global Returns Project provided £32,448 in grant funding to Global Canopy’s various workstreams.

In the past year, Global Canopy have continued to innovate and release crucial data on supply chain transparency, company and financial institution performance on deforestation, and nature-related risks and dependencies.

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Global Canopy’s Forest 500 tool identifies and ranks the 350 companies with the most potential links to deforestation, and the 150 financial institutions that provide the most finance to those companies.

Following a low score in last year’s assessment, Global Canopy engaged with Schroders Asset Management to provide guidance on how they can reduce their exposure to deforestation.

Subsequently, Schroders have publicly committed to eliminating commodity-driven deforestation from their portfolios by 2025 and to address human rights abuses linked with deforestation.

Beyond increasing accountability on voluntary commitments to eliminate deforestation, Global Canopy have also helped pave the way for new regulation.

Evidence from Forest 500’s 9 annual assessments have highlighted the need for regulation to extend action on deforestation beyond just a few leaders, while Trase data has demonstrated that it is now possible to link imports to specific commodities, proving to decision-makers that proposed disclosure requirements are possible to enforce.

Thanks in part to Global Canopy’s efforts, in 2023, the EU passed landmark regulation on deforestation which requires that companies importing or exporting forest-risk commodities in the EU to conduct due diligence to prove they are not contributing to deforestation.

Rainforest Trust UK

Between the beginning of April 2022 and the end of March 2023, the Global Returns Project has provided a total of £32,508 in grant funding for Rainforest Trust UK’s protection projects in Brazil, Laos, and the Democratic Republic of Congo.

The impact of this funding has been particularly significant as an anonymous donor continues to match fund donations made to Rainforest Trust UK projects (including the ones supported by the Global Returns Project this year).

Rainforest Trust and their partner Instituto Internacional de Educação do Brasil, are protecting 2,262,878 acres in the states of Amazonas and Pará in the Brazilian Amazon through designations that legally recognize land tenure of traditional communities and their long-standing role in managing their lands.

Funding from the Global Returns Project has helped protect 14,167 acres of land through this project, safely storing over 2.3 million tonnes of carbon dioxide equivalent.

This year, Global Returns Project funding has also protected 822 acres - storing 141,000 tonnes of carbon dioxide equivalent - in Laos, and 406 acres – storing 165,000 tonnes of carbon dioxide in the Democratic Republic of Congo.

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As an organisation Rainforest Trust have now protected 45 million acres across the globe with 6 billion tonnes of CO2e stored in these protected areas. 99% of the rainforest they’ve protected since 1988 remains intact.

Trillion Trees

Between the beginning of April 2022 and the end of March 2023, the Global Returns Project provided £31,699 in grant funding to Trillion Trees for their Reforest Fund. The Fund restores forests for people, nature, and climate across a range of sites where the Trillion Trees partners have long-term conservation programmes.

Trillion Trees partner WWF, with support from the ReForest Fund, has expanded its forest landscape restoration work in Tanzania from the coastal forests near Dar es Salaam to the Usambara Mountains. In 2022, they planted 46,000 trees in West Usambara and in 2023, 27,360 seedlings have been grown in East Usambara for planting in 2023.

This mountain range in north-eastern Tanzania is one of the country’s most important biodiversity hotspots but is threatened by unplanned clearing of the forest for agriculture.

The project has provided seedlings to community groups to grow trees around water sources, along streams and on farms, on degraded lands and on school campuses, alongside an environmental awareness programme for students and the local community helping to reinforce the message that planting trees and conserving forests along rivers can improve water quality and prevent erosion and flooding.

Funding from the Global Returns Project has also helped ReForest Fund restoration projects in Brazil’s Atlantic Forest, the Kaptagat region of Kenya and the Bismarck Mountains of Papua New Guinea. In total, Global Returns Project funding has helped plant and grow 17,567 trees through the ReForest Fund, to date.

Whale and Dolphin Conservation

Between the beginning of April 2022 and the end of March 2023, the Global Returns Project provided £28,198 in grant funding to Whale and Dolphin Conservation’s work to protect whale populations.

Research indicates that a great whale could be responsible for the sequestration of an average of 250 tonnes of carbon dioxide every year over the course of its lifetime.

Every year, hundreds of thousands of whales and dolphins around the world are accidentally killed in fishing nets and ropes. Known as 'bycatch' this is the biggest cause of harm and death to whales and dolphins today.

WDC has been working to mobilise the United Kingdom’s seafood industry to protect marine wildlife by auditing the supply chains of UK supermarkets for fisheries they use that are high risk for cetacean bycatch.

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Last year, WDC completed audits for 5 supermarkets, including Tesco and Co-op, covering 330 individual fisheries. Thanks to WDC’s efforts, large UK supermarket, Tesco, has made a commitment to put 100% observer coverage and bycatch mitigation measures in place throughout their supply chain.

WDC have also helped to identify 36 Important Marine Mammal Areas (IMMAs) and 41 candidate IMMAs, in the Southeast Tropical and Temperate Pacific Ocean and South West Atlantic Ocean over the past year.

Populations of large whales often migrate annually from rich polar feeding grounds to warmer latitudes to breed, meaning key habitats for a single species are often found spread far across different parts of the same ocean. Identifying these key areas of habitat is vital to the recovery of great whale species and represents a vital step towards the establishment of protected areas for them.

Our own emissions

The Charity operates virtually, without premises. Our greenhouse gas emissions principally arise from a small amount of travel on public transport and electricity to drive laptop computers. Our own emissions are therefore de minimis .

Plans for Future Periods

We plan to continue and grow the activities outlined above in the forthcoming years subject to satisfactory funding arrangements.

Results and financial position

A summary of the year’s results can be found on page 20.

Total income for the year amounted to £274,790, all which was derived from donations, grants and Gift Aid.

Expenditure in the period amounted to £340,590 and was split between expenditure on charitable activities and raising funds (see Notes 3 & 4 to the accounts).

Fundraising

During the year, we were pleased to have raised £274,790 including Gift Aid. The principal funding sources were charitable foundations, the Trustees and their contacts. All funding received was in the form of grants or donations. Major grants received from foundations towards our core costs over the year can be broken down as follows:

The Ansell Family Charitable Fund £10,000 Big Give Green Match Fund £10,000

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The Charity is registered with the Fundraising Regulator. When donations are received from individuals, the Charity applies best practice to protect personal data, never sells data to other organisations and ensures that supporters’ and donors’ communication preferences can be changed at any time. The Charity’s Privacy Policy is published on the Global Returns Project website here: https://globalreturnsproject.earth/privacy-policy/.

The Charity manages its own fundraising activities and does not employ the services of professional fundraisers. The Charity undertakes to react to and investigate any complaints regarding the fundraising activities and to learn from them and improve its service. During the period, the Charity received no complaints about its fundraising activities.

The Charity takes a number of factors into account which could affect its future financial performance and so the Trustees regularly approach foundations and others with a view to establishing more stable and long-term funding arrangements going forward.

Grant-making policy

The Charity has a documented grant-making policy. A Due Diligence Committee is responsible for approving a panel of organisations to which the Charity is able to make grants. The selection is supported by a detailed screening methodology to identify organisations that are most effective in the mitigation of climate change and protecting biodiversity. More details are set out above on pages 7-9.

Applicants for grants have to undergo a due diligence process in which they are assessed on a range of factors, including impact, size, scalability, governance, co-benefits and their networks. They must also provide detailed financial, legal and administrative information.

Successful applicants must commit to a monitoring and reporting regime to show that funds have been used for the purpose for which they have been awarded and in accordance with the terms of the grant.

Reserves Policy

The Trustees have considered the amount that the Charity needs to hold in reserve to ensure financial sustainability. In developing its reserves policy, the Trustees have considered:

The Charity needs reserves in order to protect the continuity of operations during peaks and troughs of funding cycles and to maintain core activities.

Two years ago, the Trustees concluded that it was their intention to maintain reserves of at least six months’ running costs in reserves of unrestricted funds, recognising that the level of general reserves is sensitive to the timing of donations received. Six months’ running

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costs for the current period were £80,000. The current period-end level of the general reserves net of intangible fixed assets of £77,232 represented 97% of the reserves level under this policy.

The Trustees are also required to consider whether there are significant doubts about the Charity’s ability to continue as a going concern and to discuss whether there are any material uncertainties looking forward at least one year.

The Trustees have also considered the strategic plans of the Charity for the next period and have reviewed anticipated funding. They have considered cash forecasts under various scenarios and are satisfied that the Charity remains a going concern.

Risk Management

The Trustees are mindful of their responsibility as charity trustees to identify both the strategic and operational risks the Charity faces and to establish and implement systems and procedures to mitigate those risks identified. The major risks to which the organisation is exposed are regularly reviewed by the Trustees and, where necessary, amended and risk management policies, strategies, actions and procedures identified and implemented to minimise these risks.

Risk reviews were carried out on an ongoing basis during the period. These assessed both short and long-term risks under the categories of strategic, governance, compliance, financial and operational.

Risks identified include non-compliance with regulations. There are not deemed to be any direct risks associated with the war currently being waged in Ukraine.

The Trustees are satisfied that strategies, systems and controls are, in all areas and as far as possible, in place to mitigate any significant risks.

Structure, Governance and Management

Governing Document

The organisation is a charitable company limited by guarantee, incorporated on 14 March 2019 and registered as a charity on 29 November 2019. The Charity was established under a Memorandum of Association which established the objects and powers of the Charity and is governed under its Articles of Association. In the event of the Charity being wound up members are required to contribute an amount not exceeding £10.

Recruitment and Appointment of Board of Directors

The Trustees of the Charity are also directors for the purposes of company law and under the Charity’s Articles are known as members of the Board of Directors.

We remain keen to expand the skills mix of the Board of Directors and may add further to the Board in the upcoming year.

Under the requirements of the Memorandum and Articles of Association, a third of the members of the Board of Directors must retire at each Annual General Meeting on a rolling

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basis. The last Annual General Meeting of the Charity was held on 10 August 2022, at which Joanna Bacon and Camilla Swiderska retired and were re-elected.

The next Annual General Meeting of the Charity will be held in July / August 2023.

All members of the Board of Directors are Trustees of the Charity, give their time voluntarily and received no benefits from the Charity. Any expenses reclaimed from the Charity are set out in Note 5 to the accounts.

We have also added two Board Advisors to attend and contribute actively at Board Meetings and provide other ad hoc support for the Global Returns Project. Board Advisor positions are not Trustee roles. Our current Board Advisors are:

Patricia Romero Patricia Romero is a communications and PR specialist, leading Oliver Wyman’s external affairs in Europe. She also coordinated its media campaign for COP26.

Leo Vicars Leo Vicars is the CEO and founder of Green Ripple, which supports companies addressing the Climate Crisis through specialist consulting on ESG and sustainability.

Organisational Structure

The Trustees meet quarterly and are responsible for the strategic direction and policies of the Charity.

A scheme of delegation is in place and day-to-day responsibility for operations lies with Jack Chellman, who is the Chief Project Officer.

Statement of Trustees’ responsibilities

The Trustees (who are also directors of The Global Returns Project Limited for the purposes of company law) are responsible for preparing the Trustees’ report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company for that period.

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state whether applicabfe United fingdorn Accounting Standards have been followed. subjert to any mater￿1 departures disdosed and explained in the financial statements; and prepare the flnanclal statements on the golng concem basls unless It15 InapproprSate to presume that the charitable company wlll contlnue in operation. The Trustees are responslble for keepin8 proper accounting record5 that dlsclose wlth reasonable accuracy at any tlme the financlal posltion of the charltable company and enable them to ensure that the financial statements compty wiih the Companies Att 2(K￿. They are also responsible for safe8uardln8 the assets of the charitable company and hence for takln8 reasonable steps for the preventlon and detertlon of fraud and Other[￿BUlarlt1es. Approved by the Board of Trustees on 28 Aprll 2023 and s*ned on its behalf by.. J Judd Trustee 18

Independent examiner’s report to the Trustees of The Global Returns Project Limited

I report to the charity trustees on my examination of the financial statements of the charitable company for the year ended 31 March 2023.

Responsibilities and basis of report

As the trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s financial statements as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no matters have come to my attention in connection with my examination giving me cause to believe:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Hugh Swainson, ACA Buzzacott LLP Chartered Accountants 130 Wood Street London EC2V 6DL 28 April 2023

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The Global Returns Project Limited Statement of Financial Activities (including Income and Expenditure Account) For the year ended 31 March 2023

Unrestricted
Funds
Restricted
Funds
TOTAL		 Unrestricted
Funds
Restricted
Funds
TOTAL
2023 2023 2023 2022 2022 2022
Notes £ £ £ £ £ £
Income from:
Donations andgrants 2 94,000 180,701 274,701 135,052 153,840 288,892
Interest received 89 - 89 - - -
Total 94,089 180,701 274,790 135,052 153,840 288,892
Expenditure on:
Raisingfunds 4 12,650 - 12,650 - - -
Charitable activities 3 147,239 180,701 327,940 108,207 153,840 262,047
Total 159,889 180,701 340,590 108,207 153,840 262,047
Net (expenditure) / income and net
movement in funds		 5 (65,800) - (65,800) 26,845 - 26,845
Total funds brought forward 155,332 - 155,332 128,487 - 128,487
Total funds carried forward 89,532 - 89,532 155,332 - 155,332

The statement of Financial Activities includes all gains and losses in the year. All income and expenditure derive from continuing activities.

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The Global Return$ Prolert Umlted Balance Sheet at 31 Marrh 2023 Irtsrqlbl• •s%•ts 20.iX 1&161 157 516 173 196,041 173,677 128.7561 QToltty5: am•thits lalllry 77,212 144,921 155 332 G¢rrnl fw 89.532 155332 F¢y the year ended 31 March ?￿3, the Company entltled to exemptlon from audlt under Sertlon 477 Companles Art 2006. No member of the Company has depOS￿ed notlce. pursuant to Sertlon 476, requlrln8 an audit of these flnancSal statements under the requlrements of the Companies Art 2￿6. The Trustees acknowled8e thelr responslbllltles for ensurlng that the Company keeps accountlng records whlch comply wtth Sertlon 386 of the Act and for preparing flnanclal statements whlch glve a true and falr vlew of the state of affalrs of the Company as at the end of the flnanclal year and of Its profft OT10$5 for the flnandal year In accordance wlth the requlrements of Sections 394 and 395 and whlch otherwlse comply w6th the requlrements of the Companles Act 2(X)6 relatln8 to accounts, $0 far as appllcable to the Company. These flnanclal $￿ternents have tjeen prepared In accordance wlth the speclal provlslons relatln8 to small companies within Part IS of the Companles Art 21X)6. Approved by the Board of Trustees on 28 Aprll 2023 and slgned on Its behalf by.. J Judd Trustee The Global Returns Project Llmlted. A company limlted by guarantee. Company reiistration number 11882899. 21

Notes forming part of the Financial Statements for the year ended 31 March 2023

1. Accounting Policies

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year.

a) Basis of preparation policy

These accounts have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying FRS 102, the Companies Act 2006 and UK Generally Accepted Accounting Practice. In the Board’s opinion, there are no significant accounting estimates or areas of judgement in these financial statements.

b) Basis of accounting

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the Charity and rounded to the nearest pound.

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

c) Fund accounting

d) Income

All income is included in the statement of financial activities when the Charity is entitled to, and probable to receive, the income and the amount can be quantified with reasonable accuracy.

Income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the Charity, are recognised when the Charity becomes unconditionally entitled to the grant.

Donated services or facilities are recognised when the Charity has control over the item, conditions associated with the donated item have been met, the receipt of economic benefit from the use of the Charity of the item is probable and that economic benefit can be

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Notes forming part of the Financial Statements for the year ended 31 March 2023

measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised.

e) Expenditure

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates:

Intangible Assets

Intangible Assets comprise branding and website development costs that have been capitalised and are amortised on a straight line basis over their expected useful economic life of three years. Amortisation is charged from the point the asset is available for use. Half way through the year, the Charity launched a new website. As at the date of the relaunch, the remaining intangible asset associated with the previous website was written off. The associated entries are shown in Note 8. Three years is believed to be the expected useful economic life of the new website.

Debtors

Debtors are recognised at the settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

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Notes forming part of the Financial Statements for the year ended 31 March 2023

Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2. Income from donations and grants

Unrestricted
Funds
Restricted
Funds
TOTAL		 Unrestricted
Funds
Restricted
Funds
TOTAL
2023 2023 2023 2022 2022 2022
£ £ £ £ £ £
Individuals(includingGift Aid) 52,000 83,866 135,866 108,030 52,372 160,402
Foundations and trusts 42,000 35,300 77,300 27,022 35,300 62,322
Corporations - 61,535 61,535 - 66,168 66,168
Total 94,000 180,701 274,701 135,052 153,840 288,892

3. Costs of charitable activities

2023 2022
Notes £ £
Grants made 11 180,701 153,840
Salaries & Social securitycosts 5 96,958 76,544
Advertisingandpromotional costs 23,185 10,249
Website & IT costs 4,863 6,235
Governance costs 1,800 1,536
Transaction costs 1,395 1,980
Amortisation and write-down of intangible assets 11,611 6,941
Administrative costs 7,427 4,722
Total costs of charitable activities 327,940 262,047

Grants were made during the year to six not-for-profits as set out in Note 11.

4. Costs of raising funds

2023 2022
Notes £ £
Salaries & Social securitycosts 5 12,650 -
Total costs of raising funds 12,650 -

The Trustees, who are unpaid, have been largely responsible for fundraising during the period, although a proportion of the time spent by staff was also dedicated to these activities.

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Notes forming part of the Financial Statements for the year ended 31 March 2023

5. Net income for the period

2023 2022
£ £
This is stated after charging:
Independent examiner's remuneration 1,800 1,536
Salaries 97,125 68,146
Social securitycosts 10,131 6,760
Pension costs 2,352 1,638
Total staff costs 109,608 76,544
Staff costs are allocated as follows:
Charitable activities 96,958 76,544
Raisingfunds 12,650 -
Total 109,608 76,544

No employee received emoluments of more than £60,000.

The average number of employees during the year, calculated on both the bases of headcount and full time equivalents, was 3 within administration and support (2022 – 2). The Charity makes contributions to NEST, the government's workplace pension scheme, for all staff.

The Trustees were the key management personnel during the first half of the year. From 22 November 2022, they were joined by Jack Chellman, the Chief Project Officer. The total cost of employing key management personnel during the year was £16,152 (2022 – £NIL).

6. Trustee Remuneration and Related Party Transactions

No Trustees received any remuneration during the period. Costs, pricipally marketing expenses, amounting to £247 were reimbursed to one Trustee (2022 – £1,741; three).

Trustees donated £26,344 to the Charity during the period (2022 – £77,724).

Other than this, no Trustee or other person related to the Charity had any personal interest in any contract or transaction entered into by the Charity during the period.

7. Taxation

The Global Returns Project Limited is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

8. Intangible Assets

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Notes forming part of the Financial Statements for the year ended 31 March 2023

Branding and website Cost Amortisation Net book value
£ £ £
At 1 April 2022 20,822 10,411 At 31 March 2022 10,411
Additions duringtheyear 13,500 -
Written off duringtheyear (14,520) (9,680)
Charge for theyear - 6,771
At 31 March 2023 19,802 7,502 At 31 March 2023 12,300

9. Debtors

2023 2022
£ £
Donations receivable 8,880 -
Gift Aid receivable 11,310 16,161
Total 20,190 16,161

10. Creditors: amounts falling due within one year

2023 2022
£ £
Grantspayable 87,314 24,012
Taxation and social security 3,059 2,833
Accruals 5,675 1,911
Total 96,048 28,756

11. Movements in Funds

2023 Expenditure/ Expenditure/ 2023 2022 Expenditure/ Expenditure/ 2022
Restricted funds - charity partnergrants Opening **Income ** Grants made Closing Opening **Income ** Grants made Closing
£ £ £ £ £ £ £ £
Ashden - 22,889 (22,889) - - 20,377 (20,377) -
ClientEarth - 32,959 (32,959) - - 27,228 (27,228) -
Global Canopy - 32,448 (32,448) - - 26,626 (26,626) -
Rainforest Trust - 32,508 (32,508) - - 26,830 (26,830) -
Trillion Trees - 31,699 (31,699) - - 25,903 (25,903) -
Whale & Dolphin Conservation - 28,198 (28,198) - - 26,876 (26,876) -
Total - 180,701 (180,701) - - 153,840 (153,840) -
Unrestricted funds -general funds 155,332 94,089 (159,889) 89,532 128,487 135,052 (108,207) 155,332

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