Unlocking new philanthropy to deliver **urgent solutions** for our planet ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2026
Charity number 1186683. Registered in England and Wales. Company number 11882899.
## CONTENTS
**The Global Returns Project (GRP) unlocks new philanthropy to deliver urgent solutions for our planet.**
**4 Executive summary**
- **4** GRP in numbers
- **8** A record-breaking year
- **9** The path to £30 million annually for our charities
- **10** Our team
- **12** New trustees: Stefanie Pfeil and Sofia Blount
We help donors give any amount, fee-free, to a diverse portfolio of high-impact charities protecting our planet.
To scale our work, we help wealth advisers and trust administration professionals offer our portfolio to clients interested in philanthropy and sustainability. We act as pro bono, outsourced experts in environmental philanthropy.
Together, we’ve raised more than £3 million for our planet.
## **14 Part 1: Unlocking new philanthropy**
- **16** Planet Adviser Network
## **20 Part 2: Delivering urgent solutions**
- **22** Our methodology
- **23** Our charities
- **24** £1.6 million for urgent solutions
- **26** Mapping our charities’ impact around the world
## **34 Part 3: Building Community**
- **36** Events
- **38** Planet Leadership Circle
- **40** Ambassadors
## **42 Administration**
- **42** Legal, administrative and governance matters
## **48 Finance**
- **50** Auditors report
- **52** Financial statements
- **55** Notes forming part of the financial statements for the year ended 31 March 2026
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## EXECUTIVE SUMMARY GRP IN NUMBERS
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AMOUNT UNLOCKED (£) FOR THE PLANET BY FINANCIAL YEAR
Our costs (£)
Funding unlocked for our charities (£)
Year ended 31 March
Change in amount raised for
Total raised for our
our charities from FY25 to
£3 MILLION charities in FY26:
FY26:
total raised for our
charities to-date £1.6 MILLION
NEARLY X3
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£1 GRP CORE EXPENDITURE DELIVERS £X FOR OUR CHARITIES
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Fees charged GRP takes no fees or deductions from donations to our portfolio to donors of charities. While donors may elect to cover fees themselves, this support is optional. We raise our operating costs separately from £0 individuals, trusts, and foundations that believe in our increasing power to deliver a multiplier effect on their funding.
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RAINFORESTS
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## RESTORATION
## LAW
## MARKETS
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£355,000 £713,000
this year to date
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**To date:** saved 663k acres of rainforest, storing 165 million mT CO2e
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£259,000 £490,000
this year to date
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**To date:** 140k trees being grown to restore degraded ecosystems
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£256,000 £459,000
this year to date
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**This year:** helped fund an ambitious case to fight illegal fishing by European fleets in international waters
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£259,000 £474,000
this year to date
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£259,000 £403,000
this year to date
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OCEANS
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**This year:** Restored habitats in Greek fishing regions and fought destructive bottom-trawling in Scotland
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£253,000 (First year of support)
this year
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AGRICULTURE
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**This year:** Integrated regenerative practices in Kenya, improved pest management in Vietnam and trained farmers in Brazil
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HISTORIC
Impact included: identifying
WHALES
Important Marine Mammal Areas
(IMMAs) around the world
£202K
total
Impact included: funding last-mile
RENEWABLES
clean energy solutions in the global
south to reduce local emissions
£55K
total
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**This year:** helped publish data on 2,000 companies’ ties to tropical deforestation
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## A RECORDBREAKING YEAR
## **From our CEO:**
At the start of last year, the Global Returns Project set itself a test. Could we raise £1 million for our portfolio of charities in a single year? Could we prove that we are ready to unlock millions more for climate and nature solutions in the years ahead?
We also strengthened our Board with two new Trustees bringing expertise across sustainability, fundraising, strategy and governance. You can read more about Stefanie Pfeil and Sofia Blount on pages 12-13 of this report.
Our community rose to the challenge.
Along the way, we found ourselves returning to a simple phrase that captures the spirit of the Global Returns Project: _You Can_ .
In the 2025/26 financial year, the Global Returns Project raised £1.6 million for our portfolio of highimpact climate and nature charities. It was a recordbreaking year, with funding unlocked nearly tripling compared to the previous year. It also meant that, for every £1 spent on our operating costs, which are separately funded, we delivered nearly £7 to our charities.
With GRP, you can counter misinformation and prevent overfishing. You can reject greenwash and revive forests. You can transform finance and safeguard species.
With the Global Returns Project, you can do all this and more. In a world where too many are retreating from our most pressing challenges, _we can_ step up – together.
These successes mean we have now raised more than £3 million for our portfolio to-date. And we are just getting started.
Thank you for being part of this growing community, and for helping show what is possible when people come together to act for our planet.
We had a remarkable year. But more importantly, _**we**_ had a remarkable year. You and I – and everyone else reading our Annual Report. Every donor and scientist, strategist and speaker that is accomplishing big things for our planet via this ambitious little organisation.
I’m delighted to say we have expanded that community of supporters and collaborators in exciting ways. In November, we were honoured to host a private event with the Rt Hon Rory Stewart OBE at the beautiful Leathersellers’ Hall. In March, our Advisory Board member Lord Zac Goldsmith welcomed us to the House of Lords for another memorable evening, featuring a guest appearance by the renegade economist Kate Raworth. And our campaign for our charities received an exciting endorsement from legendary singersongwriter James Blunt.
**Jack Chellman**
CEO
## THE PATH TO £30 MILLION ANNUALLY FOR OUR CHARITIES
## **From our Chair:**
Less than 2% of global philanthropic giving goes to climate mitigation. At a time when the climate and nature crisis grows more urgent by the day, that figure should make us reflect on our priorities.
to deliver meaningful impacts while positioning itself as an increasingly important force in environmental philanthropy. Our ambition is bold: to support measurable progress towards planetary recovery and raise at least £30 million annually for our portfolio of high-impact charities by the end of this Decisive Decade.
In the midst of global uncertainty, political backtracking and misinformation around climate and nature, philanthropy remains one of the fastest and most effective ways to deliver real impact for our planet. It can protect rainforests, strengthen environmental law, accelerate regenerative agriculture and support countless other urgent solutions already making a difference around the world.
To achieve that ambition, we now need to grow our capacity. GRP’s small team has already delivered extraordinary impact in its early years, but there is so much more we could achieve with greater support. We are currently seeking funding for our operating costs to strengthen and expand the team – enabling us to build more innovative partnerships, deepen our work with wealth advisers, grow our donor stewardship and events programme, and continue expanding the range of high-impact charities supported through our model.
Much of the effort to grow climate philanthropy focuses, understandably, on billionaires and the ultrawealthy. That work matters enormously. But there is also huge untapped potential beyond the ultra-highnet-worth.
Thank you for supporting the Global Returns Project and our mission to unlock new philanthropy for our planet. If you, your company or your foundation would like to help us scale this work further, we would be delighted to hear from you.
In the UK alone, individuals hold nearly £2 trillion in investable assets. Many people care deeply about the future of our planet and want to contribute towards solutions. Yet too often, they are held back by uncertainty about where to give, who to trust, and how to make their contribution meaningful.
That is where the Global Returns Project (GRP) plays such an important role. By democratising access to high-quality environmental philanthropy advice, GRP enables anyone to support outstanding climate and nature charities with confidence – whatever the size of their donation. In doing so, we are not only unlocking funding for urgent solutions, but also helping more people feel empowered to take action for the planet in their own lives and communities.
I have been delighted to see the Global Returns Project continue to exceed expectations over the past year
**Jo Bacon**
Board Chair
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## OUR TEAM
## CORE TEAM
**Jack Chellman Georgie Murrin Kiki Shahida** CEO Chief PartnerImpact Officer ships Officer
## TRUSTEES AND BOARD ADVISORS
**Sofia Blount**
**Jasper Judd** Co-Founder
**Jo Bacon** Board Chair
**Camilla Swiderska**
**Yan Swiderski** Co-Founder
**Daniel Appiah** Board Advisor
## SELECTED AMBASSADORS
**Prof Tim Lenton Ian Ritchie OBE** Expertise: built Expertise: climate environment tipping points
**Sarah Goose** Expertise: responsible investment
**Stefanie Pfeil**
**George King IV** Expertise: wealth management
## **Core team responsibilities**
- z Day-to-day operations, partnership building
- z Long-term strategy
- z Supporting portfolio selection/ assessment
## **Trustees responsibilities**
- z Charity governance
- z Strategic advice for core team
- z Overseeing portfolio selection/ assessment alongside Technical Advisory Board
## **Ambassador responsibilities**
- z Expert insight and guidance
- z Network introductions
- z Advocacy for GRP
## ADVISORY BOARD
**Prof Mike Lord Zac Adam Lury Berners-Lee Goldsmith** Expertise: Expertise: Expertise: strategy sustainability nature and philanthropy
**Adam Lury**
**Cath Dovey CBE** Expertise: UK philanthropy
**Dr Surabi**
**Prof Chris**
**Dr Claudia**
**Menon Rapley CBE Schneider** Expertise: Expertise: Expertise: charity climate behavioural selection science science
## TECHNICAL ADVISORY BOARD
**Prof Rosalind Rickaby FRS**
**Prof Joanna Haigh CBE FRS** (Chair) Expertise: atmosphere
**Prof**
## **Dr Mamta Mehra**
**Yadvinder**
**Malhi CBE FRS**
**Malhi CBE FRS** Expertise: Expertise: Expertise: land use oceans biosphere
**Doree Marentette** Expertise: climate charity assessment
## **Advisory Board responsibilities**
- z Advocacy for GRP
- z Events including speaking and/or hosting roles
- z Strategic advice for core team
**Technical Advisory Board responsibilities**
- z Overseeing portfolio due diligence and selection/ assessment, alongside Trustees
- z Events including speaking and/or hosting roles
- z Determine key sectors for portfolio expansion
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WELCOMING
NEW TRUSTEES
To accelerate our momentum, we are delighted to
welcome two new Trustees with significant experience
in fundraising, sustainability, governance and strategy.
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## STEFANIE PFEIL
Stefanie Pfeil is the founder of Give Rise Consulting, where she works with climate organisations on fundraising strategy, philanthropy, and organisational development. She brings twenty years of experience leading development, communications, and external affairs teams across the international NGO sector, including at ClientEarth, Farm Africa, the International Rescue Committee (UK) and War on Want.
_“Less than 2% of global philanthropic giving goes to climate – and closing that gap has driven most of my career. I’m joining the Global Returns Project because I think making effective climate and nature giving accessible to anyone, not just institutions, is one of the most important things we can do right now.”_
## SOFIA BLOUNT
Sofia Blount brings over a decade of leadership experience at the intersection of conservation, law and policy. As a Trustee of Blue Marine Foundation for eight years, she played a central role in guiding the organisation’s growth from an early-stage charity to a leading international NGO. She is currently Strategic and Policy Advisor to the Coral Research & Development Accelerator Platform (CORDAP), and a consultant at Kanaloa, an organisation which deploys capital, expertise and influence across science, law and policy to drive enforceable ocean protection and ecological recovery. Previously, as a co-founder and director of Omnia Strategy LLP, she led complex international projects on biodiversity protection and legal reform.
_“From the reefs to the rainforests, nature cannot wait. The environmental crisis can often feel overwhelming, but I have seen firsthand how strategic funding, science-led conservation and committed leadership can restore ecosystems and create lasting change. Joining the Global Returns Project’s board will allow me to help direct resources towards ambitious and credible projects that protect our ocean and natural world, whilst also engaging audiences to see that environmental recovery is not just possible, but essential.”_
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PART 1 UNLOCKING
NEW PHILANTHROPY
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## **From our Chief Partnerships Officer:**
Unlocking new philanthropy means helping more capital flow to the world’s most impactful opportunities. But capital alone isn’t enough – it needs a clear pathway.
to become experts themselves. Clients get access to a curated, rigorously researched portfolio of climate and nature charities, with 100% of every donation reaching the causes they care about. Advisers get a trusted partner they can rely on.
For a growing number of our donors, that pathway runs through their wealth adviser or financial planner. Research consistently shows that the vast majority of high-net-worth clients want their adviser to raise philanthropy proactively, and yet only around a third say their adviser actually does. That gap isn’t a lack of generosity. It’s a lack of infrastructure.
The testimonials in this report speak for themselves. Advisers from Rathbones Greenbank, Evelyn Partners, Attivo, and Spend Time describe how GRP fits naturally into the values-led conversations they’re already having and how it has often led directly to significant donations being made. These are the beginning of longer-term relationships between clients, advisers, and the causes they want to support.
Advisers are well-placed to have these conversations. They already understand their clients’ values, their long-term plans, and their capacity to give. What they often lack is the specialist knowledge and practical support to bring philanthropy into the room with confidence and to know that what they’re recommending is genuinely high-impact.
In the months ahead, we’re taking that work further with the launch of the Planet Adviser Network – a free professional community for financial services professionals who want to integrate philanthropy and sustainability into their practice. It’s early days, but it represents something important: a growing recognition, across wealth management and financial planning, that philanthropy belongs in the conversation.
That’s where the Global Returns Project (GRP) comes in. Acting as pro bono, outsourced experts in environmental philanthropy, we equip advisers with the tools, evidence, and direct support to turn philanthropic ambition into meaningful action, without them needing
There is still so much more to unlock.
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Georgie Murrin
Chief Partnerships Officer
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_**“I have been especially impressed by the thought and care that GRP bring to their communications with our clients — navigating complexity and nuance with consistent professionalism, sensitivity and kindness.”**_
_“The Global Returns Project were kind enough to welcome a number of our clients to their events over the past year, leading to excellent engagement and meaningful donations. Thoughtful, impactful and measurable philanthropic initiatives can strongly complement the investment portfolios of clients who prioritise sustainable considerations.”_
## **John Dolan**
Associate Director Portfolio Management, Evelyn Partners
**Cath Dovey CBE** Advisory Board Member, Global Returns Project
Philanthropy has enormous untapped potential within the UK’s wealth and financial advice sectors. The role of wealth advisers is to help clients make good financial decisions – yet for various reasons charitable giving is often left out of advisory conversations. A growing number of advisers are realising that this isn’t serving their clients well. They are seeking practical support to help them to integrate philanthropy and sustainability into client conversations.
Through its work with financial advisory firms offering clients access to a curated portfolio of climate and nature charities, the Global Returns Project has established a network of advisers who want to include philanthropy in their advisory practice. Building on this experience, GRP has agreed to host a professional network for advisers, planners, private client teams and fiduciary professionals supported by expert webinars, monthly updates and insights. As a community of practice, the Planet Adviser Network will offer a free resource to advisers who recognise philanthropy is part of their clients’ financial decision-making and want to support that activity with confidence.
## WHAT IS THE PLANET ADVISER NETWORK?
**We are delighted to be rolling out a new, free network for any financial services professionals with a client relationship – from family offices to private client teams, wealth managers, fiduciary teams and financial planners. The Planet Adviser Network (PAN) will offer:**
Brief lunch and learn Concise knowledgeRegular networking webinars quarterly sharing monthly opportunities
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## PLANET ADVISER TESTIMONIALS
_**“For this client who is drawn to what she calls ’nature’ charities, Global Returns Project were able to build trust with her quickly.”**_
_“I explained that this client is a decisive person who doesn’t require handholding, and this was listened to, with no further input requested from me before she was supported to make a meaningful donation. This shows the importance of bringing in philanthropy professionals, who understand the needs of clients and their advisers and can present the evidence and offer solutions. Raising awareness is useful, but donations really bring about change._
_Once we’ve helped clients to ensure that their own futures are secure, helping them to make a positive impact is the most important and enjoyable aspect of my role as their financial planner.”_
## **Jordan Vincent**
Chartered Associate Financial Planner, Spend Time
_**“GRP resonates strongly with clients because it offers a clear, transparent, and credible way to give.”**_
_“It fits naturally within financial planning, enabling giving to be discussed in a structured, values led way rather than as an afterthought. GRP particularly appeals to thoughtful, impact driven individuals and often serves as an early stepping stone towards more considered, long term approaches to charitable giving._
_This has been evident in my experience with two long-standing clients who are highly values driven and motivated to make a positive contribution, but lack the time or specialist expertise to assess and deploy capital in the most effective way themselves. They were particularly impressed by GRP’s focused, evidence-based approach, the clarity around charity selection, and the ongoing engagement with supported organisations. As a result, they are continuing to deepen their understanding of GRP’s work and see this as the beginning of a longer term relationship, with the intention of contributing more meaningfully over time.”_
## **Sebastian Field**
Chartered Financial Planner, Attivo
_**“[The Global Returns Project] provides a simple and transparent approach for clients to proactively support climate action across their wealth and long-term financial plans to really make a difference.”**_
_“While my role is to manage a client’s investments in line with their values and sustainability objectives, this sits alongside discussions with the client and their financial adviser regarding philanthropy. The Global Returns Project allows us to help clients who are really focused on climate and nature action and want to gift money to charities with measurable impact._
_Over the last few months I have introduced GRP to a few clients who have a strong focus on climate change and environmental impact, and invited them to a GRP event. The commitment, passion and climate focus of the event really resonated with the clients giving them lots to think about. Ultimately it resulted in significant donations being made by these clients and it was fantastic to see how we can work together across wealth management and philanthropy.”_
## **Corinne Bathgate**
Senior Investment Director, Rathbones Greenbank
## _**“The work that GRP does resonates strongly with our clients...”**_
_“The work that GRP does resonates strongly with our clients who invest with us to ensure that their investments are aligned to their values and for long term sustainability and donate any excess funds to the GRP, having confidence they are donating to causes that are also contributing to the long term sustainability of the planet.”_
## **David Nicholsby**
Investment Director, Rathbones Greenbank
## JOIN TODAY:
On LinkedIn: **tinyurl.com/ PlanetAdviser** Or by getting in touch: **info@ globalreturnsproject.earth**
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## **From our Technical Advisory Board:**
The challenges facing our planet are becoming ever more urgent. But we still have an opportunity to act.
agriculture in the landscapes surrounding Mount Kenya, our portfolio supports organisations whose work is scientifically grounded and rigorously evaluated.
At the Global Returns Project, we know philanthropy plays a critical role in unlocking high-impact, evidenceled solutions for climate and nature. By identifying and supporting the most effective interventions, we can help accelerate meaningful change at a global scale.
As GRP delivers more funding to our portfolio, we can also explore a wider range of solutions. This year, following extensive research overseen by the Due Diligence Committee, we identified systemic solutions to the global plastics crisis as a key philanthropic intervention area. In the coming months, we hope to welcome a seventh organisation to our portfolio delivering real, global impact in this critical space.
Over the past year, GRP’s community raised more than £1.6 million for high-impact charities working across some of the world’s most pressing environmental challenges. From protecting marine ecosystems along Brazil’s Atlantic coast to advancing regenerative
**Prof Joanna Haigh CBE FRS** (Chair) Expertise: atmosphere
**Prof Yadvinder Malhi CBE FRS Dr Mamta Mehra** Expertise: biosphere Expertise: land use
**Prof Rosalind Rickaby FRS** Expertise: oceans
**Doree Marentette** Expertise: climate charity assessment
highlights the wider achievements of our partner charities. We frame our public reporting in this way deliberately, to illustrate the global reach and diversity of projects GRP donors have access to via our model. All contribute to
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## OUR METHODOLOGY
**Drawing on our Technical Advisory Board of experts in climate, nature, and non-profit assessment, we have developed a proprietary methodology for curating high-impact climate and nature charities.**
scalability, networks and co-benefits. Only the highest scoring charity per sector is admitted to our portfolio – and we rescore them all, every six months.
When adding to our portfolio, charities must pass a series of governance and sizing gates to ensure their status as effective, low-risk and global organisations. We then score organisations according to impact,
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All climate and nature
ALL charities globally
+20,000 charities
screened to-date
THOUSANDS Evaluated by annual revenue, number of employees,
years in operation, charitable status, etc.
Best charities scored with
proprietary methodology
Assessed by impact, scalability, networks, co-benefits
HUNDREDS
Further due diligence on operations, audited financial
statements, governance policy documents, impact reports, etc.
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**Highest-scoring charities in six** SIX **sectors selected for GRP’s portfolio** Re-scored every six months Replaced if we identify stronger-performing charities Estimated 1-2 charities added annually
## OUR CHARITIES
**The charities in our portfolio are active all over the world – holding polluters to account in court, establishing marine protected areas, accelerating regenerative agriculture, and more. A standard donation gets split equally between our six organisations.**
Blue Marine Foundation is a global marine conservation charity that seeks to protect and restore life in the ocean.
ClientEarth uses the law to protect life on earth and to build a future in which people and planet thrive together.
Rainforest Alliance’s regenerative agriculture work restores ecosystems, strengthens rural livelihoods and builds climate resilience.
Global Canopy targets the market forces destroying nature.
Rainforest Trust protects critical tropical habitats all over the world, safeguarding billions of tonnes of CO2 equivalents.
Trillion Trees, a partnership between BirdLife International and WWF, restores forests for people, nature and the climate.
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## £1.6 MILLION FOR URGENT SOLUTIONS
**Each year, we set a goal for how much funding we can raise and deliver to our portfolio of charities before the 31st of March. We were thrilled to smash our 2025/2026 goal of £1 million, delivering £1.6 million to urgent solutions.**
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£2m
Over half a million
raised above our target
£1.5m
£1m
“This is James Blunt, asking you to get involved
for the Global Returns Project: a UK-based charity
raising over a million pounds by the 31st of March
2026 for six incredible environmental charities. If
you can, where you can, please get involved.
James Blunt
£0.5m
Legendary singer-songwriter
Target Total raised
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**Rainforest Trust —** protected 295,456 acres of critical rainforest across Peru and the Democratic Republic of Congo
**Trillion Trees –** restored 69,667 trees in vital ecosystems
**ClientEarth –** accelerated legal action against serious polluters
**Global Canopy –** helped reveal hundreds of companies’ links to deforestation
**Blue Marine –** fought against bottom trawling in Scottish waters and supported restoration of Greek marine habitats
**Rainforest Alliance –** supported farmers in Mt Kenya to adopt regenerative practices through community education
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## SPOTLIGHT ON: AMERICAS
## **Climate risk recognised as a financial risk in the United States**
**ClientEarth** Americas is taking legal action against a major American commercial real estate company, arguing it failed to protect workers’ retirement savings from material climate-related financial risks. The case signals to the financial industry that fiduciaries cannot ignore the economic reality of climate change without facing liability. If successful, the case could set an important precedent, forcing a fundamental shift in how risk is managed across the entire $12 trillion US retirement market.
## **16,000+**
km[2] of sea protected through Brazil’s largest MPA with **Blue Marine Foundation**
## **Advancing regenerative agriculture standards in Nicaragua**
La Cumplida farm in Nicaragua was **Rainforest Alliance** -certified 20 years ago. Building on existing standards, La Cumplida went further in restoring soil health, enhancing biodiversity and strengthening climate resilience – and became the first farm to achieve Rainforest Alliance’s Regenerative Certification. This farm offers a practical example of Rainforest Alliance’s ambition to move agriculture beyond sustainability towards regeneration, worldwide.
## **Community-led action to protect marine life in St Vincent and the Grenadines**
**Blue Marine** has spent four years collaborating with partners, fishers, government and local communities in St Vincent and the Grenadines. Building on 80 underwater surveys and extensive species research, fishers have introduced closed seasons and protected nursery areas, while young people are being trained to monitor marine life. In a landmark step, local whalers also agreed to stop hunting orcas, leading to new legal protections and a stronger, community-led approach to ocean conservation.
Image © Rainforest Alliance
## **Expanding conserved areas in Panama**
## **Restoration across the Atlantic Forest in Argentina**
In Argentina’s Atlantic Forest, one of the world’s most biodiverse and threatened ecosystems, **Trillion Trees** have planted 71,800 native trees across 250 hectares. This restoration connects fragmented habitats, strengthens agroforestry systems and supports local communities. Trillion Trees partner BirdLife International has worked in the region for over 30 years, contributing to the protection and recovery of this vital forest, which plays a critical role in safeguarding biodiversity and sustaining livelihoods.
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Image © Aves Argentina via Trillion Trees
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In October 2025, **Rainforest Trust** committed $3 million to support nature conservation in Panama, working closely with the Panamá Natural Fund and local partners. The funding will reinforce privately protected lands, support the creation of new conservation areas and help grow existing ones, with decisions shaped by communities, environmental groups and private sector stakeholders. By aligning with national conservation priorities, this initiative aims to safeguard biodiversity while delivering long-term socio-environmental benefits.
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Image © Rainforest Trust
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## **364,823**
acres of forest and wetlands in Central and South America protected by GRP donors through **Rainforest Trust**
## **The first nature-risk assessment for one of the largest banks in Colombia**
A new case study shows how ENCORE, a tool developed by **Global Canopy** , UNEP FI and ~~UNEP-WCMC~~ , supported Colombia’s Banco Davivienda to carry out its first-ever nature-risk assessment. Using ENCORE, the bank gained a better understanding of how its financial portfolio depends on and impacts nature, enabling it to better integrate nature into decision-making. By equipping financial institutions with the insights they need to tackle nature-related risks, ENCORE drives sustainable decision-making, which is vital for addressing nature loss.
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## SPOTLIGHT ON: EUROPE AND MIDDLE EAST
## **Connecting sustainable producers with global markets in the United Kingdom**
## **Addressing deforestation drivers in the United Kingdom**
Earlier this year, **Rainforest Alliance** co-hosted a London event featuring Peru’s Ambassador to strengthen market access for sustainably produced Peruvian superfoods. This event, coorganised by the UK PACT programme (Partnering for Accelerated Climate Transitions) and the Amazon Regional Fund, aimed to increase access to products that support sustainable livelihoods and forest conservation.
**Global Canopy** , alongside partners in the NGO Forest Coalition, responded to the UK Government’s consultation on Responsible Business Conduct, calling for clearer legislation to address the UK’s role in driving global deforestation. The response highlights the need for robust due diligence, to ensure that businesses are held accountable for environmental impacts across their supply chains.
## **13**
legal actions on bottom trawling or greenwashing by **ClientEarth** across Europe
## **Accountability for environmental damages in Bulgaria**
**ClientEarth** won a landmark case at the European Court of Human Rights, which found that Bulgaria had violated a citizen’s rights by failing to prevent illegal coal mining beneath her home. The ruling confirms that governments can be held accountable when they do not protect people from environmental harm caused by private actors, strengthening legal pathways to challenge inaction and protect both communities and the environment.
## **Support for foundational climate law in Turkey**
## **Ambitious marine protection commitments in Jersey**
Following years of research, advocacy and community engagement led by **Blue Marine** , Jersey’s government committed to protecting 21.7% of its waters this year, rising to 23.6% by 2030, with all protected areas closed to mobile gear fishing. The decision safeguards biodiverse habitats including kelp forests and seagrass, and strengthens momentum across the Channel Islands to make progress towards 30x30 targets.
**ClientEarth** supported the Turkish government to develop and pass its first legally binding framework to implement the Paris Agreement. The new law establishes a foundation for reducing emissions and adapting to climate change, while creating pathways for future climate litigation. As Turkey strengthens its climate policy, this marks an important step towards greater accountability in climate action.
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## SPOTLIGHT ON: ASIA AND OCEANIA
## **Banning drifting Fish Aggregating Devices (FADs) in the Indian Ocean**
Drifting FADs significantly increase the bycatch of sharks, rays and turtles, pollute marine habitats, contribute to the capture of millions of juvenile tuna, and undermine fish stocks. **Blue Marine** and partners achieved a landmark victory for Indian Ocean conservation by challenging the European Commission for unlawfully blocking an important fisheries management measure to protect these tropical tuna stocks from drifting FADs – an important step forward for ocean governance.
## **Protection of key species in Laos**
In Laos, **Rainforest Trust** ’s local partner has confirmed the presence of several key species in Xe Sap National Park, a protected area established with support from Global Returns Project donors. Ongoing patrols, camera trapping and ranger training are helping to strengthen protection of this biodiverse forest in the Annamite mountains, supporting the long-term conservation of its wildlife.
## **Strengthening climate governance in China**
Since 2016, **ClientEarth** has supported the drafting of 16 environmental laws and regulations in China and trained over 1500 judges and prosecutors on litigation for the environment. Last year, ClientEarth provided legal expertise on how China could improve its Emissions Trading Scheme, helping the world’s largest emitter reduce pollution faster.
Image © Toby Matthews via Blue Marine
## **Integrated Pest Management (IPM) in Vietnam**
## **Seagrass meadow protection increasing in the Maldives**
Since 2019, **Blue Marine** has been championing the Seagrass Industry Leaders Project, which promotes the ecological value of seagrass meadows to resorts and communities. In the past six months, the total number of resorts pledging protection increased to 20 – a significant milestone considering the opportunities for sustainable tourism across these islands.
**Rainforest Alliance** is working with partners in Vietnam to promote IPM, an approach that reduces reliance on pesticides by using natural methods to control pests and diseases. By evaluating current pesticide use, addressing barriers and training farmers, the initiative supports a shift towards more sustainable agriculture, in line with the country’s environmental commitments.
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968
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trees planted in Indonesia by **Trillion Trees** in the last six months
Image © the Ocean Agency via Blue Marine
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## SPOTLIGHT ON: AFRICA
## **Agroforestry benefits in Uganda**
## **840**
In Uganda, **Trillion Trees** is working with communities to plant 4,053 agroforestry trees around the outside of Bwindi Impenetrable National Park, a key habitat for endangered mountain gorillas. The initiative supports local livelihoods, reduces pressure on the forest by providing alternative sources of fuel, food and income, and helps protect biodiversity in the park.
threatened and endangered species are protected within **Rainforest Trust** projects in Africa
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Image © WWF, Trillion Trees
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## **Monitoring and protecting whale sharks in São Tomé and Príncipe**
In São Tomé and Príncipe, **Blue Marine’s** efforts to monitor and protect whale sharks are strengthening national conservation capacity and informing policy. Data collected with local partners have supported the inclusion of whale sharks as a protected species in draft marine and fisheries legislation. Community outreach has reached over 3,000 fishers, while tagging and monitoring programmes have recorded more than 80 sightings of whale sharks and over 100 observations of other sharks, improving understanding of these vulnerable species.
## **Improving forest governance in Gabon**
In Gabon, **ClientEarth** is working with partners to develop accessible forest management materials to help support sustainable forestry. Last year, ClientEarth published and distributed a guide that raises awareness among local communities on the concepts and tools of managing Community Forests – thereby supporting more equitable and sustainable forest governance.
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Image © Cedric Ndong
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## **Effective restoration in Tanzania**
In the Usambara Mountains of Tanzania, 125,265 trees are being monitored by **Trillion Trees** to ensure restoration sites are flourishing. These forests are home to much of the country’s biodiversity and are critical for water supply, but are threatened by land clearing for agriculture. Through a partnership between WWF Tanzania and local partners, including eight primary schools, this forest restoration project considers the importance of education and advocacy alongside long-term project maintenance.
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Image © WWF via Trillion Trees
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## **Protection of forests and wildlife in the Democratic Republic of Congo**
In the Democratic Republic of Congo, **Rainforest Trust** is supporting the protection of 740,000 acres of lowland forest through the establishment of 13 Community Forest Concessions. By securing land tenure and management rights for Indigenous Peoples and local communities, the initiative helps safeguard critical habitat for endangered species including bonobos, giant ground pangolins and golden-bellied mangabeys, while strengthening long-term forest stewardship.
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PART 3
BUILDING
COMMUNITY
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## **From our Impact Officer:**
Community and coalition-building sit at the heart of the Global Returns Project’s work. While our mission is focused on directing as much funding as we can towards the world’s most effective climate and nature charities, we know that lasting change also depends on the relationships, conversations and networks that help new ideas spread and new supporters get involved.
Our Ambassadors programme has also continued to grow, extending the reach of GRP through the enthusiasm, expertise and networks of our supporters. Every introduction, recommendation and conversation helps more people discover the role they can play in funding high-impact climate and nature solutions.
Taken together, these initiatives reflect something we are seeing across our community: growing interest in climate and nature philanthropy, and a shared determination to help it reach its full potential. We are grateful to everyone who has contributed to that momentum this year and excited about the opportunities ahead.
This year, our events programme continued to bring together supporters and leading voices from across climate, nature and philanthropy. These gatherings create space for learning, discussion and connection, helping to build momentum behind the solutions our planet urgently needs.
We are delighted to be launching the Planet Leadership Circle in the coming months, creating new opportunities for some of our most committed supporters to engage with the scientists and leaders shaping the future of climate and nature action.
**Kiki Shahida** Impact Officer
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## EVENTS
**We host in-person events so that prospective and existing supporters can meet our charities, chat with each other, and learn more from leading voices in climate and nature. These events bring incredible momentum to our work.**
Rory Stewart praised the Global Returns Project’s charity partners as
“...UNBELIEVABLY WELL-FOCUSED AND EFFECTIVE ORGANISATIONS THAT REALLY KNOW HOW TO ACHIEVE CHANGE.”
## NOVEMBER 2025 POLITICS, PROGRESS AND THE PLANET WITH RORY STEWART
In November, we hosted an exciting event at the Leathersellers’ Hall, bringing together top voices in policy (the Rt Hon Rory Stewart OBE), philanthropy (ClientEarth CEO Laura Clarke and Blue Marine CEO Clare Brook) and environmental action (GRP Ambassador Professor Tim Lenton OBE). Together, these leaders discussed the urgency of coordinated action across not only environmental but also political and economic systems, highlighting the role individuals can play, through philanthropy, in backing high-impact solutions.
## MARCH 2026 AFTERNOON TEA: THE SOUNDS OF A PLANET WORTH PROTECTING
In March, we hosted a high tea at the House of Lords, an incredible venue for our supporters to experience the natural world through sound. This immersive event brought guests on an audio-journey through sound recordings by George Vlad, featuring audio like the movement of Icelandic glaciers and rain falling in the Namib desert in Namibia. The afternoon concluded with a reflection from world-renowned economist Kate Raworth, who discussed the importance of aligning human wellbeing and planetary limits.
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## PLANET LEADERSHIP CIRCLE
## **Professor Yadvinder Malhi CBE FRS**
Professor of Ecosystem Science, University of Oxford / Technical Advisory Board Member, Global Returns Project
As a Professor of Ecosystem Science at the University of Oxford, I’ve spent much of my career studying the world’s great living systems, from tropical forests to coral reefs, and the role they play in stabilising our climate. I also serve on the Global Returns Project’s Due Diligence Committee, helping oversee the selection of the charity portfolio supported by GRP donors.
What excites me about the Planet Leadership Circle is the opportunity to build a thoughtful community around this work. Strategic philanthropy has a vital role to play in accelerating climate and nature solutions, and the individuals supporting GRP are helping make that possible.
Over time, the Circle will offer opportunities to come together, hear from leading voices, and engage more deeply with the ideas, science and solutions shaping our collective future. I’m very much looking forward to helping develop this new programme and meeting many of the people making it possible.
## WHAT IS THE PLANET LEADERSHIP CIRCLE?
Over the coming year, the Global Returns Project will begin rolling out programming for the Planet Leadership Circle, a new community for some of GRP’s most committed supporters. Our intention is for the Circle to include an annual in-person gathering, annual virtual programming, more personalised impact reporting, and semi-annual reflections from Professor Yadvinder Malhi CBE FRS on the state of our planet and the solutions helping protect it. Developed in collaboration with Professor Malhi, the Circle will bring together individuals helping fund urgent, science-led climate and nature solutions through the Global Returns Project.
## JOIN TODAY:
We’re delighted to offer this community for our most committed supporters. Contact us to learn more: **info@globalreturnsproject. earth**
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## AMBASSADORS
We launched the Ambassadors programme last year because we know we can’t scale this work alone. Ambassadors are a vital part of helping us grow our impact, reach new audiences, and unlock more support for urgent climate and nature solutions.
As an Ambassador, you can help by:
- z Introducing new people and organisations to GRP
- z Sharing our work in your networks
- z Supporting or speaking at our events
So far, we have grown our Ambassador network to 15. We’re building a group of Ambassadors that reflects all parts of our community. That includes wealth managers, financial planners, fund managers, business leaders, experts in the built environment, scientists and anyone else who cares about our planet.
z Offering your ideas and expertise to help us grow
If you’d like to join our Ambassador programme or know someone that would, we’d love to have you!
Our Ambassador programme is about engaging further with individuals already within our networks, to help us build broader connections across all sectors we’re working on. In return for their help, they get to play an active role in an ambitious, fast-growing movement!
## JOIN TODAY:
Get in touch: **info@globalreturnsproject.earth**
_“We have a stronger role to play now to come together and amplify each other’s actions to start the change we need. And actually, history teaches that whenever you’ve had truly profound social change... it starts with a small group of social activists.”_ **Professor Tim Lenton OBE** (Pictured speaking at a Global Returns Project event)
## WHAT DO AMBASSADORS DO
Share GRP’s work
Make introductions
## WHO ARE OUR AMBASSADORS
**Professor Tim Lenton OBE**
**Ian Ritchie CBE**
**Sarah Goose**
**Rebecca Jenks**
**Richard Gillham**
**James Peel**
**Scarlett Irons**
**Tom Storey**
**Stuart Mitchell**
**Oliver Tapper**
**Luca Smith**
Offer ideas and support
**George King IV**
**Phoebe Wright**
**Neil Hoad**
**Philip Watkins**
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## ADMINISTRATION
## LEGAL, ADMINISTRATIVE AND GOVERNANCE MATTERS
## **Reference and Administrative Information**
**Charity Name:** The Global Returns Project Limited
**Charity registration number:** 1186683
**Company registration number:** 11882899
**Registered Office:** Room 424, Linen Hall 162-168 Regent Street London W1B 5TE
## **Board of Trustees**
J Bacon (Chair)
S Blount (appointed 21 Apr 2026)
M Jennings (resigned 21 Nov 2025)
J Judd (Treasurer)
S Pfeil (appointed 16 Apr 2026)
C Swiderska
Y Swiderski
L Vicars (resigned 9 Feb 2026)
## **Secretary**
J Judd
## **Auditor**
A C Mole LLP, Chartered Accountants and Statutory Auditors, Stafford house, Blackbrook, Taunton TA1 2PX
## **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
United Trust Bank Ltd, 1 Ropemaker St, City of London, London EC2Y 9AW
## **Solicitors**
Brown Rudnick LLP, 8 Clifford Street, London W1S 2LQ
Withersworldwide, 20 Old Bailey, London EC4M 7AN
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## **Trustees’ confirmation**
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 the year ended 31 March 2026. 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:
(1) 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;
(2) 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; and
(3) To promote such other complementary charitable purposes as the trustees may from time to time determine.
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**
With regard to our first charitable object, we have investigated a large number of charitable organisations focused on combatting climate change and global biodiversity loss. 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.
See pages 20-33 for a report on the activities of the portfolio of charities we’ve selected based on
our methodology. See pages 14-19 for information on our efforts to unlock new philanthropic giving for these charities from individuals and businesses.
With regard to our second charitable object, our website, newsletter, social media accounts and in-person events provide valuable information to a growing audience in pursuit of this objective. See pages 36-37 for a report on our events over the past year.
## **Our own emissions**
The Charity operates from small office premises in central London. Our greenhouse gas emissions principally arise from these premises and a small amount of travel. We estimate our own Scope 1 emissions as 0.05 tonnes CO2e, Scope 2 as 0.07 tonnes CO2e, and Scope 3 as 1.71 tonnes CO2e. We believe our significant fundraising for high-impact climate and nature charities, without taking fees or deductions, more than accounts for these minimal emissions.
## **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 52-55.
Total income for our portfolio of charities (“restricted donations”) totalled £1,644,236 (2025: £586,023). This exactly equalled grants made to the portfolio of £1,644,236 (2025: £586,023), reflecting the fact that we raise funds separately to cover core costs including all transaction costs associated with donations.
Donations to cover our core costs (“unrestricted donations”), which are raised separately, plus interest received, totalled £221,303 (2025: £170,098). Expenditure on core costs was £239,009 (2025:£209,907).
See Notes 3 & 4 to the accounts for more details.
## **Fundraising**
All core 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:
Reed Foundation: £18,750
Anonymous individual philanthropist: £25,000
WFH Foundation: £50,000
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/.
identify organisations that are most effective in the mitigation of climate change and protecting biodiversity.
Applicants for grants have to here: https://globalreturnsproject. undergo a due diligence process in earth/privacy-policy/. which they are assessed on a range The Charity manages its own of factors, including impact, size, fundraising activities and does not scalability, governance, co-benefits employ the services of professional and their networks. They must also fundraisers. Staff members spend provide detailed financial, legal and between 0 and 20% of time on administrative information. fundraising. In total, the current Successful applicants must commit (at time of reporting) team of fullto a monitoring and reporting time staff spends approximately regime to show that funds have 14% of time on fundraising. The been used for the purpose for which Charity undertakes to react to they have been awarded and in and investigate any complaints accordance with the terms of the regarding the fundraising activities grant. and to learn from them and improve its service. During the period, the **Reserves Policy** Charity received no complaints The Trustees have considered the about its fundraising activities.
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.
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 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.
- z the reasons why the Charity needs reserves;
- z the level of reserves the Trustees believe the Charity needs;
## **Grant-making policy**
- z how the Charity is going to establish the level of reserves required, and
The Charity has a documented establish the level of reserves grant-making policy. A Due required, and Diligence Committee is responsible for approving a panel z how the Trustees monitor and of organisations to which the review the policy and the actual Charity is able to make grants. reserves. The selection is supported by a The Charity needs reserves in detailed screening methodology to order to protect the continuity
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of operations during peaks and troughs of funding cycles and to maintain core activities.
The Trustees’ intention is to maintain reserves of at least six months’ running costs in reserves of unrestricted funds. Six months’ running costs for the current period were £119,505. The current periodend level of the general reserves of £183,996 represented 154% 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.
A key risk identified by the Trustees relates to the limits to segregation of duties possible with a small team (although all the accounting and the great majority of the banking activity is controlled by a Trustee). The other key risk is the ability to continue to raise core funding, although the Trustees note that the reserves level at the end of March 2026 was 154% of six months’ running costs for the period (as above).
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.
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. We have established a ‘Board Advisors’ programme designed to bring new voices and skillsets to the Board with potential for eventual addition as Trustees. Last year we brought on Daniel Appiah as a Board Advisor for an initial one-year term and this was extended for a further year.
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 7 to the accounts.
## **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 CEO.
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## FINANCE HOW TO READ OUR REPORTS
- **‘Restricted funding’** in our reports indicates funding that we raise for our portfolio of high-impact climate and nature charities.
- z The Global Returns Project takes no deductions from restricted funding. 100% of what is brought in as restricted funding is granted out to the portfolio of climate and nature charities that we support.
- z We absorb any transaction costs associated with this distribution unless donors choose to cover these costs when donating via our website.
Our restricted, portfolio funding (raised for our climate and nature charities) **increased by over 180%, or by over £1,000,000** , in FY26 compared to FY25, compared to an increase in annual operating costs (which are, in any case, separately funded) of £24,000.
The increasing divergence in portfolio (restricted) funding generated and core (unrestricted) costs is consistent with our strategy of unlocking new philanthropy for high-impact climate and nature charities at increasing scale.
**‘Unrestricted funding’** in our reports indicates funding raised to cover the Global Returns Project’s ‘core’ or ‘operating’ costs.
- z This funding is raised and spent completely separately from restricted funding for our climate and nature charities.
- z Our core costs are covered by a number of charitable trusts, foundations and individual donors.
We expect this divergence to accelerate as we continue to grow, meaning that our modest core costs will raise increasingly significant amounts of funding for high-impact climate and nature organisations.
At 31 March 2026, we had just over 9 months’ reserves available to cover core costs.
## 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).
subject to any material departures disclosed and explained in the financial statements; and
- z prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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.
In preparing these financial statements, the Trustees are required to:
- z select suitable accounting policies and then apply them consistently;
Approved by the Board of Trustees on 4 August 2026 and signed on its behalf by:
- z observe the methods and principles in 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 (FRS 102);
## **J Judd**
Trustee
- z make judgements and estimates that are reasonable and prudent;
- z state whether applicable United Kingdom Accounting Standards have been followed,
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## INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE GLOBAL RETURNS PROJECT LIMITED
## **Opinion**
appropriate to provide a basis for our opinion.
statements or a material misstatement of the other information. 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 audited the financial statements of The Global Returns Project Limited (the ‘charity’) for the year ended 31 March 2026, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and applicable law (United Kingdom Generally Accepted Accounting Practice).
## **Other matters**
The comparative figures presented for the year ended 31 March 2025 are unaudited.
We have nothing to report in this regard.
## **Conclusions relating to going concern**
## **Opinion on other matter prescribed by the Companies Act 2006**
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.
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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 charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements were authorised for issue.
- the Annual Report and Trustees’ Annual Report have been prepared in accordance with applicable legal requirements
In our opinion the financial statements:
- z give a true and fair view of the state of the charity’s affairs as at 31 March 2026 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
Matters on which we are required to report by exception
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.
## **Other information**
- z have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- z have been prepared in accordance with the requirements of the Companies Act 2006.
- z adequate accounting records have not been kept; or
## **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 responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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
- z the financial statements are not in agreement with the accounting records and returns; or
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial
- z certain disclosures of Trustees’ remuneration specified by law are not made; or
- z we have not received all the information and explanations we require for our audit.
## **Responsibilities of Trustees**
As explained more fully in the Statement of Trustees’ Responsibilities, the Trustees 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 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 charity’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 charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
## **Identifying and assessing potential risks of material misstatement due to irregularities**
We considered the following when identifying and assessing risks of material misstatement due to irregularities, including fraud and noncompliance with laws and regulations:
- z the legal and regulatory framework in which the charity operates
- z the nature of the sector in which the charity operates
- z the control environment and controls established to mitigate such risks
- z the results of our enquiries of management about their identification and assessment of risks of irregularities
- z discussions with the audit engagement team about where fraud might occur
- z the incentives for fraud.
Laws and regulations which are considered to be significant to the charity include those relating to the requirements of financial reporting framework FRS102 and Charities Statement of Recommended Practice, the Charities Act 2011, tax legislation, and employment legislation. In addition, we consider other laws and regulation which may not directly impact the financial statements but may impact on the operation of the charity.
As a result of these procedures we concluded, in accordance with International Auditing Standards, that a risk in relation to the potential for management override of controls existed.
## **Audit responses to risks identified**
We undertook audit procedures to respond to the risks identified, and designed our audit testing to respond to these risks. The additional procedures we undertook included the following:
- z gaining an understanding of the charity’s procedures for ensuring compliance with laws and regulations
- z testing the appropriateness of journal entries and other adjustments
- z considering whether accounting estimates were indicative of potential bias
- z considering whether any transactions arose outside the normal course of business
- z making enquiries of management
- z corroborating our enquiries through review of Board Minutes and correspondence.
We also communicated relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit.
A further description of our responsibilities for the audit of the financial statements is located 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 charity’s Trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity’s Trustees 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 charity and its Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
—
_Alexandra Shore_ (Senior Statutory Auditor)
For and on behalf of A C Mole LLP
Chartered Accountants and Statutory Auditor
Stafford House Blackbrook Park Avenue Taunton Somerset TA1 2PX
August 4, 2026
A C Mole LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Page 51 | **Annual Report Year Ended 31/03/2026**
Page 50
## FINANCIAL STATEMENTS THE GLOBAL RETURNS PROJECT LIMITED
**Statement of Financial Activities (including Income and Expenditure Account) For the year ended 31 March 2026**
**----- Start of picture text -----**
Unrestricted Funds Restricted Funds Unrestricted Funds Restricted Funds
(donations to cover (donations to our (donations to cover (donations to our
core costs and portfolio of charities core costs and portfolio of charities
associated costs) and related grants) TOTAL associated costs) and related grants) TOTAL
2026 2026 2026 2025 2025 2025
**----- End of picture text -----**
|**Notes**|**£**
**£**
**£**
**£**
**£**
**£**|
|---|---|
|||
|**Income from:**||
|Donations and grants
2|219,105
1,644,236
1,863,341
167,020
586,023
753,043|
|Interest received|2,198
-
2,198
3,078
-
3,078|
|**Total**|221,303
1,644,236
1,865,539
170,098
586,023
756,121|
|||
|**Expenditure on:**||
|Raising funds
4|50,529
-
50,529
38,390
-
38,390|
|Charitable activities
3|188,480
1,644,236
1,832,716
171,517
586,023
757,540|
|**Total**|239,009
1,644,236
1,883,245
209,907
586,023
795,930|
|**Net expenditure and**
**net movement in**
**funds**
5|(17,706)
-
(17,706)
(39,809)
-
(39,809)|
|**Total funds brought**
**forward**|201,702
-
201,702
241,511
-
241,511|
|**Total funds carried**
**forward**|183,996
-
183,996
201,702
-
201,702|
Page 53 | **Annual Report Year Ended 31/03/2026**
Page 52
**Balance Sheet at 31 March 2026**
**Statement of Cash Flows for the year ended 31 March 2026**
**----- Start of picture text -----**
2026 2025
**----- End of picture text -----**
|**Notes**|**£**
-
34,786
1,034,772
1,069,558
(885,562)
183,996
183,996
183,996
183,996|**£**|
|---|---|---|
|**Fixed Assets**|||
|Intangible assets
9||2,250|
|**Current Assets**|||
|Debtors
10||120,697|
|Cash at bank and in hand||275,245|
|||395,942|
|Creditors: amounts falling due within one
year
11||(196,490)|
|**Net Current Assets**||199,452|
|**Net Assets**||201,702|
|**Unrestricted funds**|||
|General funds||201,702|
|**Total funds**||201,702|
These financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
For the year ended 31 March 2026
The Trustees acknowledge their responsibilities for ensuring that the Company keeps accounting records which comply with Section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the Company.
Approved by the Board of Trustees on 4 August 2026 and signed on its behalf by:
J Judd
Trustee
The Global Returns Project Limited. A company limited by guarantee.
Company registration number 11882899
|**2026**
**£**
**Net cash flows provided by operating activities**
757,329
Interest receivable
2,198
Increase in cash in the current year
759,527
Cash at bank and in hand at the beginning of the period
275,245
Cash at bank and in hand at the end of the period
1,034,772
**2026**
**£**
**Reconciliation of net expenditure to net cash flow from**
**operating activities**
Net expenditure for the reporting period
(17,706)
_Adjustments for:_
Amortisation of intangible fxed assets
2,250
Interest receivable
(2,198)
Decrease / (increase) in debtors
85,911
Increase in creditors
689,072
Net cash provided by / (used in) operating activities
757,329|**2025**|
|---|---|
||**£**|
||49,527|
||3,078|
||52,605|
||222,640|
||275,245|
|||
||**2025**|
||**£**|
|||
||(39,809)|
|||
||4,500|
||(3,078)|
||(87,603)|
||175,517|
||49,527|
**Notes forming part of the Financial Statements for the year ended 31 March 2026**
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.
## 1. ACCOUNTING POLICIES
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year.
## **a) Basis of preparation**
## **b) Basis of accounting**
The financial statements are prepared on a going concern basis under the historical cost convention,
These accounts have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable
Page 55 | **Annual Report Year Ended 31/03/2026**
Page 54
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**
i) Unrestricted Funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity. Funds are raised separately to cover core costs from a range of sources.
ii) Restricted Funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal. Funds raised for our portfolio of charities are treated as restricted and granted to our portfolio of climate and nature charities in their entirety. No costs are deducted – all transaction and other costs associated with donations to our portfolio of charities are covered as part of the Charity’s core costs, unless donors elect to cover those costs.
## **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 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:
i) Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
ii) Grants are made in accordance with the Grantmaking policy referred to on page 45 and recognised at the same time as receipt of the relevant restricted donation (see i) Liabilities and provisions below). Further, the Charity retains absolute discretion over the composition of its portfolio of charities. Donors may express a preference as to the final beneficiaries of grants resulting from restricted donations, but the Charity retains absolute discretion over the allocation of grants.
iii) Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include the audit fee and costs linked to the strategic management of the Charity.
iv) All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect their use. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.
v) The costs of raising funds as set out in Note 4 to the accounts are those incurred in raising funds for the running of the Charity and exclude those incurred in generating funds for our portfolio of charities.
## **f) Intangible Assets**
Intangible Assets comprise 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.
The Charity launched an updated website at the beginning of October 2022. The investment had been entirely amortised by the end of September 2025.
## **g) Debtors**
Debtors are recognised at the settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid.
## **h) 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.
## **i) Liabilities and provisions**
received the charity therefore considers that it has, at the point of receipt, a corresponding grant liability due to its established and communicated practice of donating all such income in full and within a short timeframe. At 31st March 2026 this resulted in the recognition of a grant liability of £873,747, which was paid shortly after the year end in April 2026.
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 as 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. Amounts that have been received as Restricted Funds to be granted to one or more of the organisations in the Global Returns Project’s portfolio of charities are matched by an equal grant accrual at the point of receipt. This is because a constructive liability arises on receipt as both donor and grantee know that we grant 100% of such Restricted Funds to the organisations in the portfolio of charities.
## **k) Income recognition – Agent/principal**
GRP receives donations which are passed on to its portfolio charities through onward grants. The charity considers that it is acting as principal in these transactions, and accordingly this income is recognised within GRP’s accounts. The Trustees have ultimate collective responsibility for all grant-making decisions in line with the Company’s charitable purposes and any restrictions agreed with donors and funding partners. The Trustees apply the funds of the Company at their discretion and in accordance with the charitable purposes and charitable objects of the Company. Trustees also reserve the right not to approve recommendations or nominations if they consider them inconsistent with the charity’s purposes or policies. This framework demonstrates that GRP retains ultimate control over the application of funds and is therefore acting as principal.
## **j) Grants Payable**
Grants payables are recognised when a corresponding restricted donation is received. GRP’s established model is to grant restricted donations to its portfolio charities in full without deduction. This is established and communicated through GRP’s general practice, donor communications, and charity-facing communications. When a restricted donation is
## 2. INCOME FROM DONATIONS AND GRANTS
||**Unrestricted**
**Funds**
(donations
to cover core
costs and
associated
costs)|**Restricted**
**Funds**
(donations to
our portfolio
of charities
and related
grants)|**TOTAL**|**Unrestricted**
**Funds**
(donations
to cover core
costs and
associated
costs)|**Restricted**
**Funds**
(donations to
our portfolio
of charities
and related
grants)|**TOTAL**|
|---|---|---|---|---|---|---|
||**2026**|**2026**|**2026**|**2025**|**2025**|**2025**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Individuals|||||||
|(including Gift|||||||
|Aid)|125,191|252,265|377,456|86,429|307,673|394,102|
|Foundations|||||||
|and trusts|93,750|1,352,071|1,445,821|68,000|187,800|255,800|
|Corporations|164|39,900|40,064|12,591|90,550|103,141|
|Total|219,105|1,644,236|1,863,341|167,020|586,023|753,043|
Page 57 | **Annual Report Year Ended 31/03/2026**
Page 56
## 3.EXPENDITURE ON CHARITABLE ACTIVITIES
**----- Start of picture text -----**
Costs Costs Costs Costs
incurred incurred incurred incurred
using Un- using using Un- using
restricted Restricted restricted Restricted
Funds Funds TOTAL Funds Funds TOTAL
2026 2026 2026 2025 2025 2025
**----- End of picture text -----**
||**Notes**|**£**|**£**|**£**|**£**|**£**|**£**|
|---|---|---|---|---|---|---|---|
|Grants made|12|-|1,644,236|1,644,236|-|586,023|586,023|
|Staff costs|6|129,927|-|129,927|131,507|-|131,507|
|Website & IT||||||||
|costs||10,956|-|10,956|6,926|-|6,926|
|Governance||||||||
|costs||7,500|-|7,500|1,680|-|1,680|
|Amortisation||||||||
|and write-||||||||
|down of||||||||
|intangible||||||||
|assets||2,250|-|2,250|4,500|-|4,500|
|Rent and||||||||
|rates||24,113|-|24,113|17,103|-|17,103|
|Administrative||||||||
|costs||13,734|-|13,734|9,801|-|9,801|
|**Total**||||||||
|**expenditure**||||||||
|**on charitable**||||||||
|**activities**||188,480|1,644,236|1,832,716|171,517|586,023|757,540|
Grants were made during the year to seven not-for-profits as set out in Note 12. During the year, Whale and Dolphin Conservation was removed from the portfolio and Rainforest Alliance was added.
## 4. EXPENDITURE ON RAISING FUNDS
|5. NET INCOME FOR THE PERIOD
**Costs**
**incurred**
**using Un-**
**restricted**
**Funds**
**Costs**
**incurred**
**using**
**Restricted**
**Funds**
**TOTAL**
**2026**
**2026**
**2026**
**£**
**£**
**£**
This is stated after
charging:
Auditor's remuneration
7,500
-
7,500
Independent examiner's
remuneration
-
-
-
Governance costs
7,500
-
7,500
**Costs**
**incurred**
**using Un-**
**restricted**
**Funds**
**Costs**
**incurred**
**using**
**Restricted**
**Funds**
**TOTAL**
**2026**
**2026**
**2026**
**Notes**
**£**
**£**
**£**
Staff costs
6
21,197
-
21,197
Advertising and
promotional costs
26,013
26,013
Transaction costs
3,319
3,319
**Total expenditure**
**on raising funds**
50,529
-
50,529|**Costs**
**incurred**
**using Un-**
**restricted**
**Funds**
**Costs**
**incurred**
**using**
**Restricted**
**Funds**
**TOTAL**|
|---|---|
||**2025**
**2025**
**2025**|
||**£**
**£**
**£**|
||21,495
-
21,495|
||13,897
13,897|
||2,998
2,998|
||38,390
-
38,390|
|||
||**Costs**
**incurred**
**using Un-**
**restricted**
**Funds**
**Costs**
**incurred**
**using**
**Restricted**
**Funds**
**TOTAL**|
||**2025**
**2025**
**2025**|
||**£**
**£**
**£**|
|||
||-
-
-|
||1,680
-
1,680|
||1,680
-
1,680|
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 4 within administration and support (2025 – 4). The Charity makes contributions to NEST, the government’s workplace pension scheme
for all staff unless they opt out. The Trustees, who are unpaid, together with the CEO, comprise the key management personnel. The total cost of employing key management personnel during the year was £64,326 (2025 – £57,387).
Page 59 | **Annual Report Year Ended 31/03/2026**
Page 58
## 6. STAFF COSTS
|6. STAFF COSTS||
|---|---|
|**Costs**
**incurred**
**using Un-**
**restricted**
**Funds**
**Costs**
**incurred**
**using**
**Restricted**
**Funds**
**TOTAL**
**2026**
**2026**
**2026**
**£**
**£**
**£**
Salaries
131,441
-
131,441
Social security costs
17,099
-
17,099
Pension costs
2,584
-
2,584
**Total staff costs**
151,124
-
151,124
Staff costs are allocated
as follows:
Charitable activities
129,927
-
129,927
Raising funds
21,197
-
21,197
**Total**
151,124
-
151,124|**Costs**
**incurred**
**using Un-**
**restricted**
**Funds**
**Costs**
**incurred**
**using**
**Restricted**
**Funds**
**TOTAL**|
||**2025**
**2025**
**2025**|
||**£**
**£**
**£**|
||135,618
-
135,618|
||14,053
-
14,053|
||3,331
-
3,331|
||153,002
-
153,002|
|||
||131,507
-
131,507|
||21,495
-
21,495|
||153,002
-
153,002|
## 7. TRUSTEE REMUNERATION AND RELATED PARTY TRANSACTIONS
## 8. 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.
No Trustee received any remuneration during the period. Costs, principally travel and staff-related expenses, amounting to £265 was reimbursed to one Trustee (2025 – £82; one).
## 9. INTANGIBLE ASSETS
**----- Start of picture text -----**
Net book
Branding and website Cost Amortisation value
**----- End of picture text -----**
||**£**
**£**
**£**|
|---|---|
|At 1 April 2025|19,802
17,552
At 31 March 2025
2,250|
|Additions during the year|-
-|
|Charge for the year|-
2,250|
|At 31 March 2026|19,802
19,802
At 31 March 2026
-|
## 10. DEBTORS
## 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
||**2026**
**2025**
**£**
**£**
-
100,000
11,520
12,420
23,266
8,277
34,786
120,697|**2026**
**2025**|
|---|---|---|
|||**£**
**£**|
|Donations receivable||Grants payable
873,747
188,108|
|Prepayments and
accrued income||Taxation and social
security
3,565
4,458|
|Gift Aid receivable||Accruals
8,250
3,924|
|**Total**||**Total**
885,562
196,490|
Trustees and related companies donated £42,627 to the Charity during the period (2025 – £99,702).
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.
Page 61 | **Annual Report Year Ended 31/03/2026**
Page 60
## 12. MOVEMENTS IN FUNDS
**----- Start of picture text -----**
2026 2026 2026 2026 2025 2025 2025 2025
Restricted Funds (donations to our
portfolio of charities and related Expenditure/ Expenditure/
grants) Opening Income Grants made Closing Opening Income Grants made Closing
**----- End of picture text -----**
|**Restricted Funds (donations to our**
**portfolio of charities and related**
**grants)**
**Opening**
**Income**
**Expenditure/**
**Grants made**
**Closing**|**Opening**
**Income**
**Expenditure/**
**Grants made**
**Closing**|
|---|---|
|**£**
**£**
**£**
**£**
ClientEarth
-
256,161
(256,161)
-
Global Canopy
-
258,876
(258,876)
-
Rainforest Trust
-
354,960
(354,960)
-
Trillion Trees
-
259,377
(259,377)
-
Whale & Dolphin Conservation
-
2,169
(2,169)
-
Blue Marine Foundation
-
259,377
(259,377)
-
Rainforest Alliance
-
253,316
(253,316)
-
Total
-
1,644,236
(1,644,236)
-
**Unrestricted Funds (donations to cover**
**core costs and associated costs)**
201,702
221,303
(239,009)
183,996|**£**
**£**
**£**
**£**|
||-
70,628
(70,628)
-|
||-
75,367
(75,367)
-|
||-
219,927
(219,927)
-|
||-
76,367
(76,367)
-|
||-
67,867
(67,867)
-|
||-
75,867
(75,867)
-|
||-
-
-
-|
||-
586,023
(586,023)
-|
||241,511
170,098
(209,907)
201,702|
Page 63 | **Annual Report Year Ended 31/03/2026**
Page 62
THE GLOBAL RETURNS PROJECT **info@globalreturnsproject.earth**
**020 3488 5985**
**The Global Returns Project** is unlocking new philanthropy to deliver urgent solutions for our planet.
Advised by experts, we help donors give to a portfolio of high-impact environmental charities. We partner with wealth advisers and corporates to scale.