COMPANY REGISTRATION NUMBER: 12767132 CHARrrY REGISTRATION NUMBER: 11UX1870 Sophla Point Rainforest Project Company Llmlted by Guarantee Unaudited Financial Statements 31 July 2021 Chartered accountants 1 st Floor Sutherland House Argyll Street London W1F￿E Sophia Point Ralnforest Project Company Limiled by Guaranlee Financial Slatements Year ended 31 July 2021 Page Trustees, annual report (incorporating the directors rewrt) Statement of financial activibes {induding income and expenditure account) Statement of financial position Notes to the financial statements The followlng pag•s do not lorn) part of the flnanciol stateménts Detailed statement ol financial activities 12 Notes to the detailed statement of financial activibes 13 **Sophia Point Rainforest Project** ## **Company Limited by Guarantee** ## **Trustees' Annual Report (Incorporating the Director[’] s Report)** ## **Year ended 31 July 2021** The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31[July] 2021. ## **Reference and administrative details** **Registered charity name** Sophia Point Rainforest Project **Charity registration number** 1190870 **Company registration number** 12767132 **Principal office and registered office** 6 The Street Itchenor West Sussex PO20 7AN England ## **The trustees** ## **Accountants** Prof John Frederick William Birney Kathryn Critchley Nicola Green Jon Poledri Richard Rogers Robin Stott Higgins Fairbairn & Co Chartered accountants 1st Floor Sutherland House 5-6 Argyll Street London W1F 7TE > **- 1** - Sophla Polnt Ralnforest Project Company Limited by Guafanlee Trustses. Annual Report (Incorporallng ihe Dlrectorfs Report) {tr)niiftI&￿J Year ended 31 July 2021 Slructurej govemanco and managomenl Govemanee Sophia Point is a charitable comr&any lim11￿1 by guaranle8. incorporaled on 24th Juty 2020 and registered as a charity on 14th August 2020. The ¢ompany was established under a Memorandum ot Association and is govomed under its Articles ol Association which establish the objectives and powers of the charitable company. In the event ol the company being wound up members are required lo (x)nlriExJte an amount not exceeding £10. All Members of the board ol DirectOr￿rUste8S give their me volunlarily and received no benelits from th8 charity. Organlsatlonal Structure The board of Sophia Point was formed of slx161 persons who met quarterly and were ￿spOnsIb￿ for the #trateoic dirÈetion and policy of the eh8rlty. Th8 tr￿ard serve as trustees tor the purposes ol charity aw and as dir￿lorS lor the putposes of company law. There is a broad range of skills representwj on the board and these are reviewed annually to account for any retirements or needs which are not mel by the current comtM)sition. Board members are aFP)inled to staggered tenures to allow for a lulure process of revolving retirem6nt of directors in phases. The Secretary also attends all board me8tr.ngs bul does not have voting rights. The co-founder, DavKI Lammy. also attends most EYJard meetings but does not have voting rights. Day-tofjay opJrating ot the charity is carried out by the consulting Centre Director. Trustee Inductlon l trustees were inducted into the organisation through meeting ￿th the founders and Centre Director and provided information on ihe establishment and vision for the orgaTrisalion as w811 as shared documerrts suGh as the articles ol associalion and inltial Business Plan for ihe charity. As this group represent the first sel of trustees a proGess has also been conducted to produce materiats and install a process for fubjre ITUStees to 8llsuf8 th8y ar8 properly inducted. Oblecllves and actlvlll8s The mi&5ion of the Sophia Point Ranlorest Research Centre I'sophia Pointl 18 to transform research and conservation of Guyana's unique tropical rainloiest. gjphia Point wll help fight climate change. conserve endangered and erKlemic swies and champion nature in one of South America's richest rainforesls. Our aims. as sel OLrt in the objective5 Within the articles of association, are to achieve two oVera￿hIng goals: 1. To promote, for the benefit of the public, the conseNation, protection and improvement ol the ph￿E1c￿ and natural environment ty promoting bi¢)Yiversity in the rainforesl and walers of Guyana. 2. To advance the education of the public both in Guyana aThJ globally in the conservation, proteclion and improvement ol the physical and nabjral environmenl. Sophia Point Rainforest Project Company Llmlted by Guarantee Truslees, Annual Report (Incorporatlng the Director's Report) (ctrnlln￿) Year ended 31 July 2021 hlovom•nts and perforniancg Progress has ba8n made across multiplo areas despitg ¢hailenges including the gthal covid pandemic delawng many fundraislng and travol actiwties. Estsbllshmont The organisalion successlully obtwned legal status under company law in July 2020 and under charitable law in August 2020. A board of trustees was assembled, banking infrastructure established in the UK as well as fiscal swnsorship in the US, branding formed, a website setup and txjsiness plan dgvgloped. Funding The primary ooal in the initial year of the charity operating was lo raise funding. Activities W9Tg conducted across a number of forums includirvJ appea18 to philanthropic netsyorks, hosting fuTrYraising events and connecting with individual persons. Despite the challenges of a nUM￿er of lunding sources were secur&d and FxOg￿SS was made towards the goal ol raising USO $1 million to S￿rt construction of the cenlre. Tot￿ furKls rais￿1 in the finanuJ year were £333,850. Partnorshlp6 Kay partnerships were consolidated in th8 past year. Mosl impx•rtant among those is Ihe relationship b¢lween Sophia Point and the University of Guyana. As ihe sole university in the country. the University ol Guyana represents one of the principle benofaotors of the development of Scphia Point as well as a critical partners lo help deliver on the aritable aims. A 10 year Memorandum of Understanding IMOUI was signed on August 1 st 2020 between the UnN8rsily and Sophia Poinl. The Mou sets out a number ol areas for collat#)ration, principJly between Sophia Point and the Center lor th8 Study of Biologi¢al DNerstty al tho University of Guyana, including promoting.. al the study and documentation of Ihg ecology of Guyana through e￿$Y9teM science, obseNation. collection. preservation and CUTation of biological and other specimens and tho analyBls of ￿Srriatsd ecological data. b) the education of Guyanese and the wder world of Guyana's 8(￿logY and lio(fiversity ty supporting uThJergraduate. graduate and professional ￿lUCatiOn/trainIng arKI publicatmjn, cl the communirAtion of the vdue and importance of Guyana's ecosyEtems domestically and intemationally, through JI Channets (government dialogue, academk press, traditsonal media, social mecla etc}. dl the promotion of the conservation of Guyana's ecosyst￿8 and biodiversEty at all levels Igenes. species and powlattonsl, and, el the convening of local, regional and globd Stakeho[de￿ to support training. dialogu& and knowledge sharing on relevant issue areas. Other partnerships were formed with organisations including an Mou One Earth and theii global Sophla Polnt Ralntoresi Project Y￿r en(knd 31 2021 Th• first year d opprakn I￿j&Se0 rn wrg fU￿1￿j constr￿￿ ol Ihe on¥*te vustses by: Tws Sophla Point Rainforest Project Company Llmlled by Guarantee ststement of Flnanclal Actlvltles (including income and expenditure account) Year ended 31 July 2021 Total funds Noi• In¢omo and endowmen18 Donations and ￿g8cleS Tot81 Income 333,850 Expendlturo Expendilure on charitabl8 acti￿tIes Total experKlItu 95,124 95,124 1491 In¢Jomg •nd n•t mov•m•nl In lunda 238.726 Rgconclllatlon ol funds Total lunds brought forward Total funds ¢arrlod fonvard The stalemenl of financial activtbes includes all gains arml l¢)sses recconised in the year. All income and expenditure derive from continuing adiwlies. Thg nots• on pago1 7 10 10 form part of th•* Ilnanclal statomonts. Sophla Polnt Ralnforesi Pr0￿ct Company Llmlled by Guaranleè ststement of Flftanclal Poslllon 31 July 2021 C&sh al bank and in humd ltsl ¢unpnl 0•1018 th8 year erN￿r￿j 31 Jity 2021 thg ¢harily wa8 enlFIknI to fix•mp￿1 frc*n awSt undor s•¢tM 477 01 Crffjpan*$ Act 21x16 rol•brna lo Small compa1￿. I)r￿10￿, respMbUMS'. Thp membars have r¢ot rèwirofl the Company to otlaln an authl ol its slaiemenls lor th* year in qu9st￿)n in a¢cordar￿ wllh section 476: *Ailh r•sK*cl to accounb"i¥a ￿¢0[￿$ th¢ wpAralw)n of fin￿ClaI $talemerrts. Th9$0 lTrnanckl statements haw pr8pared in ac¢orilarKe wilh prowstons aprAkatye lo cofflpanies subiecl lo the small eompanles. regwno. These I￿￿ne1#1 stalemEnts were 0gproved by Ih board ol t￿1￿•S aExl authorowl ILV issuo on 2•1.q.[.3.2.., a￿1 aft sign0d on board by: nqLffla 2077111 Cola Grgon Tivsree Th• f￿•0Th pag•• 7t0 10 p•rt ol ih•#• ffimntlal wI•m￿•. Sophla Polnt Ralnforest Project Company Limited by Guaranlee Notes to Ihe Financlal Statements Year ended 31 July 2021 General inlormatlon The charity is a wblic benefil entity and a private company limitsd by gL¢arants8, registered in England and Wabs and a registered ¢harity in England and Wales. The address ol the registered offic8 is 6 The Sireel, ltrhenor, West Sussex, P020 7AN, England. Statement of cofflpllanco These tinancial statements have been prepared in compSian¢e wth FRS 102, Tre Financial Reporting Standard applicable in the UK and the 14epublic of IrgLqn(r, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Flnancial Reporting Standard appli¢ablg in the UK and RepubliG of Irolar￿ IFRS 1021 (Charities SORP IFRS 10211 and the Companies Act 201￿. Aeeountlno pollel Bas18 of prepgratlon The linancial statements havè been prepar&J on tho historicat cosl basis. as modrfiaj by Ihe revaluation ol certain financi￿ assets and liabiliiies a￿1 Snvestmenl properties measured at fair value through income or expenditure. The tinancial statements are prepared in slerfing, which is the lunctional cUr￿nCY ol the entity. Golng concern Th8re are no material uncertainties about the ¢haritys ability lo continue. Transltlon to FRS 102 The entity transitioned from premous UK GAqP to FRS 102 as at 1 ￿￿uSt 2019. Detasls of how FRS 102 has affeclgd the r9PQrted linan¢ial posrfion arxl linanciJ pgrformance is given in mle Judggmgnts and key 8our¢e8 of estlmatlon uncertolnty The preparation of the ffnancial si*ements requires management to make judgements, estimates and assumptions thal affect the amounts roported. These estimates and judgemgnls are continually reviewed and *e bas￿1 on experience and other laclors, including gxperAations of lulure gvgnts that are bgliov&J to be reasonable under the circumstances. Fund accounting Unrestricled funds are available loi use at Ihe disGrotion of the trusl¢¢s to further any ol the charity's purwses. DesKJnaled fvrKls are unreslricted funds earmarf(ed by the tru*8es for pa￿CUlar future project or commilmenL Fleslrictsd funds are subject￿1 to reslrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of tsvo SUk￿clasSes.. restrtcted Income funds or endowment funds. Sophia Point Rainforest Project Company Limited by Guaraiitee Noles lo the Flnancial Slatements Year ended 31 Juty 2021 ountlng pollclo8 Incomlng re80ur Ail In(￿ming res<)UTces are in the statem￿ of vthen entiyement has passed to the chaTfty, rt is wobth that the ewrKJmic ben8frts asscoated with the transaction will flow to the chartty and the amcwnl can be reltaw measured. The fol￿￿n9 specific FX)licies are applted to particular categ)ries ol ino)me: income from donalions LY grants is re￿{S￿￿ the￿ is •iden¢e ol entiuement to the gifL receipt is Prrtsble arxl tts amwnt on be measur￿1 rdiaw. legacy Income is rwnts&J rec* is aThJ K8 establisl*d. 11￿m& from don2￿1 gL￿ is maasU￿1 at tho fair valua of th& goods unlgss this is Impractic￿ to measure reliauy, in vthich case the vdue is derived from the cost to the donor or the estimaièj value. Donated facFlibes and seTrryces are recconised in the accounts when reCeN￿ rf the ¥￿u& can reliably Measur￿1. No arnounts are includgd for iho contribjlion ol general volunteers. inwme from contracts lor the suA)ty of swwces is recoJnised the delivery of the corrtracted servKe. TFUS is clawfjgj as unrestricted funds unless Ihere is a cx)ntractual requirement for tt to be ynt on a parbc#Jlar puw and relUm￿l rf unspent, in which case r( may be regar￿ as Tesincled. Expenditure is rec￿jnISed on an accfuaL% bask4 as a liat4lrty is Incurr￿j. ExpeThJiture includes ary VAT which cannot be ful￿ reL￿r&I. aThJ is Classi1￿ uThJer headings of the statement of financial activities to which it relates: expenditure on faising funds inckndes the (xjsts of all lurrfjraising acti￿￿e$. events, non. charitable irading acbvit*s. and the sale of (bjnated eXpe￿r￿ure on charitatA8 actsvib8s inckKles all costs incurred by a charity in urKlgrtaking actwbes that further rls charitstAe ams lor the tenefft of its beneficiaries, Inc1L￿Ing th¢)se support crJ5ts and costs relating to the govemanc* of the charFty 8￿rtioned to charilabk8 actmties. other expeThJiluro w￿lUdeS am expeThliture that is neither relabj lo raising fund8 for the charity llOT ol rfs e￿NJi￿re on athIl￿s. All costs are allocat￿j to experKlriure categ)ries reflecb.ng the use of the resouTce. Direct costs attrib¢Jtable to a single activity are althated to that activity. Shared cc6ts are aFportiongJ tr*tween the acbvibes they ￿￿tribUte kn on a reasonth. justifiable arKI consislenl basis. Finanwl Instrun￿ts A financial assel or a financ4al liabilty is recogniwj only T*kffjn the ¢fority b￿M&S a paty lo the ts)ntractual prowsions of the instrument Basic financial instrumwts are inilidly re(£rfJniwl at the amount receivaNe or payable including Sophia Polnt Ralnforest Prolect Company Limiled by Guaranlee Notes to the Flnancial Slalements fmnlfnued) Year ended 31 July 2021 Accounting pollcigs (CO￿￿1￿￿) Flnanclal Ingtrnments (eonllnu•dJ Current assets current liabilities are subsequenly measured at the cash or other ¢onsideratlon expecled to be paid or r￿e1￿j aThJ not discojjnled. Debt instruments aTe subsequently measured at amortised cost. Where investments in shares are publKly Iraded of their lar value can otherwisg be measured reliably, the investment is subsequentty measured at lair value wth changes in fair value recojnisgd in incomg and expgnditure. Al other such invesiments are subsequently measured at cost less imp&rment. Other financial instruments. inclL¥Jing derivatives, are inilidly recc4Jnised at fair value, unless payment for an asset ig deferred beyond normal business terms or financed at a rate of interest thai is nol a market rale, in which case the assel is measured al the present value of the future payments discounted al a market rate of interest lor a similar d8bl instrument. Othef financial instruments are subsequentty measured at f8ir value, any changes recognlsed in the statement of financial activthes. ￿th the exception ol hethjing instruments in a designated hedging relationship. Financial assets that are measured at c￿1 or amorttsed cost are rewewed for ebjecbve evidènee of impairmgnt at the end of 8ach rew￿ng date. If Ihere is objective evidence ol impairment, an impairment loss is recogni￿1 under the appropriat8 heading in the statement ol financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individL(ally signrficant. these are assessed individually loi impairment. Other financial assets are atther assessed Indiv￿lUallY or grouped on ihe basis of similar Credit rtsk characteristics. Any reversals ol imp&rment are recogniwj immediately, to the exlenl thal the reversal does not sult in a ¢arrwng amourn of ihe financial assel thal exceeds what the carwng amount would have been had th8 impairment nol prevl(wsty been recogni8ed. Llmltfjd by guorants8 The company is limited by guarantee of members a￿1 does not have a share capital. The lithlity of memb8rs is limit￿1 to 260. Donalions and 1ogaclo5 Total Funds Donatlons Donabons 333,850 Expgndlturg on charltablo actfvlU•s by fund typo Total Funds 2021 Support costs 95,124 Sophia Polnt Ralnforest Prolect Company Limlted by Guaranteo Notes to the Financial Statements I￿nth Year ended 31 July 2021 ExpendItU￿ on charllable actlvltl•s by activ￿ type Total lunds 2021 SuprK)rt costs Charitable acbmtigs 95,124 95,124 staff ¢osts The average hoad count of omployees during the year was 1. The average numb¢r of full-time equivalgnl emFAoyees dufing the year is analysed as follows: 2021 Number of staff No employee r9¢8iv￿ employee bgnglits of morg than £60,000 during the year12020: Nill. Trusteg iamunorntlon and oxpen8es No remuneration or other benefris from employment the charity OT a Telat&J entity were receNed by the trustees. 10. Analys18 of net assets bolwaen lunds UnreStri￿¢d Totol Funds Funds Curmt assets t38,726 2*726 11. Trnnsltlon to FRS I￿2 These are Ihe first financial stslements Ihat comply with FRS 102. The charity transitioned to FRS 102 on 1 August 2019. No transitional adjustments were required in the relained funds or incomo or exp8nditure for the year. 10- Sophia Point Ralnforest Project Company Limited by Guarantee Management Informatlon Year ended 31 July 2021 Th• lollowlng pagoB do nol tOTm part of thg ffinancial $tat•m8nts Sophia Point Ralnforest Project Company Limited by Guarantee Detailed Stalernenl of Financial Actlvltles Year ended 31 July %)21 2W21 Donallons aThl lega¢los Donations .850 Totsl Incomo 333,850 Expendlluye Expenditure on charttablo a¢dvlli8 Purchases Repairs and maintenar L￿jaI and professional fees Marketing and PTOMO￿n9 Consuhancy fees Bank charges 28,261 1,719 13,orJ 50.956 95,124 Total oxwdiiure 95,124 N81 Incomo 238,T26 12- Sophla Polnt Rainforest Project Company Limiled by Guarantee Notes lo the Detalled Slatement of Financial Aclivilies Year ended 31 Juty 2021 21r21 Support eo General wrchases Repairs and mainl8naTIC8 Legal and professiond lees Marketing and promotior Consultancy lees Bank charges 28,261 1,719 13,on 50.956 95,124 Expendlture on charitablo activl 95,124 -13-