Cha￿ty reglstratlon number 1199692 Company reglstratlon number 13871372 (England and Walesl ECOLOGICAL RESTORATION FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ECOLOGICAL RESTORATION FUND LEGAL AND ADMINISTRATIVE INFORMATION Trustoès Mr D Hotz DrA L K Rausing Dr S Rausing Charity number 1199692 Company nurnber 13871372 R•glst•rèd offlc• 12 Penzancè Placè London UK W114PA Audltor Bright Grahame Muffay Emperorfs Gate 114a Cronwll Road Kensington London VK SWI 4AG 8ankerB C. Ho8re & Co 37 Fleet St￿t Temple London EC4Y 1 BT ECOLOGICAL RESTORATION FUND CONTENTS Page Tnjstees. feport Independent audito¢s report Statement of financjal activities Balance sheet 10 Slalemenl ol ¢a$h flows 11 Notes lo the fin¥n¢ial stslem¥nl$ 12-19 ECOLOGICAL RESTORATION FUND TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEAIBER 2023 The trustees present their annual report and finanual statements for the year ended 31 December 2023. The financial statements have been prepared in accordance wtth Ihe accounting policies set out in note 1 to the finanaal statements and comply with the chanty's memorandum and articles. the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in aocordance wlh the Financial Reporting Standard appI￿able in the UK and Republic of Iieland IFRS 1021" lèffèctive 1 January 20191. Oblectlves and actlvltles The Ecological Restoration Fund was sel up to provide benefft lo other tharitable institutions in the 8dv8ncernenl of Ihtsir ch8ritable work or to benerrt other 9roup$ provided Ihe work Ihey carry out is charitable. The trustees confim that they have complied wilh the duty in Section 17 of the Chanties Act 2011 to have due regard to the Charity Commission's guidance on public benefit when reviewng the Trust's aims and objectives. planning future activities. and setling the grant-making policy for the Trust. Th& Trust furthtrrs ils chantsble purposes for the public btrneffit by promoiing Ihe values and prinuples of ecologlcal restoration and Supporting the preservabon ol natu￿ from fvrther dègradation. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what acts'vities the charity should undertake. Incorporat•d •tatu• The Ecological Restoration Fund w85 est8blished as a th8riiabltr registèred ￿mPartY limited by guarantee on the 251h January 2022. Grant-maklng The Ecological Restoratson Fund's grants during the period We￿ dedicated to supports'ng organisations that protect and restore biodiversity and rejuvenate degraded landscapes. We align the Ecological Restoration Fund with international actions and inten￿'OnS, including COP 15 largets and the ecosyslem categories set oul with the UN Decade of Ecosy51em Resloralion. More d¢¢ail$ about our grant$ and deo$ion-m8king Con b& found on our website. Grant maklng polley Trustees review the Trust's grant-making poliues regularty to ensure they rellecl the charity's objects and advance public benefit. Trvstees currentty do not invrte un$olicited application$ lor ftjnding. given the limited annual budget, the Tru$l's wide geographic reach and our sm811 team. Instead. the Trust's experienced pfogr8rnrne staff look for influentl81. well-run organisations working In the Trust's fields ol interest. Trustees may also bnng potential applicants to the attent￿on of programme staff. After an initial review, programme staff propose potentsal applicants to trustees, who will decide whether or not to invite a full application. Organisations invited to appty are allocaled lo one ol the Trust's programme5. Applications are assessed by programme staff. They 81rn to gain an in-depth undetstanding of the appliGqnt'5 objectives, organisation 8nd effectiveness, and to assess the applicant's fft with the overall objecti¥es of the Trust. Where possible, staff will make a site visit. Each application is also reviewed for compliance wilh UK charrtable laws, with legal advice if necessary, and a financial review of past perfomiance and future projeciions is undertaken. Trust staff prepare reports and recommendations for each organiSat￿n.$ applKats'on. These are considered at regular review rneelings where the founder and Chairman. Daniel Holz. will decide if the information is sufficient lo take to the Trustees. Trustees ¢An iai5e concems ot questions and appTo¥e or reject ￿ferred giants. Trustees, deasions are final. Once the successlul applicant has accepted the tems and ctsndrtions tsf the grant, the grant will be paid out. Further instalments of mu￿Year grants are paid on receipt of satislactory interim reports. The Trust's grants generalty provide core and proiecl support. The Trust typicalty either makes a one-off grant or will offer grant5 UP to three years. The potential for long-term fiexible sUPPOrt is greatty valued by grantee5. ECOLOGICAL RESTORATION FUND TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Monitoring and Follow up.. how the Trust's grant giving has delivered public benefit Grantees are required to complete annu31 progress reports and 3 final report after the end of the 9rant period. The reports cover progress made, problem5 encountered, and any otyanisational changes. Grantees also provide 8 financial statement showing how the grant has been used. These reports are ￿VIewed, and any queries a￿ raised dwecty with the granlee to ensure that the grant has been used in cornpliance wrth the original application. Grantees can be visited at any lime during the grant. Thè Trust schedulès wuLar visits. both to see the operation of grantees first-hand and to leam more aboul the current challenges in each country or region. Intemational grantees are encouraged to visit the Tnjst offices should they be Iravellin9 to the UK. Staff report back to trustees on visits, and trustees regularty review the impact of Ihe grants made. Achlevements and perfomanco During the period, the Trust has awarded £13,700,000 in gfants 12022. £250,000). The financial statements and accounts contained later in this report reflect the lolal value of grants awarded and paid by trustees during 2023. The Trust ha5 a150 awarded £28.OCQ.IKJO12022.' £nill ￿ grants as part of multi-year awards, due over the period through two years following year end. I granteés réport on the progress ol thelr fund¢d projects vthhin SLX monlhs Ilnterim report) and then agaln after 12 months (final reporti. Flnanclal revlew Th¥ results for the period are sel oul on pages ￿11. Grant awards totalling £13,700,000 were made during the year12022'. £2S0,OL￿l. In addrtion, the Trust spent £135.53212022'. £14.298I in administrative ry)sis. making a total of £13.835,532 in direct charitable expenditure 12022.. £264.2981. Support costs were thus 0.98% 01 total charitable expenditure 12022.. The Trust benefited from donations of £16 million during the year12022'. £1 millionl. This donation was distributed as the grant awards during the 2023 year, with a proportion camed fo￿ard aThJ distributed as grants during the 2024 financial year. Rljk Management The trustees have exarnined the m8ior slralegic. business and opera¢K)nal risks to which the ch8rity is exposed 8nd maintain thèse iri a iegister which is reviewed and updated regularly and fomialty by the trustees. They are satisfied that appropriate mitigations and resources are in place to manage the risks faced by the Trust and its staff. The trustees assess the risks associated with each grant as it is made. They are mindfvl of the risks faced by grantees working lo protect and restore ecosystems and speaes and the risk to staff ol visiting current and potential grantees in certain countries. Truslees and slaff draw on Iheir own expertise 8nd the advice of country experts and then 18ke appropriate measure$ to safeguatd slaff and strengihen gTantee secuwity- The considerable combine¢J expertsse of the TnJst's staff and trustees, and the extemal experts rt can call on for an independent opinion, ensure Ihat the Trust can evaluate the applicats.ons ￿Ceived and mitigate the risk of ineffective grant rnaking. As part of the Trustees, duties. they man8ge risk to the organisation. induding overseeing financi81 reporb'ng, the processes ielated to iisk rnanagernent and intemal control, induding financial, repulatitsnal, compliance and other strategic and operatsonal risks, and overseeing the au¢Jrt processes. ECOLOGICAL RESTORATION FUND TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Plans for future periods In 2024, the Fund will continue seeking potentsal donats.ons to make. and meet ihe contribution commitments per the multFyear support agreements. WThth the suppx)rt ol Lenke Balint. the Fund's new Director. trustees will also work on a new strategic plan in 2024 which will be implemented in 2025 and subsequent years. Structure. 9overnance and management The Ecological Restoration Fund was established as a charilable registered company limited by guarantee on the 251h January 2022. The foll¢)wing acted as directors and Iwustees during the year ended 31* December 2023.. Mr D Hotz DrA L K Rausing Dr S Rausing The power ol appointing new or additional trystees is vested in the current Iwstees. The number of Iruslees shall at no lime be fwer than three individual trustees. The Board ol Trustées méets regulaty. vnth an agentla fooJ$ln9 on strategic questlons, futur8 $￿nThIng and any signrfunt questions ol organisatsonal risk. I trustees are aware of their obligations lo the Trusl and on behalf of the Trust. Details of Iruslee remuneration and expenses and any relaled party Irans8¢tions ar& disdosed in note 9 to th& accounts. Trustees 8r8 required to disclose all relevant interests and register them annualty wrth thè Trust's administration, and in accordance wrth the Trust's Overfap of Inte￿st Policy to withdraw from decisions where a conflict of interest arises. The Iruslee5 consider that Ihe Board of Trustees and the Programme Officer comprise the key management personnel of the charity in ¢har9e ol direclin9 and ¢ontrolling the ¢haiity and its day-tO-d8y operaiKIn. The pay of the charity's senior managers and other staff is reviewed annually and is nomialty increased in Ilne vAth accepted measures of price and wage inllation. Reserves pollcy The Trustees have established the level of reserves th81 the chartty ought lo h8v&. Unfeslricter evidence of non-¢Otnpli8nce with relevant laws and regulations. We also rewewed controls the trustees have in place to ensure compliance. We gained an understanding of and evaluated the controls that the trustees have in place (o prevent and detect fraud. We enquired of the members about any inadences of fraud that had taken place during the accounung period. ECOLOGICAL RESTORATION FUND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ECOLOGICAL RESTORATION FUND The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and perforn￿d lo address these risks. We identified the potential for fraud in the following areas.. incK*me re¢￿gnition. managemenl ovemde. misappropriation of assets. We reviewed financial statements disckjsurès and tested to $uppoiting do¢ument8tion to assèss compliance with relevant laws and regulations discussed above. We enquired of the truslees about actual and potential lrtigation and claims. We performed analytical procedures to idenbfy any unusual or unexpected relat￿nshIpS that might indicate risks of material misstaternent due tts fraud. In addrèsslng thè risk of fraud to manag•mènl overridè of Intemal controls we tèsted the appropriateness of joumal entries and assessed whether the judgments made in making accounting estimates were indutive of a polenlial bias. Due to the inherent limitstions of an audit, Ihere is an unavoidable risk that we may not have detected some material mi5stslements in the finanri81 ststements. even though we have property planned and performed our 8udil in 8¢¢ordan¢e with audilin9 sl8ndards. For exarnple. as with any audil. there remained 8 higher risk of non- detection of Irregulanties, as these may Involve collusion. forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to delect am fraud and nonwcompli8nce wrth laws and regulations A further description of our responsibilibes is available on the Financial Reporting Council's website at.. https'.11 www.frc.org.uKlauditorsresponsibilitse5. Thi5 description forms part ol our auditorf5 repori. Use of our report This report is made solety lo Ihe ¢harrtabl8 ¢ompanY$ members, as a body, in oc¢ordan¢e with Ch8pl&r 3 of Part 16 of the Companies Act 2006. Our audrt work has been undertaken so that we might state to the charitable company's mernbers those matters we a￿ required to state to Ihem in an audilorfs report and for no other purpose. To the fullest extent pemiitted by law, we do not accepl or assume responsibility to anyone other than the charitable company and Ihe charitable company's members as a body. for our audil work, for this report. or for the opinions we have formed. Brian Clifford (Sènior Ststutory Auditor) for and on behalf of Brtght Grahame Murray Chortered Accountants Statutory Audltor Ernpeioi's Gate 114a Cromwell Road Kensington London SW7 4AG 1910812024 ECOLOGICAL RESTORATION FUND STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEAIBER 2023 Unrestrfcted Unrestrlcted funds for funds for year ended perlod ended 31 December 31 December 2023 2022 Notes Income from: Donations and legacies Inve5trnenls 16,000,000 16,721 1,000,000 Totsl Incom• 16,016,721 1.000,000 Exp•ndltur• on.. Charitsble activities 13.835.521 264,298 Totsl •xp•ndllur• 13,835,521 264,298 Nèt Incom• and mov•m•nt In lund$ 2,181,200 735,702 R•conclllatlon ol funds: Fund balances 811 January 2023 735,702 Funfl b•l•n¢•• ot 31 D•¢¥M￿r 2023 2,916,902 735,702 The statement of fin8n¢i•l 8¢b'¥ib&s indudes all 98in$ and1088es re0)gn￿ed in the year. All In￿Me and expenditu derive from ¢onlinuing a¢tiviti¥s. ECOLOGICAL RESTORATION FUND BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Currènt assèts Debtors Cash at bank and in hand 12 726 4,547.533 754,510 4.548.259 754.510 Crgdltors.. •mounts f•lllng dug ¥Athln onè yèar 13 (1,631,357) 118,8081 Net eurrent a88ets 2.916,902 735,702 Thè lunds ol thè ¢horlty Unrestricted funds 1S 2.916.902 735.702 2.916.902 735.702 1310812024 The financial statements were approved by the trustees on ....................... P￿idL Ho+z Mr D Hotz Trustee Company regi¥lralion number 13871372 IEngland and Wales) 10- ECOLOGICAL RESTORATION FUND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEAIBER 2023 2023 2022 Note$ Cash flows from opèrating aetlvltl•s Cash generated from operations 17 3.776.302 749.510 Inv•stlng actlvltl•s Investment incorne received 16.721 Net cash generated fromllu8ed inl investing activities 16.721 Flnanelng aetlvltl8S Proceeds from borrowings 5.000 Net cash luB?d Invgenerated from flnonclng actlvltles 5,000 N•t In¢ro•18 In ¢a•h #nd ¢08h •qulv¥l•nts 3,793.023 754,510 Cash and cash equivalents at beginning of year 754,S10 Cash and ca8h equlvalents at •nd of y•ar 4.547.533 754,510 ECOLOGICAL RESTORATION FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEAIBER 2023 Aecountlng pollel•s Charfty Snforniatlon Ecological Restoration Fund is a private tharitable company limited by guarantee incorporated in En9land and Wales. The registered offi￿ is 12 Penzance Place, London. W114PA, UK. 1.1 Reporting period The entity has prepared the financial statements for a 12 month period, however the comparats've amounts arè presented for a short period Irom Incorporation on 25 January 2022 to 31 December 2022. The￿fore the amounts presented in the financial statements (including the related notesl are nol ents'rely comparable. 1.2 Accounting convention The financial statements havè prepared in accoftlance wrth the charity's memorandum and artldes. th& Companies Act 2006. FRS 102 "The Finanaal Reporting Standard applicable in the UK and Republic of Ireland I"FRS 102.1 and the Charities SORP "Accounting and Reporting by Charilies.. Statement of Recommended Practice applicable to charities preparing Iheir accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021. leffeclive 1 January 20191. The ch8rity is a Public Benefit Entity 85 defined by FRS 102. The flnancial statéments arè prèpared in stedin9. whlch is the lun¢b'onal Curren￿ of the charity. Monetary amounts in these financial statements are rounded lo the nearest £. The financAal statements have been Prepared under the historical ulst convention. The principal accounting policies adopted are set out below. 1.3 Golng conc•m At the time of approving the financial slalements. the trustees have a reasonable expectation that the charity has adequate reSoUr￿S to continue in operational existence for the loreseeable lulure. Thus the trustees continue lo adopt the going concem basis of a￿￿Un￿n9 in preparing the financsal slalernenls. 1.4 Charttable funds un￿strICted fvn¢Js a￿ available Icrf use at the di$¢rfion of Ihe Iw$le&s in lurth&ron¢e of their ¢harit8bl objectives. The￿ are no feslricted ftJnd$ ¥$ at the year end. There are no endowment funds as at Ihe year end. 1.S Income In¢orne is recognised when the charity is le981ty entitled to it after any perft)rm8nGe wndilions have been met, the amounts can be measured reljabty, and rt is probable that income wll be received. Cash donation5 are recognised on receipt. Other donations are recogni5ed once the charty has been notified of the donation, unless perforvnance condth.ons iequire deferral of the amount. Income tax iecover8ble in relation to donations recewed under or deeds of covenanl is recognised at the time of the donation. Legacies are iecognisèd on receipt or olherw5e rf the tharity has been nolified of an impending distribution, the amount is known. and receipt is expected. If the amount is not knovm, the legacy is treated as 8 contingent asset. 12_ ECOLOGICAL RESTORATION FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 Accounting policies (Continuedl 1.6 Exp•ndltur• Eypenditure is recognised once Ihere is a legal or constructive obligation to Iransfer economic benefit to a third paty. r( is probable that a transfer of e￿nOMiC benefits will be iequired in settlement, and the amount of the obligation can be rneasured reli8bty. Expenditure is dassified by athvty. The costs of each adivrty are made up of the total of direct costs and shared costs. including support costs involved in undertaking each acbvity. Direcl costs attributable to a single activity are allocated directy to that activity. Shared costs which contribute to more than one activity and support costs which are not attributsble to a single activity are apportioned befvleen those activitie5 on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation charges are alk)raleiJ on the portion of the assel's us&. 1.7 Ca8h and cash equlvalents Cash and cash equivalents Include cash In hand, deposrts held at call with banks. other short-term liquid investments wlh original maturities of th￿e months or less, and bank overdrafts. Bank overdrafts are shown wrthin borrowngs in current liabilities. 1.8 Fln¥n¢l¥l In8truments The charity has elected to appty the provisions of Section 11 'Basic Finanaal Instruments, and Section 12 'Other Financial Instrumenls Issues, of FRS 102 to all of its financAal instruments. Financial instrurnenls 8re recognised in the ¢h8nty's b818nce sheet when Ihe ¢h8nty be¢omtrs party Its Ihtt ¢onlra¢lual provisions of the instrument. Flnanclal assets and liabilit￿S are offs&t, wth the net amounts presented in the financlal statements, when there is a legalty enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise (he asset and setde Ihe liability simumaneousty. Baslc flnonclal assets Basic financial assets, which indude debtors and cash and bank b818nces, are initl81ty measured at transaction price induding transaction costs and are subsequentty carried al amorts'sed cost using the effective interest method unless the arrangemenl constilules a financing transaction. where the transaction is measured al the presenl value of Ihe fulure receip15 di5¢0unled at a market rale of inleresl. FinanrAal assets ¢18S5ified as receivable wslhin one yea¥ ale nol 8morti5¢d. Basie financial liabilities Basic financial liabilities. induding creditors and bank 108ns are initkglly recogni5ed at transaction price unless the arrangement constilules a financing transadion. where the debt insltvment is rnea5ured at the present Value of the future payments discounted at a market rate of inter8St. Finanual liabiliti85 cl855ified a5 p8yabl8 wrthin one year are not amortised. Debt instruments are subsequentty carried at amortised cost. using the effective interest rate method. Trade creditors are obligations lo pay for gocMJs or services thal have been acquired in the ordinary course of operatlons from suppliers. Amounts payable ale dassthed as curtent liabilrties if payment is due wthin one year or less. If not, they are presented as non-current liabilrtJ"es. Trade credrttsis are ￿tognISed Inrtjally at transaction price an¢J subsequentty measured at amrtised cost using the effectNe interest method. Derecognition of financial liabilities Financial liabilrties are derecognised vthen the charity's contractual obligations expire or are discharged or cancelled. 13- ECOLOGICAL RESTORATION FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 Accounting policies (Continuedl 1.9 Employèè b•n•llts The cost of any unused holiday entitlement is reC￿gnISed in the peiiod in which the employee's Se￿￿e$ are received. Termination beneffts are recognised immediatety as an expense vthen the chanty Is demonstrably commrtted to terminate the employment of an employee or to provide temiinatson benefits. 1.10 Retlrement benefits Payments to defined contribLrtion retirèmènt bènefit sthÈmè$ are ¢h•rged 0$ an èxpènsè as thèy fall due. 1.11 Grants payable Grants and donabons approved by Ihe TnJslee5 are recognised in the Stslemenl of Financial Activities and Balance Sheet when financing required to luffil Ihèse grants 1$ received by thè Trust. Funding commitments covering multiple years made by the Fund as al year end are disdosed in note 7 at the value awarded over the lull length ol the award. Trustees consider that given the Trust's funding arrangements there 1$ no matenal discounting required to reflect the lime value ol the money. Income trom donallon• and l•gacles Unrtr$td¢ted funds 2023 Unmtrl¢ted funds 2022 Donations and gifts 16.000.000 1.000.000 Donatlons and glfts Gifts and Le9aa6S 16,000,000 1.000,000 16,000,000 1,000,000 The £16,000,000 donation received in the year12022.' £1,0￿.000) was from a trust sel up in the name of a family member of a trustee. Income from Investments UnreBtri¢ted Unrestrlcted funds funds 2023 2022 Interest receivable 16.721 14_ ECOLOGICAL RESTORATION FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 Exp•ndltur• on charltsbl• aetlvltl•s Support costs 2023 Support costs 2022 DSrect Costs Stsff costs Sundry Expenses Bank Fees Professional Fees Travel Subscriptions IT So￿are and Consumables 66,342 1.545 1.508 490 13.097 4,S82 384 35,538 122,475 1,998 Grant funding of activrties Isee note 61 13,700,LX)O 250,000 Shor• of $upport and gov¢m•n¢• ¢ost• l$w noto 51 Governance 13,046 12,300 13.835.521 264.298 Anoly$l¥ by fvnd Unrestricted funds 13,835,521 264,298 Support eo8t8 allocated to aetl¥ltl•8 Support costs 2023 Total 2022 Govem8nce 13,046 12,300 Governance costs includes payments lo the auditors of £13.04612022.' £12,300) for audit fees. 15- ECOLOGICAL RESTORATION FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 Grants payablè Grant Making 2023 Grant Making 2022 Grants to instrtution$". BIOM Associats'on Birdlile Svenge Blue Marine Bulgarian Biodiversty Foundat*)n Cheshire Beaver Trust Polish Society for Protection of Birds Portugu6sè Society lor the Sluty ol Bird$ Rewilding Portugal Idlife and Wetlands Tru$1 Zoological Soriety of London Rewilding Chile Rewilding Euro Idlife Trust Oceans 5 RSPB World Land Trust Client Earth Hutan Europeaft Environmenlal Bur&au The Lifescape Project Durr611 Wldllfè Conservation Tru$1 Pole Pole Environmental Law Foundation Btraver Trust 25.000 25,000 25.000 25,000 25,000 25,000 25,000 25.000 25,000 25,000 3,7SO,000 3,000,000 2,000.000 1,600,000 1,000.000 soo,000 500,000 soo,000 300,000 250,000 100,000 11)0.000 so,000 50,OCX) 13,700,000 250,000 Fundlng Commltments The company has commitmenls worth £26.400.01)0 12022.. £nill due over the period through fv40 years following year end. Issue of these donation5 15 conlingent on donees showing positive progre55 towards goals established by the award confirmation wntrad. The truslees determine that sufficient funding will be m8de available to the fund as and when these funding commilments are expected to arise. The commrtments a recognised in the Statement of Financial Aclivrties and Balan￿ Sheet when financing reqUI￿d to fu￿11 these grants is ￿ceIVed by the Tfusl. Net movement in fun