REGISTERED COMPANY NUMBER: 12548538 (England and Wales) REGISTERED CHARITY NUMBER: 1202401
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
FOR
GLOBAL RESEARCH ALLIANCE FOR SUSTAINABLE FINANCE AND INVESTMENT
Berkeley Hall Marshall Limited 6 Charlotte Street Bath BA1 2NE
Document ID: 2a0528f6-b900-4756-a79d-3943e7d4e4bf
GLOBAL RESEARCH ALLIANCE FOR SUSTAINABLE FINANCE AND INVESTMENT
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 to 6 |
| Notes to the Financial Statements | 7 to 10 |
| Detailed Statement of Financial Activities | 11 |
Document ID: 2a0528f6-b900-4756-a79d-3943e7d4e4bf
GLOBAL RESEARCH ALLIANCE FOR SUSTAINABLE FINANCE AND INVESTMENT
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2025
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 April 2025. The trustees have adopted the provisions of 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
GRASFI continues to further our mission to promote high quality research in sustainable finance and investing, supported by an alliance of universities.
Significant activities
In April 2024 we convened our first PhD workshop, with costs accounted for in 2024/25 financial year. We subsequently secured funding to convene more PhD workshops in the 2025/26 financial year. These workshops further our mission to support new research scholars in Sustainable Finance and Investment in their research and careers and comprise our second main activity in addition to our annual research conference.
In August 2024 we convened a successful annual conference at Singapore Management University (one of the universities in our alliance) in partnership with the Singapore Green Finance Centre (SGFC). Approximately two thirds of the conference costs were covered by funds raised in Singapore by SGFC. GRASFI's portion of the Singapore conference expenses, conference-related research awards, and sponsorship related to the PhD workshop amounted to 'Charitable activities' of £48,673.
Public benefit
The charity has due regard to the Charity Commission guidance on public benefit.
FINANCIAL REVIEW
Financial position
Total funds raised this year were £155,477. In 2024, fifteen universities contributed £5,000 each towards the work of GRASFI. Including late payments from 2023, university contributions amounted to £84,766 after transaction costs. We received the first of three donations of €55,000 from our three year agreement for conference support with BNP Paribas Asset Management and we received the final payment of our European Climate Foundation grant from 2022 (€10,000). New funding from BNP Paribas Asset Management toward PhD workshops (€20,000) will fund PhD workshop activities accounted for in the 2025/26 financial year.
Reserves policy
Our policy (refer 2023/24 financials) is to maintain sufficient reserves to cover between 75% and 100% of our operating costs (expenditure less charitable expenses) to secure a full year ahead of operations.
After our financial year 2024 we declared a deficit of £17,768 and brought forward a reserve of £44,484. In 2025 (this year), we have declared a surplus of £23,429 and carried forward a reserve of £67,913 which amounts to 81% of 2024/25 operating costs.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
12548538 (England and Wales)
Registered Charity number
1202401
Page 1
Document ID: 2a0528f6-b900-4756-a79d-3943e7d4e4bf
GLOBAL RESEARCH ALLIANCE FOR SUSTAINABLE FINANCE AND INVESTMENT
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2025
Registered office
6 Charlotte Street Bath BA1 2NE
Trustees
B L Caldecott (resigned 8.1.25) U Volz (resigned 6.5.25) R Bauer (resigned 27.8.25) N Seega (resigned 1.8.24) G Gianfrate (resigned 27.8.25) T Court (resigned 18.11.24) C A Vargas (resigned 18.11.24) C Zhang H Raubenheimer A B Creti (appointed 4.9.24) M Wilkins (appointed 4.9.24) (resigned 27.8.25) R Klump (appointed 27.8.25) H Liang (appointed 27.8.25) N Sekerci (appointed 27.8.25)
Independent Examiner
Berkeley Hall Marshall Limited 6 Charlotte Street Bath BA1 2NE
Approved by order of the board of trustees on 19 November 2025 and signed on its behalf by:
................................................................. Trustee
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Document ID: 2a0528f6-b900-4756-a79d-3943e7d4e4bf
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GLOBAL RESEARCH ALLIANCE FOR SUSTAINABLE FINANCE AND INVESTMENT
Independent examiner's report to the trustees of Global Research Alliance For Sustainable Finance and Investment ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 April 2025.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Matthew George Small FCA
The Institute of Chartered Accountants in England and Wales
Berkeley Hall Marshall Limited 6 Charlotte Street Bath BA1 2NE
Date: .............................................
Page 3
Document ID: 2a0528f6-b900-4756-a79d-3943e7d4e4bf
GLOBAL RESEARCH ALLIANCE FOR SUSTAINABLE FINANCE AND INVESTMENT
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 APRIL 2025
| 2025 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 155,477 EXPENDITURE ON Raising funds 4,397 Charitable activities General 48,673 Other 78,978 Total 132,048 NET INCOME/(EXPENDITURE) 23,429 RECONCILIATION OF FUNDS Total funds brought forward 44,484 TOTAL FUNDS CARRIED FORWARD 67,913 |
2024 Total funds £ 159,978 11,215 78,322 88,209 177,746 (17,768) 62,252 44,484 |
|---|---|
The notes form part of these financial statements
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Document ID: 2a0528f6-b900-4756-a79d-3943e7d4e4bf
GLOBAL RESEARCH ALLIANCE FOR SUSTAINABLE FINANCE AND INVESTMENT
BALANCE SHEET 30 APRIL 2025
| 2025 Unrestricted fund Notes £ CURRENT ASSETS Cash at bank 68,395 CREDITORS Amounts falling due within one year 6 (482) NET CURRENT ASSETS 67,913 TOTAL ASSETS LESS CURRENT LIABILITIES 67,913 NET ASSETS 67,913 FUNDS 7 Unrestricted funds 67,913 TOTAL FUNDS 67,913 |
2024 Total funds £ 44,966 (482) 44,484 44,484 44,484 44,484 44,484 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2025.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2025 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each 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 financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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GLOBAL RESEARCH ALLIANCE FOR SUSTAINABLE FINANCE AND INVESTMENT
BALANCE SHEET - continued 30 APRIL 2025
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 19[th] November 2025 and were signed on its behalf by:
............................................. Trustee
............................................. Trustee
The notes form part of these financial statements
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Document ID: 2a0528f6-b900-4756-a79d-3943e7d4e4bf
GLOBAL RESEARCH ALLIANCE FOR SUSTAINABLE FINANCE AND INVESTMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
2. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Staff costs | 2025 £ 3,833 |
2024 £ 6,640 |
|---|---|---|
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GLOBAL RESEARCH ALLIANCE FOR SUSTAINABLE FINANCE AND INVESTMENT
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2025
3. TRUSTEES' REMUNERATION AND BENEFITS
The Charity's articles of association permit the payment of directors/trustees under article 7(2)g and one director is currently employed by the Charity. As per the article, the director withdraws from any meeting in which their appointment, remuneration or performance is under discussion. The director received £73,533 of remuneration, including employer pension costs. No other directors received remuneration in the year (2024: £80,791).
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 April 2025 nor for the year ended 30 April 2024.
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 2025 Director 1 The number of employees whose employee benefits (excluding employer pension costs) £60,000 was: 2025 £70,001 - £80,000 1 |
2024 1 exceeded 2024 1 |
|---|---|
The Charity's articles of association permit the payment of directors under article 7(2)g and one director is currently employed by the Charity. As per the article, the director withdraws from any meeting in which their appointment, remuneration or performance is under discussion.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 159,978 |
| EXPENDITURE ON | |
| Raising funds | 11,215 |
| Charitable activities | |
| General | |
| 78,322 | |
| Other | 88,209 |
| Total | 177,746 |
| NET INCOME/(EXPENDITURE) | (17,768) |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 62,252 |
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GLOBAL RESEARCH ALLIANCE FOR SUSTAINABLE FINANCE AND INVESTMENT
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2025
| 5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | |
|---|---|---|---|---|---|
| Unrestricted | |||||
| fund | |||||
| £ | |||||
| TOTAL FUNDS CARRIED FORWARD | 44,484 | ||||
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Accrued expenses | **482 ** | 482 | |||
| 7. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| movement | At | ||||
| At | 1.5.24 | in funds | 30.4.25 | ||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 44,484 | 23,429 | 67,913 | ||
| TOTAL FUNDS | **44,484 ** | 23,429 | 67,913 | ||
| Net movement in funds, included in the above are as follows: | |||||
| Incoming | Resources | Movement | |||
| resources | expended | in funds | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 155,477 | (132,048) | 23,429 | ||
| TOTAL FUNDS | 155,477 | **(132,048) ** | 23,429 | ||
| Comparatives for movement in funds | |||||
| Net | |||||
| movement | At | ||||
| At | 1.5.23 | in funds | 30.4.24 | ||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 62,252 | (17,768) | 44,484 | ||
| TOTAL FUNDS | 62,252 | (17,768) | 44,484 |
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GLOBAL RESEARCH ALLIANCE FOR SUSTAINABLE FINANCE AND INVESTMENT
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2025
7. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 159,978 TOTAL FUNDS 159,978 A current year 12 months and prior year 12 months combined position is as At 1.5.23 £ Unrestricted funds General fund 62,252 TOTAL FUNDS 62,252 |
Resources Movement expended in funds £ £ (177,746) (17,768) (177,746) (17,768) follows: Net movement At in funds 30.4.25 £ £ 5,661 67,913 5,661 67,913 |
|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 315,455 315,455 |
Resources Movement expended in funds £ £ (309,794) 5,661 (309,794) 5,661 |
|---|---|---|
8. RELATED PARTY DISCLOSURES
One director was paid remuneration of £73,533 in the year (2024: £80,791), including employer pension costs. This remuneration was paid subject to the Charity's articles of association which permit the payment of directors under article 7(2)g. No other directors were paid during the period.
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Document ID: 2a0528f6-b900-4756-a79d-3943e7d4e4bf
GLOBAL RESEARCH ALLIANCE FOR SUSTAINABLE FINANCE AND INVESTMENT
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2025
| INCOME AND ENDOWMENTS Donations and legacies Donations Total incoming resources EXPENDITURE Raising donations and legacies Office costs Advertising Charitable activities Events/conferences Travel costs Grants to individuals Other Wages Staff costs Sundry expenses Independent examination fees Bank charges Foreign exchange differences Insurance Subscriptions Total resources expended Net income/(expenditure) |
2025 £ 155,477 155,477 4,397 - 4,397 34,342 3,604 10,727 48,673 69,700 3,833 34 1,080 49 - 319 3,963 78,978 132,048 23,429 |
2024 £ 159,978 159,978 2,940 8,275 11,215 18,675 1,886 57,761 78,322 74,151 6,640 13 960 77 652 1,010 4,706 88,209 177,746 (17,768) |
|---|---|---|
This page does not form part of the statutory financial statements
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