REGISTERED COMPANY NUMBER: 11813153 (England and Wales)

COMMONWEALTH CLIMATE AND LAW INITIATIVE

(A COMPANY LIMITED BY GUARANTEE)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Report of the Trustees

1

to

8

Independent Examiner's Report

9

Statement of Financial Activities

10

Balance Sheet

11

to

12

Notes to the Financial Statements

13

to

22

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 31 March 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).

Contained within the SORP are requirements pertaining to the trustees' assessment as to the charity's ability to continue as a going concern and that, if so determined, the accounts are prepared on this basis. This matter has been determined in the positive and supported by resolution of the trustees dated 30 June 2025. The trustees' analysis of grant funding negotiations occurring both prior and subsequent to the 31 March 2025 balance date which support this positive conclusion are outlined variously in this Report of the Trustees and the Notes to the Financial Statements.

OBJECTIVES AND ACTIVITIES

Objectives and aims

Purposes and Aims

Our charity's environmental purposes as set out in the objects contained in the company's memorandum of association are:

advancing the protection, preservation and conservation of the physical and natural environment for the public benefit, in particular but not exclusively by:

1) researching strategies and mechanisms that may assist to facilitate a rapid, orderly and efficient re-allocation of capital to business and investment activities that promote sustainable development and the transition to a global low carbon economy to address the threat of catastrophic climate change, and publishing the useful results of that research.

2) researching the material risks of future legal liabilities thereby motivating a behavioural shift in which company directors and pension fund trustees take account of physical climate change risk and societal responses to climate change in corporate and investment decision-making;

3) promoting the integration of the financial risks and opportunities of climate change across all facets of corporate governance and investment practice; and

4) educating the public in all matters relating to the law, practice and administration of justice in connection with climate change, sustainable development and the conservation and protection of the environment and the prudent use of natural resources.

Ensuring our work delivers our aims

We work to achieve our aims by undertaking legal research and stakeholder engagement to accelerate understanding of climate and biodiversity risk by applying existing companies and securities laws to drive a rapid and orderly transition to a net zero emissions economy. We produce legal research on fiduciary duties and practical tools on how to integrate the risks and opportunities of climate change into corporate governance, in order to minimize the risk of personal liability for directors and officers and maximize near term efforts in the transition to a sustainable economy.

Public benefit

Although we direct our activities to corporate directors and investor fiduciaries (and the actors that advise them, such as lawyers and accountants, or influence or supervise them, such as financial regulators) the beneficiaries of their improved understanding of the legal risks and subsequent improvements in corporate and investor governance and disclosure are the public at large. This is because we all benefit from efforts to accelerate the transition to a net zero emissions and regenerative economy by mitigating dangerous climate change and addressing biodiversity loss. Our legal analysis is freely available online and we focus on free events that are open to the public. If an event is closed to the public, this is to enable high level attendees in the corporate, regulatory, or legal communities to have safe space to learn and collaborate.

Significant activities

The focus of our work

The CCLI was launched in 2015 by His Royal Highness, the Prince of Wales, as a collaborative project between Oxford University Smith School of Enterprise and the Environment and UK charities ClientEarth and Accounting for Sustainability (A4S). The project was spun out, in 2019, from its administrative umbrella of the University of Oxford to operate as a charitable company limited by guarantee. The company is funded by environmental philanthropy and research grants.

The CCLI works towards an economic ecosystem in which decision-makers are educated and advised on climate and nature crises as risks to their companies and investments, rather than perceiving them as external ethical or environmental issues, and on what the law requires or permits them to do with this information. Our work examines the legal basis for directors and trustees to manage and report on climate change and nature-related risk under existing companies and securities law. We commission legal opinions from independent experts within a jurisdiction to build the authoritative evidence base and shift the mainstream understanding of the requirements of corporate and securities laws as they relate to climate change and other nature crises.

We inform directors, fiduciaries, investors, professional advisers and regulators of the potential for personal liability of directors and fiduciaries in relation to the impacts of climate change, through robust legal analysis and impact engagement strategies. We also provide practical tools for directors and fiduciaries to integrate the risks and opportunities of climate change into corporate governance and disclosure. One of our key principles is a focus on being outcome-focused and evidence-led.

The CCLI has carried out work in jurisdictions worldwide and has seen increased awareness of climate change risk and its impacts on business and investment models during this time. In our experience, the nature of fiduciary and disclosure laws (by which relevant decision-makers may face personal liability for breaches) makes them an important lever for changing decision-making behaviour. By bringing decision-makers' attention to this, and by working with their advisors and civil society, we aim to drive behaviour changes on an individual level in order to accelerate the transition to a net zero emissions economy in line with the Paris goals.

Significantly in 2024-25, CCLI has been able to secure further funding enabling the company to continue and modestly expand its groundbreaking work examining the legal basis for directors and trustees to consider, manage and report on climate change, and the circumstances which may give rise to liability. This has occurred against the backdrop of significant management effort in the year towards defining a suitable basis of strategic and operational growth along with identifying complementary grant-based financing. Circumstances adversely impacting on the latter of these endeavours which span 2024-25 and into the subsequent year have prompted the Trustees to give specific reference in their assessment of the company as a going concern.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

During the financial year ended 31 March 2025, CCLI continued to develop its legal research and engagement on climate and nature risks while managing a period of organisation transition. In October 2024, CCLI appointed a new Executive Director, alongside the recruitment of a part-time Communications Manager (October 2024) and an Operations and Finance Manager (December 2024). These hires brought greater stability after earlier challenges with staff illness and turnover. A staff strategy offsite in January 2025 allowed the team to reflect on CCLI's theory of change and the substantial work already undertaken, provided a more structured basis for the next phase of activity.

Building on outputs delivered in 2023-2024, CCLI progressed significant projects. In March 2025, CCLI published an updated report on Japanese directors' duties in relation to climate and biodiversity risk, and co-hosted a webinar with the Japan Climate Leaders' Partnership. The launch webinar attracted over 320 participants, including directors, lawyers, regulators and financial professionals, and the report has since been downloaded more than 600 times. The publication coincided with Japan's adoption of ISSB-aligned sustainability standards, significantly amplifying its relevance. Feedback confirmed that the report is influencing policy discussions within Japan's Financial Services Agency and governance practices across major institutions. During this reporting period, CCLI also undertook substantial preparatory work towards commissioning a new legal opinion on Canadian directors' duties in relation to nature risks. This included developing briefing materials, engaging senior counsel, and coordinating with industry networks to ensure the opinion reflects both fiduciary obligations and Indigenous rights considerations. The opinion will be launched in July 2025.

In parallel, CCLI continued to collaborate with the Climate Governance Initiative on the global Directors' Duties Navigator tool, which now covers 33 countries and the EU. Since its launch in 2021, the Navigator has attracted over 70,000 views, underscoring its utility to directors and their advisors. We also co-authored a new board briefing, Nature and the board: What directors must understand and act on, shared with senior governance leaders through the World Economic Forum.

Beyond research and publications, CCLI expanded its convening and engagement activities. CCLI hosted quarterly biodiversity litigation roundtables involving over 60 participants globally. In late 2024 and early 2025, sessions focused on trade-offs between climate action, biodiversity and social justice in areas such as voluntary carbon markets and transition minerals, deepening understanding of systemic risks. We were also invited to speak at a webinar hosted by the Taskforce on Nature-related Financial Disclosures (TNFD) on Boards and Nature (July 2024), hold a workshop for the Governance Professionals of Canada ESG certificate (September 2024), and to host a major session at the UNEP-WCMC Nature Action Dialogues (March 2025) to pilot behavioural science tools to empower corporate leaders to integrate nature risks into boardroom decisions.

CCLI's influence was recognised with a shortlist for NGO of the Year at the 2025 edie Awards.

FINANCIAL REVIEW

Financial position

The charity secured funding of £184,258 (please refer to Note 2). This positive financial outcome in its fifth year of operation continues to reflect the proof of concept, legal expertise and reputation built by the trustees and their teams while the CCLI operated until 2019 as a project under the auspices of the University of Oxford.

Principal funding sources

The charity receives restricted funding from environmental philanthropy. This is from direct grants (from funders Foundation for International Law for the Environment and Full Circle Foundation) the latter of which had in 2022-23 enabled the charity to substantially expand its focus to include examining the acceleration of business and investor action on biodiversity through fiduciary duty.

The charity has previously received sub-grants from the UK charity ClientEarth and research or academic funding from the University of British Columbia and may in future receive these from Oxford University.

Reserves policy

The trustees have examined the charity's requirements for reserves in light of the main risks to the organisation. The trustees have established an aspiration whereby the unrestricted funds not committed to projects or invested in tangible fixed assets held by the charity should be between 3 to 6 months of expenditure. However, with low operating costs, the trustees do not deem it necessary to put an exact figure on this. The prior year's negative reserves from unrestricted funds of £9,106 has been reduced to zero through recognition of accounting fees and other overheads as expenditure within the scope of the contract with CCLI's main funder. Nevertheless, if restricted funds do not come in, the charity will wind down its activities to not incur liabilities. All employee salaries are covered by restricted funds.

Funding comes in lump sum grants of restricted funds, which may be recognised in one year, and spent over the course of multiple years in accordance with charitable activities planned and approved by the relevant funder. The present level of unspent restricted funds available to the charity of £213,808 (£373,210 in 2023) (please refer to Note 12).

In light of the Trustees' assessment of uncertainties as to the company's ability to continue as a going concern and the predominance of restricted funding, it was further resolved by the trustees at their 30 June 2025 meeting, that were the company unable to secure core funding to ensure the company, at any moment in time, has funds to continue operating for the next three months then the Trustees will address whether it is appropriate to wind up the company. The trustees believe this accords with the intent of charities' regulation and the avoidance of wrongful trading.

The going concern assessment

Described below in Note 14 to the Financial Statements is the fund Global FD sourced from the Foundation for International Law for the Environment (FILE) which, whilst a restricted fund, provides through an agreed budget the primary source of funding for core staff, organisational activities and overheads.

FUTURE PLANS

In 2025-2026, CCLI will expand its remit to place a stronger emphasis on investors' duties to address climate and nature-related risks, with an initial focus on the United States, supported by project funding from the Generation Foundation. At the same time, we will continue to engage in work on directors' duties, particularly in Canada and the Philippines, building on our existing initiatives.

A key priority for the year will be embedding robust and effective governance practices through practical, industry-specific tools and resources, such as board handbooks and sector-specific guides, aimed at driving tangible behavioural shifts. We will continue to work closely with influential stakeholders and standard setters, including the TNFD, with whom we have developed a strong collaborative relationship.

CCLI will maintain its approach of partnering with organisations such as the CGI and other director networks, recognising that such collaborations are essential to amplifying the impact of our work and ensuring meaningful change in governance practices.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The CCLI is controlled by its governing document, a memorandum of association, and is constituted as a company limited by guarantee, as defined by the Companies Act 2006. In the event of the company being wound up members are required to contribute an amount not exceeding £10.

Recruitment and appointment of new trustees

In accordance with the company's Articles one third of the trustees are required to resign at each AGM after the financial year, although they are entitled to be nominated for re-election. The trustees are experts in the field of law, accounting, sustainable finance, and academia. They bring this substantive expertise to the charitable activities on legal research and stakeholder engagement, as well as their governance of the charity. New and replacement trustees will be recruited where a need is identified and suitable training and induction provided to enable them to fulfil their role.

Consistent with the Trustee's assessment of the company as a going concern, two additional trustees have been appointed effective 11 August 2025 with the intention that their respective expertise will contribute to identification and pursuit of a secure and sustainable basis of operation for the company.

Organisational structure

During part of the reporting period the company was managed on an interim basis by a board trustee, Prof. C. Williams. In October 2024, the company recruited a permanent Executive Director, Ms. N. Shippen, who was in the following month appointed to the board. As a small charity, this enables the Executive Director to have the powers to manage the day-to-day operations of the company, such as authority for banking and entry into contracts in accordance with the delegation granted by the Board, while also being able to play a role in governance activities alongside other trustees. The Executive Director leads a small team of employees (which at the end of the reporting period consisted of the equivalent of four FTE employees), and research assistants and legal experts engaged on a consultancy basis. In light of subsequent grant funding constraints staffing numbers have been reduced as part of necessary cost-base adjustments.

The company has been constituted as a charitable company, and the articles of association have been modelled on that of a charitable company. The company is registered with the Charity Commission under registration number 1203501.

Risk management

The major risks to which the charity is exposed as identified by the trustees have been reviewed and systems have been established to mitigate those risks. These risks pertain to ensuring continuity of core funding within reasonable time horizons and ensuring the publications, particularly legal opinions, are of the highest calibre.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

11813153 (England and Wales)

Registered Charity number

1203501

Registered office

128 City Road

London

EC1V 2NX

Trustees

Dr J A Purcell Accountant and Ph.d. in Law

Ms S A Kilgour Solicitor

T O Wetzer Legal Academic

Professor C Williams Legal Academic

Professor E Lim Legal Academic

Mrs N Shippen Lawyer (appointed 16.11.24)

Ms K Litvack (appointed 11.8.25)

Professor V Harper Ho (appointed 11.8.25)

Independent Examiner

Andrew Hodgetts BA FCA

Shaw Gibbs Limited

Wey Court West

Union Road

Farnham

Surrey

GU9 7PT

Approved by order of the board of trustees on 8 December 2025 and signed on its behalf by:

Dr J A Purcell - Trustee

Independent examiner's report to the trustees of Commonwealth Climate And Law Initiative ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 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:

1.	accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	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

4.

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.

Andrew Hodgetts BA FCA

The Institute of Chartered Accountants in England and Wales

Shaw Gibbs Limited

Wey Court West

Union Road

Farnham

Surrey

GU9 7PT

10 December 2025

2025

2024

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

as restated

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

-

184,258

184,258

332,483

Investment income

3

1,722

(1

)

1,721

1

Total

1,722

184,257

185,979

332,484

EXPENDITURE ON

Charitable activities

Research and Education

2,303

342,532

344,835

248,432

NET INCOME/(EXPENDITURE)

(581

)

(158,275

)

(158,856

)

84,052

Transfers between funds

12

1,127

(1,127

)

-

-

Net movement in funds

546

(159,402

)

(158,856

)

84,052

RECONCILIATION OF FUNDS

Total funds brought forward

-

373,210

373,210

289,158

TOTAL FUNDS CARRIED FORWARD

546

213,808

214,354

373,210

2025

2024

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

as restated

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

9

-

543

543

827

CURRENT ASSETS

Debtors

10

36

6,139

6,175

-

Cash at bank

510

235,867

236,377

380,899

546

242,006

242,552

380,899

CREDITORS

Amounts falling due within one year

11

-

(28,741

)

(28,741

)

(8,516

)

NET CURRENT ASSETS

546

213,265

213,811

372,383

TOTAL ASSETS LESS CURRENT LIABILITIES

546

213,808

214,354

373,210

NET ASSETS

546

213,808

214,354

373,210

FUNDS

12

Unrestricted funds

546

-

Restricted funds

213,808

373,210

TOTAL FUNDS

214,354

373,210

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(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.

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 8 December 2025 and were signed on its behalf by:

J A Purcell - Trustee

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 and on the basis of the company being a going concern.

Going concern

The Trustees acknowledge the requirements set out in para. 3.14 of the Charities SORP and the underlying guidance provided in para. 26 of IAS1 Presentation of Financial Statements and have assessed post balance date events and related prospective information relating to financial resources as supporting a positive conclusion as to the charity's ability to continue as a going concern. The Trustees' deliberations on this matter are variously set out in their Report which accompanies these Financial Statements and within the further Notes to the Financial Statements and are support by Resolutions of the Directors/ Trustees. The Trustees further acknowledge the requirement of para. 1.23 of the Charities SORP that such assessment be made at the date of approving the report and accounts and accordingly do so by way of a Resolution approving the Report of the Trustees and the Financial Statements.

The trustees note that it has been necessary to implement adjustments to the company's cost base in response to the changing funding conditions and nevertheless remain confident that prospective grant negotiations will crystallise funding enabling operations to continue beyond the current known funding horizon of July 2026.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% on cost

Taxation

As a registered charity the company is not subject to Corporation tax to the extent that it applies its surpluses for its stated charitable purposes. The company was not registered for VAT in the reporting period and as such is unable to recover VAT on the costs which it incurs. The company is subject to standard payroll taxes as an employer.

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.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2.	DONATIONS AND LEGACIES

2025

2024

as

restated

£

£

Grants

184,258

332,483

Grants received, included in the above, are as follows:

2025

2024

as

restated

£

£

ClientEarth

-

5,482

Full Circle

70,000

-

Foundation for International Law for the Environment

114,258

327,001

184,258

332,483

3.	INVESTMENT INCOME

2025

2024

as

restated

£

£

Interest receivable

1,721

1

4.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2025

2024

as

restated

£

£

Depreciation - owned assets

475

587

5.	TRUSTEES' REMUNERATION AND BENEFITS

2025

2024

as

restated

£

£

Trustees' salaries

26,781

28,763

Trustees' fees

23,129

-

Trustees' social security

3,260

-

Trustees' pensions paid

417

223

53,587

28,986

Trustees salaries shown above also includes amounts paid under consultancy agreements.

In 2024, Mrs N Shippen, a Trustee of the Charity, received remuneration of £26,781 (2023 - £NIL) and Mr J Purcell received £23,130 (2023 - £19,540) for consultancy work.

Trustees' expenses

During the year, expenses were reimbursed to N. Shippen in the amount of £1,913 (2023: £nil) and to J. Purcell in the amount of £2,593 (2023: £5,488), relating to travel costs incurred while undertaking their duties on behalf of the charity.

6.	STAFF COSTS

The average monthly number of employees during the year was as follows:

2025

2024

as

restated

Management

4

2

No employees received emoluments in excess of £60,000.

7.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

fund

funds

funds

as restated

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

-

332,483

332,483

Investment income

-

1

1

Total

-

332,484

332,484

EXPENDITURE ON

Charitable activities

Research and Education

-

248,432

248,432

NET INCOME

-

84,052

84,052

Transfers between funds

9,106

(9,106

)

-

Net movement in funds

9,106

74,946

84,052

RECONCILIATION OF FUNDS

Total funds brought forward

(9,106

)

298,264

289,158

TOTAL FUNDS CARRIED FORWARD

-

373,210

373,210

8.	PRIOR YEAR ADJUSTMENT

The split of personnel costs between those attributable to direct charitable activities and those attributable to support costs has been updated in the 2025 figures to more accurately reflect the nature of work carried out. The 2024 comparative figures have been restated to reflect this updated basis of allocation. The restatement has no impact upon the net result reported for 2024.

9.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2024

2,349

Additions

620

Disposals

(896

)

At 31 March 2025

2,073

DEPRECIATION

At 1 April 2024

1,522

Charge for year

475

Eliminated on disposal

(467

)

At 31 March 2025

1,530

NET BOOK VALUE

At 31 March 2025

543

At 31 March 2024

827

10.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as

restated

£

£

Other debtors

184

-

Prepayments and accrued income

5,991

-

6,175

-

11.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as

restated

£

£

Other creditors

1,089

212

Accrued expenses

27,652

8,304

28,741

8,516

12.	MOVEMENT IN FUNDS

Net

Transfers

movement

between

At

At 1.4.24

in funds

funds

31.3.25

£

£

£

£

Unrestricted funds

General fund

-

(581

)

1,127

546

Restricted funds

Asia

24,449

(20,657

)

(3,792

)

-

Biodiversity

65,620

(15,423

)

(40,294

)

9,903

Global FD

236,751

(122,195

)

45,482

160,038

US

43,533

-

-

43,533

UBC Fund

2,857

-

(2,523

)

334

373,210

(158,275

)

(1,127

)

213,808

TOTAL FUNDS

373,210

(158,856

)

-

214,354

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

1,722

(2,303

)

(581

)

Restricted funds

Asia

1

(20,658

)

(20,657

)

Biodiversity

70,000

(85,423

)

(15,423

)

Global FD

114,256

(236,451

)

(122,195

)

184,257

(342,532

)

(158,275

)

TOTAL FUNDS

185,979

(344,835

)

(158,856

)

Comparatives for movement in funds

Net

Transfers

movement

between

At

At 1.4.23

in funds

funds

31.3.24

£

£

£

£

Unrestricted funds

General fund

(9,106

)

-

9,106

-

Restricted funds

Asia

9,379

-

15,070

24,449

Biodiversity

129,437

(81,672

)

17,855

65,620

Global FD

106,648

165,724

(35,621

)

236,751

US

52,443

-

(8,910

)

43,533

UBC Fund

357

-

2,500

2,857

298,264

84,052

(9,106

)

373,210

TOTAL FUNDS

289,158

84,052

-

373,210

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Restricted funds

Biodiversity

-

(81,672

)

(81,672

)

Global FD

332,484

(166,760

)

165,724

332,484

(248,432

)

84,052

TOTAL FUNDS

332,484

(248,432

)

84,052

13.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2025.