Financial report

Income

Between 1 April 2019 and 31 March 2020, total income grew to £18.0 million, up from £13.2 million in 2018/19.

	Actual 2018/19	Actual 2019/20	Budget 2020/21
Membership fee - renewal	10,150	12,582	15,108
Membership fee - new	1,227	1,567	1,250
Grants, donations, other*	1,138	1,879	2,178
PRI in Person income surplus	107	1,231	92
PRI Academy	533	737	700
Total Income	13,154	17,996	19,328

*Projects funded through grants, donations and other income included: Transition Pathway Initiative, Driving Forward TCFD Implementation, A Legal Framework for Impact, Building RI Market in China, Climate Action100+, Investor Initiative for Sustainable Forests, IPR Phase 2

Signatory fees

All signatories pay annual fees, based on their total assets under management or, for service providers, number of employees. In 2019/20, income from new and existing signatories came to £14.1 million, up from £11.4 million in 2018/19.

Expenditure

Between 1 April 2019 and 31 March 2020, total expenditure excluding PRI in Person grew to £16.1 million, up from £12.5 million in 2018/19.

	Actual 2018/19	Draft Actual 2019/20	Budget 2020/21
Staff costs (incl networks, recruitment, training & development)	7,755	9,501	11,501
Bought-in services, consulting and research**	1,863	2,773	3,482
Travel expenses	970	941	1,091
Premises costs	564	654	1,081
IT costs and telephone	665	1,054	850
Events, meetings, conferences & hospitality	297	352	432
Legal & professional services	115	252	171
Subscriptions, reports & printing	139	166	181
Academy commissions & marketing	57	7	5
Contribution to UNEP FI	0	200	0
Other expenditure (Insurance, postage, office supplies, bank charges)	116	219	299
Total (PRI in Person expenditure not included)	12,541	16,115	19,094

**Significant bought-in services, consulting and research include: AECOM (SDG in Infrastructure), Sustainability in Finance (SDG Flagship report), Clean Return (IPR programme), Contrast Capital (Reporting Framework Indicators), London School of Economics (TPI), Freshfields (EU Sustainable Finance Action plan), Globalbalance Ltd (Biodiversity project), Mantle 314 Inc (LP Guidance Revision), Smart Cube (ESG Structures Credit report).

Expenditure by area

	Actual 2018/19	Actual 2019/20	Budget 2020/21
Management and Operations	2,602	3,531	3,666
Global Outreach and Networks	2,629	3,059	3,781
Communications & Events	957	1,457	1,920
Content teams	2,894	3,402	3,962
Reporting and Assessment	825	1,065	1,406
Premises costs	564	654	1,081
Grants, other	994	1,761	2,114
PRI Academy	452	389	459
Partnerships	214	184	206
Consulting and research	410	616	500
Total	12,541	16,119	19,094

Number of staff by department

	Marcn 2019	March 2020	Forecast March 2021
Reporting & Assessment, Investment Practices, SDGs, ESG	28	40	51
Global Outreach and Networks	29	31	37
Management & Operations, HR, Partnerships & PRI Academy	23	25	24
Communications & Events	10	15	19
Policy, Research & Climate	9	13	13
Content team	5	4	6
Executive	2	2	2
Grants	6	9	9
Total	112	139	161

Cash reserves

Cash increased to £8 million at the end of the year, up from £6.1 million at the end of 2018/19. This included receiving restricted funds (£1.9 million) and sponsorship fees from PRI Tokyo (£1.5 million).

Corporate structure

The PRI group comprises seven entities, with PRI Association being the ultimate holding company. Signatory fees are collected by PRI Association and disbursed across the group. Entities are established where there is a specific operating or regulatory requirement.

PRI Enterprises Ltd is the home of the PRI Academy and is primarily funded by course fees.

Operating surplus

After taking into account interest receivable, depreciation and tax, we achieved a surplus of £1.8 million, up from £554,140 for 2018/19.

 

For the Directors’ report, Group strategic report and Consolidated financial statements for year ended 31 March 2020 click here.

 

<<Home>>