SHELL FOUNDATION
Latest income
£29.3m
Latest spending
£32.6m
Registered
2000
Accounts read
FY2024
Financial health, per its FY2024 accounts
The accounts state that the Foundation holds an unrestricted endowment valued at $607 million, with total reserves of $672 million, which is sufficient to meet commitments and cover 20 years of planned expenditure at the current withdrawal rate. The Trustees confirm that the endowment is well placed to fund anticipated spending needs even in the event of significant market volatility, and no material uncertainties affecting going concern were identified by the auditors.
What the accounts disclose
Reserves policy: sufficient to meet the commitments and ambitions of the Foundation now and in the future (held: £672.2m)
“SF’s endowment constitutes unrestricted reserves and is sufficient to meet the commitments and ambitions of the Foundation now and in the future. Commitments are met by liquidating endowment assets as and when required. The reserve policy is set by the Investment Committee, reviewed regularly by the Audit and Risk Committee, and approved by the Board of Trustees.”
Per its FY2024 accounts as filed with the Charity Commission.
Related-party transaction: Payments to Shell Asset Management Company (SAMCo) for investment management costs.
“During the year the Foundation made payments of $787,267 (2023: $973,072) in respect of investment management costs on normal business terms with SAMCo. This is inclusive of $227,056 paid for 2023 invoices.” — page 48
“Of the Foundation’s current or former Trustees listed on page 4, the following are or were directors or officers of certain Shell Group companies: Ms Sinead Lynch, Mr Huibert Vigeveno, Mr Grzegorz Gut and Mr Parminder Kohli.” — page 48
Per its FY2024 accounts as filed with the Charity Commission.
Related-party transaction: Trustees who are also directors/officers of Shell Group companies.
“During the year the Foundation made payments of $787,267 (2023: $973,072) in respect of investment management costs on normal business terms with SAMCo. This is inclusive of $227,056 paid for 2023 invoices.” — page 48
“Of the Foundation’s current or former Trustees listed on page 4, the following are or were directors or officers of certain Shell Group companies: Ms Sinead Lynch, Mr Huibert Vigeveno, Mr Grzegorz Gut and Mr Parminder Kohli.” — page 48
Per its FY2024 accounts as filed with the Charity Commission.
Related-party transaction: Reimbursement of trustee travel expenses.
“During the year the Foundation made payments of $787,267 (2023: $973,072) in respect of investment management costs on normal business terms with SAMCo. This is inclusive of $227,056 paid for 2023 invoices.” — page 48
“Of the Foundation’s current or former Trustees listed on page 4, the following are or were directors or officers of certain Shell Group companies: Ms Sinead Lynch, Mr Huibert Vigeveno, Mr Grzegorz Gut and Mr Parminder Kohli.” — page 48
Per its FY2024 accounts as filed with the Charity Commission.
Related-party transaction: Chair's honorarium for services.
“During the year the Foundation made payments of $787,267 (2023: $973,072) in respect of investment management costs on normal business terms with SAMCo. This is inclusive of $227,056 paid for 2023 invoices.” — page 48
“Of the Foundation’s current or former Trustees listed on page 4, the following are or were directors or officers of certain Shell Group companies: Ms Sinead Lynch, Mr Huibert Vigeveno, Mr Grzegorz Gut and Mr Parminder Kohli.” — page 48
Per its FY2024 accounts as filed with the Charity Commission.
Trading subsidiary: SF Investment Management Limited
“The Foundation has a single subsidiary, SF Investment Management Limited, (company number 09425215), which was incorporated in 2015 to manage a restricted programme with USAID to generate employment in Iraq through investment in small and growing businesses.”
Per its FY2024 accounts as filed with the Charity Commission.
Leadership, per the charity’s website
- Gail Klintworth — Chair of the Trustees
- Jonathan Berman — Chief Executive Officer
- Richard Gomes — Chief Programme Officer
- Juliette Keeley — Chief Impact Officer
- Nicholas Voges — Chief Financial and Operating Officer
Structured financials (annual return, FY ending 31/12/2024)
Total income
£29.3m
Total spending
£32.6m
Cost of raising funds
£697k
Reserves (reported)
£12.7m
Employees
36
Trustees
- Cederic Cremers
- Funke Opeke
- Gail Alfreda Klintworth
- Jack Ngare
- Parminder Kohli
- Paul Simpson
- Thomas Baird
- Timothy Livett
- Vinita Bali
Income and spending
| Financial year end | Income | Spending |
|---|---|---|
| 31/12/2024 | £29.3m | £32.6m |
| 31/12/2023 | £23.0m | £30.2m |
| 31/12/2022 | £26.5m | £24.6m |
| 31/12/2021 | £18.7m | £21.4m |
| 31/12/2020 | £24.3m | £34.5m |
Common questions
Is SHELL FOUNDATION financially healthy?
The accounts state that the Foundation holds an unrestricted endowment valued at $607 million, with total reserves of $672 million, which is sufficient to meet commitments and cover 20 years of planned expenditure at the current withdrawal rate. The Trustees confirm that the endowment is well placed to fund anticipated spending needs even in the event of significant market volatility, and no material uncertainties affecting going concern were identified by the auditors. Its FY2024 accounts were audited by Ernst & Young LLP.
Funders of similar charities
| Funder | Similar charities funded | Amount to them |
|---|---|---|
| ONE FOOTSTEP | 1 | — |
| NORFOLK COMMUNITY FOUNDATION | 1 | £30k |
| THE PWC FOUNDATION | 1 | £10k |