Financial report^[1]

For the PRI Association Directors’ report, Group strategic report and Consolidated financial statements for the year ended 31 March 2021 click here.

Income

Between 1 April 2020 and 31 March 2021, total income grew to £21.5 million, up from £18.0 million in 2019/20.

	Actual 2019/20	Actual 2020/21	Budget 2021/22
Membership fees	14,149	17,310	20,265
Grants, donations, other*	1,879	3,214	3,024
PRI in Person/ Digital Forum income surplus	1,231	-231	-
PRI Academy	737	1,213	1,000
Total Income	17,996	21,506	24,288

 

*Projects funded through grants, donations and other income included: A Legal Framework for Impact, Climate Action 100+, TCFD, IASB opinion on climate change, The Investor Agenda, The Inevitable Policy Response, EU sustainable finance, Transition Pathway Initiative, and the UN Net Zero Asset Owner Alliance. 

Signatory fees

All signatories pay annual fees, based on their total assets under management or, for service providers, number of employees. In 2020/21, income from new and existing signatories came to £17.3 million, up from £14.1 million in 2019/20.

Expenditure

Between 1 April 20120 and 31 March 2021, total expenditure excluding PRI in Person grew to £18.5 million, up from £16.1 million in 2019/20.

	Actual 2019/20	Actual 2020/21	Budget 2021/22
Staff costs (incl networks, recruitment, training & development)	9,501	11,093	15,718
Bought-in services, consulting and research**	2,773	3,984	4,109
Travel expenses	941	12	159
Premises costs	654	1,033	1,050
IT costs and telephone	1,054	1,022	1,600
Events, meetings, conferences & hospitality	352	189	572
Legal & professional services	252	257	221
Subscriptions, reports & printing	166	149	171
Academy commissions & marketing	7	9	9
Contribution to UNEP FI	200	110	111
Other expenditure (Insurance, postage, office supplies, bank charges)	219	668	286
Total (PRI in Person expenditure not included)	16,119	18,525	24,007

**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 2019/20	Actual 2020/21	Budget 2021/22
Management and Operations	3,531	3,905	5,111
Global Outreach and Networks	3,059	3,168	4,017
Communications & Events	1,457	1,793	2,419
Content teams	3,402	3,099	5,115
Reporting and Assessment	1,065	1,624	1,533
Premises costs	654	1,033	1,050
Grants, other	1,761	2,579	2,394
UN Asset Owner Alliance		191	890
PRI Academy	389	458	738
Partnerships	184	142	190
Consulting and research	616	533	550
Total	16,119	18,525	24,007

Number of staff by department

	March 2020	March 2021	Forecast March 2022
Content team	54	65	83
Reporting and Assessment	11	14	16
Global outreach and networks	32	33	45
Management and Operations	25	26	35
PRI Academy	2	5	6
Communications and Events	15	18	26
Total	139	161	210

Cash reserves

Cash increased to £11.8 million at the end of the year, up from £8 million at the end of 2019/20. This included receiving restricted funds (£1.9 million) and sponsorship fees from PRI Tokyo (£1.6 million). Our reserve policy is to have enough cash on hand to cover three months of core expenditure.

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 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 £2.6 million, up from £1.8 million for 2019/20.

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