2025-11-14T15:53:04+00:00 2024-12-31 135565207 KPMG LLP 500 West 5th Street Suite 800 WinstonSalem NC 27101 990 2024-01-01 980368454 Shell Foundation SHEL 2079344262 THE EMBASSY TEA HOUSE 5TH FL LONDON LONDON UK SE10LN NICHOLAS VOGES CHIEF FINANCIAL & OPERATING OFFICER 2025-11-14 true true ISAAC B IRBY P02444754 3362753394 2025-11-13 2024 2025-03-06 01:10:19Z NICHOLAS VOGES THE EMBASSY TEA HOUSE 195-205 UNIO LONDON LONDON UK 9344262 127212997 false X WWW.SHELLFOUNDATION.ORG X 2000 UK SHELL FOUNDATION IS A UK REGISTERED CHARITY THAT ENABLES MILLIONS OF UNDERSERVED PEOPLE TO EARN A LIVING INCOME WITH CLEAN ENERGY ACCESS IN AFRICA AND ASIA. IT FOCUSES ON THREE CORE CUSTOMER GROUPS: SMALLHOLDER FARMERS, URBAN TRANSPORTERS AND MICROENTREPRENEURS. THESE THREE SEGMENTS REPRESENTS THE LARGEST NUMBER OF PEOPLE WHOSE INCOME CAN BE MATERIALLY INCREASED THROUGH CLEAN ENERGY. 9 9 1 8 0 17243087 26147360 0 10919229 19184622 0 28162316 45331982 14005935 8432253 0 4425669 6272172 0 0 6956475 7967475 25388079 22671900 2774237 22660082 665369498 697105639 21233692 24951856 644135806 672153783 SHELL FOUNDATION IS A UK REGISTERED CHARITY THAT ENABLES MILLIONS OF UNDERSERVED PEOPLE TO EARN A LIVING INCOME WITH CLEAN ENERGY ACCESS IN AFRICA AND ASIA. IT FOCUSES ON THREE CORE CUSTOMER GROUPS: SMALLHOLDER FARMERS, URBAN TRANSPORTERS AND MICROENTREPRENEURS. THESE THREE SEGMENTS REPRESENTS THE LARGEST NUMBER OF PEOPLE WHOSE INCOME CAN BE MATERIALLY INCREASED THROUGH CLEAN ENERGY. false false 6084374 4518790 SMALLHOLDER FARMERS: THOSE MOVING FROM SUBSISTENCE TO COMMERCIAL FARMING ON LESS THAN FIVE ACRES OF LAND;WHO CAN ACHEIVE A LIVING INCOME WHEN THEY CAN PRODUCE CROPS EFFICIENTLY AND GET THAT PRODUCE TO MARKET IN GOOD CONDITION. 4489020 2958333 MICROENTREPRENEURS: URBAN, PERI-URBAN AND RURAL MICRO-ENTERPRISE OWNERS ENGAGED IN THE SMALLSCALE PROVISION OF GOODS AND SERVICES FOR WHOM RELIABLE AND APPROPRIATE POWER CAN CONTRIBUTE TO LONGER OPENING HOURS, LOWER COSTS, WITH NET INCOME INCREASE. 2906110 955130 URBAN TRANSPORTERS: MOVERS OF PEOPLE AND GOODS WHOSE INCOME CAN INCREASE BY AS MUCH AS 35% BY SHIFTING TO ELECTRIC VEHICLES FROM PETROL OR DIESEL VEHICLES. 13479504 false true false false false true false false false true false false true false true false true true false true true true false false false false false true false true false false false false false false false false false false false false false false false true false false false false true X 0 0 1 true false true UK false false false false false false false false false false false false false false false X 9 9 false false false false true true true true true false false false false true true true true false true true false false X NICHOLAS VOGES 2079344262 THE EMBASSY TEA HOUSE 195-205 UNIO LONDON LONDON UK 9344262 MR GRZEGORZ LUKASZ GUT TRUSTEE 1.0 0 X 0 0 0 MR HUIBERT HANS VIGEVENO TRUSTEE 1.0 0 X 0 0 0 Mr Jack Ngare Trustee 1.0 0 X 0 0 0 Mr Parminder Kohli Trustee 1.0 0 X 0 0 0 Mr Paul Simpson Trustee 1.0 0 X 0 0 0 MS ALICE CHAPPLE TRUSTEE (END DECEMBER 2024) 1.0 0 X 0 0 0 MS GAIL KLINTWORTH TRUSTEE - CHAIR 1.0 0 X 31865 0 0 MS OLUFUNKE OLAYEMI OPEKE TRUSTEE 1.0 0 X 0 0 0 MS SINEAD CAITLIN LYNCH TRUSTEE 1.0 0 X 0 0 0 MS VINITA BALI TRUSTEE 1.0 0 X 0 0 0 MR JONATHAN BERMAN CHIEF EXECUTIVE OFFICER 40.0 0 X 448387 0 0 Mr Nicholas Voges Chief Financial and Operating Officer 40.0 0 X 0 0 0 MR RICHARD GOMES CHIEF PROGRAMME OFFICER 40.0 0 X 291371 0 0 MS RACHEL SINGH DAVIES CFO AND COMPANY SECRETARY 40.0 0 X 278988 0 0 MR NICHOLAS JONES MARKET DEVELOPMENT MANAGER 40.0 0 X 212634 0 0 MR WILLIAM SUMNER FINANCE MANAGER 40.0 0 X 201288 0 0 MS EMMA STEPHENSON PORTFOLIO LEAD TRANSPORTERS 40.0 0 X 206870 0 0 MS MEERA SHAH PORTFOLIO LEAD FARMERS 40.0 0 X 248553 0 0 Ms Tanya Kothari Portfolio Lead Micro-entrepreneurs 40.0 0 X 188496 0 0 2108452 0 0 20 false true false 0 0 0 0 14385746 10885136 876478 0 26147360 0 0 0 0 0 10593192 10593192 0 0 90472445 81881015 8591430 0 8591430 8591430 0 0 0 0 0 45331982 0 0 19184622 X 1327962 1327962 0 0 7104291 7104291 0 0 6272172 4237610 2034562 957217 957217 300515 300515 212644 212644 891078 891078 3059991 0 3059991 0 706720 706720 831226 809641 21585 OTHER EXPENSES 999994 999994 EXCHANGE (GAIN)/LOSS 8090 8090 0 0 0 0 22671900 13479504 9192396 0 15650371 16361597 0 0 4338029 6593559 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 570711757 607454832 0 74669341 66695651 0 0 0 0 665369498 697105639 8285742 13182060 12312434 11145667 0 0 0 0 0 0 0 0 0 0 0 0 635516 624129 21233692 24951856 X 615247046 640125943 28888760 32027840 0 0 0 0 0 0 644135806 672153783 665369498 697105639 22660082 4651175 706720 0 0 0 X false true true true true RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 0 0 0 8084962 0 8084962 0 true true 570711758 0 41743074 5000000 0 0 607454832 534722709 0 64489049 28500000 0 0 570711758 617035725 0 -69813016 12500000 0 0 534722709 577348399 0 61187326 21500000 0 0 617035725 521251894 0 64096505 8000000 0 0 577348399 1.0 0.0 0.0 false true true ENERGY ENTREPRENEURS GROWTH FUND (EEFG) INVESTMENT 9699830 F GROFIN AFRICAN FUND (GAF) - INVESTMENT 156796 F GROFIN SMALL AND GROWING BUSINESSES FUND (SGB)- INVESTMENT 0 F RESPONSIBILITY ENERGY ACCESS FUND - INVESTMENT 1121137 F MIROVA GIGATON FUND INVESTMENT 3000000 F EQUATOR AFRICA FUND LP 1502486 F ECHO VC ECO PILOT FUND I LP 2325000 F FACTOR (E) - LOAN RECEIVABLE 12883084 F HUSK POWER SYSTEMS INC. - LOAN RECEIVABLE 0 F PERSISTENT ENERGY CAPITAL - LOAN RECEIVABLE 2252509 F BUEN MANEJO DEL CAMPO S.A. (SISTEMA BIOBOLSA) - LOAN RECEIVABLE 818787 F NOMOU IRAQ FUND - INVESTM 3068981 F AAVISHKAAR VENTURES MANAGEMENT SERVICES INTEREST BEARING CONVERTIBLE DEBT 9999990 F NORTHERN IRAQ INVESTMENTS 5334603 F NAYO TROPICAL TECHNOLOGY LOAN RECEIVABLE 303577 F SCIENCE FOR SOCIETY TECHNO SERVICES (S4S) LOAN RECEIVABLE 203429 F SHORTLIST LOAN RECEIVABLE 0 F CARDECHO B.V. LOAN RECEIVABLE 0 F SIMA ANGAZA DISTRIBUTOR FINANCING FUND INVESTMENT 625000 F METRO AFRICA EXPRESS LOAN RECEIVABLE 487802 F ENERGY COMPANY OF THE FUTURE LTD (KONEXA) LOAN RECEIVABLE 0 F ODYSSEY ENERGY SOLUTIONS LOAN RECEIVABLE 302486 F PULA ADVISORS LIMITED LOAN RECEIVABLE 0 F JALI FINANCE LIMITED LOAN RECEIVABLE 72135 F NAVALT SOLAR AND ELECTRIC BOATS PRIVATE LTD LOAN RECEIVABLE 613145 F NITHIO FI B.V. LOAN RECEIVABLE 345694 F ROVINGHEIGHTS NIGERIA - LOAN RECEIVABLE 100008 F M-KOPA HOLDINGS LTD - LOAN RECEIVABLE 97508 F LORENTZ IMPACT ACCELERATOR GMBHM- LOAN RECEIVABLE 137993 F KOFA HOLDINGS LIMITED - LOAN RECEIVABLE 1411284 F ARISTO SECURITIES PVT LTD - LOAN RECEIVABLE 676992 F AMPERSAND RWANDA LIMITED 416700 F SISTEMA.BIO (INDIA) 1090652 F HAMARA GRID PRIVATE LIMITED 1692276 F MUFIN GREEN FINANCE LIMITED 623050 F HAVENHILL SYNERGY LIMITED 148815 F A4&T POWER SOLUTIONS LIMITED 148173 F AFEX FAIR TRADE LIMITED 750000 F 4 R Digital Limited 208325 F ChargeAM Kofa Asset Co Ltd 2755590 F SIMA Commercial & Industrial Solar Green Bond B.V. 1321814 F 66695651 Federal Income Taxes GRANTEES DUE AFTER ONE YEAR 411926 PERFORMANCE SHARE PLANS 212203 624129 69719956 4651175 706720 0 19030079 24387974 45331982 0 0 0 45331982 41701979 0 0 0 19030079 19030079 22671900 0 0 0 22671900 Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 UNREALIZED EXCHANGE LOSS - 603010 UNREALISED IMPAIRMENT LOSS - 18427069 Schedule D, Part XII, Line 2(d) Other expenses in audited financial statements not in form 990 UNREALIZED EXCHANGE LOSS - 603010 Unrealised impairment Loss - 18427069 true Europe (Including Iceland and Greenland) 1 29 Grantmaking GRANT EXPENSES 1438962 South Asia 0 0 Grantmaking GRANT EXPENSES 1600000 Sub-Saharan Africa 0 7 Grantmaking GRANT EXPENSES 4065329 Europe (Including Iceland and Greenland) 0 0 Program Services PROGRAM SERVICE EXPENSES 5047251 Europe (Including Iceland and Greenland) 0 0 PROGRAM-RELATED INVESTMENTS INVESTMENTS 4257167 1 36 0 0 1 36 16408709 0 16408709 Europe (Including Iceland and Greenland) 4 R Digital Limited 950000 BANK TRANSFER 0 Europe (Including Iceland and Greenland) Kofa Holdings Limited 519000 BANK TRANSFER 0 South Asia Accion International 600000 BANK TRANSFER 0 South Asia Upaya Social Ventures 1000000 BANK TRANSFER 0 Sub-Saharan Africa AFEX Fair Trade Limited 40000 BANK TRANSFER 0 Sub-Saharan Africa BFA Global 1000000 BANK TRANSFER 0 Sub-Saharan Africa Open Capital Group Ltd 32158 BANK TRANSFER 0 Sub-Saharan Africa The Co-operative Bank of Kenya Ltd 3070457 BANK TRANSFER 0 2 6 false false false false false false Schedule F, Part I, Line 3 Method used to account for expenditures on org's financial statements EUROPE (INCLUDING ICELAND AND GREENLAND)-Cash; SOUTH ASIA-Cash; SUB-SAHARAN AFRICA-Cash true Google LLC - X Division 1600 Amphitheater Parkway Mountain View CA 94043 822182297 1550000 0 Other NA Accelerating radical solutions with breakthrough technologies that will materially move farmers, UTs and MEs from earning below a living income to a living income 0 1 X X X false false true false false false false true false MR JONATHAN BERMAN CHIEF EXECUTIVE OFFICER 338963 0 58580 0 50844 0 0 0 0 0 448387 0 78089 0 MR RICHARD GOMES CHIEF PROGRAMME OFFICER 291371 0 0 0 0 0 0 0 0 0 291371 0 0 0 MS RACHEL SINGH DAVIES CFO AND COMPANY SECRETARY 278988 0 0 0 0 0 0 0 0 0 278988 0 0 0 MS MEERA SHAH PORTFOLIO LEAD FARMERS 248553 0 0 0 0 0 0 0 0 0 248553 0 0 0 MR WILLIAM SUMNER FINANCE MANAGER 201288 0 0 0 0 0 0 0 0 0 201288 0 0 0 MR NICHOLAS JONES MARKET DEVELOPMENT MANAGER 212634 0 0 0 0 0 0 0 0 0 212634 0 0 0 MS EMMA STEPHENSON PORTFOLIO LEAD TRANSPORTERS 206870 0 0 0 0 0 0 0 0 0 206870 0 0 0 Ms Tanya Kothari Portfolio Lead Micro-entrepreneurs 188496 0 0 0 0 0 0 0 0 0 188496 0 0 0 Schedule J, Part I, Line 4c Equity-based compensation arrangement SOME SHELL FOUNDATION STAFF ARE ELIGIBLE FOR THE PERFORMANCE SHARE SCHEME OF SHELL PLC. THIS DATA IS NOT AVAILABLE TO SHELL FOUNDATION AT INDIVIDUAL LEVEL. Schedule J, Part I, Line 7 Non-fixed payments THE ORGANIZATION OFFERS BONUSES TO PERSONS EMPLOYED BY THE ORGANIZATION. THESE BONUSES ARE CALCULATED WITH A FORMULA. THE DECISION TO AWARD BONUSES IS DISCRETIONARY AND INDIVIDUAL DETAILS ARE NOT KNOWN DUE TO DATA PROTECTION REGULATIONS. Form 990, Part VI, Line 6 Classes of members or stockholders THE SOLE MEMBER OF THE FOUNDATION IS THE SHELL PETROLEUM COMPANY LIMITED. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body THE SOLE MEMBER OF THE FOUNDATION IS THE SHELL PETROLEUM COMPANY LIMITED. THE NINE TRUSTEES ARE APPOINTED BY THE SHELL PETROLEUM COMPANY LIMITED. THERE ARE NO MATERIAL DIFFERENCES IN VOTING RIGHTS AMONGST MEMBERS OF THE GOVERNING BODY. THE BOARD IS SUPPORTED FOR THE FINANCIAL RESULTS AND STATUTORY RETURNS, INTERNAL CONTROLS AND RISKS ASSOCIATED WITH THE ACTIVITIES AND APPROPRIATE MITIGATION MEASURES IN RESPECT OF THESE BY AN AUDIT AND RISK COMMITTEE, BY AN INVESTMENT COMMITTEE FOR THE ENDOWMENT INVESTMENT RETURNS, STRATEGIC ASSET ALLOCATION AND PERFORMANCE OF THE FUND MANAGER AND BY A REMUNERATION COMMITTEE FOR THE PERFORMANCE AGAINST PRE-DETERMINED ANNUAL TARGETS. Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders THE SOLE MEMBER OF THE FOUNDATION IS THE SHELL PETROLEUM COMPANY LIMITED. THE NINE TRUSTEES ARE APPOINTED BY THE SHELL PETROLEUM COMPANY LIMITED. THERE ARE NO MATERIAL DIFFERENCES IN VOTING RIGHTS AMONGST MEMBERS OF THE GOVERNING BODY. THE BOARD IS SUPPORTED FOR THE FINANCIAL RESULTS AND STATUTORY RETURNS, INTERNAL CONTROLS AND RISKS ASSOCIATED WITH THE ACTIVITIES AND APPROPRIATE MITIGATION MEASURES IN RESPECT OF THESE BY AN AUDIT AND RISK COMMITTEE, BY AN INVESTMENT COMMITTEE FOR THE ENDOWMENT INVESTMENT RETURNS, STRATEGIC ASSET ALLOCATION AND PERFORMANCE OF THE FUND MANAGER AND BY A REMUNERATION COMMITTEE FOR THE PERFORMANCE AGAINST PRE-DETERMINED ANNUAL TARGETS. Form 990, Part VI, Line 11b Review of form 990 by governing body THE FORM AND ACCOMPANYING SCHEDULES ARE INITIALLY PREPARED AND REVIEWED BY THE SHELL FOUNDATION FINANCE TEAM. WHERE NECESSARY, ADVICE IS SOUGHT AND FINALLY THE FORM IS REVIEWED AND SIGNED BY THE SHELL FOUNDATION CHIEF FINANCIAL OFFICER. Form 990, Part VI, Line 12c Conflict of interest policy SHELL FOUNDATION HAS DOCUMENTED BUSINESS PRINCIPLES, WHICH INCLUDES A STATEMENT RELATING TO CONFLICTS OF INTEREST: "STAFF MUST AVOID CONFLICTS OF INTEREST BETWEEN THEIR PRIVATE FINANCIAL AFFAIRS AND THEIR PART IN THE CONDUCT OF THE SHELL FOUNDATION ACTIVITIES. STAFF MUST ALSO DECLARE TO SHELL FOUNDATION ANY POTENTIAL CONFLICTS OF INTEREST." WE MONITOR THIS THROUGH THE FOLLOWING PROCESSES; MAINTAIN A REGISTER OF GIFTS AND HOSPITALITY GIVEN, RECEIVED OR OFFERED; MAINTAIN A REGISTER OF RELATED TRANSACTIONS, MAINTAIN A REGISTER OF OTHER OFFICES HELD; TRUSTEES ANNUALLY DECLARE ANY RELATED PARTIES." ALL DECISION-MAKING PROCEDURES HAVE CONFLICT OF INTEREST DECLARATIONS BUILT INTO THEM, BOTH IN FORMAL DOCUMENTATION AND AT THE START OF EVERY DECISION-MAKING MEETING. CONFLICTS DECLARED ARE MINUTES FOR THE RECORDS AND INDIVIDUALS WITH SUCH CONFLICTS REMOVE THEMSELVES FROM FURTHER INVOLVEMENT IN THAT DECISION. PROCEDURES APPLY EQUALLY TO STAFF, TRUSTEES, ADVISORS AND VOLUNTEERS. SHELL FOUNDATION'S FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC VIA ITS WEBSITE UK COMPANIES HOUSE AND UK CHARITIES COMMISSION. SHELL FOUNDATION'S GOVERNING DOCUMENTS ARE AVAILABLE TO THE PUBLIC ON REQUEST. THE FOUNDATION DOES NOT MAKE ITS CONFLICT-OF-INTEREST POLICY AVAILABLE TO THE PUBLIC. Form 990, Part VI, Line 15a Process to establish compensation of top management official FEW TOP MANAGEMENT AND THE KEY STAFF OF THE SHELL FOUNDATION ARE EMPLOYED BY SHELL GROUP, A RELATED ORGANIZATION AND SECONDED TO SHELL FOUNDATION. THE REMUNERATION PAID TO THOSE EMPLOYEES BY SHELL GROUP WILL BE RECHARGED TO SHELL FOUNDATION. REMUNERATION COMMITEE DECIDES THE COMPENSATION OF CEO ACCORDING TO ESTABLISHED PROCEDURES. SHELL FOUNDATION TRUSTEES ARE NOT RECEIVING ANY REMUNERATION EXCEPT FOR GAIL FOR HER SERVICES AS CHAIR OF THE BOARD. Form 990, Part VI, Line 15b Process to establish compensation of other employees REMUNERATION COMMITEE DECIDES THE COMPENSATION OF CEO ACCORDING TO ESTABLISHED PROCEDURES. Form 990, Part VI, Line 19 Required documents available to the public THE ARTICLES OF ASSOCIATION OF SHELL FOUNDATION ARE AVAILABLE TO THE PUBLIC ON THE UK COMPANIES HOUSE WEBSITE, AS REQUIRED BY LAW. THE FINANCIAL STATEMENTS ARE AVAILABLE ON THE COMPANIES HOUSE WEBSITE, ON THE SITE OF THE CHARITY COMMISSION OF ENGLAND AND WALES, AND ON THE FOUNDATION'S OWN WEBSITE. THE FOUNDATION DOES NOT MAKE ITS CONFLICT-OF-INTEREST POLICY AVAILABLE TO THE PUBLIC. Form 990, Part IX, Line 11g Other Fees Consultancy Services - Total Expense: 3059991, Program Service Expense: , Management and General Expenses: 3059991, Fundraising Expenses: ; SHELL INTERNATIONAL LIMITED 20 YORK ROAD LONDON LONDON LONDON UK SEI7NA CORPORATE SERVICE UK C Corporation 0 0 0 false SHELL ASSET MANAGEMENT COMPANY 2596 HR THE HAGUE NETHERLANDS SOUTH HOLLAND SOUTH HOLLAND NL 2596HR ASSET MANAGEMENT NL C Corporation 0 0 0 false BG GROUP LTD SHELL CENTRE LONDON LONDON LONDON UK SEI7NA CORPORATE HOLDING UK C Corporation 0 0 0 false SHELL TRADING INTERNATIONAL LTD SHELL CENTRE LONDON LONDON LONDON UK SEI7NA OPERATING COMPANY UK C Corporation 0 0 0 false SHELL PLC SHELL CENTRE LONDON LONDON LONDON UK SEI7NA ULTIMATE PARENT COMPANY UK C Corporation 0 0 0 false false false true false false false false false false false false false false false false true false false false