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Nonprofiteer
← SHELL FOUNDATION

Form 990 for tax year 2023

Filed by SHELL FOUNDATION.

Totals

Total revenue
$28,162,316
Total expenses
$25,388,079
Contributions and grants received
$17,243,087
Grants paid
$14,005,935
Program service revenue
$0
Investment income
$10,919,229
Other revenue
$0
Total assets, end of year
$665,369,498
Total liabilities, end of year
$21,233,692
Net assets or fund balances, end of year
$644,135,806
Program services expenses (Part IX)
$17,236,697
Management and general expenses
$8,151,382
Fundraising expenses
$0
Program service expenses (Part III)
$17,236,697

Program services were 67.9% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1d · Related organizations

    $7,073,476

  • 1e · Government grants (contributions)

    $10,169,611

  • 3 · Investment income

    total $10,718,229 · excluded $10,718,229

  • 7a · Gross sales of assets other than inventory

    securities $74,941,000

  • 7b · Less cost or other basis and sales expenses

    securities $74,740,000

  • 7c · Gain or loss

    securities $201,000

  • 7d · Net gain or loss

    total $201,000 · excluded $201,000

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,795,761 · program services $2,795,761

  • 3 · Grants to foreign organizations and individuals

    total $11,210,174 · program services $11,210,174

  • 5 · Compensation of officers, directors and key employees

    total $4,425,669 · program services $2,469,244 · management and general $1,956,425

  • 11a · Fees: management

    total $772,958 · management and general $772,958

  • 11b · Fees: legal

    total $432,469 · management and general $432,469

  • 11c · Fees: accounting

    total $181,810 · management and general $181,810

  • 11f · Fees: investment management

    total $952,228 · management and general $952,228

  • 11g · Fees: other

    total $2,431,359 · management and general $2,431,359

  • 16 · Occupancy

    total $662,818 · management and general $662,818

  • 17 · Travel

    total $794,688 · program services $761,518 · management and general $33,170

  • 24a · Other expenses: OTHER EXPENSES

    total $691,174 · management and general $691,174

  • 24b · Other expenses: EXCHANGE (GAIN)/LOSS

    total $36,971 · management and general $36,971

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $13,210,416 · end of year $15,650,371

  • 3 · Pledges and grants receivable

    beginning of year $5,173,100 · end of year $4,338,029

  • 11 · Investments: publicly traded securities

    beginning of year $534,722,708 · end of year $570,711,757

  • 13 · Investments: program-related

    beginning of year $67,604,734 · end of year $74,669,341

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,024,298 · end of year $8,285,742

  • 18 · Grants payable

    beginning of year $13,296,360 · end of year $12,312,434

  • 25 · Other liabilities

    beginning of year $2,251,420 · end of year $635,516

  • 27 · Net assets without donor restrictions

    beginning of year $571,763,037 · end of year $615,247,046

  • 28 · Net assets with donor restrictions

    beginning of year $26,375,843 · end of year $28,888,760

Mission and programs · 2023

Mission

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. (CONTINUED ON SCHEDULE O)

Activities or mission (Part I)

SEE SCHEDULE O.

  • SMALLHOLDER FARMERS: THOSE MOVING FROM SUBSISTENCE TO CMMERCIAL FARMING ON LESS THAN FIRE ACRES OF LAND; WHO CAN ACHEIVE A LIVING INCOME WHEN THEY CAN PRODUCE CROPS EFFICIENTLY AND GET THAT PRODUCE TO MARKET IN GOOD CONDITION.

    Expenses $4,080,900 · Grants $3,056,667

  • 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.

    Expenses $7,503,043 · Grants $6,587,320

  • 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.

    Expenses $5,652,754 · Grants $4,361,948

As filed on the 2023 return.

Listed in Part VII

  • Ms Gail Klintworth

    TRUSTEE - CHAIR

    Total calculated
    $31,043
    From this org
    $31,043
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Ms Vinita Bali

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Ms Alice Georgina Chapple

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Mr Grzegorz Lukasz Gut

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Ms Sinead Caitlin Lynch

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Mr Jack Mugo Ngare

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Ms Olufunke Olayemi Opeke

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Mr Huibert Hans Vigeveno

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Mr Jonathan Berman

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $455,663
    From this org
    $455,663
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $328,325
    Bonus
    $78,089
    Other
    $49,249
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $455,663

  • Mr Richard Gomes

    CHIEF PROGRAMME OFFICER

    Total calculated
    $281,960
    From this org
    $281,960
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $281,960
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $281,960

  • Ms Rachel Singh Davies

    CFO AND COMPANY SECRETARY

    Total calculated
    $231,562
    From this org
    $231,562
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $231,562
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $231,562

  • Mr William Sumner

    FINANCE MANAGER

    Total calculated
    $194,438
    From this org
    $194,438
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $194,438
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $194,438

  • Ms Meera Shah

    PORTFOLIO LEAD FARMERS

    Total calculated
    $227,895
    From this org
    $227,895
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $227,895
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $227,895

  • Mr Nicholas Jones

    MARKET DEVELOPMENT MANAGER

    Total calculated
    $181,443
    From this org
    $181,443
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $181,443
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $181,443

  • Ms Emma Stephenson

    PORTFOLIO LEAD TRANSPORTERS

    Total calculated
    $171,489
    From this org
    $171,489
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $171,489
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $171,489

  • Ms Heidi Hafes

    DE&I LEAD

    Total calculated
    $164,982
    From this org
    $164,982
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $164,982
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $164,982

  • Mr Ashish Kumar

    PORTFOLIO INNOVATION MANAGER

    Total calculated
    $169,012
    From this org
    $169,012
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $169,012
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $169,012

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Written employment contract
  • 3 · Approval by the board or compensation committee
  • 4c · Equity-based compensation arrangement
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4C:
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.
PART I, LINE 7:
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.
PART II, LINE 1:
NAME: ALL LISTED EMPLOYEES DESCRIPTION: WE ARE PROVIDING ONLY NAME OF THE TRUSTEES, OFFICERS, AND EMPLOYEES AND NOT PROVIDING THE COMPENSATION DETAILS OF THE EMPLOYEES SECONDED BY SHELL FOUNDATION DUE TO DATA PROTECTION REGULATIONS. HOWEVER, WE HAVE DISCLOSED THE DETAILS OF CEO (MR JONATHAN BERMAN) WHO IS EMPLOYED DIRECTLY BY SHELL FOUNDATION AND REMUNERATION PAID TO TRUSTEE (GAIL KLINTWORTH) FOR HER SERVICES.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

  • ODYSSEY ENERGY SOLUTIONS INC

    $1,398,000

    SUPPORT EXPANSION OF ODYSSEYS RBF PLATFORM ACROSS NEWER APPLICATIONS TOWARDS A PATH TO VIABILITY

  • AFRICA MINIGRID DEVELOPERS ASSOCIATION

    $1,100,000

    SEE IN SUPPLEMENTAL INFORMATION

  • MIROVA AFRICA INC

    $300,000

    SEE IN SUPPLEMENTAL INFORMATION

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • SHELL INTERNATIONAL LIMITED

    C · CORPORATE SERVICE · UK

  • SHELL ASSET MANAGEMENT COMPANY

    C · ASSET MANAGEMENT · NL

  • BG GROUP LTD

    C · CORPORATE HOLDING · UK

  • SHELL TRADING INTERLATION LTD

    C · OPERATING COMPANY · UK

  • SHELL PLC

    C · ULTIMATE PARENT COMPANY · UK

Provenance

Return type
form_990
Tax year
2023
Filed
21 October 2024
IRS schema version
2023v5.1
Source object
202423199349304502

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