Annual Report 2014
“The Crop Trust is an international organization working to safeguard crop diversity, forever.” Marie Haga
Executive Director of the Crop Trust
Crop varieties added + 38K
Crop varieties distributed 124K
Grants provided for conservation USD 25,1M
Contributions + USD 3,7M
Varieties available 548K
New varieties in Genesys + 430K
Grants Provided for CollectingUSD 546K
Countries receiving samples 112
"Plans to secure the future can grow from great ideas into great institutions."
"The year was all about convergence, about paths coming together."
What we do
Global Genebank Partnership
"Genebanks ensure a diverse harvest for the future. The Crop Trust ensures a future of security and quality for genebanks."
Crop Wild Relatives
"Saving agriculture's wild cousins."
"We need to know what we have in the world's genebanks."
Svalbard Global Seed Vault
"Deep inside a mountain on a remote island in the Svalbard archipelago, lies a fail-safe, last chance backup facility for the world’s crop diversity."
The Crop Trust
"To see plans take shape, take a seat at the table with the Executive Board and the Donors’ Council."
"2014 marks the end of an important decade for the Crop Trust."
"Two special events and a full agenda of other appearances mark a milestone in the life of the Crop Trust."
Securing our food, forever
"We need partners of every size, in every country, with genuine love for every crop that we protect."
"Conserving crop diversity is the first and most crucial step to ensuring food security."
Grants to conserve crop diversity world wide increased in 2014
Securing our food, forever
Platz der Vereinten Nationen 7
The Crop Trust is fortunate to have support from across the world all dedicated to the future of food security, agriculture and biodiversity.
The Crop Trust would like to thank the following people for their support for this year’s annual report: Ambassador Walter Fust, Professor Gebisa Ejeta, The Crop Trust Staff, The Genebank Managers of the CGIAR, Neil Palmer, Paul Cox, Epic Agency.
53113 Bonn, Germany www.croptrust.org
- Cover page
- Key figures
- What we do
- The Crop Trust
- Securing our food, forever
Running the Numbers
The Crop Trust continued its program of providing long-term sustainable funding to the world’s most important collections of crop diversity; collections of banana, barley, bean, cassava, chickpea, edible aroids, faba bean, forages, grasspea, lentil, maize, pearl millet, rice, sorghum, sweet potato, wheat and yam, were supported in 2014.
In 2014, the Crop Trust provided more than USD 25 million to fund the global system for the conservation of crop diversity for genebank operations, capacity building, staffing, collecting and prebreeding. These grants employed more than 1,000 people across the globe.
In 2014, implementation of the Fundraising Strategy continued with outreach to potential donor governments and private donors including foundations, corporations, industry associations as well as Family Offices and high-net-worth individuals. Rebuilding relationships with current and prospective partners required an up-front investment in fundraising and communication activities towards the goal of raising the endowment to USD 500 million by the end of 2016.
The Crop Diversity Endowment Fund
In 2014, the Crop Trust received contributions from the United States of America, Crop Life International, the Bundesverband Deutscher Planzenzuechter and KWS SAAT AG. At the end of 2014, the balance of the Crop Diversity Endowment Fund was USD 169,737,546.
The Investment Objectives and Policies of the Crop Trust permit the annual withdrawal of up to 4% of the average market value of the Endowment Fund over the previous twelve quarters. In 2014, only 3.5% was released, funded by investment income earned in 2014 and by Endowment Fund capital.
The Crop Trust is an official signatory to the United Nations Principles for Responsible Investing (UNPRI), an international framework for incorporating sustainability into investment decision-making. The Crop Trust believes that application of the UN PRI Principles improves alignment of the investment portfolio with its overall mission and with the broader objectives of society.
The Environmental, Social and Governance principles of investing were incorporated into the Crop Trust’s Investment Policy Statement in 2014, and all investment managers have been informed of our status as a UNPRI signatory to promote the acceptance and implementation of the principles within the investment industry.
The Finance and Investment Committee of the Executive Board of the Crop Trust is responsible for matters relating to the financial affairs of the organization encompassing the areas of strategic financial planning, resource management, treasury management, investment and financial risk management, financial monitoring and policy related issues and to provide timely advice to the Board on areas within its remit.
The Crop Trust works closely with its investment advisors to manage the portfolio and monitor investment risks. We report quarterly to the Crop Trust’s Finance and Investment Committee who then reports to the Executive Board. The following table represents the composition of the invested portion of the endowment fund at market value.
Composition of the invested portions of the Endowment Fund
The financial statements of the Crop Trust are prepared with reference to International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB). However, since existing IFRS do not cover issues unique to not-for-profit organizations, the Crop Trust has drawn from other widely used standards (such as the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC)) to provide guidance on issues of importance that are not yet addressed by existing IFRS. A detailed review was undertaken by the Finance & Investment Committee during 2014, and considered by the Executive Board which outlined the major changes that would need to be made to our current policies and the benefits and risks of applying full IFRS along with other issues to be taken into consideration if a move to full IFRS is adopted.
PWC have confirmed that the Crop Trust’s accounting policies are clear, transparent and easy to read and they have also confirmed that there is no requirement for us to comply with full IFRS at this time. The Finance Office, in collaboration with PWC, will continue to ensure that the accounting policies being applied in the financial statements are consistent with best practice, and IFRS, where possible.
Pricewaterhouse Coopers, the Crop Trust’s external auditors since 2013, have audited the financial statements of the Global Crop Diversity Trust for 2014 and provided the following unqualified audit opinion.
The full Financial Statements and Independent Auditor’s Report can be downloaded below.