DOCSLIB.ORG

Kelani Valley Plantations

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Kelani Valley Plantations Kelani Valley Plantations PLC CONTENTS REPORT PROFILE / 2 OUR LAND / 3 CORPORATE PROFILE / 4 CHAIRMAN’S MESSAGE / 5 MANAGING DIRECTOR’S MESSAGE / 7 BOARD OF DIRECTORS / 9 CORPORATE MANAGEMENT PROFILE / 11 CORPORATE GOVERNANCE / 13 RISK MANAGEMENT / 37 ANNUAL REPORT OF THE BOARD OF DIRECTORS ON THE AFFAIRS OF THE COMPANY / 42 DIRECTORS’ STATEMENT ON INTERNAL CONTROL / 45 STATEMENT OF DIRECTORS’ RESPONSIBILITIES / 46 AUDIT COMMITTEE REPORT / 47 RELATED PARTY TRANSACTIONS REVIEW COMMITTEE REPORT / 49 MANAGING DIRECTOR’S, CHIEF EXECUTIVE OFFICER’S AND GENERAL MANAGER - FINANCE RESPONSIBILITY STATEMENT / 50 FINANCIAL CALENDAR / 52 INDEPENDENT AUDITORS’ REPORT / 53 STATEMENT OF PROFIT OR LOSS / 56 STATEMENT OF OTHER COMPREHENSIVE INCOME / 57 STATEMENT OF FINANCIAL POSITION / 58 STATEMENT OF CHANGES IN EQUITY / 60 STATEMENT OF CASH FLOWS / 61 NOTES TO THE FINANCIAL STATEMENTS / 63 INVESTOR INFORMATION / 112 GLOSSARY / 114 CORPORATE INFORMATION / 117 NOTICE OF MEETING / 118 FORM OF PROXY / 119 Kelani Valley Plantations PLC PB Kelani Valley Plantations PLC 1 VISION “Kelani Valley Plantations - Products of Excellence” MISSION To optimise plantation productivity and ensure highest quality by harnessing and developing employee potential, whilst improving the quality of life of the community and securing an acceptable return on investment. VALUE We strive to do our best for our stakeholders in the following ways: Our Customers: Our Suppliers: Our Competitors: We provide consistently good We establish mutually- We view our competitors as a quality products and excellent beneficial relationships with our source of inspiration for our service at competitive prices, suppliers based on trust, quality own advancement. We are whilst ensuring continuity of and reliability. We treat them as conscious of their strengths supplies. We are conscious of we wish to be treated ourselves. and weaknesses and compete customer requirements and for market superiority without ever-changing market trends Our Owners: resorting to unethical practices and orient our production to We enhance the reputation of while maintaining close suit specific needs. the Company by conforming cooperation on common issues. to high levels of conduct. We Our Employees: generate adequate return Our Country and the World: We care for our employees and and ensure security of their We conduct our business in a create a favourable environment investments by maintaining socially-responsible and ethical for their participation in high-viability, long-term manner. We are aware of the managing our affairs, thereby stability. changing environment and increasing productivity. We contribute towards enhancing develop and create individuals the quality of life for a better who feel contended and secure Sri Lanka and a better world. in their jobs. We recognise merit. Kelani Valley Plantations PLC 2 Kelani Valley Plantations PLC 3 REPORT PROFILE REPORT PROFILE DIRECTORS’ STATEMENT OF We, Kelani Valley Plantations PLC (KVPL), are RESPONSIBILITY FOR THIS REPORT pleased to present our Annual Report which The Board believes that this Annual Report sets out the performance for the financial has been prepared in accordance with year ended 31 March 2020. best practices and appropriately addresses material aspects of KVPL’s business and is a There has been no restatement of fair representation of the performance of the information from the previous Annual Report Company. and there are no significant changes to the list of material topics and topic boundaries. The Board unanimously approved the 2019/20 Annual Report on 09 June 2020, for This report contain financial position, results release to shareholders. for the year, the report of the Board of Directors and other statutory requirements. Managing Director – On behalf of Board of • Chairman’s Message Directors • Managing Director’s Message Date: 09 June 2020. • Board of Directors • Corporate Governance INQUIRIES AND FEEDBACK. • Risk Management We will be pleased to answer any questions • Annual Report of Board of Directors and clarifications on this report, the contact • Responsibility Statements and Reports of point at KVPL is: Committees. [email protected] POLICY ON ASSURANCE Messrs. Ernst & Young, Chartered Accountants has issued an independent report on Financial Statements. Reporting Standards/Guideline/Frameworks • Sri Lanka Accounting Standards issued by The Institute of Charted Accounts of Sri Lanka; • Companies Act No. 07 of 2007; • Sri Lanka Accounting and Auditing Standards Act No. 15 of 1995; • Listing Rules of the Colombo Stock Exchange; and • Code of Best Practice on Corporate Governance 2017 issued by the Institute of Chartered Accountants of Sri Lanka. • Code of Best Practice on Related Party Transactions issued by the Securities and Exchange Commission of Sri Lanka. Kelani Valley Plantations PLC 2 Kelani Valley Plantations PLC 3 OUR LAND 2019/20 No. of Elevation Crop Extent Factories (ft) Kgs'000 Kgs'000 Estate Tea Rubber Other crop Other Total Tea Rubber Pedro 544 - - 125 668 1 6,237 516 - Nuwara Eliya 189 - - 58 247 1 5,999 300 - Glassaugh 162 - - 66 228 1 5,074 251 - Uda Radella 157 - - 68 225 1 5,328 179 - Edinburgh 132 - - 47 179 1 5,075 156 - Oliphant 193 - - 171 364 1 6,440 154 - Ingestre 525 - - 305 830 2 4,723 489 - Fordyce 231 - - 172 403 1 4,599 266 - Annfield 222 - - 153 375 1 4,297 312 - Tillyrie 163 - - 171 334 1 4,264 139 - Invery 124 - - 182 306 1 4,310 193 - Robgill 181 - - 119 300 1 4,500 182 - Battalgalla 141 - - 120 261 1 4,300 159 - Halgolle 246 - 4 946 1,196 1 3,478 274 - Ederapolla 19 411 23 214 667 1 338 14 295 Kitulgala 37 - 93 452 582 - 1,003 45 - Kalupahana 54 158 3 297 512 - 1,500 61 104 Kelani 27 187 20 115 349 1 300 32 134 Dewalakande - 526 4 187 717 2 502 - 318 Panawatte 11 676 5 338 1,030 1 1,000 9 447 Urumiwella 3 426 14 279 722 1 800 6 229 Kiriporuwa 23 348 31 185 587 2 805 22 246 Lavant - 342 31 196 569 1 800 - 244 Ganapalla - 293 57 140 490 - 1,000 - 185 We Oya/ 24 708 32 223 987 - 1,000 11 507 Polatagama Total 3,408 4,075 317 5,328 13,128 24 3,769 2,710 Kelani Valley Plantations PLC 4 Kelani Valley Plantations PLC 5 CORPORATE PROFILE Kelani Valley Plantations PLC (KVPL) was Mabroc Teas (Pvt) Ltd., our tea marketing incorporated as a regional plantation company, has a reach of over 50 countries Company on 18 June 1992 and listed on the and together with KVPL became a signatory main board of the Colombo Stock Exchange to the UN Global Compact, a member of in 1996. It is a subsidiary of Dipped Products the UNGC Charter and launched the unique PLC, a leading manufacturer of hand Single Origin Tea from selected garden marks. protection wear worldwide. It was recognised as ‘The First Ethical Tea Brand of the World’ for honouring the four Kelani Valley plantations comprises 25 main principles of UNGC; Human Rights, estates spanning three distinct agro-climatic Labour Standards, Environment and Anti- regions covering over 13,000 hectares of tea, Corruption. rubber, coconut, cinnamon and agro-forestry plantations. Pursuing a policy of diversification into other complementary business models, in 2003 All of KVPL’s black tea factories are ISO Kalupahana Power Company (Pvt) Ltd. was 22000:2005 certified and its tea plantations established to generate a 1 MW hydro power. are accredited with Rainforest Alliance The recent addition to this area of business Certification. Additionally, being a member was a solar power plant of 165 kWP in of Ethical Tea Partnership (ETP), certifies the Dewalakanda Estate. Company’s commitment to good agricultural practices with highly-stringent adherence to The picturesque Oliphant Bungalow environmental best practices, while signifying luxury boutique resort in Nuwara Eliya is a responsible approach to augmenting surrounded by lush tea plantations and has ethical business practices in worker safety expanded KVPL’s portfolio into the leisure and health and preservation of bio-diversity sector with the incorporation of Kelani Valley within the plantations. Resorts (Pvt) Ltd. in 2017. In addition to black tea manufacturing The continuous search for excellence is Glassaugh factory produces green tea, while reflected in KVPL’s operational practices KVPL’s Nuwara Eliya factory specialises in the and the numerous subscriptions to non- production of Ready to Drink (RTD) tea. KVPL’s regulatory concepts of ethical business two Tea Centres, the Pedro Estate Ethical Tea management and internationally recognised Boutique in Nuwara Eliya as well as the ‘Tea accreditations. The Company’s present Train’ at Edinburgh Estate in position in the industry is a testimony to the Nanu oya add considerable brand value spirit of innovation and the commitment to KVPL’s credentials as a leading tea demonstrated by the 9,200 strong team, led manufacturer in the country. by a closely-knit management collective. The rubber plantations have been endorsed by Forest Stewardship Council (FSC) Certification and Organic Rubber Certifications (USDA/NOP and EU) while products of sole crepe, centrifuge latex and crepe rubber are certified with FSC chain of Custody Certification and Global Organic Latex Standard (GOLS) Certification. Designed to uplift the quality of life of our people in all aspects, a unique multi- dimensional initiative branded as “A Home for Every Plantation Worker” was launched in 2006 and has been featured at the UNGC Network Conference in Mexico in 2017. Kelani Valley Plantations PLC 4 Kelani Valley Plantations PLC 5 CHAIRMAN’S MESSAGE Dear Shareholder, continued to remain a top performer in The first of its kind event was a major the national plantation sector. According plantation sector occasion attracting media It is my pleasure to present the annual to data published by the Colombo Stock headlines and reinforcing KVPL’s image as a report and audited accounts of Kelani Valley Exchange, KVPL rank No. 1 for rubber, and progressive employer.
Load more

Recommended publications
  • Annual Report 2017
    ANNUAL REPORT 2016/17 KELANI VALLEY PLANTATIONS PLC PLANTATIONS VALLEY KELANI | ANNUAL REPORT 2016/17 REPORT ANNUAL | KVPL’S 25 YEARS OF EXCELLENCE | | KVPL’S 25 YEARS OF EXCELLENCE | | KVPL’S 25 YEARS OF EXCELLENCE | | KVPL’S 25 YEARS OF EXCELLENCE | | KVPL’S 25 YEARS OF EXCELLENCE | KELANI VALLEY PLANTATIONS HAS ALWAYS BEEN INTRICATELY CONNECTED TO THE ROOTS AND NATURE THAT MAKES OUR BUSINESS GROW AND FLOURISH. WITH FORTITUDE, COMMITMENT AND TEAMWORK WE PERSEVERED AND WAS ABLE TO LOOK AT WHAT MAKES US WHO WE ARE. LAUDED AND RECOGNISED IN THE YEAR UNDER REVIEW, OUR TEAM RALLIED TOGETHER AND REMAINED STRONG AS WE WORKED TOGETHER TO LAY THE FOUNDATION THAT WOULD SPRINGBOARD US TO BIGGER AND BETTER THINGS IN THE FUTURE. WE JOURNEYED ON, RELENTLESS, AND WITH A PRESTIGIOUS 25 YEARS IN OUR STEAD, WE WILL CONTINUE TO WORK UNCEASINGLY IN BECOMING THE BEST IN THE INDUSTRY. ANNUAL REPORT 2016/17 | KVPL’S 25 YEARS OF EXCELLENCE | 6 Kelani Valley Plantations PLC Annual Report 2016/17 CONTENTS CORPORATE OVERVIEW GOVERNANCE AND RISK Report Profile 7 GRI Content Index 97 Revenue Distribution Local & Global 8 Corporate Governance 101 Our Land 10 Risk Management 122 Our Spread 11 Annual Report of the Board of Directors Corporate Profile 12 on the Affairs of the Company 135 Milestones 14 Board Of Directors 16 FINANCIAL REPORTS Corporate Management Profiles 18 Financial Calender 139 Statement of Directors’ Responsibilities 140 HIGHLIGHTS FOR 2016/17 Audit Committee Report 141 Highlights 20 Related Party Transactions Review Awards & Accolades 22 Committee
    [Show full text]
  • Press Release: TEAM up India Ensuring a Sustainable Future for the Indian Tea Industry on 9Th April, the Indian Tea Association
    Press Release: TEAM UP India Ensuring a Sustainable Future for the Indian Tea Industry On 9th April, the Indian Tea Association (ITA), the Tea Research Association (TRA), the Ethical Tea Partnership (ETP), and the Sustainable Trade Initiative (IDH) hosted the largest gathering of organisations interested in the future of the Indian tea sector. Indian tea producers and packers, international tea packing companies, and a number of development organisations were present to discuss the critical issues facing the Indian tea sector and ways to address them in order to create a thriving and sustainable tea industry. The Indian tea sector is large, second only to China and over 80% of tea produced is for the local Indian market. Like many places around the world where tea is grown, India faces challenges of prices not keeping pace with increases in costs. There are long standing problems that require a huge amount of change. These problems are exacerbated by the fact that India’s tea industry was largely established over one hundred years ago, leaving it with a set of circumstances and structures which are hard to adapt to twenty-first century requirements. These include changing labour patterns and the need to provide services such as housing and sanitation for continually increasing estate communities. The industry also faces new challenges, particularly relating to climate change. At the meeting, TRA and ETP unveiled the results of climate change impact modelling for Assam which predicted that, over the next 50 years, many areas of current production will become to become less suitable for tea due to changes in temperature and precipitation patterns including increased rainfall during the monsoonal period, reduced rainfall early in the season and increasing temperatures.
    [Show full text]
  • Unilever Sustainable Tea Part II: Reaching out to Smallholders in Kenya and Argentina
    Case study Unilever sustainable tea Part II: Reaching out to smallholders in Kenya and Argentina By Dr Tania Moreira Braga, Dr Aileen Ionescu-Somers and Professor Ralf W. Seifert, IMD International Foreword Contents A tipping point happens when a critical mass One of the arenas that is rapidly moving 1.0 Executive summary 4 of people begin to shift their perception of toward a sustainability tipping point and which an issue and take action in a new direction. o ers exemplars of creative partnerships is 2.0 Introduction 8 that of commodity market transformation. As I look across the global landscape, I feel This is the collective e ort by businesses, 3.0 Combining E orts in Kenya 12 that we are approaching a tipping point NGOs, labour unions, and governments to 3.1 Laying the Groundwork with the Farmer Field Schools 13 concerning global sustainability. It is catalyzed restructure the production and distribution 3.2 Combining the Farmer Field Schools with Capacity Building by at least three important realizations by systems of commodities to be more for Certifi cation 15 business, government, and civil society: sustainable, while building broad market 3.3 Certifying Kenyan Smallholders 17 The fi r s t is a realization that the world is demand for sustainable products. If done 3.4 Roll-out Challenges 17 fi nite and that a growing population with well, these improved markets will deliver 3.5 Potential for Replication 18 a higher ambition for living standards will large-scale social and environmental outcomes inevitably lead to a world which will be that advance the millennium development 4.0 Building from Scratch in Argentina 20 resource and carbon constrained.
    [Show full text]
  • Corporate Responsibility for Human Rights in Assam Tea Plantations: a Business and Human Rights Approach
    sustainability Article Corporate Responsibility for Human Rights in Assam Tea Plantations: A Business and Human Rights Approach Madhura Rao 1 and Nadia Bernaz 2,* 1 Food Claims Centre Venlo, Maastricht University, 5911 BV Venlo, The Netherlands; [email protected] 2 Law Group, Wageningen University, 6708 PB Wageningen, The Netherlands * Correspondence: [email protected] Received: 16 July 2020; Accepted: 7 September 2020; Published: 9 September 2020 Abstract: This paper explores how UK-based companies deal with their responsibility to respect the human rights of Assam (India) tea plantation workers. Through qualitative content analysis of publicly available corporate reports and other documents, it investigates how companies approach and communicate their potential human rights impacts. It highlights the gap between well-documented human rights issues on the ground and corporate reports on these issues. It aims to answer the following research question: in a context where the existence of human rights violations at the end of the supply chain is well-documented, how do companies reconcile their possible connection with those violations and the corporate responsibility to respect human rights under the United Nations Guiding Principles on Business and Human Rights? This paper reveals the weakness of the current corporate social responsibility (CSR) approach from the perspective of rights-holders. It supports a business and human rights approach, one that places the protection of human rights at its core. Keywords: tea plantations; Assam; business and human rights; corporate social responsibility; UN Guiding Principles on Business and Human Rights; UK Modern Slavery Act 1. Introduction This paper explores how UK-based tea companies deal with their responsibility to respect the human rights of Assam tea plantation workers.
    [Show full text]
  • CHALLENGE and OPPORTUNITY Annual Review 2010-11 the Fairtrade Vision a Human Face to Global Trade
    Fairtrade International CHALLENGE AND OPPORTUNITY Annual Review 2010-11 The Fairtrade Vision A Human Face to Global Trade Fairtrade is an ethical certification system and movement with a people first approach to trade. Fairtrade offers farmers and workers in developing countries a better deal, and the opportunity to improve their lives and invest in their future. Fairtrade’s core products: cotton, bananas, tea, sugar, cocoa, coffee - 27 000 Fairtrade certified products sold worldwide Fairtrade International (FLO) Voices of Fairtrade International Fairtrade International (FLO) is an internationally recognized, Three regional producer networks representing farmers and non-profit organization that works to secure fairer trade terms workers from Africa, Asia and Latin America/Caribbean and so that farmers and workers in developing countries can 19 national labelling initiatives are full members in Fairtrade invest in a better future for themselves and their communi- International’s governance. There are also three marketing ties. Our global team works to directly connect producers organizations and two associate members. and consumers and promote fairer trading conditions and sustainability. We are responsible for the strategic direction of the Fairtrade system, the Fairtrade Standards and support to Fairtrade Standards and Certification System Fairtrade farmers and workers worldwide. A product with the FAIRTRADE Mark means independent certification against the Fairtrade Standards at each step of the supply chain. FLO-CERT certifies all Fairtrade producer organizations; FLO-CERT or the national labelling initiatives certify trading companies. FLO-CERT was the first ISO 65 accredited certification body for an ethical label. ISO 65 is the leading internationally accepted norm for certification bodies operating a product certification system.
    [Show full text]
  • On Tuesday 16 June the Ethical Tea Partnership (ETP) and IDH the Sustainable Trade Initiative Hosted TEAM up 2015 Pushing Boundaries
    On Tuesday 16 June the Ethical Tea Partnership (ETP) and IDH the Sustainable Trade Initiative hosted TEAM UP 2015 Pushing Boundaries. The event, now in its third year, has become a cornerstone of tea sustainability and is a key date in the tea industry’s calendar. TEAM UP 2015 welcomed 210 delegates and over 80 organisations including tea producers, buyers, tea boards and associations, retailers, exporters, certification programmes, funders, NGOs, development agencies, and a host of other organisations to discuss tea sustainability. We were also privileged to welcome The Honourable Dr Allan James Chiyembekeza – MP, Minister of Agriculture, Irrigation and Water Development of Malawi, the first serving government minister to address TEAM UP. The Honourable Dr Allan James Chiyembekeza – MP This meeting will provide us with an opportunity to share both the success and failure in the tea industry, discuss some of the challenges, inspire each other to increase the sector’s impact, and make sure that it continues to push the boundaries of sustainability. The Honourable Dr Allan James Chiyembekeza – MP Progress since 2014 Following introductions from Ian Midgley, Chairman, Ethical Tea Partnership (ETP), and Joost Oorthuizen, Executive Director, IDH the Sustainable Trade Initiative, ETP’s Executive Director, Sarah Roberts, was joined on stage by ETP and IDH staff from Africa and Asia to provide a round up of what has happened on the ground since TEAM UP 2014. The African panellists highlighted how farmer field school In China, ETP continues to support producers to improve programmes in Kenya, Malawi, Rwanda, and Uganda health and safety, worker management systems, and are leading to improved farming practices and better meet international standards.
    [Show full text]
  • Unilever Sustainable Tea: Leapfrogging to Mainstream
    IMD-2-0157 12.10.2010 UNILEVER SUSTAINABLE TEA: LEAPFROGGING TO MAINSTREAM Research Associate Dr Tania BEDFORD, UK, JULY 6, 2010. Mark Birch, global category supply Braga prepared this case manager for Tea at Unilever, summarized on paper his reactions to the under the supervision of thought-provoking conversation he had just had with Michiel Leijnse, Dr Aileen Ionescu-Somers and global brand development director of Lipton. Professor Ralf Seifert as a basis for class discussion Three years earlier, Leijnse and Birch had embarked on an exciting rather than to illustrate either journey. It all started with Lipton’s decision to source all its tea for effective or ineffective handling teabags from Rainforest Alliance CertifiedTM farms. The two of a business situation. executives found themselves in the driving seat of an ambitious market transformation effort. This case was commissioned by the Sustainable Agriculture The first year of roll-out brought quick wins in tea supply chains that Platform Initiative (SAI were supported by already existing capacities in Lipton’s own tea Platform) and the Dutch plantations in Kenya. Years two and three were marked by sturdy Sustainable Trade Initiative efforts to extend training and certification to more fragmented parts of (IDH). the supply chain The collaboration with the Rainforest Alliance certification program was successful and by mid-2010, there was It was developed with inputs enough certified tea to ensure that Lipton Yellow Label teabags sold in from the staff of both Unilever Western Europe were fully certified. and the Rainforest Alliance. The contribution of all parties On the market side, roll-out was faster than expected.
    [Show full text]
  • External Evaluation of the UTZ Tea Programme in Sri Lanka
    External Evaluation of the UTZ Tea Programme in Sri Lanka Final report, April 2016 Ben Haagsma, Trude Vredeveld, Amina Yoosuf and Dave Maurice Fair & Sustainable Advisory Services, the Netherlands and Nucleus Foundation, Sri Lanka Table of Contents Table of Contents 3 Executive Summary 4 1. Introduction 8 1.1 History of UTZ in Sri Lanka 8 1.2 Purpose and goal of the evaluation 9 1.3 Methodology and evaluation steps 10 1.4 Challenges and limitations 13 2. Context of the Sri Lanka Tea Industry 14 3. UTZ Training Programme 17 3.1 Characteristics of the programme 17 3.2 Effectiveness of UTZ training programme 20 3.3 Implementation in the UTZ training programme 22 4. Four Types of Changes 23 4.1 Management 23 4.2 Farming practices 30 4.3 Working and living conditions 34 4.4 Environment 35 4.5 Unintended changes 37 5. Sustainability 39 5.1 Overall sustainability assessment 39 5.2 External sustainability challenges 40 5.3 Internal sustainability challenges 40 5.4 Sustainability opportunities 42 6. Conclusions and Recommendations 44 6.1 Overall conclusions 44 6.2 Recommendations 47 Annex 1. Terms of Reference 49 Annex 2. Sample Interview Format 54 Annex 3. Evaluation Calendar 56 Annex 4. Essential Training List of UTZ Certification Programme 61 External Evaluation of the UTZ Tea Programme in Sri Lanka 3 Executive Summary The UTZ tea programme in Sri Lanka first began in experts, and longer-term coaching and refresher 2011, implemented by the Institute of Social training. In general, the number of people trained Development with the support of Solidaridad, has been enough to assure a decent level of UTZ, Douwe Egberts Foundation and various knowledge transfer on tea estates, in worker institutions within the Sri Lankan tea sector.
    [Show full text]
  • An Overview of the Ethical Tea Partnership
    An Overview of the Ethical Tea Partnership www.ethicalteapartnership.org The Ethical Tea Partnership (ETP) is a not for profit membership organisation that works to improve tea sustainability, the lives and livelihoods of tea workers and smallholder farmers, and the environment in which tea is produced. Our vision is of a thriving tea industry that is socially just and environmentally sustainable. 1. Raising Core Standards 3. Improving Smallholder Lives & Livelihoods We ensure producers in our members’ supply chains We help smallholders achieve better incomes by meet international social and environmental standards. assisting them to improve quality and productivity, We improve conditions for workers, and the way tea access to international markets, and affordable finance. estates and factories are managed. 4. Climate Change & the Environment 2. Improving Worker Lives & Livelihoods We help producers improve their environmental We run training and support programmes that make management systems to protect soil, water, work places better, fairer, and safer. We work with ecosystems, and wildlife. We also help producers and partners to reduce poverty and make progress towards smallholders understand the implications of climate the Millennium Development Goals. We also run change and ways to maintain tea production in the face programmes that tackle complex and at times sensitive of changing weather patterns and growing conditions. issues that go beyond the boundaries of the tea sector. Key Facts: UK Team • Established 1997 - originally called
    [Show full text]
  • Aitken Spence PLC | Annual Report 2014 - 2015
    Annual Report 2014 - 2015 Aitken Spence PLC | Annual Report 2014 - 2015 Aitken Spence PLC is one of Sri Lanka’s oldest and most successful diversified conglomerates with a history going back for over 150 years. Today we have expanded our reach and influence to become a model of corporate excellence, combining the strength of our heritage with our solid commitment to organic expansion, to deliver our promise of increasing returns each year. There are many reasons for the myriad accomplishments we record here today, yet chief among them is our unrivalled passion for innovation; the ground-breaking ideas and pioneering enterprises that add such distinctive value to the diverse industry sectors we now operate in. In this integrated annual report, we analyse in detail all that we have achieved in the year under review as we navigate the fast changing business environment we operate in today; the strategies and philosophies we rely on to keep your company strong, relevant and progressive. We are strengthened by our proven ability to chart a steady course through stormy waters and the years that we have spent confidently piloting your company through the challenges we have encountered on the way to becoming the icon of stability and resilience we are today. Annual Report 2014 - 2015 1 Contents An Introduction to the Contents of this Report 12 Chairman’s Statement 4 12 15 15 Managing Director’s Review Group Overview Chairman’s Statement Managing Director’s 22 Management Discussion and Analysis 142 Financial Statements Review We are pleased to present to our stakeholders the integrated annual 22 118 142 report for the year ended 31st March 2015.
    [Show full text]
  • Making the Business Case: Tea Worker Nutrition Programmes
    Tea Sector Study MAKING THE BUSINESS CASE: TEA WORKER NUTRITION PROGRAMMES A STUDY FROM INDIA November 2019 Tea Sector Study ABOUT GAIN The Global Alliance for Improved Nutrition (GAIN) is a Swiss-based foundation launched at the UN in 2002 to tackle the human suffering caused by malnutrition. Working with governments, businesses and civil society, we aim to transform food systems so that they deliver more nutritious food for all people, especially the most vulnerable. ABOUT NEWFORESIGHT NewForesight is a strategy consulting firm dedicated to driving change. It partners with leading clients from the private, public and not-for-profit sectors who want to find structural solutions to some of the most critical sustainability challenges of our generation and turn them into market opportunities. Recommended citation Speelman L, Saab W, Koole C, Phillips J, Lofthouse J, van der Zijden M, Weiligmann B, Nyhus Dhillon C. Nutrition programmes for workers in commodity value chains: The business case. Global Alliance for Improved Nutrition (GAIN). Geneva, Switzerland, 2019. This document is an annex to the aforementioned GAIN briefing paper. © The Global Alliance for Improved Nutrition (GAIN) The contribution of third parties do not necessarily represent the view or opinion of GAIN. Acknowledgements Many thanks to staff from APPL and Unilever who were interviewed for this study. All photographs included in this document have been taken with consent for use in publications. 2 Tea Sector Study SUMMARY This study summarises the findings of research undertaken by GAIN and NewForesight to explore the DEFINITIONS business case for investing in and implementing nutrition programmes from the perspective of • A nutrition programme in value Amalgamated Plantations (APPL), one of India’s chains uses existing channels to reach workers e.g.
    [Show full text]
  • Financial Review
    financial review Annual report and financial statements 1 Financial performance Of the total expenditure, charitable expenditure represented 95 percent and the cost of raising funds was five percent (2018: 96 percent, four percent). We continue to invest in public fundraising as part of the strategy noted above of seeking to Trend in income reduce our reliance on licence fees by diversifying our sources of income. It should be emphasised that the impact of Fairtrade 12,000,000 is not just the direct charitable expenditure. Lives of producers are significantly improved by access to guaranteed Fairtrade 10,000,000 Minimum Prices and Premium. 8,000,000 Total funds increased by 14 percent to £6.4 million from £5.6 6,000,000 million. Restricted funds decreased to £420,000 from £777,000. 4,000,000 Unrestricted funds increased by 24 percent to £6.0 million from 2,000,000 £4.8 million. Included within unrestricted funds is £750,000 which the trustees have designated to a Fairtrade Future Fund to support strategic projects in developing and implementing Licence fees Grants Partnership and other our 2021 – 2025 strategy. 2017 2018 2019 Trustees and management conduct quarterly reviews of financial trends and the assumptions used in forecasting financial Total incoming resources in 2019 decreased by two percent performance for at least the next 12 months. They consider the to £12.0 million from £12.2 million, with a substantial increase charity remains a going concern, particularly this year having in donations (£131,000) and a small increase in licence fee taken into consideration the impact of COVID-19.
    [Show full text]