10 Impact Reports to Get You Inspired on Impact Reporting

Impact report is a document that communicates the tangible benefits an investment or a company has on people, communities in which it operates and its stakeholders. Ideally, impact reports should address at least three components which we think are essentials – activities (what is being done to address a problem), outcomes (what are the results of these activities) and evidence (how do you know you have made a difference).

Over the last two years, ANGIN has witnessed an increasing number of impact investors being transparent around their impact performance and are keen to share their achievements to the general public. Based on our data, we estimate that around 15% impact investors are already releasing their impact reports publicly. We understand that some investors prefer to keep their impact results confidential by releasing only to their investors (LPs) or close partners.

With that in mind, we looked closely into several reports of impact investors with interest in Indonesia in our database and identified parts our team considers interesting. We hope our findings will encourage investors to release more of their impact performance in the future.

Here we share ten of our favourites in alphabetical order to get you inspired.

Disclaimer: Please keep in mind this listicle is only reflective of the reports we had in our database, not the full impact reporting landscape. We have no doubt that there are impact reports worth mentioning out there that have slipped our radar. If you would like to get in touch, please do not hesitate to contact us.

1. Aavishkar Impact Report 2020

Publication date: Unspecified
What we like:

  • Strong narratives: The report features bold stories of 12 women and their impact journey in their communities. These strong narratives bring their stories alive on paper.


Source: Aavishkar Impact Report 2020

2. Aqua Spark Impact Report 2020

Publication date: July 2021
What we like:

  • Clear purpose: The report has a coherent narrative that connects aims, activities and results by featuring a diagram that summarises Aqua Spark’s pathway to impact and the approach taken to support their portfolio companies.


Source: Aqua Spark 2020 Impact Report

3. C4D Partners Impact Report 2020

Publication date: November 2021
What we like:

  • Connection to SDGs: By connecting impact indicators to globally recognised goals like the Sustainable Development Goals, the report helps to show impact created at the international level, even though the impact itself happened at small Indonesian communities in Sumatra or Sulawesi islands. Moreover, the SDG alignment provides a shared frame of reference for comparative or top-down comparison perspectives by stakeholders.


Source: C4D Partners Impact Report 2020

4. Capria Annual Impact Report 2020

Publication date: Unspecified
What we like:

  • Beyond outputs: We like how Impact results go beyond outputs by including the annual impact changes.

Source: Capria Annual Impact Report 2020

5. Impact at Circulate Capital 2020

Publication date: May 2021
What we like: 

  • Integration of future targets: The report includes impact projections to be achieved by Circulate Capital in 2030, which allow stakeholders to see the progress toward those targets.

6. Mercy Corps Annual Impact Report 2021

Publication date: Unspecified 
What we like:

  • Transparency: We love how the report did not focus exclusively on good news. By disclosing what failed and any lessons learned gives a balanced picture of the fund’s impact performance. 


Source: Mercy Corps Annual Report 2021

7. New Energy Nexus Indonesia Impact Report 2020

Publication date: April 2021
What we like:

  • Dedicated country report: Releasing a country-focused impact performance has the edge to provide specific information on impact made in that country, which increases relevance to readers looking at impact investing activities in that country.
Source: New Energy Nexus Global Impact Report 2020
  • Engaging Q&A: Aside from the usual forewords and messages from CEO, we think having a page of Q&A with each country’s Program Director adds more insights from the ground.


Source: New Energy Nexus Indonesia Impact Report

8. Quona Capital 2020 Year In Review

Publication date: August 2021
What we like:

  • Verifiability: Quona engaged BlueMark, an impact verification service provider for an independent review of their impact measurement systems. In our opinion, by doing so, claims about impact in the report are backed up appropriately and increases trust among stakeholders.
  • Inclusive perspective: The report includes a small section of customer voice in their Impact Spotlight. By defining characteristics of impact beneficiaries, where they live, their lives usually like and the problems they face, and capturing their perspectives, helps to humanise the report.


Source: Quona 2020 Year in Review

9. Phitrust Partenaires Activity and Impact Report 2020

Publication date: June 2021
What we like:

  • Decision making and ESG: Phitrust is not only focusing on the external impact they generated through their portfolio but also they shared some compliance to ESG points such as good governance principles and how the fund is being controlled and making decisions.

Source: Phitrust Impact & Activity Report 2020

10. 2020 Sustainability and Impact Report by Trilinc Global

Publication date: March 2021
What we like:

  • Visualisation of ESG and Impact management system: Having ESG and impact management systems side by side illustrates how both approaches work together. It also gives a holistic picture throughout the management system from screening, due diligence, monitoring to reporting.


Source: 2020 Sustainability and Impact Report

What we learn about impact reporting:

After reviewing impact reports in our database, we share with you what’s common in impact reporting practices:

  1. Contribution to UN Sustainable Development Goals. We found that most impact reports we have read employ the UN SDGs as a general tool to set their long-term targets,  ensuring each companies in their portfolio effectively contribute to advancing the UN SDG. in our opinion, the UN SDG provides a consistent and broad impact framework regardless of the sector, geography or maturity of the company.
  2. A mix and match of impact measurement and management (IMM). We see reports incorporating different impact management norms and practices into their impact methodology design. We agree that due to evolving standards over the past decade, fund managers would look for the most relevant approach. Based on our findings, the Impact Management Project (IMP) emerged as the most common assessment methodology used. Perhaps because it is anchored to the five dimensions of impact, outlining who is impacted, the problem being solved, how much impact being created and the contribution toward impact, as well as impact risks, making it holistic and flexible.
  3. Inconsistent releases. We found that some investors are not publishing their reports consistently every year, which we understand could be due to resource constraints.
  4. No universal language. We found that there is no universal language of metrics used in impact reporting. We understand that each investor has different expectations and definitions of impact. 
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