Along with other consumer and producer countries the UK is a member of the International Cocoa Organisation which administers the International Cocoa Agreement 1993. Previous Agreements relied on a buffer stock system to try and balance the supply and demand of cocoa financed by levies on imports and exports of cocoa. The buffer stock was dismantled when the new Agreement came into force. The UK’s share of the buffer stock liquidation was, as required by government accounting rules, returned to the Treasury’s consolidated fund. However, it was agreed that MAFF would make an endowment of £2.2 million (a figure broadly equivalent to the UK receipt from the buffer stock sales) to establish a new cocoa research organisation for the benefit of the trade, industry and consumers. The research will be primarily undertaken within UK universities and institutions. The £2.2 million is invested in a fund managed by Fleming Private Asset Management Limited. The income generated by the fund is used to finance projects.