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← Business And Human Rights Resource Centre

2025-03-31-accounts

Company number 04555494 Registered Charity in England & Wales number lo￿664 Business and Human Rights Resource Centre Annual Report nd Finantial,.Statements 2024-25 rf '¢,Eak.

Business and Human Rights Resource Centre Trustees Annual Report and Statutory Accounts

Contents

Trustees Annual Report 2
Message from the Chair and Executive Director 3
Strategic Impact Report 4
Structure and Governance 12
Goals and Activities for Public Benefit 14
Trustees’ Responsibilities in relation to the Financial Statements 16
Remuneration Policy 17
Risk Management 18
Financial Review 19
Key donor, legal, and administrative details 22
Independent Auditor’s Report 24
Financial Statements 27
Notes to the accounts 31

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Trustees’ Annual Report

The Trustees present their Annual Report together and the audited consolidated financial statements of the Charity and its subsidiaries for the year ended 31 March 2025. The Trustees confirm that the Annual Report and the consolidated financial statements of the Charity and its subsidiaries comply with the current statutory requirements, the requirements of the company’s governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Since the Charity qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

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Message from the Chair and Executive Director

The past year has been one of profound global upheaval. In a world shaken by growing economic inequality, geopolitical conflict and attacks on democratic freedoms, the call for business grounded in human rights is more urgent than ever.

With our partners, the Business & Human Rights Resource Centre has long championed a vision of responsible business conduct that delivers shared prosperity, civic freedoms, and environmental sustainability. This year's Impact Report - the first under our new strategic plan - shows how our mission is evolving to meet this volatile moment.

Across the globe, societies are being reshaped by starkly opposing forces. On one side is rising authoritarianism, shrinking civic space, deepening disrespect for diversity and the spread of narrow economic nationalism. On the other there is the diverse but cohesive movement fighting for human rights in business, with smart regulation and incentives to direct capital and markets to social and climate justice. As this report illustrates, our global teams and allies worldwide are responding to the challenge with impact and resolve. Through research and evidence, advocacy and alliances, we are advancing our four thematic priorities of just transition to green economies, civic freedoms, accountable digital technologies, and labour rights.

We are seeing signs of real progress. From the adoption of corporate due diligence rules and just transition frameworks across countries in Asia, Europe, Latin America, and Africa, there is growing recognition that human rights and sustainability must be embedded into economic models. These gains reflect the strength of a movement speaking with clarity and purpose - unions, Indigenous leaders, civil society, frontline communities, ethical investors, and responsible businesses working in collaboration.

Yet, as this report also makes clear, there are powerful and driven vested interests determined to stymie this urgent progress. We need to defend the hard-won gains of the last decade and rebuild the public trust that is squandered by irresponsible business and investors.

In 2025, significant risks are presenting themselves: retreating democracies, corruption and crony capitalism, growing corporate impunity in supply chains and conflict zones, attacks on human rights and environmental defenders, and better corporate actors intimidated into silence, and backsliding on rights by governments. Where the voice of civil society and responsible business is absent, abuse thrives. Where our concerted voice is strong, we make headway.

This year’s Impact Report is a testament to the courage of our partners and the potential of our strategy in these turbulent times. It reflects our commitment not just to react, but, with allies, to help lead - with integrity and vision. We remain determined to ensure a future where business values and promotes dignity, equity and human rights, and governments insist this happens.

Chris Jochnick (Chair) and Phil Bloomer (Executive Director)

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Strategic Impact Report

Introduction

The Resource Centre works with partners worldwide to put human rights at the core of companies’ business models; to empower communities and workers to secure their rights and gain accountability for abuse; and to encourage effective regulation to facilitate shared prosperity and achieve these outcomes. We are a global organisation committed to cooperation with diverse actors in our movement. The organisation comprises a Global Team of more than 80 people based around the world who work with a wide network of human rights advocates. With our global network of allies, our primary global approaches to deliver this vision are:

Overview of our work, FY 2024/2025:

Natural Resources and Just Energy Transition

The world must accelerate its transition to renewable energy, but frontline communities must not bear the burden of unregulated extraction and energy mega-projects. The urgent race to decarbonize will only be run fast if it is also fair. It cannot come at the cost of Indigenous Peoples’ rights, community health or environmental justice. This year we continued working alongside Indigenous Peoples, land defenders and local organizations to demand a just transition - one that puts human rights and community agency at the center of climate action and sustains public trust as the transition speeds up.

Our Transition Minerals Tracker has documented more than 700 allegations of human rights abuse linked to the extraction of minerals needed for the energy transition. It led to numerous engagements with mining companies and their investors who recognize the challenge the figures present, and the danger of alienating communities and workers. Civil society worldwide uses it to assess companies’ track record as they enter negotiations, or advise governments. The 2024 Tracker was covered by 25 media outlets, including E&E News (Politico), ESG Investor and Climate Change News, and has gained recognition from institutions like the the IEA (the International Energy Agency) and the OECD, as well as in the background paper for the UNSG-led panel on Critical Energy Transition Minerals.

The launch of our first Just Energy Transition Litigation Tracker highlighted over 90 cases alleging human rights harms by companies across the renewable energy value chain. This analysis saw significant media coverage and engagement by companies and investors tracking financial, reputational, and operational risk to business where human rights fall to the wayside.

Our briefing titled ‘Unjust transition on trial’ reviewed cases involving transition minerals, revealing that one in four allegations in our Transition Minerals Tracker involved attacks (particularly judicial harassment) against human rights defenders. It documents lawsuits in ecosystems like Latin America and Indonesia, demonstrating how legal systems are used to restrain environmental and Indigenous resistance.

Our Just Transition Litigation Tracking Tool revealed the rising trend of lawsuits against renewable energy and transition mineral mining firms for systemic human rights abuses. We documented 60 legal cases from around the world, primarily since the Paris Agreement, and largely brought by Indigenous Peoples.

We launched the Gulf Energy Explorer, the first industry mapping to track renewable energy projects, their private sector stakeholders and human rights practices, across the six Gulf Cooperation Council (GCC) countries. These countries aim to become major players in the global clean energy sector while also being home to some of the most egregious worker abuse, particularly of migrant workers.

In Southeast Asia, we advanced our work through both on the ground investigations into the human rights and environmental impacts of nickel mining and a first-of-its-kind corporate survey targeting 12 renewable energy companies operating in Vietnam, Thailand, the Philippines and Malaysia, assessing their human rights due diligence - meaning how companies identify, prevent, and address potential harm produced by their activities to human rights, working conditions, and stakeholder engagement.

In Indonesia, we coordinated joint field research with partners to document the impacts of nickel mining for electric vehicle batteries, uncovering widespread displacement, pollution and labor abuse. These findings supported new demands for benefit-sharing agreements (formal commitments where companies share profits or benefits—like jobs or services—with local communities affected by their projects) and legally binding environmental protections.

In Africa, our support focused on raising visibility for Indigenous communities resisting wind and solar megaprojects developed without consultation. In Kenya, we worked with partners to amplify community challenges to unfair extractive and power projects. We helped to build their profile, influencing skills, and their human security as they resist land grabs, pollution, and exclusion from benefits like access to electricity.

We published a briefing showcasing leadership on benefit-sharing regulations in the Global South, particularly in transition mineral-rich countries outside North America and Australia. The study focused on six African countries — Ghana, Kenya, Sierra Leone, Tanzania, South Africa and Zimbabwe — analyzing their legal frameworks through research and interviews with legal experts. It highlighted key lessons that can help ensure a more equitable, sustainable, and just energy transition globally.

Labour rights

From garment factories to tech supply chains, workers remain at the sharp end of global production — often invisible, unheard and exploited, amidst vast corporate profits. As supply chains are hit by enormous turbulence – from tariff hikes to climate crisis and political turmoil, workers find the costs are passed down to them. Last year, we continued to shed light on abuses hidden deep within global supply chains — particularly those involving forced labor, wage theft, and corporate impunity. We worked alongside unions, migrant rights organizations, and frontline workers to build pressure for systemic change across the food, apparel and tech sectors.

As Bangladesh saw the collapse of the Hasina government’s 15-year rule after violent state crackdowns on student-led protests over low wages and new government reforms killed an estimated 1,500 people, garment workers faced violence, job losses, mandatory overtime and arrests. Global brands sourcing from Bangladesh reportedly shifted orders away from factories forced to close amid the unrest, exemplifying how brands’ irresponsible purchasing practices in times of crisis can shift the burden onto workers in their supply chains. In response, we called on major fashion brands sourcing from Bangladesh to step up and help protect workers’ rights in their supply chains.

The Australian Modern Slavery Act (MSA) came into force on 1 January 2019. Following a review of the MSA, the Australian government released its response to this review in December 2024, which incorporated several of our core recommendations, including requiring companies to report actual cases of modern slavery (not just risks), introducing financial penalties for non-compliance, and committing to a further review of the MSA in three years.

Our KnowTheChain (KTC) benchmark remained pivotal in exposing the inaction – and to a lesser extent, progress – of major corporations in addressing forced labour across our benchmarks in the apparel, food and beverage and ICT sectors. With our allies, we deployed the findings in systematic influencing with investors,

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companies and governments. High profile investor groupings engaged on the results and have used the results in their corporate engagement, with regular briefings from the KTC team. We have also engaged directly with some of the largest investment funds in the world, which led to one drawing up its own modern slavery benchmark. We have built our engagement with key governments on modern slavery and explained the need for broader due diligence approaches to tackle the problem more holistically. The benchmark is also used by civil society worldwide in their campaigning.

This year we brought KnowTheChain, previously hosted on an independent website, onto the Resource Centre’s digital platform, integrating our benchmark data directly into our wider database and enriching benchmarked companies’ pages with detailed information on their efforts on supply chain forced labour, further strengthening our website as a one-stop-shop for individual companies’ human rights records. We drew on eight years of benchmark data to create a Good Practice Guide based on real examples for companies and investors seeking to understand what strong corporate practice and disclosure looks like. The guide generated exceptionally strong traffic, reaching over 3,200 users with consistent engagement through an interactive tool and accompanying downloadable guide.

Our most recent review of Mexico’s apparel supply chains sparked strong public and industry attention, highlighting the urgent need for better labor protections and corporate responsibility. We looked at 18 major parent companies behind top Mexican brands and found serious gaps in how they check for human rights risks and share supply chain information — only one company responded to our survey, and just three shared data beyond their first-tier suppliers.

Our findings have since gained significant media traction, with coverage from local media outlets generating more than 25,000 impressions on social media, and amplifying worker testimonies of low wages, subcontracted abuses and precarious working conditions.

Civic freedoms and human rights defenders

Defenders who speak out against corporate harm are too often met with intimidation, violence, or surveillance. With the rise of authoritarian governments, and polarisation, reckless companies and governments are seeking to silence critics of corporate abuse, amidst a rising sense of corporate impunity, and grassroots action to retain legal and non-legal protections. Our work this year reaffirmed our role as a reliable ally to these individuals and communities, providing visibility, support and practical tools to help protect their voices and lives in increasingly hostile environments.

This year, we published a landmark report marking ten years of tracking attacks against human rights defenders who raise concerns about corporate abuse. Since 2015, we have recorded more than 6,400 cases across 147 countries — nearly two attacks every day — mostly targeting land, environmental and Indigenous defenders. Despite the risks, human rights defenders have driven real change. The report highlights their crucial role, the sectors most linked to attacks and urgent actions needed from companies, investors, and governments to protect civic space and human rights.

We work with businesses to promote respect for human rights. Nine years ago, we co-founded a network with the B Team and the International Service for Human Rights that now includes more than 40 companies and investors. Together, they explore how to run rights-respecting businesses and publicly support human rights defenders.

This effort is paying off: four of the top nine companies in our Human Rights Defenders Policy Tracker are longtime members of this network. Through our advocacy and facilitation of exchanges between business actors, civil society and defenders, we have been successful in persuading certain companies to adopt better policies and ensuring that that rightsholder voices from the Global South are heard in decision-making spaces.

Our Human Rights Defenders Policy Tracker aimed to evaluate corporate commitments to protect human rights defenders (HRDs) by analysing whether companies had publicly available policies that prohibit attacks or reprisals against HRDs, set clear expectations for suppliers, and actively engage with defenders to promote

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civic space. The review covered nearly 300 companies across sectors like mining, agriculture and technology. It found that only a small fraction had strong policies in place, and even fewer met all the recommended standards. In particular, companies operating in high-risk industries often lacked even the most basic protections for defenders, highlighting the urgent need for stronger action to prevent abuse and support those speaking out against harmful business practices.

Over the past year, we celebrated a major win with the adoption of the EU Corporate Sustainability Due Diligence Directive (CSDDD), a law that could help hold companies accountable for human rights and environmental harms. But that progress is now at risk. A new European Union reform proposal threatens to weaken the directive before it even takes full effect. In response, we have stepped up efforts with partners to defend it — sharing updates, analysis, and stakeholder voices through our platform to keep the pressure on.

We participated in a consultation process with the United Nations Special Rapporteur on Strategic Litigation Against Public Participation (SLAPPs) - a tactic used by business actors to stop people raising concerns about their practices, which can be criminal or civil lawsuits brought to intimidate, bankrupt and silence critics-, which also included mentions of some of our publications on the subject.

We conducted two workshops in Bolivia in remote rural areas of Tahua (Uyuni salt flats) and Rurrenabaque (Amazon region), that are affected by different extractive projects. The workshops were developed in collaboration with local grassroots organizations, and we provided a safe space for exchange on companies' involvement in human rights violations. The participants gained tools to document attacks on human rights defenders and resources for protection.

Together with IPRI (Indigenous Peoples Rights International), we created a framework, report and set of case studies that explore both the opportunities and challenges of shared benefit between the private sector and Indigenous Peoples in order to achieve a just energy transition. Examples of successful projects in Mexico, Canada and New Zealand demonstrate the viability of community/private sector co-ownership and Indigenous Peoples-led renewable energy projects.

Tech accountability

Accelerating technological change is upon us, driven by a cluster of enormously powerful and under-regulated companies. The actions of these companies hold enormous potential but also profound dangers for human rights and democracy worldwide. Over the last year, our programme has challenged the misuse of digital tools and AI systems, advocating for rights-based governance, and centring the experiences of those most impacted by abusive use of technology.

This year, we published a ten-years analysis of tech company responses to human rights abuse allegations. The briefing reveals that nearly half of companies failed to respond to abuse claims-highlighting widespread corporate inaction in the face of mounting digital rights risks.

We have worked alongside both digital rights groups and investors to bridge this gap, sharing key insights in our recent Taking CTRL briefing. We conducted a workshop in Nairobi that brought together digital rights advocates from Global South countries to directly connect with investors, equipping them with practical tools aiming to foster more meaningful and productive dialogues with investors on urgent issues like surveillance and spyware.

We also held several training sessions and knowledge-sharing events to strengthen the digital rights movement’s capacity around corporate accountability and to enhance its ability and confidence to engage directly with the tech industry, including a workshop for 43 digital rights advocates from Asia at which we offered guidance on legal frameworks governing tech company conduct and shared strategies for impactful advocacy.

We released a briefing exposing major transparency and accountability gaps among 23 surveillance-tech companies operating in the Middle East and North Africa (MENA) region. The research highlights weak human rights due diligence, lack of stakeholder engagement, and poor grievance mechanisms in a high-risk sector.

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We participated in the Pall Mall Process – a multi-stakeholder initiative aimed at curbing the global proliferation of spyware. Our engagement helped strengthen references to the UN Guiding Principles on Business and Human Rights (UNGPs), the need for human rights due diligence and the accountability of both companies and financial actors, including investors in the final Code of Practice for States.

We participated in the International Criminal Court’s consultation on its draft Policy on Cyber-Enabled Crimes under the Rome Statute, urging the inclusion of references to the UN Guiding Principles on Business and Human Rights (UNGPs. In our submission, we emphasised the importance of requiring companies to carry out enhanced due diligence to prevent complicity in war crimes and underscored the potential legal risks executives may face under international law.

Gender and Racial Justice.

In the past year Gender Racial Justice programming has increased across the other programmes with the appointment of dedicated resource. We shed light on the gendered and racial impacts of the energy transition, including the gendered harms in transition mineral extraction, the impacts on women’s livelihoods in Indonesia’s nickel mining, and litigation against corporate abuse in renewable energy supply chains to challenge gender discrimination. In collaboration with partners, we co-developed guidelines to promote Indigenous Peoples’, including women, meaningful participation in a just transition, including a focus on transition mining and the engagement of Indigenous People, Afro-descendant communities, and women in the renewable energy in Latin America.

In 2024/25, we’ve deepened the mainstreaming of gender and racial justice across our work, challenging patriarchal and racist narratives, building solidarity with movements, and holding businesses accountable for discrimination based on gender, race, class, and other intersecting factors.

Over the past two years, we have documented gendered and racialised labour rights abuses across sectors and regions: from women’s underrepresentation in unions in Asia and gender-based violence in India’s garment industry, to the abuse of women and Indigenous Peoples’ labour rights in the in Mexico, gendered abuse of workers in post-conflict in Myanmar, and racial and gender discrimination of workers in renewable energy projects in the Gulf.

We documented gendered risks in global tech value chains, highlighting the disproportionate impact on women, gender-nonconforming, and racialised groups. These include harms from poorly designed technological tools and AI, algorithm bias and stereotypes, and use of technology for surveillance, as seen targeting women in Iran.

We also amplified the voices of women, girls, and gender-diverse human rights defenders who challenge both corporate power and patriarchal norms, underscoring the unique risks they face.

In 2025, we initiated the development of a Gender and Racial Justice Strategy to guide our programmatic impact, recognising that power rooted in race, gender, class, and other factors hinder the achievement of the shared prosperity that our movement envisions and drive exclusion, discrimination and oppression.

Corporate Legal Accountability.

The Corporate Legal Accountability (CLA) Programme aims to strengthen the legal accountability of business actors so that rightsholders can exercise their rights and access justice when abuses occur. We view legislative developments and strategic litigation as a critical tool in ending this impunity and aim to equip lawyers, legal practitioners and affected people pursuing strategic litigation around the world with analysis, information and networks to help build stronger cases against companies implicated in human rights abuses, support the development of novel legal strategies, establish effective legal precedent and improve access to legal remedy. One of our key outputs to inform the movement is through our Quarterly Updates that curate salient developments in the corporate legal accountability field.

In this regard, over the past year, the CLA Programme continued to relay the voice of civil society organisations in the UN binding treaty process and highlight critical topics to the debate. This was done through a blog series with experts’ insights; a series of webinars on the importance of regulation and the impact of deregulation on

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affected people in the Global South in terms of corporate accountability; as well as reflections on the meaning of to create a victim-centred treaty, and how the treaty can address systemic and intersectional vulnerabilities.

As part of the Resource Centre’s work on the just energy transition, the CLA Programme published the second iteration of the analysis of its Just Transition Litigation Tracking Tool. The 95 lawsuits featured are usually brought by Indigenous Peoples, other frontline communities, or workers, against companies and governments; and the cases rely on the use of human rights arguments to assess the “distribution of benefits and burdens” of the transition away from fossil fuels and towards net-zero emissions. The objective is to highlight the risks to the just energy transition of rising conflicts if it is not centred around human rights.

Global and Regional Activities.

Although the global and regional activities are separated out in terms of spend in note 5, for the purposes of this impact report they have been integrated into the different programme sections discussed above. For example, the establishment of the EU Corporate Sustainability Due Diligence Directive (CSDDD), discussed above, was a general European-based Business and Human Rights achievement, that can also be most closely associated with the support to the Civic Freedoms programme.

Communications

As the global context of our work continues to change and become ever more complex, so we are adapting how we communicate our work accordingly.

This year has seen several innovations in our communications work, which have included:

BHRRC video series

We have been increasing our multimedia content this year, launching a brand-new video series to introduce our work, which has been among our best-performing content on social media.

As well as introducing our strategic plan and offering a lookahead on the business and human rights year in prospect, we also introduced each of our strategic pillars with its own video. You can watch the whole series of videos here.

LinkedIn advertising

To further our aim of reaching and influencing corporate and investor audiences in particular, we have conducted a series of test advertising campaigns on LinkedIn, beginning with our KnowTheChain ICT benchmark, reaching and directly engaging decision makers in sustainability and supply chain management at dozens of key target companies, including Amazon, PayPal, Google, Cisco, Apple, Samsung and Microsoft. We will continue to test and refine our approach to digital advertising throughout 2025/26.

The Resource Centre on Bluesky

As concerns about ethics and hate speech on X have continued alongside a drop-off in engagement, we have launched a Bluesky channel for the Resource Centre to help futureproof our social media communications. We will be continuing to post on X for the foreseeable future but keeping a watching brief on all our social channels as the landscape shifts.

The Bluesky channel has had a healthy start, and you can follow us at https://bsky.app/profile/businesshumanrights.org

Financial snapshot

Income:

The overall income was down slightly from the previous financial year at £4,962k (FY 2023-24 £5,075k). This continues the level of consolidation income of the last few years. Income again has come disproportionately from restricted grants. For FY 25-26 these are forecasted to be £4,826k (excluding grants currently in negotiation) out of total income of £5,016k.

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Fig 1.

With the restricted grants and contracts the majority of our funds comes from foundations. However, our income from government institutions is £982k (FY 23-24 £784k). But this still only represents 20% of our total income. Given the income trends in the new financial year of FY 25-26 we can see this is going to continue to grow as a proportion of the funding to the organisation with £1,226k forecasted. Unrestricted income has gone back up again this year at £488k from the previous year (FY 23-24 £299k) with the majority coming from donations and unrestricted grants.

Expenditure:

The chart below shows the spread of charitable spend across programme goals during FY 24-25.

From this chart we can see the spend was directed both to global programme goals such as Labour Rights, Natural Resources and a Just Transition, and Technology and Human Rights and also to regional goals, which are described in this report. And amount to 38% of charitable spend. In addition, there is a considerable amount of regional implementation of the global programmes. These are shown in the chart below. In this case the X axis represents the geographical location of the work with the different colours representing which programme goals were being delivered.

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Future plans and the coming year .

Many of the programmes reported on above will continue into the new year as we do 3 year rolling programming. But as described below in the section on ‘Goals and Public Benefit’ we will be developing these programme further in the context of a new strategy from April 2025 onwards. Building on this structure we will be pursuing these programmes within the three strategic goals outlined in that section.

In addition to support the work of the information and data that we make freely available to universities and not-for-profits, we have set up a new entity called BHRRC Solution Ltd that will be able to distribute the information and data to companies to aid the delivery of the goals of the group. This entity was incorporated 12[th] August 2025 to be a trading subsidiary based in the UK. Company Number in England and Wales: 16646372

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Structure and Governance

Governing document and how the charity is constituted

Business and Human Rights Resource Centre is a company limited by guarantee and not having a share capital (no. 04555494). It is governed by its Memorandum and Articles of Association, incorporated on 7 October 2002 and amended by a written resolution dated 12 March 2003 and then more recently by a special resolution dated 9 June 2016. It is also registered as a charity in England & Wales (no. 1096664).

The charity has a US subsidiary, Business and Human Rights Resource Centre (US) Ltd, which is a tax-exempt non-profit organization under section 501(c)(3) of the US Internal Revenue Code; an Australian subsidiary, Business and Human Rights Resource Centre (Australia, New Zealand and Pacific) Limited, which is a public company limited by guarantee; a subsidiary in Colombia - Centro De Informacion Sobre Emprasas Y Derechos Humanos (Business and Human Rights Resource Centre) – a registered foreign non-profit organisation; and a subsidiary in Berlin, Germany - Business and Human Rights Resource Centre e. V. registered on 22 April 2020 under German Civil Code (BGB) and confirmed as a charitable not for profit entity under German Fiscal Code (AO) (§§ 51, 59, 60 and 61).

These entities are treated as subsidiaries for the purpose of producing group accounts.

Organisational structure of the charity

The Trustees are responsible for the governance of Business and Human Rights Resource Centre and ensure that it pursues the objects for which it was founded. The Executive Director reports to the Board of Trustees. Decisions related to the day-to-day activities of the Resource Centre are taken by staff members, managed by the Executive Director. Trustees’ approval is required for key strategic decisions. During the financial year the Trustees met virtually on 28[th] June 2024 and 8[th] December 2024. However most routine governance work is done through the board membership sub-committees. The finance and administration committee meets approximately five times a year to oversee the budget process, interrogates and gives recommendations to the board on the management accounts, annual report, and risks. The development committee meets three times a year and oversees the fundraising strategy and also explores individual leads for fundraising and assists in connections. The nominations committee, which meets two times a year, is focussed on the identification and recruitment of new board members.

The Trustees, Executive Director and staff have available to them the support of the Resource Centre’s respected International Advisory Network, chaired by Mary Robinson, former UN High Commissioner for Human Rights, and a number of leading academic institutions that comprise its Academic Partners. Further details of all partners are available on the Resource Centre’s website: http://businesshumanrights.org/en/about-us .

Methods adopted for the recruitment and appointment of new Trustees

The Nominations Committee is a sub-committee of the Board and is responsible for guiding and advising the Board on matters relating to the composition, structure and operation of the Board. The prime responsibility of the committee is succession planning to ensure that the Resource Centre has a wellmanaged succession of highly competent Directors to serve on its Board. The Directors are also charity Trustees for the purposes of charity law. The recruitment process for replacement Trustees is conducted with a view to maintaining the diversity of the Board, in terms of geographical representation, gender, areas of expertise, etc. The Board seeks a wide range of suggestions of potential Trustees, with a shortlist presented for discussion and decision at the bi-annual Board of Trustees meeting.

Policies and procedures for the induction and ongoing training of Trustees

When appointed, new Trustees meet with the Executive Director and staff members to review the charity’s history, policies, procedures and strategic plan. They also have a discussion with the Board’s Chair. They are provided with a board induction pack with information about the Resource Centre’s work, policies,

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procedures, audited accounts and Memorandum and Articles of Association. Prior to each bi-annual Board of Trustees meeting, Trustees are sent a detailed staff report describing achievements and challenges over the past six months, including financials and identifying issues on the horizon. In addition, the board have access to ongoing support and development through the International Advisory Network as described in the paragraph above.

Related parties/subsidiaries

The Resource Centre has five subsidiaries:

The Resource Centre’s US, Colombian, German and Australia, New Zealand and Pacific activities are carried out in conjunction with those of the UK charity, reflecting the respective statutory, charitable purposes which in substance align across the group, and managed by the Executive Director.

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Goals and Activities for Public Benefit

Statement of goals and principal activities for the public benefit

The Resource Centre’s objects, as set out in its governing document, are the promotion of international human rights for the public benefit by:

We are currently delivering these public benefit goals as part of our 2019-2024 strategy. We have also now completed and agreed a new 5 year strategy beginning in 2025, which represents a refinement and updating of the continuing purpose of the organisation.

We three main thematic priority areas in the 2019-2024 strategy are:

Cutting across these three priorities is a focus on protecting civic freedoms and human rights defenders, promoting effective corporate legal accountability, and working towards gender and racial justice.

In the current strategy, there are three types of activities identified:

The 2025-2029 strategy, which will start in April 2025 keeps the same thematic programme priority areas, but in addition overlays them with three strategic goals:

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The Trustees confirm that they have had regard to the Charity Commission’s guidance on public benefit when planning its activities in furtherance of its objectives for the public benefit.

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Trustees’ Responsibilities in relation to the Financial Statements

The Trustees are responsible for preparing a Trustees’ annual report and financial statements in accordance with applicable law and with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011 and Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees have taken all the steps that they ought to have taken to make themselves aware of any information needed by the charity’s auditors for the purposes of their audit and to establish that the auditors are aware of that information. The Trustees are not aware of any relevant audit information of which the auditors are unaware.

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Remuneration Policy

The Trustees and the senior management team comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity and its subsidiaries on a day to day basis. All Trustees give their time freely and no trustee received remuneration in the year. Details of Trustees’ expenses and related party transactions are disclosed in note 7 to the accounts.

The Resource Centre is committed to ensuring that we pay our staff fairly and in a way which ensures we attract and retain the right skills to have the greatest impact in delivering our charitable objectives. The pay of the senior management team is reviewed annually and normally increased in accordance with established salary ladders and inflation at the time of review.

The Finance and Administration Committee of the Board sets the pay for all staff annually as part of the budget approval process. The Executive Director is in attendance for the meeting (leaving for the discussion regarding the Executive Director’s remuneration).

The main responsibilities of the Finance and Administration Committee in relation to remuneration are to:

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Risk Management

The Trustees have approved a risk management policy and structure. All risks are assessed as part of a risk profile where the likelihood, and impact is taken into account when understanding the degree of mitigation that is required. The risks are reviewed on a bi-annual basis by the board, with the Finance and administration committee considering them on a quarterly basis.

The Management Team establish policies, systems and procedures to mitigate those risks and implement procedures designed to minimise or manage any potential impact on the charity should those risks materialise.

Our most significant risks with the current relevant areas are set out in the table below.

Programmatic

Finance and Funding

Operational (incl. HR and IT)

Security (physical and asset)

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Financial Review

Income

Our work is funded by a range of foundations, government foreign ministries, and individuals. To maintain our independence, the Business and Human Rights Resource Centre avoids any conflict of interest or reputation risk by not accepting donations directly from companies, and reviews potential donations from corporate foundations, senior executives at major corporations, and pro-bono legal support on a case-bycase basis.

The overall income is £4,962k, which was down slightly from the previous financial year (FY 2023-24 £5,075k). This continues the level of consolidation income of the last few years. In addition, this is slightly lower than forecasted because of the stop order given to our single US federal grant. Although this was later rescinded, the programme had been closed down. As such this portion of the income has not been recognised. Of this, the restricted income has reduced slightly to £4,474k (FY 2023-23 £4,776k).

This shows that the income again has come disproportionately from restricted grants. For FY 25-26 these are forecasted to be £4,826k (excluding grants currently in negotiation) out of total income of £5,016k. With the restricted grants and contracts the majority of our funds comes from foundations. However, our income from government institutions is £982k (FY 23-24 £784k). But this still only represents 20% of our total income. Given the income trends in the new financial year of FY 25-26 we can see this is going to continue to grow as a proportion of the funding to the organisation with £1,226k forecasted.

Unrestricted income has gone back up again this year at £488k from the previous year (FY 23-24 £299k); This was boosted by two two-year unrestricted grants that were wholly recognised in FY24-25 due to unrestricted income recognition rules. Consequently, we expect unrestricted income to be lower in FY 25-26. The FY25-26 unrestricted income forecast is currently £190k.

The total spend of the organisation increased by £169k to £5,107k (FY 23-24 restated £4,938k). At 3% growth this is lower than the 23% growth in expenditure for FY23-24. The extra expenditure in FY24-25 was funded largely by the restricted brought forward as the organisation managed to increase its unrestricted reserves modestly even with a substantial unrealised foreign exchange loss.

Despite a sound financial performance with more unrestricted funds being added to the reserves, we have recognised additional total unrealised exchange rate losses of £99k at the end of the year. This is primarily due to the bulk of the income arriving and being held in US dollars and yet the accounts are described in GBP. It is likely these unrealised losses will crystallise into real costs over the coming year.

Fundraising

During much of the reporting year we had a Development Team of four staff, who split their time between fundraising and support to grant managers. We do not have any voluntary fundraisers working on our behalf, and we do not use external fundraising agencies or commercial participators to deliver any of our fundraising and we do not raise funds directly from the UK public and not registered with the fundraising regulator.

Our approach to fundraising is driven by respect, honesty and openness. We respect the wishes and preferences of all of our supporters and beneficiaries, and are sensitive to the needs of every individual. We are open and inclusive to all, regardless of visible and invisible differences. And we are accountable for delivering a high standard of fundraising.

We make every effort to ensure that our fundraising does not intrude on peoples’ privacy, that it is not unreasonably persistent, and that it does not place pressure on anyone to donate to our organisation. The

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Development Team monitors its own fundraising activities and presents its work to the Senior Management Team and Board for evaluation and approval on a regular basis.

To strengthen our relationship with supporters, we continue to develop new approaches to supporter engagement. By gaining insights from our supporter base through regular communication, we are aware of what matters to our supporters and seek to align our database, technology, and practices with supporter expectations. We aspire to best practice in the way we engage our supporters, and our fundraising activity has only generated complaints twice in the past fifteen years. We encourage any supporters with questions about our fundraising to contact us.

Expenditure

Our total expenditure increased by 3% from £4,938k (FY 2023-24) to £5,107k (after taking into account a prior year adjustment). The difference in expenditure and income has come mostly from restricted reserves as it involves completion of existing restricted grants. Expenditure on charitable activities also increased by % from £4,790k (FY 2023-24) to £4,956k. In the previous year growth in expenditure on these two measures had been 23% and 23% respectively.

Staffing levels, which, when we include regional researchers, remain at about 64% of the costs of the organisation, have grown proportionately with the overall spend. This is in line with extra funding and demand on our work. We expect incremental growth at these levels to continue as new funding comes in.

Reserves

The Trustees view the holding of general reserves as an integral part of risk management. Our reserves policy applies to the group as a whole and is set to ensure our work is protected from the risk of disruption at short notice due to a lack of funds, whilst at the same time ensuring we do not retain income for longer than required. The group reserves policy is kept under periodic review and reserves levels will be adjusted as perceptions of risk and other factors change. Key areas considered by the Trustees in determining reserves levels include the financial impact of risk, levels of non-cash working capital and commitments and longerterm plans.

The reserves policy now in operation is based on how restricted and unrestricted income is recognised. With our restricted income recognition policy, restricted reserves should trend towards zero. With our unrestricted reserves, we monitor and plan liquid unrestricted reserve levels at year end. With our fixed assets at zero, we can easily monitor the total unrestricted reserves. At the end of the financial year 2024-25 these stood at £1,139k (FY2023-24 (restated) £1,133k). As has been indicated earlier, we have reduced the end of year unrestricted reserves by £67k as a result of unrealised currency losses – the figures here reflect that. This reverses a currency related gain of £139k in the prior year’s accounts. Lead times for securing grants are between 3 and 6 months depending on the donor, scale and level of complexity. There will often be gaps and some donors change policy and phase out funding. We need to have sufficient reserves to retain staff and resources when there are gaps in funding. Therefore, to be prudent, we have calculated the level of reserves that we require to be above 3 months of spend (currently £1,277k) when the funding pipeline is good.

Overall, the restricted funds are in surplus at year end. However, there are some individual funds that are in deficit. In variably this is because of the phasing of spend is different from the straight-line recognition of funding. Usually this will be a result of advanced payments to partners. We fully expect all these grants to not have deficits by the end of their terms. All individual entity balances are in surplus at the end of the year.

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Reconciliation of funds carried forward to reserves

2025
£
2024
£
Group (Global)
Funds carried forward
Less:
Restricted funds
Unrestricted funds		 1,518,048
1,761,757
(378,606)
(629,077)
1,139,442
1,132,680

Going Concern

The Board of Trustees have assessed the use of going concern and have considered possible events or conditions that might cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. The Trustees have concluded that there is a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing these financial statements.

Financial Performance of Subsidiaries

The Business and Human Rights Resource Centre group is made up of five entities, the financial performance of which is shown in notes 15 and 16.

Income generated in the UK was £2,819k (FY 2023-24 £2,121k). This rise is a result of overall income increasing in the group, and the proportion of funds going to the UK entity as a transfer from the US subsidiary. As most operations are run through the UK entity with a turnover of £4,318k (FY 2023-24 £3,456k) this represents a consolidation of financial control in the UK entity.

The Australia based subsidiary remains small with an income of £0k (FY2023-24 £14k) and expenditure of £27 (FY 2022-23 £6k). There is one consultant that works consistently with the subsidiary.

The Colombian subsidiary has maintained a consistent level of operation and is able to fundraise for most of its own operations. It has income of £152k (FY 2023-24 £156k) and expenditure of £149k(FY 2023-24 £159k).

The German subsidiary is the newest and its income is mostly through grants it shared with the UK entity. It had income of £260k (FY 2023-24 £223k) and expenditure of £233k(FY 2023-24 £218k).

The US subsidiary is still a main source of income for the group with £2,134k (FY 2023-24 £2,963k). The expenditure attributed to the US entity of £2,169k (FY 2023-24 £2,534k) is mostly transfers to the UK entity.

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Key donor, legal and administrative details.

The Trustees are extremely grateful to the following funders that have made our work this year possible:

Foundations

11[th] Hour Project/Schmidt Family Foundation Anonymous Foundations Fundacion Avina (Avina) ACT Church of Sweden Jacob & Hilda Blaustein Foundation ClimateWorks Foundation Diakonia European Climate Foundation (ECF) Ford Foundation (Ford) Forum for the Future Front Line Defenders Heinrich Boll Foundation (HBF) David and Barbara B. Hirschhorn Foundation Humanity United (HU) Joseph Rowntree Charitable Trust (JRCT) Laudes Foundation (Laudes) National Endowment for Democracy (NED) Norwegian Human Rights Fund (NHRF) Open Society Foundations (OSF) David & Lucile Packard Foundation

Pitt-Watson Barnes Foundation Porticus Foundation Rockefeller Philanthropy Advisors (RPA)/ Accountability Accelerator (AA) Ruth Turner Fund Tara Climate Ltd. The Christensen Foundation Waverley Street Foundation Wallace Global Fund (WGF) Wellspring Philanthropic Fund

Governments and multilateral actors

European Union Finland Ministry of Foreign Affairs (MFA) German Federal Ministry of Economic Cooperation and Development, supported by the German Agency for International Cooperation (GIZ)

US State Department, Bureau of Democracy, Human Rights and Labor (DRL)

The Swiss Confederation, represented by the Swiss Federal Department of Foreign Affairs (Swiss FDFA)

Individuals

The Trustees also wish to thank all our individual donors for their generous support.

Board

Shawna Bader-Blau, Mutuso Dhliwayo, Heather Grady, Heidi Hautala (Joined November 2024), Michael Hirschhorn, Kirsty Jenkinson, Chris Jochnick (Chair), Seema Joshi, Isabel Ebert (resigned November 2024), Namit Agarwal, Alejandra Costanza, Claudia Saller, Claire Nylander (Joined May 2025).

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Executive management team

Philip Bloomer, Michael Clements, Graham MacKay, Patty Surak, Betty Yolanda.

Principal address & registered office

The Foundry 17 Oval Way London SE11 5RR UK

Auditors

MHA 2 London Wall Place London EC2Y 5AU

The auditor, MHA, are deemed to be reappointed under section 487(2) of the Companies Act 2006

Bankers

Royal Bank of Scotland plc RBS London Corp Bank Centre PO Box 39952

2 ½ Devonshire Square London EC2M 4XJ

Solicitors

Bates Wells & Braithwaite 10 Queen Street Place London EC4R 1BE

This report of the Board has been prepared taking advantage of the small companies exemption of section 415A of the Companies Act 2006.

This report was approved and authorised for issue by the Board on 28th November 2025 and signed on its behalf by:

Chris Jochnick Trustee/Chair 28[th] November 2025

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Independent Auditor’s Report to the Members of Business and Human Rights Resource Centre (REGISTERED COMPANY NO.04555494)

Opinion

We have audited the financial statements of Business and Human Rights Resource Centre (the ‘Parent charitable company’) and its subsidiaries (the ‘Group’) for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities SORP 2019.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group and Parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Trustee are responsible for the other information. Our opinion on the financial statements does not cover the other information and, we do not express any form of assurance conclusion thereon.

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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Group and Parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement in the Trustees’ Annual Report, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group and Parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group and Parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of this report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. AL Stuart McKay BSc FCA DChA (Senior Statutory Auditor) For and on behalf of MHA, Statutory Auditor London, United Kingdom

Date: 11/12/2025

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).

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Financial Statements

Consolidated Statement of Financial Activities

Incorporating the income and expenditure account For the year ended 31 March 2025 Current year

Notes Unrestricted
£
Restricted
£
2025
£
2024
(restated)
£
Income from
Donations and legacies
2
Charitable activities
3
Other income
4
Total Income
Expenditure
Cost of raising funds
5
Expenditure on charitable activities
5
Total resources expended
Net (expenditure)/income for the
year
Fund movement between unrestricted
and restricted
12
Unrealised foreign currency Gain(loss) 12
Net movement in funds
Fund balance b/f
Fund balances carried forward		 400,321
-
400,321
252,587
3,706
4,474,222
4,477,928
4,734,747
83,918
-
83,918
87,975
487,946
4,474,222
4,962,167
5,075,308
151,066
-
151,066
147,585
350,466
4,605,397
4,955,863
4,790,315
501,532
4,605,397
5,106,928
4,937,900
(13,586)
(131,175)
(144,761)
137,408
87,661
(87,661)
-
-
(67,312)
(31,635)
(98,947)
139,125
6,763
(250,471)
(243,708)
276,533
1,132,680
629,077
1,761,757
1,485,224
1,139,442
378,606
1,518,048
1,761,757

All of the above results derive from continuing activities. There are no gains and losses other than those disclosed above The accompanying notes form an integral part of these financial statements.

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Prior year comparative

Notes Unrestricted
(restated)
£
Restricted
£
2024
(restated)
£
2023
£
Income from
Donations and legacies
2
Charitable activities
3
Other trading income
4
Total Income
Expenditure
Cost of raising funds
5
Expenditure on charitable
activities
5
Total resources expended
Net (expenditure)/income for
the year
Fund movement between
unrestricted and restricted
Unrealised foreign currency
Gain(loss)
Net movement in funds
Fund balance b/f
Fund balances carried forward		 252,587
-
252,587
577,609
-
4,734,747
4,734,747
3,668,986
46,162
41,812
87,975
68,297
298,749
4,776,559
5,075,308
4,314,893
147,585
-
147,585
139,834
446,512
4,343,804
4,790,315
3,824,656
594,097
4,343,804
4,937,900
3,964,490
(295,348)
432,756
137,408
350,403
201,217
(201,217)
-
-
177,608
(38,483)
139,125
33,863
83,477
193,056
276,533
384,266
1,049,203
436,021
1,485,224
1,100,959
1,132,680
629,077
1,761,757
1,485,224

All of the above results derive from continuing activities. There are no gains and losses other than those disclosed above. The accompanying notes form an integral part of these financial statements.

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Business and Human Rights Resources Centre Business and Human Rights Resources Centre
Financial Statements – Company number: 04555494 Financial Statements – Company number: 04555494
Consolidated and Charity Balance sheets
As at 31 March 2025
Current year
2025
2024 (restated)
Notes
Group
(Global)
£
Charity (UK)
£
Group
(Global)
£
Charity
(UK)
£
~~ee~~
Fixed assets
Tangible assets 9 - - 2,505 2,497
- - 2,505 2,497
Current assets
Debtors 10 53,696 795,173 420,617 434,223
Cash at bank and in hand 4,564,886 1,997,822 3,004,949 746,891
4,618,582 2,792,995 3,425,565 1,181,114
Creditors:amounts falling due within one 11 (3,100,535) (2,713,220) (1,666,313) (1,014,742)
year (PY adjusted)
Net current assets 1,518,047 79,755 1,759,253 166,373
Total assets less current liabilities 1,518,047 79,755 1,761,757 168,870
Represented by
Unrestricted funds 12 1,139,442 (155,912) 1,132,680 53,554
Restricted funds 12 378,606 235,687 629,077 115,316
1,518,048 79,775 1,761,757 168,870

The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. In accordance with section 408 of the Companies Act 2006, the Charity has taken exemption from presenting its own unconsolidated profit and loss account’. The Charity’s net unrestricted loss for the year was (£125k) and total loss was (£89k). The accompanying notes form an integral part of these financial statements.

The financial statements were approved by the Trustees and authorised for issue on 28th November 2025 and signed on their behalf by –

Chris Jochnick Trustee/Chair

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Financial Statements

Consolidated Statement of Cash Flows For the year ended 31 March 2025

Current year
Notes 2025
£
2024
£
Cash flows from Operating activities
Surplus/(Deficit) for the financial year
Adjustment for:
Add back depreciation charges
9
Decrease (increase) in debtors
10
Increase (decrease) in creditors
11
Exchange rate Gain/Loss
Net cash provided by / (used in) operating activities
Cash flows from investing activities:
Net cash provided by / (used in) investing activities
Cash flows from financing activities:
Net cash (used in) / provided by financing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period		 (144,761)
137,408
2,497
43,458
366,648
(157,119)
1,434,223
(699,496)
(98,941)
138,974
1,559,937
(536,775)
-
-
-
-
1,559,937
(536,775)
3,004,949
3,541,724
4,564,886
3,004,949

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Notes to the accounts For the year ended 31 March 2025

1. Accounting policies

Business and Human Rights Resource Centre is a charitable company and is registered with the Charity Commission (Charity Registered Number 1096664) and Registrar of Companies (Company Registration Number 04555494) in England and Wales. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. The address of the registered office is given in the Charity information on page 24 of these financial statements. The nature of the Charity’s operations and principal activities are detailed in the Impact Report starting on page 3 and summarised on page 15 in the section on public benefit.

a) Scope and basis of financial statements

The consolidated financial statements have been prepared on a going concern basis under the historical cost convention and are in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (‘the SORP’), FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (‘FRS 102’), the Charities Act 2011 and the Companies Act 2006.

The charity constitutes a public benefit entity as defined by FRS 102.

The Charity, as the parent of the Group, has taken advantage of the disclosure exemptions available under FRS 102 paragraph 1.12, as permitted for qualifying parent entities, and has therefore not prepared a separate:

“Statement of Cash Flows for the parent charity”

“Disclosure of Key management personnel compensation in the parent charity’s financial statements”

The consolidated financial statements include the financial statements of the charity together with the results of Business and Human Rights Resource Centre (US) Limited, a US non-profit organization registered under Section 501(c) (3) of the Internal Revenue Code, the Business and Human Right Resource Centre (Australia, New Zealand and Pacific) Limited, an Australian public company limited by guarantee, Centro De Informacion Sobre Empresas Y Derechos Humanos (Business and Human Rights Resource Centre) – a registered Foreign Private Non-Profit Organisation in Colombia and a German subsidiary, named Business * Human Rights Resource Centre e. V. The US, Colombian, Australian and German entities are whollycontrolled subsidiaries of the Charity.

The financial statements are prepared in Sterling (£) which is the functional and presentational currency of the charity.

Going Concern

The Board of Trustees have assessed the use of going concern and have considered possible events or conditions that might cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. The Trustees have concluded that there is a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing these financial statements.

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b) Income

The Charity receives government grants in respect of furthering its charitable objectives. Income from government and other grants are recognised at fair value when the Charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met, then these amounts are deferred.

All other grants and donations income is accounted for gross when the charity has entitlement to the funds, the amount can be measured reliably and receipt of the funds is confirmed. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. Grants which have been specified for use in future periods are recognised in deferred income and released in the relevant accounting period. This is done through a straight-line method.

Donated goods and services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example, the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity. This is normally upon notification of the interest paid or payable by the Bank.

c) Fund Accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity. Designated funds are unrestricted funds of the Charity, which the Trustees have decided at their discretion to set aside for a specific purpose.

d) Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and includes VAT as appropriate. Expenditure is classified under the following activity headings:

Costs of raising funds comprise support costs associated with fundraising activities. Expenditure on charitable activities includes the costs of building transparency, strengthening accountability and empowering advocates and their associated support costs. These activities are supported through maintenance of our online library, dissemination of information on current business and human rights issues, maintenance of the company response mechanism and providing users with tools and guidance materials.

e) Allocation of support costs

Support costs are those which provide indirect support to front-line output provision such as central finance, human resources, governance costs and management information services. Support costs not attributable to a single activity have been allocated on a basis consistent with the identified cost driver for that cost category such as percentage staff time or occupancy.

f) Fixed assets & depreciation

All website development costs and computer equipment of less than £5,000 are no longer treated as tangible fixed assets. This does not apply retrospectively. Historical assets continue to be depreciated using the historical policy.

Historically individual tangible fixed assets are capitalised at cost less accumulated depreciation and impairment losses. For existing assets depreciation is calculated at the following rates to write off the cost, less estimated residual value of each asset over its expected useful life:

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Computer equipment – 33% straight line Website development – 33% straight line

g) Pensions

Contributions are made to employees’ individual pension plans. Contributions are charged to the Consolidated Statement of Financial Activities in the year in which they become payable.

h) Taxation

No provision has been made for taxation as the charitable status of the Business and Human Rights Resource Centre renders it exempt from UK direct taxation on charitable activities.

i) Foreign currency translations

Functional currency and presentation currency

The individual financial statements of each entity within the group are presented in the currency of the primary economic environment in which the entity operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position are presented in Sterling (£).

Transactions and balances

In preparing the financial statements of the individual entities, transactions in currencies other than the functional currency of the individual entities (foreign currencies) are recognised at the spot rate at the dates of the transactions, or at an average rate where this rate approximates the actual rate at the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences are recognised in profit or loss in the period in which they arise. However, in the consolidated financial statements exchange differences arising on monetary items that form part of the net investment in a foreign operation are recognised in other comprehensive income and are not reclassified to profit or loss.

Translation of group companies

For the purpose of presenting consolidated financial statements, the assets and liabilities of the group’s foreign operations are translated from their functional currency (US dollars, Australian Dollars and Colombian Peso) to Sterling (£) using the closing exchange rate. Income and expenses are translated using the average rate for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising on the translation of group companies are recognised in other recognised gains and losses and are not reclassified to income or expenditure.

j) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

k) Leases

Rentals payable under operating leases are charged to the Consolidated Statement of Financial Activities on a straight-line basis over the period of the lease.

l) Judgement and key sources of estimation uncertainty

There are no judgements (apart from those involving estimates) made in the process of applying the accounting policies that have a significant effect on amounts recognised in the financial statements. There are no key assumptions concerning key sources of estimation uncertainty that have a risk of causing a material adjustment.

33

m) Financial Instruments

The Charity holds basic financial instruments. The financial assets and financial liabilities of the Charity are as follows:

Debtors – trade debtors, other debtors and accrued income are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 10. Prepayments are not financial instruments.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Investments – All investments are classified as basic financial instruments and held at their fair value.

Creditors – trade creditors and accruals are classified as basic financial instruments, and are measured at amortised cost as detailed in note 11. Taxation and social security are not considered to be financial instruments. Deferred income is not deemed to be a financial liability, as in the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

n) VAT and Tax Adjustments

VAT payable under the reverse charge mechanism and other taxation liabilities are recognised as expenditure in the period in which they are incurred. Any adjustments identified after the reporting period that affect prior periods are restated in the financial statements and disclosed as a separate note. Such adjustments are not considered financial instruments.

During the prior year FY 2023-24, an adjustment of £265k was identified and as a result we have restated the 2023-24 figures. This is a result of a VAT liability incurred through reverse charge VAT mechanism in the year. This is treated as extra expenditure on tax and results in the unrestricted reserves at March 2024 being reduced from the figure originally reported in FY 23-24.

34

The adjustment has the following impact on the previously reported figures for FY2023-24:

As previously Adjustment As restated
reported
Consolidated Expenditure on £4525,315 +£265,000 £4790,315
Statement of charitable
Financial activities 2024
Activities &
Prior year
comparative
Consolidated Fund Balance £2026,757 -£265,000 £1761,757
Statement of carried forward
Financial 2024
Activities &
Prior year
comparative
Consolidated 2024: Creditor £1,401,313 +£265,000 £1,666,313
and Charity (for Group (Group)/£749,742( (Group)/£1,014,742
Balance Sheets (Global) and Charity UK) (Charity UK)
Charity (UK)
Consolidated Unrestricted £1,397,680 -£265,000 £1,132,680
and Charity reserves at 31st (Group)/£318,554( (Group)/£53,554(C
Balance Sheets March 2024 Charity UK) harity UK)
Consolidated 2025: Creditor £2,835,535 +£265,000 £3,100,535
and Charity (for Group (Group)/£2,978,220 (Group)/£2,713,220
Balance Sheets (Global) and (Charity UK) (Charity UK)
Charity (UK)
Consolidated Unrestricted £1,404,442(Group)/ -£265,000 £1,139,442
and Charity reserves at 31st £109,088(Charity (Group)/£(155,912)
Balance Sheets March 2025 UK) (Charity UK)
Consolidated Increase £(964,496) +265,000 £(699,496)
Statement of (Decrease) in
Cash Flows creditors 2024
Consolidated Increase £1,708,884 -£274,160 (-£265,000- £1,434,223
Statement of (Decrease) in 9160)
Cash Flows creditors 2025

Given the additional need for a prior year adjustment due to the retrospective VAT registration bringing the unrestricted reserves down, we will need to seek to grow these again over the next few years.

35

2. Income from donations and legacies (Unrestricted income)

Current year
2025
£
2024
£
Group (Global)
Grants from foundations and governments
The Ruth Turner Fund
Wellspring Philanthropic Fund
Anonymous Foundation
The Jacob & Hilda Blaustein Foundation
Oxfam
The David and Barbara B. Hirschhorn Foundation
Individual donations		 19,227
19,067
242,018
158,987
67,419
-
27,578
24,741
664
-
15,114
16,367
28,301
33,425
400,321
252,586

36

3. Income from charitable activities (Restricted income)

Current year

2025 2024
£ £
11th Hour Project/Schmidt Family Foundation 148,590 81,373
Australian Border Force (sub grant from University of New South Wales) - 13,310
Aspiration - 55,906
Fundación Avina 113,910 106,811
ACT Church of Sweden – Colombia 46,112 33,317
ClimateWorks Foundation 80,758 9,805
Diakonia – Colombia 48,102 41,549
European Union DG-INTPA 195,360 -
European Climate Foundation 99,198 84,237
Finland Ministry of Foreign Affairs* 342,014 334,728
Ford Foundation 860,451 520,314
Forum for the Future 10,732 -
Front Line Defenders 4,144 -
German Federal Ministry of Economic Cooperation and Development, (GIZ)* 178,534 178,631
Heinrich Boell Foundation 26,591 22,495
Humanity United 388,398 426,185
JRCT 4,500 3,000
Laudes Foundation 638,357 728,215
National Endowment for Democracy 187,919 258,598
Norwegian Human Rights Fund (NHRF) Colombia 17,912 36,493
Open Society Foundations 262,131 801,750
Oxfam GB Regional Centre Bangkok - 25,937
The David & Lucile Packard Foundation 78,203 81,050
Porticus Foundation 55,988 58,430
Rockefeller Philanthropy Advisors (RPA)/Accountability Accelerator 37,679 -
Embassy of Switzerland in India - 10,586

37

The Christensen Fund
The Swiss Federal Department of Foreign Affairs (FDFA)*
Tara Climate Ltd
US State Department, Bureau of Democracy Human rights and Labor (DRL)
US research fund
Wallace Global Fund (WGF)
World Resources Institute (WRI)
Waverley Street Foundation (WSF)		 38,727
-
21,250
63,750
39,101
55,833
176,402
196,700
8,182
-
29,896
71,977
-
23,383
335,081
410,385
4,474,222
4,734,747

Income has been recognised on the basis of the accounting policies set out in Note 1(b) For more details on individual grants from these donors refer to note 12.

38

4. Other trading income (unrestricted)

Current year
2025
£
2024
£
Investment income
Consultancy income
Subscription income
Other trading income		 83,919
30,080
-
46,189
-
10,597
-
1,108
83,919
87,975

Note: Subscription income is for the Mosaic income fund

39

5. Expenditure

Current year
Direct costs
£
Support
costs
£
Total
2025
£
Total
2024
(restated)
£
Raising funds
Fundraising
Sub-total
Charitable activities
Natural Resources and a Just Transition
Labour Rights
Civic Freedoms and Human Rights Defenders
Tech Accountability
Gender and Racial Justice
Corporate Legal Accountability
Global and Regional Activities
Sub-total
Total		 -
151,066
151,066
147,585
-
151,066
151,066
147,585
889,183
65,788
954,970
1,111,980
750,756
131,575
882,331
973,250
505,610
82,235
587,844
501,317
425,816
49,341
475,156
272,942
42,395
-
42,395
158,284
141,545
49,341
190,886
101,710
1,230,191
592,089
1,822,280
1,405,833
3,985,495
970,367
4,955,863
4,525,315
3,985,495
1,121,433
5,106,929
4,672,901

40

Prior Year
Direct costs
£
Support
costs
£
Total
2024
(restated)
£
Total
2023
£
Raising funds
Fundraising
Sub-total
Charitable activities
Natural Resources and a Just Transition
Labour Rights
Civic Freedoms and Human Rights Defenders
Tech Accountability
Gender and Racial Justice
Corporate Legal Accountability
Global and Regional Activities
Sub-total
Total		 -
147,585
147,585
139,834
-
147,585
147,585
139,834
1,058,538
53,441
1,111,980
670,394
866,367
106,883
973,250
1,002,117
434,515
66,802
501,317
252,487
232,861
40,081
272,942
307,071
158,284
-
158,284
81,364
61,629
40,081
101,710
91,943
924,860
480,972
1,405,833
1,150,607
3,737,055
788,260
4,525,315
3,824,656
3,737,055
935,845
4,672,901
3,964,490

41

6. Support costs by activity

Current year

Total
Total 2024
Raising funds
Support costs		 2025 (restated)
£ £ £ £
Central management - 61,939 61,939 59,811
Central finance, administration and
human resources. - 582,046 582,046 727,192
Fundraising 151,066 151,066 147,585
Communication - 97,525 97,525 88,197
Governance - 181,599 181,599 125,816
Central facilities - 47,259 47,259 52,245
Total 151,066 970,367 1,121,433 1,200,845

Prior year

Total
Support costs 2024 Total
Raising funds
(restated)		 (restated) 2023
£ £ £ £
Central management - 59,811 59,811 60,046
Central finance, administration and
human resources. - 727,192 727,192 293,180
Fundraising 147,585 - 147,585 139,834
Communication - 88,197 88,197 78,049
Governance - 125,816 125,816 81,554
Central facilities - 52,245 52,245 63,299
Total 147,585 1,053,260 1,200,845 715,962

Support costs have been allocated on the basis of the accounting policy set out in note 1(e).

42

Analysis of governance costs

Current year
2025
£
2024
£
Trustee expenses and meetings
Group Audit
Subsidiary Audits
Legal and compliance
Other governance costs		 10,724
5,932
39,700
27,300
89,578
53,391
21,994
15,980
-
23,213
181,599
125,816

Governance costs relate to the direct running of the charity, allowing the charity to operate and generate the information required for public accountability. They include expenses for three trustees (FY23-24: two trustees), which were £3,649 (FY 23-24: £2,186), the costs of trustee meetings and external audits and legal costs. Of the trustee expenses £3,188 (FY 23-24: £2,139) were for travel expenses with the balance £461 on food and incidentals.

No trustee, nor any person connected with them, received any remuneration from the charity (2024: £nil).

43

7. Global Team Costs

The average number of employees during the year was 37.8 (202: 37.5).

The average number of part-time researchers working as consultants / independent contractors during the year was 41.9 (2024: 44.5)

Current year

2025
£
2024
£
Staff costs during the year amounted to:
Wages and salaries
Social security costs
Employer’s pension contributions
Other staff related costs (including travel)
Part-time senior & regional researchers; consultants*		 1,629,231
1,593,548
204,712
191,853
84,489
80,216
1,918,433
1,865,617
61,863
69,544
1,303,520
1,183,192
3,283,815
3,118,353

*Consultancy costs: Regional researchers are paid as consultants, given that they work as part-time independent contractors.

The number of employees with emoluments greater than £60,000:

Current year

2025 2024
£60,000 to £70,000 2 2
£70,000 to £80,000 1 2
£80,000 to £90,000 1 1
£110,000 to £120,000 1
£120,000 to £130,000 1

Retirement benefits are paid under a defined contribution scheme. The total employer pension contributions paid were £84,489 for the year (FY23-24: £80,216). Employer pension contributions in respect of the higher paid staff were £28,777 (FY 23-24: £26,113).

44

No trustee, nor any person connected with them, received any remuneration from the charity (2024: £nil). Trustees were reimbursed in the year £3,649 (FY 23-24: £2,186) for travel expenses and food in connection with their duties as a trustee.

The key management personnel comprise the Trustees, the Executive Director, Chief Operating Officer , International Programmes Director, Regional Programmes Director and Development Director. The total employee benefits of the key management personnel were £470,264 (FY23-24: £438,923). This includes gross pay, employers National Insurance and pensions.

8. Net (expenditure)/income for the year

Current year

This is stated after charging:

2025 2024
£ £
Depreciation 2,505 43,458
Auditor’s remuneration
- cost of Statutory audit by MHA (inc. VAT) 39,700 27,300
- cost of other audits by MHA 9,600 3,900
- cost of other audits by other auditors 92,503 57,136

45

9. Tangible fixed assets – Group (Global)

Current Year
Website
£
Computer
equipment
£
Total
£
Costs
1 April 2024
31 March 2025
Depreciation
1 April 2024
Charge for the year
31 March 2025
Net book value
31 March 2025
31 March 2024		 662,368
38,071
700,439
662,368
38,071
700,439
659,968
37,974
697,942
2,400
97
2,497
662,368
38,071
700,439
-
-
-
2,400
97
2,497

46

Tangible fixed assets – Charity (UK) Current year
Website
£
Computer
equipment
£
Total
£
Costs
1 April 2024
31 March 2025
Depreciation
1 April 2024
Charge for the year
31 March 2025
Net book value
31 March 2025
31 March 2024		 662,368
36,464
698,832
662,368
36,464
698,832
659,968
36,367
696,335
2,400
97
2,497
662,368
36,464
698,832
-
-
-
2,400
97
2,497

47

10. Debtors
2025
2024
Group (Global)
£
Charity (UK)
£
Group (Global)
£
Charity (UK)
£
Due within one year
Sundry Debtors
Accounts receivable
Accrued income
Prepayments
Intercompany Accounts		 5,184
3,519
11,092
4,345
6,009
6,009
292,081
158,828
8,689
-
87,310
85,704
33,814
32,423
30,134
29,112
-
753,228
-
156,233
53,696
795,173
420,617
434,223

48

11. Creditors: amounts falling due within one year

2025
2024 (restated)
Group
(Global)
£
Charity (UK)
£
Group (Global)
£
Charity (UK)
£
Intercompany Accounts
Company Credit Card
Grant creditors
Trade creditors
Accruals
Tax and social security creditors
Deferred income
Expenses Control Account		 -
910,863
-
46,754
9,618
9,618
-
-
591,348
428,453
-
-
102,719
100,992
45,851
40,071
193,524
115,430
118,222
76,902
299,367
296,284
300,512
297,939
1,799,561
748,178
1,091,331
443,636
104,399
103,403
110,395
109,439
3,100,536
2,713,221
1,666,313
1,014,742

Deferred income is calculated according to the methodology outlined in note 1 (b) income and follows a straight-line methodology as it distributes the funds fairly and understandably over the periods for with the grant is intended.

2025
2024
Group
(Global)
£
Charity (UK)
£
Group (Global)
£
Charity
(UK)
£
Deferred income at 1stApril 2024
Resources deferred during the year
Amounts released from previous periods
FX gain or (loss)
Deferred income at 31stMarch 2025		 1,091,331
443,636
1,927,987
465,382
1,702,607
748,177
957,748
436,130
(976,604)
(443,636)
(1,758,319)
(457,876)
(17,773)
-
(36,085)
-
1,799,560
748,178
1,091,331
443,636

49

12. Funds – Group (Global)

Current year

Balance Unrealised
at 1/4/24 Overhead
Currency		 Balance
Name of Fund (restated) Income Expenditure Transfers gain/(loss) at 31/3/25
£ £ £ £ £ £
Restricted funds
11th Hour Project 22,787 33,218 (53,063) - (2,942) -
11th Hour Project - 115,372 (74,463) - - 40,909
Avina Arropa (11,082) 61,501 (39,138) (9,016) (2,264) -
Avina Periplo 10,700 52,409 (60,701) (2,389) - 19
ACT Church of Sweden (4,077) 46,112 (41,626) - (41) 368
ClimateWorks 23-24 (1,650) 29,896 (24,178) (3,484) (583) -
ClimateWorks 25-26 - 50,862 (14,660) (3,604) - 32,598
CSIS 4,718 - (4,726) - 8 -
Diakonia 22-25 5,090 33,618 (37,220) - - 1,489
Diakonia 24 - 14,483 (13,168) - (1,315) -
EU DG-INTPA - 195,360 (95,726) (6,701) - 92,934
ECF 2024-2025 14,392 99,198 (116,765) - 3,176 -
Finland MFA 22-24 28,822 222,083 (242,176) (10,708) 1,679 -
Finland MFA 25-26 - 119,931 (29,192) (2,919) - 87,820
Ford - BUILD 62,168 713,881 (752,052) - - 23,997
Ford – SAI 5,411 110,569 (116,278) - 299 -
Ford - PCWG - 36,001 (149,582) - - (113,582)
Forum for the Future 13,666 10,732 (12,644) - - 11,754
Front Line Defenders - 4,144 (868) - - 3,275
GCAAA RF 25-26 - 37,679 (51,750) - - 14,071
GIZ 2022-2025 13,416 178,534 (161,027) (16,131) - 14,791
Heinrich Boll Foundation 4,180 26,591 (27,918) - (2,608) 245
HU Partnership Grant
2024-2027		 (7,587) 372,584 (332,745) - - 32,252
HU Mosaic 24 - 15,814 (11,448) - - 4,367
Laudes Foundation 21-24 (2,298) 42,248 (40,432) - 482 -

50

Laudes Foundation 24-27
NED 2023-2026
FNDH (in Colombia)
OSF Eurasia
OSF General 2023-2024
OSF General 2023-2026
OSF Ukraine
Packard Foundation 23-24
Packard Foundation 24-26
Peace Brigades 23-25
Porticus LA Litigation
Network 23-24
Porticus LA Litigation
Network 24-26
Swiss MENA 2023-2024
TARA Climate Ltd
The Christensen Fund
US DRL 2023-2025
US research fund
Waverley Street
Foundation
WGF 2022-2024
Restricted funds
Unrestricted funds
Unrestricted Funds:
General Funds (PY
Adjusted)
Total funds		 -
596,109
(563,143)
-
-
32,697
43,697
187,919
(224,383)
(6,170)
-
1,063
1,807
17,912
(19,353)
-
(366)
-
(3,262)
31,003
(19,212)
(5,931)
(2,599)
-
22,958
39,862
(58,126)
-
(4,693)
-
97,902
131,542
(129,240)
-
-
100,204
23,384
59,724
(82,517)
-
-
590
13,123
53,148
(62,607)
-
(3,664)
-
-
25,055
(35,564)
-
-
(10,509)
3,000
4,500
-
-
-
7,500
19,540
14,401
(34,025)
-
84
-
-
41,587
(20,505)
-
-
21,082
13,851
21,250
(39,858)
-
4,758
-
5,176
39,101
(43,627)
-
(650)
-
(3,304)
38,727
35,423
-
-
-
135,016
176,402
(271,776)
(20,608)
(19,034)
-
-
8,182
(1,566)
-
-
6,615
85,646
335,081
(419,764)
-
(963)
-
11,888
29,896
(39,637))
-
(2,148)
-
629,077
4,474,222
(4,605,397)
(87,661)
(31,635)
378,606
1,132,680
487,946
(501,532)
87,661
(67,312)
1,139,442
1,761,757
4,962,167
(5,106,928)
-
(98,947)
1,518,048

Note: Where funds are in deficit at year end, these are all ongoing grants where more funds will be received or recognised in the next financial year.

Note: The transfer in the year from restricted to unrestricted in all cases relates to overhead costs charged against the grant in accordance with donor contracts and agreements. The funds are transferred to unrestricted and then expended as unrestricted. In the few cases where a transfer is from unrestricted to

51

restricted, the restricted fund has been overspent and the transfer is used to balance the grant. In most cases this is at the end of the grant period and resulting balance is zero.

Name of Fund Description, nature and purposes of fund
11th Hour Project These are a series of grants from the Schmidt Family Foundation with the purpose
of expanding Human Rights in Transition Mineral Supply Chains. The most recent
phase runs from September 2024 to August 2025
Avina Arropa A grant from the Avina Foundation to strengthen the human rights ecosystem in the
apparel sector in Mexico. Completed by September 2024.
Avina Periplo A grant from the Avina Foundation on migrant workers in the agribusiness sector in
Mexico. Now extended to April 2025
ACT Church of Sweden A grant from the Church of Sweden as part of Action of Churches Together to
support civil society on Business and Human Rights in Colombia. Latest grant
commenced in January 2023 to complete in December 2025.
ClimateWorks 23-24 One-year grant to promote and coordinate Battery Collaboration Cluster to foster
cross-regional work on battery sustainability. Completed in Year.
Climateworks 25-26 A 2-year grant exploring pathways to shared prosperity in Just Energy Transitions in
South Africa and Indonesia.
CSIS Centre for Strategic and International Studies: Consultancy on data collection on
the use of surveillance technology for migration in the Northern Triangle and
Western Africa. Funds completed in year.
Diakonia Contributing with strengthening Colombian civil society on the defence of human
and environmental rights against human rights violations and abuses committed
by businesses. Latest grant scheduled to finish in 2025.
EU DG INTPA A multi-year grant from the European Union funding work on Natural Resources
and a Just Energy Transition In Indonesia, Philippines, Kenya and south Africa
ECF 2024-2025 A grant from the European Climate Foundation that completed in January 2025, to
ensure that the energy transition respects and centres human rights within climate
action, across the full renewable energy value chain.
Finland Ministry of Foreign A project centring human rights in a just transition for natural resources extraction
Affairs (Finland MFA) 22-24 in East Africa. Started January 2022 finished December 2024.
Finland Ministry of Foreign A 2-year project centring human rights in a just transition for natural resources
Affairs (Finland MFA) 25-26 extraction in Mexico and Tanzania.
Norwegian Human Rights
Fund (NHRF) (in Colombia)
Support for civil society strategies for the construction of peace and the protection
of land/territory defenders in the context of business actions in Colombia. Two
grants running from December 2022 to November 2024.
Ford BUILD A five-year grant from August 2023 to July 2028 covering programme and
operational support for projects in Africa, the Americas, and Asia as well as global
thematic programmes and institutional strengthening.
Ford SAI Support for our tech & rights program on their work on research on surveillance
technology and accountability. Running from March 2024 to March 2025
Ford PCWG A fund set by Ford to support a Private Sector Working Group looking at
technology. This fund was in deficit as of March 2025 because of grants given to

52

partners. This will balance out in the new financial year when the deferred income
is released.
Front Line Defenders A project to develop a Corporate Sustainability Due Diligence Directive Toolkit.
Ending May 2025.
GCAAA RF 25-26 Accountability Accelerator initiative sponsored by Rockefeller Philanthropy
Advisors. A one-year project to September 2025 looking at a Just Energy Transition
in Southeast Asia.
GIZ 2022-2025 Private Public Responsibility - Advancing the German NAP in a European context,
through stronger human rights due diligence. A renewed grant running from June
2022 toJune 2026.
Heinrich Boll Foundation A series of grant funding to counter challenges to the environment in the current
local context in Colombia.
HU Partnership Grant General operating grant with specific goals to support labour rights in supply chains
2024-2027 and migrant workers in the Gulf, and to develop KnowTheChain.
HU Mosaic A project grant to support the launch of the Mosaic initiative and build work on the
SL&I framework. Running from January 2022 to June 2023.
JRCT Contribution to a joint project to raise the voices of those on the frontline of
corporate abuse, funded by Joseph Rowntree Charitable Trustee (PBI is the lead
applicant). Running from August 2024 to July 2026
Laudes Foundation 21-24 Funding for General support and for the Labour Rights Programme. Running from
April 2021 to April 2024.
Laudes Foundation 24-27 Funding for General support and for the Labour Rights Programme. Running from
April 2024 to April 2027.
NED 2022-2024 A grant providing operating support and supporting the Technology and Human
Rights Programme, the Investor Strategy and regional programme of the BHRRC in
South America and Africa. Running from February 2022 to January 2024.
NED 2023-2026 A grant providing operating support, with specific focus on the Technology and
Human Rights Programme and regional programme of the BHRRC in South
America, Africa and Ukraine. Funded by the National Endowment for Democracy.
Running from September 2023 to February 2026.
OSF Eurasia Promoting responsible investment and a just transition in Eastern Europe & Central
Asia. Running from July 2021 to June 2024.
OSF General 2023-2024 A grant supporting parts of the regional programme, Natural Resources and Civic
Freedoms work. Running from January 2023 to July 2024.
OSF General 2023-2026 A grant supporting parts of the regional programme, Natural Resources and Civic
Freedoms work. Running from July 2023 to June 2026.
OSF Ukraine A 2-year grant ending July 2025 dealing with Human Rights and Business issues in
Ukraine.
Packard Foundation Foundation grant to support the Civic Freedoms and Human Rights Defenders
work. Running from January 2023 to December 2024. A second grant running from
2024-26 has started. It was in marginally deficit as of March 2025. This will balance
out when deferred income is released int he new financial year.
Porticus LA Litigation Developing a Strategic Litigation Network in Latin America. From January 2023 to
Network 23-24 June 2024.

53

Porticus LA Litigation Developing a Strategic Litigation Network in Latin America. From October 2024 to
Network 24-25 September 2026.
Swiss MENA 2022-2024 Support from the government of Switzerland FDFA Promoting corporate human
rights due diligence in MENA. Completed in 2024.
TARA Climate Ltd Supporting local communities to understand and advocate for a just transition.
Two grants running consecutively running from August 2022 to July 2024
The Christensen Fund Expenses incurred ahead of and specifically for an indigenous people’s conference
co-funded with the Waverley Street Foundation.
USDRL 2023-2025 A two-year programme funded by the US Bureau of Democracy Human Rights and
Labor. This program aims to ensure that workers and marginalized groups, as key
constituents in the transition towards a green economy, play a vital role in driving
change towards a more sustainable and equitable future and that they are well
equipped to enter the sustainable and green tech sectors.
Us research fund A private fund from anonymous donors to support research into US companies
interaction with international BHR norms.
Waverley Street Understanding success models for co-equity, co-management, & ownership models
Foundation in a just transition and support for Human Rights Defenders. Running from
February 2023 to February 2025.
WGF 2022-2024 Wallace Global Fund - Advancing human rights in business, including the rights of
communities seeking responsible natural resource use and a just transition. Grant
running from September 2022 to August 2024.

Unrestricted

Name of Fund Description, nature and purposes of fund
General funds Unrestricted grants which are to be used over multiple years for planned
core expenditure.
General reserve The “free reserve” after allowing for all designated funds.
Designated reserve The designated reserve is no longer in use.

54

Prior year comparative

Unrealised Balance
Balance Expenditure Overhead Currency at 31/3/24
Name of Fund at 1/4/23 Income (restated) Transfers gain/(loss) (restated)
£ £ £ £ £ £
Restricted funds
11th Hour Project 11,501 81,373 (70,116) - 28 22,787
Australia BF 305 13,310 (5,500) (6,677) (1,439) -
Aspiration 740 55,906 (56,488) - (158) -
Avina Arropa 27,171 75,946 (92,064) (22,202) 66 (11,082)
Avina Periplo - 30,865 (18,332) (1,833) - 10,700
Avina Periplo Chiapas - 12,943 (12,596) - (347) -
ACT Church of Sweden 3,924 33,317 (37,394) - (3,924) (4,077)
ClimateWorks - 9,805 (11,455) - - (1,650)
Colombia Consulting
Project		 79 - - - (79) -
Colombia Xilot 255 - - - (255) -
Center for Strategic &
International Studies		 4,963 - (237) - (8) 4,718
Diakonia 105 41,549 (33,511) - (3,052) 5,090
ECF 2023-2024 9,097 64,518 (73,663) - 48 -
ECF 2024-2025 - 19,719 (5,328) - - 14,392
Finland MFA 39,123 334,728 (328,335) (16,695) - 28,822
Ford - Andean region 35,015 27,016 (56,488) (4,046) (1,497) -
Ford - BUILD - 483,246 (421,078) - - 62,168
Ford - Global 111,384 - (109,133) - (2,250) -
Ford - SAI - 10,052 (4,641) - - 5,411
Forum for the Future - 20,944 (7,278) - - 13,666
GIZ 2022-2025 29,529 178,631 (177,397) (17,347) - 13,416
Heinrich Boll Foundation 14,472 22,495 (30,975) - (1,812) 4,180
Heartland 613 - (613) - - -

55

HU Partnership Grant
2021-2023		 11,841 395,119 (398,055) - (8,905) -
HU Partnership Grant
2024-2027		 - 31,066 (38,654) - - (7,587)
HU Transition Project 10,965 - (10,742) - (223) -
HU Mosaic 14,199 - (12,646) (1,264) (289) -
ILC (IFAD) 13,186 7,924 (21,108) - (2) -
JRCT 2023-2025 - 3,000 - - - 3,000
Laudes Foundation 2,144 728,215 (732,657) - - (2,298)
NED 2022-2024 3,459 165,248 (164,448) - (4,260) -
NED 2023-2026 - 93,349 (47,675) (1,977) - 43,697
FNDH (in Colombia) 799 36,493 (32,786) - (2,699) 1,807
OSF Africa 1,661 81,050 (70,029) (10,811) (1,870) -
OSF Asia 2,407 202,625 (200,657) - (4,374) -
OSF Climate (17,759) 72,945 (53,853) - (1,333) -
OSF Eurasia (993) 94,558 (96,825) - (2) (3,262)
OSF General 2023-2024 (4,338) 162,100 (134,794) - (11) 22,958
OSF General 2023-2026 - 97,902 - - - 97,902
OSF Technology/EU 13,870 49,914 (51,795) (12,000) 11 -
OSF Ukraine - 40,656 (15,025) (2,247) - 23,384
Oxfam GB SE Asia (6,491) 25,937 (20,076) - 631 -
Packard Foundation 12,583 81,050 (80,541) - 31 13,123
Porticus LA Litigation
Network 23-24		 1,915 58,430 (36,843) (3,962) - 19,540
SARW 1,635 - (1,635) - - -
Swiss MENA 2023-2024 - 63,750 (49,899) - - 13,851
Swiss Embassy, India - 10,586 (10,559) - (27) -
TARA Climate Ltd 10,499 55,833 (60,894) - (262) 5,176
The Christensen Fund - - (3,304) - - (3,304)
US DRL 2023-2025 - 196,699 (57,118) (4,565) - 135,016

56

Waverley Street
Foundation
WGF 2022-2024
WRI
Restricted funds
Unrestricted funds
Unrestricted Funds:
General Funds
Total funds		 51,344
410,385
(285,293)
(90,789)
-
85,646
18,633
71,977
(78,768)
-
46
11,888
6,184
23,383
(24,502)
(4,801)
(265)
-
436,021
4,776,559
(4,343,804)
(201,217)
(38,482)
629,077
1,049,203
298,749
(594,097)
201,217
177,607
1,132,680
1,485,224
5,075,308
(4,937,901)
-
139,125
1,761,757

57

Charity (UK)

Current year

Un-
Balance Transfers to realised Balance
at 1/4/24 and from Overhead Currency at
(restated)
Income		 Expenditure subsidiaries Transfers gain/loss) 31/3/25
£ £ £ £ £ £ £
Restricted funds
CSIS 4,726 - (4,718) - - (8) -
Avina Periplo 10,700 52,409 (60,701) - (2,389) - 19
2023-2025
EU Carpet - 195,360 (85,700) (2,696) (6,701) - 100,262
ECF 2024-2025 14,392 99,198 (111,893) - - (1,697) -
Finland MFA 28,854 222,083 (244,892) - (10,708) 4,662 -
Forum for the
Future 13,631 10,732 (12,049) (595) - - 11,719
Ford SAI 5,411 110,569 (101,895) (12,581) - (1,504) -
Front Line
Defenders - 4,144 (868) - - - 3,275
GCAAA RF 24-25 - 37,679 (49,142) (2,561) - - (14,024)
GIZ 2022-2025 (71,393) 178,534 (67,183) (104,421) (6,722) - (71,187)
HU 2024-2027 (7,587) 372,584 (324,025) (8,538) - - 32,433
HU Mosaic - 15,814 (23) (11,247) - - 4,545
JRCT 2023-2025 3,000 4,500 - - - - 7,500
Laudes
Foundation 24-27 - 596,109 (469,456) (67,519) - - 59,134
MFA 25-26 - 119,931 (25,976) - (2,919) - 91,036
Packard 24-26 - 25,055 (27,159) (8,003) - - (10,107)
Porticus
Litigation 19,543 14,401 (30,313) (3,547) - (84) -
Network 23-24
Porticus
Litigation - 41,587 (20,505) - - - 21,082
Network 24-26

58

Swiss MENA
2023-2024
The Christensen
Fund
Waverley Street
Foundation
Net transfers
from subsidiaries
Restricted funds
Unrestricted
funds
Unrestricted
funds: General
Funds
Total funds		 13,878
21,250
(30,386)
-
-
(4,742)
-
(3,304)
38,727
(35,422)
-
-
(1)
-
85,231
335,081
(373,642)
(49,329)
-
2,659
-
-
(1,479,086)
1,479,086
-
-
-
115,316
2,537,994
(3,595,468)
1,208,047
(29,439)
(763)
235,687
53,554
280,836
(452,663)
(67,841)
29,439
763
(155,912)
168,870
2,818,830
(4,048,130)
1,492,275
-
-
79,775

59

Prior year comparative

Un-
Transfers to realised Balance
Balance Expenditure and from Overhead Currency at 31/3/24
at 1/4/23 Income (restated) subsidiaries Transfers gain/loss) (restated)
£ £ £ £ £ £ £
Restricted funds
Aspiration 740 55,906 (46,629) (16,504) - 6,645 -
CSIS 4,963 - (237) - - - 4,726
Avina Periplo - 30,865 (18,332) - (1,833) - 10,700
2023-2025
ECF 2023-2024 9,097 64,518 (71,234) (3,579) - 1,238 -
ECF 2024-2025 - 19,719 (5,328) - - - 14,392
Finland MFA 39,123 334,728 (324,294) (4,008) (16,695) - 28,854
Forum for the
Future - 20,944 (494) (6,819) - - 13,631
Ford SAI - 10,052 (4,641) - - - 5,411
GIZ 2022-2025 29,529 178,631 (98,413) (171,681) (9,460) - (71,393)
Heartland 613 - (147) - - (467) -
HU 2024-2027 - 31,066 (34,471) (4,183) - - (7,587)
ILC (IFAD) 13,186 7,924 (15,351) (2,014) - (3,745) -
JRCT 2023-2025 - 3,000 - - - - 3,000
Laudes
Foundation 2,145 728,215 (643,917) (88,209) - - (1,767)
OSF Technology
and HR		 13,870 49,914 (45,483) (6,855) (12,000) 555 -
Porticus
Litigation 1,915 58,430 (36,840) - (3,962) - 19,543
Network 23-24
SARW 2022-23 1,635 - (902) - - (733) -
Swiss Embassy,
India		 - 10,586 (5,054) (5,539) - 8 -
Swiss MENA
2023-2024 - 63,750 (43,871) (6,001) - - 13,878
The Christensen
Fund - - (3,304) - - - (3,304)

60

Waverley Street
Foundation
Net transfers
from
subsidiaries
Restricted funds
Unrestricted
funds
Unrestricted
funds: General
Funds
Total funds		 51,344
410,385
(197,777)
(87,931)
(90,789)
-
85,231
-
-
(1,888,808)
1,888,808
-
-
-
168,159
2,078,634
(3,485,566)
1,485,326
(134,739)
3,500
115,316
345,648
42,014
(235,691)
(233,897)
134,739
742
53,554
513,808
2,120,648
(3,721,257)
1,251,429
-
4,242
168,870

61

13. Analysis of net assets between funds – Group (Global)

Current year
2025 Unrestricted
£
Restricted
£
Total
£
Tangible assets
Net current assets
Net assets		 -
-
-
1,139,442
378,606
1,518,048
1,139,442
378,606
1,518,048

Prior year comparative
2024 Unrestricted
(restated)
£
Restricted
£
Total
(restated)
£
Tangible assets
Net current assets
Net assets		 2,505
-
2,505
1,130,175
629,077
1,759,253
1,132,680
629,077
1,761,757

Analysis of net assets between funds – Charity (UK)

Current year
2025 Unrestricted
£
Restricted
£
Total
£
Tangible assets
Net current assets
Net assets		 -
-
-
(155,912)
235,687
79,775
(155,912)
235,687
79,775

Prior year comparative
2024 Unrestricted
(restated)
£
Restricted
£
Total (restated)
£
Tangible assets
Net current assets
Net assets		 2,497
-
2,497
(33,599)
199,972
166,373
(31,102)
199,972
168,870

62

14. Operating leases

The total of the Group’s future minimum lease payments under non-cancellable operating leases for land and buildings is as follows:

Group operating lease

Current year

2025
£
2024
£
Amounts payable:
Within 1 year
Between 1 and 5 years
Total		 62,689
61,623
96,898
145,346
159,587
206,969

Charity’s operating lease

The total of the UK Charity’s future minimum lease payments under non-cancellable operating leases for land and buildings is as follows:

Current year
2025
£
2024
£
Amounts payable:
Within 1 year
Between 1 and 5 years
Total		 48,449
48,022
96,898
145,346
145,346
193,368

63

15. Subsidiary undertaking

US based subsidiary

In order to enhance the Resource Centre’s presence and to facilitate charitable fundraising in the United States, the Trustees formed a not-for-profit US corporation, named BUSINESS AND HUMAN RIGHTS RESOURCE CENTRE (US), LTD, registered in New York State at 450 Lexington Ave #4407 New York, NY 10163. The UK Charity is the sole member of the US entity and it was incorporated on 27 February 2004. The reference number is 20-0829209. This is 100% controlled by the UK charity. This entity is exempt from audit by under s479A of the companies act.

The Directors of this US Corporation were Chris Jochnick, Michael Hirschhorn, Heather Grady, Kirsty Jenkinson, and Shawna Bader-Blau.

Tax exempt status from the US Internal Revenue Service was applied for in March 2004 and formally granted in October 2004. The tax exempt status was suspended for 2 months in the year from October to December 2023. The figures shown below are taken from the subsidiary statutory accounts.

Current year
2025
£
2024
£
Income
Expenditure
Net income for the year
Foreign currency
translation adjustments
gain/(loss)
Net movements in
funds
Balance brought forward
Opening balance adjustment
Balance at year end		 2,133,835
2,962,638
(2,168,625)
(2,533,571)
(34,790)
429,066
-
(34,790)
429,066
1,499,339
942,011
(118,392)
128,262
1,346,157
1,499,339
Unrestricted
£
Restricted
£
FX
gain/(loss) £		 2025Total
£
2024Total
£
US reserves
1,246,010
100,147
-		 1,346,157
1,499,939

64

Australia based subsidiary

In order to enhance the Resource Centre’s presence and to facilitate charitable fundraising in the Australia, New Zealand and Pacific Region, the Trustees formed an Australian subsidiary, named BUSINESS AND HUMAN RIGHTS RESOURCE CENTRE (AUSTRALIA, NEW ZEALAND AND PACIFIC) LIMITED, with the UK Charity as the sole member of that subsidiary on 6 July 2018. The reference number of the entity in Australia is ABN 64 627 360 454 and is registered at 7 Ronald Ave, Greenwich, New South Wales, 2065, Australia. This entity is exempt from audit by under s479A of the companies act.

The Directors of this Australian company are Amanda Sinclair and Philip Bloomer and it is 100% controlled by the UK Charity. The subsidiary is a public company limited by guarantee and is a registered charity with ACNC with effect from 06/07/2018. The figures shown below are taken from the subsidiary statutory accounts.

2025
£
2024
£
-
14,762
27
(6,030)
27
8,732
-
27
8,732
11,309
3,821
(1,538)
(1,244)
9,797
11,309
Income
Expenditure
Net (expenditure)/income for the
year
Foreign currency translation
adjustments gain / (loss)
Net movement in funds
Balance brought forward
Opening balance adjustment
Balance at year end
Unrestricted
£
Restricted
£		 FX gain/(loss)
£
2025 Total
£
2024 Total
£
Australia reserves
9,797
-		 -
9,797
11,309

65

Colombia based subsidiary

In order to enhance the Resource Centre’s presence and to facilitate charitable fundraising in Latin AmericaTrustees formed a subsidiary in Colombia – named CENTRO DE INFORMACIÓN SOBRE EMPRESAS Y DERECHOS HUMANOS (BUSINESS AND HUMAN RIGHTS RESOURCE CENTRE) – a registered FOREIGN PRIVATE NON-PROFIT ORGANISATION with the UK Charity as the sole member and controlling 100% of that subsidiary registered on 10 May 2019. The legal representative is Fabian Leon. The figures shown below are taken from the subsidiary statutory accounts.

Registered address: 28A Street #15-31 Of 301, Bogota DC Colombia. The registration reference is 901.284.981-7 with the Administracion: Direccion Seccional De Impuestos De Bogota. This entity is exempt from audit by under s479A of the companies act.

Current year
2025
£
2024
£
Income
Expenditure
Net
(expenditure)/income for
the year
Foreign currency
translation adjustments
gain / (loss)
Net movement in funds
Balance brought forward
Opening balance
adjustment
Balance at end of year		 152,122
155,970
(149,269)
(158,743)
2,852
(2,773)
-
2,852
(2,773)
4,936
38,466
1,852
(30,757)
9,640
4,936
Unrestricted
£
Restricted
£
FX
gain/loss £		 2025 Total
£
2024 Total
£
Colombia reserves
7,538
2,102
-		 9,640
4,936

66

Germany based subsidiary

In order to enhance the Resource Centre’s presence and to facilitate the pursuit of charitable purposes and fundraising for these purposes in Germany and the European Union (EU), the charity formed a German subsidiary, named BUSINESS & HUMAN RIGHTS RESOURCE CENTRE e. V., on 22 April 2020 under German Civil Code (BGB). This subsidiary is confirmed as a charitable not for profit entity under German Fiscal Code (AO) (§§ 51, 59, 60 and 61). The registration number is VR 38088 B. This entity is exempt from audit by under s479A of the companies act.

The Directors of this German subsidiary are Isabel Ebert (resigned November 2024) Claudia Saller (joined December 2024), Johannes Blankenbach and Philip Bloomer. The UK entity is the sole member and has 100% control of the of the German entity. The figures shown below are taken from the subsidiary statutory accounts.

The registered address of the German entity is: Business & Human Rights Resource Centre e. V. c/o bUm – betterplace Umspannwerk GmbH Paul-Lincke-Ufer 21 10999, Berlin

Current year

2025
£
2024
£
Income
Expenditure
Net (expenditure)/income for
the year
Foreign currency translation
adjustments gain / (loss)
Net movement in funds
Balance brought forward
Opening balance adjustment
Balance at end of year		 259,720
223,448
(233,206)
(218,057)
26,514
5,392
-
26,514
5,392
32,039
22,634
(1,746)
4,013
56,806
32,039
Unrestricted
£
Restricted
£
FX
gain/(loss)
£
2025 Total
£
2024 Total
£
Germany reserves
78,536
(21,728)
-
56,806
32,039

67

16. Financial performance of the charity

The Consolidated Statement of Financial Activities includes the results of its subsidiaries.

The summary financial performance of the UK charity alone is:

Current year

2025
£
2024 (restated)
£
Income
Net transfers in from subsidiaries
Expenditure
Net (expenditure)/income for the year
Foreign currency translation adjustments gain / (loss)
Net movement in funds
Balance brought forward
Balance at end of year		 2,818,830
2,120,648
1,492,275
1,251,429
(4,318,296)
(3,721,257)
(7,191)
(349,180)
(81,903)
4,242
(89,094)
(344,938)
168,870
513,808
79,776
168,870

17. Related party transactions

2025
£
2024
£
Income
Forum for the Future
Expenditure
Forum for the Future
Balance at end of year		 10,732
20,944
(12,644)
(7,278)
(1,912)
13,666

In both current and prior years a small contract was agreed between Forum for the Future and BHRRC. In both years the project was the development of paper on renewable and responsible energy. There is an expectation that the work and relationship will continue on a case by case basis and a similarly small amount has already been agreed for FY 25-26.

Heather Grady, who is a trustee of BHRRC, is also a trustee of Forum for the Future and is therefore a related party. However, she did not exert any influence on either party in the collaboration between BHRRC and Forum for the Future. All the work and contracts were agreed locally in South Asia between operational teams.

During the year, trustees had donated in aggregate £17,074 (FY 23-24: £17,724), which were received without conditions.

68