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2024-12-31-accounts

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British Safety Council –
A company limited by guarantee
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Trustees’ Report and Financial Statements
For the year ended 31 December 2024
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Scottish charity number: SC037998

British Safety Council

Contents

For the year ended 31 December 2024

INDEX PAGE
Trustees’ report and financial statements
Chair and Chief Executive’s Report 1 - 2
Report of the Trustees including the Strategic Report 3 – 13
Independent Auditor’s Report 14 – 16
Consolidated Statement of Financial Activities 17
Consolidated and Parent Charity Balance Sheets 18
Consolidated Cash Flow Statement 19
Notes to the Financial Statements 20 – 38
Reference and Administrative Details 39

British Safety Council

Chair and Chief Executive’s Report For the year ended 31 December 2024

CHAIR AND CHIEF EXECUTIVE’S REPORT

Alongside British Safety Council, many industry trade bodies saw 2024 as a key year, with the 50[th] anniversary of the Health and Safety at Work Act 1974. For our part, we used the opportunity to look ahead, commissioning a YouGov survey of employers and employees on the impact of new technologies on workplace safety. We followed this up with a roundtable discussion looking at the future of work.

In many respects, 2024 was a year of firsts for British Safety Council. We launched our first ever charitable initiative in India through the Work Fair and Free Foundation, providing free training to its trainers, who in turn support migrant and vulnerable workers with health and safety training and advice. Also in India, we ran two conferences in one year, one in Mumbai and one in Delhi, with good client support for both. In the UK, we launched our first ever podcasts under the title Health and Safety Uncut. The podcasts were led by Shaun Davis of Belron (also one of our chief award adjudicators).

We also concluded key aspects of our purpose upgrade project which started back in 2021. We agreed that we exist to protect and improve lives in the workplace. Our mission as a trusted partner is to provide global, integrated, health, safety and wellbeing solutions and assurance. Our new vision being to ensure that workers of world are safer, healthier and thrive. Strategies are now being put in place to ensure we meet these challenging goals. In fact, during the year we developed a strategy house of actions and programmes of work we will take forward over the next three years.

The research we carried out with the Institute of Occupational Medicine (IOM) as part of the purpose upgrade work, provided the foundation for our wellbeing white paper, Being Well in a Changing World, based on our first unique research in a number of years. The white paper and activities to support this were launched at the Safety, Health and Wellbeing Live event in Farnborough alongside IOM.

We saw a step change in our policy and public affairs activities through the recruitment of new resource. This enabled us to keep a closer eye on market developments. It also meant we could drive a substantial amount of tactical campaign work such as: lithium-ion batteries and technology/AI white paper called ‘Navigating the Future: Safer Workplaces in the Age of AI’. 2024 meant a general election in the UK and with the extra resource in our public affairs area, we could develop a UK general election manifesto particularly focused around our wellbeing asks of government, which achieved significant coverage.

Partnerships were important during the year, and we played a leading role in driving forward the OSH Alliance’s first campaign. We worked closely with the other members of the OSH Stakeholder Alliance to publish a white paper on mental health in October. The paper was published ahead of World Mental Health Day, and members of the Alliance shared it in their networks. The paper set out calls to action for employers, Government and OSH professionals to tackle and prevent poor mental health in the workplace.

In Mates in Mind, the year started with strong fundraising performance and a change in leadership. In February, we welcomed our new Managing Director, Samantha Downie, to the team and bid farewell to Sarah Meek, who served as Managing Director of Mates in Mind for several years. They continued to work on several high-level projects, including Tier 1 research in partnership with Warwick University, the New Hospitals Build Programme, the National Suicide Prevention Strategy Advisory Group, and a BSI Workshop for the Suicide Prevention Standard. They secured a new contract with CITB to fund Supporter Lite for 100 SMEs and micro businesses that host apprentices, launching in June. In October, they hosted the inaugural Make A Difference Construction Summit featuring five panels of leaders and influencers from across the construction sector, highlighting the current challenges, necessary changes, and how to create a sector that is good for workers’ mental health. In another first, Mates in Mind joined with The Crown Estate and other concerned organisations to found the AgriWellbeing Alliance to improve mental health in farming and agriculture, creating a Charter and agreeing a program of work with Harper Adams as research partners.

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British Safety Council

Chair and Chief Executive’s Report (continued) For the year ended 31 December 2024

Looking to 2025, the focus of British Safety Council Group remains on profitably growing our commercial performance, whilst increasing our charitable impact across all three BSC organisations (BSC UK, BSC India and Mates in Mind). We are confident that completion of the various strategic projects in progress will help us deliver against this.

................................................................ …………………………………………… Peter McGettrick Mike Robinson 30 July 2025 30 July 2025

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British Safety Council

Report of the Trustees For the year ended 31 December 2024

The Trustees' report is also a Directors' report as required by chapter 5 part 15 of the Companies Act 2006, and all charity Trustees are company Directors.

1. OUR COMMITMENT TO HEALTH AND SAFETY

We are committed to promoting the health, safety and wellbeing of our staff, associates and others affected by our work, in line with legislation and best practice. Our health, safety and our quality management systems are subject to regular review by external auditors, and we maintained certification against ISO 9001 and ISO 45001, which keeps us in line with the best in market.

The Executive team monitor health, safety, wellbeing and quality management, reviewing performance weekly. The WATCH team, made up of representatives from departments around the organisation meets regularly to review the same. The Building Better Belongings (BBB) group aimed at creating greater diversity and inclusion within the organisation also continued to meet quarterly.

New staff continue to receive a comprehensive induction programme which includes health, safety and wellbeing training relevant to their role, and this is refreshed on at least an annual basis through digital learning. Staff also have an opportunity to undertake health, safety and wellbeing qualifications as part of their ongoing development.

Being a supporter of the Being Well Together programme (renamed Workplace Wellbeing Programme during 2024) meant that staff continued to benefit from the programme, including specifically training, which was driven by the HR team but embraced throughout the organisation.

2. OBJECTIVES AND ACTIVITIES

British Safety Council is one of the world’s leading health, safety, wellbeing and environmental management charities.

2.1. Our charitable objects

The charity’s objects, as set out in its governing document, are to promote for the public benefit:

2.2. Our vision, mission and strategy

Following the significant work reviewing our purpose over the last couple of years, during 2024 the Executive Team and Trustees agreed a new purpose, mission and vision for the organisation:

From a financial perspective, our strategy is to generate a surplus on our revenue generating activities (i.e., our primary purpose trading activities), and to use this surplus, together with our investment

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British Safety Council

Report of the Trustees (continued) For the year ended 31 December 2024

income, to fund our non-revenue generating activities, which largely comprise Influencing the health, safety and wellbeing agenda .

The charity Trustees believe that British Safety Council’s revised purpose, mission, vision and strategy fully reflect our charitable objectives.

2.3. Our activities

Our main activities, undertaken to further the charity’s purposes for the public benefit, are grouped under the following headings:

Improving organisational performance through information and recognition

We are committed to sharing information and best practice techniques to support organisations in the continual improvement of health, safety and wellbeing performance across the world.

Improving individual’s capability through qualifications and assessments, and widening reach through innovative and efficient delivery methods

British Safety Council recognise the value of measuring attainment from learning through assessment and offer a suite of qualifications and digital learning that are flexible, cost effective and inclusive in their delivery methods enabling employers and individuals to increase their knowledge and competence.

Auditing and consultancy are also still vital services for many of our clients, particularly internationally and we continued to offer these services face to face in the UK and Internationally.

Enhancing organisations’ performance through audit and advisory

We believe that continual improvement of health, safety, wellbeing and environmental management systems and practices is key to responsible and effective corporate governance, and we continue to offer a range of auditing and accreditation services to provide independent verification in these areas for business across the world.

Our Five Star Audit Programmes for health, safety, wellbeing and environmental management audit remain best in class. We also provide audit certification services aligned to ISO 45001, ISO 45003 and ISO 14001.

Improving individuals’ performance through education and training

Our education team is committed to supporting competence development, utilising the very latest in educational strategies and technologies both online and in the classroom, enhancing the learning experience in a safe environment.

Influencing the health, safety and wellbeing agenda

We continue to drive and shape the health, safety and wellbeing agenda, working with our members and stakeholders across the world to gather information, evidence and ideas to shape our policy positions and guide development of thought leadership material. We also keep members in the UK and internationally updated on the latest thinking via our monthly policy newsletter. During 2024, we also launched a policymakers newsletter aimed at influencing the political audience.

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British Safety Council

Report of the Trustees (continued) For the year ended 31 December 2024

The charity Trustees have assessed and are satisfied that each of our activities are for public benefit. We are satisfied that we have complied with the duties placed upon us under section 17 of the Charities Act 2011 having due regard to the general guidance on public benefit published by the Charity Commission.

3. ACHIEVEMENTS AND PERFORMANCE

3.1. Financial performance

The charity Trustees measure the financial performance of the group against the performance indicators of total income and net income for the year. These figures are laid out in section 4.1 below.

3.2. Promoting the importance of health and safety

British Safety Council continues to engage with a range of stakeholders, including Government, regulators, politicians, business, trade and professional bodies, academic and research organisations and charities, both in the United Kingdom and internationally, to promote sensible and proportionate regulation and management of workplace health, safety and wellbeing, as well as environmental protection.

3.2.1 Wellbeing

During 2024, we continued to focus on our wellbeing theory of change outcomes, to drive initiatives. Our specific focused included:

The quantity and quality of our PR activities remained high in 2024 with coverage and readership broadly ahead of 2023 levels.

3.3. Building understanding and capability

We continued to deliver products and services to our members and other organisations, individuals and stakeholders, both in the United Kingdom and internationally to help build awareness and knowledge, to support the development of capability and competence. This is facilitated through the delivery of health, safety, environmental and wellbeing information (publications and events/webinars), advice, audits, training and awards.

Our education team continued to develop training resources and technological solutions to support learner development.

Our magazine, Safety Management, and the supporting topic guides and posters, continued to be a major component of communication with our member organisations and subscribers, continuing in a digital only format. We continue to use our UK / Indian magazines and accompanying electronic newsletters, social media platforms and videos to share information, knowledge, expertise and thought leadership to help promote proportionate and effective management of health, safety, environmental protection and wellbeing as a key enabler for business, social and community activity.

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British Safety Council

Report of the Trustees (continued) For the year ended 31 December 2024

3.4. Committing to leadership and worker engagement

British Safety Council continues to promote strong visible leadership on health, safety and wellbeing and the active engagement of the workforce as core components of effective risk management. We use our own knowledge and expertise and that of our member organisations to inform, educate and share best practice.

Our two award schemes continue to play an important role in encouraging and rewarding health, safety and environmental management excellence. To be successful in our International Safety Award scheme and/or our Sword of Honour, Globe of Honour and Shield of Honour award schemes, applicants must demonstrate that effective leadership and commitment, together with active workforce participation, are prominent within their respective organisations.

Various promotional activities have ensured that the awards maintain a key role in the yearly calendar. Our Sword of Honour / Globe / Shield of Honour awards are wholly dependent on organisations achieving a Five Star outcome from the audit process and then submitting successful applications. As such, our plans have continued to include supporting clients who have achieved Four Star outcomes in the audit process onwards on their journey to winning awards.

British Safety Council is constantly revising and developing the International Safety Awards to keep them relevant to businesses worldwide and to motivate companies to achieve highest standards in health, safety and wellbeing. The awards recognise and reward organisations that have demonstrated a true commitment to achieving high standards of health and safety. The awards are open to organisations of all sizes, types and sectors – both members of British Safety Council and nonmembers, in the UK and internationally.

We continue to utilise the array of expertise in the full-time staff and Associate pool as well as subject experts, to develop leading and well-respected audit and consultancy products.

Our Five Star Audit products remain best in class, assuring high performance and supporting continual improvement in health, safety, environmental management and wellbeing.

3.5. Sharing knowledge and experience

3.6. Fundraising activities

Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. Although we do not undertake widespread fundraising from the general public, the legislation defines fundraising as “soliciting or otherwise procuring money or other property for charitable purposes.” Such amounts receivable are presented in our financial statements as income from charitable activities under “Improving individual’s performance through education and training” and includes donations and grants.

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Report of the Trustees (continued) For the year ended 31 December 2024

British Safety Council

In relation to the above, we confirm that all solicitations are managed internally, without involvement of commercial participators or fund-raisers, or third parties. The day-to-day management of all income generation is delegated to the Executive team, which is accountable to the Trustees.

The charity is not bound by any regulatory scheme and, given the small scale of our fundraising, the charity does not consider it necessary to comply with any voluntary code of practice.

We have received no complaints in relation to fundraising activities. Our terms of employment require staff to behave reasonably at all times; we do not approach individuals for funds nor do we consider it necessary to design specific procedures to monitor such activities.

3.7. Disabled employees

The Group welcomes applications for employment from disabled persons and appoints where the candidate’s aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion.

Where existing employees become disabled, it is the group’s policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim.

4. FINANCIAL REVIEW (including Strategic Report)

4.1. Performance of the group and charity

The principal funding sources of the group in the reporting period were income from its primary purpose trading activities and investment income.

The group’s income for the year totalled £10,666,000 which was 3% more than the £10,326,000 achieved in 2023, reflecting largely stable income. The group’s expenditure in the year totalled £10,917,000 which represents an increase of 7% on the £10,220,000 incurred in 2023.

The group incurred a net deficit (before impact of investments and the legacy pension scheme) of £251,000 which represents a decrease of £357,000 on the surplus of £106,000 in 2023. With gains on investment funds of £633,000 (2023: £377,000), a gain on revaluation of £445,000 (2023: £59,000 loss), an actuarial loss in the legacy pension scheme of £394,000 (2023: £429,000) and tax payable in respect of our India subsidiary of £59,000 (2023: £97,000), the overall increase of funds in the year was £422,000 compared with an decrease of £117,000 in 2023.

To fairly present the activities of the British Safety Council we have summarised our core trading income into the following categories, as follows:

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British Safety Council

Report of the Trustees (continued) For the year ended 31 December 2024

The British Safety Council received investment income of £230,000 (2023: £221,000) and rental income of £388,000 (2023: £357,000).

4.2. Assets

The British Safety Council owns a property in West London which has been included in the financial statements at a fair market value of £6,165,000 (2023: £5,720,000). A revaluation gain of £445,000 was recognised in the Statement of Financial Activities after a valuation was conducted on a fair value basis by an independent qualified valuer.

The British Safety Council has invested in equities and fixed interest stocks. On 31 December 2024, the value of the portfolio was £8,373,000 (2023: £8,767,000).

4.3. Reserves

The group’s reserves are those unrestricted funds that are freely available to spend on any of the charity’s purposes. They therefore exclude tangible and intangible fixed assets held for the group’s own use, amounts designated for essential future spending and amounts set aside to match the amount of the group’s defined benefit pension liability. They also exclude reserves held by Mates in Mind, a subsidiary of the charity, which are restricted.

The charity Trustees designated funds totalling £700,000 (2023: £399,000), which match the net book value of the group’s tangible and intangible fixed assets excluding those held by Mates in Mind. Remaining unrestricted funds (excluding the pension reserve) amount to £9,391,000 (2023: £9,726,000). The charity’s free reserves amount to £9,261,000 (2023: £9,311,000).

The reserves provide financial and operational stability. This in turn enables the group to better meet its charitable objects. The reserves policy is reviewed annually by the Board of Trustees. It has three elements:

Note 13 provides further information about the designated and unrestricted reserves.

4.4. Subsidiaries

The charity has three 100% owned subsidiaries:

Except for British Safety Council (India) LLP, which is incorporated in India, all subsidiaries are registered in England and Wales. Summary results of the subsidiaries are set out in note 9.

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British Safety Council

Report of the Trustees (continued) For the year ended 31 December 2024

4.5. Investment policy

Our investment policy is established in accordance with the charity’s articles of association. Under these, the charity enjoys wide investment powers, specifically to:

In the same manner and subject to the same conditions as the Trustees of a trust are permitted to do by the Trustee Act 2000.

These powers are exercised by the Investment Committee, which under its terms of reference, acts for, advises and reports to the Board on all matters concerning the management of the charity’s investments. Day to day management of our investments has been delegated to the professional fund manager.

The overall objectives set out in our investment policy are to create sufficient income and capital growth to enable the charity to carry out its purposes consistently year by year with due and proper consideration of future needs and the maintenance of and, if possible, enhancement of the value of the invested funds while they are retained.

The long-term objective of the portfolio is a total return of CPI plus 3.5% per annum. The portfolio delivered a total return of 7.3% gross (net return of 6.8%) versus a benchmark return of 9.3% over the calendar year. The return of the average long-term charity in the ARC Steady Growth Universe over the same period was 7.5%. The objective is to be achieved by investing in a mix of equities, bonds, commercial property and other asset classes.

4.6. Defined benefit pension scheme

The charity is the principal employer of a defined benefit scheme, which is closed to new entrants and no future benefits are accruing. The charity’s liability for the scheme’s obligations (net of scheme assets), as determined by an independent actuary, at the year-end amounted to a net surplus of £2,368,000 which has capped at £Nil for recognition in these financial statements (2023: £2,066,000 capped at £Nil).

4.7. Principal risks and uncertainties facing the group

At the time of approving the Trustees’ report and financial statements, the top organisational risk was the impact of global economic changes on our primary purpose trading activities. Other risks include:

Our activities expose us to several financial risks including price risk, credit risk, market risk, foreign exchange risk, cash flow risk and liquidity risk. We did not use any financial derivatives during the year under review.

Our investments are subject to market movements that may result in realised and unrealised losses. We manage this risk through the use of professional fund managers. Our investment policy is explained above.

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British Safety Council

Report of the Trustees (continued) For the year ended 31 December 2024

Foreign exchange risk

Our primary purpose trading activities, including our Indian subsidiary, expose us to the risk of changes in foreign currency exchange rates. We generally create a natural hedge by denominating our income and expenditure in the same currency, specifically, where possible we denominate income contracts in British pounds. We did not use foreign exchange forward contracts during the year.

Liquidity risk

The group maintains significant reserves, which are largely backed by our investment fund. A significant proportion of our investments are held in cash and bonds, which are available to meet our liabilities as and when they fall due.

Reputational risk

Through its activities, including Awards, Audit, and Advisory services, the group faces potential exposure to negative publicity, adverse public perception, or events that could harm our reputation. Such reputational risks may result in a loss of trust, customers, and ultimately, financial impact. We manage this risk by implementing appropriate internal quality controls and adhering to our standard operating procedures.

4.8. Going concern

The charity Trustees consider that there are no material uncertainties about the group’s ability to continue. After making enquiries, the charity Trustees have a reasonable expectation that the group and charity have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the Trustee report and financial statements.

5. FUTURE PLANS

The following strategic prioritises are planned across UK and Indian operations.

6. STRUCTURE, GOVERNANCE AND MANAGEMENT

6.1. Governing document

The governance arrangements are set out in the British Safety Council’s articles of association.

6.2. Structure

The British Safety Council group comprises the British Safety Council and three wholly owned subsidiaries, British Safety Council (India) LLP, British Safety Council Sales Ltd, and Mates in Mind. The report of the charity Trustees, strategic report and consolidated financial statements cover the charitable entity and the three subsidiaries.

The charity is a company limited by guarantee not having a share capital incorporated in England and Wales. The charity and its subsidiary charity Mates in Mind are registered charities in England and Wales with the Charity Commission and with the Office of the Scottish Charity Regulator in Scotland.

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British Safety Council

Report of the Trustees (continued) For the year ended 31 December 2024

The members are the charity Trustees of the company. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the company.

6.3. Our Board and Management

Our Board of charity Trustees are also members and Directors of the charitable company (the charity). They set our strategic direction and are responsible for making sure we uphold our values and governance and deliver our objectives. They guide, advise and support the Chief Executive, decide how we spend our money and approve our budgets. They review a schedule of matters reserved to them and delegate certain responsibilities to Board committees and the Executive team, outlined below.

The charity Trustees have delegated management of the group to the Chief Executive who reports on performance against the strategic plans and budget approved by the charity Trustees. The Chief Executive is supported by the Executive team, each member of which is responsible for discrete organisational functions.

The Board of charity Trustees exercise its oversight and assurance role through a range of means. Our Board is structured as follows:

Board of Trustees

The main Board of charity Trustees meets at least quarterly to review performance and to shape the longer-term future of the organisation in partnership with the Chief Executive and Executive team.

Investment Committee

The investment committee meets at least once a year to review the charity’s reserves policy, investment strategy and performance of the investment fund.

Remuneration and Nomination Committee

The remuneration and nomination committee meets in January and November and additionally as required. With regards to remuneration, the role of the committee is to agree the framework or broad policy for the remuneration of the Chief Executive, and, with the advice of the Chief Executive, the terms and conditions of those who report directly to him. In addition, the committee reviews and notes annually the remuneration trends across the organisation and oversees any major changes in employee benefits structures. It also monitors Executive performance.

With regards to nomination, the role of this committee is to regularly review the structure, size and composition including the skills, knowledge and experience required of the Board compared to its current position, and to make recommendations to the Board regarding any changes. All the charity Trustees have been appointed through personal recommendation or public advertisements, followed by interview.

On appointment, charity Trustees undergo an induction process to brief them on their legal obligations under charity and company law, the content of the memorandum and articles of association, the committee and decision-making processes, the strategic plan and recent key decisions by the Board. Induction also includes a presentation, a meeting with key staff and the provision of company documents and Charity Commission publications. All the charity Trustees have experience at senior levels in other professional and voluntary capacities. Charity Trustees are encouraged to attend further training, as appropriate.

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Report of the Trustees (continued) For the year ended 31 December 2024

British Safety Council

6.3. Risk Management

The charity Trustees are responsible for the group’s risk management and the effectiveness of internal control systems. As part of the group’s regular procedures the charity Trustees and Executive team examine and review the major risks to which the group is exposed. It is recognised that systems can only provide reasonable, but not absolute, assurance that major risks have been adequately managed. To this end the risk analysis schedules are presented at least annually at the audit and risk committee and to the Board of Trustees.

An impact analysis has been undertaken, responsibilities defined, and actions taken to manage those risks, wherever possible. The charity Trustees are satisfied that those major risks as identified have been adequately managed, where necessary. With businesses looking to cut their discretionary spend and membership and training considered discretionary spend these areas of the charity are considered to be more at risk by a prolonged economic impact.

The financial risk of the charity not being able to meet its business plan is mitigated through tracking and monitoring of the business through forecasting. The financial risk of adverse impacts to the charity’s investment fund are considered high. The investment fund’s free reserves are considered crucial to the charity from a rainy-day perspective, to give the charity the ability to pursue its charitable causes and invest in furthering the objectives of the charity in the future.

7. REFERENCE AND ADMINSTRATIVE DETAILS

Reference and administrative details of the charity are set out on the last page of this document.

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British Safety Council

Report of the Trustees (continued) For the year ended 31 December 2024

Trustees’ responsibilities for the consolidated financial statements

The charity Trustees (who are also Directors of the British Safety Council for the purposes of company law) are responsible for preparing the Trustees' report, strategic report and the financial statements in accordance with applicable law and regulations.

Company law requires the charity Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable laws). Under company law the charity Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.

In preparing the financial statements, the charity Trustees are required to:

The charity Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the group and parent charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended) and with the requirements of the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the charity Trustees are aware:

The charity Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditors

UHY Hacker Young LLP were re-appointed as auditors in accordance with section 485 (4) of the Companies Act 2006.

Peter McGettrick on behalf of the Board

The annual report and strategic report were approved by the Board and signed on its behalf on 30 July 2025.

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British Safety Council

Independent Auditor’s Report For the year ended 31 December 2024

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF BRITISH SAFETY COUNCIL

Opinion

We have audited the financial statements of British Safety Council (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2024 which comprise the consolidated statement of financial activities, the consolidated and parent charity balance sheets, the consolidated cash flow statement 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 including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 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 or 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 trustees are responsible for the other information contained within the financial statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 course of 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,

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British Safety Council

Independent Auditor’s Report (continued) For the year ended 31 December 2024

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 our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the 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 where 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 (set out on page 13), the trustees 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's and the 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 or the 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Group and the sector in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the Group, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the

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British Safety Council

Independent Auditor’s Report (continued) For the year ended 31 December 2024

Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inflated revenue and profit.

Audit procedures performed included: review of the financial statements disclosures to underlying supporting documentation, review of correspondence with and reports to the regulators, including correspondence with the Charity Commission, correspondence with legal advisors, enquiries of management, and testing of journals and evaluating whether there was evidence of bias by the trustees that represented a risk of material misstatement due to fraud.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

Use of our report

This report is made solely to the 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 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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Subarna Banerjee (Senior Statutory Auditor)

For and on behalf of UHY Hacker Young

Chartered Accountants and Statutory Auditor

4 Thomas More Square London E1W 1YW

Date: 31 July 2025

16

British Safety Council

Consolidated Statement of Financial Activities (incorporating an Income and Expenditure Statement) For the year ended 31 December 2024

Note
INCOME
Income from donations and grants
Income from charitable activity
Improving organisation performance through
information and recognition
Improving individual’s capability through
qualifications and assessments
Enhancing organisations performance through
auditing and advisory
Improving individual’s performance through
education and training
Other income
Rental Income
Investment income
2
Total income
EXPENDITURE
Expenditure on charitable activities
Improving organisation performance through
information and recognition
Improving individual’s capability through
qualifications and assessments
Enhancing organisations performance through
auditing and advisory
Improving individual’s performance through
education and training
Influencing the health and safety agenda
Costs of raising funds
Investment management costs
Total Expenditure
3
Net Income/(expenditure) before investment
value and other changes
Net gains/(losses) on investment assets
9
Net gains/(losses) on revaluation
8
Tax payable
18
NET INCOME/(EXPENDITURE)
Transfer between funds
Actuarial losses on defined benefit pension
scheme
17
Other gains/(losses) - currency translation
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS
Total funds brought forward at 1 January
Total funds carried forward at 31 December		 Unrestricted
funds
Restricted
funds
Total funds
Unrestricted
funds
Restricted
funds
Total
funds
2024
2024
2024
2023
2023
2023
£ 000
£ 000
£ 000
£ 000
£ 000
£ 000
-
257
257
-
242
242
2,436
-
2,436
2,259
-
2,259
-
-
-
3
-
3
3,106
-
3,106
2,847
-
2,847
3,980
269
4,249
4,059
338
4,397
388
-
388
357
-
357
230
-
230
221
-
221
10,140
526
10,666
9,746
580
10,326
(2,093)
-
(2,093)
(1,886)
-
(1,886)
(11)
-
(11)
(24)
-
(24)
(3,256)
-
(3,256)
(3,090)
-
(3,090)
(4,345)
(679)
(5,024)
(4,034)
(692)
(4,726)
(491)
-
(491)
(453)
-
(453)
(42)
-
(42)
(41)
-
(41)
(10,238)
(679)
(10,917)
(9,528)
(692)
(10,220)
(98)
(153)
(251)
218
(112)
106
633
-
633
377
-
377
445
-
445
(59)
-
(59)
(59)
-
(59)
(97)
-
(97)
921
(153)
768
439
(112)
327
-
-
-
(172)
172
-
(394)
-
(394)
(429)
-
(429)
48
-
48
(15)
-
(15)
575
(153)
422
(177)
60
(117)
13,932
56
13,988
14,109
(4)
14,105
14,507
(97)
14,410
13,932
56
13,988

All of the above results are derived from continuing and unrestricted activities. The parent company gain for the year for Companies Act purposes was £23,000 (2023: £745,000).

The accompanying accounting policies and notes form an integral part of these financial statements.

17

British Safety Council

Consolidated and Parent Charity Balance Sheets For the year ended 31 December 2024

Group Group Charity Charity
Note 2024 2023 2024 2023
£ 000 £ 000 £ 000 £ 000
Fixed assets
Intangible assets 6 594 339 524 261
Tangible assets 7 139 138 107 108
Investment property 8 6,165 5,720 6,165 5,720
Investments 9 8,373 8,767 8,634 9,028
15,271 14,964 15,430 15,117
Current assets
Debtors 10 1,602 1,690 970 1,414
Bank & Cash 1,721 2,090 1,150 1,084
3,323 3,780 2,120 2,498
Creditors: amounts falling due
within one year 11 (4,184) (4,756) (3,339) (4,061)
Net current liabilities (861) (976) (1,219) (1,563)
Total assets less net current
liabilities 14,410 13,988 14,211 13,554
Net assets excluding pension
liability 14,410 13,988 14,211 13,554
Defined benefit pension scheme
liability 17 - - - -
NET ASSETS 14,410 13,988 14,211 13,554
Funds 13
Unrestricted funds - designated 700 399 631 369
Unrestricted funds - undesignated 9,507 9,666 9,261 9,311
Unrestricted funds - pension reserve - - - -
Restricted Mates In Mind (97) 116 - -
Revaluation Reserve 4,319 3,874 4,319 3,874
Currency translation reserve (19) (67) - -
TOTAL FUNDS 14,410 13,988 14,211 13,554

The charitable company has elected to take exemption under section 408 of the Companies Act 2006 not to present the charitable company statement of financial activities. The net surplus for the charitable company for the year was £657,000 (2023: £389,000 deficit).

The financial statements were approved by the Board and authorised for issue on 30 July 2025.

Peter McGettrick, Chair

The accompanying accounting policies and notes form an integral part of the financial statements. Company number: 04618713

18

British Safety Council

Consolidated Cash Flow Statement For the year ended 31 December 2024

----- Start of picture text -----
2024 2023
£000 £000
Reconciliation of net movement in funds to net cash outflow from operating activities:
Net movement in funds 422 (117)
Actuarial losses on defined benefit pension scheme 394 429
Other (gains)/losses - currency translation (48) 15
Net income for the reporting period (as per the statement of financial activities) 768 327
Investment income (230) (221)
Gains on investments (633) (377)
(Gains)/losses on revaluations (445) 59
Amortisation charge 140 54
Depreciation charge 59 3
Losses on disposal 14 33
Difference between pension contributions and FRS102 charge (392) (538)
Decrease/(Increase) in debtors 88 (424)
(Decrease)/Increase in creditors (572) 1,097
Other gains/(losses) - currency translation 48 (15)
Net cash outflow used in operating activities (1,155) (2)
Cash flows from investing activities:
Investment income 230 221
Purchase of intangible fixed assets (397) (168)
Purchase of tangible fixed assets (74) (22)
Purchase of investments (1,047) (2,465)
Proceeds from sale of investments 2,074 2,854
Net cash inflow from investing activities 786 420
Change in cash for the year (369) 418
Cash in bank and at hand at 1 January 2,090 1,672
Cash in bank and at hand at 31 December 1,721 2,090
----- End of picture text -----

Analysis of changes in net debt

A reconciliation of net debt has not been disclosed as the group and charity holds no borrowings, derivatives or obligations under financial leases.

19

British Safety Council

Notes to the Financial Statements For the year ended 31 December 2024

1. PRINCIPAL ACCOUNTING POLICIES

Significant judgements, key assumptions and estimates

The preparation of the financial statements in conformity with generally accepted accounting practice requires the charity Trustees to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates. The key estimates and assumptions used in these consolidated financial statements are set out below:

Deferred income

Income is recognised in accordance with the accounting policies, with a deferral made for income which has been invoiced before its recognition criteria are met. Income received in advance, relating to future periods, is carried forward in the balance sheet as deferred income and released over the membership period.

Defined benefit pension obligations

The financial statements include costs in relation to, and provision for, defined benefit pension obligations. The costs and the present value of any related pension assets and liabilities depend on such factors as life expectancy of the members, the returns that scheme assets generate, and the discount rate used to calculate the present value of the liabilities. The charity Trustees use impartial actuarial advice to select the values of critical estimates.

Impairment of investments in subsidiaries

Investments in subsidiaries are held at cost. Impairment reviews are undertaken annually to ensure the carrying value at the balance sheet date is lower than the recoverable amount. The recoverable amount has been assessed using estimations of sales growth and profitability. On that basis the Trustees believe the carrying value should not be impaired.

Provision for bad and doubtful debts

An allowance has been made for bad and doubtful debts based on the expected recoverability of trade debtors. The assessment of this is based on expectations of future recovery which has been informed by past collection experience and the aging of the debts.

Valuation of investment property

Valuation of investment property is subject to professional judgement. Year on year changes in valuation can be materially influenced by market conditions such that losses may more than offset previously recognised gains.

Basis of preparation

The financial statements have been prepared:

The Trustees have given consideration to the use of the going concern basis in the preparation of these financial statements. It is noted that there is a degree of inherent variability in forecasts, but the Trustees do not consider there to be a material uncertainty in respect of the Group’s ability to meet its liabilities as they fall due.

20

British Safety Council

Notes to the Financial Statements (continued) For the year ended 31 December 2024

1. PRINCIPAL ACCOUNTING POLICIES (continued)

The Trustees have reviewed the organisations ongoing forecasts to ensure the charity remains financially viable. They receive regular information to allow them to assess actual trading performance against financial budgets. They have also reviewed the forecasts for at least 12 months from the signing of these financial statements. This assessment includes consideration of the strength of the balance sheet, which includes significant investment holdings.

Having taken all of these factors into account, the Trustees have a reasonable expectation that there are adequate resources to continue operating for the foreseeable future and, for this reason, have continued to adopt the going concern basis for preparation of the financial statements.

The charity has taken advantage of the exemption from presenting its unconsolidated Statement of Financial Activities (SOFA) under section 408 of the Companies Act 2006 and its unconsolidated Statement of Cash Flows under section 1.12 of FRS102.

Basis of consolidation

The consolidated financial statements incorporate the results of British Safety Council, and all its subsidiary undertakings on a line-by-line basis.

Fund accounting

Unrestricted funds are funds which are available for use at the discretion of the charity Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds held on specific trusts.

Designated funds are unrestricted funds which are to be used in accordance with specific decisions made by the charity Trustees. They are reviewed annually. The charity Trustees designate funds to match the net book value of tangible and intangible fixed assets.

Intangible assets

Intangible assets are stated at cost less accumulated amortisation. Amortisation is calculated, using the straight-line method, to allocate the depreciable amount of the assets to their residual values over their estimated useful lives (typical technological useful life), as follows:

Website development costs 4 years Software 4 years

Amortisation commences once the asset is brought into use. The carrying values of intangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. An impairment loss is recognised immediately in the SOFA.

Tangible fixed assets and depreciation

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Office refurbishment 4 years Office furniture and fittings 4 years Computer equipment 4 years

Depreciation commences once the asset is brought into use. The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. An impairment loss is recognised immediately in the SOFA.

21

British Safety Council

Notes to the Financial Statements (continued) For the year ended 31 December 2024

1. PRINCIPAL ACCOUNTING POLICIES (continued)

Investment property

Investment property is included at fair value. Gains or losses are recognised in the statement of financial activities.

Investments in subsidiaries

Investments in subsidiaries are carried in the charity’s balance sheet at cost less any provision for impairment.

The charity assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value of an investment may not be recoverable. If any such indication of impairment exists, the charity makes an estimate of the recoverable amount. An impairment loss is recognised immediately in the SOFA.

Investments other than in subsidiaries

Equity investments are recognised initially at the transaction price. Subsequently, they are measured at fair value, which is taken as the stock exchange bid price value at the balance sheet date.

Any gain or loss on revaluation is recognised in the SOFA.

Trade debtors

Trade debtors are recognised at the undiscounted amount of cash receivable from the customer, less any appropriate provision for estimated irrecoverable amounts. A provision is established for irrecoverable amounts when there is objective evidence that amounts due under the original payment terms will not be collected.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short-term deposits with an original maturity date of three months or less.

Income

Income is recognised to the extent that the group obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty. The following criteria must also be met before revenue is recognised.

Income from the rendering of services, including training courses, audit services and publications is recognised by reference to the stage of completion. Fees received in advance, relating to future periods are carried forward in the balance sheet as deferred income.

Licence fee income is recognised on a receivable basis and subscriptions, receivable on varying dates throughout the year, are apportioned on a time basis, the proportion received in advance being carried forward in the balance sheet.

Donations and grants (including government grants) are recognised when received or when the charity is entitled to the income and receipt is probable and measurable. Gifts in kind (representing donations of services) is the fair value of the gift, usually the cost to the donor.

Investment income is recognised on a receivable basis.

Expenditure

All resources expensed are accounted for on an accruals basis and are allotted directly to the activity to which they relate. Support costs including governance, management, finance, information technology, human resources and the cost of our defined contribution pension scheme are apportioned between our activities. Product development expenditure is written off as incurred. Irrecoverable VAT is included in the expense item to which it relates.

22

British Safety Council

Notes to the Financial Statements (continued) For the year ended 31 December 2024

1. PRINCIPAL ACCOUNTING POLICIES (continued)

Trade creditors

Trade creditors are recognised at the undiscounted amount owed to the supplier.

Operating leases

Rentals payable under operating leases are charged in the SOFA on a straight-line basis over the lease term.

Termination benefits

Termination benefits are payable when employment is terminated by the group. The group recognises termination benefits as a charge in the SOFA when it is demonstrably committed to terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal.

Defined contribution pension scheme

A group personal pension is available to staff with an employer contribution depending on the employee’s age. The cost of providing this benefit is charged to the SOFA in the year.

Defined benefit pension scheme

Scheme assets are measured at fair values. Scheme liabilities are measured on an actuarial basis using the projected unit credit method and are discounted at appropriate high quality corporate bond rates. The net surplus or deficit, adjusted for deferred tax, is presented separately from other net assets on the balance sheet. A net surplus is recognised only to the extent that it is recoverable by the group/charity.

The current service cost and costs from settlements and curtailments are charged against expenditure on charitable activities. Past service costs are spread over the period until the benefit increases vest. Interest on the scheme liabilities and the expected return on scheme assets are included in income / expenditure on charitable activities. Actuarial gains and losses are reported separately on the face of the SOFA as part of the net movement in funds.

A pension asset is only considered realisable on sufficient funding and subsequent orderly wind-up of the pension scheme which would be many years in the future and then subject to the discretion and approval of the pension scheme trustees. As there is no unconditional right to a refund and that there can be no certainty that a refund of contributions will be forthcoming, the asset has not been recognised in the balance sheet as the charity has capped the pension asset to nil.

Taxation

The charitable members of the Group are exempt from Income Tax and Corporation Tax on income and gains to the extent that they are applied to their charitable objects. The Charity’s UK trading subsidiary does not generally pay UK Corporation Tax because the policy is to pay taxable profits to the Charity as Gift Aid where they have sufficient reserves to do so. Foreign tax incurred by overseas subsidiaries is charged as incurred.

Foreign currencies

Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. Any exchange differences arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were initially recorded are recognised in the income statement in the period in which they arise.

23

British Safety Council

Notes to the Financial Statements (continued) For the year ended 31 December 2024

2. OTHER INCOME

Investment income

Geographical analysis
From UK Investments
Deposit interest
Equities
Unit and investment trusts
Fixed interest bonds
Alternatives
UK quoted securities
Overseas investment trusts
UK
India
Rest of World		 2024
2023
£000
£000
4
7
59
74
6
7
60
48
57
56
186
192
44
29
230
221
2024
2023
£000
£000
5,811
6,629
2,665
2,181
2,190
1,516
10,666
10,326

3. BREAKDOWN OF RESOURCES EXPENDED (GROUP)

Charitable activities
Improving organisation performance
through information and recognition
Improving individual’s capability through
qualifications and assessments
Enhancing organisations performance
through auditing and advisory
Improving individual’s performance through
education and training
Influencing the health and safety agenda
Investment management costs
Total resources expended		 2024
Activities
undertaken
directly
Support
costs
Total
£000
£000
£000
1,569
524
2,093
11
-
11
2,497
759
3,256
3,984
1,040
5,024
369
122
491
42
-
42
8,472
2,445
10,917		 2023
Activities
undertaken
directly
Support
costs
Total
£000
£000
£000
1,430
456
1,886
24
-
24
2,306
784
3,090
3,725
1,001
4,726
336
117
453
41
-
41
7,862
2,358
10,220

24

British Safety Council

Notes to the Financial Statements (continued) For the year ended 31 December 2024

Support cost allocations

2024

2023
Governance
Management and administration
Human resources
Finance
IT
Amortisation
Depreciation
Total
Governance
Management and administration
Human resources
Finance
IT
Amortisation
Depreciation
Total		 Improving
organisation
performance
through
information &
recognition
Enhancing
organisations
performance
through
auditing &
advisory
Improving
individual's
performance
through
education &
training
Influencing
the H&S
agenda
Total costs
£000
£000
£000
£000
£000
68
98
135
16
317
34
49
68
8
159
55
80
111
13
259
170
248
343
40
801
152
220
303
35
710
32
45
56
7
140
13
19
24
3
59
524
759
1,040
122
2,445
Improving
organisation
performance
through
information &
recognition
Enhancing
organisations
performance
through
auditing &
advisory
Improving
individual's
performance
through
education &
training
Influencing
the H&S
agenda
Total costs
£000
£000
£000
£000
£000
60
104
133
15
312
31
53
67
8
159
53
91
117
14
275
159
273
350
41
823
141
243
312
36
732
11
19
21
3
54
1
1
1
-
3
456
784
1,001
117
2,358

Support costs were all allocated based on percentage allocation of direct costs.

Total expenditure has been arrived at after charging:

Total expenditure has been arrived at after charging:
2024 2023
£000 £000
Staff costs (note 4) 5,866 5,398
Expenses reimbursed to trustees or paid directly to third parties 11 3
Amoritsation of intangible assets (note 6) 140 54
Depreciation of owned tangible assets (note 7) 60 3
Auditor's remuneration - auditing the group accounts 47 42
Auditor's remuneration - auditing the subsidiary accounts 23 23
Auditor's remuneration - tax compliance services 1 2

25

British Safety Council

Notes to the Financial Statements (continued) For the year ended 31 December 2024

4. STAFF COSTS (GROUP)

Staff costs during the year were as follows:

Staff costs during the year were as follows:
Wages and salaries
Social security costs
Expense for defined contribution pension scheme
(Income)/Expense for defined benefit pension schemes (note 17)		 2024
2023
£000
£000
5,078
4,686
510
470
288
252
(10)
(10)
5,866
5,398

The average number of persons employed by the group during the year was 133 (2023: 123).

The number of employees whose emoluments exceeded £60,000 was as follows:

£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£100,001 - £110,000
£110,001 - £120,000
£120,001 - £130,000
£130,001 - £140,000
£140,001 - £150,000
£150,001 - £160,000
£160,001 - £170,000
£170,001 - £180,000
£180,001 - £190,000		 2024
2023
Number
Number
10
9
6
4
-
3
4
-
2
2
-
1
2
1
2
2
-
-
-
-
-
-
-
-
1
1
27
23

One employee earning £60,000 or more (2023: one) was a member of the defined benefit pension scheme and was key management personnel.

26 employees earning £60,000 or more (2023: 22) were members of the defined contribution pension scheme and contributions amounting to £215,816 (2023: £203,398) were paid on their behalf.

Eight key management personnel (2023: Eight) were members of the defined contribution pension scheme and contributions amounting to £104,185 (2023: £108,596) were paid on their behalf.

Total benefits (including social security costs) in respect of key management personnel during the year were £1,159,082 (2023: £1,216,725).

26

British Safety Council

Notes to the Financial Statements (continued) For the year ended 31 December 2024

5. TRUSTEES’ EXPENSES

The charity Trustees incurred travel, accommodation, subsistence and venue costs in fulfilling their duties. These costs were either reimbursed to the charity Trustees or paid directly to third parties. The total amount of expenses reimbursed to charity Trustees or paid directly to third parties during the year amounted to £11,065 (2023: £2,703). The number of charity Trustees reimbursed for expenses or who had expenses paid directly by the charity was six Trustees (2023: Four). The increase is primarily due to additional international travel to support and attend overseas client meetings and events.

Indemnity insurance is provided for the charity Trustees. The premium paid during the year amounted to £3,458 (2023: £3,192).

6. INTANGIBLE FIXED ASSETS

GROUP

CHARITY
Cost
At 1 January 2024
Additions
Disposals
At 31 December 2024
Amortisation
At 1 January 2024
Provided in year
Disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023
Cost
At 1 January 2024
Additions
Disposals
At 31 December 2024
Amortisation
At 1 January 2024
Provided in year
Disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Software
Website
Total
£000
£000
£000
130
390
520
362
35
397
-
(58)
(58)
492
367
859
-
181
181
-
140
140
-
(56)
(56)
-
265
265
492
102
594
130
209
339
Software
Website
Total
£000
£000
£000
130
202
332
324
35
359
-
(58)
(58)
454
179
633
-
71
71
-
94
94
-
(56)
(56)
-
109
109
454
70
524
130
131
261

27

British Safety Council

Notes to the Financial Statements (continued) For the year ended 31 December 2024

7. TANGIBLE FIXED ASSETS

GROUP

GROUP
CHARITY
Cost
At 1 January 2024
Additions
Disposals
At 31 December 2024
Depreciation
At 1 January 2024
Provided in year
Disposals in the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023
Cost
At 1 January 2024
Additions
Disposals
At 31 December 2024
Depreciation
At 1 January 2024
Provided in year
Disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Office
refurbishment
furniture &
fittings
Computer
equipment
Total
£000
£000
£000
5
1,478
1,483
1
73
74
-
(1,286)
(1,286)
6
265
271
1
1,344
1,345
-
60
60
-
(1,273)
(1,273)
1
131
132
5
134
139
4
134
138
Office
refurbishment
furniture &
fittings
Computer
equipment
Total
£000
£000
£000
-
1,419
1,419
-
56
56
-
(1,286)
(1,286)
-
188
188
-
1,311
1,311
-
43
43
-
(1,273)
(1,273)
-
81
81
-
107
107
-
108
108

28

British Safety Council

Notes to the Financial Statements (continued) For the year ended 31 December 2024

8. INVESTMENT PROPERTY

8. INVESTMENT PROPERTY
Fair value at 1 January
Additions
Gain/(loss) on revaluation
Fair value at 31 December		 2024
£ 000
2023
£ 000
5,720
5,670
-
109
445
(59)
6,165
5,720

This represents a wholly owned investment property in London, valued on a revaluation model.

9. INVESTMENTS

Movements on listed investments
Fair value of 1 January 2024
Acquisitions at cost
Disposal proceeds
Net gains/(losses) on investment assets
Fair value at 31 December 2024
Equity investments in group undertakings
UK quoted securities
Equities
Fixed interest bonds
Investment and unit trusts - UK
Public sector fixed interest
Alternative assets
Total UK quoted securities
UK quoted overseas securities
Investment and unit trusts
Total UK quoted overseas securities
Investment in subsidiaries
Total value at 31 December 2024
Historical cost at 31 December 2024		 Group
Group
Charity
Charity
2024
2023
2024
2023
£ 000
£ 000
£ 000
£ 000
8,767
8,779
8,767
8,779
1,047
2,465
1,047
2,465
(2,074)
(2,854)
(2,074)
(2,854)
633
377
633
377		 Group
Group
Charity
Charity
2024
2023
2024
2023
£ 000
£ 000
£ 000
£ 000
8,767
8,779
8,767
8,779
1,047
2,465
1,047
2,465
(2,074)
(2,854)
(2,074)
(2,854)
633
377
633
377
8,373
8,767
8,373
8,767
1,480
1,757
785
1,076
165
159
744
710
991
1,400
261
261

1,480
1,757

785
1,076

165
159

744
710

991
1,400
4,165
**5,102 **
4,165
**5,102 **
4,208
3,665
4,208
3,665
4,208
3,665
4,208
3,665
8,373
8,767		 261
261

8,634
9,028
6,312
6,312
6,573
6,573

There were three security holdings with a market value of greater than 5% of the total portfolio at 31 December 2024 (2023: One), being the Vanguard S&P 500 UCITS ETF USD D (6.7%), TM Natixis Loomis Sayles U.S. Equity Leaders Fund (5.1%) and JPMorgan US Research Enhanced Index Equity (8.1%).

29

British Safety Council

Notes to the Financial Statements (continued) For the year ended 31 December 2024

British Safety Council (India) LLP, British Safety Council Sales Ltd (company number: 1236862) and Mates in Mind (company number: 10338868, charity number: 1172460) are wholly owned subsidiaries of the British Safety Council.

The results of the charity’s wholly owned subsidiaries for the year ended 31 December 2024:

British Safety British Safety
Mates in Mind
Council Council Sales
(India) LLP Ltd
2024 2024 2024
£000 £000 £000
Income and expenditure
Turnover 2,343 106 526
Cost of sales & administrative expenses (2,254) (105) (679)
Tax on profit (59) - -
Net movement in funds/net profit/(loss) 30 1 (153)
Balance sheets
Intangible fixed assets 38 - 31
Tangible fixed assets 31 - 2
Debtors 896 68 24
Cash at bank and in hand 403 2 166
Creditors: amounts falling due less than one year (738) (75) (319)
Net assets/(liabilities) 630 (5) (97)

The results of the charity’s wholly owned subsidiaries for the year ended 31 December 2023:

British Safety British Safety
Mates in Mind
Council Council Sales
(India) LLP Ltd
2023 2023 2023
£000 £000 £000
Income and expenditure
Turnover 2,263 158 751
Cost of sales & administrative expenses (1,992) (152) (692)
Tax on profit (97) - -
Net movement in funds/net profit/(loss) 174 6 59
Balance sheets
Intangible fixed assets - - 78
Tangible fixed assets 30 - -
Debtors 725 119 28
Cash at bank and in hand 739 2 264
Creditors: amounts falling due less than one year (882) (126) (314)
Net assets/(liabilities) 612 (5) 56

30

British Safety Council

Notes to the Financial Statements (continued) For the year ended 31 December 2024

10. DEBTORS

Trade debtors
Other debtors
Due from subsidiary undertaking
Prepayments and accrued income		 Group
Group
Charity
Charity
2024
2023
2024
2023
£000
£000
£000
£000
936
1,017
261
396
46
-
42
-
-
-
323
554
620
673
344
464
1,602
1,690
970
1,414

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Other creditors
Taxation and social security
Accruals
Deferred income		 Group
Group
Charity
Charity
2024
2023
2024
2023
£000
£000
£000
£000
713
896
673
842
644
523
436
398
166
255
305
280
915
1,051
667
918
1,746
2,031
1,258
1,623
4,184
4,756
3,339
4,061

12. DEFERRED INCOME

Deferred income as at 1 January
Deferred incoming resources
Release of deferred income
Deferred income as at 31 December		 Group
Group
Charity
Charity
2024
2023
2024
2023
£000
£000
£000
£000
2,031
1,865
1,623
1,457
7,676
8,318
5,125
5,513
(7,961)
(8,152)
(5,490)
(5,347)
1,746
2,031
1,258
1,623

Income is recognised in accordance with the principal accounting policies. Income received in advance, relating to future periods are carried forward in the balance sheet as deferred income.

31

British Safety Council

Notes to the Financial Statements (continued) For the year ended 31 December 2024

13. SUMMARY OF MOVEMENTS IN FUNDS (GROUP)

Movements in funds during the year ended 31 December 2024 were as follows:

Unrestricted funds
Undesignated funds
Intangible asset designated funds
Tangible asset designated funds
Currency translation difference
Unrestricted funds
Restricted
Pension reserve
Revaluation reserve
Total funds		 1 January
2024
Income
Expenditure
Pension
Deficit
Payment
Actuarial
change
Investment
gain
Revaluation
Tax Payable
Transfers
At 31
December
2024
£000
£000
£000
£000
£000
£000
£000
£000
£000
£000
9,726
10,140
(10,049)
(384)
-
633
-
(59)
(500)
9,507
261
-
(140)
-
-
-
-
-
403
524
138
-
(59)
-
-
-
-
-
97
176
(67)
-
48
-
-
-
-
-
-
(19)
10,058
10,140
(10,200)
(384)
-
633
-
(59)
-
10,188
56
526
(679)
-
-
-
-
-
-
(97)
-
-
10
384
(394)
-
-
-
-
-
3,874
-
-
-
-
-
445
-
-
4,319
13,988
10,666
(10,869)
-
(394)
633
445
(59)
-
14,410

Movements in funds during the year ended 31 December 2023 were as follows:

Unrestricted funds
Undesignated funds
Intangible asset designated funds
Tangible asset designated funds
Currency translation difference
Unrestricted funds
Restricted
Pension reserve
Revaluation reserve
Total funds		 1 January
2023
Income
Expenditure
Pension
Deficit
Payment
Actuarial
change
Investment
gain
Revaluation
Tax Payable
Transfers
At 31
December
2023
£000
£000
£000
£000
£000
£000
£000
£000
£000
£000
9,978
9,746
(9,481)
(419)
-
377
-
(97)
(378)
9,726
101
-
(54)
-
-
-
-
-
214
261
149
-
(3)
-
-
-
-
-
(8)
138
(52)
-
(15)
-
-
-
-
-
-
(67)
10,176
9,746
(9,553)
(419)
-
377
-
(97)
(172)
10,058
(4)
580
(692)
-
-
-
-
-
172
56
-
-
10
419
(429)
-
-
-
-
-
3,933
-
-
-
-
-
(59)
-
-
3,874
14,105
10,326
(10,235)
-
(429)
377
(59)
(97)
-
13,988

Restricted funds

Funds held by Mates in Mind, which is itself a charitable company, are classed as restricted funds, as these cannot be spent or applied at the discretion of the British Safety Council’s Trustees. The deficit on restricted funds arises from expenditures in the establishment and trading of the subsidiary charity. The subsidiary charity Trustees aim to increase primary purpose trading activities and use any surpluses generated to build modest reserves.

Designated funds

The Board’s policy is to designate funds to match the value of the group’s tangible and intangible fixed assets and for essential future spending. The transfers from undesignated to designated funds is to reflect the net book value of the tangible and intangible fixed assets at the year end.

32

British Safety Council

Notes to the Financial Statements (continued) For the year ended 31 December 2024

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS (GROUP)

Fund balances at 31 December 2024 are represented by:

Intangible assets
Tangible assets
Investments
Investment Property
Current assets/(liabilities)
Pension liability
Total funds		 Undesignated
funds
Designated
funds
Restricted funds
Mates in Mind
Revaluation
Reserve
Pension
reserve
Total
funds
£000
£000
£000
£000
£000
£000
-
563
31
-
-
594
-
137
2
-
-
139
8,373
-
-
-
-
8,373
1,846
-
-
4,319
-
6,165
(731)
-
(130)
-
-
(861)
-
-
-
-
-
-
9,488
700
(97)
4,319
-
14,410

Fund balances at 31 December 2023 are represented by:

Intangible assets
Tangible assets
Investments
Investment Property
Current assets/(liabilities)
Pension liability
Total funds		 Undesignated
funds
Designated
funds
Restricted funds
Mates in Mind
Revaluation
Reserve
Pension
reserve
Total
funds
£000
£000
£000
£000
£000
£000
-
261
78
-
-
339
-
138
-
-
-
138
8,767
-
-
-
-
8,767
1,846
-
-
3,874
-
5,720
(967)
-
(9)
-
-
(976)
-
-
-
-
-
-
9,646
399
69
3,874
-
13,988

15. CAPITAL COMMITMENTS (GROUP AND CHARITY)

At the year-end, the group has not entered into any capital commitments (2023: £Nil).

16. PROVISIONS FOR LIABILITIES, CONTINGENT ASSETS AND LIABILITIES (GROUP AND CHARITY)

At the year-end, the group and charity had no provisions for liabilities (2023: Nil).

Ofqual’s investigation into BSC’s regulated qualification business concluded in March 2025 with the issuance of a notice of financial penalty of £5,000. Ofqual has now processed BSC’s application to surrender its recognition, which took effect from the same date.

33

British Safety Council

Notes to the Financial Statements (continued) For the year ended 31 December 2024

17. POST EMPLOYMENT BENEFITS (GROUP AND CHARITY)

The charity participates in two retirement benefit schemes, a defined contribution scheme and a defined benefit scheme.

Defined contribution scheme

The charity operates a defined contribution group personal pension scheme. All eligible employees are automatically enrolled into the scheme in accordance with current legislation. The amount recognised in the SOFA as an expense for the defined contribution scheme is disclosed in note 4.

Defined benefit scheme

The old British Safety Council charity operated a defined benefit scheme for all qualified employees. The assets of the scheme are held in a separately administered fund. On 1 July 2003, the liabilities in respect of this scheme were transferred to the charity. The scheme is closed, and no future benefits are accruing.

The most recent triennial actuarial valuation of the scheme was carried out as at 1 October 2021. The scheme Trustees and the charity agreed a deficit recovery plan under which the charity would contribute an upfront amount of £200,000 by 30 September 2022 and then a monthly amount of £34,917 between October 2022 and November 2024.

The most recent triennial actuarial valuation has been updated for the purposes of these financial statements to 31 December 2024 by a qualified actuary. In doing so the actuary made approximate allowance for: a) the payment of benefits; b) the different effective date of the calculations; and c) several different actuarial assumptions.

2024 2023 2022 2021 2020
(%) (%) (%) (%) (%)
Discount rate 5.6 4.7 4.9 2.1 1.5
Retail Price Inflation 3.1 3.0 3.1 3.5 3.1
Consumer Price Inflation 2.6 2.4 2.5 2.8 2.4
Increase in deferment 2.6 2.4 2.5 2.8 2.4
Increases in payment
- Pension earned before 01/10/92 3.0 3.0 3.0 3.0 3.0
- Pension earned after 30/09/92 3.1 3.0 3.1 3.5 3.1
Assumed life expectancy in years, on retirement, at 65 2024 2023
Retiring today (years) (years)
Males 20.2 19.6
Females 23.4 21.8
Retiring in 20 years
Males 21.4 20.9
Females 24.8 23.2
Expenditure amounts recognised in the Statement of Financial Activities 2024 2023
£000 £000
Interest on obligations (233) (242)
Expected return on assets 340 332
Interest on the effect of the asset ceiling (97) (80)
Net interest on the recognised defined benefit asset/(liability) 10 10

34

British Safety Council

Notes to the Financial Statements (continued) For the year ended 31 December 2024

Defined benefit scheme (continued)

Actuarial amounts recognised in the Statement of Financial Activities
Experience gains or losses arising on scheme liabilities
Change in effect of asset ceiling, excluding interest
Change in recognised defined benefit liability/(asset)
Deficit in the scheme at the beginning of the period
Movement in the period:
Employer contributions
Expected return on assets
Interest expense on obligations
Interest on the effect of the asset ceiling
Actuarial loss
Deficit in the scheme at the end of the period
Changes in the present value of the defined benefit obligations
Opening defined benefit obligation at 1 January
Interest expense
Remeasurement arising from changes in assumptions
Remeasurement arising from experience
Benefits paid
Inclusion of matched insured pensioner liability
Closing defined benefit obligation at end of the year
Changes in the fair value of scheme assets
Assets at beginning of year
Expected return on assets
Actual return on scheme assets, excluding interest income
Employer contributions
Benefits paid
Inclusion of matched insured pensioner asset
Assets at end of year
Actual return on scheme assets
Actual return less interest income included in net interest income
Changes in assumptions underlying the present value of scheme liabilities
Actuarial losses on defined benefit pension scheme		 2024
2023
£000
£000
(343)
26
(50)
(138)
204
43
(205)
(360)
(394)
(429)
2024
2023
£000
£000
-
-
384
419
340
332
(233)
(242)
(97)
(80)
(394)
(429)
-
-
2024
2023
£000
£000
(5,133)
(5,084)
(233)
(242)
204
43
(50)
(138)
318
288
-
(4,894)
(5,133)
2024
2023
£000
£000
7,199
6,710
340
332
(343)
26
384
419
(318)
(288)
-
7,262
7,199
2024
2023
£000
£000
(3)
358

The pension asset is only considered realisable on sufficient funding and subsequent orderly wind-up of the pension scheme which would be many years in the future and then subject to the discretion and approval of the pension scheme trustees. As there is no unconditional right to a refund and that there can be no certainty that a refund of contributions will be forthcoming, the asset has not been recognised in the balance sheet as the charity has capped the pension asset to nil.

From 2022 the annuity valuation is shown as gross as part of the scheme asset and liability.

35

British Safety Council

Notes to the Financial Statements (continued) For the year ended 31 December 2024

Defined benefit scheme (continued)

The major categories of scheme assets as a percentage of total assets 2024 2023
Equities 0% 24%
Immediate annuities 19% 20%
Corporate bonds 9% 10%
Gilts 54% 22%
Diversifiers 0% 8%
Cash 18% 16%
Total 100% 100%
The deficit in the scheme recognised in the balance sheet 2024 2023
£000 £000
Present value of defined benefit obligation (4,894) (5,133)
Fair value of scheme assets 7,262 7,199
Net defined benefit asset/(liability) 2,368 2,066
Effect of asset ceiling (2,368) (2,066)
Recognised defined benefit asset/(liability) - -
Analysis of the change in effect of the asset ceiling 2024 2023
£000 £000
Effect of asset ceiling at beginning of year 2,066 1,626
Interest on the effect of the asset ceiling 97 80
Change in effect of asset ceiling, excluding interest 205 360
Effect of asset ceiling at end of year 2,368 2,066
The amounts for the current and previous periods
2024 2023 2022 2021 2020
£000 £000 £000 £000 £000
Present value of defined benefit obligation (4,894) (5,133) (5,084) (5,637) (6,220)
Fair value of scheme assets 7,262 7,199 6,710 5,893 4,238
Net defined benefit asset/(liability) 2,368 2,066 1,626 256 (1,982)
Effect of asset ceiling (2,368) (2,066) (1,626) (256) -
Recognised defined benefit liability - - - - (1,982)
Experience adjustment from scheme liabilities (50) (138) (585) 194 (114)
Experience adjustment from scheme assets (343) 26 (1,427) 563 2

36

British Safety Council

Notes to the Financial Statements (continued) For the year ended 31 December 2024

18. TAXATION

Foreign subsidiary current tax
Foreign subsidiary deferred tax liability
Foreign subsidiary total tax charge		 2024
2023
£000
£000
58
109
1
(12)
59
97

19. LEASING COMMITMENTS (GROUP AND CHARITY)

At the year-end, total of future minimum lease payments under non-cancellable operating leases, due not later than one year, were £Nil (2023: £Nil).

20. TRANSACTIONS WITH TRUSTEES AND OTHER RELATED PARTIES

Trustees

The charity Trustees received no remuneration for their services to the charity during the year (2023: Nil).

Key management personnel

All senior employees who have authority and responsibility for planning, directing and controlling the activities of the group are key management personnel. The names of those individuals who served as key management personnel are set out on the last page of this document. Total benefits (including social security costs) in respect of key management personnel during the year was £1,159,082 (2023: £1,216,725).

Intra-group transactions

During the year the charity charged Mates in Mind fees of £70,643 (2023: £77,444) in respect of (i) management services (covering predominantly Finance, Information Technology and Human Resources) provided by the charity to Mates in Mind and (ii) direct costs of Mates in Mind in these same areas which were borne by the charity. Also, £6,415 (2023: £62,477) licence fees in respect of Mates in Mind’s use of the charity’s training materials and the charity granted Mates in Mind core funding amounting to £0 (2023: £140,000) and incurred referral fees of £22,877 (2023: £17,944). The charity charged BSC Sales Limited fees of £105,818 (2023: £146,395) in respect of operational and management support services. The charity also charged BSC India LLP fees of £410,196 (2023: £531,146) in respect of licenced intellectual property, brand and management services.

At the year end the net balance due between the charity and each of its subsidiaries was:

Due (to) / from charity
2024 2023
£ £
British Safety Council (India) LLP 250 470
British Safety Council Sales Ltd 55 100
Mates In Mind 18 16

The above are services delivered in line with charitable objects.

37

British Safety Council

Notes to the Financial Statements (continued) For the year ended 31 December 2024

Other related party transactions

During the year, the group recorded income from sales made to organisations where certain trustees undertake their employment duties. These transactions were undertaken on normal commercial terms, with table below indicating summary of income.

with table below indicating summary of income.
NEOM
CITB
Bazalgette Tunnel Ltd (t/a Tideway)
Bravura Solutions
Turner & Townsend Limited
Heathrow Airport Limited
Balfour Beatty VINCI Joint Venture
HSE
EMCOR		 2024
2023
£
£
48,000
13,965
9,000
6,000
4,818
8,730
722
48
549
-
414
-
-
1,245
-
588
-
566
63,503
31,142

Mates in Mind also received donations income of £4,668 on behalf of Vinic and Civils & Lintels.

Financial Instruments - Group

Financial assets-at amortised cost:
Debtors
Cash
Financial liabilities-at amortised cost:
Creditors: amounts falling due within one year		 2024
2023
£000
£000
1,358
1,491
1,721
2,090
3,079
3,581
(2,522)
(2,470)

With the exception of investments of £8,373,000 held at fair value, the group’s basic financial instruments are measured at amortised cost. All financial liabilities are of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.

38

British Safety Council

Reference and Administrative Details For the year ended 31 December 2024

Company number: 04618713 Charity numbers: 1097271 in England and Wales SC037998 in Scotland Registered office: C/O Sedulo, Office 605, Albert House 256-260 Old Street, London, EC1V 9DD The Board of Trustees: Peter McGettrick David Collins Philip White Prasad Bangalore Ian Bucknell Jonathan Gawthrop Rupert Thompson Kathryn Erman Sean Sadler Amanda Owen Stephen Grix (resigned 23 July 2024) Nysa Pradhan (resigned 23 August 2024) Robert Cooling (resigned on 15 November 2024) Jennie Armstrong (resigned on 17 February 2025) David Robinson (appointed 28 April 2025) Helen Holmes-Fogg (appointed 29 July 2025) Key management: Michael Robinson Chief Executive Paul Fakley Marketing and Impact Director Samantha Downie Managing Director Mates in Mind Jigna Patel Audit, Consultancy and Culture Change Director Adil Bhatti Finance Director Steve Ward IT Director Hemant Sethi Managing Director BSC India LLP Roni Kotecha Commercial Director (resigned 20 June 2025) Company secretary: Michael Robinson Banker: Barclays Bank plc, 75 King Street, London, W6 9HY Investment adviser: Investec Wealth and Investment Ltd, 30 Gresham Street, London, EC2V 7QN Solicitor: Russell-Cooke Solicitors, 2 Putney Hill, London, SW15 6AB Auditor: UHY Hacker Young LLP, Quadrant House, 4 Thomas More Square, London, E1W 1YW

39