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a better marketplace for a changing world

2023 Annual Report of the trustees and financial statements

Foreword from the Director General............................................1 Message from the President.........................................................2 About Consumers International....................................................3 How we are run................................................................................5 Achievements and performance..................................................7 Fundraising and partnerships.....................................................16 Governance....................................................................................17 Financial review, reserves policy and risk management.......19 Auditor’s report..............................................................................23 Financial statements....................................................................26

Foreword from the director general

In 2023, we knew that consumers around the world were struggling. The cost-of-living crisis pressed on, with high prices impacting essentials like food and energy. Elsewhere, new waves of digitalisation showed promise – while also widening the digital divide and exacerbating concerns over privacy and data security. And ahead of crucial elections taking place in 2024, it was crucial to shine a light on the importance of consumer rights and the role of consumer organisations to help people in a rapidly changing marketplace.

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At Consumers International , we exist to tackle global challenges on behalf on consumers everywhere. In 2023, we united a powerful coalition of actors for World Consumer Rights Day to call for a fast, fair and accountable energy transition. Over 100 of our Members led innovative campaigns around the world, sparking international attention. Our Fair Digital Finance Accelerator continued to build bridges between consumer advocates and regulators in over 65 low- and middle-income countries, supporting initiatives to foster collaborative policy and industry change in India, Fiji, Lebanon, St Lucia, Kenya, Mexico and Côte d'Ivoire. Our Fair Food Prices initiative supported consumer groups in Africa to track and tackle unfair prices, bringing us closer to our vision of healthy and sustainable diets for all. And finally, we elevated the voice of consumers in rapidly evolving discussions around artificial intelligence and digital finance.

Our Global Congress was also a standout moment. Over 500 leaders from government, business, and civil society united to build a resilient future for consumers. We leveraged the strength of this occasion to launch multi-stakeholder initiatives with our partners - addressing scams, bringing the consumer voice to digital finance, highlighting pathways to sustainable lifestyles, improving data flows through redress across borders, and more.

We also tackled challenges within our organisation. With many consumer organisations around the world facing financial difficulty, we saw a notable reduction in our membership income. This was expertly navigated by the team through careful management of our expenditure, minimising the impact on our essential work.

With a new Consumers International Council and Board in place, we stand ready to shape the modern marketplace for people everywhere.

HELENA LEURENT

message from the president

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Dr. Marimuthu Nadason became President at Consumers International’s General Assembly in May 2019. He was reelected for a second term in December 2023. Dr. Nadason is also the President of the Federation of Malaysian Consumer Associations (FOMCA).

From a global pandemic to major strains on the cost-of-living, consumers have been dealt a difficult hand in recent years. People are struggling with the cost of food and energy, dealing with poor services, patchy digital coverage, and navigating unknown risks brought by AI and digital finance.

Our movement has also seen challenges. We recently conducted a study to assess the state of global consumer advocacy and saw consumer groups reporting their greatest challenge to be ‘achieving financial viability’. Consumer associations do essential work fighting for consumers day-in and day-out. But at a time when people desperately need their support and advice, consumer associations are increasingly under-resourced.

In 2023 Consumers International rose to the occasion. We founded new networks to confront emerging risks – like our Consumer Coalition to Stop Scams. Provided funding to consumer advocates in low- and middle-income countries. And we drove essential dialogues between energy leaders and consumer advocates, charting a path towards an energy transition which makes clean, affordable energy a reality for consumers.

In a pivotal and impactful time for our movement, it felt fitting to round off the year, and my first term as President of Consumers International, in Nairobi, Kenya, for our Global Congress. We brought Members together in one space to form new alliances, share stories and learnings, and collaborate on new, cross-border initiatives. I can speak for myself and many of my colleagues when I say that Congress inspired a renewed energy and passion for our collective cause.

Finally, I’d like to extend my thanks to our 200 Members, as well as the team at Consumers International, without whom the successes laid out in this report would not be possible.

DR. MARIMUTHU NADASON

about consumers international

Consumers International is the Membership organisation for consumer groups around the world.

We believe in a world where everyone has access to safe and sustainable goods and services. We bring together 200 Member organisations in more than 100 countries to empower and champion the rights of consumers everywhere.

We are their voice in international policy-making forums and the global marketplace to ensure they are treated safely, fairly and honestly.

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we bring together
200+ consumer
organisations in 100+
countries
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We are resolutely independent, unconstrained by businesses or political parties. We work in partnership and exercise our influence with integrity, tenacity and passion to deliver tangible results.

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CHARTIABLE OBJECTS AND ACTIVITIES

Consumers International was founded as a not-forprofit NGO in 1960. The object for which the charity was formed is to promote consumer rights and education and to promote the voluntary sector for the public benefit with the object of promoting consumer rights. In particular, but not exclusively, by providing conferences and seminars, representing groups in terms of government policies, providing information and liaising between relevant groups. The Consumers International strategy sets out our major activity areas and progress is measured and monitored by the Consumers International management team and Board. Our strategy and achievements for 2023 are set out in this report.

OUR STRATEGY

We drive consumer advocacy so that consumers are at the heart of the debate and shape the systems that impact them every day. We achieve this through:

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Connecting our Members to share ideas:

We support Members to advance cross-border partnerships, share insights and collaborate on a wide range of consumer issues.

Representing and influencing:

We represent consumers and our Members in the international marketplace and global policy-making forums, bringing the consumer voice to decision-makers at the highest levels.

Convening a leadership network:

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We recognise that no single organisation can achieve the level of change required to ensure that consumers are treated safely, fairly and honestly. We bring our Members together with the foremost experts from around the world from governments, civil society, businesses and funders to tackle consumer challenges and build on opportunities.

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Driving impact through projects and innovation:

We build and lead initiatives on a range of consumer topics focusing on generating impact for consumers everywhere. We seek new opportunities to accelerate positive consumer rights outcomes.

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HOW WE ARE RUN

Our global staff are led by our Director General, who is guided by and accountable to the Consumers International Board of Trustees. Our Trustees are ultimately responsible in law for the charity, its assets and its activities.

Our Board and Council are made up of senior executives from our Member organisations. The Board of Trustees is appointed from our Council. The Council is an advisory body to the Board of Trustees and is elected by voting Member organisations at the General Assembly that takes place every four to five years.

Our global team work across 9 countries and 5 continents

BOARD OF TRUSTEE MEMBERS

2023 - 2027

Appointed - 8 December 2023

Marimuthu Nadason - Federation of Malaysian Consumers Associations; President Gilly Wong - Hong Kong Consumer Council; Vice President Sandra Molenaar - Consumentenbond (Netherlands); Honorary Secretary

Rocio Concha - Which? (United Kingdom); Treasurer

Rosemary Shumirayi Chikarakara Mpofu - Consumer Council of Zimbabwe

Marta L. Tellado - Consumer Reports (USA) Crisólogo Cáceres Valle - Asociación Peruana de Consumidores y Usuarios (Peru)

Anindita Mehta - Consumer Education and Research Centre (India)

Anja Philip - Forbrugerrådet Tænk - The Danish Consumer Council, until 30 April 2024

COUNCIL MEMBERS

2023 - 2027

Advisory

Acción del Consumidor (Argentina)

Asociación Peruana de Consumidores y Usuarios (Peru)

Association des Consommateurs del’Ile Maurice (Mauritius)

CHOICE (Australia)

Consumentenbond (Netherlands) Consumer Council of Fiji Consumer Council of Zimbabwe

Consumer Education and Research Centre (India) Consumer Reports (USA) Consumers Korea, (Republic of Korea)

Federación Nacional de Asociaciones del Consumidor (Morocco) Federation of Malaysian Consumers Associations (Malaysia) Forbrugerrådet Tænk - The Danish Consumer Council (Denmark) Hong Kong Consumer Council

International Confederation of Consumer Societies (CIS) Organización de Consumidores y Usuarios de Chile

Rwanda Consumer’s Rights Protection Organization

Sudanese Consumers Protection Society (Sudan)

The Network for Consumer Protection in Pakistan

Verbraucherzentrale Bundesverband (Germany) Which? (United Kingdom)

Youth Education Network (Kenya)

LEADERSHIP TEAM

Helena Leurent, Director General

Josephine Parmee, Director, Partnerships and Development, until 31 March 2024 Peter Andrews, Director, Consumer Rights, Innovation and Impact

Stefan Hall, Director, Digital Innovation and Impact, from 3 April 2023 Thushani Mediwake, Head, Finance and Organisation Development Charlotte Broyd, Head, Communications and Membership Sheila Senfuma, Head, Digital Finance

ACHIEVEMENTS AND PERFORMANCE

A SNAPSHOT OF IMPACT ACROSS 2023

January

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During the World Economic Forum Annual Meeting in Davos, we call on leaders to recognise the importance of consumers when tackling global crises.

We release our inaugural index of the Consumer Experience in Digital Finance, and recommendations on improving sustainability information online.

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March

World Consumer Rights Day unites a powerful coalition for a fast, fair and accountable energy transition.

We lead a consumer-powered dialogue on a changing energy world, with 100+ campaigns, 100+ members, and 600 clean energy leaders.

June

Our Next Generation Network - made up of 30 young consumer advocates at the forefront of change in their regions - connect in a special workshop on becoming a powerful and effective youth advocate.

May Plastics Treaty We bring Consumers International Members from India and Brazil to negotiations for an international treaty for plastic pollution that recognises the importance and needs of consumers.

July

UNCTAD IGE FOR CONSUMER PROTECTION LAW AND POLICY Member states support our recommendations on recognising the crucial role of consumers in the energy transition and on the relationship between gender equality and consumer rights.

September

A new phase for the Fair Digital Finance Accelerator

Eight grants are awarded to Members in low- and middle-income countries for initiatives promoting fair digital finance.

October

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Green Action Week sees Members and communities across 30 countries making powerful strides towards sustainable consumption.

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global congress

Over 500 leaders from consumer advocacy, civil society, government and business come together to build a resilient future for consumers.

We release our fair food price monitor - A new tool for tracking and tackling unfair food prices in Africa

Telling the consumer advocacy story

Launch of Purchasing Powers, a unique branded series by BBC StoryWorks and Consumers International. The series will showcase how impactful organisations are responding to the new consumer landscape.

30 million consumers reached in our campaign for fair food prices in Africa

December

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new consumer insights for a sustainable planet

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A people-centred transition

On the ground at COP28, our team outline the steps needed to support consumers and meet climate goals. We release to a joint letter policy-makers and negotiators together with 25 of our Members calling for actions to ensure consumers get a fair deal in the transition.

Connecting members to share ideas

We believe that by working together, we can achieve far more than the sum of our parts. We create effective global platforms for consumer advocates to come together, connect, share insights, and collaborate on the most relevant consumer issues.

Highlights from 2023:

Global Congress . Held once every four years, we brought together our vibrant community of consumer advocates with leading and like-minded representatives from civil society, government, academia and business. We took stock of our achievements and collectively charted a path forward for the next four years.
Uniting consumer groups and authorities to tackle unfair food prices in Africa. Rising food prices in sub-Saharan Africa have exacerbated food insecurity, with staple food prices increasing by 23.9% between 2020 and 2022. Dialogues between competition authorities and consumer organisations in 21 African countries highlighted the severity of the challenge and the need for collaborative solutions. We reached over 30 million consumers through communications campaigns and supported government authorities in Kenya, Nigeria and Ghana.
Connecting the early career professional in consumer advocacy with leaders across civil society . As part of our ongoing Next Generation Leaders programme, the first Next Generation Consumer Rights Award supported an outstanding member of our Network to attend our Global Congress.
Purchasing Powers: The New Consumer. In September 2023, Consumers International announced a collaboration with BBC StoryWorks Commercial Productions to produce a new branded content series 'Purchasing Powers: The New Consumer'. The series will highlight the stories of consumer advocates in the face of digital commerce transformation, climate urgency, and societal shifts. We will shine a light on organisations that are driving positive change across sectors, offering a glimpse into a future of responsible, equitable consumption.

WORLD CONSUMER RIGHTS DAY

Celebrated annually on March 15, World Consumer Rights Day unites advocates from across the world to call for a fair, safe and sustainable marketplace. In 2023, our World Consumer Rights Day campaign focussed on ‘Empowering consumers through clean energy transitions’.

In a global week of action, coordinated by Consumers International, over 100 Member-led campaigns took place in more than 100 countries worldwide.

Our Clean Energy Conference brought together 600 leaders from across sectors to recommend legislation, innovation and strategies to empower consumers in the clean

energy transition. Key themes included affordability, sustainability and security, with a focus on engaging local communities and marginalised groups in transition projects. The Conference fostered partnerships between consumer advocates and the energy sector, with leading organisations committing to work with the consumer movement for a fast, fair and accountable transition.

We released our white paper, ‘ Consumer protection and empowerment for a clean energy future ’ proposing how to overcome the barriers and opportunities experienced by consumers in 11 countries across diverse socioeconomic and market contexts.

GLOBAL CONGRESS

Our Global Congress 2023 welcomed leaders from consumer advocacy, civil society, government and business, representing Africa, Asia, Latin America, the Pacific, Europe, North America and the Middle East. To find a path towards a resilient future for consumers, our programme covered pressing issues facing consumers today, from building trust in the online world to the action needed to fix our broken food and energy systems. Amid the buzz of impactful dialogue and unique connections, we launched new insights and initiatives that will deliver real change for consumers in the years to come.

A selection of highlights include:

We revealed our innovative tool, the Fair Food Price Monitor, which provides an early warning signal for unfair food prices in Africa.
A new initiative to develop an understanding of what interoperability of data governance would really mean for consumers.
A new initiative to safeguard vulnerable consumers in the digital finance sector.
Our coordinated Global Statement to Stop Online Scams called on governments to ensure consumers have adequate protection against the growing risk of scams online.
We welcomed to the stage His Excellency the Vice-President of the Republic of Kenya, Rigathi Gachagua. We are proud to have held Congress with our supporting partners from the Government of Kenya, through the Competition Authority of Kenya (CAK) and the Common Market for Eastern and Southern Africa (COMESA) Competition Commission.
Delegates heard over 100+ c-suite and other speakers share insights and best practice in over 30 diverse panels, workshops and closed-door dialogues.
82% of participants surveyed either strongly agreed or agreed that: Fresh ideas and diverse perspectives were presented, core consumer issues were covered,
and lessons learnt will help them in their role.

SUPPORTING CONSUMER ORGANISATIONS IN LOW- AND MIDDLE-INCOME COUNTRIES

Consumers International also champions consumers in low- and middle-income countries through grants, initiatives, and targeted interventions to bring their work to a global audience. In 2023, we supported Members from every region of the world with grants of various levels for new research, campaigns, and interventions. Our work to support consumer advocates in low- and middle-income countries includes:

Our Fair Digital Finance Accelerator , which has grown to over 65 members. The Accelerator is helping to strengthen regulatory frameworks for digital financial services. It supports consumer associations in low- and middle-income countries to become experts in consumer protection for digital finance and build bridges with regulators and service providers. This year, the Accelerator launched a sub-granting element to address consumer concerns in digital finance, generate insights and support vulnerable communities. We awarded nine grants to members to help them scale their impact and implement innovative solutions.

As historic negotiations began for an internationally legally binding treaty on plastic pollution, we quickly identified that the consumer voice was sorely missing from these discussions – especially from low- and middle-income countries. We invited Citizen Consumer and Civic Action Group (CAG, India) and the Instituto Brasileiro de Defesa do Consumidor (IDEC, Brazil) to join our delegation and support and coordinate our interventions.

The Green Action Fund is a grant fund centred on sustainable consumption and reducing poverty. The fund issues grants to consumer associations in countries that deliver innovative sustainability activities - from awareness-raising to training to educational initiatives. In 2023, 27 Consumers International Members from low-, middle- and upperincome countries received Green Action Fund grants to implement campaigns to promote sustainable consumption.

The Anne Fransen Fund is an annual grant award established in 1988 to support the consumer movement in low-, middle- and upper- income countries. It awards grants to consumer organisations for projects based on one of the eight consumer rights. Named after Anne Fransen, the first director of Consumentenbond, the Dutch member organisation, the Fund has provided almost one million euros in funding. In 2023, six of our Members were chosen to receive funding, from Ecuador, Fiji, Mexico, Nepal, Rwanda and Tajikistan.

representing and influencing

We represent the independent consumer voice on the global stage – to ensure consumer rights and principles are spoken for at the highest levels. In 2023, we highlighted the challenges facing consumers and the opportunity within solutions which place consumers at the heart of dialogue and action.

Highlights include:

During the World Economic Forum Annual Meeting , we shared our research on the impact of digitalisation on the consumer experience of financial services in low- and middle-income countries. These insights informed our influencing amongst national policy-makers and regulators and were commended and shared by our influential network of fair finance experts.
Ahead of the G7 Summit in Japan, we represented the consumer voice at the G7 Digital and Technology Ministers’ Meeting , advocating for global policy on cross-border data that is firmly grounded in consumer protection.
We called for action to ensure digital innovation empowers women and girls. We joined the UN Trade and Development (UNCTAD) Working Group on Consumer Protection and Gender . Through the working group, we explore the relationship between strong consumer protection and gender equality, to highlight best practices and facilitate global knowledge-sharing.
We took our recommendations on energy, gender, and digital rights to UNCTAD’s Intergovernmental Group of Experts (IGE) on Consumer Protection Law and Policy, seventh session . Our previous advocacy at the IGE’s sixth session had helped to place ‘consumer protection and the energy transition’ on the agenda for 2023, and we were pleased to see the efforts of that work rewarded. The Group voted to recognise the critical role of consumers in the transition to clean energy. The Group also followed our recommendation to extend the mandate for the working group on consumer protection and gender. Finally, the Group acknowledged the importance of consumer groups, calling for greater support, opportunities and frameworks to raise the consumer voice in global dialogue.
During the 78th session of the United Nations General Assembly , we participated in a high-level workshop to shape a leaders’ declaration for food systems transformation at COP28 – an important area previously side-lined at former COPs.
We believe a fair digital space should protect vulnerable groups, uphold privacy protections, and promote access to information and redress. We went to RightsCon to highlight how strengthened links between digital and consumer rights can ensure a safer and fairer digital space.
In partnership with the Food and Agriculture Organisation’s World Food Forum , Consumers International hosted a Masterclass on youth advocacy for the right to food.

More than 160 young people from around the world joined the class, led by members of Consumers International’s Next Generation Leaders Network from the Slovene Consumers’ Association and SEWA Nepal.

Our food experts were present at COP28 , helping to shape a Non-State Actor Call to Action on food systems. We joined forces with the World Rural Forum to strengthen connections between consumers and family farmers to tackle food and climate crises.
Consumers International is helping shape the global fight against plastic pollution. We brought the perspectives and insights of our global membership of consumer associations to the Intergovernmental Negotiating Committee on Plastic Pollution (INC). We are calling for a treaty that 1) ends plastic pollution before 2040, 2) helps to make sustainability the easy choice for consumers and 3) protects the health of people and planet.

insight with and for consumers

We leverage the unique knowledge and insights of our Members to build solutions to diverse challenges facing consumers. In 2023, our action-oriented, sector-spanning insights assessed the consumer experience of digital financial services, monitored unfair food prices, and gauged the opportunity of a new business model helping consumers adopt renewable energy technologies.

Our findings include:

Consumers need much greater support to make sustainable choices in the online marketplace. We published two headline reports to clear the fog around sustainability information online. ‘ The state of sustainability information’ presents a novel method for categorising information schemes and addresses trade-offs and policy responses. Our ‘Action agenda: Informing sustainable consumption choices in e-commerce' establishes actions needed to make sustainable e-commerce a reality, helping Members and others advocate for stronger regulation around greenwashing online.
Digitalisation has increased significantly post COVID-19, with 57% of adults in low- and middle-income countries now using digital payments. While this offers benefits such as faster transactions and greater access to products, consumers face challenges such as system glitches, fraud and opaque pricing. Our inaugural digital financial services index 'Digital finance: The consumer experience, 2023' , assesses these issues and provides insights for regulators and market participants. Assessed across four pillars, the index produced a score of only 40 out of 100, indicating the need for better frameworks.
Consumer protection can help secure a fast, fair and accountable transition to clean energy. Our report ‘Improving the consumer journey on the road to clean energy’ highlights innovative solutions and collaboration to support consumers in the

transition.

The causes of rising food prices are complex; climate crisis, conflict and COVID-19 have all driven up costs. Yet unfair pricing practices, driven by weak competition and market concentration, are exacerbating the situation. The Fair Food Price Monitor developed three pilot studies in partnership with Consumers International Members in Kenya, Ghana, and Nigeria. The studies showed retail prices for key food products rising faster than wholesale prices and remaining high even when wholesale prices fall.
Increasingly affordable home technologies like solar panels, batteries, and efficient electrical devices are creating cleaner and cheaper energy alternatives for consumers. Our new report investigated the one-stop-shop – a new business model helping to make renewable energy opportunities available consumers. 'Designing a one-stopshop for consumer renewable energy systems' identifies 113 one-stop-shop solutions already working to support consumers worldwide, outlining the policy interventions needed to scale up consumer renewable energy systems at speed.
To unlock sustainable living worldwide, we need interventions that work for as many people as possible. Building upon data from 30,000 consumers across 31 global markets, our report, ‘Global consumer archetypes to foster sustainable living’ identified four distinct consumer segments. It offers tailored solutions to help policymakers and businesses enable people to live more sustainably. This research is part of our Consumer Insights Series, which develops cutting edge insights on a range of consumer issues together with our Members and global experts.

impactful projects

We work to build a world where consumers everywhere have access to a marketplace that is safe, fair, and sustainable. Our projects find and implement solutions to consumer challenges across a range of issues; from protecting consumers in a rapidly changing digital world to shifting consumption habits towards sustainable options.

Our projects include:

Consumer Voice for Fair Food Prices. With support from The Rockefeller Foundation, this new initiative has empowered consumer advocates and mobilised policy-makers across the African region to drive change on unfair food prices. We brought together competition authorities and consumer organisations across 21 African countries to initiate collaboration and put solutions into action. We developed the Fair Food Price Monitor to act as an early warning system for unfair food prices and unlock regulatory change.
Building the consumer voice for digital finance. Consumer protection frameworks are

not keeping up with rising levels of complexity in the digital finance ecosystem. This is leaving consumers at increased risk, especially vulnerable consumers. Through our dedicated multi-stakeholder initiative, supported by the Mastercard Center for Inclusive Growth, Consumers International will ensure their voice is systematically accounted for as the market transforms.

Fair Digital Finance Accelerator. Our Fair Digital Finance Accelerator builds bridges between consumer groups and regulators in low- and middle-income countries for strengthened consumer protection. In 2023, the Accelerator grew to over 65 consumer associations and our training has reached over 100,000 consumers, including 10,000 youth. The Accelerator is funded by the Bill & Melinda Gates Foundation, with support from CGAP.
Interoperability for all: cross-border consumer redress and trust. There are growing calls to review and update interoperability between data regimes to remove obstacles for cross-border data flows. This global multi-stakeholder initiative, initially supported by Visa, will develop an understanding of what interoperability of data governance regimes would mean for consumers.
GreEnCommerce . Launched in 2022 with support from Amazon and implemented in partnership with the International Institute for Sustainable Development (IISD), Consumers International led a global research project to grasp the opportunity for change in sustainable consumption in e-commerce, gathering insights and expertise from a global, multi-stakeholder group of e-commerce actors, policy-makers, and consumer protection agencies.
Consumer Information Programme (CI-SCP). We co-lead the programme as part of the UN’s One Planet Network and one of the official implementation mechanisms of Sustainable Development Goal 12. This year the programme developed a new project, EcoAdvance, to increase the use of sustainable public procurement and eco-labelling to meet climate mitigation goals.

fundraising and partnerships

The core of Consumers International’s funding is from membership contributions from consumer organisations around the world which are selected to join us as Members. Ensuring Consumers International has diverse and secure funding streams allows us to increase our collective reach and impact. Consumers International also accepts funding from select foundations, national governments, multi-lateral agencies, the private sector, civil society and other sources. Our Change Network convenes organisations who share our values to work with us to find solutions and take action that will protect and empower consumers for years to come. From 2023, all organisations within the Change Network commit to our Principles for Building with and for Consumers.

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German Environment Ministry: 10YFP Consumer Information Programme for
Sustainable Consumption and Production
Swedish Society for Nature Conservation: Green Action Fund
Consumentenbond: Anne Fransen Fund
Bill & Melinda Gates Foundation : Fair Digital Financial Accelerator
Ford Foundation: Digital consumer rights in low- and middle-income countries
Ford New Venture Fund - Media Democracy Fund: Digital technologies for consumer protection
The Rockefeller Foundation : Consumer Voice for Fair Food Prices
Rockefeller Philanthropy Advisors - Integrate to Zero : Consumer renewable energy systems
Mastercard Center for Inclusive Growth - Mastercard Impact Fund: Building the Consumer Voice for Digital Finance
New Venture Fund for Global Policy and Advocacy : Guidelines for transparent digital finance

governance

Consumers International is a charity registered with the Charity Commission in England and Wales (No.1122155). It registered on 2 January 2008 and is governed by its Memorandum and Articles of Association, as amended 1 November 2007 and 21 November 2015. It is also a not-for-profit company limited by guarantee registered in England and Wales on 11 December 2001 (No. 04337865).

Consumers International was formerly known as the International Organisation of Consumers Unions (IOCU). It was started as a not-for-profit NGO in 1960.

Our structure

Our global staff are led by our Director General, who is guided by and accountable to Consumers International’s Board of Trustees.

The Board of Trustees meets regularly and includes the President, Vice President, Honorary Secretary and Treasurer. It is ultimately responsible in law for the charity, its assets and activities. The Board delegates to the Director General to deliver the management and day-to-day running of the organisation.

The Treasury Committee is a Committee of the Board of Trustees appointed to assist the Board in fulfilling its responsibilities in all aspects of financial management and control of the organisation. Our Council is a larger, advisory body to the Board of Trustees. Our Board and Council are made up of Senior Representatives from our full Member organisations.

The General Assembly consists of the voting delegates of the full Members of Consumers International and takes place every four years when Consumers International holds its Global Congress. A key function of the General Assembly is to elect the President and the Council. The President is a non-executive position and acts as chair of the General Assembly, the Council and the Board.

Trustee induction and training

New Trustees undergo an induction meeting with the Consumers International Director General, President and legal governance advisor to brief them on their role as a trustee. This includes their governance responsibilities, Board operating and decision-making practices and process, the legal obligations under charity and company law, and the business plan and recent financial performance of the charity. New Trustees are issued with the Consumers International Articles, Guidelines for Council and Board Members and information directing them to legal advice on duties and responsibilities. They are asked to complete and return a ‘Personal Trustee Declaration form’ and a ‘Declaration of Interests form’.

Council Members have an advisory capacity and are given a full briefing at an induction

meeting that includes their relevant governance responsibilities, Council operating practices and key strategic issues.

remuneration

The key management remuneration, including the Director General, is based on commensurate experience and the breadth and requirements of the role. Following benchmarking of market rates, the Director General signs off job descriptions and pay level for key management staff. The Director General's remuneration is reviewed and authorised by the President of Consumers International and designated Trustees.

financial review, reserves policy and risk management

Financial review

In December 2022, the Board approved the budget for 2023 which showed a deficit of £723,903. Financials for the year resulted in a deficit position of £427,406 which was £296,497 better than expected against the Budget. The decrease in revenue, driven by the loss of significant membership income from a large member, and lower Business Associate and Foundation income was offset by careful management of expenditure, giving rise to an underspend on Staffing and Programming costs. This resulted in a deficit to general funds of £426,386 and a deficit for restricted funds of £1,020 thus leading to a consolidated deficit of £427,406 (2022: £ 634,356 surplus).

The total income for 2023 was lower than the previous year at £2,251,387 (2022: £2,359,686) due to reduced Membership income and lower Business Associate income which was offset by an increase in Project income following the recognition of project funds from prior year projects. The Membership income for 2023 was £1,214,122 (2022: £1,386,644). Expenditure for the period increased to £2,678,793 (2022: £1,725,330).

Included in the consolidated results are those of the subsidiary for Consumers International Services Ltd. that was registered in August 2018. A loss of £392 was achieved for 2023 (2022: £18,231 profit) with Income of £79,391 (2022: £196,722), Cost of sales of £51,497 (2022: £170,918) and Expenditure of £28,286 (2022: £7,573). General Funds amount to £19,697 for 2023 (2022: £20,089).

Reserves policy

The general reserves for the organisation increased to £1,471,753 (2022: £1,692,749) with additional designated reserves of £36,323 (2022: £245,820). In March 2015, the Council set a 20% target of unrestricted income to be held in reserves. This equates to a target unrestricted reserves level of £276,584 (2022: £376,342) and we are therefore within our reserves target.

Restricted reserves held at the end of 2023 were £5,616 (2022: £2,529) giving total closing reserves of £1,513,692 (2022: £1,941,098).

We continue to sustain our Risk Reserves at levels that meet up to 3 months of operation costs. The additional provision of £60,000 per year set aside for strategic reserves has been put on hold whilst the organisation focuses on driving income from new Business Associates, whilst continuing to maintain current operational costs.

The Charity Commission for England and Wales guidance suggests there is no single level, or even a range of, reserves that is right for all charities. Any target set by Trustees for the level of reserves to be held should reflect the particular circumstances of the individual charity. To do this, Trustees need to know why the charity should hold reserves and, having identified those needs, the Trustees should consider how much should be held to meet them. We believe with stringent controls in place and careful monitoring of all costs, we can maintain our operations within the designated limits.

The following reasons are stated as to why Consumers International needs to hold reserves:

To maintain a sufficient level of working capital
To secure the organisation against major risks
To act as a cushion to cope with any unexpected costs or to avoid missing out on opportunities
To grow funding for new Member services or ventures in order to grow the organisation

Risk Assessment

The Trustees and senior management team review the risks the organisation is exposed to. The review looks at the key strategic risks around Consumers International’s ability to deliver its strategy and considers risk mitigation strategies.

Consumers International, like many organisations and Members, is operating in an everchanging landscape. To respond to this challenging environment, we must adapt and evolve to these new realities to survive and thrive. Consumers International’s top key risks that it is addressing are:

Loss of unrestricted income from Membership
Inability to secure investment or sponsorship for strategic development and strategic initiatives

A significant risk to Consumers International is a loss of Members leading to a reduction of unrestricted income. A loss of a large Member will severely impact our core unrestricted income and impact our ability to maintain operations and deliver the results other Members value. To mitigate this risk Consumers International has developed its strategy to become more relevant across a broader range of global stakeholders who can help the delivery of positive consumer outcomes and create more impact through a broader network.

To fund this strategic development, we need to secure additional core investment and contribution. We continue to build relationships with key organisations and work with our Members to secure the additional funds required. We are approaching foundations, corporate entities and social enterprise investors that are responsive to explore areas of common ground in relation to a consumer problem for public good. We have implemented this new strategy with the launch of our Business Engagement model in July 2023 and have inducted 2 Associates to date. The model has been developed to cater for different business interests with three Associate community entry points identified.

Ethical sustainable funding guardrails and protocols are in place to ensure we safeguard the organisation when accepting funding from governments, foundations and businesses. The guardrails were discussed and adopted in March 2017 as a result of our deliberations during November 2016 Council and Board meetings.

Trustees’ responsibilities statement

The Trustees (who are also directors of Consumers International) are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

Select suitable accounting policies and then apply them consistently
Observe the methods and principles in the Statement of Recommended Practice (SORP)
Make judgements and estimates that are reasonable and prudent
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

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

The 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 the financial statements may differ from legislation in other jurisdictions.

Statement as to disclosure of information to auditor

The directors who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant audit information of which the auditor is unaware. Each of the directors have confirmed that they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.

Auditor

Haysmacintyre LLP was appointed auditor by the Board of Trustees pursuant to the power under section 485(3) of the Companies Act 2006.

In preparing this report, the directors (trustees) have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

By order of the Board

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………………………………

Dr. Marimuthu Nadason, President Consumers International Date: 18 July 2024

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CONSUMERS INTERNATIONAL (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

Auditor’s report

Opinion

We have audited the financial statements of Consumers International for the year ended 31 December 2023 which comprise the Consolidated Statement of Financial Activities, the Group and Charity Balance Sheets, the Consolidated Cash Flow Statement and related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:

give a true and fair view of the state of the group’s and of the parent charitable company’s affairs as at 31 December 2023 and of the group’s and parent charitable company’s net movement in funds, including the income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

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'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 Trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report. 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.

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.

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CONSUMERS INTERNATIONAL (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

Opinions on other matters prescribed by the Companies Act 2006

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

the information given in the Trustees’ Annual Report (which incorporates the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors’ report included in the Trustees’ Annual Report has been prepared in accordance with applicable legal requirements.

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’ Annual Report (which incorporates the directors’ 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:

adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent charitable company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Trustees’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Trustees for the financial statements

As explained more fully in the Trustees’ responsibilities statement set out on page 21, 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’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.

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:

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CONSUMERS INTERNATIONAL (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the Companies Act 2006 and Charities Act 2011, and we considered the extent to which non-compliance 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 corporation tax, payroll tax and sales tax.

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 posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

Inspecting correspondence with regulators and tax authorities;
Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
Evaluating management’s controls designed to prevent and detect irregularities;
Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions;
Challenging assumptions and judgements made by management in their critical accounting estimates; and
Agreeing the validity of recognised receivables on a sample basis and challenging the recoverability assumptions, further assessing for any fraud or bias

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 our 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.

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…………………………………………………………………………………

Jeremy Beard (Senior Statutory Auditor)

For and on behalf of Haysmacintyre LLP, Statutory Auditors

10 Queen Street Place London EC4R 1AG

24 July 2024 Date: ………………………………………………

CONSUMERS INTERNATIONAL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (incorporating income and expenditure account) FOR THE YEAR ENDED 31 DECEMBER 2023

Financial statements

Notes Income and endowments from: Charitable activities Membership Fees 2 International advocacy and campaigning 2 Other trading activities 3 Investment income – bank interest Total income Expenditure on: Raising funds 4 Charitable activities International advocacy and campaigning 4 Total expenditure Net (expenditure)/income Transfer between funds 11 Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 12	Unrestricted Funds 2023 £ Restricted funds 2023 £ Total funds 2023 £ Total funds 2022 £ 1,214,122 - 1,214,122 1,386,644 - 869,733 869,733 477,976 137,257 - 137,257 490,174 30,275 - 30,275 4,892
	1,381,654 869,733 2,251,387 2,359,686 203,893 - 203,893 222,194 1,604,147 870,753 2,474,900 1,503,136
	1,808,040 870,753 2,678,793 1,725,330
	(426,386) (1,020) (427,406) 634,356
	(4,107) 4,107 - -
	(430,493) 3,087 (427,406) 634,356
	1,938,569 2,529 1,941,098 1,306,742
	1,508,076 5,616 1,513,692 1,941,098

All income arises from the continuing activities of the charity. There were no other recognised gains or losses other than those stated above.

The notes on pages 29 to 41 form part of these financial statements.

Company registered number: 04337865

CONSUMERS INTERNATIONAL CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT 31 DECEMBER 2023

Notes FIXED ASSETS Tangible assets 7 Investment in subsidiary 8 CURRENT ASSETS Debtors 9 Cash at bank and in hand CREDITORS Amounts falling due within one year 10 Net current assets Total net assets The funds of the charity Restricted income funds 11, 12 Unrestricted funds Designated funds 11, 12 General funds 11, 12 Total charity funds	Group 2023 £ Charity 2023 £ Group 2022 £ Charity 2022 £ 10,276 10,276 11,525 11,525 - 1 - 1
	10,276 10,277 11,525 11,526 149,225 240,630 86,492 215,436 2,216,033 2,095,804 2,508,535 2,386,527
	2,365,258 2,336,434 2,595,027 2,601,963
	(861,842) (852,715) (665,454) (692,478)
	1,503,416 1,483,719 1,929,573 1,909,485
	1,513,692 1,493,996 1,941,098 1,921,011
	5,616 5,616 2,529 2,529 36,323 36,323 245,820 245,820 1,471,753 1,452,057 1,692,749 1,672,662
	1,513,692 1,493,996 1,941,098 1,921,011

Approved by the Trustees and authorised for their issue on 18 July 2024 and signed on their behalf by:

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…………………………………………………

Dr. Marimuthu Nadason

The notes on pages 29 to 41 form part of these financial statements.

CONSUMERS INTERNATIONAL CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Notes Cash flows from operating activities Net income/(expenditure) for the year Adjustments for: Bank interest received Depreciation received Impairment of debtors for bad debts Decrease / (Increase) in debtors Increase / (Decrease) in creditors Net cash (used in)/provided by operating activities Cash flows from investing activities: Bank interest received Purchase of fixed assets Net cash used in investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at 1 January Change in cash and cash equivalents due to exchange rate movements Cash and cash equivalents at 31 December Reconciliation of net debt There are no debt instruments held, the only net debt is cash and cash equivalents. Analysis of cash and cash equivalents Cash in hand	Group 2023 £ Group 2022 £ (427,406) 634,356 (30,276) (4,892) 7,847 (10,135) 24,523 8,603 (62,733) (27,770) 196,388 (272,065)
	(291,657) 328,097 30,276 4,892 6,598 (5,565)
	36,874 (673)
	(254,783) 327,424 2,508,535 2,169,426 (37,719) 11,685
	2,216,033 2,508,535

	2,216,033 2,508,535

The notes on pages 29 to 41 form part of these financial statements.

CONSUMERS INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

1.1 ACCOUNTING CONVENTION

The financial statements have been prepared 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) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Consumers International meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction values unless otherwise stated in the relevant accounting policy notes.

1.2 BRANCHES / SUBSIDIARY UNDERTAKING AND CONSOLIDATION

The financial statements aggregate the results of Consumers International (Global Office) and the Regional Hubs: Regional Hub for Asia and the Pacific (Malaysia) – ceased operations June 2021 Regional Hub for Latin America and the Caribbean (Chile)

Regional Hub for Africa (South Africa) – ceased operations June 2021

Where necessary, the accounts of the regional offices have been restated in order to comply with the United Kingdom Generally Accepted Accounting Practice.

The group Statement of Financial Activities (SOFA) and the group Balance Sheet consolidate on a line by line basis the results of the charitable company and its subsidiary, Consumers International Services Ltd, registered in England and Wales, of which the charity holds 100% of the share capital. Consumers International has taken advantage of the exemptions afforded by Section 408 of the Companies Act 2006 and not presented a SOFA for the charitable company itself.

1.3 GOING CONCERN

The Trustees have prepared the financial statements on the going concern basis. On reviewing the budget, given all large contributors are expected to settle their membership fees for 2024, with mitigating actions in place to reduce costs in the event of a shortfall, Trustees are of the view that no material uncertainties about the entities ability to continue as a going concern exist.

1.4 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or grantmaking bodies, or funds which have been raised by the charity for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.

CONSUMERS INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

1 ACCOUNTING POLICIES (continued)

1.5 INCOME

All income is included in the statement of financial activities when the charity is entitled to the income, receipt is probable and the amount can be measured reliably.

Members’ fees and all other income are recognised on a receivable basis. Project income is considered to represent principally performance-related grants and, therefore, is recognised, as it is earned, to the extent that the organisation has provided the services or activities specified in the underlying funding agreement. Income received for project work in future periods is deferred.

1.6 EXPENDITURE

Expenditure is accounted for on an accruals basis where 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 costs are allocated to either unrestricted charitable activities or to the external project to which they relate. Overhead contribution from project income is deducted from office and administration expenditure and related staff costs incurred in the year.

Amounts transferred to partner organisations, previously referred to as 'grants', have been deemed to reflect a method of incurring direct expenditure via partner organisations, with all original source documentation obtained and accounted for and any unspent funds are clawed back by the partner organisation.

1.7 CAPITALISATION POLICY

Any item over £1,000 in value where its economic benefit could be accrued over multiple years of its useful life are capitalised and depreciated on the above basis.

1.8 DEPRECIATION

Tangible fixed assets are stated in the balance sheet at cost less depreciation and any impairment, which is calculated to write off the individual assets over their estimated useful lives at the following annual rates:

Furniture, fittings and equipment 4 years straight line Computer hardware and software 3 years straight line

1.9 FOREIGN CURRENCY

Transactions denominated in foreign currency are translated into sterling at the exchange rate on the 1[st] of the month for each month.

Exchange differences arising from the translation of the regional office accounts (and the subsidiary undertaking) are included in the SOFA. Exchange differences arising from the translation into sterling of assets and liabilities denominated in foreign currencies are translated using the exchange rate ruling at the balance sheet date. All exchange differences are taken to the respective funds within the SOFA.

Brought forward reserves of the Regional Office accounts are retranslated at the closing exchange rate ruling at the balance sheet date and this movement is reflected as a retranslation gain or loss within other recognised gains and losses in the SOFA.

CONSUMERS INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

1 ACCOUNTING POLICIES (continued)

1.10 LEASING TRANSACTIONS

Operating lease rentals transactions are charged to the SOFA on a straight-line basis over the life of the relevant lease.

1.11 EMPLOYEE BENEFITS

Consumers International operates a defined contribution pension scheme. The assets of the scheme are held independently from those of the charity in an independent fund. Contributions are recognised when due and charged to the Statement of Financial Activities.

Short term benefits including holiday pay are recognised as expenses in the period the service is received.

Employee termination benefits are accounted for on an accruals basis and in line with FRS 102.

1.12 FINANCIAL INSTRUMENTS

The group has elected to apply the provisions of Section 11 ‘Basis Financial Instruments’ and Section 12 ‘Other Financial Instruments’ of FRS 102, in full to all of its financial instruments. Financial assets and liabilities are recognised when the group becomes a party to the contractual provisions of the instrument, and are offset only when the group currently has a legally enforceable right to set off the recognised amounts and intends to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets

Debtors which are receivable within one year and which do not constitute a financial transaction are initially measured at the transaction price. Trade debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. A provision for impairment of debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised within the SOFA for the excess of the carrying value of the debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised are recognised immediately in the SOFA.

Financial liabilities

Creditors payable within one year that do not constitute financing transactions are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

1.13 CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, occasionally not equal the related actual results.

The financial statements contain a doubtful debt provision of £37,924 (2022: £32,451).

CONSUMERS INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

2 CHARITABLE ACTIVITIES Membership contributions 2023 £ Full Members 1,175,855 Affiliate Members 23,296 Government and Supporter members 14,971 1,214,122 Project Income International advocacy and campaigning 869,733 2,083,855 3 OTHER TRADING ACTIVITIES 2023 £ Rental Income - Other income 137,257 137,257 4 ANALYSIS OF EXPENDITURE Raising Funds £ International Advocacy & Campaign £ Total 2023 £ Direct salary costs 158,689 733,858 892,547 Other direct costs - 1,192,341 1,192,341 Support costs 45,204 548,701 593,905 203,893 2,474,900 2,678,793 PRIOR YEAR Raising Funds £ International Advocacy & Campaign £ Total 2022 £ Direct salary costs 168,297 507,605 675,902 Other direct costs - 630,922 630,922 Support costs 53,897 364,609 418,506 222,194 1,503,136 1,725,330 ANALYSIS OF SUPPORT COSTS 2023 £ Salary costs for support staff 381,289 Accommodations 40,202 IT, website and maintenance 67,648 Legal and professional 53,363 Governance 37,882 Other office and administrative costs 13,521 593,905	2 CHARITABLE ACTIVITIES Membership contributions 2023 £ Full Members 1,175,855 Affiliate Members 23,296 Government and Supporter members 14,971 1,214,122 Project Income International advocacy and campaigning 869,733 2,083,855 3 OTHER TRADING ACTIVITIES 2023 £ Rental Income - Other income 137,257 137,257 4 ANALYSIS OF EXPENDITURE Raising Funds £ International Advocacy & Campaign £ Total 2023 £ Direct salary costs 158,689 733,858 892,547 Other direct costs - 1,192,341 1,192,341 Support costs 45,204 548,701 593,905 203,893 2,474,900 2,678,793 PRIOR YEAR Raising Funds £ International Advocacy & Campaign £ Total 2022 £ Direct salary costs 168,297 507,605 675,902 Other direct costs - 630,922 630,922 Support costs 53,897 364,609 418,506 222,194 1,503,136 1,725,330 ANALYSIS OF SUPPORT COSTS 2023 £ Salary costs for support staff 381,289 Accommodations 40,202 IT, website and maintenance 67,648 Legal and professional 53,363 Governance 37,882 Other office and administrative costs 13,521 593,905	2022 £ 1,346,673 22,160 17,811
		1,386,644 477,976
		1,864,620
		2022 £ 15,289 474,885
		490,174
		Total 2022 £ 675,902 630,922 418,506
203,893 2,474,900	2,678,793	1,725,330
Raising Funds £ International Advocacy & Campaign £ 168,297 507,605 - 630,922 53,897 364,609	Total 2022 £ 675,902 630,922 418,506	2022 £ 279,717 47,261 43,436 57,773 31,510 (41,191)
222,194 1,503,136	1,725,330
	2023 £ 381,289 40,202 67,648 53,363 37,882 13,521
	593,905	418,506

CONSUMERS INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

5 THE SURPLUS IS STATED AFTER CHARGING Foreign exchange (loss)/gain Auditor's remuneration (excluding VAT) Audit fees for the group Other services Depreciation Co-working office space rentals 6 STAFF COSTS Staff costs were as follows: Wages and salaries (including temp staff) Social security costs Contributions to defined contribution pension schemes	2023 £ 2022 £ (27,050) 15,062 26,425 24,050 10,450 9,031 7,847 10,136 39,804 42,966
	2023 £ 2022 £ 1,127,359 888,015 107,328 40,676 39,148 26,928
	1,273,835 955,619

During the year, none of the Trustees have been paid remuneration or received any other benefits from employment with Consumers International or its subsidiary, Consumers International Services Ltd. Trustees were not reimbursed any expenses (2022 – none).

The key management personnel of the charity comprise the Trustees and senior management team set out on page 4. The total employee costs of key management personnel for the year was £620,989 (2022: £521,061) and includes 6 members of staff (2022: 6 members of staff).

	2023	2022
	No.	No.
Average monthly number of employees	24	20
The number of higher paid employees was:
£60,001 - £70,000	1	1
£70,001 - £80,000	2	1
£80,001 - £90,000	1	1
£170,001 - £180,000	1	1
£180,001 - £190,000	-	1

The company paid pension contributions of £22,620 (2022: £15,255) in respect of the above employees.

CONSUMERS INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

7 TANGIBLE FIXED ASSETS

Cost: At 1 January 2023 Additions Disposals At 31 December 2023 Depreciation At 1 January 2023 Charge for the year On disposals At 31 December 2023 Net book value At 31 December 2023 At 31 December 2022	Computer hardware and software £ Total tangible fixed assets £ 175,673 175,673 6,598 6,598 - -
	182,271 182,271
	164,148 164,148 7,847 7,847 - -
	171,995 171,995

	10,276 10,276

	11,525 11,525

8 INVESTMENT IN SUBSIDIARY

Consumers International Services Ltd. is a wholly owned trading subsidiary, registered in England and Wales (Registration No. 11494269) with registered address 70 White Lion Street, London, N1 9PP. It's performance and financial position is summarised below:

Profit and loss Turnover Cost of sale Gross Profit Admin expenses (Loss)/ profit for the year Equity as at 1 January Gift aid distribution to Consumers International Equity as at 31 December Balance sheet Current assets Current liabilities Net assets at 31 December	2023 £ 2022 £ 79,391 196,722 (51,497) (170,918)
	27,894 25,804 (28,286) (7,573)
	(392) 18,231 20,089 6,158 - (4,300)
	19,697 20,089
	121,388 143,230 (101,691) (123,141)
	19,697 20,089

CONSUMERS INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

9

DEBTORS Membership fees Other debtors Prepayments and accrued income Other taxation and social security Intercompany debtors - CI Services Ltd	Group 2023 £ Charity 2023 £ Group 2022 £ Charity 2022 £ 1,438 1,438 7,134 2,135 40,242 39,083 44,704 28,482 100,537 100,538 34,654 75,195 7,008 7,008 - - - 92,563 - 109,624
	149,225 240,630 86,492 215,436

A bad debt expense of £24,522 (2022: £8,603) was charged to the SOFA. The doubtful debt provision at year-end was £37,924 (2022: £32,451).

10

CREDITORS Group 2023 £ Charity 2023 £ Trade creditors 79,930 79,618 Other creditors 9,471 9,471 Other taxation and social security 29,919 29,919 Accruals 111,234 102,419 Deferred income (see below) 631,288 631,288 861,842 852,715 Deferred income reconciliation Brought forward balance at 1 January Amount recognised as incoming resources in the year Amount deferred in the year Deferred income carried forward at 31 December	Group 2023 £ Charity 2023 £ 79,930 79,618 9,471 9,471 29,919 29,919 111,234 102,419 631,288 631,288	Group 2022 £ Charity 2022 £ 46,588 46,301 10,277 10,277 44,273 44,273 212,921 240,232 351,395 351,395
	861,842 852,715	665,454 692,478
		2023 £ 2022 £ 351,395 644,682 (351,395) (644,682) 631,288 351,395
		631,288 351,395

Deferred income comprises grant funding received in advance of carrying out the project activities which would give rise to entitlement and recognition of the income.

CONSUMERS INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

11 ANALYSIS OF FUND MOVEMENTS

Group Restricted funds Green Action Fund Sustainable Consumption Bill & Melinda Gates Foundation Rockefeller Foundation Rockefeller Philanthropy Advisors Mastercard Center for Inclusive Growth New Venture Fund Unrestricted funds Designated - Ford Foundation General funds Total: Group comparative 2022 Restricted funds Green Action Fund Sustainable Consumption Bill & Melinda Gates Foundation Food and Agriculture Organisation of the United Nations Enel Foundation Rockefeller Foundation Unrestricted funds Designated - Ford Foundation General funds Total:	1 January 2023 Income Expenditur e Transfer 31 December 2023 £ £ £ £ £ 2,529 85,043 (91,679) 4,107 - - 79,658 (74,042) - 5,616 - 383,907 (383,907) - - - - - 214,334 64,942 218 (214,334) (64,942) (218) - - - - - - - 41,631 (41,631) - -
	2,529 869,733 (870,753) 4,107 5,616 245,820 - (209,497) - 36,323 1,692,749 1,381,654 (1,598,543) (4,107) 1,471,753
	1,938,569 1,381,654 (1,808,040) (4,107) 1,508,076
	1,941,098 2,251,387 (2,678,793) - 1,513,692
	2,342 81,846 (81,659) - 2,529 13,388 55,777 (75,405) 6,240 - - 237,854 (237,854) - - - 32,996 (32,996) - - - 59,993 (59,993) - - - 9,510 (9,510) - -
	15,730 477,976 (497,417) 6,240 2,529 87,888 261,857 (103,925) - 245,820 1,203,124 1,619,853 (1,123,988) (6,240) 1,692,749
	1,291,012 1,881,710 (1,227,913) (6,240) 1,938,569
	1,306,742 2,359,686 (1,725,330) - 1,941,098

CONSUMERS INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

The objects of each of the restricted funds are as follows:

Green Action Fund– A project funded by the Swedish Society for Nature Conservation (SSNC) to promote awareness and advocate practices which encourage sustainable consumption.

Sustainable Consumption - A project funded by BMUB, Consumers International lead on Consumer Information Programme (From Sustainable Lifestyles towards Social Change), as one of the six programmes run under the UN’s 10 Year Framework of Programmes on Sustainable Consumption and Production (10YFP).

Bill & Melinda Gates Foundation - ‘Fair Digital Financial Accelerator’ project to support consumer advocates in low and middle-income countries to develop expertise and build connections with digital finance regulators and providers to increase the presence of consumer-centred policy.

Ford Foundation - Funding received from the Ford Foundation to enhance our work on digital consumer rights, particularly in lower and middle income countries has been set aside as Designated reserves and will be fully utilised over the coming year.

Enel Foundation - Project to propose supplements to the United Nations Guidelines for Consumer Protection and promote their adoption by individual countries and businesses to support the transition to clean energy.

The Food and Agriculture Organization of the United Nations - Project to support activities strengthening consumer engagement with Food Systems Summit outcomes.

Rockefeller Foundation - ‘Consumer Voice for Fair Food Prices’ project to empower consumer advocates in Africa and mobilise policy makers and competition authorities to act on excessive food prices

Rockefeller Philanthropy Advisors - ‘Integrate to Zero’ project enabling One Stop Shops for integrated consumer energy systems

Mastercard Center For Inclusive Growth - ‘Building Consumer Voice for Digital Finance’ project to explore models of digital finance to improve protection and empowerment for vulnerable consumers

New Venture Fund for Global Policy and Advocacy - project to build a better digital finance system for vulnerable consumers by building guidelines on how to improve transparency

The transfers between funds during the year simply relate to the general fund covering the overspend in the various restricted funds.

CONSUMERS INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

CHARITY Restricted funds Green Action Fund Sustainable Consumption Bill & Melinda Gates Foundation Rockefeller Foundation Rockefeller Philanthropy Advisors Mastercard Impact Fund New Venture Fund Project Unrestricted funds Designated - Ford Foundation General funds Total: Charity comparative 2022 Restricted funds Green Action Fund Sustainable Consumption Bill & Melinda Gates Foundation Food and Agriculture Organisation of the United Nations Enel Foundation Rockefeller Foundation Unrestricted funds Designated - Ford Foundation General funds Total:	1 January 2023 Income Expenditure Transfer 31 December 2023 £ £ £ £ £ 2,529 85,043 (91,679) 4,107 - - 79,658 (74,042) - 5,616 - 383,907 (383,907) - - - - - - 214,334 64,942 218 41,631 (214,334) (64,942) (218) (41,631) - - - - - - - - 2,529 869,733 (870,753) 4,107 5,616	1 January 2023 Income Expenditure Transfer 31 December 2023 £ £ £ £ £ 2,529 85,043 (91,679) 4,107 - - 79,658 (74,042) - 5,616 - 383,907 (383,907) - - - - - - 214,334 64,942 218 41,631 (214,334) (64,942) (218) (41,631) - - - - - - - - 2,529 869,733 (870,753) 4,107 5,616
		2,529 869,733 (870,753) 4,107 5,616
		245,820 - (209,497) - 36,323 1,672,661 1,303,529 (1,520,026) (4,107) 1,452,057
		1,918,481 1,303,529 (1,729,523) (4,107) 1,488,380
		1,921,010 2,173,262 (2,600,276) - 1,493,996
		2,342 81,846 (81,659) - 2,529 13,388 55,777 (75,405) 6,240 - - 237,854 (237,854) - - - 32,996 (32,996) - - - - - 59,993 (59,993) - - - 9,510 (9,510) - -
		15,730 477,976 (497,417) 6,240 2,529 87,888 261,857 (103,925) - 245,820 1,196,967 1,467,973 (986,039) (6,240) 1,672,661
		1,284,855 1,729,830 (1,089,964) (6,240) 1,918,481
		1,300,585 2,207,806 (1,587,381) - 1,921,010

CONSUMERS INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

12 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Group Tangible fixed assets Investments Current assets Creditors due within one year	Unrestricted funds Restricted funds Total funds 2023 2023 2023 £ £ £ 10,276 - 10,276 - - - 1,728,354 636,904 2,365,258 (230,554) (631,288) (861,842) 1,508,076 5,616 1,513,692	Total funds 2022 £ 11,525 - 2,595,027 (665,454)
		1,941,098

Group comparative Charity Charity comparative Tangible fixed assets Investments Current assets Creditors due within one year Tangible fixed assets Investments Current assets Creditors due within one year Tangible fixed assets Investments Current assets Creditors due within one year	Unrestricted funds Restricted funds Total funds 2022 2022 2022 £ £ £ Unrestricted funds Restricted funds Total funds 2023 2023 2023 £ £ £ Unrestricted funds Restricted funds Total funds 2022 2022 2022 £ £ £ 11,525 - 11,525 - - - 2,241,103 353,924 2,595,027 (314,059) (351,395) (665,454) 1,938,569 2,529 1,941,098 10,276 - 10,276 1 - 1 1,699,530 636,904 2,336,434 (221,427) (631,288) (852,715) 1,488,380 5,616 1,493,996 11,525 - 11,525 1 - 1 2,248,039 353,924 2,601,963 (341,083) (351,395) (692,478) 1,918,482 2,529 1,921,011	Total funds 2022 £ 11,525 1 2,601,963 (692,478)
		1,921,011

CONSUMERS INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

13 MEMBERS' LIABILITIES

The Charitable company does not have a share capital and is Limited by guarantee. In the event of the company being wound up, the maximum amount each member is liable to contribute is £1. There were 87 Full Members as at 31 December 2023 (2022:95).

14 RELATED PARTIES

International Consumer Research and Testing Limited rented office space within Consumers International’s London offices up to 2022. The total rental income recognised in 2023 was therefore £nil (2022: £15,289). International Consumers Research and Testing Limited and Consumers International have Trustees in common.

The Board of Trustees are made up of member organisations of Consumers International in line with our constitution. All Members have to pay minimum membership fee to Consumers International. None of the Trustees have been paid remuneration or received any other benefits from an employment with their charity or related entity.

Consumers International also has an investment in its trading subsidiary Consumers International Services Ltd. Please see note 8 above. Recharges for salaries and overheads were made during the year totaling £1,265 (2022: £58,435). The inter company balance held at 31 December 2023 amounts to £92,563 (2022: £109,624).

15 PENSION COMMITMENTS

The charity operates a defined contribution scheme for staff, and further pays into a personal pension scheme for one individual (2022: one individual). Total employer contribution amounts paid to the schemes were £39,148 (2022: £26,928). Amounts outstanding at the end of the year were £4,407 (2022: £3,260).

16 OPERATING LEASE COMMITMENTS

The organisation has the following minimum lease payments due in relation to non cancellable operating leases:

	2023	2022
	£	£
Land and buildings:
Amount payable within 1 year	-	-

Operating lease costs charged to the statement of financial activities in the year was £nil (2022: £42,966).

CONSUMERS INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

17 STATEMENT OF FINANCIAL ACTIVITIES FOR THE PRIOR PERIOD

		Unrestricted	Restricted	Total	Total
		Funds	Funds	Funds	Funds
		2022	2022	2022	2021
	Notes	£	£	£	£
Income and endowments from:
Charitable activated
Membership Fees	2	1,386,644	-	1,386,644	1,357,730
International advocacy and	2	-	477,976	477,976	233,063
campaigning
Other trading activities	3	490,174	-	490,174	169,348
Investment income – bank interest		4,892	-	4,892	13
Total income		1,881,710	477,976	2,359,686	1,760,154
Expenditure on:
Raising funds	4	222,194	-	222,194	188,362
Charitable activities
International advocacy and	4	1,005,719	497,417	1,503,136	1,109,798
campaigning
Total expenditure		1,227,913	497,417	1,725,330	1,298,160
Net income (expenditure)		653,797	(19,441)	634,356	461,994
Transfers between funds	11	(6,240)	6,240	-	-
Net movement in funds		647,557	(13,201)	634,356	461,994
Reconciliation of funds:
Total funds brought forward		1,291,012	15,730	1,306,742	844,748
Total funds carried forward		1,938,569	2,529	1,941,098	1,306,742

All income arises from the continuing activities of the charity. There were no other recognised gains or losses other than those stated above.

==> picture [178 x 79] intentionally omitted <==

Consumers International brings together over 200 member organisations in more than 100 countries to empower and champion the rights of consumers everywhere. We are their voice in international policy-making forums and the global marketplace to ensure they are treated safely, fairly and honestly. Consumers International is a charity (No.1122155) and a not-for-profit company limited by guarantee (No. 04337865) registered in England and Wales.

consumersinternational.org impact@consint.org @consumers_int /consumersinternational /consumers-international

2023-12-31-accounts

a better marketplace for a changing world

contents

Foreword from the director general

HELENA LEURENT

message from the president

DR. MARIMUTHU NADASON

about consumers international

CHARTIABLE OBJECTS AND ACTIVITIES

OUR STRATEGY

Connecting our Members to share ideas:

Representing and influencing:

Convening a leadership network:

Driving impact through projects and innovation:

HOW WE ARE RUN

BOARD OF TRUSTEE MEMBERS

2023 - 2027

Appointed - 8 December 2023

COUNCIL MEMBERS

2023 - 2027

Advisory

LEADERSHIP TEAM

ACHIEVEMENTS AND PERFORMANCE

A SNAPSHOT OF IMPACT ACROSS 2023

March

June

A new phase for the Fair Digital Finance Accelerator

global congress

Telling the consumer advocacy story

A people-centred transition

Connecting members to share ideas

Highlights from 2023:

WORLD CONSUMER RIGHTS DAY

GLOBAL CONGRESS

A selection of highlights include:

SUPPORTING CONSUMER ORGANISATIONS IN LOW- AND MIDDLE-INCOME COUNTRIES

representing and influencing

Highlights include:

insight with and for consumers

Our findings include:

impactful projects

Our projects include:

fundraising and partnerships

governance

Our structure

Trustee induction and training

remuneration

financial review, reserves policy and risk management

Financial review

Reserves policy

Risk Assessment

Trustees’ responsibilities statement

Statement as to disclosure of information to auditor

Auditor

Dr. Marimuthu Nadason, President Consumers International Date: 18 July 2024

Auditor’s report

Opinion

Basis for opinion

Conclusions relating to going concern

Other information

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

Responsibilities of Trustees for the financial statements

Auditor’s responsibilities for the audit of the financial statements

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CONSUMERS INTERNATIONAL (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

Use of our report

Jeremy Beard (Senior Statutory Auditor)

Financial statements

CONSUMERS INTERNATIONAL CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT 31 DECEMBER 2023

CONSUMERS INTERNATIONAL CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

1 ACCOUNTING POLICIES

1.1 ACCOUNTING CONVENTION

1.2 BRANCHES / SUBSIDIARY UNDERTAKING AND CONSOLIDATION

1.3 GOING CONCERN

1.4 FUND ACCOUNTING

1 ACCOUNTING POLICIES (continued)

1.5 INCOME

1.6 EXPENDITURE

1.7 CAPITALISATION POLICY

1.8 DEPRECIATION