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← Institute For Human Rights & Business Limited

2024-12-31-accounts

REGISTERED COMPANY NUMBER: 06882940 (England and Wales) REGISTERED CHARITY NUMBER: 1131790

REPORT OF THE TRUSTEES AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Page
Report of the Trustees 1 to 10
Report of the Independent Auditors 11 to 14
Consolidated Statement of Financial Activities 15 to 16
Consolidated Balance Sheet 17
Consolidated Cash Flow Statement 18
Notes to the Consolidated Cash Flow Statement 19
Notes to the Consolidated Financial Statements 20 to 36

INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees of the Institute for Human Rights and Business (IHRB), who are also directors for the purposes of the Companies Act 2006, present their annual report and audited financial statements for the year ending 31 December 2024. This report has been prepared in accordance with the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Our Vision and Mission

IHRB is a global centre of excellence and a leading international think tank focused on the intersection of business and human rights. Our mission is to shape policy, advance practice, and strengthen accountability so that respect for human rights becomes embedded in everyday business conduct around the world.

The charity's objectives are to promote Human Rights (as set out in the Universal Declaration of Human Rights and subsequent United Nations Conventions and Declarations) throughout the world by all or any of the following means;

a) Promoting respect for Human Rights among individuals and corporations;

b) Research into Human Rights issues;

Our Status and Recognition

IHRB holds Special Consultative Status with the United Nations Economic and Social Council (ECOSOC) and Observer Status with the United Nations Framework Convention on Climate Change (UNFCCC). We are recognised globally for our impartial expertise, practical tools, and convening power.

How We Work

IHRB undertakes its work through a combination of:

We prioritise areas that offer potential for systemic impact, leverage, and catalytic change. These include global commodity value chains, recruitment and migration systems, the built environment, just transitions, and emerging governance frameworks for corporate accountability.

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INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Structure and Partnerships

In pursuing our objectives, IHRB has founded or co-founded five independent organisations that continue to drive change:

Additionally, IHRB leads several flagship initiatives:

Significant activities

IHRB undertakes the vast majority of its work through the support of donations and grants but a small amount around £44k in 2024 (£39k in 2023) is provided in the form of services to governments and non-profit organisations through the subsidiary IHRB Trading Ltd.

How our activities deliver public benefit

The public benefit delivered is through the realisation of human rights by both governments and businesses through the protection of rights (in the case of the former), the integration of human rights due diligence in business world-wide and the promotion of remedies for the victims of human rights abuse.

In setting and reviewing our objectives and aims, and in planning and carrying out our activities, we have due regard to the public benefit guidance published by the Charity Commission.

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INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

OBJECTIVES AND ACTIVITIES

Grantmaking

IHRB makes occasional grants to aligned not-for-profit partners where this is the most effective route to advance our charitable purposes. Grants are approved against published programme aims, due-diligence checks (including Safeguarding, financial controls, sanctions/ABAC, and conflicts of interest), and clear outputs/outcomes. Decisions are taken by management within delegated authority and, where appropriate, by the Board (or a Board committee) for higher-value or higher-risk grants.

All grants are documented with a simple letter of grant or agreement setting out purpose, conditions, reporting, and permitted use of funds. Monitoring is proportionate to value and risk and may include narrative and financial reporting, review meetings, and spot checks. Any unspent funds or material deviations from purpose must be agreed in advance; otherwise, unspent balances may be returned.

During the year, IHRB made grants totalling £115,204 to IHRB Nordic, CREER and HOMEF to further programme objectives.

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INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

1. Ending Exploitation and Promoting Responsible Recruitment

IHRB continued to lead global efforts to end recruitment-related exploitation of migrant workers through our Leadership Group for Responsible Recruitment. In 2024:

1,500 online), with a thematic spotlight on the recruitment of women migrant workers

2. Advancing Just Transitions

Our work on just transitions expanded in both research and impact:

3. Human Rights in the Built Environment

2024 marked a culmination of multi-year research and new programmatic directions:

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INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

4. Commodities, Mining, and Conflict Prevention

IHRB continued to promote responsible sourcing and alignment in commodity value chains:

5. Education and Leadership

IHRB continues to lead in building the next generation of ethical business leaders: - The Masters Course on Business and Human Rights in partnership with Rafto Foundation and the University of Bergen welcomed 60 students from over 20 countries

For more details please see our 2024 review available on our website at https://www.ihrb.org/resources/ihrb-2024-review.

Fundraising activities

The Institute retains its independence from all funders and strives to operate with complete impartiality. We believe it is important that we accept funding from all major constituencies - in particular Governments, Business and Civil Society (Private Foundations) - as these represent some of the major groups involved in our work. We actively work towards an even distribution between these three sources of funding.

However, the following conditions apply to our solicitation and acceptance of funding:

The Institute does not provide specific services to any business in return for funding received other than for training or stakeholder representation. The Institute does sometimes undertake advisory work with governments and inter-governmental bodies on a contractual basis.

The Institute will not take money from any organisation actively engaged in deliberate abuse of human rights or the undermining of development and progress with regard to business and human rights. From 2021, an additional requirement has been for donors is to have Net-Zero carbon commitments for 2050 at the latest.

The Institute publishes its funding sources and expenditure in accordance with UK Charity law.

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INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

ACHIEVEMENTS AND PERFORMANCE

Donations and grants made

Donations of £115,204 (2023 - £150,104) were made by the Charity to IHRB Nordic, CREER and HOMEF during the year.

FINANCIAL REVIEW

Financial position

The charity's financial position is shown in detail on the balance sheet.

During 2024, the charity held an average of over £1,000,000 in total reserves. Reserves predominantly comprised restricted funds, with sufficient unrestricted funding to support planned operations.

At the balance sheet date reserves of £1,102,465 were held including £111,536 of unrestricted funds.

Principal funding sources

The charity's principal funding sources are from grants and donations.

Investment policy and objectives

The Institute for Human Rights & Business Limited only uses the services of banks and other financial service providers who have a strong ethical investment and lending criteria. The Institute holds business current account and card services with Natwest, Co-operative Bank, a reserves account with Nationwide, and deposit account services with Triodos Bank. The decision to use the services of these banks was made on an ethical basis.

The cornerstones of corporate governance are ethical behaviour, accountability and openness. In recent years, corporate governance has also developed to reflect the interests of stakeholders other than shareholders. The 'triple bottom line' approach focuses on economic and financial stability, social responsibility and environmental responsibility with ethical investment policies and products.

Reserves policy

Policy. The trustees view holding general (free) reserves as a core element of risk management to ensure resilience against timing differences in cashflows and unforeseen events. The target range is three months of core operating expenditure (minimum), with an aspiration to build towards four months as conditions allow. The reserves position is reviewed regularly; use of reserves requires trustee approval.

Position at 31 December 2024.

Total funds at year end were £1,102,465, comprising £111,536 unrestricted funds and £990,929 restricted funds. Free reserves (unrestricted) were therefore £111,536.

Target equivalence. Based on the 2024 core operating cost base of £756,394, the target free-reserves range is £189,099-£252,131 (3 - 4 months). Against this target, free reserves at year end represent 1.6 months' cover. Free reserves were lower at year end due to trustees' decision to cover programme funding gaps in 2024. In addition, some anticipated income, which had been planned for in 2024, could not be recognised until 2025 due to documentation delays. The trustees are confident in the strength of the funding pipeline and will seek to rebuild reserves back towards the target range during 2025.

Subsidiary reserves. The trustees note that IHRB Trading Limited reported a £4,009 surplus in 2024 (2023: £4,802 deficit).

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INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

FINANCIAL REVIEW

Risk management

The trustees have identified how and where risks should be managed and mitigated.

Under duty of prudence, the trustees have ensured that: the charity is and will remain solvent; charitable funds and assets are used reasonably, and only in furtherance of the charity's objects; undertaking activities that might place the charity's funds, assets or reputation at undue risk is avoided and special care when investing the funds of the charity, or borrowing funds for the charity to use is taken into consideration.

Under duty of care, the trustees have ensured that they seek external professional advice on all matters where there may be material risk to the charity, or where the trustees may be in breach of their duties.

PLANS FOR FUTURE PERIODS

In 2025, IHRB will continue to build on our core areas while responding to emerging global trends and risks. Priorities include:

We remain committed to making respect for human rights part of everyday business, with a focus on inclusive, strategic, and forward-looking collaboration.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, Memorandum and Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

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INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees

During 2024, the Institute had seven trustees who were responsible for the governance of the charity and ensure that IHRB pursues the objects for which it was founded. Trustees have been selected based on their professional experience and expertise.

Trustees are required to declare any possible conflicts of interest and are therefore unlikely to hold decision-making positions in mainstream business or government during their tenure with the Institute. When recruiting for a new trustee, the Board will make a selection with the aim of having a balanced, well-informed, and effective trustee body that undertakes proper governance of IHRB. Individuals who are passionate about IHRB's purpose and aims and can bring relevant experience and knowledge to enhance the effectiveness of the charity will be sought out. IHRB staff will provide a shortlist of nominations of potential trustee candidates who meet agreed criteria, to which the Board can add nominations for consideration. The IHRB CEO and Deputy CEO, in consultation with colleagues, will advise trustees on the final selection, and facilitate an invitation from the Co-Chairs of the Board to the selected candidate(s). Possible new trustees undertake a period of observer status, usually joining at least one IHRB trustee meetings before their appointment is formalised. The Board will undertake appropriate due diligence to ensure that those who have been disqualified from serving as a trustee are not approached. Additionally, consideration will be made to not making trustee appointments which would potentially give rise to conflicts of interest.

Group structure and subsidiary undertakings

The charity has two wholly-owned trading subsidiary, IHRB Trading Limited, which carries out non-primary-purpose trading in support of the charity and Myanmar Centre for Responsible Business Ltd (MCRB, which has ceased activity. The trading subsidiary's activities are aligned with IHRB's charitable aims; all taxable profits are available to be gift-aided to the parent. In the year ended 31 December 2024 the subsidiary achieved a surplus of £4,009 (2023: £4,802 deficit). There are no other subsidiary undertakings.

For clarity, the following organisations referenced in this report - CREER (Colombia), the Corporate Human Rights Benchmark (now part of the World Benchmarking Alliance), the Centre for Sport and Human Rights (CSHR), and IHRB Nordic - are independent entities; they are not subsidiaries of IHRB, though IHRB has historically played founding or partnership roles.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

06882940 (England and Wales)

Registered Charity number

1131790

Registered office

Railview Lofts 19c Commercial Road Eastbourne East Sussex BN21 3XE

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INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees

D L Kemp R J D Popper N Black P Goyer R Kunanayagam D D'Ambrosio D Khan

Auditors

Kingston Burrowes Audit Ltd 308 Ewell Road Surbiton Surrey KT6 7AL

Bankers

NatWest Bank Plc 96 Terminus Road Eastbourne East Sussex BN21 3LX

Accountants

LMDB Accountants Railview Lofts 19c Commercial Road Eastbourne East Sussex BN21 3XE

Chief Executive Officer John Morrison

Deputy Chief Executive Officer Julia Batho

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INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Institute For Human Rights & Business Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to;

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 20 October 2025 and signed on its behalf by:

N Black - Trustee

Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

Opinion

We have audited the financial statements of Institute For Human Rights & Business Limited (the parent 'charitable company') and its subsidiaries (the ‘Group’)for the year ended 31 December 2024 which comprise the Group Statement of Financial Activities, the Group and the Parent Charitable Company Balance Sheet, the Group Cash Flow Statement and 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s and the 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.

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Report of the Trustees, other than the financial statements and our Report of the Independent Auditors thereon.

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 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

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:

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the parent 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 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 parent charitable company or to cease operations, or have no realistic alternative but to do so.

Our 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 a Report of the Independent Auditors 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:

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 Report of the Independent Auditors.

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

Use of our report

This report is made solely to the group and parent 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 group and parent charitable company's members those matters we are required to state to them in an auditors' 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 group and the parent charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Kevin Fisher FCA (Senior Statutory Auditor)

for and on behalf of Kingston Burrowes Audit Ltd 308 Ewell Road Surbiton Surrey KT6 7AL

Date: 21 October 2025

Page 14

INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
Charitable activities
4
Migrant workers and work with dignity
HRD and Discrimination
Shipping, Oceans and Commodities
Built Environment
Just Transition
UDHR75 Event
Gulf Sustain
Commercial trading operations
5
Investment income
6
Total
EXPENDITURE ON
Raising funds
7
Commercial trading operations
Charitable activities
9
Migrant workers and work with dignity
Myanmar Centre for Responsible Business
HRD and Discrimination
Shipping, Oceans and Commodities
Built Environment
Just Transition
UDHR75 Event
Gulf Sustain
Total
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward		 Unrestricted
funds
£
418,170
-
-
-
-
-
-
-
43,979
7,837
469,986
21,258
35,168
47,492
5,426
189,139
115,133
97,543
3,470
663
225,696
740,988
(271,002)
382,538
Restricted
funds
£
31,907
586,699
20,000
243,131
539,833
753,080
-
341,749
-
-
2,516,399
-
-
527,414
123,985
20,000
283,322
498,308
565,368
-
255,974
2,274,371
242,028
748,901		 2024

Total
funds
£
450,077
586,699
20,000
243,131
539,833
753,080
-
341,749
43,979
7,837
2,986,385
21,258
35,168
574,906
129,411
209,139
398,455
595,851
568,838
663
481,670
3,015,359
(28,974)
1,131,439		 2023
Total
funds
£
1,178,051
305
-
233,335
422,086
22,953
42,959
212,619
39,138
7,694
2,159,140
17,041
36,163
765,732
265,808
127,364
257,505
602,019
278,758
47,310
397,062
2,794,582
(635,442)
1,766,881

The notes form part of these financial statements

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INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
111,536
Restricted
funds
£
990,929		 2024

Total
funds
£
1,102,465		 2023
Total
funds
£
1,131,439

CONTINUING OPERATIONS

The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.

The notes form part of these financial statements

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INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

CONSOLIDATED BALANCE SHEET 31 DECEMBER 2024

Consolidated Consolidated
Charity
2024
2023
2024
Notes
£
£
£
FIXED ASSETS
Tangible assets
16
1,182
2,203
1,182
Investments
17
-
-
2
1,182
2,203
1,184
CURRENT ASSETS
Debtors: amounts falling due within one
year
18
355,504
656,646
409,189
Cash at bank
1,051,758
1,539,245
983,736
1,407,262
2,195,891
1,392,925
CREDITORS
Amounts falling due within one year
19
(305,979)
(1,066,655)
(303,932)
NET CURRENT ASSETS
1,101,283
1,129,236
1,088,993
TOTAL ASSETS LESS CURRENT LIABILITIES
1,102,465
1,131,439
1,090,177
NET ASSETS
1,102,465
1,131,439
1,090,177
FUNDS
20
Unrestricted funds
111,536
382,538
99,248
Restricted funds
990,929
748,901
990,929
TOTAL FUNDS
1,102,465
1,131,439
1,090,177		 Consolidated Consolidated
Charity
2024
2023
2024
Notes
£
£
£
FIXED ASSETS
Tangible assets
16
1,182
2,203
1,182
Investments
17
-
-
2
1,182
2,203
1,184
CURRENT ASSETS
Debtors: amounts falling due within one
year
18
355,504
656,646
409,189
Cash at bank
1,051,758
1,539,245
983,736
1,407,262
2,195,891
1,392,925
CREDITORS
Amounts falling due within one year
19
(305,979)
(1,066,655)
(303,932)
NET CURRENT ASSETS
1,101,283
1,129,236
1,088,993
TOTAL ASSETS LESS CURRENT LIABILITIES
1,102,465
1,131,439
1,090,177
NET ASSETS
1,102,465
1,131,439
1,090,177
FUNDS
20
Unrestricted funds
111,536
382,538
99,248
Restricted funds
990,929
748,901
990,929
TOTAL FUNDS
1,102,465
1,131,439
1,090,177
Charity
2023
£
2,203
2
2,205
689,016
1,496,131
2,185,147
(1,064,273)
1,120,874
1,123,079
1,123,079
374,178
748,901
1,123,079

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 20 October 2025 and were signed on its behalf by:

N Black - Trustee

The notes form part of these financial statements

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INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash provided by investing activities
Cash flows from financing activities
(Increase)/Decrease in group debtors
Net cash (used in)/provided by financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 2024
£
(495,324)
(495,324)
-
7,837
7,837
-
-
(487,487)
1,539,245
1,051,758		 2023
£
269,202
269,202
(3,062)
7,694
4,632
-
-
273,834
1,265,411
1,539,245

The notes form part of these financial statements

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INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

1.
RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING
ACTIVITIES
2024
£
Net expenditure for the reporting period (as per the Statement of
Financial Activities)
(28,974)
Adjustments for:
Depreciation charges
1,021
Interest received
(7,837)
Decrease in debtors
301,142
(Decrease)/increase in creditors
(760,676)
Net cash (used in)/provided by operations
(495,324)		 2023
£
(635,442)
1,270
(7,694)
148,506
762,562
269,202

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank
Total		 At 1.1.24
£
1,539,245
1,539,245
1,539,245		 Cash flow
£
(487,487)
(487,487)
(487,487)		 At 31.12.24
£
1,051,758
1,051,758
1,051,758

The notes form part of these financial statements

Page 19

INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Institute for Human Rights & Business Limited is a private company, limited by guarantee, registered in England and Wales.

The company's registered office address is: Railview Lofts 19c Commercial Road Eastbourne East Sussex BN21 3XE

The presentation currency of the financial statements is the Pound Sterling (£).

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic Ireland', the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The financial statements have been prepared under the historical cost convention.

Preparation of the accounts on a going concern basis

The trustees are not aware of any material uncertainties about the charity's ability to continue as a going concern.

The significant accounting policies applied in the preparation of these financial statements are set out below. The policies have been consistently applied to all years presented unless otherwise stated.

Preparation of consolidated financial statements

The financial statements contain information about Institute For Human Rights & Business Limited as an individual charity and do not contain consolidated financial information as the parent of a group. The charity is required to prepare consolidated accounts under the Charities Act 2011 and will do so in addition to preparing these financial statements for the individual charity.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Grant income is recognised when there is formal offer of funding communicated in writing to the charity which does not relate wholly to future accounting periods.

continued...

Page 20

INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Income

The value of donated services are recognised at their open market value in the period in which they are receivable as incoming resources, where the benefit to the charity can be reliably measured. An equivalent amount will be included as expenditure under the relevant heading in the Statement of Financial Activities.

Donations are recognised on a receivable basis (where there are no performance-related conditions) where the receipt is probable and the amount can be reliably measured.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Allocation and apportionment of costs

All costs are allocated between expenditure categories of the SoFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned according to time spent on each activity during the period.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment - 33% on cost

Tangible fixed assets, excluding investments are initially measured at cost and subsequently stated at depreciated historic cost.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

continued...

Page 21

INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Fund accounting

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Pension costs are allocated to activities on the same basis as set out in the allocation and apportionment of costs policy stated above. Pension costs and liabilities are allocated to restricted and unrestricted reserves based on the allocation of labour time to the charities various funds.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the charity becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and are initially measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. Cash and cash equivalents are classified as basic financial instruments and comprise cash at bank and short-term bank deposits with an original maturity of three months or less which are an integral part of the charity's cash management.

Financial liabilities issued by the company are classified in accordance with the substance of the contractual arrangements entered into and meet the definitions of a financial liability.

Financial assets are de-recognised when:

Financial liabilities are de-recognised only when the obligation specified in the contract is discharged, cancelled or expires.

Investments in subsidiaries

Investments in group companies are stated at cost less any identified impairment. An impairment review is undertaken annually by the trustees.

continued...

Page 22

INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

3. DONATIONS AND LEGACIES

Business donations
Foundation grants
Government grants		 2024
£
305,273
29,804
115,000
450,077		 2023
£
611,075
151,976
415,000
1,178,051

Grants recognised as income included multi-year grants for the Myanmar Centre For Responsible Business, the Migrant Workers, Built Environment, Just Transition, Shipping, Oceans and Commodities and Gulf Sustain programmes. Income is recognised in the year in which the grants were agreed whilst the grant funding was for various periods ending up to 30 September 2027.

4. INCOME FROM CHARITABLE ACTIVITIES

Activity
Grants
Migrant workers and work with dignity
Grants
HRD and Discrimination
Grants
Shipping, Oceans and Commodities
Grants
Built Environment
Grants
Just Transition
Grants
UDHR75 Event
Grants
Gulf Sustain
5.
COMMERCIAL TRADING ACTIVITIES
Consultancy
Deposit account interest
6.
INVESTMENT INCOME		 2024
£
586,699
20,000
243,131
539,833
753,080
-
341,749
2,484,492
2024
£
43,979
2024
£
7,837		 2023
£
305
-
233,335
422,086
22,953
42,959
212,619
934,257
2023
£
39,138
2023
£
7,694

continued...

Page 23

INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

7. RAISING FUNDS

Raising donations and legacies

Staff costs
Insurance
Telephone
Postage and stationery
Sundries
Bank charges
Consultancy
Training
Website
Office rent
IT expenses
Accountancy and back office support
Travel and accommodation
Exchange rate variances
Depreciation		 2024
£
5,429
579
178
2
2,257
35
7,137
263
743
82
254
1,210
2,553
510
26
21,258		 2023
£
7,207
504
218
13
215
19
2,858
83
464
215
346
1,263
2,727
876
33
17,041

Raising funds are a support cost of the charity.

8. SUBSIDIARY INCOME AND COSTS

The wholly owned trading subsidiaries IHRB Trading Ltd and Myanmar Centre for Responsible Business Limited are both incorporated in the United Kingdom and pay all of their distributable profits to the parent charity by gift aid. The parent charity owns the entire share capital in each subsidiary, being 1 ordinary share of £1 for each company. A summary of the trading results whilst part of the group is shown below.

IHRB Trading Ltd
Turnover
Other income
Administration and other costs
Operating profit/(loss)
Net income
Amount gift aided to the charity
Retained in subsidiary		 2024
£
43,979
-
(35,168)
8,811
8,811
-
8,811		 2023
£
39,138
-
(36,162)
2,976
2,976
-
2,976

continued...

Page 24

INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

As at December 2024, IHRB Trading Ltd had net assets of £4,009 (2023 – 4,802). This comprised assets of £62,313 (2023 - £34,943) and liabilities of £58,304 (2023 - £39,745).

Myanmar Centre for Responsible Business Limited
Turnover
Other income
Administration and other costs
Operating profit/(loss)
Net income
Amount gift aided to the charity
Retained in subsidiary		 2024
£
(9,785)
-
9,785
-
-
-
-		 2023
£
104,743
-
(104,743)
-
-
-
-

As at December 2024, Myanmar Centre for Responsible Business Limited had net assets of £1 (2023 - £1). This comprised assets of £1 (2023 - £22,367) and liabilities of £1 (2023 - £22,366).

IHRB USA
Turnover
Other income
Administration and other costs
Operating profit/(loss)
Net income
Amount gift aided to the charity
Retained in subsidiary		 2024
£
-
-
(81)
-
-
-
-		 2023
£
-
-
(627)
-
-
-
-

As at December 2024, IHRB USA had net assets of £8,279 (2023 - £8,360). This comprised assets of £8,279 (2023 - £8,360) and liabilities of £Nil (2023 - £Nil).

continued...

Page 25

INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

9. CHARITABLE ACTIVITIES COSTS

Direct
Costs
£
Migrant workers and work with
dignity
416,139
Myanmar Centre for Responsible
Business
102,455
HRD and Discrimination
141,688
Shipping, Oceans and Commodities
263,787
Built Environment
380,535
Just Transition
426,470
UDHR75 Event
663
Gulf Sustain
355,598
2,087,335
Comparatives for the year ended 31 December 2023:
£
Totals
1,891,509		 Grant
funding of
activities
(see note
10)
£
-
-
-
59,593
55,611
-
-
-
115,204
£
150,104		 Support
costs (see
note 11)
£
158,767
26,956
67,451
75,075
159,705
142,368
-
126,072
756,394
£
699,765		 Totals
£
574,906
129,411
209,139
398,455
595,851
568,838
663
481,670
2,958,933
£
2,741,378

Direct costs comprise staff costs of £547,573 (2023 - £599,835) and other direct costs of £2,411,360 (2023 - £2,141,546).

10. GRANTS PAYABLE

Shipping, Oceans and Commodities
Built Environment
The total grants paid to institutions during the year was as follows:
IHRB Nordic
CREER
ICLEI
Mission to Seafarers
HOMEF		 2024
£
59,593
55,611
115,204
2024
£
55,610
39,701
-
-
19,893
115,204		 2023
£
56,189
93,915
150,104
2023
£
80,388
27,593
13,527
1,200
27,396
150,104

continued...

Page 26

INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

11. SUPPORT COSTS

Information
Governance
Management
Finance
technology
costs
£
£
£
£
Migrant workers and
work with dignity
145,464
352
11,579
1,372
Myanmar Centre for
Responsible Business
17,815
104
4,612
4,425
HRD and Discrimination
62,694
127
4,180
450
Shipping, Oceans and
Commodities
69,819
140
4,619
497
Built Environment
148,442
300
9,897
1,066
Just Transition
134,089
221
7,275
783
Gulf Sustain
117,019
241
7,955
857
695,342
1,485
50,117
9,450
Comparatives for the year ended 31 December 2023:
£
£
£
£
Totals
638,205
815
52,989
7,756		 Totals
£
158,767
26,956
67,451
75,075
159,705
142,368
126,072
756,394
£
699,765

Support costs comprise staff costs of £213,494 (2023 - £276,559) and other costs of £542,900 (2023 - £423,206).

12. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024 2023
£ £
Auditors' remuneration 9,450 7,756
Audit of trading subsidiaries 2,225 2,015
Depreciation - owned assets 1,021 1,270

continued...

Page 27

INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

13. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Trustees' expenses

During the year three trustees (2023 - two) were reimbursed expenses as follows:

Travel expenses
14.
STAFF COSTS
Wages and salaries
Social security costs
Other pension costs		 2024
£
424
2024
£
594,331
65,651
166,399
826,381		 2023
£
442
2023
£
627,837
69,481
154,381
851,699

The key management personnel of the charity comprise the trustees, the Chief Executive Officer and his deputy (employee up to August 2023). The total employee benefits of the key management personnel of the charity were £329,335 (2023 - £252,580).

The Deputy CEO started to work as a consultant from September 2023 and was paid £127,602 (2023: £42,536) during the year.

Under FRS 102, employee benefits include gross salary, benefits in kind, employer's social security and employer pension costs.

The average monthly number of employees during the year was as follows:

2024 2023
Staff 10 10

continued...

Page 28

INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

14. STAFF COSTS - continued

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£140,001 - £150,000		 2024
3
-
1
1
5		 2023
-
1
-
1
2

Retirement benefits are accruing to five employees (2023 - two) earning over £60,000 per annum. The total pension contributions paid in respect of said employees was £53,446 for the year ended 31 December 2024 (2023 - £28,321).

15. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Migrant workers and work with dignity
Shipping, Oceans and Commodities
Built Environment
Just Transition
UDHR75 Event
Gulf Sustain
Commercial trading activities
Investment income
Total
EXPENDITURE ON
Raising funds
Commercial trading operations
Charitable activities
Migrant workers and work with dignity
Myanmar Centre for Responsible
Business
HRD and Discrimination
Shipping, Oceans and Commodities
Built Environment
Just Transition
UDHR75 Event
Gulf Sustain		 Unrestricted
funds
£
877,171
-
-
-
-
-
-
39,138
7,694
924,003
17,041
36,163
399,926
1,382
127,364
163,116
94,807
126,576
4,171
302,380
Restricted
funds
£
300,880
305
233,335
422,086
22,953
42,959
212,619
-
-
1,235,137
-
-
365,807
264,426
-
94,389
507,212
152,182
42,959
94,682
Total
funds
£
1,178,051
305
233,335
422,086
22,953
42,959
212,619
39,138
7,694
2,159,140
17,041
36,163
765,733
265,808
127,364
257,505
602,019
278,758
47,130
397,062

continued...

Page 29

INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

15.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Total
1,272,925
1,521,657
NET INCOME/(EXPENDITURE)
(348,922)
(286,520)
RECONCILIATION OF FUNDS
Total funds brought forward
731,460
1,035,421
TOTAL FUNDS CARRIED FORWARD
382,538
748,901
16.
TANGIBLE FIXED ASSETS - GROUP AND CHARITY
COST
At 1 January 2024 and
31 December 2024
DEPRECIATION
At 1 January 2024
Charge for year
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023		 2,794,582
(635,442)
1,766,881
1,131,439
Computer
equipment
£
14,187
11,984
1,021
13,005
1,182
2,203

Fixed assets are not capitalised below the value of £250.

continued...

Page 30

INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

17. FIXED ASSET INVESTMENTS - CHARITY

FIXED ASSET INVESTMENTS - CHARITY
Shares in
group
undertaking
£
MARKET VALUE
At 1 January 2024 and
31 December 2024 2
NET BOOK VALUE
At 31 December 2024 2
At 31 December 2023 2

The above shares in group undertakings represent investment assets held in the UK. In addition the company is a member of one company incorporated in the USA without share capital.

The company's investments at the balance sheet date in the share capital of companies include the following:

IHRB Trading Limited

Registered office: Railview Lofts, 19C Commercial Road, Eastbourne, East Sussex, BN21 3XE. Company Number 07562148

Nature of business: Consultancy Services

%
Class of share: holding
Ordinary 100
2024 2023
£ £
Aggregate capital and reserves 4,009 (4,802)
Profit for the year 8,811 2,976

Myanmar Centre For Responsible Business Limited

Registered office: Railview Lofts, 19C Commercial Road, Eastbourne, East Sussex, BN21 3XE. Company Number 08732191

Nature of business: Consultancy Services

%
Class of share: holding
Ordinary 100
2024 2023
£ £
Aggregate capital and reserves 1 1

IHRB USA

Country of incorporation: USA Nature of business: Charity

continued...

Page 31

INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

17. FIXED ASSET INVESTMENTS - continued

The above company is incorporated without share capital, with the Institute For Human Rights and Business being the sole member.

2024 2023
£ £
Aggregate capital and reserves 8,279 8,360
Surplus / (Deficit) for year (81) (627)

18. DEBTORS – GROUP AND CHARITY

AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Other debtors
Amounts owed by group undertakings
Accrued income
Prepayments		 Group
2024
£
166,590
107
-
151,698
37,109
355,504		 Group
2023
£
397,181
19
-
245,704
13,742
656,646		 Charity
2024
£
166,591
-
56,255
149,234
37,109
409,189		 Charity
2023
£
397,181
-
33,290
244,803
13,742
689,016

19. CREDITORS: GROUP AND CHARITY

AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Amounts owed to group undertakings
Social security and other taxes
Other creditors
Accrued expenses
Deferred Income
Grants payable		 Group
Group
2024
2023
£
£
27,082
34,765
-
-
19,752
38,387
15,836
13,933
22,642
29,193
142,275
856,699
78,392
93,678
305,979
1,066,655		 Charity
Charity
2024
2023
£
£
27,084
33,524
1
-
19,752
19,307
15,836
13,933
20,592
47,132
142,275
856,699
78,392
93,678
303,932
1,064,273		 Charity
2023
£
33,524
-
19,307
13,933
47,132
856,699
93,678

Deferred grant income brought forward from 2023 of £856,699 has been released during the year.

Deferred income as at 31 December 2024 includes grant funding received in the period of £142,275. The grants have been made for activities in 2025.

continued...

Page 32

INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

NOTES TO THE CONSOLIDATE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

20. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Contingency reserve
Restricted funds
Migrant workers and work with dignity
Myanmar Centre for Responsible
Business
Built Environment
Shipping, Oceans and Commodities
Just Transition
Gulf Sustain
TOTAL FUNDS		 At 1.1.24
£
82,538
300,000
382,538
-
122,646
256,029
148,946
5,116
216,164
748,901
1,131,439		 Net
movement

in funds
£
(271,002)
-
(271,002)
89,852
(122,646)
41,526
(40,191)
187,712
85,775
242,028
(28,974)		 Transfers

between

funds
£
225,000
(225,000)
-
-
-
-
-
-
-
-
-
At
31.12.24
£
36,536
75,000
111,536
89,852
-
297,555
108,755
192,828
301,939
990,929
1,102,465

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Migrant workers and work with dignity
Myanmar Centre for Responsible
Business
Built Environment
Shipping, Oceans and Commodities
Just Transition
Gulf Sustain
Core support fund
TOTAL FUNDS		 Incoming
resources
£
469,986
587,266
1,339
539,834
183,131
743,080
301,749
160,000
2,516,399
2,986,385
Resources

expended
£
(740,988)
(497,414)
(123,985)
(498,308)
(223,322)
(555,368)
(215,974)
(160,000)
(2,274,371)
(3,015,359)
Movement

in funds
£
(271,002)
89,852
(122,646)
41,526
(40,191)
187,712
85,775
-
242,028
(28,974)

continued...

Page 33

INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

20. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Contingency reserve
Restricted funds
Migrant workers and work with dignity
Myanmar Centre for Responsible
Business
Built Environment
Shipping, Oceans and Commodities
Just Transition
Gulf Sustain
TOTAL FUNDS		 At 1.1.23
£
131,460
600,000
731,460
365,502
86,193
341,155
9,998
134,345
98,227
1,035,421
1,766,881		 Net
movement

in funds
£
(348,922)
-
(348,922)
(365,502)
36,453
(85,126)
138,948
(129,229)
117,937
(286,520)
(635,442)		 Transfers

between

funds
£
300,000
(300,000)
-
-
-
-
-
-
-
-
-
At
31.12.23
£
82,538
300,000
382,538
-
122,646
256,029
148,946
5,116
216,164
748,901
1,131,439

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Migrant workers and work with dignity
Myanmar Centre for Responsible
Business
Built Environment
Shipping, Oceans and Commodities
Just Transition
UDHR75
Gulf Sustain
TOTAL FUNDS		 Incoming
resources
£
924,003
304
300,879
422,086
233,337
22,953
42,959
212,619
1,235,137
2,159,140
Resources

expended
£
(1,272,925)
(365,807)
(264,427)
(507,212)
(94,387)
(152,182)
(42,959)
(94,682)
(1,521,657)
(2,794,582)
Movement

in funds
£
(348,922)
(365,503)
36,453
(85,126)
138,948
(129,229)
-
117,937
(286,520)
(635,442)

continued...

Page 34

INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

20. MOVEMENT IN FUNDS - continued

Unrestricted funds represent monies given to the charity without restrictions.

The trustees have a reserves policy of keeping approximately 4 months of working capital in reserves. Unrestricted reserves held as at 31 December 2024 are broadly in line with the policy. As an extension to the policy, £100,000 of unrestricted reserves have been designated as a contingency reserve. The charity is not able to access these funds without trustees prior approval.

Restricted funds represent monies given to the charity for a particular activity as follows:

Migrant Workers and Work with Dignity: Strengthening protection of migrant worker rights and examining the responsibilities of recruitment agencies.

Gulf Sustain: An initiative to promote responsible business for people and planet in the GCC.

Myanmar Centre For Responsible Business: An initiative to encourage responsible business activities throughout Myanmar.

High Risk Markets: Programme related specifically to responsible business conduct in high-risk environments, which includes the role that investors, local companies and governments should play.

Shipping, Oceans and Commodities: Identifying and developing human rights lifecycle and principles relating to Maritime Sector and work on the extractive sector aiming to embed the protection of and respect for human rights, transparency, and accountability.

Built Environment: Exploring the extent to which built environment promotes, threatens or diminishes human dignity

Human Rights Defenders and Discrimination: Protecting human rights defenders and challenging business and discriminatory practices.

Just Transition: Visible framing for government and business action on climate change.

UDHR75: Festival of Human Rights - 75 Years of the Universal Declaration of Human Rights.

Core Support Fund - To fund the charity's core activities with a focus on commodities, Just Transition, Leadership and Innovation, and youth strategies.

continued...

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INSTITUTE FOR HUMAN RIGHTS & BUSINESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

21. EMPLOYEE BENEFIT OBLIGATIONS

The charity contributed to defined contribution pension schemes for all of the employees during the period. Contributions of £166,398 (2023 - £154,381) have been charged to the Statement of Financial Activities for the period under review. As at 31 December 2024 there were unpaid contributions of £15,836 (2023 - £13,192).

22. RELATED PARTY DISCLOSURES

IHRB Trading Limited

Subsidiary company

As at 31 December 2024 the subsidiary owed the charity £56,255 (2023 - £33,724). An impairment loss has been provided on the loan of nil (2023 - £4,802). The loan by the charity has no fixed repayment term and is interest free.

Staff costs of £2,029 (2023: £2,940) were recharged by parent charitable company to its subsidiary during the year.

Myanmar Centre For Responsible Business Limited

Subsidiary company

The balance due to the subsidiary at the balance sheet date was £1 (2023 - £4,368). This loan has no fixed repayment term and is interest free.

Expenses of £19,670 (2023 - £104,743) were recharged by the subsidiary to the charity during the year.

There were no other related party transactions for the year requiring disclosure.

23. CONTINGENT ASSETS

The charity has been awarded grants totalling £1,547,105 (2023 - £1,651,994), which are for time periods that commence after the balance sheet date. As the charity is presently unable to receive or expend these funds they are not recognised in income in the reporting period.

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