# **THE PRODUCTIVITY GROUP Trading as Be the Business** 

## **REPORT AND CONSOLIDATED FINANCIAL STATEMENTS** 

# **FOR THE YEAR ENDED 31 MARCH 2022** 

Registered charity number: 1173660 Registered company number: 10754958 

## AMENDED 

These accounts replace the original accounts. They are now the statutory accounts. They are prepared as they were at the date of the original accounts. 



THE PRODucrivrrY GROUP (Be the Business)
CONTENTS
FOR THE YEAR ENDED 31 MARCH 2022
CONTENTS
Page
Reference and Adrninislralive Details
Trustees, Report
Statèmènt of TrLJStèés' Rèsponsibilitiès
Independent Auditors, Report
10-12
Group St8lemenl of Financial Activities
13
Group B818fKE Sheet
14
Charity Balan￿ Sheet
15
Statement of Cash Flows
16
Notes lo the Financial Statemen15
17-25

THE PRODUCTIV￿ GROUP (Be the Business)
REFERENCE AND ADMINISTRATIVE DETAILS
FOR THE YEAR ENDED 31 MARCH 2022
Company registration number
10754958
Charity registration number
1173660
Registered office
10 Queen Street Place
London EC4R 1AG
Trustees
Tera Allas
Jeremy Anderson
Sir Ghailie Mayfield (Chaiil
Hosein Khajeh-H055einy
Key management personnel
Anthony ImpÈy- Chief Executive
Helen Wright- Chief Financial Officer
Louise Sunderfand - Director of Programmes (Left 23 April 20211
Matthew Bright- Communications & Marketing Dirèctoi ILeft 7 April 20221
Helen Puddefool- Director of Strategic Partnerships
Thomas Gibson- Head of Digital & Tech Adoption Programmes (From 1 May 2021, Left 31 July 20221
Sheena McDermott- Head of Leadership & Management Programmes (maternity coverl (From 1 July 20211
Paloma Saekman- Hèad ol Leadèrship & Managèmènt Programmès (From 1 May 20211
Bankers
Lloyds Bank
39 ThreadnèÉdlè Street
London EG2R 8AU
Auditors
Haysmacintyie LLP
10 Queen Street Place
London EC4R 1AG

THE PRODUCTIV￿ GROUP (Be the Business)
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2022
Introduction
The trustees, who are also the directors of the charity, have pleasure in presenting their report together with
the financial statements of The Productivity Group IBe the Business) for the for the year to 31 March 2022.
The reference and administrative information set out on page 1 forrns part of this report. These financial
statements comply with current statutory requirements, the charity's memorandum and articles, applicable law
and the 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 IFRS
1021 (Second Edition, effective 1 January 20191, the Financial Reporting Standard applicable in the UK and
Republic of Ireland IFRS 1021 and the Companies Act 2006.
Objectives and activities
Be the Business is an independent, not-for-profit organisation, with a vision of a more productive economy
diiven by great businèss leadership.
The charity's objectives have been defined as the followng..
"The pmmotion of industry and commeree in the UK for the public benefit by promoting the productivity of
business order that the UK economy as a whole will benefit through improved business Sustainability,
employment security, job satisfaction and standards of living..
With the ¢ontinued impa¢t ol eoronavirus on businèsses and more difficult economi¢ conditions faced by many
nations around the worfd. Be the Business's mission has never been more important. By irnproving the
perfomiance of small business leaders, we improve the UK'S position overall, and everyone benefits.
In order lo achieve these objective5. Be the Business focu5es on iwo key drivers of productivty..
Successful tech adoption
Improved lèadership and management skills
By helping small business leaders in these areas- and others- we can create real, recognisable results.
We are building a movèmènt of businass léadèrs from èvèry sèetor and règion in sÉrvicè of our mission.
Leaders from the UK'S most successful businesses piovide iesour¢e and expertise to other leaders lo enhan¢e
their business's productivity and adopt irnprovement mindsets..
We offer online support through our website, with business stories, action plans and guides 811 freely
available
We create and run flagship programmes providing tailored, in4epth support for business leaders,
including our Mentoring and Boards tsffers
We publish research and studies from the frontline of srnall business, helping us to understand leaders
and help them be more productive
We deliver campaigns that demonstrate the positives of productivity for small businesses, tackling
information gaps and fixed mindsèts
We undertake a rigorous programme of evaluation lo identify the activities that deliver the greatest
impact, at scale, in subsequent years
Achievements and perforniance
Be the Business has been fully operational for four and a half years and we continue to be focused on
maximising our operational capabilities, building scale, and delivering impact for business leaders. In previous
years. we have adopted a tesl-and-learn approach. using robust evaluation lo inform fuluie activity. We are
building on this. while aiming to increase the reach and levels of engagement with our core programrnes. In
particular, as we move out of the Covid-19 pandemic and into a cost-of-living crisis, which is severely affecting
businesses up and down the country, we will eontinue to support business leaders as they seek to imprové.

THE PRODUCTIV￿ GROUP (Be the Business)
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2022
Movement buildin
and cam
ns
Since inception, Be the BLJsiness has engaged thousands of SMES in improvement activities, including our
programmes. digital offering5. and events. By the end of 2021122..
Therè was a £395m productivity uplift for businèsses that participatèd in Bè the Businèss interventions
5,137 individuals from firms across drfferent sectors and regions participated in one of our face-to-face
leadership and management programmes
Over 1.4m unique users visited our website, acce55ing information on how bu5inesse5 have adapted
to coronavirus, as well as tools and guides to help business leaders find a path through the pandemic
and beyond
Ourpartnerships
We continued to work alongside business leaders, partieularly our Be the Business Ambassadors. to
understand the opportunities and ohallenges facing them in real-time. We work with crilioal ecosystem partners
including Local Enterprise Partnerships ILEPS), Growth Hubs. national and local business support
organisations, local chambers of cornmerce, universities and, of course, our corporate partners. In January
2022 we signed a Mernorandum of Understand with the Productivity Institute lo collaborate lo better undeisland
and improve the productivity of UK businesses. We partnered wrth leaders across dozen5 of large companies
lo enlist their support in improving produclwity. Our corporate partners contributed £3.2 million of cash and
£5.1 million of in-kind support in the year.
We launched our partnership with Ma51ercard Impact Fund, while also working alongside Enterprise Nation
and Digital Boost, lo deliver Strive UK. The Strive UK programrne aims to empower black and Asian leaders
from micro and small businesses around the country to succeed in the digital economy through free guidan￿,
helpful tools, and personalised one-t￿one mentoring. By collaborating with Mastercard, Be the Business hopes
to leach small business leaders who, up until now. have faced thallenges acce55ing support, aSS151ance and
advi￿.
To help solve the long-standing problem of low productivity in thè construction industry. Bè the Business formed
the Construction Produclwily Taskfoice in collaboration with leading industry figures. with the airn of identifying
and trialling new ways of making the sector more productive. Alongside Be the Business, the taskforce features
major organisations in the construction sector, meeting regularfy to review progress against three workstreams..
d8la and metrics. collabor8live contracting. and pilot siles.
In addilion, our Technology Taskforce provides guidance on the collective actions required by the industry to
bring about mass technology adoption among small business leaders in the UK. Pairing in-depth understanding
of $mall- and mediutn-sized business needs with a reoognilion th* suppliers do not serve that market
effectively, the Ta5kforce aims lo put productivity-boosting technology into the hands of every business leader.
Consequently, we are developing a uniqLJe understanding of the productivity challenge and are feeding these
insigh15 back into Government lo influence policy. generate idea5 8nd lo conlinu8lly build new pioposilion5.
We were delighted lo see that the Government in ils 2021 Budget announoemenl of 'Help lo Grow, put
productivity al the heart of the economic recovery. Be the Business has played a significant role in shaping the
Help to Grow policy across both leadership and management and tech adoption by supporting BEIS to host
focus groups on Help to Grow Management CaTnpaign m*erials and conlribuling lo sever81 $18keholdei
meetings on the design of Help to Grow Digital.
Our campaigns
In 2021, Be the Business undertook a significant segmenlalion of the business leader population which
identified six leadership typologies informed by the way individuals make decisions in their businesses, engage
their employees, and seek support for improvement. This information was used to create a 'Superleaders'
campaign designed to reach and engage a wide range of busines5 leaders. Based on their answers lo six
questions, leaders were provided with information of a leadership typology aligned lo their answer, as well as
a range of tailored business supportvia the Be the Business website. Superleaders induded original superhero-

THE PRODUCTIV￿ GROUP (Be the Business)
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2022
style artwork and was supported by an extensive digrf(al carnpaign. Evaluation of the campaign was very
positive, finding that one fifth of those who engaged with it retumed to explore Be the Business, digital offerings
on five or more occasions.
We also launched the Be the Business Bootcamp, which offers a clearonline learning ioumeyto help business
leaders become more products've. Each bootcamp contained a range oftailored content around a particular
theme, with the aim of providing business leaders with inspiration, practical advice and tips, and tools to take
the next step in their own business. Be the Business plans to bLJild on this work further in the next financial
year. with a Series of digital tests and campaigns to exploie and develop new ways of reaching Small busine55
leaders.
Events
The Be the Business Festival took place on 31 March 2022 attended by 210 SME leaders and featuring
contribLrtions from Rt Hon Rishi Sunak MP, Tracy Brabin, Bill Esterson MP and a range of business leaders.
The Festival was held in Leeds and included exhibitors from across the business support ecosystem.
2021 was tough at times, so we launched our Inspire series. The online events brought prominent voices from
the wodd of business discussing the timely topics of the day to business leaders. We hosted three virtual events
on the importance of perseverance. the need foi a defined brand identity and tips on posl-pandemic
recruitment. The evenls included networking opportunities.
We held Iwo ioundtsbles with Minister lor Stnall Busines5. Paul Scully MP, lo dis¢US$ $UPPQrt for
underrepresented SME leader5.' one in partnership with Mastercard and the other with Mela.
Pro
rammes and
Our programmes continue to receive very p0s￿Ve feedback from participants.
Be the Business Mentoring
In 2021122, 433 business leadsrs bènefited from thè support of onè of our mèntors. Our Mentoring programmè
carefully mal¢hed SME leaders with experienced and committed senioi individuals. including many from the
UK'S most successful cornpanies.
Our evaluations show that Be the Business Mentoring has resulted in a tangible increase in leadership and
management skills".
4 in 5180%) say mentoring helped them to improve their knowledge and skills lincl. Soft skills such as
trust, ¢ommunicationl
314 175°/.I say rnentoring increased their confidence in implementing leadership and rnanagement
praCtI￿S
Over haK154¢/0l say mentoring encouraged them to adopt new leadership and management practices
And evaluation findings also show that Be the Business Mentoring results in a clear and positive impact for
business leaders..
Over half151.hl of menlees report that Mentoring for Growth has improved their productivity
213167°Al expect to see productivity gains over the next ￿v0 years
113138'hl ernployed more people
113132 /) increased turnover
Only 6°/0 believe the benefits would have happened without participating in Mentoring for Growth
113130°Al indicated their customers have indirectly benefitted as a result ol their involvement

THE PRODUCTIV￿ GROUP (Be the Business)
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2022
Be the Business Boards
Be the Business Boards supported 83 business leaders in 2021122, providing them with a free advisory board,
consisting of five experieneed advisors with eomplementary experience, for a twelve month period.
Tech Adopt￿￿ Labs
The Tech Adoption Labs programme received funding from The Good Things Foundation to provide an
opportunity for Small business owners from underrepresented backgrounds based in East London l London lo
gain free access to expert advice on the digital best tools and processes for their business. Business owners
can attend free workshops, and receive free one-to-one support from tech experts who can answer the difficult
questions about suceèssfully implèmènting tèchnology.
Evaluation, Research and Insights
Undertaking and PLJblishing research, some in association with our corporate partners, continues to be a key
strand of activity for Be the Business. In 2021122, we published seven major pieces of research..
Pioductive Business Index13 editions published in 20211221
Be the Business has now pioduced foul edrtions of the PBI. The PBI tra¢ks the business
performance and capabilities of a represenlalive sample of micros and SMES.
Skills foi Suc¢ess'. Supporting business leaders with digital adoption
University
This report looked at the skills needed to help support SMES with successful tech adoption.
In partnership with The Open
Be the Bu5ines5 Tech Adoption Lab- Insights Report
The Lab helps successful adoption. bul also generates significant insight Into how barriers 10
tech adoption can be overcome, and the types of support that are of most benefit to SMES
undertaking a tech adoption journey. The results and lessons are in this Insight Report.
SME Leader Segrnentation
A research project which sought to segment business leaders based on how they lead within
their business, how they make decisions and what trusted sour¢es they engage with.
Supporting Ethnic Minority-Led Businesses
This report brings together a literature review and qualitative research to contribute to the
evidence base around D&1 and prodLJCtivity to support Bé thè Businèss, futuré planning to
support minorily-led SMES
ital tools
Throughout 2021122 Be the Business continued lo develop digtsl tools that en¢oui8ge and support business
leaders to develop their management capabilities and adopt productiwly boosting technology.
New websiteAearning plaffomi
Be the Business launched a new website with enhanced functionality. Business leaders are now able lo access
an extensive range of guided action plans, thematic improvement guides, tools and templates designed to
improve management capabilities.
Data infraslruGtur&
Be the Business invested in its data infrastructure to enable more real time insights to be generated by the
audience of visiting SME leaders.
Innovating delivery methods
New methods of engaging business leaders via digital were tested throughout the year, including testing how
third parties can deliver advice and support drawing on Be the Business reSoUr￿s. This took the form of a pilot

THE PRODUCTIV￿ GROUP (Be the Business)
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2022
whereby Lloyds Banking Group relationship managers were provided with Be the Business conlenl and support
designed to help them better engage business banking customers with opportunities to improve their
productivity.
Financial review
In the year ended 31 March 2022 the Group recognised £4.9 million of Govemmenl grant income and £8.3
million of private income of which £5.1 million was pro-bono in kind support, bringing the total recognised pro-
bono value over five years to £17.75 million.
To dale, the Government hasforrnally agreed funding of £12 million until March 2025, with £5 million in 2022123,
£4 million in 2023124, and £3 million in 2024125. We are focused on diversifying our funding base over this
period in order to increase the nLJmber of activities we can support, maintain our long-term viability and reduce
the operational risk of being solely dependent on one funder.
The commercial subsidiary had income of £0.6 million and all taxable profits are gifted to the charity under
deed of donation. We expect activity through the subsidiary to grow in coming years.
Structure, governance and management
The Productivity Group is an independent registered charity (charity no. 11736601 and a company limited by
guarantee (incorporated on 4 May 2017 and registered in England and Wales, no. 107549581. The charity is
governed by the Articles of Assooiation dated 30 June 2017. Whilst we work closely with our Government
sponsors, the Selection and appointment of trustees 15 independent of any third parties and is solely decided
upon by a vote of the existing trustees.
The trustees of Be the Business during the year to 31 March 2022 were".
Tera Allas
Jeremy Anderson
Sir Charlie Mayfield
Hosein Khajeh-Hosseiny
The charity has a wholly owned commercial subsidiary The Productivity Group (Commerciall ￿Mited
(Company number.. 108944881.
The trustees meet formally on a quarterly basis to review progress to date and approve our strategy.
Remuneialion
Trustees are responsible for approving the pay and remuneration of key management personnel and agreeing
annual staff pay increases, taking external benchmarking advice to inform their decisions. Our salaries are
benchmarked against similar roles in cornpaiable charities, piivate sector bu5inesse5 and other relevant
organisations and they reflect the knowledge, skills, responsibilities and attributes required for the performance
of each position.
Be the Business is committed lo the prinaple of equal opportunities and equal treatment for all employees,
regardless of sex, race. religion or belief, age, marriage or civil partnership, socio-economic background,
pregnancylmaternity, sexual orientation, gender reassignment or disability.
Induction and Irainin
of Trustees
To equip new trustees with the information they need to perforrn their role effectively. they receive detailed
information on their duties and responsibilities under Charity Law and follow a structured induction programme
consisting of meetings with the sènior management tèam and other key stakeholders. Trustees also undergo
regular training as required.
How the charit
makes decisions
Key stiategie de¢isions are made by the trustees and are then delegated to the Senior Leadership Team for
implernenlalion.

THE PRODUCTIV￿ GROUP (Be the Business)
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2022
Fundraisin
roach
Be the Business operates a split funding model, made up of both Government grants and contributions from
commercial organisations Iboth of a financial natLJre and 'in-kind' pro-bono support). The fundraising focus in
2021122 has been securing on-going Government grant funding, which was successful with £12 million of
funding through to March 2025 confirmed in June 2022, and building a pipeline of private sector income. Be
the Business does not fundraise directly from members of the public.
Reserves Poli
The Trustees have established a reserves policy in order lo protect the organisalion and ils programmes from
the risk of disruption at short notice due to a lack of funds. whilst ensuring that it does not retain income for
longer than required. Given there are also restrictions on the use of government funds for certain types of
expenditure. rt is nece55ary for re5erve5 to be buitt up lo a level which will ensuie that all liabilitie5 can be mel.
In establishing the reserves policy, the Trustees have taken into account the following factors".
The level of dependency on government funds, restrictions upon their use and the agreed nOt￿e
periods related lo changes in funding levels.
The pipeline of non-governrnental funding sources and level of risk associated with each one.
The current level of reserves and level ol committed costs lin both the normal course of operation and
those that would be triggered in the event of a significant change in govemment funding).
Current and future levels of activity and related experiditure, together with the associated risks around
each one.
The business plan and financial forecasts.
Due lo the requirements of our BEIS giant agreement, no Government funds may be used lo generate
unrestricted reserves. However, the Trustees have determined that a target of £550k in unrestricted reserves
is desirable for 2022123 to mitigate any potential risks. Unrestricted reserves at 31 March 2022 were above
target at £2,046k, increased from £1,769k in the prior year, which trustees have confirmed is appropriate given
budget and inve51menl needs foi the years ahead. The level of reserves will be formally reviewed again in
September 2022, again taking into account factors listed above.
As at 31 March 2022 the charity also holds £1,601k in restri¢led lunds12021". £252kl. whi¢h are lo be used for
specthc purposes. as defined by fundeis.
Risk Mana
ement
Bé the Business eonsiders good risk management lo be a key part of ils operational requirements. As such,
consideration is given lo areas of activity where sl8keholdeis orlhe reputslion of the organisalion ale potentially
vuINeiable to adverse actions that could affect..
operational performance
8¢hievetMenl of aims and objectives". or
the meeting of stakeholders, expectations.
In formulating the view of risk, the trustees have specrfically considered the following".
al StralegiG Management- The strategy used when defining risk is the action taken to gwe effect lo long-
term plans and objectives.
bl Talent- The dependency on key members of staff.
¢1 Safety- The physical safety and health of our stsff and stakeholders.
dl Legislative
Both i>)mpliance with curienl laws and EU regul*ions and ensuring continued
compliance with changes lo such legislation.
el Grant Agreements- Compliance with the terms of the BEIS grant letter is key to ensure continued
funding.
n Financi81- The economic and financi81 effect of each PToject should be taken into account in planning,
monitoring and rllanaging it, along with the overall management of funds.

THE PRODUCTIV￿ GROUP (Be the Business)
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2022
To manage these risks, a register is maintained and reported to the Trustees and BEIS on an ongoing basis.
Periodic monitoring also ensures that systems and procedures are being followed and that new risks are
addressed and identified as they arise.
Future Plans and Goin
Concern
Over the coming year we will continue to scale our existing programmes, working with a range of commercial
and delivery partnèrs. We will also continLJe to approach FTSE 100 CEOS as well as leading entrepreneLJrs
and philanthropists in the Coming months. asking them to join the movement and bring their leadership.
innovation and resources to the table.
Given the preparatory work which has taken place over the last five years, the initiatives that are currently in
piogre55 and the level of funding already committed by governtllenl and our comtneicial partne15. the Tru51ee5
are confident that the Be the Business moverllenl is IN a strong position lo have a positive impact on the
productivity of UK businesses, and indeed the wider UK economy in the years to come.
Following confirmation of Government grant funding through lo March 2025 in the 2022 Corllprehensive
Spending Review. Trustees have undertaken a review of our financial position. funding discussions, reserves
levels and future plans. Based on this review, and taking into account the known implications of Covid-19,
Trustees have confidence that the charity remains a going eoneern for the foreseeable future with positwe
cashflow and reserves forec8St for al lea51 twelve rllonlhs fiorll the dale of signing the accounts.

THE PRODUCTIV￿ GROUP (Be the Business)
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2022
statement of Trustees, Responsibilities
The trustees (who are also directors of The Productivity Group for the purposes of Company lawl are
responsible for preparing the Trustees, Report and financial statements in aecordance with applicable law and
United Kingdom Generalty Accepted Accounting Practice.
Company law requires the trustees to prepare finanaal statements for each financial year which give a true
and fair view of the state of affairs of the charitable company, including the incoming resources and the
application of resources, including incorne and expenditure, of the charitable company for that period. In
preparing these financial statements, the trustees are required to..
select suitabk accounting policies and then apply them consi51enlly'.
observe the methods and principles in the Charities SORP.,
make judgements and estimates that are reasonab￿ and prudént.,
stale whether applicable UK accounting standards have been followed. subject to any tn8leri81
departures disclosed and explained in the financial statements.. and
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charity will continue in operation.
The Iruslees are responsible for keeping adequate accounting records that are disclose with reasonable
accuracy at any time the financial position of the charitable company and which enable thern to ensure that
the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding
the assets of the ¢harilable company 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 corllpany s website. Legislations in the United Kingdom governing the preparation
and dissernination of financial staternents may differ frorn legislation in otherjurisdictions.
In so far as each of the trustees are aware at the time the report is approved..
there is no relevant audit information of which the charitable cornpany's auditors are unaware., and
the Trustees have taken all steps that they should have taken to make themselves aware of any
relev8nl audit infortll81ion and lo establish that the auditors are aware of th81 Infortll81ion.
Approved by the Board on 28 September 2022 and signed on its behalf by..
Sir Charlie Mayfield
Chair of Trustees

INDEPENDENT AUDrn)RS' REPORT TO THE MEMBERS AND TRusfEES OF THE PRODUCTIV
GROUP
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE PRODUCTIVITY
GROUP
Opinion
Wè have audited the financial statements of The Productivity Group for thè year ended 31 March 2022 which
compiise the Consolidated Staternent of Financial Activities, the group and parent charitable company's
Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including a
sumrnary of significant accounting policies. The financial reporting framework that has been applied in their
preparation is applieable law and United Kingdom Accounting Standards, including Financial Reporting
Standard 102 The Financial Reporting Standard appliGable in the UK R8publNG of Irel8nd (United Kingdom
Generally Accepted Accounting Practice).
In our opinion, the finan¢i31 statements".
give a true and fair view of the stale of the group's and of the parent charitable cornpany s affairs as at
31 March 2022 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 IUKI IISAS IUK)) and applicable
law. Our responsibilities undei those standards ale further described In the Auditor's responsibilrties for the audrfc
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 requirernenls. We
believe that the audit evidence we have obtained is sufficient and appropriate lo prowde a basis for our opinion.
Conclusions relating to going concern
In auditing the finan¢ial stalemenls. we have oon¢luded that the Ituslees. use of the going ¢oncern basis of
accounting in the prepaialion of the finan￿al 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 ¢ast significant doubt on the group's ability to continue as a
going COn￿rn for a period of al le851 Iwelve months frotn when the financial st8ternentS 8re aulhorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the
relevant sections of thi5 report.
other infomiation
The trustees are responsible for the other information. The other information comprises the information included
in the Trustees. Annual Rèport. Our opinion on thè finan¢ial statetnents does not ¢over the other info[rnat￿n
and, except to the extent othe￿iSe explicitly stated in our report, we do not express any forrn of assurance
conclusion thereon.
In connèction with our audit of the financial statèmsnts, our responsibility is to rèad thè othèr information and,
in doing so, consider whether the other inforrllalion is materially inconsislenl with the financial slalemenls or our
knowledge obtained in the audit or otheNise appears lo be materially misstated. If we identify such material
inconsistencies or apparent material misstatements, we are required to determine whether there is a material
mi55talernenl in the financial slalemen15 01 a material misslalemenl of the olhei information. If, based on the
work we have performed, we conclude that there is a material rnisslalernenl of this other information, we are
required to report that fact. We have nolhing lo report in this regard.
10

INDEPENDENT AUDrn)RS' REPORT TO THE MEMBERS AND TRusfEES OF THE PRODUCTIV
GROUP
Opinion$ on other matters pre$cribed by the Companies A¢t 2006
In our opinion. based on the work undertaken in the course of the audit..
the information given in the Trustees, Annual Report (which includes the strategic report and the
directors, report prepared for the purposes of company lawl for the financial year for which the financial
statements are prepared is consistent wrth the financial statements., and
the stiategic report and the directors, report included within the Trustees, Annual Report have been
prepared in accordance with applicable legal requirements.
Mattèrs on which WÈ arè required to rèport by èx¢¢ption
In the light of the knowledge and understanding of the group and the parent charitable cornpany and ils
environment obtained in the course of the audit, we have not identified material misstatements in the Trustees,
Annual Rèport (which incorporates thè stratègic rèport and the directors, reporti.
We have nothing to report in respect of the following matters in relation lo which the Companies Act 2006
requires us to report to you if, in our opinion..
adequate accounting iewids have not been kept by the parent charitable wmpany.. or
the parent charitable company financial staternents are not in agreement with the accounting records
and returns., or
certain disclosures of ttuslees, rernuneiation specified by law are not rnade". or
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees forthe financial ststements
As explained more fully in the trustees, responsibilities statement set out on page 2, the trustees (who are also
the directors of the charitable company for the purposes of company lawl are responsible for the preparation of
the financial slalemenls and lor being satisfied that they give a true and fair view. and ft>i such inleinal conliol
a5 the Irvslees determine is necessary lo enable the preparation of financial 51alerllenls that are free from
material misstatement, whether due to fraud or error.
In preparing the financial sl*emeNls, the Iruslees 8re responsible for a55essing the gTOUP'$ and the parent
charitable company's ability lo continue as a going cOn￿rn. disclosing, as applicable, mattels ielaled lo going
concern and using the going concern basis ol accounting unless the trustees either intend to liquidate the group
or the parent charitable company or to cease operations, or have no realistic atternative but to do so.
Auditorfs responsibilities for the audit of the financial ststements
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 assuiance, but is not a guarantee that an audit conducted in
accordance with ISAS IUKI will a￿ayS delect a material rnisstatement when il exists. Misstatements can arise
from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be
expected to inflLJence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including traud, are instances of non-compliance with laws and regulations. We design procedure5
in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities,
including fraud. Thè èxtènt to which our proTrdures arè ¢apable of dètècting irrègularities. including fraud is
detailed below..
Based on our understanding of the group and the environrnent in which it operates, we identified that the
prinapal risks of non-compliance with laws and regulations related to the reporting requirements of the
Department for Business, Energy & Indu51ri81 Slr8legy IBEISI. and we considered the extent lo 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 the Charities Act
2011, Charities SORP120191, Companies Act 2006 and payroll taxes.
We evaluated managernent's incentives and opportunities for fraudulent manipulation of the financial
statements (including the risk of override of controlsl and determined that the principal risks are related to the
valuation of pio bono services and the recognition of giant Inwtne. Audit procedures performed by the
engagement team included..
Enquiries of management regarding correspondence with regulators and tax authorities,.
Discussions with tnanagemenl induding consideration of known or suspected instances of non-oompliance
with laws and regulation and fraud.,

INDEPENDENT AUDrn)RS' REPORT TO THE MEMBERS AND TRusfEES OF THE PRODUCTIV
GROUP
Reviewing the controls and procedures of the charity, particularly in relation to the recording of income and
pro￿SSIng of payments and payroll, to ensure these were in place throughout the year, including during the
Covid-19 remote working period.,
Evaluating tnanagemenl's controls designed lo prevent and delect irregularities.,
Reviewing and testing journal entries made in the year, particularly those made as part of the year end
financial reporting procsss", and
Ghallenging assumptions and judgemen15 made by rnanagemenl in their crrftical accounting estimate being
the recognition and valuation of pro bono services.
Because of the inheienl limitations of an 8udil, there is a risk that we will not delect all irregularities, including
those leading to a material misstatement in the financial statements or non-cornpliance with regulation. This risk
increases the more that Cornplian￿ with a law or regulation is rernoved frorn the events and transaclions
reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regaiding iiregularilies 0￿r[l￿g due lo fraud lather than eiror, a5 fraud involves
intentional concealment, forgery, collusion, ornission or misrepresentalion
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website at". www.fic.or
.uklaudilorsres
onsibililies. This desciiplion forrns part of our
auditorfs report.
Usè of our report
This report is made 501ely to the charitable cornpanY5 members, a5 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 slate lo 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 chaiitable company and the charitable company's member5, a5 a body, for our audit work, for this report, or
for the opinions we have formed.
q_tj
Thomas Wilson (Senior Statutory Auditor)
For and on behalf of Haysmacintyre LLP, Statutory Auditors
10 Queen Street Place
London
EC4R 1AG
Date.. 30109122
12

THE PRODUCTIV￿ GROUP (Be the Business)
GROUP STATEME1￿ OF FINANCIAL ACTIVThIES
(incorpornting an income and expenditure acc¢)unt)
FOR THE YEAR ENDED 31 MARCH 2022
Notes Unrestricted
Fund$
Restricted
Fund$
Totsl 2022 Totsl 2021
Income and endowments from:
Donations and pro-bono support
Charitable activities..
BEIS Grant
Other
Other Trading Income
847,000
5,121,907
5,968,907
8,826,015
4,930,042
1,666,760
4,930,042
1,667.278
688,975
8,505,007
272,662
431,667
518
688,975
Totsl In¢om¢
1,536,493
11.718,709
13,255.202 18,035,351
Expenditure on:
Charitable activities
1,259,133
10,369,382
11,628,515 17,854,469
Total Expenditure
1,259.133
10,369,382
11.628.515 17,854.469
Net Income
277,360
1,349,327
1,62S,687
180,882
Net Movement in funds
277,360
1,349,327
1,626,687
180,882
Réconciliation of funds
Total funds brought forward
1,768,618
251,516
2,020,134
1,839,252
Total funds carri•d forward
13
2,045,978
1,600,843
3,646,821
2,020,134
The company has taken the exemplion allowed by section 408 of the Companies Act 2006, nol to prepare a
company only statement of financial activities.
All the above results ale derived from continuing 8cliMlie$. There 8re no recognised gains or losses other than
those stated above. The net income for the charity for the year was £1,626,687 12021.. net expenditure of
£90,687). Full comparative figures for the year ended 31 March 2021 are shown in note 19.
The note$ on pages 17 10 25 form part of these financial slalemenls.
13

THE PRODUCTIV￿ GROUP (Be the Business)
GROUP BALANCE SHE
AS AT 31 MARCH 2022
coM￿nY number 10754958
Notes
2022
2021
Fixed AssÈt$
Total Fixed Assets
16
21,717
21,717
20.106
20.106
Current Assets
Debtors- arnounts fallir@ due after more than one year
Debtors- arnounls falling due within one year
Cash at Bank
301,750
868,747
3,560,303
641.835
2,465,643
Totsl Cur￿nt Assets
4,730,800
3,107.478
LIabIllt￿$
Creditors.. amowts falling due within one year
12
11,105,696)
11,107,450)
Net Cyr￿nt Assets
3,625,104
2,000,028
Total Assets less current liablrtie3
3,646,821
2,020,134
Total Net Assets
3.646.821
2,020,134
Thè funds of the charity:
Unrestricted funds
Restricted fU￿S
2,045,978
1,600,843
1,768,618
251,518
Total Group Funds
3.646.821
2,020,134
The notes on p8ges 17 10 25 forrn part of these fin8n¢ial 51alemenls.
The accounts were approved by the Trustees on 28 September 2022 and signed on their behalf by..
Sir Gharlie Mayfield
Chair
14

THE PRODUCTIV￿ GROUP (Be the Business)
CHA ￿ BALANCE SHE
AS AT 31 MARCH 2022
coM￿nY number 10754958
Notes
2022
2021
Flxed Assèts
Total Fixed Assets
16
21,717
21,717
20.106
20,108
Current Assets
Debtors- amounts fallirKJ due after more than one year
Debtors- amourits fallirKJ due within one year
Cash at Bank
301,750
1,334,282
3,027,584
933,473
1,981,563
Total Current Assats
4,663,616
2.915.036
LIabilit￿S
Creditors.. arnowts falling due within orE year
12
1,038,512
915,008
N•t Currant ks•ts
3,625,104
2,000,028
Totsl As$ets le$$ current liablities
3,646,821
2,020,134
Total Net Assets
3,646,821
2,020,134
The funds of the charity=
unie511icled funds
Restricted fU￿S
2,045,978
1,600,843
1.768.618
251,518
Total Charity Funds
3,646,821
2,020,134
The notes on pages 17 10 25 forrn part of these financial stalemenls.
The accounts weie approved by the Trustees on 28 September 2022 8nd signed on Iheii behalf by..
Sir Charlie Mayfield
Chair
15

THE PRODUCTIV￿ GROUP (Be the Business)
GROUP STATEME1￿ OF CASHFLOWS
FOR THE YEAR ENDED 31 MARCH 2022
Notes
2022
2021
Cash flows from opèrating activitiès
Cash flows from investing activities
Net purchase of taThJible fixed assets
Change in cash and cash equivaknts in the period
Cash and cash eqLivalents at the beginning of the period
Ca$h and ¢a$h equivalents at the end of the period
1,108,867
517.937
114,20n
1,094,660
2,465,643
3,560,303
113,14n
504,7
1,960,853
2,465.643
A Rèeoneiliation of net in¢orr* to net ¢a$h flow from
operating activities
2022
2021
Net Income
1,626,687
180,882
Ilncreaselldecrease in debtors
Increaselldecreasel in creditors
Depreciation ol fixed assets
Nèt Cash providèd by operating a¢tivitie$
1528,6621
11,7541
12,596
1,108,867
1432,1121
758,614
10,553
517.937
At 1 April
2021
At 31 March
2022
Analysls of chanw In net cash funds
Cashflovos
Cash in hand
2,465,643
1,094,660
3,560,303
Total cash and Cash equivalents
2,465,643
1.094.660
3.560.303
16

THE PRODUrn GROUP (Be the Business)
NOTES TO THE FINANCIAL ￿ATEmE￿￿5
FOR THE YEAR ENDED 31 MARCH 2022
ACCOUNTING POLICIES
The principal accounting policies adopted, judgements and key sources of estimation and uncertainty in the
preparation of the financial statements are as follows..
Basis of accounting
The financial statements have been prepared in aeeordance with Aeeounting and Rèporting by Charities." Statement
of Recommended Practice for Gharilies ISORP 20151 (Second Edition. effective 1 January 20191 applicable lo
charities preparing accounts in accordance with the Financial Reporting Standard applicable in the UK and
Republic of Ireland IFRS1021 and the Companies Act 2(KJ6.
The chaiity meets the definition of 8 public benelil enlily under FRS 102. The charity has one subsidiary company,
The Productivity Group Icomrnerciall Limited. registered in England and Wales under company number 10894488.
The group accounts include the resuKs of the subsidiary, consolidated on a line by line basis.
General Inforniation
The Productivity Group, trading as Be the Business, was incorporated in England and Wales on 4 May 2017 as a
charitable company limited by guarantee (company number 10754958 and a charity registered in England and
Wales (charity nLJmber 11736801. The registered office address is 10 Queen Street Place, London, England, EC4R
1AG and the tharily operates from ils principal address al 26-28 Glasshouse Yaid, London EC1A 4JU.
Preparatlon of accounts on a golng concern basls
The Trustees consider there are no material uncertainties about the charty's ability to eontinLJe as a going Concern.
Operation5 h8ve continued succe55fully Ihiough 2022, to the date of signing these accounts, and the review of our
financial position, funding discussions, reserves levels and future plans, taking into accounlthe known implications
of Covid-19, Trustees have confidence that the charity remains a going concern for the foreseeable ILJture.
Significant judgements and sources of estimation uncertainty
In preparing the financial statements management has made judgements, estimates and assumptions that affect
the application of the charity's accounting policies. The trustees consider that the key aiea of judgement in the
accounts is the valuation of pro-bono support.
Prckbono support is valued at the lower of the value of the donats'on to the charity and fair value and is recognised
on receipt of the support. We are fortunate lo receive 8 wide range of pro-bono 5UPPOrt from a large number of
sour￿$ which is valued on a prudent basis using appropriate estimation techniques. The rate card developed by
management for recurring pro bono support is reviewed every six months to test that the valuation assumptions
remain appropriate. Material categtsries of support and the basis for valuation are as follows".
Programmatic support- includes mentors. advisory board members, sector Steering Group members and
others who give their time to facilitate our programmes with SME leaders for free. The support is valued
using meeting attendance records or surveys conducted to establish average time commitments, with
hourty rates calculated by reference lo market rates ft>r the type of support being provided.
Movement building and campaign support - includes.. promotional activity by our partners to help our
content and events reach as many SME leaders as possible, including delivery of webinars on the charity's
behalf (valued with reference to the size of audience reached and media rate eardsl, Be the Business
Fellows. lime. being senior business leader5 who work with us lo promote the produdivity tnovemenl and
build stakeholder network5 (valued based on time sheets and hourly rale for the type of support being
provided)., pro bono agency support and ad credits Ivalued based on rates paid by the charity for
comparable services).
Con5uttancy 10 5UPPOrt our thought leadership research and programmatic development, valued based
on charitable rate cards of the relevant consultancies gifting their time.
Secondments of staff roles are valued based on the price paid by thè charity for comparable roles.
Office space is valued with reference lo market rates taking into acoount the nature of the oiganisalion,
the number of desks and facilities provided.
17

THE PRODUrn GROUP (Be the Business)
NOTES TO THE FINANCIAL ￿ATEmE￿￿5
FOR THE YEAR ENDED 31 MARCH 2022
1. ACCOUNTING POLICIES Icontinuedl
Funds structure
Unrestricted ineome funds comprise those fLJnds which the Trustees are free to use for any PLJrpose in furtherance
oflhe charrtable objects. Designated funds are unrestricted funds earrnarked by the Trustees for particular activities
or purposes. Reslricted funds are those funds which are to be used in accordance with specific instructions imposed
by the donor or funder.
Income
All incomè is recognised once the charity has entitlement to incom&, it is probable that income will b& récèiv&d and
the arnounl of income reoeivable oan be measured reliabty.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is
probable that the settlement will be required, and the amount of the obligation ¢3n be measured reliably.
Expenditure includes attributable VAT which cannot be recovered.
Tangible Fixed Asset and Deprèciation
All assets costing more than £5(X) are capitalised. Tangible fixed assets are G3rried at cost, net of depreeiation
and any provision for impairment. Depreciation is provided at rates calculated lo write off the cost of the fixed
assets, less their estimated residual value, over their useful lives.
Compulei Equipment 33.3°h straight line.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered.
Prepayments are valued al the 8tnounl piepaid nel of any trade discounts due.
CY8dlto
Creditors and provisions are recognised where the charity has a present obligation reSU￿ng from a past event that
will probably result in the transfer of funds lo 8 third party and the amount due lo sellle the obligation can be
measured or estimated reliably. Creditors and provisions are recognised at their settlement amount after allowing
for any trade discounts due.
Pensions
The charity operates a defined contribution pension scheme for the benefit of its employees. The assets of the
scheme are held independently from those of charity in an independently administered fund. The pensions costs
Charged In the finan¢ial statements represènt the ¢ontiibLJlions payable during the ptriiod.
Employee short tern) benefits
Short term benefits including holiday pay are recognised as an expense in the period in which the setmce is
received.
Foreign exchange
Monetary assets and liabilities denominated in foreign eurreneies are translated at the period end rate of exchange.
Transactions denorninated in foreign currenues alè tianslated at thè ratès prevailing at the transaction date.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
Basic financial instruments ale initially iÉeognised at transaction value and subsequendy measured at thèir
settlement value.
18

THE PRODUrn GROUP (Be the Business)
NOTES TO THE FINANCIAL ￿ATEmE￿￿5
FOR THE YEAR ENDED 31 MARCH 2022
DONATIONS & PRO.BONO SUPPORT
2022
2021
Donations
847,000
905,000
Programrnatic Support
Movement building and campaigns
Consultancy
Secondrnenls
Office space
Other pr￿bon0
4,111,480
584,015
5,400
22,917
390,000
8,095
3,019,197
2,155,704
2,091,000
158.583
390.OOt)
108,531
Total pro-bono
5,121,907
7,921,015
Total donations & pr￿bOn0 support
5,988,907
8,826,015
OTHER TRADING INCOME
2022
2021
Sponsorship income
Primary purpose trading
Commercial trading
Other income
155.000
85,625
466,850
1,500
431,687
Total other income
688,975
431.667
ANALYSIS OF EXPENDITURE 2022
Staff
costs
Diréct
costs
Support
costs Total 2022 Total 2021
Movement building and Campaigns
Programme5 and Pilots
Evaluation Research and Insights
Digital tools
872,700
863.555
491,359
663,944
1,622,919
4.878.765
616.481
750,995
290,￿6
303.564
98.988
174,879
2,785,985 5,581,402
6,045,884
8,370,441
1,206,828 1,777,043
1,589,818 2,125,583
Totsl èxpenditurè
2.891,558
7.869.160
867.797 11.628.515 17,854,469
ANALYSIS OF EXPENDITURE 2021
Stsff
costs
Direct
costs
Support
costs Total 2021 Total 2020
Movement building and Campaigns
Piogiamrnes and Pilots
Evaluation Research and Insights
Digital tools
1,280,380
1,104.081
517.981
601.604
3,863,459
6,882,472
1,119,467
1,357,240
457,563
383,888
139,595
166,739
5,581,402 2,494,376
8,370,441
4,915,468
1,777,043 1,028,8(
2,125,583 1,785,177
Totsl expenditure
3,484.046 13,222.638
1,147,785 17,854,469 10,223,827
19

THE PRODUrn GROUP (Be the Business)
NOTES TO THE FINANCIAL ￿ATEmE￿￿5
FOR THE YEAR ENDED 31 MARCH 2022
SUPPORT COSTS
2022
2021
Staff related costs
Pro Bono Consultancy
Consultancy
Rent (Office Space- Pro Bono)
IT support
Profe55ional fees
Audit and accountancy
Travel
Telephonès
Human resources
Printing
Insurance
Bank charges and interest
Depreciation
General expenses
Realised currency gains
Irrecoverable VAT
Partnership Costs
Data Strategy & Systerns
56,790
67,050
120.000
68,230
390,000
66,599
20,305
92,056
286
10.336
28,202
819
7,552
593
10,553
16,541
128,771
390,000
53,361
45,016
33,238
13,595
10,428
6,134
349
8,311
1,751
12,596
6,332
119,2811
29,706
9,313
81,367
248,6e3
867,797
1.147.785
GOVERNANCE COSTS (included above)
2022
2021
Audit fees
17,800
16,940
17.8
16,940
NET INCOME I EXPENDITURE
2022
2021
Net incorne is stated after charging..
Auditors, remuneration
Audit setvioes
Other services
Depreci*ion
18.160
6,458
12.596
19.440
8,880
10.553
STAFF COSTS AND NUMBERS
2022
2021
Salaries and wages
Social secLJrity costs
Pension costs
Secondmenl and consultancy fees
Other staff costs
2,407,624
250,e04
233,329
176,810
10,981
2,853,979
320,341
299,726
207.907
23,220
3.079.348
3,705.173
Included in other staff Costs a￿ payments made on termination of £2,44812021". £10,000>.
20

## **THE PRODUCTIVITY GROUP (Be the Business) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022** 

||**2022**|**2021**|
|---|---|---|
|Average staff numbers (including secondees):|||
|Movement building and Campaigns|7.3|9.8|
|Programmes and Pilots|7.7|8.2|
|Evaluation Research and Insights|2.5|3.0|
|Digital tools|4.4|3.6|
|Partnerships|4.0|6.8|
|Administration staff (including core senior leadership team)|9.8|10.3|
||-----------------|-----------------|
||35.7|41.8|
||----------------|----------------|
|Number of employees whose emoluments in the period were:|||
||**2022**|**2021**|
|£60,000 - £69,999|7|9|
|£70,000 - £79,999|6|5|
|£80,000 - £89,999|-|2|
|£90,000 - £99,999|1|1|
|£110,000 - £119,999|2|1|
|£120,000 - £129,999|-|1|
|£140,000 - £149,999|-|3|
|£260,000 - £269,999|1|-|



Total remuneration of the key management personnel of the charity was £976,168 (2021: £994,767). 

## **9. TRUSTEES** 

No trustees received remuneration from the charity for their services (2021: none). No expenses were reimbursed to trustees in the period. (2021: none) 

## **10. TAXATION** 

The charity is exempt from corporation tax as all its income is applied for charitable purposes. The charity’s trading subsidiary donates to the charity an amount equal to any taxable profits under Gift Aid. Consequently there is no taxation charge for the year (2021: £nil). 

## **11. DEBTORS** 

|**EBTORS**|||||
|---|---|---|---|---|
||**Group**||**Charity**||
||**2022**|**2021**|**2022**|**2021**|
||**£**|**£**|**£**|**£**|
|Prepayments|103,496|158,522|103,082|158,522|
|Debtors|55,350|30,000|42,750|-|
|Sundry debtors|-|27,090|-|27,090|
|Amounts owed by group undertakings|-|-|478,549|321,638|
|Accrued income|1,011,651|426,223|1,011,651|426,223|
||---------------------|---------------------|---------------------|---------------------|
||1,170,497|641,835|1,636,032|933,473|
||---------------------|---------------------|---------------------|---------------------|



Accrued income of £301,750 (2021 - £nil) in both group and charity is due after more than one year. 

21 



THE PRODUrn GROUP (Be the Business)
NOTES TO THE FINANCIAL ￿ATEmE￿￿5
FOR THE YEAR ENDED 31 MARCH 2022
12. CREDITORS- AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
2022
Charity
2022
2021
2021
Trade Creditors
Sundry C￿dItorS
Deferied income
Accruals
615,699
45,772
155.625
288,600
789,674
40,752
155,000
122,024
615,699
33,416
106,875
282,522
789,647
7,537
117,824
1,105,696 1,107,450 1,038,512
915,008
13a. ANALYSIS OF N￿AsSET5 BETWEEN FUNDS-GROUP AND CHARITY 2022
Unrestricted Restricted Totsl 2022
funds
funds
Fixed Assets
8,591
2,308,991
1271.6041
13,126
21,717
2,421,809
4,730,800
1834.0921 11,105,696)
Current Assets
Creditors". amounts falling due within one year
Net assets
2,045,978
1,600.843
3,646,821
13b. ANALYSIS OF NET ASSETS BETWEEN FUNDS-GROUP AND CHARITY 2021
Unrestri¢t¢d Restricted Totsl 2021
funds
funds
Fixed Assets
Current Assets
Creditors". amounts falling due within one year
20,106
20,106
1,076,839
3,107,478
1845.4291 11,107,450)
2,030,639
1262.0211
Nèt assats
1,768,618
251,516
2,020,134
22

THE PRODUrn GROUP (Be the Business)
NOTES TO THE FINANCIAL ￿ATEmE￿￿5
FOR THE YEAR ENDED 31 MARCH 2022
14.
MOVEMENT IN FUNDS-GROUP 2022
At 1 April
2021
Income
Expenditure
At31
March
2022
Restricted funds
BEIS
Productivity through People
Innovation UK
Good Things Foundation
Masteicaid
Other (Pro Bonol
201,516
50,000
4,930,042
15,009,354)
122,204
50,000
132.849
113,911
1,420.000
5,127,907
1132.8491
144,9521
68,959
160.3201 1,359.680
15,127,907)
Unrestricted funds
Charity
Subsidiary
1,497,049
271,569
934.643
601.850
1385,7141 2,045,978
1873.4191
Total funds
2,020,134 13,255,202 111,628,515) 3,646.821
14b. NET MOVEMENT IN FUNDS-GROUP 2021
At l April
2020
Incom•
Expènditur&
At31
Ma￿h
2021
Restricted funds
BEIS
Productivity through People
Innovation UK
Other (Pro Bonol
other (Construction Taskforcel
1.088.340
50,000
8.505.007
19,391.8311
201.516
50,000
132.486
7,921,015
140.000
1132.4661
17,921,015)
1140.0001
Unrestricted funds
Charity
Subsidiary
623.436
77,476
905.196
431,887
131.5831 1,497.049
1237,5741
271,569
Total funds
1,839,252 18,035,351 117,854,4e91 2,020,134
15a.
NET MOVEMENT IN FUNDS- CHARITY 2022
At 1 April
2021
Income
Expenditure
Gift Aid At 31 March
transfer
2022
Restricted funds
251,516 11,718.709 110,369.3821
1,768,618
934.643
11,068.9291
1,600.843
2,045.978
Unre51ricted funds
411,646
Totsl funds
2,020,134 12,653,352 {11,438,3111
411,646
3,646,821
23

THE PRODUrn GROUP (Be the Business)
NOTES TO THE FINANCIAL ￿ATEmE￿￿5
FOR THE YEAR ENDED 31 MARCH 2022
15b.
NET MOVEMENT IN FUNDS- CHARITY 2021
At 1 April
2020
Income
Expenditure
Gift Aid At 31 March
transfer
2021
Restricted funds
1,138,340 16,698,488 {17,585,3121
700,912
905,1
1109,0591
251,516
1,768,618
Unrestricted funds
271,569
Total funds
1,839,252 17,603,684 {17,694,3711
271,569
2,020,134
16. TANGIBLE FIXED ASSETS- CHARITY AND GROUP
2022
2021
Cost al 1 April
Additions
Disposals
38.622
14.207
25,475
13.147
As a131 Maich
52.829
38.622
Depreciation at 1 April
Charged in year
18.516
12,598
7,963
10,553
As al 31 March
31,112
18,516
Nèt book valu• at 31 March
21,717
20,106
17. TRADING SUBSIDIARY
The chaiity owns 100'/o of the share capital of The Productivity Group (Cornmerciall Lirniled. company number
10894488, Iregistered in England and Wales). The results for the year to 31 March 2022 are shown below.
2022
2021
Turnover
Administrative costs lincluding intercompany recharge)
601,850
1190,2041
431,667
1160,0981
Net profit before taxation
411,646
271,569
Net current assets
411.646
271,569
100QA of the trading subsidiary's taxable profits of £411,646,12021." £271,569) are donated to the parent under
the existing deed of covènant.
18. RELATED PARTYTRANSACTIONS
There were no related party transactions In 202212021.. £nill.
24

THE PRODUrn GROUP (Be the Business)
NOTES TO THE FINANCIAL ￿ATEmE￿￿5
FOR THE YEAR ENDED 31 MARCH 2022
19. GROUP STATEMENT OF FINANCIAL ACTIVITIES 2021
Note5 Unrestricted
Funds
Restricted
Funds
Total 2021
In¢ome and endowments from=
Donations and legacies
Charitable activiti'es..
BEIS Grant
Other
Other Trading Income
905,000
7,921,015
8,826,015
8,505,007
272,466
8,505,007
272.662
431,867
196
431,S67
Total Incomè
1,336,863
16,698,488
18,035,351
Expenditure on:
Raising funds
Charrtable activth'es
2S9,157
17,585,312
17,854,469
Total Expenditure
269,157
17,585,312
17,854,469
Nat IncomellExpondlturèl
1,(K7,706
1886,8241
180,882
Net Movement in funds
1,C67,706
1886,8241
180,882
Reconciliation of funds
Total funds brought forward
700,912
1,138,340
1,839,252
Total funds carrfèd foNard
1,768,618
251,516
2,020,134
All the above results are derived from Continuing a¢tivities. There are no re¢ognised gains 01 losses other than those
slated above.
25