Companies House 5RIGHTS FOUNDATION SRights Foundation ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company RegiStran Number 11271356 {England and Wales) Charity Registration Number 1178581 JE)AYZ3QX 041CI912024 COMPANIES H¢WSE
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RIGHTS FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Reference and administrative detai15 Indap•nd•ntAuditorfs R•port Statementof Financial Aclivities 11 Balance sIt 12 statement of cash flows 13 N¢)tes to tho Finan¢lal Ststemènts 14
SRIGHTS FOUNDATION TRUSTEES. REPORT (CONTINUED) R THEYEAR ENDED 31 MARCH 24 Dr Amani Atrx)u-Zek Anna Maria Corazza Biklt (Appointed- 29 January 2024) anuel Costes- Honorary TaSurer Elizabeth Denham CBE Barones5 Hena Kennedy ac. (Resigned 29 January 2024} Baroness Beeban KrOn OBE- Chair Dr Ansgar Koene Rhiannon Lawson (R&8igned- 24 July 20231 Dr Toweja Nyirenda Je- vicevCh8ir" {Resigned- 24 July 2023} Sir Peter Wanless CB. Shoshana Zuboff Oorothy Gordon (ApPnted 29 January 2024} Mikio Lxani (Appointed 29 January 2024) "Members of(&)vemance aThJ Remuneration ccmittee Registered office 14 FovAer Road Lothn NI 2EP Charity registration number (England and Wale51 1178581 Company registration number 11271356 Auditor Buzzacott LLP 130 Wood Strèet Lon(knn EC2V 6DL Bankers Lloyds Bank 7 Carter Street Uttoxeter Staffordshre ST14 8HD
5RIGHTS FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Introduction The Iru5tees present their slalutory rewrt l(KJetherwilh the finanaal statements of 5Rights Foundation for the year ended 31 March 2024. The report. which u)nslilutes a Iruslees, reporl for the purposes of charity legislation and a d1CtOrS. report for the purp)ses of company legislatton. comleS with Chari$ consblulw, and has been prepared in accordance with Part 8 of Ihe Charities Act 2011 AUntIj and Reporting ty Charities: Statement of Recommended Practice. The finanGial slalements have been prepared in BrdancE with the acojuntiry poliryes sel out on pages 14 10 16 of the attached financial stste[Tnts and comply with the Charity's Arb"cles ol As50cialion, aPF4icable laws and Ac£ounlirNJ and ReFX)rtiThJ by Charitie5". Statement of Recommended Practice applicable to charities preparing their financial ststements in aCrdan wth the FInarla1 Reporting Stsndard applicable in the Uniled Kingdom {FRS 102). Objects and Public Benefit The Charity's objectives are sel out in ts Artides of AsslxlatTh. Ithich the organtsation is established and suppotts the Charity's mission to make the OMJitsl enwmnment ffit thikjren and thik1. The trustees have referred to the guidance contsined in the Charity Commission's general guidance on public benefit and advice for charilies of an approwate size when rewewn9 Ch8riWs objectives and in planning its aclivilies. To further SRighls' charitable oty'ects for public benefit. all work is directed towards understanding and pr(Nnoling the welkbeing of children and young peotAe, by workiw v*ith others lo ensure Ihal the digital wironmenl observes the rights and priwleges of childhLd. SRights FoundatiC achieves public benefit for the population as a whole by adv(kn.g for fair legisbtion. regulation, standards and lechnical controls Ihat uphold children's rights in the dMJit4 world. Our achievements in the year We achieved remarkable milestones during the year 2023r24, significanty expandiw the breadth and Sfxjpe of our work globally arKI investing in streamliniry, professK)nalizaticm, and partnerships. UK advocacy A key focus of our UK vfijrk was strer¥Jthenry and supportw the pa&sage oflhe Online Safety Bringing together 39 charities and supported by the Bereaved PantS for Online Safety, our alliance for thild online safety generated extensive publK 3warerEss aNI media attenlion. fosleriThJ a valuable dialogue around the Act. Consequendy. our sleadfast advoracy InflUend the bill's pS$ns. sering a priority for children's safety and welfare. Following its passage. we have shifted our foojs and that of the alliance to supporting implernentstion by Ofcom through a robust Child Safety Duties Code of PracticE. In addition. we worked lo ensure the review of the Data Bill w)uld rot undermine chihjren's established rights. as well as tffing in omised new accEss lo dats Prowsions in the case of the death of a chifvj. International advo¢a¢y At the level of the European Union, we successfulty ensu a raft of EU and WcleS fleCted and implemented children's ryJh15, m051 importanuy the Digital Serwces Act. As Obsefvers to the Council of Europe Commtttee on Al, we successfulty supported the inclusion of safeguards for children in the workj's first intemational Al Treaty- 5Righls led an intemational CIMI soaety coalition which Secu strong polikncal commitment for corporale responsibility for safety and privacy by deSn in an UN General Assembty ResolutTron. We supported the Afn'can to draft and approve a yd4eadiry Child Online Safety and Empowemwbt Policy. 5Rights also supported regulators and worked with partners for the inlr(MJuctw)n of legislatson ts chiklren's safety and privacy in the US, Argenb'na and Indonega. Youth engagement The views and volS of chihjren and young pecyle are central to all of5Rights' Adapting aThJ scaling up r Youlh EngagenI Progtamme to malch ow increa&rwJly inlemat#)nal scope oflwrk was a priority over the year. Our partnership wth the Gifted YcNffig Generat Safer Intemet Day in February 2023 kick started a gkjbal conversation series, whith has since matured into 8 prOgrme of webin8ts bn"ngiThJ in the perspectives of
5RIGHTS FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR ThEYEAR ENDED 1 MARCH 2024 chldren from arourhj the wodd, which are reflected n our policy [x)sitn$. Py1S. and communical#)ns outwt. Our young ambassadors partipated in nurnerous gatherings and policy evenls linduding in Brussels, Geneva and Buenos Aires). Within the framework of the OlIa1 Fubjres Commission, we invofved children and young people in the Cce$lgn of Playful by De5igTr8. a tool intended lo redefine digital play opportunilies for children. Research 5RhIS has continued to deliver pioneering research, iluding through the estsblishmenl of a permanent joint research ntre wlh the London Schcd of Eu)rrt)mics- the Digtsl Futures for Children ntre. 5Righls updated and rwublished our ground-breaking port"01$rUpIed Childhcth" the cost of persuaswe design"" published a rxjmparats've legal analysis of the Online Safety Ad's proWSnS for thIldn. a report on best practices lo input into the implementa1 of the Digital SeMC£S Act and a simiL3r report for the Online Safety Act. The new DFC published its first reF4Jrt. on the Best Interests of the Chikj in the DKJital Environrrtnl. Compllan Our compliance work covered support lo regulators with enforcement. work on lechnical standards, aTrJ incieased engagement with industry- tech companies. Professional associations, and investors. In the UK we ¢onlinued to work for Ihe rotrMJst implemenlalion and enforomenl ol the Age Appropriate Design Code by the ICO. Induding by hjghlighting positive changes and remaining gaps utx)n Ihe 2nd anniversary of the law. and working di¢ wilh the gaming plaorni Poki to redesmjn their Servi in compliance with the We supported CEN£ENELEC through a pre-stsnd8rdIsati agreerrnl for an Age Appropriate DesJn of Serwce FrarT)ework, worked wth the IEEE lo deliver a starKlard on Age Au[ancE and Nwth the Dutch Minislry of Interior to develop a Child Rights Impact Assessment Framework. We supported an investor Resoluti at the Mela Annual General Assembty. Plans for 2024125 Dernand for our work and support ujntinues lo grow exF(entIalty. We believe we are al a key rnomenl ol opportunity, where our aim of making designing wilh ¢hikJren in mind a gkjbal industry norm. is wrthin reach within the coming decade. We plan over the coming year to maintain our very hMJh level of prcJucliv7ty and impact, and work lo scale up our work across all pillars-frw research and youth engagement to advcfacy. technical work and support for compliance- globally. We expect lo work more irdepth on Al and education teChno9y, among others. Resulls and financial position A summary of the period's results can be fouThJ on page 11 of Ihe accoL¢nts. The yearfs total irwme reached £2.033.265 a rnae rise from £1,469,940 in 2022r23. This income was largely driven by donations and grants. supplemented slightty by bank inleresL Our yearly expenditu amounted to £1.379.533 a decrease from £1,795,993 in 2022123. This entire amountwas directed towards support]"ng the tharitable operalk)ns of 5Rights Foundats"on. At the conclusion of the year. we have otsined a designated fund of £333.000 for committed actmties in advocacy. research. and accnuntablty. Funding All our funding is received as grants ordonations. We do not ergage in direct fundraising activities with the wblic and are not regISted with the Fundraising Regulator. We folk best practi in data prolectK)n when pr¢xe55ing donatK)ns, rEver sharirwj dats extemal organisatiorts. We also ensure our supporters and do[r$ have the flexibility to adjust their communication preferences at any poinl. We handle our fundraisirrfJ inlemally wilhoul the use of professional furvJr8i5er5. We a cMMitted to addressing arKI investigating any cDncerns about our fundraising practices, aiming lo learn from each experienc£ to enhanr£ wr performance. In the fiscal year 2023124, we (Jid not receive any CoMalntS regarding our fundraising melh¢)Js. We closely monitor a range of factors that could Influenc wr financi81 fulvre. These encompass macro considerations like Ihe overall economic. wjlitical. and scoal landscape. as well as micro cDnsideraiions like our ability and prepadnesS lo raise funds. Reserves policy
5RIGHTS FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THEYEAR ENDED 31 MA Our Iruslees have evaluated ts sum that 5Rohts Foundation needs to maintsin in reserve to assure financial sustsinability. In developing our reserves policy, we look into 8c¢ount the necessity for reserves. the possible effects of extemal factors beyond our control, the level of reserves deemed necessary by the trustees. the strategy for reaching the desire(J level of seNe5. and the approach lo rTr)nilor and review th the policy and actual reserves. The FoUndatn requi reseNes to en$ operatnal continuity during linw ol er£>nomic and Sal volatility. to manage the ebbs and flows of funding cydes, and to suslain primary acliwlies as we transition beeen projects. Whenever feasiNe, a surplus of reseNes allows the Found8tic¥) to invest in new strategic inllialives. We are carrwng forward a general reserve fund of £1.189.5(X) into the folowng year lan wicrease trom £535,768 in 2022123). Given the Pfevailing c1rvjmstan5. the truslees have opted to continue a prudent approach and have approved the reserves policy to retain a minimum three rmnths of operaling costs (excluding fund5 already allocated for fuTrJed o)mmilments and designated fvnds for ongoing work) unlil al least the end of the current financjal year. The operational costs for three rnthS in the year 2024125 are estimated to be £530.000. This policy will undergo regular rewews. The additsonal retained reserves will allow 5Rights lo prog¥ess wth the five- year strategy which will be implemented starting in 2024125. Risk Management Al the SRighls Foundation. we underpin our OperatnS with strategie risk management. enabling us lo navigate the challenges we face as a charity. Our trustees. conscientr"csIY fulfilling their iesponsikn.lilies, eng8ge in the continuous identification and assessment of strategic and operatbonal r(s. Through structured risk assessment actices and regular bi-annual risk reviews. we focus on siqnificant calegories: govemance. extemal, financial. and operational risks. Our proactive approach ensures Ihe effectiveness of our strategies and systems. enabling us lo cx)ntrol arKJ minwnise sKJnifiL>nl risks. PrirrApal risk5 and mibgations Govemance Risks: Wth a ¢Tnitment lo mitigate risks ass(Kiated wth govemance, we've made consKlerable headway bydrvetyn9 our tx)ard through the recruitment of new trustees and the appointment of a Vice-chair. This strategic reinforcemenl of our governan structu, coupled wilh Ihe creatson of governance committee, alk)ws us lo aldress any potential Ixwfflids of interest among trustees and ensures a ihorough risk management process. Operational Ri5ks'. we ppOSn1ed two ¢)perational risk5 that Could potentially impact our pr(xJucliMty - potential misuse of funds or excessive spendiNJ. and increased staff lumover. We've implemented slrategic interventions to prevenl ltr*se iisks from impeding our 0pgrnll)$, ensuring the continuity and efficaw of our work. Financtal Suslainabilily. The finanual 5ustsinabifrty of our operations remains 3 primary focus of our risk mitigation efforts. Wee culb'valed strow relationships with our cuent funder5, allowrvj us to optimise our bLJdgel. However, to safeguard our operallor and facilitste p)5itive change on a global sca, diversifying our lunding Sour is a strategic imperatNe. With the guidance of our Chair. we're implementing an effiGienl funding plan aimed at securing new. suslainable SoUrS of funding. Structure• governance and management The Charity and Company is govemed by Artides of Asscoabon. was incorporated as a company limiled by aranlee on 22 Marth 2018, and registered as a thanty on 31 May 2018. The govemance of 5Rights FounLlalion is overseen by the brd of trustees. New trustees are invited onto the t(Jard by Ihe Ch8ir and trustees and on recommendat) from irmluslry, NGO and olher contacts. They are genefftlly individuals who bring specific high4evel skills and cL)ntacts lo complement, support and admse. New Iruslees undergo a CL)mprehensive induction prcgramme to ensure they Can contribute effectively lo their roles as trLTrslees. The board meets four times each yEar and guides the strdlegiG d4reGtvJn of the Charity. 5Righls vicfrchair leads the Govemance arKI Remuneration Comrnrttee which makes recommendations lo the ix)¥d on matters of govemance and HR. recruilrrEnt and nomination of trustees: rewew5 govemance arrangements and policies,. resolve disputes or complaints,. MUneratiOn decisions for senior staff and advise on matter5 reLating to human resour.
5RIGHTS FOUNDATION TRUSTEES. REPORTICONTINUED) FOR THEYEAR ENDED 31 MARCH 2024 Decisions made by staff are made according lo the levels of egated authority defined in the organisalion's poliaes and prLKedures and actording lo r<Ae desCriptn$ and ¢tYnmensurate levels of authority. The Senior Leadership Team will be strenglhened by rew appointments and internal prorTK)tKJns. The trustees receive no remuneration for their semces as trustees but are reimbursed for appropriate travel and expenses in the perf0MnCe of the work of the Charity. The pay of all stsff is remewed annually by the board of trustees is based comparisons wth similar orgarisations using industry-standard benchmarking. Statement of Irustees, responsibilities The trustees. who are also director5 for the purposes of company law. are TesFonsible for preparing the trustees, rewrt and financial ststemenls in accordance wilh applI(3e law atyl United Kingdom Accounting Stsndards. Company law requires ihe Iruslees to prepare finanryal stslements for each financial period th1¢h give a true and fair view of the state of affairs of the Chanty of the irwme anL1 expenditure of the Charity for that period. In preparing these financial stalemenls, the truslees are required tr).. Select suitsble accounb.ng polieS and then apply them u)nsistenty Obsetve the methods a1 principles A(Eount aThJ Reporting by Charities.. Statem8nl of Recommended PraGlice applicable lo charities preparing accounts in acwrdan¢e wth Ihe FinanThal Reporting Slandard applicable in the United Kiwdorn and Republic of IreFand IFRS 1021 Makejudgernents and estimates that are reasonalrfe and prudent Slate whether applicable United Kid0M A(Eounling SlatMYards have been folkmd subject to any material deparlures disclosed and explained in the financial statements Prepare the finanaal statements on a basis li is inapprowiate to presume Ihal the charity wll continue in operalion. The trustees are reswnsIe for keeping proper accounting records that disclose wth reasonable accvr8Cy 8t any lime the financjal position of the charity and enable them lo ensure that the finanGial statements cornp with the Companies Act 2006. They are also responSie for safeguardir#J the assets of the chanty and tsking reasonable steps the prevention and deteCIn of fraud and other irregul8rtbes. Each of the Iruslees confirms Ihat So far as the trustee is aware, there is no relevant audit infonnation of vthith ihe charivs auditor is unaware Each INstee has laken all of Ihe steps Iheyoughl to have taken as a tnjslee in order to make themselves aware of any Televant audit 1nfonnalK and to eStabsh that the charity's auditor is aware of that information. This confirmation is given ar sh¢JAJ be interweled in accordance the provisiS of $418 of the Companies Act 2006. Approved by the board of tnjstees on 29 Juty 2024 and signed on its behalf Manuel (ostCU (Aug 16. 2024 13..24 GMT+21 MANUEL COSTESCU
SRIGHTS FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Independent audllorfs report to the trustees of 5Rights Foundatlon Opinion We have audited the financial statements of 5Rights Foundation for the year ended 31 March 2024. which comprise the stalement of financial activities. the balance sheet and statements of cash flows, the principal accounting policies and notes lo the financial ststements. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial RertIng Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accountr"ng Practice). In our opinion, the financial slalemenls-. give a true and fair view of the stsle of the ch8ritable companys affairs as at 31 March 2024 and ol the income and expenditure for the peric*J then ended.. • have been properly prepared in accordance Uniled Kingdom General Arxepted Accounting Practice: arKI • have been prepared in accordance wilh the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audil in accordance Intemational Standards on Auditing IUKI IISAS (UK)) and applicable law. Our responsibilit.es urKler those standards are lurther described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the tharitable company in accordancE with the elhical requirements that are relevanl lo our audil of the financial statements in the UK. induding the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibililies in accordance Tr•thh these requirements. We believe that Ihe audit evidence we have obtained is suffioenl and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the fina131 stslements, we have conduded that the truslees. LL8e ofthe gng conrn basis of 8CCL)unling in the preparation of ihe financkql statements is appropriate. Based on the work we have performed. we have not Kjenlified any material uncertainties relating lo events or conditions Ihal. indiwdualfy or colleclivety, may cast significant doubt on the charitable cA)mpanrfs ability to continue as a going c0M for a pericd of at st Iwefve rF¥)nths from then the financial statements are aulhorised for issue. Our responsibilities and the respcffisibiliti.es ol Ihe trustees vthh Sl to going COnM are described in the relevant sections of this report.
5RIGHTS FOUNDATION TRUSTEES, REPORT ICOMTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Other information The trustees are responsible for the other infoTmab"on. The other inlormatrjn comprises the infom8tion included in the annual pOrt, other Ih8n the financial statements and OUT audstorfs report thereon. Our opinion on the financial slatwenls does not cover the other infom)ab'on and. except lo the exlent olheThJise expliatly stated in our rewrt. we do not express any form of assurancE tsjnclusion thereon. In connection with our audit ofthe finanual slalements. our [)nSibIlity is to read the other inlonnation and. in doing so. Consider whether the other infotrnalion is materialty inu)nsi8lent wilh the financial statements or our knowledge obtained in the audit or otheiSe appea to be malerially rrysststed. If we idenlfy sud) material inconsistencies or apparent material misstalements. we are required to determine whether Ihere is a material misstslement in Ihe finanGial Statents or a material misstatement ofthe olher information. If, based on the work we have performed, we condLe that the is a material misslatement of this other information. we are required lo report that fact. We have nothing to report in this regard. Oplnions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. • the Informati given in the twstees. report for the finanal year for which the financial ststements are prepared is consistent wilh the financia statements" and • the trustees, report has been prepared in accordance wth applicable legal requirements. Matters on which we are requlred to report by exceptlon In the light of the knoedge and understanding of the Charitab CLJTnpany and rts environment obtained in the course of the audit. we have not hlentified material misstatements in the trustees. report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2(K)6 requires us to report to you if. in our opinion.. • adequale accounting records have not been kept by the charitable company: or • the charitable company finanaal statements are not in agreement the accounting records and retums. or • certain disclosures of trustees. remuneration specified by law are not made: or • we have nol ceiVed all Ihe inf0mli0n and explanations we require for our audit.. or • the trustees were not entitled to prepare the financial ststemenls in accordance with the small companies regime and lake advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic pOrt.
5RIGHTS FOUNDATION TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Responsibilitles of trustees As explained more fully in the trustees, resnsIbIlI11eS slalement. Ihe trustees (who are also the directors of the charitable company for the purposes of cMpanY law)are responsible for the preparation of ihe financial slalements and for being satisfied that they give a true and fair vw, and for such internal control as Ihe truslees determine is necessary lo enable the preparab.on of [Wla1 Statennts thal are free trom material misstatement, whether due lo fraud or error. In preparing the financial stslements. the trustees a resFX)nsible for assewng the charitable company's ability to nb.nue as a going Cnrn. disdosing, as applicable. matters relaied lo going u)nr£rn and usiThJ the going concern basis of accounts.ng unless the trustees either intend to IiqLJidate the tharitabk r£Jmpany or to cease operations. or have rn realistic abtemalive txjt to do so. Audllor's responsibllities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial stalernents as a vthole are free from material misstatement. whether due to fraud or error. and lo issue an auditorfs report that indudes our opinion. Reasonable assuran is a high level of assurance. but is not a guarantee that an audit conducled in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstalemenls can arise from fraud or error and are considered matenal if. individually or in the aggregate. they could reasonably be expected to Influen the economic decisions of users taken on the basis of these financial slalements. Irregularities, induding fraud. are inslances of non<ompliance wth laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delect material misslatemenls in respect of irregularities, in¢Fuding fraud. The extent to which our procedures are capable of detecting irregularities, induding fraud is detsiled below. Our approach lo identifying and assessing the risks of material misstslemenl in respect of irwularities, induding fraud and non-compliance with laws 2nd regulations, was as follows: • the engagement partner ensured thal Ihe engagement team collectively had the appropriate competence, capabilities and skills to idenlrfy or recognise non<ompliance with applicable laws and regulations. and • we obtsined an understsnding of the legal and regulatory frameworks that are applicable to the charitable company and delemiined Ihal the most signrfunl framework5 which are directly relevant to speciftc assertions in the finanal statements are those that relate lo the reporting framework (Staternent of Recnmmended Practice: Accouniing and Reporting by Charities preparing their accounls in accordance wth the Finanaal Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Companies Aci 2006). • We assessed the susceptibility of the charttable company's financial statements to material misstatement. induding obtaining an understanding of how fraud might occur. by.. • rnaking enquiries of management as to their knowlethje of actLJal. suspecled and alleged fraud., and • considering the intemal controls in place to mitigate risks of fraud and non•compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. • performed analytical procedures to idenb'fy any unusual or unexpe¢led lationShIpS.
5RIGHTS FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Auditor's responsibllllies for the audit of Ihe financlal slatements {contlnued) In response lo Ihe risk of iegUlaritieS and rrfjnllcomptiance with law5 and regulalions. we designed proceduies which induded. bul were [1 limited to.. • reading the minutes of meetings of those tharged with governance; and • enquiring of management as to the presence of any actual or potential litigation army daims. There are inherent limitations in our audrt procedures debed above. The rn0 MOVed that laws and regulations are from financial transaclions. the less likely it is that we become aware of non-compliance. Auditing standards also limit the audit procedures required to idenlrfy nonwcompliancE with laws and regulations to enquiry of Ihe trustees and other rnanagemenl anij the inspection ol regulalory and legal cnrrespondence. rf any. Malerial mis51alements that arise due lo fraud can be harder lo deted than those that arise from error as Ihey rnay invofve deliberate ncealent or collusn. A further description of our responsltmleS for the audil of the finan(ial sts{ennts is loled on the Financial Reporting Council's websrte at WWA¥.frc.org.ukJauditorsresFL)n5ibilities. This descriplK)n fomis part of our auditorfs report. Use of our report This report is made solely to the charitable companys 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 stste to the charitsble Company's members those matters we are required to state lo them in an auditorfs report and for no other purpose. To the fullest extent pemiitted by law. we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as body, for our audit work. for this report, or for the opinions we have fomed. Hugh Swainson (Senior Stalutory Auditor) For and on behalf of Buzzacott LLP. Stalutory Auditor 130 Wo(xl Street London EC2V 6DL 30 August 2024 10
5RIGHTS FOUNDATK)N STATEMENT OF FINANCIAL ACTMTIES FOR THEYEAR ENDED 31 MARCH 2024 Unrestricted Funds 2024 Restrictèd Funds Total Funds Total Funds 2023 INCOME Income from: Grants and donations Investment incA)me: bank interest 1.462.843 17.876 552.546 2,015,389 17,876 1,468.516 1.424 TOTAL INCOME 1.480,719 552.546 2,033,265 7.469.940 EXPENDITURE Expenditure on.. Charrtable ActMti"es Raising funds 773.896 53.091 552,546 1.326,442 53,091 1,795,gJ3 TOTAL EXPENDuRE 821987 552.546 1,379.533 7.795.993 Nel income I (expenditure) before transfers 653.732 653.732 (326,053J Transfers bets¥een furKIs 10 NET klOVEMENT IN FUNDS 653.732 653.732 (326.053J Balan$ brULthJhtf0d 868,768 868,768 1, 194.821 8aknn¢es ¢athed foThYard 1.522.51)0 1,522,500 868,768 There are no recognised gains or losses other than those sh(A¥n in the Statement of Financol Activities. All income expenditure in each of the above two years dwive from conb'nuirwJ actiwiies. The notes on the following pages fonn part of these financial Ststents 11
SRIGHTS FOUNDATION (Reglstered Company 112713561 BALANCE SHEET AT 1 MARCH 2024 2024 2023 Note CURRENT ASSETS Debtors Cash at bank and in harLI 75.965 50 1.026.467 1.908.718 CURRENT UA81LmES Credltors: amounts faling d wlhin one year 13W218} (157,699) NET CURRENT ASSETS 1.522.500 868, 768 NET ASSETS 868, 768 FUNDS Restricled fvjnds 10 Unrestricted funds Designated funds Gereral fijnd 10 10 333.000 333,0 1,$22.500 868.768 868,768 Approved. and auth0ri5ed for issue, bythe direclots on 29 Juty 2024 signed on their behalf by.." Manuel Cosiescu (Aug 16, 2024 13..24 GMT+21 MANUEL COSTESCU The notes cffi the fdlowing p•Jes fomi part of these financial Statents 12
5RIGHTS FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MAR 24 2024 2023 Cash provlded by I (used In) operatlng acthiltles Net movement in ijnds Ilncreasel in deblo Increase l {detteasel in rxedilo Nel cash provlded by l (used In operatlng actlvlties 653,732 (277,699) (326.053) (45.377) 604.552 {4t 1,061J Increase I Idecxease) in cash and txh equivalents in Ihe year 604,552 {411,061) Cash and cash equNalents atthe beginning of the year 950,502 1.361.563 Total cash and cash equivalents al the end of the year 1.555,054 950.502 Anatysls of changes In net debt Balance al 31 March 2024 1 Aprfl Cash flows Cash al bank and in havKI 950.502 604,552 1,555,054 950.502 604.S52 1.5S5.054 The charity held no debt durirg the per. as such the at¥)ve anatysis of cash and cash equivalents serves as reconulialion ol changes in net debt. The rntes on the followng pages foffn part ofttw fin181 stslements 13
SRIGHTS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS R THEYEAR ENDED 31 MARCH 2024 1. STATUTORY INFORMATION SRights Foundation is a tharrtable company limited by guarantee is incorpDrated in England and Wales (Company no.011271356}. The registered office address is 14 Fowler Road. London. England, N1 2EP. 2. Accoui¥nNG POUCIES Basls of preparntlon of finan¢lal slatw)wnts These accounts have been prepared for the year 31 Marth 2024 comparative inf0mat)n for the period to 31 March 2023. The accounts have been prepared under the historul cLJSt convention ilems recogntsed al cost or transaction value unless othetwse stated in the relevant accounttrvJ pohcies below or the notes to these accnunts. The aCCnts have been prepared in aCcOrdar vAih ACCO"D9 and Reporling by Ch8ri1ies'. Slalement of Recommended pract appli¢able to charities preparing their accounts in accordance wth the Financial Reporting Standard appliCae ifi the United Kirydom and Republic ol Ireland IFRS 102) (Charities SORP FRS 1021 issued on 16 Jufy 2019. the Financial Reporting Standard applicable in the UK and RePU1C of Ireland IFRS 102) arKI the Charities Act 2011. The charityCnSti1Ies a public benefit entityas defined by FRS 102. The accounts are presented in sterling and are ftnded to tr* nearesl pInd. Critical accounting tstlmates and areas ofludgement Preparalion of the accounts requires Ihe trustees to make signffjn1JUdgements and eslimale& The items in the accounts where these judgements and eslimales have been made indude the allcKalion of support costs betsyeen charitable exFenditure categories: and the formulation of the reseNe policy. Assessment of going concern The Tnjstees of 5Rights FoundatTon confirm that Ihey have ppad the financial stslements for the y88r ended 31 March 2024 on a going concem basis. having concluded that the FoundatKJn has the resources to continue in business lor the foreseeable future, a peiitiJ of at 3st nthS frC the date of approval of these financial statements. This u)nfimiation is based on Ihe Foundation's financial performance. budget, and tash fl¢)w projections. as well as its confimied funding and expected incLNne. As of 31 March 2024, the Foundab"on has a robust finarrial posrtion. with suffiaent reserves and a well-batsnced portfolTro of income sources. The detailed budget and cash flow proiectK)n for the subsequent period. considering both routine operaliNJ costs and projecl-relaled costs. have IMn thoroughty revbewed and approved by the Trustees. The budget refiects a levd of aclmty consistent with the previous year and a CA)nseNalNe estimale of income based on confimied and expecled funding sources. 5Rights Foundalw has a substsnlial arTh)unl of funding confimied for the next financial year. The Trustees are confident in the ability to 5ecJJre addilional funding based on ongoing relationshps with exi8ling donors. planned fundraising activities. and a consislenl track record of support. The Foundath"on demonstrated tts resilience and adaptsbrfty in the face of global challenges, such as the Cov119 pandemic, and continues to operate effeclwdy amidst macroeconomic UnrtaiNlies. 14
5RIGHTS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 I ACCOUNTING POUCIES (Continued) Assessment of going concern (Continued) While SRighls Foundation's ability lo continue as a going Concem. like many tharities. depends on ongoing donor support and the SucsS of futu fundrnising efforts, the Truslees have detemiined that there are no material Lsncertainlies castsrKJ sKJnificanl doubt on the Foundabon's ability lo continue its operations. H¢)wever. the Tnjstees continue to mcffiitor the Foundation's financwl health. inc4)me slre8ms, and the external environmenl. They are C4)mmbtted lo tsking necessary alOnS to ensure the sustsinabilsty of ihe Foundation. The Trustees ackrwjwledge their reswjnsibilities conceming the assessment of the Foundation's abilily to contsnue lo adopt the wing concem basis of accounting and the obligations lo rerK>rt any significant doubts that m*Jhl arise. In conclusion, the Trustees have a reasonable ex[CtatiOn that the Foundation has adequate resources to continue ts activities for the foreseeatle future, thus they o)nlinue to adopt the going cDncem basis in preparing the annual ffinawal ststewents. Incomè recognition Oonations have been credited lo the slalement of finala1 activities on an accruals basis. Revenue grants are credrted to the Statemenl of Financial Aclivilies ISOFAI when the charity is cxjnsidered to have entsllemenl lo the assets. it is probable that the resour will recETved, and the rtL)nelary v81ue of income can be meayjred with suffiuent reliabilty. Grants have been 1Thded either as irKome from xtrvitses in furtherance of the charity's objecbves where Ihese amount to support for SperAf activi1S and services. or as donalions where the money 15 given in response lo an appeal or with grealer freedom of use. for example Mon1 for core funding. Expenditure rewnition Liabilities are recognised as expenditure as sn as there is a legal construclNe obtigation committing Ihe char¢ty to make a payinenl lo a Ihird party. it 15 probable that a transfer of economic benefi15 wll be required in settlement and the amount of the 0]gation can be [raSured reliabfry. All expenditure is aCcnted foron an accruals basis. Expenditure CAxwsts of the cnsts of charilable activitS. This incknes all costs 8550Ci3ted with furthering Ihe ch8ritable purposes of the charity.. direct and indirect expendrture on Ihe charity's children's dyital rights. All¢¢alion of Support and governance costs Support costs, represent indired Qtharitsb expenditure. In order lo cary OLrt primary purposes of the charity it is necessary lo provide support such as general management, information technology. communications. insurance and olher office SUPFQrt as well as g¢)Vernan ofthe tharity. These cost5 are allocated tselween actmties they a supwrting on Ihe basis of direct staff o)sts. Expenditure is alated to each actmty on a direct basis, or by allocation based on an estimate of the time spent, by each member of staff on each acw or on an estimale of Ihe proportion of Costs relating to that activity. 15 15
5RIGHTS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 2. ACCOUNTING POLICIES (continued) Forelgn exchange drfferen Foreign ujrrency transactions are translated into sterling at the rates ruliryJ when they occuffed. Foreign currency monetary assets and liabilities are translated at the rates rulir¥J al the balants sheet date. Any differences are taken to the Statement of Finanaal Activities. Taxation The company is a charity wthin the meaniNJ of Para 1 Schedule 6 Finance Act 2010. According the company is exempl from laxalKJfb in respect of income or cat%tal gains within calewries covered by Chapter 3 of Part 11 of the Co)poration Tax Act 2010 or Section 256 of ihe TaxalK)n of Chargeable Gains Act 1992. to the extent that such income or gains are applied exdusivety to Charitab purposes. PeTr5ions The charity is part of an 0cojpat)nal pen&on scheme. ¥hh is a defined contribution Scheme, the assets of which are hekl separately from those of the charity in an independentty administered fund. The cost of contributions payable by the charity lo the scheme is ctharged to the income and exrnditure account as incurred. Debtors Debtors are recognised at their setllement am01. less anyprovisitin for non4ecoverydbility. Prep8yments are valued at the anK)unt prepahl. Cash at bank and in hand Cash al bank and in hand represents acCOts and instruments that are available on demand or have a maturity of less than three nyjnlhs from the date of acquisition. Creditors and provisions Creditors arKI prowsi¢)ns are recognised when there is an obligation at the balance sheet dale as a result of a past event, it 15 probable that a transfer of economic benefit wll be required in settbement, and the amount of the settlement can be estimated reliably. CreditS and provisions are recojnised at the nKJunt th8 charity antiapat&8 il wdl pay to setde the debt. Fund strudure Unrestricted funds are availabte to spend on activities thal further any of the purposes of the charity. Designaled funds are unrestricted funds of ihe charity which the trustees have decided al their discretion to set aside to use for a speaft wrr)se. Restri¢tad fvnds are funds that can onty be used for partKuEar resth.cted purrM)ses wthin the objects of the charity. Reslllclion5 atise when 5peofied by the fvnderldonor or when fiJnds are raised for particular reslrided purposes. Flnanclal Instruments The charity onty hokls basic finanaal instruments as defined in FRS 102. The finantial assets and rinanaal liabilrties of the charity and their measurernent basis are as follows.. Financial assets- trade and other debtots are basic financial instruments and we debt instruments measured al amortised cost. Prepayments are not ffinanal instruments. Cash 21 bank-classffied as a basi financjal irthmenl arwj is measured al face value. Finanual liabilits'es-accnjats and olher creditors are financial trurnents. and are rneasud al amortised cost. 16 16
5RIGHTS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR ThE YEAR ENDED AAAR 3. INCOME FROM GRANTS AND DONATIONS Unrestrict8d R•slrictsd Fund5 Total Funds 2024 Total Funds 2023 2024 Donattrns Grants 5.952 1.456.891 5,952 2.(109,437 552,546 1,467,516 1.462,843 2,015,389 1,468,516 In the yearto 31 March 2023, grants totallir¥J £130,226 were restrthd. wlh the balance of all other grants and donations being restricted. 4. EXPENDrfuRE CURRENT YEAR Direct Support Total 2024 Charilthe Acliwbes Raising furKIs Supporl costs 516.884 31.723 70.235 485.091 1,4S4 274.146 324,467 19,914 (344,381) 1,326,442 53,091 618,842 760.691 1,379,533 PRIOR YEAR Staff Total 2023 costs costs Charitable Athvlties Support c¥)sts 548,340 65,472 854.107 328,074 393.546 {393,546J 1,795,993 613,812 1, 182,181 1, 795,993 Oetails of support ujsts are given in Note 5. 5. SUPPORT COSTS 2024 2023 GovemancE rJJsts'. Audit fee forthe year (including VAn UnderacLrual of prKJr yearaudit fee 12,900 9.240 375 Other support ¢ts Staff costs Stsff relaled costs Office and &Yminlstran 70,235 175,950 84,3 65,472 t87,294 131. 165 344,381 393,546 17 17
SRIGHTS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) R THE YEAR EN 1 MARCH 2024 6. NET INCOME FOR THE YEAR This is ststed after chargiry: 2024 2023 Alit0$ remuneralKJn lexdLbJing VAn Operating lease charge 10.750 7.700 7. EPAPLOYEE AND KEY MANAGEMENT PERSONNEL The key management personnel of the Charity conww Ihe trustees ("Direc. for the purF¥Jses of the Companies Acll and sen)r Management Team. The totsl atUnts paid in respect of the key man8gement personnel of the Charity (induding emphyerfs Naiional Insurance Contriblon5 and employers pension CLJnlributh"ons} We £249,012 {2023'. £234.168}. None of the Iruslees (of any persons connecled with them) reNed any remunerdtion during the year or the previous year. During the year. two trustees were reimbursed expenses totalling £22212023.. £17.378 to three Trustees). Reimbursed costs induded travel aThJ accowthation incurred while perfomiing direct activities on behalf of Ihe Charity- 2024 2023 The aggregate payrdl costs were.. Wages and sar Soual security costs Employer pension ltribUtionS 539,468 5T,204 22,170 542, 131 53,105 18.576 618,842 613,812 The number of employees eaming £60.0 in the year or more (exdusive of emF4oyer pensions and employer National Insura ttJnlributM)ns} was: 2024 No. 2023 £80,C(M> £,1x(l £100.CQ(k £110,000 £120.(*JO- £130.000 Particulars of employees: The average number of Staff erlOYed bythe Charity thJrirMJ the firwKial year amoLtnled to". 2024 2023 102 11.0 18 18
5RIGHTS FOVNDATION NOTES TO THE FINANCIAL STATEMENTS (CoNuED} FOR THE YEAR ENDED 31 MARCH 224 8. DEBTORS 2024 2023 Prepayments Accrued incnrr 15,664 8.871 67,094 353,664 T5,965 9. CREDITORS: amounts falllng <k* wlthln y 2024 2023 Trade (xedilors Taxation and social security Other ueditOTS and accruals Deferred intyjme (see telowl 61,294 11,876 128,450 . 27. 199 290,00 386,218 157.699 Deferred Income 2024 2023 Balance al the beginniry of Ihe year Grant incKJme deferred in the year 290,000 290,000 10. MOVEMENT IN FUNOS CURRENT YEAR Balance at 1 April 2023 Balance at 31 March 2024 Income Exp•nditure Transfers RestTiCted fund5 COS Tcolkrt Project knbety Totsl restrlcted funds 302,616 24 {302,6161 {552,546} Designed unrestricted funds Policy and Advocacy 333,000 333,000 General untsstrlcted fund5 535.768 1,480.719 (826.98n 1.189.500 868,768 2.033265 (1,379.533) 1.522.500 19 19
5RIGHTS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUEO) FOR THE YEAR ENDED 31 MARCH 2024 10. MOVEMENT IN FUNDS {Cont•nued) PRIOR YEAR 8alanGe at 1 Apiil 2022 88lance al 31 IAarch 2023 Restricted fvnds Child Online Prole&ion T01 restrirtedfvn(ts 747 (10.747) 34.056 130.226 (153.534 Deswedunreslnctedfunds Policy andAotrocacy 562.L {562.LXXI) 333.000 General unrestncted funds 598.765 7.339.714 (1.080.458) (322.253) 535,768 1.194.821 1.469.940 (1.795.993) 868, 768 Restricted funds The income funds of the chanty indude reslricled fulS comwisir¥J the followng uXpended balances held on Irusl lo be apFlied purposes. Deslgnated funds Policy and Advocacy- FuThJs designated by the truslees to supwrt fvtwe work in the areas of poiicy and acfvocacy. 11. ANALYSIS OF NET ASSETS 8EEN FUNDS As al 31 March 2024 Total Funds Funds Funds Net current assets 1.522.500 1.522.500 Net assets at the end of thè year 1,52151KI 1.522.500 As at 31 March 2023 Llnrestricted Funds Resliicled Funds Total Funds Nel current 8ssets 86&768 868.768 Net assets at the end of the year 868.768 868,768 12. RELATED PARTYTRANSACTIONS Otherthan as those disclosed within Note 7. there were Mfurther transactwjns Nwth relate(S parties.
5RIGHTS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AAAR H 224 13. FINANCIAL COMhlTMEPITS At 31st March 2024. the charity had committed to pay £19.404 in relation lo website development work lo lake plaee after the year end. 14. STATEMENT OF FINANCIAL ACTMTES-PRIOR YEAR Unrestilcted Restricted Funds 2023 Total Funds . 2023 2023 INCOJIAE Income from." Grants anddona1nS Investmentincome.. bankinterest 1.338.2 7.424 130.226 1.468.516 7,424 TOTAL INCOME 1,339,714 130,226 1,469,940 E¥PENDITURE Expenditure on." Ghanlable Activibes 1,642.458 153,535 1,795,993 TOTAL E¥PENDITURE 1.642,458 153.535 1.795.993 Net (expendrturej before trans (302. T44) (23.309J (326,053) Transfersbehveen funds 10.747 (10.747) NETMOVEMENTIN FUNDS (291,997) (34,056) (326,053) BalanS bmughtfonvard 1, 160, 765 34,056 1. 194,821 Balances carnedft>nvard 868.768 868, 768 21 21