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2023-08-31-accounts

Charity no. 1179511

Global Sustainability Network CIO Report and Unaudited Financial Statements 31 August 2023

Global Sustainability Network CIO

Reference and administrative details

Reference and administrative details Reference and administrative details
For theyear ended 31 August 2023
Charity number 1179511
Registered office and Manor Farm
operational address Claverton
Bath
BA2 7BP
Trustees The trustees who served during the year and up to the date of this report
were as follows:
Raza Jafar Ali Chair
Elliott Donnelley II
Yogesh Mehta Treasurer
The Rt Rev'd Dr Alastair Redfern
Chief executive officer Asmita Satyarthi
Bankers Barclays Bank plc
1 Churchill Place
London
E14 5RB
Solicitors Stone King
13 Queen Square
Bath
BA1 2HJ
Independent examiners Godfrey Wilson Limited
Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

1

Global Sustainability Network CIO

Report of the trustees

For the year ended 31 August 2023

The trustees are pleased to present their annual report together with the financial statements of the charity for the year to 31 August 2023.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Constitution and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

Objectives and activities

Global Sustainability Network works towards the achievement of UN sustainable development goal 8 (SDG 8) through a community of those committed to fighting modern day slavery.

The specific objectives of the organization are for the public benefit:

The organization believes that connections and collaborations are important tools to impact sustainable social change. Its network of prolific individuals with a focus on open dialogue, meaningful partnerships and on-ground action has helped create a dynamic platform to drive change.

The conferences are focused around Goal 8 where important stakeholders share one platform to ideate and strategize collaborative action.

Achievements and performance

The GSN came into being as a response to the 2030 Agenda for Sustainable Development, adopted by all United Nations Member States in 2015. Focusing on goal 8 (Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all) a series of meetings took place between December 2015 and December 2017 when the decision was made to create a new UK based charity to co-ordinate and galvanise efforts.

The period under review was the fifth year of the Global Sustainability Network operating as a registered charity. The Trustees are immensely grateful to the many members of our network who gave generously of their expertise and time to help us create a comprehensive strategy and engage the right stakeholders to help us achieve our objectives.

During the period under review we held our two major flagship conferences ‘countdown 2030’ in Dubai (Jan 2023), and London (June 2023). We introduced our impact journeys so that supporters could visit NGOs who are working the field to eradicate human trafficking and modern slavery in key areas and so that we could better understand the issues that they and the government face to make impact.

2

Global Sustainability Network CIO

Report of the trustees

For the year ended 31 August 2023

We visited Romania, Sunday 16 - 19 October 2022. Our aim was to understand the lived experiences of Ukrainian refugees seeking passage or refuge through Romania. Romania is a crucial nexus point due to the prevalence of human trafficking in Romania and the influx of vulnerable populations from Ukraine. The trafficking of Ukrainian victims is a well-established, illegal industry with criminal networks across Europe and Central Asia. GSN connected with NGOs during this trip, and visited government officials to discuss the problem and to connect people to help to find solutions.

From 10 - 12 January 2023 we hosted our annual Dubai conference at Expo Dubai. Conversations centred on job creation and enterprise development, inclusive employment, elimination of forced and compulsory labour, and the future of work. The conference helped us to gain an understanding of sustainable economic development and how this is imperative to create decent jobs for all, a message which sits at the heart of the SDG Goal 8 vision. The keynote speech was delivered by H.E Sheikh Nahyan Mubarak Al Nahyan, Minister of State for tolerance of United Arab Emirates. We also awarded the 2023 GSN Hero Award to humanitarian, author, and women's rights activist Zainab Salbi, shining a light on her impactful work.

In February 2023 the Global Sustainability Network organised the fireside chat between two GSN Ambassadors, Nobel Laureate Mr Kailash Satyarthi and Peggy Dulany, on “Bridging Leadership through Globalising Compassion”. This took place on 1 of February in Mumbai, India. The conversation, linking these two leaders, highlighted the importance of leadership with compassion at the core. Companionate leadership can create a more sustainable and equitable future for all.

Our second impact journey of the year was an Impact Journey India, in association with the Bal Ashram Trust, from 6 - 10 March 2023. The Impact Journey brought together changemakers and philanthropists to experience first-hand the systemic change model of rehabilitation and empowerment through the Child-Friendly Communities model by the Bal Ashram Trust. Bal Ashram Trust is an innovative and transformative grassroot organisation that addresses complex societal problems to ensure child protection and create a child-friendly world. The delegates visited the longterm rehabilitation centre for children in Jaipur, India. They interacted with the alumni of Bal Ashram and their success stories.

Our ‘Countdown 2030’ Conference in London was held on 21 June 2023. The conference ‘Ending Modern Slavery: Harnessing Scalable Solutions’ brought together leaders from around the world, policy experts, change makers, philanthropists, civil society, faith-based organisations, and academia, to share best practices and innovative solutions to combat modern slavery and human trafficking. Kevin Hyland OBE, UK’s First Anti-Slavery Commissioner, was our Keynote speaker and Rt Hon Karen Bradley MP our Plenary speaker. Other speakers included industry experts from businesses, academia, faith leaders and civil society organisations. At the conference, we created a platform to enhance collaboration and collective understanding of the changing dynamics within the field to amplify our efforts towards combating modern slavery and human trafficking. The conference was a valuable opportunity for the GSN delegates to learn from our valued speakers, each other, to share ideas, and build relationships. From raising awareness comes action and commitment. Many members have been inspired to act to work together to aim to eradicate modern slavery and human trafficking.

Public benefit

Having reviewed the Charity Commission’s general guidance on public benefit, the Trustees consider that these activities provide benefit to the general public both in the UK and abroad.

3

Global Sustainability Network CIO

Report of the trustees

For the year ended 31 August 2023

Risk management

The Trustees have reviewed the risks the charity faces and are satisfied that systems are in place to mitigate their exposure to the major risks.

The Covid-19 pandemic completely altered the landscape in which the charity operates and was the biggest risk facing the charity during this period. There may be a major impact of the pandemic on achieving GSN’s present and future objectives and the need to adapt its strategic plan to cope with the pandemic era and also its long-lasting after effects on the global development scenario. This was especially pertinent to GSN with its core function being meetings and gatherings of various stakeholders to support meaningful dialogue to achieve Goal 8.

The Trustees' approaches to managing this risk included consistent efforts to communicate with its members, both checking on their well-being and encouraging online and offline dialogue on issues relevant to GSN’s objectives.

Financial review

During this period of operations the charity made more progress towards the (pre-pandemic) growth path originally envisaged by the trustees. To date our income has consisted entirely of donations from our network of supporters, and the generosity of our supporters has made it relatively easy to scale up income to cover the spend required for our growing programme of activity. Income doubled again this year to £177,935 (2022: £92,686) and spending grew to £178,709 (2022: £75,210). This led to reserves at the end of the year of £17,000 (2022: £17,774).

All trustee, network and fundraising donations are unrestricted, so the unspent balance is held as reserves by the charity.

With our increasing operations and fundraising activity, we expect to scale up in the period ahead and we will look to increase income from our network and beyond to cover the spend and increase our reserves.

Reserves

At the end of the period under review, the charity’s only ongoing financial commitment was the salary of the one staff member and payments to part-time consultants and service providers. The trustees intention is to build a reserve to cover 6 months of its core operating costs in the period ahead. In the meantime the trustees consider the level of donations pledged by network members sufficient to cover costs for the year ahead and believe there is no need or justification for holding significant reserves at this point.

Reserves are shown in the Balance Sheet as unrestricted funds carried forward, and the total amount held at 31 August 2023 was £17,000. This is simply the excess of funds raised over expenditure in the life of the charity to date and the Trustees believe this is appropriate to the charity’s needs at this stage of its development.

4

Global Sustainability Network CIO

Report of the trustees

For the year ended 31 August 2023

Plans for future periods

The Trustees had developed a work plan and strategy for the coming years, including:

Structure, governance and management

Governing document

Global Sustainability Network was constituted as a charitable incorporated organisation (CIO) under English law on 8 August 2018 and is registered with the Charity Commission as charity number 1179511. The company is governed by its Constitution.

Organisational structure

The charity is managed by a Board of Trustees who are advised, when required, by an international network of business, religious and social leaders.

The following individuals served as trustees during the year: Raza Jafar Ali Chair Elliott Donnelley II Yogesh Mehta Treasurer The Rt Rev'd Dr Alastair Redfern

All trustees served for the full period unless otherwise stated above.

The Board meets a minimum of four times a year to oversee the strategic direction of the charity and to monitor progress in achieving its performance and quality objectives.

During the period, the Trustees met on the following dates:

27 October 2022 16 November 2022 11 January 2023 27 January 2023 1 March 2023 22 March 2023 24 April 2023 15 May 2023 20 June 2023 30 June 2023 11 July 2023 31 July 2023

5

Global Sustainability Network CIO

Report of the trustees

For the year ended 31 August 2023

Statement of responsibilities of the trustees

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity 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 charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Auditors / Independent examiners

Godfrey Wilson Limited were appointed as independent examiners to the charity during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 10 May 2024 and signed on their behalf by

Alastair Redfern

The Rt Rev'd Dr Alastair Redfern

6

Independent examiner's report

To the trustees of

Global Sustainability Network CIO

I report to the trustees on my examination of the accounts of Global Sustainability Network CIO (the CIO) for the year ended 31 August 2023, which are set out on pages 8 to 18.

Responsibilities and basis of report

As the charity trustees of the CIO you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the CIO’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

Godfrey Wilson Limited also provides payroll services to the CIO. I confirm that as a member of the ICAEW I am subject to the FRC’s Revised Ethical Standard 2016, which I have applied with respect to this engagement.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Date: 10 May 2024 Rob Wilson FCA Member of the ICAEW For and on behalf of:

Godfrey Wilson Limited

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

7

Global Sustainability Network CIO

Statement of financial activities

For the year ended 31 August 2023

Restricted Unrestricted
Note
£
£
Income(and endowments) from:
Donations and legacies
3
-
177,935
Total income(and endowments)
-
177,935
Expenditure on:
Raising funds
-
35,568
Charitable activities
-
143,141
Total expenditure
5
-
178,709
Net gains / (losses) on investments
-
-
Net income / (expenditure)
-
(774)
Net movement in funds
6
-
(774)
Reconciliation of funds:
Total funds brought forward
-
17,774
Total funds carried forward
-
17,000		 2023
Total
£
177,935
177,935
35,568
143,141
178,709
-
(774)
(774)
17,774
17,000		 2022
Total
£
92,686
92,686
-
75,210
75,210
-
17,476
17,476
298
17,774

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 11 to the accounts.

8

Global Sustainability Network CIO

Balance sheet

As at 31 August 2023

Note
£
Current assets
Cash at bank and in hand
26,535
26,535
Liabilities
Creditors: amounts falling due within 1 year
9
(9,535)
Net current assets / (liabilities)
Net assets / (liabilities)
10
Funds
11
Unrestricted funds
General funds
Total charity funds
Approved by the trustees on 10 May 2024 and signed on their behalf by
Alastair Redfern		 2023
£
17,000
17,000
17,000
17,000		 2022
£
25,101
25,101
(7,327)
17,774
17,774
17,774
17,774

The Rt Rev'd Dr Alastair Redfern

9

Global Sustainability Network CIO

Notes to the financial statements

For the year ended 31 August 2023

1. Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Global Sustainability Network CIO meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Income received in advance of provision of a specified service is deferred until criteria for income recognition are met.

10

Global Sustainability Network CIO

Notes to the financial statements

For the year ended 31 August 2023

d) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

f) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated on the following basis:

2023 2022 Charitable activities 100.0% 100.0%

i) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

11

Global Sustainability Network CIO

Notes to the financial statements

For the year ended 31 August 2023

j) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

k) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

l) Financial instruments

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

m) Pension costs

The charity operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

n) Foreign currency transactions

Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end.

o) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

12

Global Sustainability Network CIO

Notes to the financial statements

For the year ended 31 August 2023

2. Prior period comparatives: statement of financial activities

Income from:
Donations and legacies
Total income
Expenditure on:
Charitable activities
Total expenditure
Net income / (expenditure)
Transfers between funds
Net movement in funds
3.
Income from donations and legacies
Trustee donations
Network donations
Fundraising donations
Total income from donations and legacies
Prior period comparative:
Trustee donations
Network donations
Total income from donations and legacies		 Restricted
£
£
-
92,686
-
92,686
-
75,210
-
75,210
-
17,476
-
-
-
17,476
Restricted
£
£
-
10,870
-
105,291
-
61,774
-
177,935
Restricted
£
£
-
19,573
-
73,113
-
92,686
Unrestricted
Unrestricted
Unrestricted		 2022
Total
£
92,686
92,686
75,210
75,210
17,476
-
17,476
2023
Total
£
10,870
105,291
61,774
177,935
2022
Total
£
19,573
73,113
92,686

4. Government grants The charity received no government grants during the period.

13

Global Sustainability Network CIO

Notes to the financial statements

For the year ended 31 August 2023

5. Total expenditure

Total expenditure
Staff costs (note 7)
Event staging costs
Consultants
Other direct costs
Office costs
Legal & professional
Independent examiners fee
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising funds
£
-
35,568
-
-
-
-
-
35,568
-
35,568		 Charitable
activities
£
62,913
-
25,647
5,156
1,794
-
-
95,510
47,631
143,141		 Support and
governance
costs
£
-
-
25,647
16,644
-
2,760
2,580
47,631
(47,631)
-		 2023 Total
£
62,913
35,568
51,294
21,800
1,794
2,760
2,580
178,709
-
178,709

Total governance costs were £2,580 (2022: £2,340)

14

Global Sustainability Network CIO

Notes to the financial statements

For the year ended 31 August 2023

5. Total expenditure Prior period comparative

Prior period comparative
Staff costs (note 7)
Event staging costs
Consultants
Other direct costs
Office costs
Legal & professional
Independent examiners fee
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising funds
£
-
-
-
-
-
-
-
-
-
-		 Charitable
activities
£
46,620
-
3,000
518
5
-
-
50,143
25,067
75,210		 Support and
governance
costs
£
5,361
-
4,591
6,141
3,039
3,595
2,340
25,067
(25,067)
-		 2022 Total
£
51,981
-
7,591
6,659
3,044
3,595
2,340
75,210
-
75,210

15

Global Sustainability Network CIO

Notes to the financial statements

For the year ended 31 August 2023

6. Net movement in funds

This is stated after charging:

Trustees' remuneration
Trustees' reimbursed expenses
Independent examiner's remuneration:
Statutory audit (including VAT)
Other services		 2023
£
Nil
Nil
2,580
1,392		 2022
£
Nil
Nil
2,340
-

7. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social secuirty costs		 2023
£
57,890
5,023
62,913		 2022
£
47,479
4,502
51,981

No employee earned more than £60,000 during the year.

The key management personnel of the charity comprise the Trustees and Chief Executive Officer. The total employee benefits of the key management personnel were £62,913 (2022: £43,500).

Average head count 2023
No.
1.00		 2022
No.
2.00

8. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

9. Creditors : amounts due within 1 year

Accruals
Other taxation and social security
Net wages control account		 2023
£
3,900
1,549
4,086
9,535		 2022
£
2,340
2,218
2,769
7,327

16

Global Sustainability Network CIO

Notes to the financial statements

For the year ended 31 August 2023

10. Analysis of net assets between funds

Analysis of net assets between funds
Current assets
Current liabilities
Net assets at 31 August 2023
Prior year comparative
Current assets
Current liabilities
Net assets at 31 August 2022		 £
-
-
-
£
-
-
-
Restricted
funds
Restricted
funds		 £
-
-
-
£
-
-
-
Designated
funds
Designated
funds		 £
26,535
(9,535)
17,000
£
25,101
(7,327)
17,774
General
funds
General
funds		 Total
funds
£
26,535
(9,535)
17,000
Total
funds
£
25,101
(7,327)
17,774

17

Global Sustainability Network CIO

Notes to the financial statements

For the year ended 31 August 2023

11. Movements in funds

General funds
Total unrestricted funds
Total funds
Prior year comparative
General funds
Total unrestricted funds
Total funds		 At 1
September
2022
£
17,774
17,774
17,774
At 1
September
2021
£
298
298
298		 Income
£
177,935
177,935
177,935
Income
£
92,686
92,686
92,686		 £
(178,709)
(178,709)
(178,709)
£
(75,210)
(75,210)
(75,210)
Expenditure
Expenditure		 £
£
-
17,000
-
17,000
-
17,000
£
£
-
17,774
-
17,774
-
17,774
Transfers
between
funds
At 31 August
2023
Transfers
between
funds
At 31 August
2022		 £
£
-
17,000
-
17,000
-
17,000
£
£
-
17,774
-
17,774
-
17,774
Transfers
between
funds
At 31 August
2023
Transfers
between
funds
At 31 August
2022
17,000
17,000
£
17,774
At 31 August
2022
17,774
17,774

12. Related party transactions

There were no related party transactions in the current or prior period.

18