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2024-08-31-accounts

Charity no. 1179511

Global Sustainability Network CIO Report and Unaudited Financial Statements 31 August 2024

Global Sustainability Network CIO

Reference and administrative details

Reference and administrative details Reference and administrative details
For theyear ended 31 August 2024
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:
The Rt Rev'd Dr Alastair Redfern Chair
Elliott Donnelley II
Lina Kouatly (appointed 1 August 2024)
Yogesh Mehta (resigned 1 July 2024)
Raza Jafar Ali
Magdalena Gatzinska (appointed 3 October 2024)
Chief operations officer Sarah Minns
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 2024

The trustees are pleased to present their annual report together with the financial statements of the charity for the year to 31 August 2024.

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

The Global Sustainability Network (GSN) is committed to achieving UN Sustainable Development Goal 8 (SDG 8), which promotes decent work and economic growth, with a focus on eradicating modern slavery. GSN fosters collaboration across sectors—including academia, faith, government, media, and civil society—to empower change-makers in combating modern-day slavery.

Objectives for public benefit:

GSN’s impact is driven by its network of dedicated individuals and organizations, creating a platform for open dialogue, strategic partnerships, and innovative action. Our activities centre around conferences and events where key stakeholders collaborate on ideas and strategies for impactful 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.

In our sixth year of operation, we remain grateful for the expertise and dedication of our network members, who contribute to our strategic goals and strengthen our reach.

Between September 1, 2023, and August 31, 2024, GSN continued to advance SDG 8 through global engagements, strategic partnerships, and initiatives that empower vulnerable communities with education and resources. Key events included the launch of the GSN America Chapter, a London fireside chat, the Dubai 'Countdown 2030' Conference, an impact journey to Japan, and the 'Countdown 2030' London Conference in June.

2

Global Sustainability Network CIO

Report of the trustees

For the year ended 31 August 2024

Key events

1. GSN America Chapter Launch (28th September 2023, Miami)

2. Synergos Bridging Leadership Dinner and Fireside Chat (2nd November 2023, London)

3. Countdown 2030' Dubai Conference (10th January 2024)

4. Japan Impact Journey (25th – 30th March 2024)

5. Countdown 2030' London Conference (18th June 2024)

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. We look forward to furthering these efforts and continuing our mission to eradicate modern slavery and promote sustainable economic growth worldwide for years to come.

3

Global Sustainability Network CIO

Report of the trustees

For the year ended 31 August 2024

Risk management

Trustees regularly review the charity’s risks and have implemented systems to mitigate major exposures. Risk management includes ongoing engagement with stakeholders and maintaining transparent communication on GSN’s objectives and strategies.

Financial review

Income for the year was £152,039 (2023: £177,935) and expenditure was £176,576 (2023: £178,709). Reserves at the end of the year were in deficit by £7,537 (2023: reserves of £17,000).

The trustees recognise that the accounts show a net liability position of £7,537 for the year ending 31 August 2024. A loan of £5,000 from founder Raza Jafar was arranged and entered into on 29 August 2024, provided to cover operating costs. This loan was written off as a donation post year end (September 2024). Following this period, further donations in excess of £10,000 have been received, resulting in the elimination of the deficit in unrestricted funds.

Reserves policy

To ensure financial stability, GSN has a introduced a policy to set aside 20% of all donations, aiming to build a reserve of £60,000. The trustees intention is to build a reserve to cover 6 months of its core operating costs in the period ahead. At present, the charity’s only ongoing financial commitment is one staff salary and part-time consultants and service providers.

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 and up to the date of this report: The Rt Rev'd Dr Alastair Redfern Chair Elliott Donnelley II Lina Kouatly (appointed 1 August 2024) Yogesh Mehta (resigned 1 July 2024) Raza Jafar Ali Magdalena Gatzinska (appointed 3 October 2024)

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

4

Global Sustainability Network CIO

Report of the trustees

For the year ended 31 August 2024

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 re-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 11 December 2024 and signed on their behalf by

Alastair Redfern

The Rt Rev'd Dr Alastair Redfern

5

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 2024, which are set out on pages 7 to 17.

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 and bookkeeping 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:

Attention is drawn to the fact that at 31 August 2024, the charity was in a net liability and net current liability position of (£7,537). Whilst this presents a material uncertainty in relation to the charity's ability to continue as a going concern, for the reasons set out in accounting policy 1(b), the trustees continue to adopt the going concern basis for the preparation of the accounts.

I have no other 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: 11 December 2024 Robert 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

6

Global Sustainability Network CIO

Statement of financial activities

For the year ended 31 August 2024

For the year ended 31 August 2024
Restricted Unrestricted
Note
£
£
Income from:
Donations and legacies
3
-
152,039
Total income
-
152,039
Expenditure on:
Raising funds
-
40,421
Charitable activities
-
136,155
Total expenditure
5
-
176,576
6
-
(24,537)
Reconciliation of funds:
Total funds brought forward
-
17,000
Total funds carried forward
-
(7,537)
Net expenditure and net
movement in funds		 2024
Total
£
152,039
152,039
40,421
136,155
176,576
(24,537)
17,000
(7,537)		 2023
Total
£
177,935
177,935
35,568
143,141
178,709
(774)
17,774
17,000

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 12 to the accounts.

7

Global Sustainability Network CIO

Balance sheet

As at 31 August 2024

Note
Current assets
Debtors
9
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
10
Net current assets / (liabilities)
Net assets / (liabilities)
11
Funds
12
Unrestricted funds
General funds
Total charity funds		 £
93
2,452
2,545
(10,082)		 2024
£
(7,537)
(7,537)
(7,537)
(7,537)		 2023
£
-
26,535
26,535
(9,535)
17,000
17,000
17,000
17,000

Approved by the trustees on 11 December 2024 and signed on their behalf by

Alastair Redfern

The Rt Rev'd Dr Alastair Redfern

8

Global Sustainability Network CIO

Notes to the financial statements

For the year ended 31 August 2024

1. Accounting policies

a) Basis of preparation

Global Sustainability Network CIO is a charitable incorporated organisation limited by guarantee registered in England and Wales. The registered office address is Manor Farm, Claverton, Bath, BA2 7BP.

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. Total funds at 31 August 2024 show a deficit of £7.5k.

The trustees have considered this deficit position as at 31 August 2024, and note that the position is as a result of a loan arranged between the charity and founder trusteee Raza Jafar on 29 August 2024 to cover operating costs. This loan was converted to a donation post year end, resulting in the elimination of the majority of the current liabilities balance of the charity. Further, additional donations in excess of £10k have been received post year end. This has resulted in the elimination of the deficit at the point of signing the accounts. The trustees also note that a new reserve account was created towards the end of the financial year, into which 20% of all unrestricted donations are being apportioned. This is with the intention of building up sufficient reserves within the charity over the next few years to reach the desired target reserves level of £60k, which will reduce the risk of a deficit in unrestricted funds in the future.

For these reasons the trustees consider that the charity has sufficient cash flow to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved.

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.

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

9

Global Sustainability Network CIO

Notes to the financial statements

For the year ended 31 August 2024

1. Accounting policies (continued)

d) Donated services and facilities

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

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:

2024 2023 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.

10

Global Sustainability Network CIO

Notes to the financial statements

For the year ended 31 August 2024

1. Accounting policies (continued) 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.

There are no key sources of estimation uncertainty which impact the financial statements.

11

Global Sustainability Network CIO

Notes to the financial statements

For the year ended 31 August 2024

2. Prior period comparatives: statement of financial activities

Income from:
Donations and legacies
Total income
Expenditure on:
Raising funds
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
Fundraising donations
Total income from donations and legacies		 Restricted
£
£
-
177,935
-
177,935
-
35,568
-
143,141
-
178,709
-
(774)
-
-
-
(774)
Restricted
£
£
-
42,496
-
94,526
-
15,017
-
152,039
Restricted
£
£
-
10,870
-
105,291
-
61,774
-
177,935
Unrestricted
Unrestricted
Unrestricted		 2023
Total
£
177,935
177,935
35,568
143,141
178,709
(774)
-
(774)
2024
Total
£
42,496
94,526
15,017
152,039
2023
Total
£
10,870
105,291
61,774
177,935

4. Government grants

The charity received no government grants during the current or prior period.

12

Global Sustainability Network CIO

Notes to the financial statements

For the year ended 31 August 2024

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
£
-
40,421
-
-
-
-
-
40,421
-
40,421		 Charitable
activities
£
44,997
28
23,659
-
470
-
-
69,154
67,001
136,155		 Support and
governance
costs
£
-
-
23,659
37,918
-
2,724
2,700
67,001
(67,001)
-		 2024 Total
£
44,997
40,449
47,318
37,918
470
2,724
2,700
176,576
-
176,576

Total governance costs were £2,700 (2023: £2,580)

13

Global Sustainability Network CIO

Notes to the financial statements

For the year ended 31 August 2024

5. Total expenditure (continued) 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
£
-
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

14

Global Sustainability Network CIO

Notes to the financial statements

For the year ended 31 August 2024

6. Net movement in funds

This is stated after charging:

Trustees' remuneration
Trustees' reimbursed expenses
Independent examiner's remuneration:
Independent examination fee (excluding VAT)
Other services (excluding VAT)		 2024
£
Nil
8,426
2,250
3,138		 2023
£
Nil
Nil
2,150
1,160

In common with other charities of our size and nature we use our independent examiners to assist with the preparation of the financial statements. Our independent examiners have also provided payroll and bookkeeping services to the charity during the year.

7. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs		 2024
£
44,410
587
44,997		 2023
£
57,890
5,023
62,913

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

The key management personnel of the charity comprise the Trustees, Chief Executive Officer and Chief Operations Officer (2023: The Trustees and Chief Executive Officer). The total employee benefits of the key management personnel were £44,997 (2023: £62,913).

Average head count 2024
No.
1		 2023
No.
1

8. Taxation

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

15

Global Sustainability Network CIO

Notes to the financial statements

For the year ended 31 August 2024

9. Debtors

Prepayments
10. Creditors : amounts due within 1 year
Accruals
Other taxation and social security
Net wages control account
Loan
11. Analysis of net assets between funds
Current assets
Current liabilities
Net liabilities at 31 August 2024
Prior period comparative
Current assets
Current liabilities
Net assets at 31 August 2023		 £
-
-
-
£
-
-
-
Restricted
funds
Restricted
funds		 £
-
-
-
£
-
-
-
Designated
funds
Designated
funds		 2024
£
93
93
2024
£
3,863
1,219
-
5,000
10,082
£
2,545
(10,082)
(7,537)
£
26,535
(9,535)
17,000
General
funds
General
funds		 2023
£
-
-
2023
£
3,900
1,549
4,086
-
9,535
Total
funds
£
2,545
(10,082)
(7,537)
Total
funds
£
26,535
(9,535)
17,000

16

Global Sustainability Network CIO

Notes to the financial statements

For the year ended 31 August 2024

12. Movements in funds

General funds
Total unrestricted funds
Total funds
Prior period comparative
General funds
Total unrestricted funds
Total funds		 At 1
September
2023
£
17,000
17,000
17,000
At 1
September
2022
£
17,774
17,774
17,774		 Income
£
152,039
152,039
152,039
Income
£
177,935
177,935
177,935		 £
(176,576)
(176,576)
(176,576)
£
(178,709)
(178,709)
(178,709)
Expenditure
Expenditure		 £
£
-
(7,537)
-
(7,537)
-
(7,537)
£
£
-
17,000
-
17,000
-
17,000
Transfers
between
funds
At 31 August
2024
Transfers
between
funds
At 31 August
2023		 £
£
-
(7,537)
-
(7,537)
-
(7,537)
£
£
-
17,000
-
17,000
-
17,000
Transfers
between
funds
At 31 August
2024
Transfers
between
funds
At 31 August
2023
(7,537)
(7,537)
£
17,000
At 31 August
2023
17,000
17,000

13. Related party transactions

During the year the charity paid expenses to Bishop Alastair Redfern, a trustee, for his travel and subsistence expenses of £8,426 (2023: nil).

On 29 August 2024, the charity entered into a loan agreement for £5,000 with the founder and Trustee Raza Jafar Ali. The loan is repayable in full on 1 October 2024. At the year end, the full balance was outstanding.

17