REGISTERED COMPANY NUMBER: 11717349 IEngland and Wale81 REGISTEREO CHARITY NUMBER: 1184327 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FOR OPEN FOR BUSINESS LIMITED
D4cusl9n E*velape ID.. 765700D6.7B69405F-9E274FgC1FCFC1CB QPEN FOR BUSINES8 LIMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Page Letter from Ihe Chalr Report of the Trustees 3 10 10 Report of the Independent Audltors 11 lo 13 Statement of Flnanclal Acllvltiès 14 Balanee Shoèt 15 to 16 Cash Flow Statement 17 Notes to the Cash Flow Stat•mant 18 Notes to the FSnanGlal Statempnts 19 to 28
Docusn Envelop8 ID.. 7657Wts6-7B89405É.9E2F4F9C1FCFC1C8 OPEN FOR BiISINESS Lif&41fED LETTER FROM THE CHAIR FOR THE YEAR ENDED 31 DECEMBER 2023 Slnce OUT incepllon In 2016 Open For Busln&s$ has boon at the forefror>l ol economic r8POrting on the htjman rights of LGBTQ+ peoplé. We ale the only non-prolil coalttlon of global buslnèss8s Ih8t exists to promote LGBTQ+ rights in society and have been instrumental in activating business as a voice for Change, Particularly in conlexls that are extremely challenging for LGBTQ+ people. 2023 has brought a mixed plclure for LGBTQ+ rights globally. Following the penal code review in 2007. Singapore Tepeal8d Section 3778, the Brltlsh colonial law that crimln81ised same-sex relationshlps bètWe8n cansenting adult men. Similarly in Maurilius, the Supreme Court rendered a decision In favour of decriminalisalion. along wth The Cook Islands 8nd V8nexu8Lo. Andorra, Eslonla, Nopal, and Slovenia joined the list of countries where it Is now ptsssibie for same-sex couples to get married., and Llech18nsleiTr, Estonia and Taan passed leoislation enabling same-sex couples to adopt children. Al the same lime. a wave of 8nll-LGBTQ+ gIslatIon in East Africa has had severe consequences for LG8TQ+ Ugandans, as Uganda have joined the list of countries imposing Ihe death penatty for consensual same.s8% acts. Ghana h85 proposed a law that Wld crimlnalisé th8 idenlificatlon of bring LGBTQIA. going beyond criminalising sex acts- and across North Amerlca, Souih America and Europe Iher8 havÈ b8Èn a larg8 numbÈr of proposed bills aim8d 81 dlsenfranchising Ihe trans communlty. Af a time ol global change for the community, Ihe efforts of Open for Buslness have never been more necessarily or urgent. The business commun5ly has been asking what their role is in supporting the LG8TQ+ community b(Ah ingld8 th8ir business and in tha 8r8as In wkl8r soctÈty, and we have be8n Ih8rè to answer. This year our work has supported dv51 society In Uganda. as we produced a brief on the economi challenges the Anli-Homosexu81ity-Acl will ¢ièale 11 enacted. Our Caribbean progT8mmè have dellv6red th8 first LGBTQ+ Tourism ¢onfereneÈ on Barbados, and our Central and Eastern Europaan prcYJr8mme has made the &gse for Induslon al some of th6 most hlgh-profll8 events in thè r8glon. We have welcomed HSBC and BlackRock into our coalillon, and BlackRock have pledged 10 8UPPOrt new Eeonomlc Chs& work In Serbla and Hungary next year. Our organisa140nal Income rose by more than 20°/0 this year 85 we Increased funding from our coalition and the FCDO has pledged lo support our East Africa programme in our prop08ed expansion lo Uganda. Rwand8 and Tanzania, with funding to underpin the programme for live years. To ensu we have the capacity lo oleliver impactful prog¥ammes. we have recruited a new Director of Global Progr$mmas, Liz Jacobs, who will be l¢adlng on our existing programmes and also launching our newesl prowarnme In South8881 Asia. It has nevor be¢n more important for businesses to lake a Clear position on the human ri9hls of LGBTQ+ people. Over the past ytsar we have seen how powerful il is when buslness adds their vol¢e Its the discussion of human rights in support of the LGBTQ+ community, particularly in places Whe their daily existence is being Challenged. Ov8r the next yoar we will continue lo ènsure thal buslness plays al Activa role in supporting the human rights of LGBTQ+ pgople overywhere. We wlll strengthen our Impact and evaluation procasges an¢J develop new rèports focused on The Economic Case for Induslon in East Alrica, Southeast Asia and Central Europe. We sland by our commilTnent to work with catnp8i9ners, aclivists and civil socigly l$adeTS globally to ensure that the business community supports their efforts and lo ensure our work around the world is led by their prioriiie5 and expertise. Pbge I
tSIgn Envèlwlo.. 7657D006-7B89405E-9E274FgC1FCFC1C8 OPEN FOR BUSINESS LIMITED LETTER FROMTHE CHAIR FOR THE YEAR ENDED 31 DECEMBER 2023 We are hugely grateful for the support of our coalitiOTI members, our TTLTrsls, foundation and our donoTS, and plodge to ¢onllnu¢ and expand our work over the next year to ensuro that morg people thon ever before wlll benefit from the economic case for LGBTQ+ inclusSon 8nd the busine55 voice In support of LG8TQ+ rights will be further united. 3FFlE128A1s. Jon IKlller Founder and Chalr Page 2
DOCU9 Envelops ID.. 7657DOD6.7889405E.gE274F9C1FCFC1C6 OPEN FOR BUSINESS LÉMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The lluslees who are also dlreclors of the chÈrltabl8 company for Ihe purposes of Ihts Companltrs Act 2006, present thelr report with the financial stslemen18 of the ch8ri18ble company for the yea¥ 8nded 31 December 2023. The trustees h8ve adopted the provisiDns ol Accounling and R8porting by Charilie5'. Statement ol Recommended Practice applicable to tharities preparihg their accounts in accordance with the Flnancial Reportlng Standard applicable in the UK and Republlc ol Ireland IFRS 1021. OBJECTIVES AND ACTIVITIES The obj8clives of the charitable company are, for the public ben8fil, the promotion ol equality aTvJ diversity Ihroughoul the world by.. the eliminab'on of discriminalior) on the grounds of gender or sexual orlenlalion, especialty within business and commerce. advancing 8du¢alK)n and ralging awarenass in equallly and diversity. conducling or commissioning reseaich on equality and diversity issues relating to LGBT+ people and publishing the results to Ihe public, and cullivaling a senlimenl in favour of equality and diversity. Our Strategy Con8lruGt and promo18 the econornic and business case for LGBT+ inclusion. Catalys¢ a coherent voice on LGBT+ inclusion Irom the global busSness communily. Create local neiworks of senior business leaders lo advance LGBT+ inclusim. Our Coalition Partners Op&n For 8usin6ss Is a coalition of olobal ¢panIeS t8klng Bction for more LGBTQ+ inclusive socletles. At the start of 2023, our eoalition partners wr$ ABB Lld, Aceanlure. AmÈTican Expréss, AT&T. BD, Boslon Consulting Group. Brunswick, Burberry. Deloitte. Deulsche Bank, Dlag80. DLA Plper, Dow Inc., EY. Gooyle. GSK, Herbert SmSlh Freehills. IBM, IKEA. Inditex, JP Morgan Chase. KÈarney, KPMG, The Lego Group. LSnkedln, Linklalers, L'oréal. Mastercard, McKlnsey & Co. Mela. Microsoft. PWC. RELX. Siandard Chartered. Thoms0Th Reuters, UDil$ver, Virgin and Wgblec CoTpor81ion. In addition, in 2023 we welcomad ihe following new coalition partners.. Blackrock and HSBC. Fundlng Partn8r8 Alongside our coalition partn8rn, wo are esp8ci8lly giaielul for the genèrous support of indlvidual donors Lori Dobeus. Jon Mi118r. Nelanya Clixby and George Perlov. We are also grateful 10 Ihe following organisalions. who hav8 provlded essen14al svpport for our core operations as well as funding for oui progrèmmes.. Thts UK Foreign, Commonwealth & Dèvèlopment Office, The British Embassy in Warsaw, Drèilinden, Natttsnal Westminster Bank, Oak Foundah'on, and Tides. Our Programme8 Taking an aclion-oriented, programmatic approach lo advancing LGBT* Incluslon, our woth cenlres on Ihree Core programs that mirror our strategy.. Research OgraM We Ggntinuously work wllh coalition pertners to develop new rosearch lo strenglhen Ihe lden base. Global Influencer Program We tss8 our research to inject tho èconomic e48e for LGBT4 Inclusion on hlgh profile platfom8 and org3nizalion5. Local Influencer Program Leveraging Ihe momentum from these global conversalions. we work in prlority regK)ns lo build advocacy nefv40rks of senior executives. Page 3
OPEN FOR BUSINESS LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Publlc beneflt We have referred to the guidance contained in Ihe charitable company Commission's general guidance on public benefit when reviewing our objectives and in planning our future aclivilies. In particular, the trustees consider how planned activities will contribute lo the aims and objects'ves they have sel, STRATEGIC REPORT A¢hievement and performance The highlights of 2023 were.. stren thenln the Coalition In 2023 HSBC and BlackRock both joined the Open for Business coalition. BlackRock has already pledged lo support a new piece of research in Serbia and Hungary. East Africa Kenya.. In 2023 Open For Business has been actlvely Involved In the OPFX)sillon to the Family Protection Bill, a bill proposed that would result in the further criminalisation of LGBTQ+ people in Kenya and threaten up lo 50 years in prison for same sex intimacy. We have worked in coalition with other NGOS both in Kenya and internationally lo ensure we are 5UPPOrting civil society efforts lo oppose the bill. We worked closely with mullinalionals. SMES, human rights organizatiorks, and diplomatic bodies in Kenya, lo amplify our research on the economic Gosls of LGBTQ+ discrimination. In May, we hosted a week of roundtables across the country, serving a5 an opportunity for diverse actors lo discuss the challenges faced by LGBTQ4 communities, and the importance of the business case lor inclusion in Kenya. These meetings proved incredibly fruitful at both bolslering our existing nelworks, and securing support from new businesses entering th8 Open For Business movement. Throughout the year, we have steadily built support for our Nairobi Declaration a commitment among Kenyan businesse5 to greater workplace and LGBTQ+ inclij5ion - which has lo date obtained 38 5ignalorie5. Uganda.. In March 2023, Uganda's parliament passed one of the most severe anll-LGBTQ+ pieces of legislatSon ever seen. In response. Open For Business worked swiftly wlth local partners and he UK and US forelgn ministries, to deliver a private letter to Uganda's President Yoweri Museveni, urging him to block Ihe bill. In parallel, we mobilised our global coalition and published the 'Business Statement on the Anti-Homosexuality Bill of Uganda,. This statement received ardent support from our coalition partners and many other international businesses and was widely published in Kenyan and international press. Alongside this, we worked closely with the Kampala-based advocacy group HRAPF to deliver an Amicus brief lo the Ugandan courts, providing evidence of the direct effects of the Bill on several companies, business operations. Although ultimately unsu¢Gessful, Open For Business, work was hailed by local partnèrs as a powerful leslament lo the solidarity that LGBTQ+ movements around the world will increasingly receive from international business alltes. Page 4
Docusign Envelapo ID." 76570006-7889405E4E274F9C1FCFC1ce OPEN FOR BUSINESS LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2D23 Central and Eastern Euro Poland.. Al Ihe start of 2023 Open for Busin&s5 worked VAth 30 Polish business leaders, who published stalengnls in Forbes Magazine publicly committed themselves to grealer LGBTQ+ inclusion, as part of a carnpaign developed by Open For Buslness. Campaign AgBinst Homophobia and Forbes Poland. In June, we brought together 200 ronowned economists, business leaders, LGBTQ+ aclivi%ts, and govemment aclofs at the LGBT+ Diamonds Forurn in Poland. Al th8 ev8nl, w8 published 'The 2023 LGBTQ+ Inclusion Bu5ine55 Primer- Pol8nd', equlpplng kncal business leaders with new data on the costs ol LGBTQ+ discrimination, ahead ollhe country's parll3menl8ry elecllons held In October. Throughout the year. we worked hard lo tour Ihis message al C.8UItE roundtsblès, research semirTr8rs, and business conferences around lh8 counlry- IneludSng at thè 32nd Karpacz Economic Forum. Slovakia.. Following the rnurdei ol Iwo LGBTQ+ people in Slovakia in October 2022, Open For Busine55 re$pond8d to a request from 40 leadlng national companles for rnore evldence on the cosls of LGBTQ+ discrimlnalion in the country. Twelve monlhs on, we published 'The Economi¢ Casè fc¥r LGB TQ+ Inclusion in Slovakia,. The report Is Ihp first ol Ils kind fpr Slovakia and features quanlila14ve data analysls and case studlas that show how discrimlnallon lowards LGBTQ+ people Is keeping the country Irorn reaching its economic goals, All four major news channels atlended the launch of the report, along with around 100 mambers of the global buslness communlly. Czech Republic-. In September, 66 8jOr comp8nles In the Czech Republio published an open leller to Czech Prime Mlnisler Petr Fiala. asking him to legalize same-sex marrl8ge. We did not lead this work. the eampaign was led by Vodalon8 but drèw heavily (Jn Opèn For Business. analysis and namechecking our research in the open lèttèr. Thè Carlbbean Barbados.. Hlgh-level meetings at thè start o12023- iargeting the bankSng, financial ar professional service indusliles Seed as pivotal mom8nt5 for Open For Business lo advance LGBTQ+ inclusion in the Caribbean. Our discussions c8ntred on how Ih#se industries can bett8Y support LGBTQ+ 8mploye85, Investors. and clients, wlth sÈvéral major banklng groups going on to demonstrate an Increased wmmllmenl lo creating more inclusive workplaces Ihroughoul the year, In August, we were proud 10 htssl the Inaugural'LGBTQ+ Inclusion In Tr8v018nd Tourism Symposlum, in Bridgetown. Barbados. Organi8ed in partnership with Virgin Allanll¢, IGLTA, anc5 local partn8rs, Ihe event broLJght togethar buslness. government and CSOS lo posllion the Caribbaan as an intefnationalty LGBTQ+- friendly tourist destination. Jam8ica= Toward5 the end of 2023 we travellèd lo Jamaica lo meet with memb8rs of buslness and civil society lo understand their appètite for working with Open for 8u81nes$ over Ihe next few years. They responded POSltively, 8nd we are consSdèrlng our next steps in Jamalca lo support deGrlmlnalisalion effort5 as part of our wider Carlbbean programme. Page 5
Docu$lgn En¥elope ID.. 7657DOD6-7889405&4E274FSC1FCFC1C8 OPEN FOR BUSINESS LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Financlal revlew The financlal year shows a 8vrplus of £29,350 compared lo a surplus of £60,237 in 2022. Income wos £894.370 compared to £621,729 last year which is mainly due lo an Increase in grants received during Ihe year. Exp8ndilure lo18lled £865,020 Gompared lo £561,492 in 2022 which is due lo an increase in overall project aclivity during the year. The thari18ble company. wilh the gid of sound financial rnanagement and the support of bath ils Coalition Partners and other Funding Partners generated a very positive financial outcome lor the period, whi¢h provid¢$ 8 strong foundation upon which to bulld lo continuè Open For Business, advocacy activities. Reserves pollcy The Board ol Tru51ees ha5 examined the chwitable company's requirements for resewes in light of the main risk5 to the organisaliDn. 11 has established a policy WhabY the unrestrictèd funds not committed or Invested irb tangible fix8d assets h81d by the charilable company should be between 3 and 6 months of the expenditLWe. Budgeted expendilure for the year endèd 31 December 2024 is £600.970 and therolore Ihe largel is £150.243 to £300,485 in general funds. The reserves are needed to meet the working capitsl requirements of the charitable company and the Board of Trustees are confldenl that at thls level they would b8 able lo continu8 th8 current activities of Ihe charitable company the event of a significant drop in funding. The unreslricled reserves al the year-end amounls Ic) £273,532 which is within the currerbt rwrvès pollcy as this represents 5.7 months of expenditure. Going concern Tha board have reviewed cashflow forecasts for a period ol at least 12 months from Ihe dale of signlng. Sn¢luding sensilivlly on the levels of revenue expected 8nd costs Ineurred. The forecasls demon51rele Ihat the ch8Tilable company ¢ontinues to be a golng concem 8nd wlll b8 able lo meet its liabilities when they fall due. Therefore, the board have a reasonable 8XP8clalitsn that the charitable company h88 adequate financial resources to continue in operational exlslence for the foie5eeoble fulure. Aordngly, our aocounts have bèan prépared on the basis that Ihe charitable company is a going COKr, as set out in the accounting poliues hole 1. Page 6
Docu*gn Envebpe ID-. 7657DOD6-7869405E4E214F9CIFCFC1C OPEN FOR BUSINESS LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Future plans Staffing and operations.. Over the next year Opgn Fgr Business will be slrenglhgning our staffing and op¢rations by recruiting several new key roles. A Director of Developrnenl wll Lake the lead on our coalition, expanding il 10 50 merrber5 over the next low years. as well as managing our other Income streams Ilrusts. foundations, granlsl. A Director of Global Engag8ment will manage our engagom¢nl with mullilater8L8 and lead on producing our global reports. A Diraolor of Communications will slart a new l[HnICatIOnS functSon withln Open for 8usiness. We wll 8Eso bo impl¢menling 8 new"Head of Ragion role. inilially in East Africa, rnanaged by our Dlr8clor af Global Prograrnm88. The new management lay8r will ensure that our programmes ai8 locally led. managing consultants and forming work plans with an in-depth knowledge of the local context, Global Programmes,, Over the next few years OpEn For Buslness will be priorflLsing engagement wth multilalerals as a means for growing the audience of our global reports. In January 2024, Dominic presented on our newg81 piece of research. The Investor's Gulde, al The World Economic Forum's annual rneeling in Davos. Saulhe881 Asia.. In January 2024 our Southeast Asia piogramme will launch and we will begin preparations to write "The Economio Case for Inclusion In Southeast Asla" whl¢h we will launch later in the year. The report will locus on Thailand, The Philippines, Singapore, Indonesi8, Malaysia and Vietnam. Ea81 Afrioa.. In 2024 we wlll be expanding our work in Easl Africa from Kenya, lo Rwanda. Uganda and Tanzania, dtsveloplng an Ecorhomlc C8sè lor Inclu$lon in E8St Afrbca and growing our busln•ss engagement across the region. STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng document The charitable company was established under a Metnorandum of Association which eslablisheil ils objects and powers and is govorn8d under Its Artrcles of Asso¢i81ion. 8monrJed 23 March 2023, and constitutes a limlled company, limited by gu?ranle8, as definod by the Cofflpanles 2006. Re¢rultmont and appolnlmont ol n•w trustoes Under the atnend8d requirements ol the Memorandum and Articles of Associ81ion the members Of the Board ol Trustees a elected to serve for a period of Ihree year8. Any person retiring a8 8 Tnjslee is eliglble for re8ppoinlmenl by the Truslee5 provided that il a trustee has served lor more than nine years, their reappoinlmenl is-, 1. subj8Ct lo a particulafty rigorous review and lakes into account the need for progresslve refreshlng of the board, and 2. explained In the Iruslees. annual report. Page ?
tkGuslgn Envèlwe 10.. 77)D6-?BmlSE.9E274F9CIFcFCIC8 OPEN FOR BUSINESS LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 REFEREhlCE AND ADMINISTRATIVE DETAILS RÈgistered Company number 1 t717349 IEngland and Wales Registered Charity number fj 184327 Reglstèred offlco 16 Lincoln's Inn Flelds London WC2A 3ED Trustees The directors ol the company are also trustees for the purposgs of charlty law and under th8 companVs Articlès of Association arè known as members of Ihe Board of Truste. The twste&s who served during the yearwère.. A J Miller, Chair L J Dobtsus R A Glick E A Grant (resigned on 27.03.20241 D K McLeod A Zappulla IresigrTrEd on 20.07.20231 J R A Curtis Ir8slgn8d on 20.07.20231 L C G Rezende K Chon N Cllxby G Sandhu lappointed on 20.07.2023} D Davies lappoinled on 30.11.20231 K Janssens lappoinled on 18.12.20231 Auditors Sedulo Audit Llmlted Stalulory Auditors 605 Albert House 256-260 Old Street London EC1V9DD Page S
Docusl9n Envébpè ID.. 7657LNJ06-7889405E-9E274F9CIFCFC1CB OPEN FOR BUSINESS LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 AUDITORS The auditors. Sedulo Audil LiMlle¢J, will be proposed for re.appoinlrnent al the forthcoming Annual Genèral Meallng. Report of Ihe tiuslees, incw89tlinp4sliategic report, approved by order of Ihe board of Iruslees, as the company directors, on ............................................. and signed on the board s b8half by.. 08865EIDC9114D&.. K C Janssens - Tiustee Page 9
Oocuslgn Enveknpe ID.. 76s7D0.?B8?40SE4E2T4F9C1cFCIC6 OPEN FOR BUSINESS LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 TRUSTEES. RESPONSIBILITY STATEMENT The trustees (who are also the directors of Open For Business Limited for the purposes of company law) are responsible for preparing the Annual Report and the financial slalements in accordance wilh applicable law and United Kingdom Accounting S18ndards (United Kingdom Generally Accepled Accounting PTaclicBI. Company law requires Ihe trustees to p¥epare financial statements for each financial year which give a true and fair view of the slate of affairs of the charitable comp8ny and ol the incoming Tesources and application of resources. including the income and expendllure, of the charilablg company for that perfod. In preparing those financlal statements. the trustees are requlred lo select suitable accour*ling policies and then apply Ihem consistently., observe the methods and principles in the Charity SORP., make judgetnents and e5tiMates that are reasonable and prudent., preparo the finanGlal slalements on the going concern basis unless it is inappropriate to presum¢ that lh& charitable company wlll conllnue In bus(ness. The Iwslees are responsible for keeping proper attcountlng records which disclose with reasonable accuracy al any time the flnanclal posliion of the charltablÈ eornpany and to 8n8ble Ih8m lo ensure that the financi81 statements compW with the Companies Acl 2006. They are aL80 r8sponsible for s8leguarding Ihe assets of the charilable company and hence for taking reasonable slep5 for the Prevention and dgledion ol fraud and other lirègularltiès. In so far as the trustees are awarè: there Ss no relevant audit Information of which the charltable compan5 audilors are unaware- and the Iruslee5 have taken all stEPS that Ihey ou9ht Its hav¢ taken to make Iheinselves aware of any r81ev8nt audit information and lo 88lablish th)t the audllors are awarg of that information. Pa£e 10
Docv$ign Énvolope ID.. 7657D006.7889405E4E274F9C1FCFCIC8 REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF OPEN FOR BUSINESS LIMITED Oplnlon We have audlted the finonclal stBlÈmenls of Open For Business Llmi18d Ilhe 'charitable company'l for the year ended 31 December 2023 whlch comprisè thè Statement ol Financi81 Aclivilies, the Balance Sheet. the Cash Flow Slatemenl and notes to the financlal statements, including a summary of significant accounting policies. The financial reporting framework th21 has been applied in their preparalion is applicable law and United Kingdom Accounting Standards Iunlted Kingdom Gener8lly Acceptèd Accounting Practice). In otsr opinion the financlal 8tslemenls'. give a true and fair view of the state of thè charilable company's affairs as at 31 December 2023 and ol ils incoming resources and application of resources, including bts income and expenditure, for the year then ended., have been properly prepared in accord8nc8 wlh Uniled Klngdom Generally Accepted Accounting Practice.. and have been prépared In awordanc8 wlth the* requiremenls of the Charities Act 2011. Basls for oplnion We conducted our #udit in accordance with Inlernattonal Standard5 on Auditing {UKI {ISAs IUKI) and applicable law. Our responsibilitiès under Ihos& stsndards are further described in the Auditors, responsibili118s for th8 audit of Ihe financlal slalemenls section ol our report. We are indepèndent ol thè Gharitable ¢omp8ny in accordance with thè ethical requirem&nls Iha( are relevant to our audit of the financlal 6talemenls in the UK, Includlng the FRC'S EthiGo1 Slandard, and we have luifilled our other ethiG81 responsibilities In accordance with these requirernenls. We bellève that the audil evidence we have obtaid is sufftci8nl and appropriate lo provide a basis for our opinion. Concluslons relating to going concern In auditing the fin8nci81 stalemenls, we have concluded that the trustees. u88 of the going concern basis of 8ccounllrhg in the preparatlon of the financial statements is approprlale. Based on the work we hove performed, we have not Sdenlifled any m8tÈrlal uwrtalnlies relatlng lo events or conditions Ihal, Sndividually or collecllvely, may cast slgnificanl doubt on the charitable company's ability to continue 8$ 8 going concern for a period ol at least twelve monlhs from when the finanBkl statements ore aulhorised for issue. Our rèsponsibilitiBS 8nd the responslbililie5 of the Irustees w¢th respect to goin9 ¢oneem are desuibed in the relevant se¢llons ol this report. other Infomiatlon Thè IriJste&s are rèsponsible for the other information. The other Informatlon comprlses the infomiatlon )cluded in the Annual Report. other Ihan the financlal statements and our Report of the Indep8ndent Audllors thereon. Our opinion on the financial statements dues nol cover the other information and, except lo the extent olherwise explially stated in our report, we do not express any form of assurance conclusion thereon. In connection with our #udil ol the fln8n¢l81 sl8lemenls. our responsibillty Is to read thè othei Informallon and, in doing so, consider whether the other inlo¥malion 55 tnaleilally in¢onslslent with the financial si8lèments or our knowledge oblalned in Ihe audil or olherwise appears to bts malerl8lly mpsstated. If we identify such material incon81slencies or apparent malerial misslatBmenls. we are requlred to delermlne whéther this gives rise to a material misslalemenl in Ihe financi81 slolements themselves. 11, based on the work we have performed. we conclude Ihal there is a malerial misslatèmenl of Ihi5 other inlorm8tion, we are required lo report that fact. W¢ have nothing lo rewrt in thls regard. Page 11
ocJJ¥Eqn ENv8hpe ID.. 7657DOD6.7889405E.9É274P9C1FCFCIC8 REPORT OF THE INDEPEhlDENT AUDITORS TO THE TRUSTEES OF OPEN FOR BUSINESS LIMITED Mattets on whleh we are required to report by èxe•ptlon Wè have nolhlng lo report In réspact ol the following matters whÈr8 th8 Charities (Accounts and R¢p¢rt51 Régulalions 2008 requires us to rèport to youll, In our opinion.. the Information given in the Report of Ihe Truste85 is inconsislenl In any material respect with the financlal slatern8nts- or the charilable company has nol kept adequate accounting records., or tho financial s18lern8nls are not in agreement wilh the accounting ¥ecords and returns. or we have not received all the infortnation and explanalions WÈ rÈqu&re for our audit. Responslbllltl•s of trustees As explained moré lully in the Trustees, Responsibilitiès St8t&ment, the Injstees (who are 8L80 the diieclors of the charitable Gompariy for Ihg purposes of company lawl are responsible for the preparation of the finanual statements and for being satisfied Ihal Ihey glve a l¥u8 and fair view, and for such internal control as the trustees dètermifte is necessary lo enable the preparation ol financial slalemenls that are fr88 from material mlsstalemenl, whether due lo fraud gr e*ror. In preparlng Ihe financial stalemenls, the Iruslees are responsible lof assesslng the Gh8rilable CoMpanS ability to continue as a going CDncern, disclosing, as applicable. matters related to going concèrn and using th8 going concern basi5 01 accounllng unless the trustees either intend to IUlat6 the charilable company or to cease operations. or have no realis1 alternallve bul to do so. Our responsibllitles for the avdlt of the flnanclal statement5 We hava beon appointed as aydilors undér Sèction 144 01 the Charltles Act 2011 and report in accordance with the Act and relevanl regulations made or having effect thereunder. Chjr objectiV8s are ta obtain reasonable assurance about whether the financial slatemenls as a whole are freg from maierial miss181emenl. whether due to fraud Dr error. and to issue a Report of the Indepenclenl Audltors Ihal includes our opinion. Reason8bl8 assurance is a high level of assurance, but is not a guarantèe that An audit conducted in accordance with ISAS IUKI will always delecl a rraterlal mlsstatemtrnl when 11 exists. Misstatemonls arfse from fraud or error ané are consldered material If, indlvldually or in the aggr8gale, Ihey coukl reasonably be expected to Influence Ibe economle dedsion5 of users tak8n on the basis of Ihese financial stalemenls. The extent to which our wocedures are capable of detecting irregularilles, Including fraud is detailed bebw.. In response to the risk of irregularities 8nd non-compllance wth laws and regulations. including fraud, we designed procedures wilh included.. The prlmary responsibilty for the prevenlion aNJ detection of fraud Te51ed with Irustees an¢J manag8mtsnt. and we cannot b8 expecled lo detect non.compliance wllh all laws and regulalSons. We identlfied areas of laws and regulations Ihal coukl reasonably be expected to have S material effect on lh¢ financial s181ern¢n15 form our knowledge of Ihe wganisalion and sector, enquiTi88 of trustees and rnanagement, and ievlew ol regulalory information and correspondence. We communi¢atÈd identified laws and regulations throughout the 8udll 18am and remalned alert lo any l¢)dlcallons of rn-CoMpliancO Ihroughoul the audlt. We discussed with trustees and management the polici8s and procedures in place lo ensuro compllance with laws and regulations and othonKise prevent, deter and d8tecl fraud. Based on thls understanding we designed our audlt procedures Iv idenllfy non-compliance with such laws and regulallons i6entilied as potentially having a material effect on the financial statements. Our prOdUreS included review ol financial slalemont inlormalion and lesting ol Ihat information, enquiry of managem8nt and OXAmin8llon of relevant dOcuMentatn, analytical procedures lo identify unusual or unexpected rel8tions that may indicate fr8ud, and procedures lo address the risk of fraud through Iruslea or maThagement override of controls. Page 12
tjocuslun Evekipe ID. 7657tX)D6.7889405E-9E274F9CIFCFCIC8 REPORT OF THE INDEPENDENT AUDITORS TO THETRUSTEES OF OPEN FOR BUSINESS LIMITED A lurther dgscriplion ol our responsibiSiti8s for the audit of th8 financial sl8t8m8nls is lorAlèd on the Financial Reporting Council's w8bslt8 8t www.frc.org.uklauditorsresponsibllilies. This descrlplion fom75 part ol our Report of the Independent Auditors. Use of our report Th15 r¢port is rrbod¢ solely lo the charilable company's Iruslees. as a body. in accordance wllh Part 4 of the Charities (Accounts and Reports} Regulations 2008. Our audit work ha5 been ijndertaken so Ihal we mlght state to the charltable company's Iwslees those matters we afe required lo state lo them in an auditors. report and for no other purpose. To the fullest ¢xlenl pertnitted by law. we do nol accept or assume responsibility lo anyone other than the charitable company and the charitable cornpany's trustees as a bLKIy, for our audit work. lor this report, or for the opinions we hgv8 forwned. Doc1916b. [SLJAlo Sedulo Im Statutory Auditors 605 Albert House 256.260 Old Slreel London EC1V90D 30109/2024 Ity'yle-d Dale.. Sedulo Audll Limited is eligible for appoinlmenl 88 aL110r ol the chatY by vlrtue of lis eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. Page 13
Docusign EnvBk)pe ID.. 7657D006.7889405E-gE274FgCIFCFC1CB OPEN FOR BUSINESS LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Total funds 2022 Total funds as r8slaled Unre$lrided funds Reslriclerl funds Notes INCOME AND ENDOWMENTS FROM Donations and legacie5 444,478 359,423 803,901 618,396 Other trading activilieg 90,469 90,469 534 947 359 423 894,370 621.729 EXPENDITURE ON Charitable actlvllles International PTogrammes 650,992 214.028 865 020 NET INCOMEIIEXPENDITUREI 1116.0451 145.395 29,350 60,237 RECONCILIATION OF FUNOS Total funds broughl forward 389,577 136,384 525,g61 465,724 TOTAL FUNDS CARRIED FORWARD 273,532 281 779 SS5311 52S 981 The notes form part of these Ilnan£lal st3tem2nt5 Page 14
DoGU8lun Envebpe ID.. 7657DOD6.7B89405E-9E274FgC1FCFC1C8 OPEN FOR BUSINESS UMITED BALANCE SHEET 31 DECEMBER 2023 2023 Total lut)ds 2022 Total funds as r8stsled ilnrestricted Restricted funds funds Notes CURRENT ASSETS Debtors Cash al bank 13 91,715 387,803 91.715 669.582 3.014 550.347 281,779 479.518 281,779 761.297 553,361 CREDITORS Amtsunls falling due wllhln one ar 14 160.9861 160,9861 127,4DOI NET CURRENT ASSETS 418.532 281.779 700311 525.961 TOTAL ASSETS LESS CURRENT LIABILITIES 418,532 281,779 700,311 525.961 PROVISIONS FOR LIABILITIES 15 1145,000) 1145,0001 NET ASSETS 273 532 281.779 555,311 525.961 FUND5 Unrestricted funds Rgstricted funds 16 273,532 281 779 389,577 136 384 TOTAL FUNDS 555,311 525 961 The notes forrn part olthEse financial statements Page IS contlnued.
Do¢uslgn Envekpe 10., 77006-186g4OSE-9E2F4F9ClFCFC1c8 OPEN FOR BUSINESS LIMITED BALANCE SHEET- CC*ntinued 31 DECEMBER 2023 Thè ¢harllable comp8ny 1$ entllled lo exempllon frorn audit under Section 477 of the Companles Act 2006 lor the year ender5 31 December 2023, although an audil has been carried QL&t und8r section 144 of the Charilie$ Act 2011. The members have not dep051ted notic8, pursuant lo Sectiorh 476 of the Compan9 Ael 2006 requiring an 8udil of"these fin8neial slalements. The Iruslees acknowledge Ihelr responslbllilles for ensuring that the charitable company keeps Bccounllng records that comply with Se¢tk>ns 386 and 387 01 the Compani¢s AGI 200e and preparing financial ststernents which glve a true and fair view of the slate of affairs of the charitable company as at the end of each fin8n¢lal year and of Its surplus or delicil for each financlal year i accordance wilh thE requirement5 of Sections 394 and 395 and which otheIse comply with the requirernenls of the Companl6s Act 2006 relaling to financh?I slalements. so far as applicable lo the charitable company. Ibl These financial slalemenls h?ve been prepared in accordance with Ihe provlslons appticable lo companies subject lo the small companies reglme. The Ib}wbA8leMeI5 were approved by Ihs Board of Trustees and aulhorised fot Issue on and wèr8 signed on ils b8half by.. K C Janssons - Trustee Company Number,, 11717349 The note5 form part of these linancial Statements Page 16
u¥lgty Ehvebpe 10.. 765700Q6-7B89405E-9E274F9C1FCFC1CB OPEN FOR BUSINESS LIMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 as reslaled Notes Cash flow$ from operatlng activities Cash generated from oper81ions 119.235 70.623 Nel cash provided by oporallng a¢livities 119,235 70,623 Change In eash and cash aquivalenls In the reportlng period Cash and cash equivalents at the beglnnlng of the reportlng period 119,235 70,623 550,347 . 479 724 Cash and cash equivalents al th8 ènd of the Yeportlng perlod 669,582 550 347 The Dotes fo¥m part of Ihese financial st3tÈments Page 17
Docvsign Enwlopa10= 76S?DO7Be9405E-gE274F9ClFcFC1C8 OPEN FOR BUSINESS LIMITED NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVIMES 2023 2022 as restated N8t income for the repurting period la5 PBr the Statement of Financlal A¢tiville8 Adjustments for: IlncreasElldBcrease in debtors In¢rdaselldecreasel in creditors 29.350 60.237 188,7011 178.586 25,915 155291 Net eash provld#d by operations 119235 ANALYSIS OF CHANGES IN NET FUNDS At 1.1.23 Cash flow Al 31,12.23 Net cash Cash at bank 119235 669.582 The notes form part of these financial statements Page Ik
Ddeuw EnvePa#J ID.. 765700D6-7889405E*274F9CIFCFC1C8 OPEN FOR BUSINESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES 8asls of preparlng the flnanclal statemenls The financial statements of the charilable company. which is a public benefil enknty urKJer FRS 102, have bp.Èn prèparéd In accordancè with thè Chariiles SORP IFRS 1021 'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable lo charilies preparing their accounts in 8ccord8ncè wlth the Financlal Reporting Standard applicable it) the UK and Republic of Ireland {FRS 1021,, Financial Repo)rting Sland3rd 102 'The Financi81 Reporting Standard 8pp1Icable in the UK and Republic ol Irel8tFd' and the Companies Act 2006. The financlal st8tements have been prepared ut)der th8 hislorical cost convention. The (inanclal slalemenls are prepared in sterling. wh(oh is the presentstlOll81 and funcllonal currency of the eharitablo company. Monetary amounls in these financjal ststements are rounded lo the ne8resl £, The charflable company meets the definilion of a public benefit enlily under FRS 102. Going concern The board have reviewed ¢ashflow lorecasts lor a perlod of at least 12 months from the dale of slgning. In¢ludlng sensllivity on the levels of r¢v¢nue expected and costs incurred. The forecasts demonslralo that the charll8ble company wlll bè oble to rneet lis Ilabllitles when they fall due. Therefore. the board have a reasonable expeclallon that the charitable company has adequate financial resources lo continue in opeialional exrslen¢e for the foreseeable future. AccordlngEy, Ihe aCCOLints continue lo be prepared on the basls that ihe charllabl8 company is 8 going con¢8In. Income All income is recogni3èd in Ihe Stal8rn8nl of Financlal Atttlvit185 oncè thè chartlable company is enlltled to the income. any performance rela14d conditions allached have been mel or are fully wllhin the control ol thè chèrilable company. the income is considered probable, and the amount can be quantified with rèasonable aceuracy. The following specified policies are applied 10 particular caleoories of incotn8.' Income received by way of donations is included in full in the slalemenl of finan¢lal a¢livi1188 when iecelvable. Income from other trading activities includ85 sponsorships, memberships and con5ullancy setvl¢es. These are recognised when the charitable company has delivered the Service and Is Iharefore 8ritillad to Ihe inGomg, and net ofVAT. Donated professional seTvlces and facilities Donaled professional servlces and donated facllities are recognised as income when the charitable company h8s control over them, any conditions essoclated with the donated item have been met. the Tecelpl of economlc b8n8fit from the use by the chariiablè crjmpany of th8 Item, Is probable and th8 economic bgnefll can be measured r81iably. In accordance with ihe Charities SORP IFRS 1021, general volunteer tirr8 Is not re¢ognised. On receipl. donated prof8ssional setvlces and donated facilities are recognised on Ihe basis of Ihe value of the gift lo the charilable Company which is the 3mr>unt the charitable comp8ny would have been wSlllng to pay to obtain seiceS or facilities of equivalent economic ben8fil on the open market,. a correspond1r amount Is th8n r8cognis8d In expendllure in the period ol receipt. Expenditure Expendllure is accounted for on an awruals basis ond has been ¢lassifièd under headlngs that 8ggr8gale all cost related lo the categDry. Where cost5 e8nnot be dlreclly aitributed to particular headings they have been allocated lo activSlles on a basis conslslenl with the use of resources, Taxation The ch311tabt¢ cofftpany Is exempl from corporatlon tax OTr ils charftable aclwilies. PaBe 19 continued...
Dtscusigrn Envekipe ID.. 7657DOD6-7889405E-gE274FgC1FCFC1C8 OPEN FOR BUSINESS LIMITED NOTES TO THE FINANCIAL STATEIJIENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES - continued Fund accountlng Unreslricled funds can be used in accordance with the charilable obS8clives at th8 discretion of the Iruslees. Restricted fund5 can only be used for p3rti¢ular restrKted purposes wthin the objects ef Ihe chailtable company. Reslriclions arise when specified by the donor or when funds are Taised lor particular restficled purposes. Forelgn currencies Assèts and liabilities Sn foreign CL¢rrencles are translated inlo sterling al the rates of exchange rulin9 at the balanc8 shèÈt date. fransactions in foreign currenci85 ara translated irblo sterling at the rale of exchange ruling at the date of transaction. Exchange diffenceS l¥ken into awounl in arriving at the operating result. Hlre purchJ¥e and leasing commilments Rentals paid under operating leases are charged lo the Sla18menl of Flnancial Actlvlties on a straight line bo$1$ over the period of the lease. Pension costs and other post-retlrement benefits The charitable company operates a defined conlributK>n pènslon schem&. Conlrlbulions payable to the charitable company's pension scheme are charged lo the Stalemenl of Financial A¢livili¢s in Ihe perlod lo which they rela18. Flnanclal instrument$ The company has elected to apply the provisions of Section 11 'Basic FinanGi31 Instrumenis, and Secllon 12'0ther Financlal Instruments Issues. of FRS102 lo all of ils financial statements. Finanaial tnslTUtnen15 are recognised In th& comp8ny's balance sheel when the company b8comes parly lo the oontraclual provisions af the instrument. Financial assets and liabilities are offset, wilh the nel amounts pSented in the financial statements. when there is a legally enforceable right io set off Ihe recognised amounts and there Is an intenlSon lo sèttle on s net basis or io rèalise Ihe asset and settle the liabillly simultaneously. Basic flnanclal 8ssels Basic financial assets, which inoludes debtors and cash arKI bank balanG&8, 8re Inltlally measuied Bl transacllon price including transaction costs and are subsequenlly carried al amortised cost using the effective infere51 melhod unle55 the arrangement constilules a financing Iransaclion, wh$re th8 trensaclioTF is measured al present valLte of the future receipts discounted at a markel rBte of interest. Financial asserts classified as receivable within one year are not arnortis6d. B8slc financial liabilitiès Basic financlal Ilabilitieg, In¢ludlng ¢rèditors, bank 108ns, loans from fellow group companies and preference shares Ihat are classiffed a$ d8bt, are initially recognlsed at transaction prtce unless Ihe arrangemenl constitutes a finandng transaction. where the debt instrument 15 measured at Ihe presenl value ol the future payments discounted al a markel rale ol interest. FinanciBI liabilities ¢lassined as payable wlthln one year are not amortised. Debt StruThent are Subsequently carrled at amortSsed cosl. Ljsing the effectlve interest fate method. TTad8 credllors are obligations to pay lor goods and SEivices that have been acquired in the ordinary course of business from suppliers. Amounts psyable ar& dassif18d as curmnt liabilili8s il payment is due within one year or less, if not, Ih8y are prèsÈfit8d as non-currènt liabiliti85. Trade creditors are recogni5od inStlally 81 Iransactlon price and subsequently me35ured al amortlsed cost using the effective inleresl rate rnethod. Paae 20 coThtlnuÈd...
DoGu$lgn Env¢bpe10.. 7657D07B8g40sE-9E274F9GlFcFc1C8 OPEN FOR BUSINESS LIMITED NOTES TO THE FINANCIAL STATEMENTS - continuèd FOR THE YEAR ENDEO 31 DECEMBER 2023 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the applicallon of Ihe charitable oompany's accounting policies. lh¢ Iruslees are required lo rrako judgemenls. eslirnales and assumpllon5 8boul the carrying 3muunl of 8sse15 and liabililles that are not readily apparent from oth8r sources. The eslimales and associated assumptions are based on hlsiorlcal experlonce 8fKI Qlher la¢lors that ere nsidered to be relevant. Actual results may differ from these eslimales. The eslimales and und&rlying assumptions ar& reviewed on an ongolng basis. Revisions to accounting estimales are recognised in the pgriod which the estlmate is r8vlsed where the revision affÈcls only that pèriod, or In the period of the viSr(}n and future periods where the revision aff8cls bolh current and future periods. During the year. the truslees made an estimate in retation lo a VAT provisic)n. A provlslon has been included within the financlal sl8leFnents baged on calculations following a VAT review which havè been disclosed to HMRC. There are UnrtaIntleS around Ihe final figure In which will be approved by HMRC on¢e their assessm8nl has been complèted and the interest charged. DOhlATIONS AND LEGACIES 2023 2022 as restated Gifts in Kind Donalions Gran 99,000 339.081 365.820 374,669 243.727 803.901 618.396 Unrestricted Fund R65liicled Tolal funds Total funds Funds 31,12.23 31.12.22 Donations Gifts In Kind 339,081 99.000 339,081 99,000 374,669 Granls.. The Oak Founclalb The Tid8 FoundallDn Dreilindèn Foundation Open So?Aely Found81ions Wirgin Accenture The Kaleidoscope Diversity Trust Google Other grants 134,186 109,597 24,225 19.208 60.QOO 134.186 1 D9,597 24,225 19.208 60,0(MI 30,879 30,905 78,643 50.000 40,406 12.366 2,607 8,000 1.600 2,607 8,000 6.397 530 444,478 359 423 618 396 Pa8e 21 contlnued...
DUSIgn EDvelop¢ ID: 7657DOD6.7B89405É4E274F9C1FCFCIC8 OPEN FOR BUSINESS LIMITED NOTES TO THE FINANCIAL STATEMENfs-contlnu8d FOR THE YEAR ENDED 31 DECEMBER 2023 OTHER TRADING ACTIVITIES 2023 2022 as restated Sponsorship Memberships 68.832 21.637 3.333 3.333 CHARITABLE ACTIVITIES COSTS 2023 2022 as reslated Staff coslslsee note 101 Rent Marketing Consultancy fees Travelling expenses Conferences and events Support cosls (see nole 61 103,702 1,62L) 31.752 220,573 1,311 15,478 290.758 18,302 377,024 75,925 43,668 246,399 865.020 561.492 P•Ee 22 contlnued...
Oocuslgn gnvok)p¢ ID.. 7657D006-78894056-9E274F9C1FCFcice OPEN FOR BUSINESS LIMITED NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 SUPPORT COSTS 2023 2022 as resi8ted Staff costs (see note 10) Markoting Bank charges IT software and consumables Renl Insuranc& Sundries ForeFgn exchange movements Staff training Staff recruilmenl Consultancy foes 142,561 160,474 20,042 1,218 724 1,077 1.047 12,000 1,297 2,329 4,536 1,038 2,750 61,576 907 5,587 4,649 550 80,855 Governance costs Is8e note 71 246.399 290,758 GOVERNANCE COSTS 2023 2022 as rest8ted Auditors, Temunèratlon Accountancy fees Legal faes 8,450 5,538 6,OfKJ 9,752 16.088 Page 23 continued.
Docuslon EThv6bp810.. 7657DOD6-7B89405E-gE274FgC1FCFCfjC OPEN FOR BUSINE88 LIMrrED NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 NET IhlCOMEIIEXPENDITUREI Net incomellexpenditurel is staled aftèr charyingllttredilingl.. 2023 2022 as restated Auditors. remungralioii TRUSTEES. REMUNERATION AND BENEFITS Thér8 were no trustees. Temuneralion or olher benefits for Ihe year ended 31 December 2023 nor for Ihe year ended 31 December 2022. Trust•ès' expenses There weTe no Iiustees, expenses pald for the year ended 31 Deeember 2023 nor for the year eed 31 December 2022. 40. STAFF COSTS 2023 2022 as restaled W8g8s and salaries Social security costs Other pension costs 212,645 20,144 13,474 142,551 15,973 246 263 160474 Ourlng the year, the charitable company paid £3,90012022'. £50.000) 10 1 12022.. 11 member of staff as sèverance pay. Key Managèment P•rsonn&l The charilable company considers i& key management personnel to comprSse the Irlsslees, Chièf Execulive 8nd Strat8gic Partnarship Director. The total Èmployment benefits, including employer pension and nalional insurance contributions of those Key Management Personnel were £167,782 12022.. £129.1311 incurred by 2 12022.. 21 members ol staff. Paee 24 conllnued...
Dowsign Envebpe ID.. 76S7DOD6-7Be9405E-PE274F9CIFCFC1CB OPEN FOR BUSINESS LIMITED NOTES TO THE FINANCIAL STATEMENTS - contlnuad FOR THE YEAR ENDED 31 DECEM8ER 2023 10. STAFF COSTS . ¢ontlnued The average monthly number ol emptoyees during tho yoarwas as follows.. 2023 2022 as restated Adrninistralton The numb8r of 8mployees whose employee benefits (excluding employer pen51on costs) oxce8ded £60.000 was.. 2023 2J22 as restated £60,001- £70,000 £80.001- £90.000 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restr¢cled tunds funds Total funds as reslaled INCOME AND ENDOWMENTS FROM Oonalions and legacies 453,840 164,556 6f8.396 Other Iradlng a¢livilles 3,333 3,333 Total 457 173 164 556 621 729 EXPENDITURE ON Charitable octlvltl*s Inlernational programrnes 448218 113274 561492 NET INCOME 8.955 51.282 60.237 RECOhlCILIATION OF FUNDS Tot31 funds brought forward 380,622 85.102 465,724 TOTAL FUNDS CARRIED FORWARD 389 577 136.384 525 961 P38e 25 continued...
Docu5*n Envélopè ID.. 7657DOD6-786940SE-9E274FgC1FCFC1C6 OPEN FOR BUSINESS LIMITED NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 DECEMBER 2023 12. PRIOR YEAR ADJUSTMENT The amounts foi th8 piior year hav8 be8n adlusted for Ihe misallocalion of restricted funds spent. Th8 adjustment included the reallDcalion of consultsncy fees 101811ing £13,051 from unrastricted funds lo restrict8d fund5. r•sulling in an IftcM8s8 In Ihe overall unrestricted fvnds balance and a r¢duction in the overall restricted funds bÈlance a131 Dèeèmbtr 2022. Previous 2022 Reslaled 2022 Adjustment Unrestricted Funds 402.628 389.577 113,0511 Reslrkled Funds 123.333 136,384 13,051 13. DEBTORS: AMOUNTS FALLING DUEWITHIN ONE YEAR 2023 2022 as restaled Trade debtor3 VAT 91,715 800 2,214 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 as restsled Trade credilor5 Social security and other taxes VAT Other creditors Accruals and deferred incorne 7,572 4.906 6.490 10,443 31,575 7.034 3,549 436 16.381 60,986 27,400 Deferred income movemgnt.. 2023 2022 Deferred Smcome broughl forw8rd R#l¢ased during the year Oefeired in the year 8,500 18,5001 12,000 21,345 121,3451 8,500 Total Pa8e 26 continued...
Docu5 Ek) ID.. 7657E4)D6.7889405E.92Z74FgC1FCFC1¢8 OPEN FOR BUSINESS LIMITED NOTES TO THE FINANCIAL STATEMENTS - continuèd FOR THE YEAR ENDED 31 DECEMBER 2023 15. PROVISIONS FOR LIABILITIES Durlng the year, the ch8rTrlable company Carried out an internal VAT revipw whh resulted in an eslimaled liability of £145.000. This amount reflects the amounl the organlsatlon calculated Bnd disclosed to HMRC. As at thè dBtè of signing, there is slill uncertainty as lo the amount in which HMRC wlll conclude is owing and therèfore, we havo re¢ognl8ed Ihis as 8 provision. 16. MOVEMENT INI FUNDS Nel movgmgnl in fLFnds Al 31.12.23 A11.1,23 Unrestrlcted funds General fund 389,577 1116,0451 273.532 Reslrlcted funds RÈstrlcl8d fund 136.384 145,395 281.779 TOTAL FUNDS 525 961 555,311 Net movement in funds, includèd in lh6 abtsve sre as follows.. Incotning resour$ Resources exponded Movement in funds Unrestricted funds G8nèr81 fund 534,947 1650.9921 (116,0451 Rastrict•d lunds Resiricled fund 359,423 (214,028) 145.395 TOTAL FUNDS 894.370 Comparallves for movement in funds N81 movement in funds At 31. 12.22 At 1.1.22 Unr¢strl¢led furtds General fund 380,822 8,955 389,577 Rèstrletèd funds Reslricled fund 85,102 51,282 136,384 TOTAL FUNDS 465,724 60,237 525 961 Page 27 contIed.
Dottssw EnvelopB10.. 7657DO06.78894o5EQE274F1FcFC1c8 OPEht FOR BUSINESS LIMITED NOTESTO THE FINANCIAL STATEMENTS- ¢ontlnu$d FOR THEYEAR ENDED 31 DECEMBER 2023 16. MOVEMENT IN FUNDS - contlnued Comparalive nel moven)enl in funds, included in the above are as follows-. Incomlng resources Resources expended Movemenl in funds Unrestrlcled funds Gelloral fund 457,173 {44B,218 8,955 Reslrlcted funds Restiicl¢d fund 164.556 (113,2741 51.282 TOTAL FUNDS 621.729 1561,4921 17. RELATEO PARTY DISCLOSURES During the year, the ¢h8rit3bl2 company received gifts in klnd l018lllng £12.00012022'. £Nill in relation lo rent from BTunswick Group whefeby Jon Miller Ilrusleel Is a partner. Jon Millor also mBde donations lo13lling £2,00012022- £Nill. Netanya Clixby Itrusteel made donatlons during the year lolalling £3,24012022-. £Nill. Dvring th8 year, Ihe charitable cornpany paid £18,000 12022.. £Nill to Edgevlsory Limlted wh8rèby Ken Janssen6 Ilrusteel is a director, for research services. The services were paid, completed and ihe contract tMinated belore he joined his first board meeting as a trustee on 31 January 2024. Th¢re were no related paty transactions lor Ih¢ year ended 31 December 2022. Page 28