Registered Number: 12278437 (England and Wales) Charity Number: 1186547
Good Business Foundation
Trustees’ Report and Accounts
for the year ended 31 October 2025
Good Business Foundation
Annual Report for the year ended 31 October 2025
Contents
Page Report of the Trustees ................................................................................... 1 - 3 Independent Examiner’s Report .......................................................................... 4 Statement of Financial Activities .......................................................................... 5 Balance Sheet ................................................................................................... 6 Notes to the Financial Statements ........................................................... 7 – 10 Detailed Statement of Financial Activities……………………………………………………………………… 11
Good Business Foundation
Report of the Trustees for the year ended 31 October 2025
The Trustees present their report with the financial statements of the charity for the year to 31 October 2025. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objective and aims of the charity is to promote civic responsibility and good citizenship by promoting and encouraging high standards of business conduct including running the Good Business Charter, an initiative that recognises responsible business practices.
The trustees are aware of guidance published by the Charity Commission on Public Benefit and the guidance is taken into account when they review the objectives and activities of the charity.
ACHIEVEMENT AND PERFORMANCE
Review of Activities
This is the Charity’s sixth year of operations where membership income has covered 37% of total expenditure, consistent with the previous year. The rest continues to be funded by the Persula Foundation. Accreditation fees were rationalised in April 2024 and are charged annually based on size of the organisation accrediting.
Core Activities for Public Benefit
The Good Business Foundation runs the Good Business Charter, a UK accreditation which measures responsible business practices across 10 components. These components cover care for employees, suppliers, customers and the environment whilst paying taxes in accordance with the spirit of the law. Encouraging organisations to sign up to this accreditation brings about improved prospects for employees as well as consumers and the general public more widely in terms of a responsible attitude to the environment and fair payment of taxes.
The accreditation was launched in February 2020 and in the current financial year celebrated its fifth anniversary in February 2025 with an event at Congress House in London and a keynote speech from the Deputy Prime Minister. Focused efforts have been made to strengthen and streamline systems to encourage high retention of accredited organisations alongside a range of activities to engage new companies.
Future Plans
The Good Business Charter plans to continue its strategy of working closely with trade associations and business organisations to inspire more organisations to apply for GBC accreditation. It also plans to showcase the work in York to other councils in the country who may want to adopt the same model of championing good growth through becoming a GBC city, town or county.
The charity will explore ways to get increased recognition within the investment world, government and with the general public which it hopes will encourage more organisations to commit to the 10 components of the Good Business Charter and receive accreditation.
Reserves Policy
The Charity’s administrative costs are currently being subsidised by one private donor and funds applied for annually based on the year’s budget, with donations made in two separate tranches. As such the Charity does not have a formal reserves policy at the current time.
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Good Business Foundation
Report of the Trustees for the year ended 31 October 2025 (continued)
FINANCIAL REVIEW
Financial Position
The Charity is in a strong financial position because of the founder’s annual commitment to the budget, something that is protected. As more organisations apply for GBC accreditation, the level of membership income will increase and the over time the Charity will become self-sustaining on membership income.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
Good Business Foundation was established as a company limited by guarantee without share capital and have an exemption from the use of the word ‘Limited’ on 23 October 2019 by Memorandum and Articles of Association and was registered with the Charity Commission for England and Wales on 22 November 2019.
Organisational Structure
During the period the Charity had a CEO, a Membership Support Manager, Growth Manager, Community Manager, a Communications and Marketing Officer, and an Accreditation and Renewals Officer.
Risk Management
The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Trustees have identified and assessed the major risks to which the charity is exposed, in particular those related to the operation and finances of the charity. They are satisfied that the charity's exposure to these risks is minimal.
Registered Company Number
12278437
Registered Charity number
1186547
Registered Address
Richer House Hankey Place London SE1 4BB
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Good Business Foundation
Report of the Trustees for the year ended 31 October 2025 (continued)
Trustees
The Trustees who served during the year were:-
Simon Fox (Chair) Julian Richer John Foster (representing the Confederation of British Industry) Timothy Sharp (representing the Trade Union Congress) Katherine Chapman Oliver Shah (appointed 26 August 2025)
Trustees shall serve in office for a period of three years but after that may be reappointed for two further terms of three years. At the end of their third term in office and in subsequent years a Trustee may be reappointed subject to a rigorous review, taking into account the need for progressive refreshing of the board. The CBI and the TUC each have a representative on the Board of Trustees. Other trustees are recruited on the basis of the skills they can bring to the Board. Kirsty Watt, representing ACAS, attends Board meetings as an advisor.
Bankers
New bank accounts were opened at the start of 2024, in line with the GBC’s commitment to ethical sourcing.
Co-operative Bank 1 Balloon Street Manchester M60 4EP
This report was approved by the Trustees on 30 April 2026 and signed on its behalf by:
…………………………………………..
.....................................
Simon Fox Chair
Julian Richer Trustee
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Good Business Foundation
Independent Examiner’s Report to the Trustees of Good Business Foundation
Independent Examiner's Report to the Trustees of Good Business Foundation
I report to the charity trustees on my examination of the accounts of the company for the year ended 31st October 2025 which are set out on pages 5 to 11.
Responsibilities and basis of report
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the ACCA, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
Shaun Pullan ACCA
Thomas Coombs Limited
3365 The Pentagon Century Way Thorpe Park Leeds LS15 8ZB
30th April 2026
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Good Business Foundation
Statement of Financial Activities (incorporating an income and expenditure account) for the for the year ended 31 October 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| Funds | Funds | ||
| £ | £ | ||
| Income and Endowments from | |||
| Donations and legacies | 2 | 200,000 | 150,000 |
| Membership income | 3 | 115,025 | 84,155 |
| Bank interest | 629 | 334 | |
| Total | **315,654 ** | 234,489 | |
| Expenditure on | |||
| Charitable activities | 309,149 | 238,144 | |
| Total | 309,149 | 238,144 | |
| Net income/(expenditure) | 6,505 | (3,655) | |
| Total funds brought forward | 24,540 | 28,195 | |
| Total funds at 31 October 2025 | 31,045 | 24,540 |
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Good Business Foundation
Balance Sheet as at 31 October 2025
| 2025 Note £ £ |
2024 £ £ |
|---|---|
| Fixed assets Tangible assets 7 955 Current assets Debtors 8 12,052 Cash at bank and in hand 19,068 |
1,117 7,824 16,499 |
| 32,065 Creditors Amounts falling due within one year 9 (1,020) |
25,440 (900) |
| Net current assets 31,045 |
24,540 |
| Funds Unrestricted 31,045 |
24,540 |
| 31,045 | 24,540 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2025.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2025 in accordance with Section 476 of the Companies Act 2006.
He trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of the Companies Act 2006 relating to financial statements, so far applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Directors, who are also the Charity’s Trustees, on 30 April 2026 and signed on their behalf by:
……………………………………………… ......................................... Simon Fox Julian Richer Chair Trustee
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Good Business Foundation
Notes to the accounts for the year ended 31 October 2025
1. Accounting policies
1.1 Accounting convention
The financial statements are prepared under the historical cost convention and include the results of the Charity's operations as indicated in the Trustees’ Report, all of which are continuing.
1.2 Compliance with accounting standards
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011.
1.3 Going concern
The trustees consider that there are no material uncertainties related to events or conditions that may cast significant doubt of the charity’s ability to continue as a going concern and the financial statements have therefore been prepared on the going concern basis.
1.4 Incoming resources
Income from all resources is recognised in full in the Statement of Financial Activities in the year in which they are receivable.
1.5 Resources expended
Resources expended are included in full in the Statement of Financial Activities on an accruals basis.
1.6 Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Office Equipment
33% Straight line
1.7 Fund accounting
Funds held by the Charity are either:
Unrestricted general funds - these are funds which can be used in accordance with the Charitable objects at the discretion of the Trustees.
Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor, contractual arrangement or when funds are raised for a particular restricted purpose.
Designated funds - these are funds set aside by the Trustees out of unrestricted general funds for specific future purposes or projects.
1.8 Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity’s pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
1.9 Taxation
The charity is exempt from corporation tax on its charitable activities.
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Good Business Foundation
Notes to the accounts for the year ended 31 October 2025 (continued)
2. Donations and Legacies
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Donations | 200,000 | 150,000 |
3. Income from charitable activities
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Membership income | 115,025 | 84,155 |
4. Support costs
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Governance costs | 9,240 | 5,931 |
5. Staff costs
| . Staff costs |
||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Staff costs comprise: | ||
| Wages and salaries | 216,247 | 182,814 |
| Social security costs | 15,423 | 12,802 |
| Other staff costs | 1,742 | 684 |
| Other pension costs | 4,538 | 4,112 |
| Termination costs | 11,036 | - |
| 248,986 | 200,412 |
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Good Business Foundation
Notes to the accounts for the year ended 31 October 2025 (continued)
The Charity had two full-time and four part-time employees during the year.
1 employee received emoluments between £80,000 and £89,999.
The CEO is considered to represent the key management personnel of the charity. Total compensation of £84,289, inclusive of employer national insurance and pension contributions, was paid in the year (2024: £66,354).
6. Trustees’ Remuneration and Benefits
No Trustee, or anyone connected with a Trustee, has a material interest in any of the Charity’s transactions.
Trustees' expenses
There were no trustees' expenses reimbursed in the year (2024: £0).
7. Tangible fixed assets
| . Tangible fixed assets |
||
|---|---|---|
| Computer | Totals | |
| equipment | £ | |
| ~~£~~ | ||
| COST | ||
| At 1 November 2024 | 3,386 | 3,386 |
| Disposals | (904) | (904) |
| Additions | 998 | 998 |
| At 31 October 2025 | 3,480 | 3,480 |
| DEPRECIATION | ||
| At 1 November 2024 | 2,269 | 2,269 |
| Eliminated on disposal | (904) | (904) |
| Charge for year | 1,160 | 1,160 |
| At 31 October 2025 | 2,525 | 2,525 |
| NET BOOK VALUE | ||
| At 31 October 2024 | 1,117 | 1,117 |
| At 31 October 2025 | 955 | 955 |
8. Debtors: Amounts Falling Due within One Year
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Prepayment | 1,552 | 1,474 |
| Membership income | 10,500 | 6,350 |
| **12,052 ** | 7,824 |
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Good Business Foundation
Notes to the accounts for the year ended 31 October 2025 (continued)
9. Creditors: Amounts Falling Due within One Year
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Independent Examination Fee | 1,020 | 900 |
| 1,020 | 900 |
10. Related Party Disclosures
During the year Good Business Foundation received donations totalling £200,000 (2024: £150,000) from Persula Foundation, charities of which Julian Richer is also a trustee.
During the year Richer Sounds Ltd, a company controlled by one of the trustees, paid expenses on behalf of the Good Business Foundation totalling £248,498 (2024: £200,410).
During the year membership income was received from TUC totalling £250 (2024: £250), a Charity which Tim Sharp is also a trustee. An invoice for the use of the TUC’s Head Office of Congress House of £6,500 (2024: nil) was paid in the year for the five year anniversary celebration.
During the year membership income was received from Acts 435 totalling £50 (2024: £50), ASB Help totalling £50 (2024: £50), Zero Hours Justice totalling £50 (2024: £25) and Tax Watch totalling £50 (2024: £50). These are all Charities in which Julian Richer is also a trustee.
Membership income of £500 (2024: £470) was received from Richer Sounds, a company in which Julian Richer is a director.
During the year membership income was received from Living Wage Foundation totalling £250 (2024: £177), a Charity which Katherine Chapman is also an executive director.
During the year membership income was received from The CBI totalling £500 (2024: £180), an organisation which John Foster is also on the executive committee.
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Good Business Foundation
Detailed Statement of Financial Activities for the year ended 31 October 2025
| Income and Endowments Donations and Legacies Donations Membership income Bank interest Total Income Expenditure Charitable Activities Wages Social security costs Termination costs Pension costs Staff costs Printing, postage, telephone and stationery Travel and conferences IT and technical support Consultancy fees Depreciation of fixed assets Advertising Governance costs Independent examination fee Bank charges Insurance Legal fees Total expenditure Net income/(expenditure) |
2025 £ 200,000 115,025 629 315,654 216,247 15,423 11,036 4,538 1,742 5,779 6,455 18,107 7,696 1,160 __11,726_ 299,909 1,056 474 1,991 5,719 9,240 309,149 6,505 |
2024 £ 150,000 84,155 334 234,489 182,814 12,802 - 4,112 684 4,236 3,386 23,050 - 1,129 ____- 232,213 1,400 414 1,885 2,232 5,931 238,144 (3,655) |
|---|---|---|
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