# **REGISTERED COMPANY NUMBER: 08538560 (England and Wales) REGISTERED CHARITY NUMBER: 1189650**
## Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2022
## for
## The League of Intrapreneurs
Telic Advisory Limited 5th Floor, Congress House 14 Lyon Road Harrow HA1 2EN
The League of Intrapreneurs
Contents of the Financial Statements for the Year Ended 31 December 2022
||Page|
|---|---|
|Report of the Trustees|1 to 3|
|Independent Examiner's Report|4 to 5|
|Statement of Financial Activities|6|
|Balance Sheet|7 to 8|
|Notes to the Financial Statements|9 to 14|
|Detailed Statement of Financial Activities|15 to 16|
The League of Intrapreneurs
Report of the Trustees for the Year Ended 31 December 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of 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).
## **ACHIEVEMENT AND PERFORMANCE**
The following sections are for achievements and performance, financial review and plans for future periods form the strategic report of the charity.
## **Achievement and Performance**
The League of Intrapreneurs' mission is to find, connect and support social intrapreneurs globally. Our Intrapreneurs come from across sectors and geographies. What unites them is a powerful belief that our incumbent institutions have a role to play in getting us to a prosperous tomorrow.
We invest in the creation of a strong deeply connected community of practicing intrapreneurs through our Fellowship Program and develop, share, and mentor the wider movement through our annual event Global Intrapreneur Week and a series of online tools & resources.
Some of our highlights for 2022, are that we ran three Fellowship Programs (Global, Brazil and North America), we brought together over 1,200 intrapreneurs online in the third week of October to Global Intrapreneur Week with in-person meet ups in 15 cities across the globe and we translated the Intrapreneur Guide to Pathfinding in Portuguese and in Japanese.
## **Financial review**
The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure of the major risks.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
## **Objectives and activities**
The objects of the charity are to advance education in sustainable business practice and sustainable development for the public benefit, in particular but not exclusively, by a) providing education and training; b) conducting and publishing research; and c) extending the sum of knowledge.
Page 1
The League of Intrapreneurs
for the Year Ended 31 December 2022
## Report of the Trustees
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The charity is governed by the Articles of Association dated 11 May 2020.
Governance is exercised by a board of trustees, the members of which are selected based on the skills and experience that they bring to the governance of the charity. Members are appointed by a resolution of the trustees then in post. The trustees meet at least four times a year.
Day-to-day management of the charity is delegated by the trustees to the Directors. Members of the Trustees are also directors.
The trustees have considered the evolution of the governance, to more consultative participation of the members of the community, creating a Global Fellows Intrapreneur Council, that brings 7 representatives from different geographies and sectors as a consultative council on the strategy and regionalization of the content and programs.
Raising money for core expenditures and activities is a continual challenge. We have invested in the creation of more structured educational offers that can be offered to organizations and also have a wide-ranging approach to raising unrestricted funds that give us the ability to meet the direct costs involved to meet the objectives of the charity.
The remuneration of key management personnel is reviewed and set by the trustees by reference to the Articles of Association.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number**
08538560 (England and Wales)
## **Registered Charity number**
1189650
## **Registered office**
C/O Telic Advisory Limited 5th Floor, Congress House, 14 Lyon Road, Harrow, Middlesex, England, HA1 2EN
## **Trustees**
Mrs M E De Pree Mr G J B Bulloch MS M S Sawday Mr J P De Koszmovszky MS F E Cendan
Page 2
The League of Intrapreneurs
## Report of the Trustees
for the Year Ended 31 December 2022
## **REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner**
Telic Advisory Limited Telic Advisory Limited 5th Floor, Congress House 14 Lyon Road Harrow HA1 2EN
## **TRUSTEES' RESPONSIBILITY STATEMENT**
The trustees (who are also the directors of The League of Intrapreneurs for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
September 27, 2023 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
............................................................ MS F E Cendan - Trustee
Page 3
Independent Examiner's Report to the Trustees of The League of Intrapreneurs
## **Independent examiner's report to the trustees of The League of Intrapreneurs ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2022.
## **Responsibilities and basis of report**
As the charity's 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 charity'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.
Page 4
Independent Examiner's Report to the Trustees of The League of Intrapreneurs
## **Independent examiner's statement**
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, 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:
1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. 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
4. 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.
Telic Advisory Limited
Telic Advisory Limited 5th Floor, Congress House 14 Lyon Road Harrow HA1 2EN
Date: .............................................
Page 5
The League of Intrapreneurs
## Statement of Financial Activities for the Year Ended 31 December 2022
|31.12.22
Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations & Educational progrm
2
161,552
**Charitable activities**
3
Charitable activities related expenditure
131,514
**Total**
293,066
**EXPENDITURE ON**
Raising funds
15,320
**Charitable activities**
Charitable activities related expenditure
304,457
Other resources expended
-
Other
368
**Total**
320,145
Net gains/(losses) on investments
(1,784)
**NET INCOME/(EXPENDITURE)**
(28,863)
**RECONCILIATION OF FUNDS**
Total funds brought forward
144,627
**TOTAL FUNDS CARRIED FORWARD**
115,764|31.12.21
Total
funds
£
244,468
46,223
290,691
-
150,522
18,237
-
168,759
(6,302)
115,630
28,997
144,627|
|---|---|
The notes form part of these financial statements
Page 6
The League of Intrapreneurs
## Balance Sheet 31 December 2022
|31.12.22
Unrestricted
fund
Notes
£
**CURRENT ASSETS**
Debtors
7
26,458
Cash at bank
109,439
135,897
**CREDITORS**
Amounts falling due within one year
8
(20,133)
**NET CURRENT ASSETS**
115,764
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
115,764
**NET ASSETS**
115,764
**FUNDS**
10
Unrestricted funds
115,764
**TOTAL FUNDS**
115,764|31.12.21
Total
funds
£
93,178
68,122
161,300
(16,673)
144,627
144,627
144,627
144,627
144,627|
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (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 Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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continued...
The League of Intrapreneurs
## Balance Sheet - continued 31 December 2022
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 Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: September 27, 2023
............................................. F E Cendan - Trustee
The notes form part of these financial statements
Page 8
The League of Intrapreneurs
Notes to the Financial Statements for the Year Ended 31 December 2022
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.
## **Income**
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.
Investment income in the form of bank interest is recognised as the charity’s right to receive payment is established.
## **Expenditure**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
## **Raising funds**
Includes costs associated with seeking donations and fundraising events and initiatives
## **Governance costs**
Governance costs are any costs associated with the strategic as opposed to day-to-day management of the charity’s activities. These costs include emoluments for trusteeship, the cost of charity employees involved in meetings with trustees and the cost of any administrative support provided to the trustees such as external audit, legal advice for trustees and costs associated with constitutional and statutory requirements.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
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continued...
The League of Intrapreneurs
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
## **1. ACCOUNTING POLICIES - continued**
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
|**2.**
**DONATIONS & EDUCATIONAL PROGRM**
Fellowship & membership income
Learning products income
**3.**
**INCOME FROM CHARITABLE ACTIVITIES**
Activity
Charitable activities related
expenditure
Grants/Funding
Grants received, included in the above, are as follows:
Charity|31.12.22
£
110,145
51,407
161,552
31.12.22
£
131,514
31.12.22
£
131,514|31.12.21
£
94,936
149,532|
|---|---|---|
|||244,468|
|||31.12.21
£
46,223|
|||31.12.21
£
46,223|
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continued...
The League of Intrapreneurs
## Notes to the Financial Statements - continued for the Year Ended 31 December 2022
## **4. SUPPORT COSTS**
|Management
£
Other trading activities
-
Charitable activities
related expenditure
268,432
268,432|Finance
£
-
413
413|Other
Operating
Governance
Costs
costs
£
£
(325)
-
22,387
13,225
22,062
13,225|Totals
£
(325)
304,457
304,132|
|---|---|---|---|
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
During the year Trustees F E Cendan and M E De Pree are paid £56,563 and £22,578 respectively towards the daily activities of the charity.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
## **6. TANGIBLE FIXED ASSETS**
|**TANGIBLE FIXED ASSETS**||
|---|---|
||Fixtures|
||and|
||fittings|
||£|
|**COST**||
|At 1 January 2022 and||
|31 December 2022|2,268|
|**DEPRECIATION**||
|At 1 January 2022 and||
|31 December 2022|2,268|
|**NET BOOK VALUE**||
|At 31 December 2022|-|
|At 31 December 2021|-|
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continued...
The League of Intrapreneurs
## Notes to the Financial Statements - continued for the Year Ended 31 December 2022
|**7.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Other debtors
**8.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Bank loans and overdrafts (see note 9)
Trade creditors
Accruals and deferred income
Accrued expenses
**9.**
**LOANS**
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank overdrafts
**10.**
**MOVEMENT IN FUNDS**
At 1.1.22
£
**Unrestricted funds**
General fund
144,627
**TOTAL FUNDS**
144,627|31.12.22
£
25,100
1,358
26,458
31.12.22
£
-
13,633
6,500
-
20,133
31.12.22
£
-
Net
movement
in funds
£
(28,863)
(28,863)|31.12.21
£
92,119
1,059
93,178
31.12.21
£
1
13,672
-
3,000
16,673
31.12.21
£
1
At
31.12.22
£
115,764|
|---|---|---|
|||115,764|
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continued...
The League of Intrapreneurs
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
## **10. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
293,066
293,066|Resources
expended
£
(320,145)
(320,145)
At 1.1.21
£
28,997
28,997|Gains and
losses
£
(1,784)
(1,784)
Net
movement
in funds
£
115,630
115,630|Movement
in funds
£
(28,863)
(28,863)
At
31.12.21
£
144,627
144,627|
|---|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
290,691
290,691|Resources
expended
£
(168,759)
(168,759)|Gains and
losses
£
(6,302)
(6,302)|Movement
in funds
£
115,630
115,630|
|---|---|---|---|---|
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continued...
The League of Intrapreneurs
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
## **10. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.1.21
£
28,997
28,997|Net
movement
in funds
£
86,767
86,767|At
31.12.22
£
115,764|
|---|---|---|---|
||||115,764|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
583,757
583,757|Resources
expended
£
(488,904)
(488,904)|Gains and
losses
£
(8,086)
(8,086)|Movement
in funds
£
86,767
86,767|
|---|---|---|---|---|
## **11. RELATED PARTY DISCLOSURES**
During the year ended 31 December 2022 the Charity received a grant of £Nil from THE LEAGUE OF INTRAPRENEURS, a United States non-profit corporation which was established to access corporate and philanthropic capital to advance the charitable mission globally as well as in the US.
The charity and the US entity are considered related parties due to having two mutual directors.
A transfer pricing agreement is in place, which acts as a guide for the intercompany financial transactions.
Page 14
The League of Intrapreneurs
|Detailed Statement of Financial Activities|||
|---|---|---|
|for the Year Ended 31 December 2022|||
||31.12.22|31.12.21|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Donations & Educational progrm**|||
|Fellowship & membership income|110,145|94,936|
|Learning products income|51,407|149,532|
||161,552|244,468|
|**Charitable activities**|||
|Grants/Funding|131,514|46,223|
|**Total incoming resources**|293,066|290,691|
|**EXPENDITURE**|||
|**Other trading activities**|||
|Digital Platform cost|720|-|
|Direct Expenses|6,950|-|
|Consulting|7,851|-|
|Donations|124|-|
||15,645|-|
|**Other**|||
|General Expenses|368|-|
|**Support costs**|||
|**Management**|||
|Printing ,postage & Stationery|340|2,112|
|Subcontractor & Labour|268,092|131,196|
||268,432|133,308|
|**Finance**|||
|Bank charges|413|585|
|**Other Operating Costs**|||
|Marketing/communications|2,243|8,025|
|Funded fellowships|280|-|
|Carried forward|2,523|8,025|
This page does not form part of the statutory financial statements
Page 15
The League of Intrapreneurs
Detailed Statement of Financial Activities for the Year Ended 31 December 2022
|Detailed Statement of Financial Activities
for the Year Ended 31 December 2022|||
|---|---|---|
||31.12.22|31.12.21|
||£|£|
|**Other Operating Costs**|||
|Brought forward|2,523|8,025|
|Sundry expense|1,549|786|
|Digital Platform cost|15,480|9,192|
|Travel Expense|2,510|1,323|
||22,062|19,326|
|**Governance costs**|||
|Accountancy fees|9,900|11,473|
|Legal fees|3,325|4,067|
||13,225|15,540|
|Total resources expended|320,145|168,759|
|**Net (expenditure)/income before gains**|||
|**and losses**|(27,079)|121,932|
|**Realised recognised gains and losses**|||
|Realised gains/(losses) on fixed asset|||
|investments|(1,784)|(6,302)|
|**Net (expenditure)/income**|(28,863)|115,630|
This page does not form part of the statutory financial statements
Page 16