## **Annual Trustees Report for** ## **The Mindful Business Corporation** ## **A CIO registered in England and Wales** Registered number: 1193631 Registered office: c/o Jerroms, West Point, Mucklow Hill, Halesowen, West Midlands, B62 8DY ## **Report for the period ending 31 December 2023** Prepared in accordance with the Charities Statement of Recommended Practice FRS (102)[1] ## **Approved by the trustees of MBC at their meeting on 19 March 2024** > 1 Please note that as we are a CIO we are required to report to the standard of a “Larger” charity as defined in FRS (102) (despite our income being below £500,000 per annum) and this report is therefore prepared on that basis The trustees present their annual report and financial statements for the period ended 31 December 2023. It was approved by the trustees at their meeting on 19 March 2024. It is prepared in accordance Charities Statement of Recommended Practice FRS (102) to the standard of a “Larger” charity as defined in FRS (102) as we are a CIO. ## **Introduction** The Mindful Business Corporation is the registered name of the CIO, which operates under the name Mindful Business Charter and/or MBC. We shall use the term MBC in this report. MBC was incorporated as a CIO on 23 February 2021, and this is therefore its third annual Trustees Report, covering the period to 31 December 2023. MBC is a community of employer organisations committed to promoting healthier and more effective ways of working through the implementation of a framework of principles and approaches set out in the Mindful Business Charter, which was launched on World Mental Health Day, 10 October, 2018. More information, including the Charter itself, and a list of member organisations, can be found at www.mindfulbusinesscharter.com. ## **Purpose** MBC was created to reduce the sources of unnecessary stress in the ways in which we work and in our interactions with each other, within and between our organisations, so as to create healthier and more effective ways of working. It is based on the Charter which establishes a permissive framework for change and a common language for collaboration. A key feature of MBC is the sharing of learning and best practice through the community of members. Activity is centred around the members, but we also share our learning with the wider community through our website and thought leadership. It is well established that stress is both bad for our health (mental and physical) and results in diminished cognitive functioning resulting in lower productivity. The objects of the CIO set out in our constitution are: - to protect and promote good mental health by reducing unnecessary stress in the workplace; and - to advance the understanding of mental health issues as they relate to workplace practices and the interrelationship between workplace stress and mental health. ## **Governance** MBC is governed by a constitution which sets out how it is to be run. MBC is run by a board of volunteer trustees, all of whom work for, or are partners in, member organisations as follows: |Name
Ms M Peterson (Chair)
Mr P Aiken
Ms K Dodd
Mr M J Cavers (Vice chair)
Ms B G Gibson
Ms E J Stewart
Mr D J Bastide
Mr J C Hoey
Ms H Hamzah
Ms J M Carver
Mr M W Hamilton
Ms M E H Slape
Mr H Parekh
Mr W Merry|Date of initial appointment
23 February 2021
23 February 2021
23 February 2021
10 March 2021
10 March 2021
10 March 2021
10 March 2021
10 March 2021
10 March 2021
10 March 2021
10 March 2021
10 March 2021
10 January 2024
10 January 2024|Date of retirement
n/a
23 February 2024
n/a
n/a
n/a
19 July 2023
n/a
n/a
19 July 2023
n/a
19 July 2023
n/a
n/a
n/a| |---|---|---| The first three named trustees were appointed upon incorporation by the nomination of Addleshaw Goddard LLP, Barclays Bank plc and Pinsent Masons LLP respectively, to serve for an initial period of three years. Those organisations have the right to appoint replacement trustees for their appointees during that initial three year period. That period expired on 23 February 2024 and Mr Aiken decided to stand down at that point. Ms Peterson and Ms Dodd offered to continue as trustees and were duly reappointed by the other trustees at their meeting on 10 January 2024. Ms Gibson ceased to be employed by a member on 9 February 2024 and, under the rules of our constitution, ceased to be a trustee automatically on that date but she offered to continue in her role and was duly reappointed by the other trustees at their meeting on 10 January 2024. Our constitution requires that a third of elected trustees retire at each AGM (with the option to stand for re-election if they so wish). Ms Hamzah, Mr Hamilton and Ms Stewart all retired at our AGM on 19 July 2023 and did not stand for re-election. We took the opportunity to review the skills, experience and perspective of the trustee group and undertook a recruitment exercise to find new trustees to fill any perceived gaps which resulted in the appointments of Mr Parekh and Mr Merry. The (re-)appointments of Ms Peterson, Ms Dodd, Ms Gibson, Mr Parekh and Mr Merry will all need to be ratified by our members at our 2024 AGM at which point one third of the remaining trustees will also need to retire and, if they so wish, stand for re-election. Ms Peterson stood down as chair of trustees at their meeting on 19 March 2024 at which point Michael Cavers was elected chair of trustees and Moira Slape vice chair. The trustees have sought and will continue to seek diversity among their numbers across as broad a range of relevant characteristics as possible. No trustee holds any property on trust for MBC. The trustees are all experienced professionals, and we are satisfied that they have not required training to fulfil their responsibilities thus far. These training needs will be reassessed on an ongoing basis. The trustees meet on a bimonthly basis. Their meetings are minuted and those minutes are available to members upon request. The trustees provide governance, oversight and strategic direction to MBC. Richard Martin is the Chief Executive Officer of MBC, working four days a week in that role. His remuneration was the subject of discussion among the trustees as a whole taking into account the financial resources of the organisation, the level of remuneration required to recruit and retain a professional with the required level of experience and gravitas and the level of his remuneration in his previous employment. His remuneration, and that of all employees, is reviewed annually with any change taking effect in January of each year. Day to day decision making is delegated to Richard Martin (and the executive team working with him) within the confines of the direction and strategy set by the trustees and the trustees are available to him for ad hoc guidance. In addition the trustees have agreed responsibilities among themselves for specific areas (eg finance, new members, existing members, wider public benefit) and those trustees meet with each other and with Richard Martin on a regular basis to review and discuss those specific areas. Jerroms, whose head office is at West Point, Mucklow Hill, Halesowen, West Midlands, B62 8DY, provide accounting and bookkeeping services to the CIO. The CIO banks with Virgin Money, whose head office is at Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL. We also have a savings account with Nationwide. Ad hoc pro bono legal advice has been provided by different member law firms. ## **Financial review** This Report accompanies the Annual Accounts for MBC for the period to 31 December 2023. Income comes from the membership fees paid by our members which are based on the number of employees in the relevant member, with those with fewer than 25 employees, and not for profit organisations, paying £500 per year, and the largest organisations (those with 500+ employees) paying £2,500 a year, with a sliding scale between these two levels. The membership year runs from 1 September each year. New members joining during a membership year are charged a pro rata membership fee from the date their membership is approved by trustees. During the year we considered a review of membership fees but decided against it. Our income exceeds our expenditure and, while we are keen to build a healthy balance of reserves, which we are doing, there is no current justification for an increase in membership fees. We shall continue to keep this under review. We did adjust the bandings slightly during the year. Expenditure is on our staff, website development, the administration of the CIO and ancillary costs associated with our purpose. The accounts for the year to 31 December 2023 also include comparative figures for the year to 31 December 2022. In comparing the two it is important to note that the 2023 figures include some income from overseas members in respect of the previous year which we were not able to invoice during that prior year. As a result, income for 2023 is slightly inflated. We have generated reserves (all of which are unrestricted) as at 31 December 2023 of £221,323. This is to provide for a stable level of reserves to support the CIO in the event of any reduction in income and to provide for investment in greater levels of activity going forward. We are satisfied of MBC’s ability to continue as a going concern, we do not hold funds on behalf of anyone else and do not have any parent or subsidiary undertaking on which to report. The trustees have taken a view that it will be prudent going forward to look to hold reserves of at least £100,000, as protection against unexpected reductions in income. This figure will be reviewed as we continue to grow in membership and activity. We are currently holding reserves in excess of that level but have various projects for 2024 which are likely to reduce the reserves. During our first two financial years we have been focussed on creating a stable and sustainable basis of income and reserves which we have achieved. Going forward we will be more confident in investing a greater proportion of our income in pursuit of our purpose, while always looking to retain a prudent level of reserves. Our reserves are held in different bank accounts, the bulk in savings accounts. They are held between two different banks (Virgin and Nationwide) to take advantage of the UK government’s protection scheme for bank deposits. This approach will be kept under review as we move forward. The primary risk to our income going forward would be the loss of members. We are not materially dependent upon any one member or group of members for our income and while of course some members may not choose to renew their membership, we do not foresee any risk of a material number so choosing and we are continually adding new members in any event. The accounts were produced by our accountants, Jerroms, and the trustees have reviewed the accounts and are satisfied they present a true and accurate record. There are no material other financial issues upon which we need to report. ## **What we achieved in the period to 31 December 2023** The purpose of MBC is to enable organisations and individuals to make meaningful changes to the way they work and interact within their organisation and also with external organisations, to remove unnecessary sources of stress so as to create healthier and more effective working environments. Part of this is through adoption of the Charter itself which sets out a number of things to be aware of and more mindful about. It is intended to be a permissive framework and to create a common language, rather than to be a prescriptive set of rules. Signing up to the Charter is an indication to others of your intentions and serves as an invitation to them to engage with you in discussion about how to work together more mindfully and healthily. We have continued to welcome new members throughout the year. We run regular, normally weekly, briefing calls to introduce MBC to interested organisations. Although a focus of this is to encourage them to join as members, the calls also provide information to them which they can readily use in their organisations without becoming members. Total member numbers have risen slightly. Although we have added new members this has been at a slower rate than in previous years, partly because we have shifted our focus towards working more with existing members to embed mindful working practices and partly because we have already high levels of engagement within our core market of UK law firms. At the same time, we have lost a few members due to financial pressures and their desire to squeeze costs. We have various initiatives in other parts of the world where we expect to increase membership in future years. We continue to be invited to speak at events in the UK and internationally to promote our work and the Charter. Following on from the strategic review we undertook in 2022, during the early part of 2023 we conducted a Theory of Change exercise to better understand our purpose and ensure our activity is aligned fully with that purpose. This exercise has helped enormously to focus our activity in the short and longer term and will continue to guide us as we move forward. We successful launched our Guidance for the Mindful Conduct of Litigation in March 2023 which was well received. We continue to promote it and are updating it for 2024. It has also led to collaboration with other like-minded initiatives in the UK. We are also developing similar guidance for the more mindful conduct of large transactions by law firms and other advisers which we hope to launch in the first half of 2024. We wrote and published a landmark white paper on the state of mental health in the legal profession bringing together research and data from the last 50 years around the world. This was launched in October 2023 and continues to attract attention. We have been exploring the behavioural change work of University College London, and in particular their COM-B model for understanding and implementing behavioural change. We have run a workshop with our members on this and written a series of articles exploring how to use the approach in the context of MBC. This has led to a research project with two of their masters students to take place during 2024. We continue to explore different ways in which we can support our members in making and sustaining meaningful change. We commissioned two animations to explain MBC to different audiences through an alternative medium and these are much used. We overhauled the members area of our website which hosts a large array of resources as well as recordings of our different events, so as to make it more user friendly and professional. We also began an overhaul of our visual identity to ensure it aligned with our purpose and members. This is being launched in phases with the public side of our website being the final stage to happen in the first half of 2024. As well as the look and feel of the site changing, we will also introduce better search engine optimisation and ways to monitor engagement with the website. We have substantially enhanced our activity on social media with a view both to promoting our work and encouraging more mindful ways of working generally. We repeated our member survey which was first conducted in 2022 and have used the results thereof to inform the support and resources we provide to members going forward. We introduced our own awards scheme and our first awards were made at our annual celebration in October 2023. Although the awards for this year were made purely from our knowledge, going forward the awards will be based in part on submissions from our members. We believe this is an effective way to engage members, to share best practice, to celebrate achievement and to role model good working practices. We continue to respond to members’ requests for support in different ways and in this regard established an MBC network for in house lawyer members to talk to each other about the particular demands and challenges of their roles. We have run a series of community events through the year: - every two months we hold a call for all signatories where we provide updates on activity and then ask a different member each time to provide an in-depth update on their activity implementing MBC. This enables the community to learn from and support each other, address challenges together and share resources and insights between individual members; - we run quarterly workshops for new joiners to help them begin their work with MBC – these are facilitated by us with support from a different established member each time; - we run a series of Insight sessions throughout the year looking at particular aspects of MBC. Some of these involve experts from outside of MBC. The purpose of these sessions is to support our members in implementing and sustaining MBC ways of working. Some of these sessions are directed at the MBC leads in our member organisations and some are intended for all employees of our members. These are generally well attended and, as with the signatory calls, our normal practice is to record them and make them available in the members area of our website; and - we run an annual event in October to welcome formally the organisations that have joined during the year, to act as a renewal of the commitment of all our members and to hear from speakers on topics relevant to our members and our purpose. In addition to the community wide events, we continued to meet one to one with individual members to discuss in more detail their progress with MBC, help them address any challenges, gather useful insight and resources that might be of benefit to wider members and to set objectives for the member going forward. We continued to produce a monthly newsletter to members which contains news, events, resources and other information of interest to our members. We are monitoring the level of engagement with the newsletter to maximise its readership and impact. We continued our collaboration with digital health experts Shine Offline who provide training and insight on how to use technology more healthily and sustainably. We have co created with them versions of their training material which are specifically aligned to our purpose and the pillars of the Charter. We continue to explore collaboration opportunities with other organisations where these fit with our Theory of Change model. The activity summarised above is undertaken in part by members and the trustees, and the most important work in changing workplace cultures is of course undertaken on the ground by individuals within organisations. ## **Wider public interest** Although much of our activity is focussed on the members of MBC, a lot of activity also involves promoting healthier and more effective ways of working across the wider business community. In a very real sense, every time we speak about MBC to any audience, whether on briefing calls, in meetings, at conferences or in webinars, or write about it in blogs and articles, we are promoting the message of healthier working practices to the wider public. In addition, the Charter itself and the Toolkit developed to help organisations think about how to implement it, are freely available to the wider public on our website. The need to keep in mind the wider public benefit is a standing item on the agenda for trustee meetings and one of the trustees has a specific responsibility for ensuring this wider obligation is fulfilled. The trustees have had regard to the Charity Commission’s guidance on public benefit in fulfilling their responsibilities. ## **Ancillary issues** We do not operate from an office; all work being done in a virtual way or at the premises of members when required. We do not make investments or grants. We have not relied on any exemptions from disclosure in preparing this Report. Signed: ……………………………….. **Michael Cavers** (Chair of trustees) 13 June 2024 Dated: ……………………………….. ……………………………….. Charlty r•glstratlon numb•r 1193631 THE MINDFUL BUSINESS CORPORATION OPERATING AS MBC ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 THE MINDFUL BUSINESS CORPORATION OPERATING AS MBC LEGAL AND ADMINISTRATIVE INFORMATION Trutstees Ms K Dodd Ms M Peterson Ms B G Gibson Mr D J Bastsde MrJCHoey Mr M J Cavers (Chairl Ms J M Catvèr MsMEHSlape Mrwmery Ms H Pa¥ekh (Appointed 10 January 20241 (Appointed 10 January 20241 Ch•rlty number 1193631 Independent examiner Jeryoms GCN Limited Vvesl Point, Second Floor Mu¢klow Officè Park Mucklow Hill Halesowen B62 8DY THE MINDFUL BUSINESS CORPORATION OPERATING AS MBC CONTENTS Pag• Trustees. report Independent examinerfs report Stalemeni of finanaal activities Balanc¥ sheet Notes to the finanu81 slalemenls 3-10 THE MINDFUL BUSINESS CORPORATION OPERATING AS MBC INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MINDFUL BUSINESS CORPORATION I report to the trustees on my examination of the financial ststemenls of The Mindfvl Business Corporation (the Charitable Incorporated Or9anisalionl for the year ended 31 December 2023. Responsibilities and basis of report As the trustees of the Charitable Incorporated Organisalion you are iesponsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the Charitable Incorporated Organisation's financial statements carried o Ltnder section 145 of the 2011 Act. In carrying out my examination I have followed all Ihe applicable Directions given by the Charity Commission under section 145lSllbl of the 2011 Act. Independent examinerfs statement Since the Charitsble Incorporated Organisation's gross income exceeded £250,OW your examiner must be member of a body listed in section 145 of the 2011 Act. I confimi that l am qualified to undertake the examination b￿aUse l am a momber of the Assouation of Chartered Cerbfied A￿D￿ntants, which is one of the listed bodies. Your allenlion 15 drawn lo the fact that the chaftty has prepared financial stalements in accordance with Accounting and Reporting by Ch8ribes preparing their a¢counls in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Irelantj IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Statement ol Recommended Practice Issued on 1 April 2005 which is referred lo in the extant regulatior¥s but has now been thdiawn. l understand that this has been done in order for financial statements to provide 8 true and fair view in accordance with Generally Accepted Accounting Practice effective for repoth'ng periods beginning on or after 1 January 2015. I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the Chafitable Incorporated Organisation as required by section 130 of the 2011 Act., or the financial ststemenls do not accord with those rocords., or the financial statements do not cornply with the applicable requirements conceming the fom and conlenl of accounts set out in the Charities (Accounts and Reportsl Regulations 2008 other than any requ1￿ment that the aceosjnts give a true and fair view which is not 8 matter consrdered as part of an independent examination. Ihav sho o concerns and have come across no other matters in connection with the examination to which attention e drawn in this report in order lo enable a proper understanding of the financial stslemenls lo be reached. ICtheA lo/kn •rroms GCN Llmltod West Point. Second Flwr Mucklow Office Park Mucklow Hill Halesowen 862 8DY Dated.. THE MINDFUL BUSINESS CORPORATION OPERATING AS MBC STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unr•strict•d fund8 2023 Unr•strict•d funds 2022 NotOS Ineomè and •ndowm•nts from. Charitable actiwties Investments Olhei in¢ome 249,249 10,596 198,500 1.946 20 Total income 259,845 200,466 Expondliurè on: Raising funds Charitsble actiwlies 10.880 158,873 480 121,642 Total expenditu 169,753 122.122 N•t Ineomè #nd movèm•nt In fund$ 90.092 78,344 Reconciliation of lunds: Fund balance$ at l January 2023 131.231 52,887 Fund balanco$ at 31 December 2023 221.323 131,231 The 51alemenl of financAal activities indudes all gains and losses ￿COgnised in the year. All income and expenditure derive frorn continuing activitses. THE MINDFUL BUSINESS CORPORATION OPERATING AS MBC BALANCE SHEET ASAT31 DECEMBER 2023 2023 2022 Not•s Flxed TangSbl¥ assets 13 513 780 Current *8Mts Dobtors Cash at bank and in hand 14 41,008 340,275 53,153 223,624 381,283 276,777 Cr•dlto¥s: amounts l•lling due wlihln on$ ye•r Is 1160.473} 1146.3261 Net cuffenl assets 220.810 130.451 Total ass•ts I￿5 tyrtert Il•bllitso• 221.323 131,231 Incom• funds UnTeslricted fvnds 221.323 131,231 221.323 131.231 The ffinancAal statements were approved by the Truslees on...8 Juty. 2024 c￿5r of tru•t• THE MINDFUL BUSINESS CORPORATION OPERATING AS MBC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Charlty Inforniatton The Mindful Business CorporatH)n is a Charitable Incorporated Organisation registered in England. Its registered charity number is 1193631. If the Charitable Incorporated Organisalion 1$ wound up, the members of the Charitable Incorporated Organisation have no liability lo contribute lo ils assets and no personal rèsponsibility for settling its debts and liabilities. 1.1 Accounting ¢onv•ntlon The financial statements have been prepared in accordance with the Charrtable Incorporated Organisation's onstrtution, the Charities Acl 2011, FRS 102 'The Financial Reporting Standard applicable In the UK and Republic of Ireland. I"FRS 102.1 and the Chaiities SORP "AcLounting and Reporting by Charities.. Statement of Recommended Practice applicablè lo charitiès prèparing their accounts in accordance with the Financial Reporting Sland8rd applicable in the UK and Rèpublic of Ireland IFRS 1021" (effective l January 20191. The Charitable Incorporated Organisation is a Public Benefit Entity as definèd by FRS 102. The Charitable Incorporated Organisation has iaken advantage of the proMsion$ in the SORP for charities not to prepare a Slatement ol Cash Flows. The financial ststements have departed from the Charities (Accounts and Report51 Regulalitsns 2008 only lo the extent requiTed to provide a true and fair vièw. This departure has involved following the Slatemenl of Recomrnended Pradice for charrt￿$ applys'n9 FRS 102 rather than the version of the Statement of Recommended Practice wh￿h is refened to in the Regulations but which has since been withdrawn. The financial statements are prepared in slerting. which is the functional Currency of the Charitable Incorporated OrganisatK*n. Monetary amounts in these financial 51alemen15 are roundèd to the nearest £. Thè financial statements have been prepared under the historical cost convention. The piinupal acctsunltng poliaes adopted are set otjt bèlow. 1.2 Going concern Al the tirne of appro￿n9 the financial statements, the trustees have a reasonable expectation that the Charitsble In¢orpor8led Or98n4S81ion has adequate rÈsourcEs to continue in operational existence for the foreseeable fuluie. Thus the Iru51ees continue to adopt the going concem basis of accounting in preparing the financial stalemenls. 1.3 Charitsblè funds Unrestricted funds are available for use al the discretion of the Iruslees in furthgrancé of their charitable objectives. All Chantable Incorporated Organisal*)n funds are cla5$ed as unrgstricled. The Charitable Incorporated Organisat*on has no restricted funds. 1A Income Inctsrne is rècogni￿d whèn thè Charitable Incorporated Organisation is Fegally enlilled lo il after any performance conditions have txen mel, the amounts can be measured reliably, and it is probable that income will be recelved. Membership subs¢riplion$ are recognised on an accruals basis. in the period to which they relate. THE MINDFUL BUSINESS CORPORATION OPERATING AS MBC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Aceountlng pollcle$ Icontlnuedl 1.$ Expondliur• Expenditure is recognised once there is a legal or eonstructivè obligation to transfer economic benefil lo a third party, it is probablè that a transfer of economic benefrts will be wuired in settlement, and the amount of the obligation Can be measured reliabty. Expenditu￿ is d88sified by acliwty. The cosls of eath actiwty are made up of the total of direct Costs and shared (xjsls. including 5UPPOrt Costs invofved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned betsveen those activitses on a basis consistent W71h the use of resoufces. 1.6 Tangible fixed assets Tangible frAèd assets are initially measured al cost and subsequenlty measured al cost or valuation, nel of dèpreaation and any impairmenl1053es. Depreciation is reeognised so as to writè off the cosl or valuation of assets 1$$$ their residual valuès over their useful lives on the following b85es'. Computef equipment 33.33Vts Straight lin$ The gain or loss arising on the disposal of an asset is delermined as Ihe difference between the sale woceeds and the carrying value of the asset, and is recognised in the statement of financial activitiès. 1.7 Impairnient of fixed assèts Al eaeh reporting end d8te. the Charilable IncO￿Orated Organisalion reviews the carrying amoun15 of its tangible 85sels lo delemiine whether there is any indication that those assets have suffered an impaimient loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairmenl loss lif any). 1.8 C•$h and ¢a$h •quivalents Cash and cash equivalents include ￿$h in hand. deposrts held #l call with banks. other short-leim liquid In￿StmentS with (>ri9inal matiJrilie5 Of three rnonlhs or less, and bank overdraft5. Bank overdraft5 are sh(Mn wthin borrowings in current liabilrties. 1.9 Finan¢iwl instruments The Charitable Incory)or8ted Organisalion only has finanrial assets and liabilities tsf a kind that qualify as basic financial inslfuments. Basic financial assets Basic financial assets, whi¢h include debtor$ and cash and bank b?lan¢e$, are initially rneasured al transaction price including transaction costs and are subsequently carrsed 81 amortised cost. Financial assets ¢k35sified as ¥e¢eivable within one year are not amortised. Basic financial liabilrfles Basic financial liabilities. induding creditors and bank108ns a￿ initially recognised at transaction PTi¢e unless the arTangÈrnénl conslilules a financing transaction. where the debt instrument is measured at the present value of the future payments ¢Jiscounted al a maikel rate of inleresl. Financjal liabilities classified as payable within one year are not amortised. THE MINDFUL BUSINESS CORPORATION OPERATING AS MBC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Aceountlng poll¢l¢$ IContlnu•dl 1.10 Employèè b•n¢fits The cost of any unused holiday entiltement is recognised in the period in which the employee's services are recewed. Terminatioft benefits are recognised immediately as an expense when the Charitable Incorpoiated Oiganisalion 15 demonslrabby cornmitted to terminate the employment ol an employee or to prowde lerminalion benefits. Critical accounting •stSmates and Judym•nts In the application of the Charrtable Incorptsrated Organi$ation'5 accounting policies, the Iruslees are required to make judgements. es1im8le5 and assumptions about the carrying amount of assets and liabilities that are not readily app8renl trom other sources. The estimates and associated assumptions are based on historical experience and other factors Ihal are considered to be relevant. Actual results may differ from these eslirn8le$. The estimates and underlying assumptions are reviewed on an ongoing basis. Rovi$ion$ lo accounting estimates are recognised in the period in which the estimate is revisèd Wknè￿ thè revision 8ffects only that period. or in Ihe period of the revi%Dn and ftrture periods Whe￿ the ievision affects both current and future Per￿ds. In tha wew of the Iruslees. no assumptions conceming the fvlure or eslimatson Un￿rtaInty affecttng the assèts and liabilrties at the balance sheel date are likety to resuh in a material adjustmenl to their carrying amounts in the next financial year. Income from charftsble actlvlttes Unr•strSct funds 2023 Unr•stiietsd funds 2022 M•ntal Hèalth S•rvice¥ Membership fees 249.249 198,500 In¢ome from investments Unr•$tri¢tèd Unrestricted funds funds 2023 2022 Interest ￿ceiVable 10,596 1.946 THE MINDFUL BUSINESS CORPORATION OPERATING AS MBC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Oth•r Incom• Unr•strlctsd Unr•stri¢t¢d funds nds 2D23 2022 Olher irkfA)me 20 Expendltur• on ralslng funds Unrnstrfct•d Unr•strlet• funds funds 2023 2022 Fundrdlslng ond publl¢ty Advertising 10.880 Expenditur• on charhabl• aetlvitiès Mentsl Health Services 2023 Montal Health SeThIcès 2022 Dlrèet Costs Depreciation and impaimient Management fees Con5ullancy 267 22 36.288 2,000 267 38,310 Share of support and govèman¢o ¢0$ts l$•• note 81 Support Governance 150,858 7,748 75.790 7.542 158,873 121,642 Analysls by fund Ur+restricted funds 158,873 127.642 THE MINDFUL BUSINESS CORPORATION OPERATING AS MBC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support¢o¥ts Support Governance costs costs 2023 2022 Bank fees Insurance Websrte costs IT software and consumables Printing and $latsongry Staff costs Subscriptions Staff welfare and entertasning Slaff training Event speaker costs 207 1.055 5,203 1.845 207 1.055 5,203 1,845 1,104 1,725 531 44 64.410 124.236 200 317 200 17,589 124.236 200 317 200 17,589 467 138 7,335 Accountar Legal and professional 7,081 667 7,081 6.342 1,200 150,858 7.748 158.606 83,332 Analysed betsveen Charitable 8ctiv%ties 150.858 7,748 158,606 83,332 Goveman¢È costs bndude$ payments to the independont exarniner of £750 12022.. £7501 for independent examination fees. Net movement in funds 2023 2022 The nel movgment in funds is Stated aftèr Chargin￿(Credib.n9)'. Fees payablè for th& independent examination ofthe tharitys financial statemènts Depreciation of owned tangible fixèd assets 750 267 750 22 10 TrUSt￿S None of the Iruslees lor any persons connected with them) Te¢eived any Temuneralion or benefits from the Charitable Incorpoialed Organisalion during the yea¥. 11 Employo•1S The average monthly number ol employees linduding trustees) during the yearwas.. 2023 Number 2022 Number TrusteesErnployees 13 13 THE MINDFUL BUSINESS CORPORATION OPERATING AS MBC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 11 Employ? IContInu￿) The number of ern￿OYees whose annual remuneration was more Ihan £60,¢JOO is as follows.. 2023 Number 2022 Number £80.001 - £90.WO Rèmuneration of key management personnel The remunèration of key rnan8gemenl personnel wa5 as follows.. 2023 2022 Aggregate compensation 89,005 57,370 12 Taxation The Charity is exempt Ifom laxalion on its acliviliès because all ils income is applied for charitable purposes. 13 Tangible fixed assets Computer •qulpm•nt Cost Al 1 January 2023 802 At 31 December 2023 802 D•pr•eiation and impairment Al 1 January 2023 Depreciation charged in the year 22 267 At 31 December 2023 289 Carrylng amount At 31 December 2023 513 At 310*¢ember 2022 780 THE MINDFUL BUSINESS CORPORATION OPERATING AS MBC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Dèbtors 2023 2022 Amounts falling due wlthln ono y¢ar: Trade debtors Other debtOTS Piep8yrnenls 37.784 1.863 1,361 51,933 1.220 41,008 53,153 15 Crodltors: amounts falllng du• wlthin one year 2023 2022 Other laxalion and social securty Deferred income Trade creditors Other creditors Accwals 1,335 142,667 1,(￿8 506 750 158,000 707 1,016 750 180,473 146,326 16 Deferred income 2023 2022 Other dttfe￿d in¢ome 158.OLKJ 142,667 Deferred Income is irtdude(l in th& flna4)¢ial ststements as follows.. 2023 2022 Deferred income is induded within.. Current liabilities 158,000 142,667 Movemènts in thè yèar. Deferred income at 1 January 2023 Released from previous periods Rasourcès d&fèrred in the yoar 142,667 {142.6671 158,000 109,667 {109,6671 142,667 Delerred income at 31 December 2023 158.0 142.667 THE MINDFUL BUSINESS CORPORATION OPERATING AS MBC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 17 Unrestrlcted funds The unrestricted funds of the ¢h8fTty ¢ompri5e the unexpended balance5 of donations and grants which arè not subject lo specific conditions by donors 8nd grantors as to how they may be used. These indude design81ed Ivnds which have been sel aside out of unrestricted funds by the tmsteès for spacffic purpo$e$. At 1 January 21123 Incoming Re$ourcoS r•sour¢¢¥ expended At31 December 2023 General fLtnds 131.231 259,845 1169.7531 221,323 Previous y•ar: At l J#nuJry 2022 Incoming resources Resources expended At31 Oecember 2022 General fund5 52,887 200,466 1122,1221 131.231 18 Related party transactions There were no disclosable related paty transactions during the ye8r. 10 Charfty reglstratlon n￿ber 1193631 THE MINDFUL BUSINESS CORPORATION OPERATING AS MBC ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 THE MINDFUL BUSINESS CORPORATION OPERATING AS MBC LEGAL AND ADMINISTRATIVE INFORMATION Trust¢e¥ Ms K Dodd Ms M Peterson Ms B G Gibson Mr D J Baslide MrJCHoey Mr M J Cavers (Chairl Ms J M Carver MsMEHSlape Mrwméry Ms H Parekh (Appointed 10 January 20241 (Appointed 10 January 2D241 Charty number 1193631 Indopendent examiner Jerroms GCN Limited Wesl Point, Second Floor Mud(low Officè Patk Mucklow Hill Halesowen B62 8DY THE MINDFUL BUSINESS CORPORATION OPERATING AS MBC CONTENTS Pag• Trustèes, report Independent examinerfs report Statement of finanaal activities Balance shefrl Notes to the finanaal statements 3-10 THE MINDFUL BUSINESS CORPORATION OPERATING AS MBC INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MINDFUL BUSINESS CORPORATION I report to the trustees on my examination of the frnancial statements of The Mindful Business Corporation (the Charitable Incorporated Organisalionl for the year ended 31 December 2023. Responslbllltles and basls of report As the trustees of the Charitable Incorporated Organisation you are responsible for the preparation of the financial statements in accordance with Ihe iequirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the Charitable Incorporated Organi$ation's financial statements ￿rried QLrt under section 145 of the 2011 Act. In carrying out my examination I have followed all Ihe applicable Directions given by the Charity Commission under se¢lion 14515llbl of the 2011 Act. Independent examlner's statement Since the Charitable Incorporated Organisalion'5 gross income exceeded £250,OCK) your examiner must be 8 member of a body listed in section 145 of the 2011 Act. I confim that l am qualified lo undertake the examination because l am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies. Your attention is drawn lo the fact that the charity has prepared financial statements in accordance with Accounting and Reporbng by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporb'ng by Charities.. Slalemenl of Recommendeij Pracb'ce issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. l understand that this has been done in order for financial statements to provide a true and fair view in accordance th Generally Accepted Accounting Pfaelice effective lor reporting peri¢xls beginning on or after 1 January 2015. I have completsd my examination. I confim that no matters have come lo my attention In connecllon wlth the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Charitable Incorporated Organisalion as requlred by sectlon 130 of the 2011 A¢l', or the financial ststements do not accord with those records,. or the financial slalements do not cornply with the applicable requ1￿mentS conceming the forn) and content of accounts sel out in the Charities (Accounts and Reportsl Regulations 2008 other than any fequiremenl that the accounts gwe a true and fair view which Is not a matter consldered as part of an in(Jependent examination. I hav sho o concerr¢s and have come across no other matters in connection the examination to which attenllon e drawn in this report in order lo enable a proper understanding of the financial stst8menls lo be rea¢had. ICLo6A th/kn •rroms GCN Limlted West Point, Second Floor Mucklow Office Park Mucklow Hill Halesowen B62 8DY THE MINDFUL BUSINESS CORPORATION OPERATING AS MBC STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted fvnds 2023 Unrestrictsd fvnd$ 2022 Notes Income and endowm•nts from: Charitable actiwties Investments Other income 249,249 10,596 198,500 1,946 20 Total income 259,845 200,466 Expend5ture on: Raising lunds Charitable a¢tiwlies 10.880 158.873 480 121,642 Total expenditure 169,753 122,122 Not Income and movèm•nt In funds 90,092 78,344 R•¢on¢lll•tlon of lunds: Fund balances at l January 2023 131.231 52.887 Fund balaneès at 31 D•c&m￿r 2023 221.323 131.231 The slalemenl of finana81 activities indudes 811 gains and losses recognised in the year. All income and expenditure derive frgrn Cgnlinuing activitte5. THE MINDFUL BUSINESS CORPORATION OPERATING AS MBC BALANCE SHEET ASAT31 DECEMBER 2023 2023 2022 Notes Flx•d •M•ts Tangible g$$ets 13 513 780 Curr•nt •$i•ts Debtors Cash at bank and in hand 14 41,008 340,275 53.153 223,624 381.283 276,777 Credlton: amounts falllng du• wlthln on• ￿ar 15 1160,473) 1146.3261 N•t ¢urrenl assets 220,810 130.451 Totsl a•s•ts 1•68 curr•nt Ilabllltl•s 221,323 131,231 kncorne fundB Unreslri¢*ed fvnds 221.323 131,231 221.323 131.231 The finan￿al statement$ approved by thè TnJstee8 on...8 Ju.ty. 2024 Chalr of tru$t THE MINDFUL BUSINESS CORPORATION OPERATING AS MBC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcle$ CharSty inforniation The Mindful Business Corporation is a Ch8rrtable Incorporated Organisation registered in England. Ils registered charrty number is 1193631. If the Charitsble In￿rporated Organisation is wound up, the members of the Charitable Ino)rporated Organisalion have no liability to contributé to its asséls and no pèrsonal responsibility for settling its debts and liabilities. 1.1 A¢¢ounting eonvèntlon The financial statements have been prepared in accordance with the Charrtablè Incorporated Organisation's constitution, the Charities Acl 2011, FRS 102 'The Financial Reporting Standard applieable in the UK and Republic of Ireland. I'FRS 102.1 and the Charities SORP "Accounting and Reporting by Ch8rilies.' Statement of Recommènded Practicè applicable lo charities preparing their accounts in accordance with the Financial Reporting StandaTd applicable in the UK and Republic of Ireland IFRS 1021" {effective l January 20191. The Charitable Incorporated Organisalion is a Public Benefit Entity as defined by FRS 102. The Charitable Incorporated organisats.on has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The finanaal statements have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the axtant reqLtired to provide a true and fair view. This departure has involved following the Stslemenl of Recommènded Pradice for charitEs applying FRS 102 rather than the version of the Slalernenl of Recommended Practi¢e which is referred to in the Regulations but which has since been withdrawn. The financial slalemenls are prepared rn sleding. which is the lunctional currency of the Charitable Incorporated OrganiSat￿n. Monetary arnounts in these financial statemènts are rounded to the neargst £. The financAal statements have been prepared under the historical cost conventK)n. The principal a¢￿untIng poliaes adopted are set out below. 1.2 Golng ¢on¢*m At the time of approwng the financial statements, the Iruslees have a re8son8ble exped81ion that ￿e Charitable Incorporated Organisation has adequate resources to continue in opeialional existence for the forèseeablè future. Thus the trustèes continue to adopt the going concem basi5 of accounting in preparing the financi81 st81emenls. 1.3 Charftabl• funds Unrestricted funds are available for use al the discretion of the trust88s in fUrffieran￿ of their charilable objectives. All Charitable In¢orporaled Organisation lunds aro dassed as unrestricted. The Charitable Incorporated Organisalion has no restricted funds. 1A In¢om• Income is recognised when ihe Charitable Incorporated Oryanisalion is legally ènlidÈd lo (( after any perfomance conditions have been met, the amounts can be measured reliably, and it Is probable that In￿Me will be rèceived. Membership subscriptions are recognised on an accruals basis. in the period to which they relatè. THE MINDFUL BUSINESS CORPORATION OPERATING AS MBC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policlos Icontlnutdl 1.5 Expendlture Expenditure 15 recognised once there is a legal or constructive obligats'on to transfer economie benefit to a third party. it is probable that a transfer of economic benefits will bè required in settlement, and the amount of the obligation can b& measured rèlk8bty. Expèndiiure is da$$tfied by 8¢livily. The Ix)sts of ead) 8diwty are made up of the total of direct costs and shared costs. including 5UPPOrt C0515 invofved in undertaking each activity. Direct cos15 attributable lo a single 8¢tiMly are 811o¢aled directly lo that activity. Shared costs which contribute to more than one activity and Support ¢0s1s which are not attributable to a single activity are apporb'oned betsyeen those activitses on a basis onsistent wlh the use of resources. 1.6 Tanglblè flx•d •￿*ts Tangible fNed assets are initially measured al cost an¢J subsequgnlty measured al cost or valuation, nel of depreaation and any impaiirnenl losses. Depreciation is recognised so as to write off the cosl or valuation of assets less their residual values over their useful lives on the following bases.. Computer equipment 33.33% straight line The gain or10ss arising on the disposal of an asset is determined as Ihe drfterence bets¥een the sale proceeds and the carrying value of Ihe asset, and is recognised in Ihe statement of financial activities. 1.7 Imp¥Trrnient of fixed assets At each reporting end date, the Charitsble Incorporated Oryani$81ion review$ the carrying arnounls of its tangible assets lo delerrnine whether there is any indication that those assets have suffered an irnp8irmenl loss. If any such indication exis15. the recoverable amount of the asset is e51imaled in order to determine the extent of the impairment loss {rf any). 1.8 Cash and cash 8qulval•nts Cash and cash equivalents indude cash in hand, deposits hèld * call with banks, other short-lerm liquid investments with original maturities tsf three months or lèss, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 FlnancSal Instrumènts The Chariiable Incorporal8d Organisation only has finanual assats and liabilitiès of a knnd that qualify as basi financial instruments. Basic financial assets Basic financial assets, which includa dèbtors and cash and bank balancès, ara initially méasurad at transactson price including transaction cA)sts and are subsequèntly carried at amorti$ed ¢ost. Fin8nci81 assets classified as iaceivable wrthin one year are not amort4's811. 8a$i¢ fin•n¢ial liabililies Basic financial liabilities, indudin9 ereditors and bank loans arè inttially r8eognised at transaction pricè unlès$ the arrangement con$lilules a finan¢in9 Iransaclion. where the debt instrument Is measured at the present value of the future payments dis¢ounted at a rnafkel rate of interest. Finan￿81 liabilits.es classifred as payable within one year s￿ not amortised. THE MINDFUL BUSINESS CORPORATION OPERATING AS MBC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcl•s Icontlnuodl 1.10 Employee ￿n•fits The cost of any unused holiday entrtlemenl Is recognised in the period in which the employee's services are recewed. Termination benefits are rewgnised immedialety as an expense when the Charrtable Incorporated Organisalion is defflonsliably cornmitted to terminate the employrnent of an employee or to prowde temination benefits. Criti¢al *¢counting estlmat•s and Judggm•nts In the application ol the Charttable Incorporated Organisalion's acwunling poI￿les. the Iruslees aTe required to make judgèmants, estimatès and assumptions about the carrying amount of assets and liabilities that are not readily apparent from olhei source5. The eslimales and associated assumptions are based on histwical èxperience and other f8Ctors that are considered lo be relevant. Actual results may differ from these èstimates. The e$limates and underlying assumptions are reviewed on an ongoing basis. Revisions to a¢¢ounling e51imales are recognised in the period in which the estimale is revised where the revision affècts only that period. or in the period of the revision and future periods where the ievision affects both Current and future per￿d6. In the wew of the Iryslees. no assumptions conceming the future or estimation uncertainty affeding the assets and liabilits'es at the balance sheet dale are likety lo resuK in a material adjuslrnenl to their carrying amounis in the next finanaal year. Ineomt from charitable activities Unrestrlcted funds 2023 Unrestrlctsd funds 2022 M•ntal Hèalth S•NI¢•s Membership fees 249.249 198,500 Income from Invè$tments Unr•strlcted Unr•$trl¢t•d nds funds 21123 2022 Interest receivable 10,596 1,946 THE MINDFUL BUSINESS CORPORATION OPERATING AS MBC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Other Incom• Unrestricted Unr•$trlctèd funds funds 2023 2022 Olher ir￿]rne 20 Expenditure on rnising funds Unrestrlcted Unr•strlctsd fund$ funds 2023 2022 Fundrdising and publSclty Advertising 10,880 480 Expttndlture on charltsble acttvltles Mèntsl Health Services 2023 Mental Health Services 2022 Dlr8ct costs Oepreciation and impaimient M8n8gemenl fees Consultan¢y 267 22 36,288 2,000 267 38,310 Share of support and govèmanc• costs Ise• not8 81 Support Govemance 150,858 7,748 75.790 7,542 158,873 121,642 Analysls by fund Unrestricted fvnds 158,873 121,642 THE MINDFUL BUSINESS CORPORATION OPERATING AS MBC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support Costs Support Govèm¥nce ¢o$ts oBts 2023 2022 Bank lees Insurance Website cos15 IT softwarè and consumables Printing and statsonery Staff costs Subs¢riplions Staff welfare and èntèrtaining Staff training Event speaker c0515 207 1.055 5,203 1,845 207 1.055 5,203 1,845 1,104 1,725 531 44 84.410 124,236 200 317 200 17,589 124,236 21XI 317 200 17,589 467 138 7,335 Ac¢ountar Leg81 and professional 7,081 7,081 6.342 1,200 150,858 7.748 158,606 83,332 Analys8d betsyeen Charitable activities 150,858 7,748 158,606 83.332 Govemance costs indudes payments lo the indepèndent examiner of £750 12022-. £7501 for independent examination fèas. Ilet movement in fun(ts 2023 2022 The nel movemenl in funds is sialed after chargin￿(crediting)'. Fees payable for the independanl examination of Ihe charitys financial stalements Depreraalion of owned Lingible fixed assets 750 267 750 22 10 TrusteeB None of the trustees lor any pèrsons ¢onnected wi(h them) received any remuner8tion or tenefils from the Charitable Incorporated Or9anlsalion durfng the year. 11 Employ••$ The average monthly number ol employees (including trusleesl during the year was.. 2023 Numb•r 2022 Numb•r TrustgesEmployegS 13 THE MINDFUL BUSINESS CORPORATION OPERATING AS MBC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 11 Employ• (Continued) Thè numbèr of &mployees whose annual remuneration was rntsre than £60,000 1$ as fdlows.. 2023 Number 2022 Number £80.001- £90,LYJO Rèmunèratlon of kèy monagement per#onnel The remuneration of key management personnèl wa$ as follows.. 2023 2022 Aggregate cornpensation 89,005 57,370 12 Taxation The charity is exempl from taxation on its aclivitiès be¢ausè all its income is applied for Charitable purposes. 13 Tanglbl• fixfrd *88tts Computer •qulpm•nt Cost At 1 January 2023 802 Al 31 Decèmber 2023 802 Depr•ciation and IM￿lMi0nt Al 1 January 2023 Dèpiecialion charged in the year 22 287 Al 31 December 2023 289 Carylng amount At 31 December 2023 513 At 31 Decèmber 2022 780 THE MINDFUL BUSINESS CORPORATION OPERATING AS MBC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Debtors 2023 2022 Amounts f¥lling due within onè yèar: Trade debtors Other debtor5 Prepayments 37,784 1,883 1,361 51,933 1.220 41,008 53.153 15 Credltorn: amounts falling du¢ wlthin on• y•ar 2023 2022 Other laxalion and Social securty Deferred income Trade creditors Other creditors A¢cwal$ 1,335 142,867 1,(￿8 506 750 158,000 707 1,016 750 160,473 146,326 16 Deferred income 2023 2022 Other deferred ineomè 158.OCKJ 142,667 Deferred incoma is indudad in the financial statements as follows.. 2023 2022 Deferred income is induded within.. Current liabilities 158,000 142,667 Movements in the year.. Deferred income al 1 January 2023 Released from previous periods Resources deferred in the year 142.667 {142.6671 158,000 109,667 {109.6671 142,667 Defèrred incom6 al 31 December 2023 158,OCKJ 142,867 THE MINDFUL BUSINESS CORPORATION OPERATING AS MBC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 17 Unrestricted funds The unrestricted funds of the charity comprfse the unexpended bal8nces of donation5 and grants which are not subject to specifie conditions by donors and grantors as lo how they rnay be used. These indude designatèd fvnds which have been sel aside out of unrestricted funds by the trustees for specffic purposes. At 1 January 2023 Incoming r•soure•$ R•sourc•s •xp*ndod At31 D¢¢emb#r 2023 General funds 131,231 259.845 1169.7531 221,323 Previous year: At q January 2022 Incoming re$our¢e$ Rg$ources expended At31 December 2022 General funds 52,887 200,466 1122,1221 131,231 18 Rèlat•d party tron¥a¢tion¥ There were no disdosable related party transactions dLtring thè year. 10-