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2024-03-31-accounts

ANNUAL REPORT 2024 Report of the trustees for the year ended 31 March 2024

CONTENTS

CONTENTS
Objectives and activities 3 Notes 31
Achievements and performance 7 1. Accounting policies 31
Key achievements in numbers 8 2. Donated income 33
CFO programme 9 3. Raising funds 33
Capital markets programme 11 4. Charitable activities 33
Mobilizing collective action across 5. Support costs 34
fnance and accounting 13 6. Staff costs 34
Knowledge and learning programme 14 7. Related party transactions 35
Engagement and communications 17 8. Offce lease commitments 35
Plans for the future 19 9. Intangible fxed assets 36
Structure, governance and management 20 10. Tangible fxed assets 36
Financial review 21 11. Debtors 37
Reference and administrative details 23 12. Creditors: amounts falling due within one year 37
Statement of responsibilities of the
trustees of Accounting for Sustainability		 24 13. Analysis of movements in funds 38
Independent auditors’ report to the 14. Controlling party note 38
members of Accounting for Sustainability 25 15. Prior year comparisons 39
Statement of fnancial activities 28 Get in touch or fnd out more 41
Balance sheet 29
Cash fow statement 30

Panel discussion at A4S Summit 24

The trustees present their report along with the financial statements of the charity for the period from 1 April 2023 to 31 March 2024. The financial statements have been prepared based on the accounting policies set out in note 1 to the financial statements and comply with the charity’s constitution. Accounting for Sustainability (A4S) is a Charitable Incorporated Organization (CIO) registered with the Charity Commission under registration number 1195467.

OBJECTIVES AND ACTIVITIES

PURPOSE

SUMMARY OF MAIN ACTIVITIES

The purpose of A4S is to transform finance to deliver a sustainable future.

Our vision is that sustainable business becomes business as usual. Successful organizations will generate profits while creating value for society, restoring nature and operating within the ecological boundaries of the planet.

HM King Charles III established A4S in 2004, when he was The Prince of Wales, as The Prince’s Accounting for Sustainability Project, a programme of King Charles III Charitable Fund Group of Charities (KCCF – which was known as The Prince of Wales’s Charitable Foundation (PWCF) until November 2023). KCCF is a registered charity (1127255) and Private Limited Company (06777589) in England and Wales. On 10 August 2021, A4S registered as a Charitable Incorporated Organization (CIO). A4S remains part of the KCCF Group of Charities because KCCF appoints A4S’s trustees.

Change is needed, now, to address the interconnected climate, nature and social emergencies we face. Many leading finance and accounting professionals have recognized this and are already exercising their power to steer essential systemic changes in their companies, sectors and across the global economy.

A4S supports these leaders, and works with them to inspire and enable others to take urgent action. We work with the whole finance and accounting system, from asset owners directing capital flows, to companies producing goods and services, to regulators who provide the structures and guidelines within which other entities must operate.

Coordinated action across the system as a whole – described in the diagram below – is the only way to remove the barriers faced and redirect flows of finance and investment towards sustainable outcomes and away from unsustainable ones.

FINANCIAL SYSTEM

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Financial
Auditors
Regulators
Other Regulators
Investment
Asset Owners Banks
Pension Funds Projects / Assets
Workers
Institutional Investors Investments &
Insurance Companies Debt Operations
Retail Banks Equity
Individuals
Companies
Investment
Consultants
Stock
Exchange
Asset Consumers
Managers Brokers
Financial Advisers
Sustainability
Retail Banks Impacts
Credit Rating Data
Agencies (CRA) Providers
Bonds Property Commodities Currency
Private Equity Derivatives
Financial Media
Buy-Side Sell-Side
----- End of picture text -----

Source: Aviva Investors, European Political Strategy Centre

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This means working with the capital markets, businesses, regulators, governments, academia and the accounting community as well as CFOs and their teams, across all sectors of the economy. We group these actors into five communities, described in the diagram below, to help shape our work.

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Capital markets Accounting community
Financing decisions Scaling up action and building capabilities
By recognizing and investing in the best ideas Accounting organizations provide the skills needed
and enterprises, capital markets are to embed sustainability into decision making.
essential to increasing financial flows They influence the market and develop
towards sustainable outcomes. the standards that will make
CFOs and
sustainable business the norm.
finance teams
Transforming decisions
CFOs and their teams sit at the
Business schools centre of organizations across the Regulators and
and academia ecosystem. Working along the policy makers
value chain, we address challenges,
Pioneering new ideas Setting an enabling
remove barriers, and create greater
and creating the decision framework
incentives for action.
makers of the future
Regulators and policy makers set
Accounting and finance education the rules of the game. We support
drives innovation, research and teaching action by regulators and policy makers to
to influence and enable action among all other create an enabling regulatory environment.
communities working to embed sustainability.
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A4S’s theory of change is to work with these communities to inspire leadership, transform decision making and scale up action.

Inspire We create communities of finance leaders across the system, inspire them to take action themselves, and influence their peers and networks.

Scale We target and engage those who can scale up adoption of sustainable approaches through training, regulatory change, partnerships and peer to peer engagement.

Transform

We equip finance leaders to transform the way they do business. We capture and codify best practice examples into standard approaches that embed sustainability into the heart of business decisions.

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A4S has developed a unique combination of formidable convening power and technical credibility. We use this to equip finance professionals with the motivation, mindset, knowledge and tools necessary to transform the way in which these groups make decisions, consistent with a sustainable future.

Showcase success

Conduct research to provide compelling evidence and capture case studies of what good looks like.

Share these free-to-access resources through our networks, providing access to millions of accountants and finance professionals, helping to raise awareness and enable action.

Convey the voices and first hand experience of peer organizations to ensure our materials are relatable to our target audiences.

Agree adoption of common standards

Build consensus and support the adoption of common standards by drawing on almost two decades of experience in accounting and reporting, and leveraging our senior relationships across the regulatory, investor, business and accounting worlds.

Mobilize the collective voice of the finance and accounting community to inform developments.

Work with practitioners to equip them with the knowledge, skills and know how to prepare robust disclosures and respond effectively to investor needs.

Make the technical more accessible

Produce succinct, easily adoptable material that translates key sustainability concepts into practical action using the language and processes that our audiences are familiar with. Including:

Essential Guide series – practical steps to integrate sustainability into financial processes and decisions.

Topical briefings – for example, on net zero transition plans, Taskforce on Nature-related Financial Disclosure (TNFD) implementation, natural capital and reporting.

Inspire wider behaviour change

Create a multiplier effect, enabling partners and participants of our networks, programmes and events – including the A4S Academy, Finance for the Future Awards and the A4S Summit – to advocate for change through their own networks of influence.

Deliver online webinars, workshops and podcasts covering all aspects of the intersection between finance and sustainability to scale up our reach globally.

Convene and commit senior leaders to action

Convene and commit senior leaders to action.

Track progress against commitments made, supporting our networks to deliver tangible impact.

Engage organizations through ‘closed-door’ roundtables, open access seminars, webinars and larger events.

Convene senior leaders across the entire global finance and accounting community through our annual A4S Summit (with an average 1,600 participants).

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Our A4S work programmes are designed to empower and equip the finance and accounting community to take action towards achieving sustainable outcomes globally.

These outcomes can be broken down into three critical, fundamentally interconnected, areas summarized in the diagram below.

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of the century. [1]
These
PEOPLE AND outcomes are
COMMUNITIES interdependent, NATURE
and all are needed to
Halt and reverse nature loss by
Build resilient communities achieve sustainable
2030, with global economies
and a fair, just society in which businesses and
on a trajectory towards full
people can thrive. a sustainable
recovery by 2050.
economy.
From diversity, equity and inclusion, through to
Research shows that the generation of
economic fairness, mental health and working
US$44 trillion of economic value is moderately or
conditions, organizations have a broad range
highly dependent on nature and its services. This equates
of impacts and dependencies on people
to over half the world’s total GDP. [2 ]
and communities.
Yet the World Economic Forum’s Global Risks Report lists
At present, trends across a range of social
biodiversity loss as one of the top five economic risks
indicators, including inequality and social
over the next 10 years. As we lose nature’s assets,
cohesion, are worsening rather than improving.
activities carried out by the natural world are being
In addition to their importance as standalone
affected. These include oxygen production,
issues, they are strongly interrelated with
crop pollination, water purification,
the ability to address the climate and
flood protection and
nature crises.
climate regulation.
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  1. Intergovernmental Panel on Climate Change (IPCC), Global Warming of 1.5°C

  2. World Economic Forum, Nature Risk Rising

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ACHIEVEMENTS AND PERFORMANCE

Activities to leverage our relationships at the most senior levels across all parts of the finance system and deliver impact are summarized below, and reported on in note 4 to the financial statements, under the following programmatic areas:

We focus on CFOs and fnance teams, because they underpin corporate
CFO programme behaviour, direct fows of fnance and information, and are essential to setting
and delivering ambitious sustainability goals and transforming business models.
Capital markets
programme		 We use the power of the capital markets to create mutually reinforcing and
aligned actions between companies and their investors, accelerating the pace
of change towards a sustainable future.
We combine leading thinking, drawn from insight on a systems-wide basis,
Knowledge and practical guidance and experiential learning programmes to make action-
learning programme oriented sustainability the norm in fnance and accounting education
and research.
Engagement and
communications		 Drawing on insights from the global fnance and accounting leaders with whom
A4S works, our communications and engagement activities enable us to be
heard and to make a difference, inspiring leadership and empowering action.

A4S Broadcast during COP28 in Dubai, including Jessica Fries, Executive Chair, A4S; Hiro Mizuno, Special Adviser, MSCI; Mark Versey, CEO, Aviva Investors; Isabella Da Costa Mendes, ImpactA Global.

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KEY ACHIEVEMENTS IN NUMBERS

US$1.5 trillion+

US$732 billion+

Total revenue represented by the CFO Leadership Network members, with the network totalling 65 member organizations, and a further 35 CFO members involved in our Brazil, Ireland and Canadian Cities Circles of Practice.

Assets under management represented by pension fund chairs in the UK Chapter of our Asset Owners Network.

92%

1,300+

Attendees at our A4S Summit 2023, with 38 global speakers, exploring the trends shaping our world and the practical actions that can be taken in response.

The percentage of the UK Bulk Annuity Market (with £80 billion in assets under management) signing up to our Sustainability Principles Charter for the bulk annuity process – a key step to embed sustainability into the UK pensions markets.

81

91

Graduates from the A4S Academy 2022/23 cohort completing a 12 month implementation plan and delivering tangible change in their organizations.

A4S events and engagements held, including roundtables, webinars and in-person events on practical actions for finance and investors to operationalize net zero targets, embed nature impacts and dependencies and implement sustainability reporting.

26

Publications including guidance, reports, case studies and blogs across the themes of climate, nature, people, and embedding sustainability into decision making and reporting, covering both the real economy and financial sector.

11

Winners of the Finance for the Future Awards, with 23 finalists from 10 different countries demonstrating what good looks like in areas such as climate leadership and integrated thinking.

“I was amazed at what’s been accomplished with such a small staff – I applaud the team at A4S.”

Sandy Urie, former CEO and Chair at Cambridge Associates

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CFO PROGRAMME

The health and stability of our communities and the natural environment is essential to long-term value creation and economic success. CFOs, as stewards of corporate investment, are uniquely positioned to turn this understanding into action, transform their companies, set precedents for market-wide sustainable practices and influence their teams and peers.

A4S empowers CFOs and finance teams with the knowledge and skills to take action, and fulfil their potential as significant drivers of change. Their leadership not only helps to transform their own businesses, but can create the motivation for whole markets to act.

OUR OBJECTIVES

  1. Empower influential CFOs – in critical sectors and regions – to adopt a personal and organizational leadership position, take action and motivate others to follow.

  2. Develop a critical mass of CFOs across the globe who can deliver near-term impact and create a tipping point across key markets, sectors and geographies.

  3. Create practical guidance specifically for finance teams and leverage A4S global networks and partnerships to make adoption the norm.

We will achieve these objectives by working through the following channels and methods:

Our CFO Leadership Network brings together CFOs from large global CFO Leadership Network organizations to show personal leadership on sustainability.

Circles of Practice

A4S Circles of Practice are regional- or sector-level groups that provide a space for finance leaders to share insights and information.

Content development and We draw on expertise from our networks and circles of practice to dissemination at scale develop our content and share it widely.

Deborah Clifford, Executive Vice President and Chief Financial Officer, Autodesk at A4S Summit 23.

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KEY ACHIEVEMENTS FROM THE YEAR INCLUDE:

“The work you do at A4S is phenomenal, it is unbelievable the impact that businesses can make.”

Javier Echave, Former CFO, Heathrow Airport

Patrice Impey, Chief Financial Officer and General Manager of Finance, Risk, and Supply Chain Management, City of Vancouver at A4S Summit 23.

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CAPITAL MARKETS PROGRAMME

There is growing recognition that a focus on resilience and driving sustainable outcomes can deliver strong returns in the short, medium and long term.

However, to transform the global economy, at the pace needed, significant financial flows will have to be redirected towards sustainable outcomes and away from unsustainable ones.

A4S provides key decision makers across capital markets with the inspiration, tools and support to do this – aiming for a tipping beyond which capital is routinely allocated to sustainable ideas and enterprises, driving wholesale change across the economy.

OUR OBJECTIVES

  1. Mobilize action from the pension and retirement industry (representing more than US$55 trillion in assets worldwide[1] ) to embed sustainability considerations into investment and strategic decisions, and exert their influence across the investment chain.

  2. Mobilize and upskill CFOs of financial institutions, and their finance teams, to help their organization to achieve net zero, become nature positive and contribute to the wider UN Sustainable Development Goals.

  3. Convene along the value chain and with key industry and regulatory groups to remove barriers and embed into training.

We will achieve these objectives by working through the following channels and methods:

Asset Owners Network

Our Asset Owners Network aims to increase the motivation, knowledge and confidence of pension fund chairs on how to embed sustainability into their strategic and investment decision-making processes.

Wider investor networks

We work with investors across the capital markets, convening meetings, sharing good practice and supporting them to take action.

Regulators and associations

Regulators can shape behaviour in the capital markets, and we work with them to help create an enabling environment for sustainability.

  1. Thinking Ahead Institute (2024), Global Pensions Assets Study 2024 .

Kerry King, Director, Capital Markets and Fundraising, speaking at the Professional Pensions Endgame Summit.

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KEY ACHIEVEMENTS FROM THE YEAR INCLUDE:

By 31 March 2023, signatories of the Sustainability Principles Charter included…

92% of the UK Bulk Annuity Market 7

£80bn in pension schemes assets under management

Ravi Abeywardana, Director, of Strategic Affairs and Capacity Building, IFRS Foundation at A4S Summit 23.

  1. By revenue.

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MOBILIZING COLLECTIVE ACTION ACROSS FINANCE AND ACCOUNTING

MOBILIZING FINANCE TO TRANSLATE NET ZERO TARGETS INTO CONCRETE ACTION

During the year we did significant work to help scale transition planning, transition finance and the decarbonization of the economy:

ACCELERATING THE TRANSITION

In 2018, His Majesty King Charles III, when he was The Prince of Wales, convened a Finance Leaders’ Summit on behalf of his Accounting for Sustainability Project. The Summit brought together C-suite representatives across the financial sector, regulatory community and real economy to work through the common barriers to action, engaging across the ecosystem to identify practical steps to accelerate flows of sustainable finance. Working with Aviva Investors, the Summit led to the release of the Financing our Future report, setting out detailed recommendations for every actor in the ecosystem with the aim of accelerating the pace of action.

Five years on, we took stock. We reconvened key individuals across the regulatory, investor, accounting and corporate spheres at our Finance Leaders’ Summit 2023, to review progress on financing the transition and drive consensus on the barriers and practical solutions to raising the capital investment required. These senior leaders participated in roundtable discussions about the draft recommendations of our Accelerating the Transition report, with further discussions taking place at COP28 and at the World Economic Forum Annual Meeting 2024.

The final Accelerating the Transition report will be launched at the A4S Summit 2024.

Jessica Fries, Executive Chair, A4S and Nigel Topping Business Champion, Climate Change Committee and Founder, Ambition Loop at A4S Summit 23.

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KNOWLEDGE AND LEARNING PROGRAMME

Current and future finance professionals require skills and knowledge to integrate sustainability fully into their organizations’ strategies and operations. Over almost two decades, we have built a deep understanding of how the system operates, the issues and barriers faced, and the practical skills and actions needed to achieve sustainable business practices.

Leveraging this, A4S is:

OUR OBJECTIVES

  1. Provide an enabling environment for sustainability to be fully integrated into all stages of qualification and lifelong learning programmes for accounting and finance professionals, including syllabi, learning materials and continuing professional development.

  2. Increase the skills and knowledge of finance professionals to embed sustainability into strategy and decision making by providing technical resources, formal and informal training opportunities, and inspiring examples.

  3. Collaborate with others to raise awareness, develop responses to challenges and support the implementation of applicable frameworks and standards.

We will achieve these objectives by working through the following channels and methods:

A range of case studies, top tips, insights briefs and guidance to Technical resources showcase examples of practical implementation and inspire action.

An 18-month online learning and implementation programme for A4S Academy senior finance leaders to embed sustainability, with graduates of the programme joining our alumni network.

Business schools and Collaboration with business schools and academia to help embed academia sustainability into their research and teaching.

A network made up of professional bodies across the globe to provide Accounting Bodies Network an open, cross-border platform to share knowledge and overcome common barriers.

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KEY ACHIEVEMENTS FROM THE YEAR INCLUDE:

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Guides
DEVELOPING AND IMPLEMENTING A SUSTAINABLE FINANCE FRAMEWORK TOP TIPS FOR TREASURY TEAMS FINANCEDEMISSIONSTOP TIPS FOR FINANCE TEAMS OF FINANCIAL INSTITUTIONS MANAGING NATURE RISKS AND INVESTING IN THE OPPORTUNITIESTOP TIPS FOR PENSION FUND CHAIRS AND TRUSTEES NAVIGATING THE REPORTING G OFESSIONALS
LANDSCAPE
CALCULATING AN EMISSIONS BASELINE: DATA AND METHODOLOGIES REPORTING FOR FINANCE PROFESSIONALS THIRD EDITION, REPUBLISHED NOVEMBER 2023 AN INTRODUCTION TO SUSTAINABILITY-RELATED
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Case studies
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Reports
Broadening the horizon How CFOs and Finance Functions can help drive corporate sustainability
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“A4S thought leadership is best in class.”

University of Cambridge Institute of Sustainability Leadership (CISL), Sustainable Finance course tutor

“A moment of gratitude again for all the great work the A4S Academy does to drive impact and promote thought leadership. This has been a most valuable learning experience for me. I am proud of the work I have done, and excited for the work that lies ahead.”

“I must admit that being a hardened finance professional for more than 20 years, I was a complete non-believer and used to look at sustainability as a cost… but I would now call myself a “converted” sustainability advocate. This is the biggest achievement for me.”

Rahul Rastogi, Senior Vice President, Olam Food Ingredients (Academy participant)

Liz Kwong, VP Treasurer, Autodesk (Academy participant)

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Left: A4S Sustainability Reporting Workshop, held in Cologne, Germany.

Middle left: Transition planning roundtable held in Dubai during COP28, held in partnership with ICAEW.

Middle right: Student team presents during the A4S International Case Competition. Bottom: Brad Sparks, Executive Director, Accounting for Sustainability Foundation (US) Inc. speaks during a panel session at Responsible Business USA conference.

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ENGAGEMENT AND COMMUNICATIONS

For change to happen, we need organizations and finance teams to understand why they need to act and what they can do.

By understanding our audience, their perspectives and their challenges, our engagements and communications can be tailored to inspire action and provide practical insights that meets the real needs of the finance community. Prioritizing topics of concern ensures that we focus on the right things and have a clear and compelling voice. Increasing our reach enables us to drive awareness of the role of finance in creating a sustainable future.

OUR OBJECTIVES

  1. Raise our profile and grow our reach, so we can engage with a global audience and increase the number of people and organizations with which we interact.

  2. Build partnerships with key organizations and leverage relationships, enabling us to deliver our messages and materials to our target audience.

  3. Organize effective engagement activities, reaching out further and more often, and prioritize our activities to maximize our impact.

We will achieve these objectives by using the following communications and engagement aims:

Awareness Community

We will build awareness of A4S and the role of finance in a sustainable future by reaching new audiences.

We will maintain consistent engagement with a growing A4S community, growing and maintaining our audience.

Impact

We will deliver impactful activities that drive change, working in partnership with others, to ensure that what we say makes a difference.

Roundtable at Annual Meeting of The World Economic Forum 2024 in Davos, held in collaboration with the World Benchmarking Alliance.

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KEY ACHIEVEMENTS FROM THE YEAR INCLUDE:

• A4S Finance Leaders’ Sustainability

“I really enjoyed participating to the A4S Summit. It was one of the best gatherings of CFO community I have ever seen. People were really engaged, I was very impressed by attendees, the commitment and engagement. It was a real testament to what you have achieved.”

Coram Williams, CFO, Adecco

“Thank you for… hosting such an engaging and informative A4S Summit in London. It was a pleasure to participate and connect with like-minded professionals passionate about sustainability and finance. The Summit certainly provided a wealth of insights and inspiration.”

Warren Pimm, Partner, and Senior Managing Director, Pan American Finance

Sarah Webster, Director of Sustainable Business, Britvic presents Supriya Sobti, Climate and Purpose Lead, NatWest Group with a Finance for the Future Award.

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PLANS FOR THE FUTURE

We have identified seven areas of focus that will shape our plans for the coming year. These focus areas address and are organized by the following questions:

OUR FOCUS AREAS ARE

1. Operationalizing net zero

We aim to mobilize rapid action by the global finance and accounting community to align the transition with 1.5°C and increase investment in adaptation and resilience.

5. Piloting a four-day week

Starting in April 2024, we will pilot a four-day week to improve staff wellbeing, attraction and retention, while maintaining or improving our productivity and remaining on track to achieve our ambitious objectives.

2. Catalysing action on nature and biodiversity

We will raise awareness of the business case for the transition to a nature positive economy and the role that finance leaders need to play to integrate nature-related risks, opportunities, impacts and dependencies into strategy and financial processes.

6. Hitting baseline membership targets for all networks

This is how we assess and record the growth of our reach in key areas, and it is an indicator of commitment to change and engagement on the issues among the communities we work with.

3. Targeting our efforts

Across our programmes, we will concentrate on engaging with CFOs, finance teams and pension fund chairs within the SDG2000 list of highestimpact organizations.

7. Developing our ambitious 2030 strategy

In considering our future strategy, we will step back and look at what has been achieved so far and how we can accelerate progress. At the A4S Summit in 2024, we will explore the solutions that can be scaled up by 2030 and look ahead to the areas we need to invest in now to drive systemic transformation all the way to 2050.

4. Empowering change

Through guidance, knowledge exchange and capacity building, we will inspire and equip our target finance and accounting communities to drive change.

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STRUCTURE, GOVERNANCE AND MANAGEMENT

A4S is constituted as a Charitable Incorporated Organization (CIO) with a constitution as its governing document.

The Object of A4S as set out in its constitution is as follows:

To advance education of the public, in particular (but not limited to) financial professionals, in subjects relating to:

and to promote study and research in such subjects provided that the useful results of such study are disseminated to the public at large.

A4S has a small core team able to deliver significant impact through peer-to-peer advocacy and partnerships, mobilizing a wide group of influential individuals and organizations across the world to drive change. Its headquarters are in London, with team members – either directly employed or engaged through partnerships – across the Canada, Europe and Asia Pacific.

During the prior financial year the Board of Trustees approved the establishment of the A4S Foundation (USA) Inc. as an independent legal entity. This is now registered in the USA as a 501(c)(3) organization and manages the work and relationships conducted in the USA in close partnership with A4S.

Jessica Fries, Executive Chair, A4S speaking at A4S Summit 23.

A4S has strong support from its governance and oversight committees, including the Board of Trustees, Advisory Council, Communications Group and Expert Panel, which represent a large and diverse range of well-known global leaders and experts in their field. These representatives add to the impact A4S can have through its networks of CFOs, asset owners and accounting bodies.

Day-to-day operational control of A4S is delegated by the Board of Trustees to the Executive Chair and other key management personnel listed below on page 23, who are responsible for the direction and success of the strategy, in line with the CIO’s charitable objects. The Board of Trustees remains responsible for ensuring A4S functions within the legal and financial requirements of a registered charity, for approving longterm objectives and strategy, and for approving the annual budget and any material variations.

Trustees do not receive any benefit or payment in connection with their services to A4S. Trustees are typically appointed for a period of three years by A4S’s sole member, KCCF, having regard to the skills, knowledge and experience needed for the effective administration of A4S. New trustees are supported with materials necessary to enable them to succeed in the role.

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FINANCIAL REVIEW

REVIEW OF THE PERIOD

Total income for the period was £3,574,696 (2023: £3,171,710), made up of donations, grants and gifts from various sources. The majority of this income – £1,921,016 (2023: £1,780,028) – was donated by CFO Leadership Network members. A4S received restricted grants totalling £772,149 during the year (2023: £625,178). Funding was received from the following organizations to support A4S’s charitable aims in specific areas as detailed below:

A4S’s expenditure on charitable activities for the period was £3,785,811 (2023: £2,658,957), which includes support costs of £834,590 (2023: £749,051).

The charity’s reserves at the year end were £1,132,736 (2023: £1,418,742), comprising £431,840 (2023: £475,605) in restricted funds and £700,896 (2023: £943,137) in unrestricted funds. The operating deficit reflects a planned approach to reduce reserves and invest in the charitable activity that is needed to address the urgency of our mission.

PUBLIC BENEFIT

The trustees have considered the Charity Commission’s guidance on public benefit under the Charities Act 2011, and this report sets out the work performed by the CIO in furtherance of the public benefit.

FUNDRAISING

A4S is funded through a mix of contributions from its network members, grants from foundations and other donations. A4S spent £74,891 directly on fundraising during the year. A4S’s fundraising activities are led by the Director of Capital Markets and Fundraising who, with support from the Executive Chair and other staff, develops and maintains relationships with donors and prepares grant applications. We also contract professional support for developing grant applications as needed. As a result of this, a percentage of relevant staff salaries has been apportioned to fundraising.

There have been no complaints during the year in relation to fundraising.

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RESERVES POLICY

The trustees recognize the need to have sufficient unrestricted funds held as a reserve to ensure underlying stability should A4S face an unexpected decline in income, unexpected cost increases or the need to respond to a change in its environment (such as COVID). The level of unrestricted reserves that the trustees believe to be appropriate and sufficient to fulfil its core commitments is defined as unrestricted reserves equivalent to circa three months of running costs. For the 2024/25 financial year, three months of total budgeted running costs would be approximately £955,000, of which approximately £262,000 would be expenditure covered by restricted funds. The level of unrestricted reserves at 31 March 2024 stands at £700,896. This equates to three months of unrestricted running costs.

PRINCIPAL RISKS AND UNCERTAINTIES

A4S, with the considerable and diverse experience and networks of its staff, Board of Trustees, Advisory Council, Expert Panel and other supporters, is well placed to deliver on its aims. Although no steps can be taken to secure against all risks in their entirety, the trustees are aware of the risk factors involved in A4S’s work. A risk register is maintained and reviewed every six months by the Board of Trustees and on an ongoing basis by the Executive Team, in order to gain assurance that adequate systems and procedures are in place to manage identified risks.

In common with other charities dependent on donated income, one of the principal areas of ongoing risk is that A4S is unable to secure sufficient funding to deliver its strategy. This is an area of significant management focus and action. There is particular emphasis on securing multiyear and unrestricted funding, with the majority of income generated through recurring donations from network members. A dedicated fundraising role is being added to the team in the 2024/25 financial year to further strengthen fundraising capacity.

As an organization with a highly technical focus, a further risk is the ability both to source and retain the skilled staff members required. This is being mitigated through investment in A4S’s employer offer, including remuneration structures and pathways for professional growth and development. Measures have also been put in place so that A4S can recruit talent from around the world, attract secondees from respected partner organizations and grow a diverse pool of consultants to provide specialist input.

The board is also conscious of reputational risk to A4S or its founder by its own actions or those of its associated stakeholders. This is mitigated by stringent processes for all external communications, and by following due diligence processes when engaging with prospective working partners or network members.

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REFERENCE AND ADMINISTRATIVE DETAILS

TRUSTEES

BANKERS

Robin Stalker – Chair

Paul Druckman

Judith Batchelar – resigned 18 September 2024 Emma Howard Boyd – resigned 13 June 2023

National Westminster Bank 208 Piccadilly London W1J 9HE

INDEPENDENT AUDITORS

Russell Picot

Caroline Mason – appointed 1 July 2024 Sandra Urie – appointed 1 July 2024

Saffery LLP 71 Queen Victoria Street London EC4V 4BE

SOLICITORS

KEY MANAGEMENT PERSONNEL

Jessica Fries – Executive Chair

Helen Foster – Chief Operating Officer

Helen Slinger – Executive Director, Knowledge and Learning

Bates Wells & Braithwaite London LLP 10 Queen Street Place London EC4R 1BE

Baker & Mackenzie LLP 300 East Randolph Street Chicago, IL 60601 United States

John Thompson – Director of Communications and Engagement (from 4 September 2023 until 1 May 2024)

Kerry King – Director of Capital Markets and Fundraising

Susan Whyte – Director of CFO Programme

REGISTERED CHARITY NUMBER

1195467

REGISTERED ADDRESS

8th Floor 9 Appold Street London EC2A 2AP

A4S Annual Report 2024

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STATEMENT OF RESPONSIBILITIES OF THE TRUSTEES OF ACCOUNTING FOR SUSTAINABILITY

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources for the charity for that period. In preparing these financial statements, the trustees are required to:

to ascertain to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislation in other jurisdictions.

Approved by the trustees and signed on their behalf by:

Robin Stalker , Chair

The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and enable them

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INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF ACCOUNTING FOR SUSTAINABILITY

OPINION

We have audited the financial statements of Accounting for Sustainability for the year ended 31 March 2024 which comprise the statement of financial activities, balance sheet, cash flow statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorized for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditors’ report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

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MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees’ Responsibilities Statement set out on page 24, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

AUDITORS’ RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of noncompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities

We assessed the susceptibility of the charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with trustees and updating our understanding of the sector in which the charity operates.

Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.

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Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of noncompliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

USE OF OUR REPORT

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Saffery LLP

71 Queen Victoria Street London EC4V 4BE

Statutory Auditors

Date:

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditors’ report.

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STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR TO 31 MARCH 2024

Note
Income from:
Donations
2
Grants
Charitable activities – education
Income from A4S US Foundation
7
Interest income
Total incoming resources
Expenditure on:
Raising funds
3
Charitable activities
4
Total expenditure
Net income/ (expenditure)
Net movement in funds
Fund balances brought forward
Fund balances carried forward		 General Fund
£
1,857,166
-
332,195
62,116
5,838		 Restricted
Fund
£
545,232
772,149
-
-
-		 Total 2024 Total 2023
£
2,278,983
625,178
267,549
-
-
£
2,402,398
772,149
332,195
62,116
5,838
2,257,315 1,317,381 3,574,696 3,171,710
(74,891)
(2,424,665)		 -
(1,361,146)		 (67,280)
(2,658,957)
(74,891)
(3,785,811)
(2,499,556) (1,361,146) (3,860,702) (2,726,237)
(242,241) (43,765) (286,006) 445,473
(242,241) (43,765) (286,006) 445,473
943,137 475,605 1,418,742 973,269
700,896 431,840 1,132,736 1,418,742

The notes on pages 31 to 40 form part of these financial statements.

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BALANCE SHEET

AT 31 MARCH 2024

Note
Fixed assets
Intangible fxed assets
9
Tangible fxed assets
10
Total fxed assets
Current assets
Debtors
11
Cash at bank
Total current assets
Creditors: amounts falling due
within one year
12
Net current assets
Creditors: amounts falling due
after one year
Total net assets
Funds
General – unrestricted
Restricted
Total funds
13		 2024
2023
£
£
£
£
3,927
5,997
30,358
22,873
34,285
28,870
395,775
272,871
945,253
1,399,094
1,341,028
1,671,965
(242,577)
(282,093)
1,132,736
1,418,742
-
-
1,132,736
1,418,742
700,896
943,137
431,840
475,605
1,132,736
1,418,742

The notes on pages 31 to 40 form part of these financial statements. Approved on behalf of the Trustees on 25 September 2024.

Robin Stalker , Trustee and Chair Charity number: 1195467

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CASH FLOW STATEMENT

FOR THE PERIOD TO 31 MARCH 2024

----- Start of picture text -----
Total Total
Note 2024 2023
£ £
Cash flows from operating activities:
Net cash provided by operating activities Table 1 (443,560) 751,371
Cash flows from investing activities:
Interest received 5,838
Purchase of fixed assets (16,119) (6,369)
Change in cash and cash equivalents in the
(453,841) 745,002
reporting period
Cash and cash equivalents at the beginning of the
1,399,094 654,092
reporting period
Cash and cash equivalents at the end of the
Table 2 945,253 1,399,094
reporting period
Table 1: Reconciliation of expenditure to net cash flow Total Total
from operating activities 2024 2023
£ £
Net income for the period (286,006) 445,473
Adjustments for:
Depreciation charges 10,704 8,670
Interest received (5,838) -
Decrease/ (increase) in debtors (122,904) 119,860
(Decrease)/ Increase in creditors (39,516) 177,368
Net cash provided by operating activities (443,560) 751,371
Table 2: Analysis of changes in cash At 31 March
At 1 April 2023 Cash flows
2024
£ £ £
Cash 1,399,094 (453,841) 945,253
----- End of picture text -----

A4S Annual Report 2024

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NOTES

(Forming part of the financial statements)

1. ACCOUNTING POLICIES

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charity’s accounts. On 10 August 2021, A4S registered as a Charitable Incorporated Organization with a financial year end of 31 March.

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) (second edition) – (Charities SORP (FRS 102)), the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) and applicable charity law for England and Wales. The accounts have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are prepared in pounds sterling, which is the functional currency of the charity.

In the application of A4S’s accounting policies, which are described below, trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods.

In the view of the trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

A4S meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognized at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Assessment of going concern

The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. They have reviewed cash flow forecasts for the charity and its commitments for the current financial period and conclude that it is appropriate to prepare these accounts under the going concern basis.

Income

Income is recognized when A4S has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and the amount can be measured reliably.

Donations are recognized when A4S has been notified in writing of both the amount and settlement date or the monies have been received directly. In the event that a donation is subject to conditions that require a level of performance before A4S is entitled to the funds, the income is deferred and not recognized until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of A4S and it is probable that those conditions will be fulfilled in the reporting period.

Donated professional services and donated facilities are recognized as income when A4S has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the item or service is probable and that economic benefit can be measured reliably.

On receipt, donated services and donated facilities are recognized on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognized in expenditure in the period of receipt.

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Income includes funds recognized as earned (as the related goods or services are provided) under contract or where entitlement to grant funding is subject to specific performance conditions. Grant income included in this category provides funding to support programme activities and is recognized where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.

Income from charitable activities – education relates to income from fee paying participants of the Academy. Income is recognized when earned under the terms and conditions of the Academy contract at the start of the Academy programme.

Funds

Unrestricted funds are general funds that are available for use at the trustees’ discretion in furtherance of any of the objectives of the charity. Restricted funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose and the restriction means that the funds can only be used for specific projects or activities.

Expenditure

Expenditure is recognized once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis.

Foreign currencies

Transactions in foreign currencies are recognized at the rate of exchange at the date of the transaction. Monetary assets and liabilities are translated into sterling at the exchange rate on the balance sheet date. All exchange differences are recognized through the statement of financial activities. The charity does not own any non-monetary assets abroad.

Taxation

The charity meets the definition of a charity for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received to the extent that such income or gains are applied exclusively to charitable purposes. Consequently, A4S has no liability to tax and no deferred tax.

Fixed assets and depreciation

Intangible and tangible assets are stated at cost and depreciated, using the straight line method, over their useful economic lives at the following rates:

useful economic lives at the following rates:
Computer software 5 years
Computer equipment and mobile phones 5 years

Debtors

Trade and other debtors are recognized at the settlement amount due. Prepayments are valued at the amount prepaid net of any trade discounts due.

Support costs

Governance and operational costs include those incurred in the governance by the trustees of the charity’s assets and the functions that assist the work of the charity but do not directly undertake charitable work. Such costs include rent, administrative costs, finance, personnel, IT and governance.

Creditors

Creditors are recognized where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognized at their settlement amount.

Pensions

A4S operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The amount charged to the Statement of Financial Activities represents the contributions payable to the scheme in respect of the accounting period.

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2. DONATED INCOME

Donations for the period fall into the following categories:

Membership donations
Other donations
Donated services
Amounts from KCCF
Total donation income		 General Fund
£
1,555,807
100,537
189,822
11,000		 Restricted
Fund
£
477,709
67,523
-
-		 Total 2024 Total 2023
£
1,892,528
161,977
224,478
-
£
2,033,516
168,060
189,822
11,000
1,857,166 545,232 2,402,398 2,278,983

Donated services relate to goods and services which have been provided free of charge including a secondee from Deloitte Malaysia and two secondees from Accenture Canada, software, a training course, meeting space and catering and filming and editing assistance.

3. RAISING FUNDS

A4S’s fundraising activities comprise:

Fundraising activities
Total fundraising activities		 Activities
undertaken
directly
£
48,589		 Support
costs
£
26,302		 Total 2024 Total 2023
£
67,280
£
74,891
48,589 26,302 74,891 67,280

4. CHARITABLE ACTIVITIES

A4S’s charitable activities comprise:

CFO programme
Capital markets programme
Knowledge and learning programme
Engagement and communications
Total charitable activities		 Activities
undertaken
directly
Support
costs
Total 2024
Total 2023
£
£
£
£
1,239,827
350,617
1,590,444
1,116,790
180,182
50,954
231,136
212,883
749,643
211,995
961,638
695,549
781,569
221,024
1,002,593
633,735
2,951,221
834,590
3,785,811
2,658,957

Support costs are allocated to the categories of charitable activities on a pro-rated basis, as it is not possible to allocate the costs on a specific basis.

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5. SUPPORT COSTS

Salaries and employment
Consultancy
Communications and events
Legal and professional
Rent and other offce costs
Depreciation
Exchange rate revaluation
Total support costs		 General Fund
£
9,663
14,193
9,881
21,068
89,264
8,630
10,944		 Restricted
Fund
£
529,887
31,060
-
-
110,000
-
-		 Total 2024 Total 2023
£
390,926
18,310
27,302
131,400
184,854
6,596
(10,337)
£
539,550
45,253
9,881
21,068
199,264
8,630
10,944
163,643 670,947 834,590 749,051

The trustees are not remunerated for their role and no travel expenses were reimbursed during the period or the prior period. A4S does not have a dedicated governance support resource and the internal employee costs to support the trustees are not material.

The support costs for the period include an accrued audit fee of £18,300 including VAT (2023: £17,700).

6. STAFF COSTS

The charity’s staff costs are allocated as follows:

Salaries and wages
Social security
Pension and healthcare
Other benefts
Total staff costs		 2024 2023
£
1,233,063
127,598
75,597
2,646
£
1,653,312
179,481
125,031
4,611
1,962,435 1,438,904

The key management personnel comprises direct employees of A4S, named on page 23. The total cost to A4S of the key management personnel is £724,776 (2023: £487,215). During the year the role of Executive Director, Knowledge and Learning was filled for the full year (2023: three months) and the role of Director of Communications and Engagement was filled for six months (2023: nil).

The charity paid £111,165 into a defined pension contribution scheme (2023: £74,378).

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The average number of employees of the charity is:

The average number of employees of the charity is:
2024 2023
Average number of employees 28 23
The number of employees whose emoluments for the year fell within the following bands:
2024 2023
£70,000-£79,999 - 2
£80,000-£89,999 2 -
£90,000-£99,999 - 1
£110,000 - £119,999 1 -
£120,000-£129,999 1 -
£130,000-£139,999 - 1
£140,000-£149,999 1 -

The charity employs five individuals based outside the UK who are paid by a third party agency. The costs of these employees are not included in the figures above.

During the year, A4S received short term support for the CFO programme in Europe from one individual on a voluntary basis.

7. RELATED PARTY TRANSACTIONS

During the year, KCCF transferred £11,000 (2023: nil) to A4S in relation to the set up of the CIO, as set out in note 2 above. At the period end KCCF, A4S’s sole member, owed A4S nothing (2023: nil).

During the year, A4S paid a grant to A4S US of £258,100 (2023: nil) to cover costs in its first year of operation and received a service fee of £62,116 (2003: nil) from A4S US. At the period end A4S US owed A4S £64,005 (2023: nil). Jessica Fries (Executive Chair of A4S) is also a Board Member of A4S US.

8. OFFICE LEASE COMMITMENTS

At 31 March 2024, A4S was committed to pay the remainder of a 12 month term for office space which expired at the end of July 2024. A4S was committed to pay approximately £45,156 to the end of the term.

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9. INTANGIBLE FIXED ASSETS

----- Start of picture text -----
Software
£
Cost
At 1 April 2023 9,042
-
Additions – purchased
-
Disposals
At 31 March 2024 9,042
Depreciation
At 1 April 2023 3,045
Charge for the period 2,070
-
Depreciation on disposals
At 31 March 2024 5,115
Net book value 31 March 2023 5,997
Net book value 31 March 2024 3,927
10. TANGIBLE FIXED ASSETS
Computer equipment and mobile phones
£
Cost
At 1 April 2023 32,097
Additions – purchased 16,119
-
Disposals
At 31 March 2024 48,216
Depreciation
At 1 April 2023 9,224
Charge for the period 8,634
-
Depreciation on disposals
At 31 March 2024 17,858
Net book value 31 March 2023 22,873
Net book value 31 March 2024 30,358
----- End of picture text -----

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11. DEBTORS

11. DEBTORS
Prepayments
Accrued income
Debtors
Amounts owed by related party
Total debtors		 2024 2023
£
49,861
152,331
70,679
-
£
52,543
190,059
89,168
64,005
395,775 272,871

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Taxation and social security
Accruals
Other creditors
Total creditors		 2024
2023
£
£
71,268
36,780
53,328
41,963
99,695
122,614
18,286
80,736
242,577
282,093

A4S has no creditors falling due after one year.

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13. ANALYSIS OF MOVEMENTS IN FUNDS

Unrestricted fund
Restricted funds:
Charitable activities outside the US
Charitable activities – education
Driving adoption of TCFD recommendations
Sustainability partnership
Finance leaders’ event
European Asset Owners’ network
Japanese roundtables
Sustainability for accounting professionals
Total restricted funds
Total funds
Net assets
Fixed assets
Current assets
Liabilities
Total funds		 01 April 2023
Income
£
£
943,137
2,257,315
14,752
495,230
44,947
-
269,786
394,212
146,120
171,800
-
50,000
-
119,923
-
36,216
-
50,000
475,605
1,317,381
1,418,742
3,574,696
General fund
£
34,285
909,188
(242,577)		 Income
£		 Expenditure
£		 Balance
31 March 2024
£
2,257,315 (2,499,556) 700,896
495,230
-
394,212
171,800
50,000
119,923
36,216
50,000		 (506,464)
(32,460)
(454,017)
(239,253)
(50,000)
(49,423)
(4,529)
(25,000)
3,518
12,487
209,981
78,667
-
70,500
31,687
25,000
1,317,381 (1,361,146) 431,840
3,574,696 (3,860,702) 1,132,736
Restricted fund
£
-
431,840
-
Total 2024
£
34,285
1,341,028
(242,577)
700,896 431,840 1,132,736

Amounts included in restricted funds relate to membership donations received through CAF America which cannot be used to support any charitable aims in the US. During the year, A4S has received restricted grants from Bloomberg Philanthropies to support our work helping finance to mobilize action through the adoption of transition plans and the TCFD recommendations and Laudes Foundation to pilot a chapter of the Asset Owners Network in mainland Europe. A4S received funds from Aviva Investors towards an event to convene finance leaders to consider practical actions required across the economy to deliver the transition to net zero and increase climate resilience. During the year, A4S provided subsidised places on our Academy programme for participants from the public sector and emerging economies using funding received from the JJ Charitable Trust in the prior year. A4S is working with the ICAEW under a partnership agreement covering a three year period with a core programme of activity around operationalizing net zero and being nature positive and with CPA Canada to build the capacity of finance and accounting professionals in sustainability. A4S is treating the funds received under these agreements as restricted.

14. CONTROLLING PARTY NOTE

A4S is controlled by KCCF, as the sole member of A4S. KCCF is a registered charity (1127255) and Private Limited Company (06777589) in England and Wales. KCCF’s consolidated accounts that include A4S can be requested from KCCF’s registered office at Orchard Place at The Broadway, Podium East, Broadway, London, SW1E 6RS.

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15. PRIOR YEAR COMPARISONS

SOFA

Income from:
Amounts gifted by KCCF
Donations
Grants
Charitable activities - education
Total incoming resources
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income/ (expenditure)
Net movement in funds
Fund balances brought forward
Fund balances carried forward
Analysis of movements in funds
Unrestricted fund
Restricted fund:
Charitable activities outside the US
Charitable activities - education
Driving adoption of TCFD recommendations
Sustainability partnership
Total restricted funds
Total funds		 01 April 2022
£		 General Fund
£
-
1,693,177
15,611
267,549		 Restricted
Fund
£
-
585,806
609,567
-		 Total 2023
£
-
2,278,983
625,178
267,549
1,976,337 1,195,373 3,171,710
(67,280)
(1,905,493)		 -
(753,464)		 (67,280)
(2,658,957)
(1,972,773) (753,464) (2,726,237)
3,564 441,909 445,473
3,564 441,909 445,473
939,573 33,696 973,269
943,137 475,605 1,418,742
Income
£		 Expenditure
£		 Balance
31 March 2023
£
939,573 1,976,337 (1,972,773) 943,137
33,696
-
-
-		 585,806
50,000
409,567
150,000		 (604,750)
(5,053)
(139,781)
(3,880)		 14,752
44,947
269,786
146,120
33,696 1,195,373 (753,464) 475,605
973,269 3,171,710 (2,726,237) 1,418,742

A4S Annual Report 2024

39

Net assets
Fixed assets
Current assets
Liabilities
Total funds
Donated income
Membership donations
Other donations
Donated services
Total donation income
Charitable activities
CFO programme
Capital markets programme
Knowledge and education programme
Engagement and communications
Total charitable activities
Support costs
Salaries and employment
Consultancy
Communications and events
Legal and professional
Rent and other office costs
Depreciation
Exchange rate revaluation
Total support costs		 General fund
£
28,870
1,196,360
(282,093)		 Restricted
fund
£
-
475,605
-		 Total 2023
£
28,870
1,671,965
(282,093)
943,137 475,605 1,418,742
General fund
£
1,373,704
94,995
224,478		 Restricted
fund
£
518,824
66,982
-		 Total 2023
£
1,892,528
161,977
224,478
1,693,177 585,806 2,278,983
Activities
undertaken
directly
£
802,181
152,912
499,607
455,206		 Support
costs
£
314,609
59,971
195,942
178,529		 Total 2023
£
1,116,790
212,883
695,549
633,735
1,909,906 749,051 2,658,957
General Fund
£
37,124
3,461
27,302
113,700
71,528
6,596
(10,337)		 Restricted
Fund
£
353,802
14,849
-
17,700
113,326
-
-		 Total 2023
£
390,926
18,310
27,302
131,400
184,854
6,596
(10,337)
249,374 499,677 749,051

A4S Annual Report 2024

40

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