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## UN GLOBAL COMPACT NETWORK UK **2024 ANNUAL REPORT & ACCOUNTS**
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## CONTENTS
|**INTRODUCTION**|**3**|
|---|---|
|A vibrant, resilient network||
|**A YEAR IN REVIEW**|**4**|
|**ABOUT US**|**5**|
|**GOVERNANCE AND CHARITABLE STATUS**|**6**|
|**2024 AT A GLANCE**|**9**|
|**OUR PROGRAMMING IN 2024**|**10**|
|Environment|11|
|Social sustainability|13|
|Governance and SDGs|15|
|Flagship events|17|
|**ACCELERATING MEMBERS’ PROGRESS**|**18**|
|**INSPIRING UK BUSINESSES TO TAKE ACTION**|**19**|
|**OUR SUSTAINABILITY EFFORTS**|**20**|
|**LOOKING AHEAD TO 2025**|**21**|
|**REPORT OF THE TRUSTEES**|**22**|
|**INDEPENDENT AUDITOR’S REPORT**|**24**|
|**FINANCIAL STATEMENTS**|**27**|
|Statement of financial activities|27|
|Balance sheet|28|
|Statement of cash flows|29|
|Notes to the financial statements|30-38|
|**REFERENCE AND ADMINISTRATIVE DETAILS**|**39**|
|**ABOUT THE UN GLOBAL COMPACT AND**|**40**|
|**THE UN GLOBAL COMPACT NETWORK UK**||
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## INTRODUCTION
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A vibrant, resilient network
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Since stepping into the role of Chair of the UN Global Compact Network UK, I have been inspired by the way our community comes together to help each other address the most material sustainability challenges and opportunities of our time. Together, we are committed to continue this collaboration to shape what responsible and thriving business means in today’s rapidly evolving global landscape.
2024 represented a year of structural improvements and significant growth for the Network. We’ve been busy improving our governance, financial processes, and talent roster to help us help our members even better. In June, we published our first Annual Report and Accounts as a Charity and appointed three strong and diverse new Trustees. In July, we welcomed our first in-house Human Resources manager, who will help the Network build on its foundations as a people-centred organisation, while enabling us to grow and evolve. Our Board Governance & Risk Committee, established at the end of 2023, is making significant progress in strengthening our risk management approach. This may not sound that exciting, but we know we need to be well set up to help our members face into more complex sustainability issues in a more complex operating environment. I believe this context presents a unique opportunity for our network as we help members translate sustainability into smart and tangible benefits for customers, businesses, communities and our economy.
investments in our operating capacity, capabilities, and the key enablers of the value our members tell us they want us to bring.
That means: driving even higher engagement that counts, with both new, growing, and leading members; expanding our reach and influence across the UK, acknowledging that many solutions are both global and local in nature; and stepping up and out to play an even more impactful role in shaping the policy environment we all operate in.
The strength of our Network lies in the active participation and commitment of our diverse membership, in our true partnership. In 2025, we will focus on deepening member engagement, with particular attention to supporting small and medium-sized enterprises (SMEs), aiming to build a vibrant, resilient network where every member feels supported, valued, and empowered to contribute to our collective goals.
Expanding our presence across the UK is crucial to amplify our impact. We will achieve this by increasing visibility in key regions and enhancing our presence outside London through in-person events and regional partnerships. Building on our long-standing SDG Roadshow, our Social Sustainability team will lead Social Mobility Regional Consultations, engaging with industry leaders and local governments to promote a fairer and more diverse workforce.
2025 marks a significant year for the UN Global Compact Network UK as we conclude our 2022–2025 strategic plan. It presents an opportunity to embrace a decisive push toward achieving our goals, and a challenge to do that in a smart and strategic way that understands and works with the head and tailwinds the sustainability agenda faces. We will be making additional
David Schofield Chair, UN Global Compact Network UK
A key priority for 2025 will be the implementation of a robust advocacy strategy, supported by a newly established Advocacy Steering Group, to position the UN Global Compact Network UK as a leading voice in responsible business priorities and practices.
I would like to take this opportunity to express my deepest gratitude to our members, partners, Trustees, and Advisory Group for their continued strong engagement with the UK Network throughout 2024 and their commitment to advancing the mission of the UN Global Compact further and faster in 2025. I also wish to recognise the incredible work of our team, whose passion and expertise drive our success.
I look forward to continuing to work to serve this community to deliver on our mission to create a world we want to live and do business in.
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## A YEAR IN REVIEW
For the past several years, our annual members’ survey has revealed that the top reason companies join the UN Global Compact is to have a positive impact on people and planet, so we put a great deal of effort into inspiring and enabling our participants to do just that.
Restructuring our programme delivery capacity into Environment, Social, and Governance Teams has allowed us to increase capacity and build subject matter expertise across the spectrum of corporate sustainability issues and the UN Sustainable Development Goals. In 2024, our teams effectively identified compelling programme topics and the right speakers to bring out their material aspects. Inspiring ambition and enabling action with best practice case studies, these expert practitioners shared their experience of overcoming barriers to achieve organisational sustainability objectives.
It is truly gratifying that our programming in 2024 was so well received by Network members and the wider business community in the UK and internationally. We made a conscious decision to diversify our outputs last year, and our mix of Accelerator Programmes, Working Groups, webinars, in-person events, and reports attracted high levels of engagement. This report presents programmatic highlights from the past year. If you missed them when they were first offered, almost all can be found on our website and/or our Sustainable Business Learning Platform.
Steve Kenzie Executive Director UN Global Compact Network UK
Our Annual Summit at the iconic London Guildhall in October was particularly noteworthy. Partnering with the City of London, we convened 500 in-person attendees (and another 500 joined virtually) to engage with a stellar line-up of speakers. The strength of our movement was clearly evident in the enthusiasm and commitment displayed by our community that day.
Investments in our organisation’s governance and operational capacity, especially in the areas of participant engagement and recruitment, contributed to our continued strong membership growth through 2024 despite some headwinds. We look forward to reaching new heights in 2025.
Any hope of the UK achieving net zero and a sustainable future relies upon engaging SMEs. Smaller companies currently make up approximately half of our membership, forming a core part of our participant constituency. We expanded our SME-targeted programming in 2024 with our Social Sustainability for SMEs webinar series, and we will continue to develop in this area going forward.
To conclude, my team and I take pride in what we achieved in 2024. The new year has brought economic and geopolitical uncertainty that have made trading conditions difficult for many companies. We remain convinced that sustainable business is good business in every sense and look forward to working with you in 2025 to help make your businesses more sustainable and successful.
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## ABOUT US
## **UNITED NATIONS GLOBAL COMPACT**
As a special initiative of the UN Secretary-General, the United Nations Global Compact is a call to companies to align their operations and strategies with Ten Principles in the areas of human rights, labour, environment, and anti-corruption.
**167 countries**
**63 country networks**
**25,493 global participants**
## **UN GLOBAL COMPACT NETWORK UK**
As one of 63 Country Networks, the UN Global Compact Network UK connects UK-based organisations that are part of the UN Global Compact in a global movement dedicated to driving sustainable business. Through an extensive programme of activity, we promote sustainability leadership to create a world we want to live and do business in by inspiring ambition, enabling action, and collaborating to shape the business environment.
**907 862 45 6,157,570 UK participants business non-business UK employees participants participants**
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## GOVERNANCE AND CHARITABLE STATUS
The UN Global Compact Network UK is governed by a Board of Trustees who are elected by Network members to oversee the running of the organisation.
Trustees also sit on the Network Advisory Group, along with a diverse panel of Network members, providing invaluable guidance to the Network Secretariat on strategy, programmatic activity, and growth ambitions.
We believe that an effective Board must be diverse. Our Board is currently gender balanced and represents companies of different sizes from a range of industry sectors. Going forward, our Board have committed to strive for diversity across other protected characteristics.
## **Our Board**
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David Schofield Charlie Bronks Ruth Chapman Samuel Gardner
Sustainability Director, Group Head of Executive Managing Head of Climate Change
Aviva Sustainability, Director, and Sustainability,
Crown Agents Bank Dulas ScottishPower
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Hiba Khan Rachel Moseley Matthew Sparkes Preeti Srivastav
Civil Engineer & Director, Sustainability, Sustainability Director, Group Head of
Sustainability & London Stock Exchange Linklaters Sustainability,
Social Outcomes Lead Group (LSEG) Asahi Group Holdings
for International
Development Services,
Mott MacDonald
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The UN Global Compact Network UK was registered as a charity with the Charity Commission for England and Wales on 2 March 2023 (charity registration number 1202147).
## **OUR CHARITABLE OBJECTS**
The objects of the Charity are to promote sustainable development for the benefit of the public by:
(a) the preservation, conservation and the protection of the environment and the prudent use of resources;
(b) the relief of poverty and the improvement of the conditions of life in socially and economically disadvantaged communities; and
(c) the promotion of sustainable means of achieving economic growth and regeneration, in particular, but not limited to, through the advancement of education in subjects relating to sustainable development.
We also promote ethical standards of conduct and compliance with the law in the administration and management of the public and private sectors with a focus on the protection of people and the environment.
We use the oft-cited definition of “sustainable development” from the report of the World Commission on Environment and Development, Our Common Future (1987), which defines it as
“development which meets the needs of the present without compromising the ability of future generations to meet their own needs.”
## **PUBLIC BENEFIT STATEMENT**
The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit, Charities and Public Benefit.
We engage the general public, government departments, and business and non-business organisations of all sizes through our programmes. We benefit those who attend our events and access our resources, and the public more widely, by improving business practices in line with the UN’s Sustainable Development Goals and the UN Global Compact’s Ten Principles. We also engage policy-makers to advocate for increased focus on sustainable development in policy and to seek to further educate decisionmakers about its importance. Promoting responsible corporate citizenship is recognised as one of the most direct ways to have an impact on the environment, on poverty, and to achieve sustainable development.
The Trustees are satisfied that any private benefit to our members from their membership in the Global Compact Network UK is incidental to the greater and wider public benefit achieved from changing these organisations’ business practices.
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## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **STRUCTURE**
Global Compact Network UK is a registered charity (England and Wales number: 1202147) and a company limited by guarantee (England and Wales number: 08567552) operating as UN Global Compact Network UK.
The charity’s governing document is in the form of Articles of Association dated 13 June 2013 and amended by Special Resolution dated 9 February 2022.
UN Global Compact Network UK is governed by its Board of Trustees, which meets formally at least four times each year and determines the overall strategic direction of the charity. The Board must operate – and ensure that the UN Global Compact Network UK operates – within the rules set out in our Articles of Association, MOUs signed with the United Nations Global Compact Office and The Foundation for the Global Compact, the Global Compact Local Network Quality Standards, and the laws set out in the Insolvency Acts, the Companies Act 2006, and Charity Acts.
## **MEMBERS**
As a company limited by guarantee, not having share capital, the members of the company Global Compact Network UK have agreed to act as guarantors of the company’s liabilities. Each member undertakes to contribute up to £1 in the event of insolvency or of the winding up of the company, as specified in our Articles of Association. This is a common form for non-profit organisations (including charities) in the UK.
Participants of the UN Global Compact and UN Global Compact Network UK are not automatically members of the company. To join the company, an application must be submitted to the UN Global Compact Network UK Board for approval. While being a member of the Network gives access to all our programmes, only members of the company can vote at general meetings and sit on the Board and Advisory Group of the Global Compact Network UK. Only UK-based United Nations Global Compact participants are eligible to join the company; joining is optional, but all participants are encouraged to do so.
On 31 December 2024, there were 372 company members, representing 41% of Network participants. All company members are listed in our Register of Members.
The Board is supported by a Network Advisory Group. The Advisory Group provides strategic guidance to the Board of Trustees and Network Secretariat on issues including, but not limited to, the Network’s programmatic priorities and delivery, communications, and member recruitment. While the Advisory Group is an important component of the UN Global Compact Network UK’s governance model, it does not have legal standing. Group members do not have a formal fiduciary duty to Network members or exposure to any personal liability with regard to the UN Global Compact Network UK.
For the first eight months of the period covered by this report, the day-to-day management of UN Global Compact Network UK was delegated to another independent legal entity, The Sustainability Hub, which provided the Network Secretariat. However, the Board transferred all day-to-day management from The Sustainability Hub to Global Compact Network UK from 1st September 2024.
## **TRUSTEES**
Trustees of the UN Global Compact Network UK are committed to the principles and values of the United Nations Global Compact. The Board have overall legal responsibility for the UN Global Compact Network UK and therefore are the persons with general control and management of the administration of the Network. Trustees are also members of the UN Global Compact Network UK Advisory Group.
Trustees are nominated by the Board and their appointment confirmed by company members at the Annual General Meeting. Training is provided for all new Trustees and the current Board received formal third party training during the year to better understand their obligations and duties in applying charity law and guidance issued by the Charity Commission.
Trustees may serve for a period of three years, with the option of re-election or nomination for a further three-year term.
The Trustees during the year are included in the Reference and Administrative details on page 39.
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## 2024 AT A GLANCE
## **The UN Global Compact Network UK Community in 2024**
**907 862 45 UK business non-business participants participants participants**
**UK employees 6,157,570**
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Membership growth 12%
1000
Over 1B
800
50M - 1B
600 Under 50M
Non business
400
200
0
Baseline Q1 2024 Q2 2024 Q3 2024 Q4 2024
EOY2023
Current
No of members
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## **Our programming in 2024**
**Over 15,000**
**attendees joined our 64 events**
**114**
**companies participated in our 6 accelerator programmes**
**On average**
**89%**
**171**
**of event attendees were highly satisfied by their experience and 83% were inspired to take action after participating. ✓**
**companies participating in our 8 Working Groups**
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The UN Global Compact Network UK’s Environment Programme supports businesses in setting net zero targets and implementing transition plans in line with science across climate, nature, and water, as well as connecting environment and climate issues to social, economic, and governance issues.
In 2024, over 9,000 people joined our webinar series on Collecting Scope 3 Data, Addressing Energy-Related Emissions, Nature-based Solutions for Business, Engaging in Corporate Climate Advocacy, and Net Zero Business Transformation, gaining the knowledge needed to drive business action in these key areas. Over 20 members participated in our Climate Disclosures Working Group and over 50 joined our three new working groups on Circular Economy, Nature, and Climate.
**“** An informative and interactive series on transformation, that has unlocked ideas and opened doors to new opportunities within my company.
It has broken down the complexities of transformative change for good, and enabled leverage points in every possible topic through great speakers and impressive case studies. Thank you!” _Webinar attendee_
We also continued to build our influence and strategic partnerships through participation in the Broadway Initiative’s alliance of organisations collaborating to meet net zero, the European Peer Learning Group on Climate – a forum facilitated by European Global Compact Country Networks to share knowledge on corporate climate action – and in the UK Business Group Alliance for Net Zero (BGA).
## **HIGHLIGHTS**
## **NET ZERO BUSINESS TRANSFORMATION WEBINAR SERIES**
Following our ‘Engaging in Corporate Climate Advocacy’ webinar series, we partnered with other leading sustainability organisations to co-author the ‘Business Associations Climate Action Guide’, providing companies with practical guidance on how they can align their business association memberships and indirect climate policy engagement with the Paris Agreement goals.
In partnership with 103 Ventures, we held the Net Zero Business Transformation series, a course-style webinar series which equipped CSOs, sustainability leaders, and their teams with practical tools and knowledge needed to implement meaningful change within their companies. This series outlined a step-bystep approach to the transformation process, encompassing both business and individual actions to establish clear plans to achieve net zero. Key takeaways from the webinar series can be found here.
**Principle 7: Businesses should support a precautionary approach to environmental challenges; Principle 8: undertake initiatives to promote greater environmental responsibility; and**
## **Principle 9:**
**encourage the development and diffusion of environmentally friendly technologies.**
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## **CLIMATE AMBITION ACCELERATOR**
2024 marked the fourth Climate Ambition Accelerator programme, an ever-relevant offering as the call to action for the business community advances. The six-month programme supports organisations with setting science-based emissions reduction targets and designing a clear path to the net zero transition.
impacts, risks, and opportunities. In 2024, we guided 18 companies in enhancing their approach to addressing their impacts on nature by aligning with emerging best practices, guidance, and regulatory requirements.
## **C-SUITE BREAKFAST WITH PAUL POLMAN**
In line with our commitment to a multistakeholder approach, the UN Global Compact Network UK delivered the Accelerator to 23 member companies in partnership with the UN Global Compact Network Netherlands and with support from Patrons Ørsted and Natura & Co, and En+ Group, who sponsored the programme.
As part of our Network Annual General Meeting, we hosted a C-suite breakfast with Paul Polman, business leader, campaigner, and co-author of “Net Positive”. This roundtable-style session brought together 17 Chief Executive Officers and Executive Committee members from participating companies, to discuss the challenges and opportunities relating to setting and achieving net zero and broader sustainability targets.
## **NATURE WORKING GROUP**
Our newly launched Nature Working Group provides a cross-sector forum for businesses with material impacts on nature to discuss and work through ongoing challenges related to measuring, addressing, and disclosing their nature-related dependencies,
The breakfast provided a unique opportunity to discuss specific barriers and concerns within the current business landscape, learn from peers, and hear directly from Paul Polman, who shared his insights and experiences as former CEO of Unilever and former Vice-Chair of the UN Global Compact Board.
**“** As the call to climate action becomes more impactful for all organisations it is paramount that people understand the technical aspects of decarbonisation.
The Climate Ambition Accelerator not only gives its participants knowledge, but also the skills and confidence to be able to meet the challenges ahead. The structure, balance and information within the programme is perfect and has been invaluable to us as an industry leader to formulate our decarbonisation plan. Basically, it’s a must-have for any organisation serious about Climate Change.”
_Richard Lewis, Sustainable Development Lead, Toyota Material Handling UK_
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## **Social sustainability**
The UN Global Compact Network UK’s Social Sustainability Programme supports businesses to understand, apply, and uphold human rights and social sustainability standards in their operations and across their value chains.
## **HIGHLIGHTS**
## **SOCIAL SUSTAINABILITY FOR SMEs WEBINAR SERIES**
In 2024, our Modern Slavery Working Group and Diversity, Equity, and Inclusion Working Group continued supporting members by providing a space to explore relevant challenges and strategies that businesses are developing on these issues.
Across seven interactive webinars, this members-only series is designed to equip SMEs with the knowledge and tools to advance social sustainability within their own operations and supply chains.
In collaboration with the Environment team, our four-part webinar - series, Managing Climate Related Business Risks Through a Just Transition, attracted almost 3,000 registrations and 1,000 attendees. We also ran a series of Q&A surgeries which provided UK members with a forum to engage with experts and leaders on a variety of social sustainability topics, including DEI, business and human rights, and decent work.
While catering to SMEs specifically, the series is also supporting larger companies in reducing risks within their supply chain and enhancing alignment with their smaller business partners and suppliers on social standards. Attracting almost 300 registrations, the series has so far covered topics such as human rights, responsible sourcing, and living wage, with more to be addressed in 2025.
## **Principle 1:**
**Businesses should support and respect the protection of internationally proclaimed human rights; and**
## **Principle 2:**
**make sure that they are not complicit in human rights abuses.**
## **Principle 3:**
**Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining;**
## **Principle 4:**
**the elimination of all forms of forced and compulsory labour;**
## **Principle 5:**
**the effective abolition of child labour; and**
## **Principle 6:**
**the elimination of discrimination in respect of employment and occupation.**
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## **TARGET GENDER EQUALITY ACCELERATOR**
Building upon previous successes, the Target Gender Equality (TGE) Accelerator programme returned in 2024 for its fifth edition, providing companies with the opportunity to deepen the implementation of the Women’s Empowerment Principles and strengthen their contribution to SDG targets 5.5 and 8.5. Over the course of nine months, through performance analysis, capacity-building workshops, and peer-to-peer learning sessions, 13 companies are being supported through the process of setting and reaching ambitious corporate targets for women’s representation and leadership, starting with the Board and Executive Management levels.
## **CLIMATE AND HUMAN RIGHTS WORKING GROUP**
This newly launched Working Group enabled peer learning on the interlinkages between climate action and the business & human rights agenda. The group brought together 18 large companies and one SME. Discussions covered themes of Environmental and Human Rights due diligence, the right to a clean, healthy and sustainable environment, and Nature-based Solutions and their impact on human rights.
- **“** [...] I have led our company’s successful completion of the UNGC UK TGE programme, including becoming a signatory to the WEPs. This commitment has led to a significant increase in our WEPs Gender Gap Analysis score, reflecting substantial progress in gender equality within our organisation.
Some metrics to demonstrate impact include successfully completing the TGE programme and doubling our WEPs Gender Gap Analysis score from 29% in September 2022 to 58% in March 2024.”
_Raquel Gomes, Head of Innovation at RedCompass Labs_
## **RAPID FRAMEWORK**
Funded by the Foreign, Commonwealth and Development Office (FCDO), the UN Global Compact Network UK developed the RAPID Framework, which supports institutional investors in exerting appropriate pressure on companies to end child labour in supply chains.
Our contribution encouraged the provision of better decisioncritical child labour data, clarified investor requirements, and explored what best practice looks like across entire supply chains.
**“**
- It is great to see a practical toolkit being developed to support investors. I particularly liked the emphasis on metrics, evidence, and transparency. But most important of all was the focus on real world change – investors can be influential in protecting the most vulnerable workers across the globe.”
_Dame Sara Thornton, ex-UK Independent Anti-Slavery Commissioner, Professor of Practice in Modern Slavery._
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## **Governance and SDGs**
In 2024, our Governance and SDGs team developed holistic programmes and resources for companies to embed sustainability into their strategy and take collective action to achieve the SDGs by 2030. With only five years to go until 2030, progress towards the Sustainable Development Goals (SDGs) must advance faster than ever.
## **HIGHLIGHTS**
## **FASHION BUSINESS SECTOR EXCHANGE**
In July, we convened over 80 professionals from the fashion, textiles, and sustainability industries at Soho House to get ahead of the curve. Our expert speakers discussed the themes of balancing slow vs fast fashion, how to manage disruption in supply chains, and the future of sustainable fashion while attendees heard best practices from leaders in the space, inspired progress through networking, and met potential partners to accelerate collective action in the sector.
## **SDG INVESTMENT FORUM**
Organised in partnership with UN Global Compact HQ and Accenture, our SDG Investment Forum brought together UK government officials, high-level representatives from leading companies, financial institutions, and international organisations to explore practical strategies for scaling up SDG-aligned investments.
## **SUSTAINABILITY REPORTING WORKING GROUP**
Recognising the challenges posed by the rapidly evolving ESG reporting regulatory landscape, we launched a new Sustainability Reporting Working Group for 2024. The group, formed of 31 businesses, empowered participants to leverage the opportunities of integrated reports and provided a safe space for collaborative learning and knowledge exchange on the intricacies of ESG reporting. Topics covered included recent and upcoming mandatory frameworks (including CSRD) and their impact on UK companies, risk and assurance, double materiality, and data collection and value chain engagement.
The Fashion Sector Exchange highlighted the need to accelerate transformative change amongst consumers, businesses, suppliers, and policymakers by shifting the narrative, restructuring business models, collaborating for action, and driving policy forward.
The event was followed by a Fireside Chat with our members ASOS and EY, exploring the vital role of transparency in the fashion industry and its impact on sustainability and business success.
**“** Loved the innovation session. Finding ways to bring participants across the value chain together is one of the ways we can accelerate progress towards the SDGs.”
_Hannah Simons, Lloyds Banking_
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Sustainability professionals often hold the
responsibility for an increasingly complex,
strategic, and broad range of issues, and
must effectively engage a wide number of
stakeholders on sustainability challenges.
However, stakeholders are more likely to
buy-in to an idea if they connect with the idea
on a deeper level, appreciate how actions relate
to company philosophy, and understand the
challenges and opportunities presented.
Stories can spark curiosity, inform stakeholders
how a business affects the world, build
emotional connections, and persuade people to
take ambitious action. By combining the building
blocks of storytelling with the fundamental
tenets of building a business case, companies
can create a powerful narrative that aligns with
the SDGs and meets stakeholder expectations.
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## **SDG STORYTELLING FOR SUSTAINABILITY**
2024 saw the launch of SDG Storytelling for Sustainability, a year-long series exploring how the SDGs can be used as a holistic framework for storytelling to meaningfully communicate ESG strategies.
The UN Global Compact Network UK, supported by Clyde & Co. and Forster Communications, curated an interview series with industry leaders discussing topics such as partnerships and investor perspectives, disseminated action-oriented infographics on building buyin and double materiality, led a hands-on workshop on finding the thread in sustainability storytelling, and published a comprehensive toolkit, to help organisations craft impactful sustainability narratives and accelerate progress toward the SDGs.
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SDG SHOWCASE
HOW COMPANIES ARE CONTRIBUTING
TO ACHIEVING AGENDA 2030
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SDG SHOWCASE THE SUSTAINABLE DEVELOPMENT GOALS
Our SDG Showcase report
is a tool for businesses to
assess material SDG impacts SDG 1 SDG 2 SDG 3 SDG 4 SDG 5 SDG 6
which highlights good practice
examples of the private sector
working with a clear plan to
advance the SDGs for the future SDG 7 SDG 8 SDG 9 SDG 10 SDG 11 SDG 12
we want. To date, the report
has been downloaded by nearly
1,500 individuals.
SDG 13 SDG 14 SDG 15 SDG 16 SDG 17
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DECENT WORK AND Private Sector Action on SDG 8 REDUCED Private Sector Action on SDG 10
Within their coverage of human rights, the Ten Principles of the UN Global Compact include specific labour rights considerations. Principles 3 to 6 obligate participating companies to support the freedom of association and collective bargaining as well as to fight forced and compulsory labour, especially child labour. ECONOMIC GROWTH TIED TO PRINCIPLE 1 TIED TO PRINCIPLE 2PROMOTE SUSTAINED, INCLUSIVE AND SUSTAINABLE ECONOMIC GROWTH, FULL AND PRODUCTIVE has EMPLOYMENT AND DECENT WORK FOR ALL increases employee engagement and reduces staff turnover. This, in turn, positive impacts on business productivity and employee performance.In 2022, the UK Department for Business, Energy & Industrial Strategy skilled and productive talent. Lastly, supporting industrial relations countedreduce existing inequities within the organisation, thus attracting more Implementing Diversity, Equity, and Inclusion (DEI) policies can country’s economic performance. Companies benefit from economic growth as it results in stronger returns, generates demand, and the EU. helps boost profitability. Creating decent working conditions for as theemployees only strengthens those trends, adding reputational and HR benefits.supply chain due diligence regulations coming into force, such Business benefits which result from investing in decent work measures are manifold. By upholding labour standards, companies not only increase reputational benefits but also reduce the risk of legal liability, especially with more rigorous 5.5 million private sector businesses in the UK Corporate Sustainability Due Diligence Directive TIED TO PRINCIPLE 3 TIED TO PRINCIPLE 4 TIED TO PRINCIPLE 5 TIED TO PRINCIPLE 6 which drive the (CSDDD) in A actually implement positive DEI initiatives. Although business ambition and sustainability commitments should be a part of companies’ visions and missions, businesses should: create targeted policies; dedicate funding for implementation, upskilling, and research and development; map, monitor, and influence their supply chains; as well as report on their progress towards their goals (Target 8.2, 8.7). Large parts of the global economy are informal, thus impeding progress on decent work measures, such as living wages, DEI policies, and social protection. In line with more rigorous corporate sustainability regulations, businesses should monitor and adapt their supply chains to prevent adverse human rights effects, further decent working conditions in their operations, and mitigate risk. This includes the elimination of child and forced labour, occupational safety and health measures, and sustainable procurement practices (Target 8.7). but has also embedded the principle in its 2022 study TOOLS AND RESOURCES TO ACCELERATE ACTION UN GUIDING PRINCIPLES ON BUSINESS AND HUMAN RIGHTS The UN Guiding Principles on Business and Human Rights set a standard of conduct for companies to support concerted business action on eliminating human rights abuses and creating decent working conditions throughout business operations. OECD GUIDELINES FOR MULTINATIONAL ENTERPRISES ON RESPONSIBLE BUSINESS CONDUCT The OECD developed these recommendations to encourage multinational companies to positively contribute to economic, environmental, and social development and to reduce the adverse impacts of business operations on people and the planet. To that end, the Guidelines address key business areas, including human rights, labour rights, environment, bribery, consumer interests, disclosure, science and technology, competition, and taxation. INTERNATIONAL LABOUR ORGANISATION (ILO) The ILO brings together governments, employers, and workers to set labour standards and promote decent work. The ILO has its ownbusiness operations with international labour standards. UNI GLOBAL UNION The UNI Global Union represents workers in more than 150 countries and supports local unions and collective bargaining initiatives. revealed that although nearly all FTSE100 companies have an inclusive mission statement, only half of them helpdeskNational Grid to support companies in aligning their , an Accredited Living Wage Employer, does not only pay a living wage to its 22,000 employees Supplier Code of Conduct FORWARD FASTER To accelerate progress on living wage, participating companies of the UN Global Compact can sign up for the Forward Faster Initiative and receive guidance on living wage, and on creating joint action plans with contractors, supply chain partners, and other stakeholder towards achieving living wages. Furthermore, companies can use theidentify actions and further opportunities to provide a living wage to ensure all workers, families, and communities can live in dignity. UN GLOBAL COMPACT BUSINESS & HUMAN RIGHTS NAVIGATOR The UN Global Compact Business & Human Rights Navigator provides in-depth analyses, due diligence recommendations, and case studies for more resources and tangible access to equality and anti-discrimination in the areas of child and forced labour, discrimination, freedom of association, occupational safety and health, living wage, working time, gender equality, migrant workers, and indigenous peoples. INTERNATIONAL ORGANISATION OF EMPLOYERS (IOE) The IOE unites a number of national employer organisations to engage in social and employment policy debates. Members can access resources and benefit from peer-to-peer exchanges on influencing policies affecting business operations. as a pre-condition for new cooperations and contracts.Living Wage Analysis Tool (LWAT) to The Ten Principles of the UN Global Compact require businesses to include social sustainability considerations into their operations with human rights Principles 1 and 2 as the cornerstone of corporate responsibility. Added to that, labour rights should be respected and diversity, equity, and inclusion measures implemented to reduce inequalities. INEQUALITIES TIED TO PRINCIPLE 1 TIED TO PRINCIPLE 2REDUCE INEQUALITY WITHIN AND AMONG COUNTRIES the Rights of Persons with DisabilitiesCultural RightsAccording tosuch as the workplace (e.g.,in the workplace based on ethnicity, sexuality, gender, religion, or a international law agreements apply this understanding to specific contexts, combination of those. Businesses have a responsibility to foster a culture opinion, national or social origin, property, birth and other status. Other of real inclusivity with the many benefits that it provides, including happy characteristics: race, colour, sex, language, religion, political or other and high-performing teams. Companies, therefore, should be actively Universal Declaration of Human Rights,reducing inequalities by indirectly and directly influencing their Equality and non-discrimination are recognised in Article 2 of the employees, value chain, customers, and local communities. ) or address specific protected characteristics (e.g., a 2023 studywell as boosting innovation. Engagement with equality and anti-discrimination can be increasing employee productivity, engagement, and retention as tremendously beneficial for businesses. In general, slow or diversity can improve employee well-being and morale, thus stagnating social development goes along with poverty, inequality, and economic growth. Significantly, workplace equality and and weak rule of law, thus hindering business operations and economic growth. Countering such dynamics can help unlock new markets, including an increased attraction and retention of employees, business partners, and customers. A more stable and predictable business environment positively impacts profitability , 22% of UK employees had experienced discrimination International Covenant on Economic, Social and ). TIED TO PRINCIPLE 3 TIED TO PRINCIPLE 4 TIED TO PRINCIPLE 5 TIED TO PRINCIPLE 6 which introduces ten protected Committee on supports law students facing social, economic, or cultural barriers to becoming lawyers. Infar provided introductory law courses, negotiation workshops, and CV skills learning sessions (Target 10.3). Central to improving DEI in an organisation (including its value chain) is undertaking due diligence, especially by engaging with supplier organisations.online portal for better communication, diverse information and proposal requests, supplier policies, and targeted investments, the company aims to have 51% of its supply chains owned and operated by underrepresented groups (Target 10.3).Businesses can implement targeted measures to build an inclusive workforce, such as anonymous and skills-based hiring processes. Furthermore, companies can invest in and implement Diversity, Equity, and Inclusion (DEI) policies that specifically take disadvantaged groups into account.transitioning employees with itsMoreover, companies can create more economic opportunities by increasing access to education and training. BURGES SALMON’S REVERSE DEI MENTORING PROGRAMMECONTRIBUTING TO SDG TARGETS 4.7, 8.5, 10.2, 10.3, 10.4, 16.7 After running a pilot scheme in 2021, Burges Salmon has expanded itsprogramme partners up senior leaders and managers (mentees) with colleagues with lived experience of different diversity characteristics (mentors). It encourages employees to share their experience as well as their professional and personal perspectives on DEI issues. The programme covers ethnic diversity as well as disability and health conditions and should increase awareness of DEI topics in management and leadership positions. Across 2021 and 2022, about 20 senior leadership colleagues have taken part in the programme. As a result, they feel about 30% more confident after the six-month mentoring period to engage with sensitive topics and take more practical actions to create a more inclusive business culture. reverse mentoring programmeSky’s supplier diversity strategyGender Identity and Expression GuidelinesDiageo, for example, put in place. The specifically targets inclusive procurement. By tracking spending, creating an industry (Target 10.2).-leading parental leave provisionspartnership with Trinity CollegeDLA Piper and supports , for example, , it has so
36 37 44 45
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## **Flagship events**
2024 was marked by three flagship events, representing a unique opportunity for participants of the UN Global Compact Network UK to come together and discuss the most pressing ESG issues
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ANNUAL GENERAL MEETING – 25 JUNE
The Annual General Meeting (AGM) provides an opportunity for Network members
to reflect on the past year and discuss how we can continue to support sustainability
progress. Hosted in person at Accenture’s offices in London, as well as online, this
year’s AGM featured a fireside chat with Paul Polman, business leader, campaigner,
and co-author of “Net Positive”. The meeting also featured a panel discussion with
speakers from Diageo, the London Stock Exchange Group, Ingka Group (IKEA), and
Ørsted UK, focused on navigating the challenges of delivering climate ambition, and
the SDG Pioneers Award Ceremony, an annual celebration of leaders using business
as a force for good towards achieving the SDGs.
ANNUAL SUMMIT
– 1 OCTOBER
As we entered the last
quarter of 2024, the
UN Global Compact
Network UK returned
to the Guildhall in the
City of London for the
2024 edition of its
Annual Summit,
JUNE
FEBRUARY OCTOBER
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As we entered the last quarter of 2024, the UN Global Compact Network UK returned to the Guildhall in the City of London for the 2024 edition of its Annual Summit, convening an open
## **2024 KICK-OFF EVENT – 2 FEBRUARY**
forum for trailblazers from business, government, and civil society to explore strategies for bridging the ambition to action gap. More than 1,000 dedicated individuals joined us, with over 500 senior executives at the Guildhall.
Held at the beginning of the year, our annual kick-off event is a key opportunity for members of the UN Global Compact Network UK to learn how to maximise the value of their participation by connecting with peers and hear about upcoming engagement opportunities around environmental, social, governance, and cross-cutting themes. Hosted for the first time in hybrid format, the event brought together 100 members in person and over 200 online.
Attendees participated in panel discussions, fireside chats, and hands-on workshops aimed at empowering businesses to bridge the ambition-toaction gap, transforming operations for the benefit of people and the planet. We heard from more than 35 sustainability leaders across the UK’s largest companies, including Aviva, ASOS, Haleon, SUEZ, SSE, Unilever, and WHSmith.
As the world navigates complex issues such as resource scarcity, social instability, and a rapidly evolving policy environment, the Summit explored several key themes, including the necessity for stronger supply chain relationships, effective climate resilience strategies, innovative sustainability reporting, and the critical role of worker engagement in driving social sustainability.
Participants also had the opportunity to network and share insights and expertise with industry professionals, fostering collaboration among leading business figures. You can download our key takeaways here.
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## ACCELERATING MEMBERS’ PROGRESS
The UN Global Compact Network UK empowers its members to accelerate action towards operationalising the Ten Principles and achieving the SDGs. In addition to our programming, we provide tailored support and guidance to advance our members’ sustainability goals, as well as networking opportunities independent of our core thematic streams.
**“**
- Informative and direct. Just the right level for new joiners.”
_New Joiner Briefing attendee 1_
## **NEW JOINER BRIEFINGS**
In 2024, we introduced ‘New Joiner Briefings’ to support new members, or individuals from existing ones who are new to the UN Global Compact, in navigating the wide range of programmes, activities, and resources available to them. Run quarterly, these briefings equipped over 80 individuals with best practices to start making the most of their participation in the UN Global Compact.
**“**
- Lovely introduction to the joys of the Global Compact.”
_New Joiner Briefing attendee 2_
## **MEMBERS’ BREAKFASTS**
We continued hosting our Members’ Breakfasts to provide a safe and informal forum where members can share and discuss ideas, challenges, and experiences with peers. Over the course of 9 sessions, bringing together over 150 sustainability professionals, participants discussed a wide range of topics, including the challenges and opportunities of the evolving reporting frameworks landscape, supply chain sustainability and due diligence, social value programmes and how to measure social impact, and best practices on diversity, equity, and inclusion. In 2025, we are aiming to leverage these sessions to explore hot sustainability topics not covered through existing programming.
## **“**
- These breakfast meetings are wonderful… open discussions from a mutually supportive group of professionals all willing to share experiences and ideas with their fellow attendees.”
_Members’ Breakfast attendee_
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## INSPIRING UK BUSINESSES TO TAKE ACTION
2024 saw an increased effort to reach more businesses and stakeholders in the UK to further advance our strategic goals to raise awareness of the responsible business agenda, promote the Network as a credible and reliable source of information, and establish ourselves as the space for businesses to convert ambition into action. Over the course of the year, we held a total of 42 open events, doubling efforts from 2023, and launched several resources open to the public. Below we highlight some of these.
## **ACCELERATE SUSTAINABLE ACTION INFO-SESSIONS**
The platform allows users to easily navigate our offering and access key resources to help tackle their business sustainability challenges. The platform is accessible to all.
## **SUSTAINABLE SUPPLIERS TRAINING PROGRAMME**
Our newly launched Sustainable Suppliers Training Programme supports UN Global Compact Network UK member companies that want to drive sustainability through their supply chain by helping them educate their suppliers – whether or not those supplier companies are UN Global Compact participants.
These engaging webinars were held throughout the year to help businesses explore how joining the UN Global Compact can drive sustainable growth, while addressing evolving sustainability challenges. They showcased the benefits of being part of the world’s largest corporate sustainability initiative and provided valuable insights into the tools, resources, and support available to accelerate sustainability efforts and achieve commercial success.
The training programme, delivered in collaboration with the UN Global Compact Network Spain, will engage 1,000 suppliers of large enterprises headquartered in the UK on the Ten Principles of the UN Global Compact, the SDGs, and sustainable business development. It will enable businesses that supply large enterprises to gain the knowledge and skills that are fundamental to complying with the national, European, and international regulatory frameworks regarding sustainability.
In 2024, we hosted two webinars, reaching over 600 individuals.
## **EXTERNAL NEWSLETTER**
## **SUSTAINABLE BUSINESS LEARNING PLATFORM**
Launched in November, our Sustainable Business Learning Platform provides users with access to an exclusive selection of UN Global Compact Network UK resources on-demand.
Our external newsletter, launched in 2023, continued to update the UK business community on upcoming events and activities, share the latest sustainability developments, initiatives, resources, and tools, as well as showcase our members’ achievements.
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## OUR SUSTAINABILITY EFFORTS
Our commitment to sustainability is aligned with the dedication and standards we expect from our members. Integrating social and environmental sustainability into our own organisation gives us a better understanding of what we’re asking of our participant companies while also demonstrating our commitment to creating a more sustainable world.
## **DIVERSITY, EQUITY, AND INCLUSION**
## **LIVING WAGE EMPLOYER**
The UN Global Compact Network UK has been an accredited Living Wage employer since 2019. All Secretariat staff are paid at least the London Living Wage. We recognise that paid internships are key to enabling decent work, equal opportunity for employment, and growth within the organisation for young people, particularly for candidates of varying socio-economic backgrounds.
We are committed to promoting and respecting diversity, equity, and inclusion in our workforce and our external stakeholder community. We believe that having a diverse workforce and fostering an inclusive culture where everyone feels valued and able to fully express themselves is a key element of a successful business. The UK Network has a Diversity, Equity, and Inclusion Policy that outlines our commitments.
## **INCLUSIVE COMMUNICATIONS AND MARKETING**
## **RECRUITMENT VIA APPLIED**
Since 2019, we have used Applied’s blind hiring platform to eliminate bias from our staff recruitment process. Using anonymised applications and predictive, skill-based assessments, we identify talent that might have been overlooked by reviewing CVs alone. Each job posting includes diversity disclaimers and, where possible, we use gender and ethnically diverse interview panels.
We prioritise inclusive and accessible digital marketing and communication materials. For example, our website uses EqualWeb, an accessibility widget that allows users to adapt web content to their individual accessibility needs.
## **NET ZERO TARGET**
The UN Global Compact Network UK has made a commitment through the SME Climate Hub to:
## **SPEAKER DIVERSITY**
- [ Halve our carbon emissions before 2030;]
- [ Cut emissions to zero before 2050; and]
The UK Network organises over 100 events every year, each providing a platform for our speakers to inspire and share their knowledge with hundreds of people. To ensure that we provide equal opportunities for speaking roles and share a wide range of perspectives at our events, we send a bi-annual anonymous Speaker Diversity Monitoring Survey to our presenters. We track a range of diversity indicators including ethnicity, gender, sexuality, disability, and socio-economic background.
- [ Share our progress on a yearly basis.]
In support of these efforts, we have formed a cross-functional team to conduct quarterly monitoring, risk assessments, and annual reporting on our net zero progress. Our Net Zero Taskforce, led by the Head of the Environment team, is comprised of one team member from each of our programming teams, one member from the Participant Engagement and Impact teams, and our Chief of Staff. The Taskforce is currently working on our second Net Zero Report, which we will publish in the spring.
## **DIVERSITY AND INCLUSION GROUP**
The UK Network is a member of the Diversity and Inclusion Group on the UN Global Compact Country Network Hub. This allows us to communicate our practices with other Country Networks around the world, as well as share national and company examples, spark conversation, and share outcomes with others.
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## LOOKING AHEAD TO 2025
2025 marks a milestone year as we conclude our 2022–2025 strategic framework and embrace an ambitious push toward achieving our goals. Building on the structural improvements and strategic advancements of 2024, we are well-positioned to deepen our impact in the year ahead.
Our focus for 2025 includes driving member engagement, particularly among SMEs, expanding our reach across the UK to amplify our impact, and implementing a robust advocacy strategy to position the UN Global Compact Network UK as a leading voice in promoting responsible business practices.
To advance these goals, we are developing several programmes and initiatives. A new Programme Navigator Tool will help members and prospective members identify the most relevant programmes and resources for their needs. We are increasing the number of in-person events, especially outside London, while continuing to diversify our programme outputs. Members-only programming will include a four-part in-person workshop on Sustainability Essentials for Core Functions. Our Environment team will launch two open webinar series on adaptation and resilience and advanced scope 3 emissions. Within our Governance & SDGs programme, the 2030 Vision: Uniting Europe in the Fight Against Illicit Financial Flows initiative will bring together UN Global Compact private sector participants, civil society, government, and academia. The initiative will embed business integrity principles across company operations, advocate and advance policy recommendations, and foster international standards to improve economic, political, and social conditions across Europe.
Our Social Mobility Regional Consultations will engage with industry leaders and local governments across UK cities to promote a fairer and more diverse workforce in the UK. Finally, a newly established Advocacy Steering Group will help us operationalise our advocacy strategy. This will include assisting us with formulating appropriate KPIs and taking forward policy asks.
Notwithstanding the economic headwinds and pushback against corporate sustainability, we look forward to making 2025 our most impactful year yet, working together to create a world we want to live and do business in.
For 25 years, our Ten Principles on human rights, labour, the environment, and anti-corruption have helped define corporate responsibility and influence global policy and practice.
For 2025, we join CEO and Executive Director of the United Nations Global Compact, Sanda Ojiambo, in calling on all participants to accelerate your engagement with our global sustainability movement. This call to action is clear: we must all move forward much faster to meet the pace and scale the future requires. The needs are unprecedented, but so are the opportunities.
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## REPORT OF THE TRUSTEES
## **FINANCIAL REVIEW**
## **RESULTS FOR THE YEAR**
and cost of closure. After a formal assessment of these considerations, the Trustees determined that UN Global Compact Network UK requires reserves equal to at least 3 months of operating expenses.
Income for the year totalled £3,691,128 (2023: £3,272,006) of which income from membership fees was £3,022,632 (2023: £2,697,347).
As of 31 December 2024, UN Global Compact Network UK held unrestricted reserves of £365,647, representing approximately 2.1 months of the budget for 2025.
After total expenditure of £3,585,909 (2023: £3,107,404) the years activities showed a surplus for the year of £105,219 (2023: £164,602) which, when accumulated with the funds brought forward from previous years, leaves the charity with total funds at the year-end of £365,647 (2023: £260,428).
All funds held at the year end are unrestricted (2023: all funds held were unrestricted).
## **RESERVES POLICY**
In establishing a Reserves Policy, the Trustees considered income risk, expenditure risk, general operating environment,
With activity and membership numbers continuing to increase in 2025 the Trustees remain confident that the reserves of the charity will be sufficient to meet at least 3 months of operating expenses by the latter half of 2025.
## **RISK REVIEW**
UN Global Compact Network UK has a Governance & Risk Committee of the Board with robust processes for identifying, analysing, and mitigating material risks. The Trustees confirm that controls are in place to mitigate the current major risks identified which are:
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RISK CATEGORY: RISK: MITIGATION:
Operational Loss of key staff, resulting Consultant engaged to undertake culture review. System for
in additional workload regular performance appraisals implemented to monitor job
pressures, and loss of satisfaction. Job descriptions being updated to clarify roles.
institutional memory Remuneration benchmarked and updated. Increased focus on
career progression and professional development.
Financial Inadequate reserves; Errors in Forecasts scrutinised by Board. Regular reviews of key financial
budget forecasts. indicators to ensure early warning of developing problems.
Compliance Inadvertent failure to comply Identifying key requirements for an organisation of our size and
with regulations. type and assigning responsibility for compliance.
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## **COMPLAINTS**
The charity received no complaints during the year (2023: none).
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
The Trustees (who are also the directors of the legal entity Global Compact Network UK for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to:
- [select suitable accounting policies and then apply them] consistently;
- [observe the methods and principles in the Charity SORP;]
- •[make judgements and estimates that are reasonable and] prudent;
- [prepare the financial statements on the going concern basis] unless it is inappropriate to presume that the charitable company will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the Trustees are aware:
- [there is no relevant audit information of which the charitable] company’s auditors are unaware; and
- [the Trustees have taken all steps that they ought to have taken] to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
## **AUDITORS**
During the year Mercer & Hole LLP were re-appointed as auditors of the charitable company and will be proposed for re-appointment at the next Annual General Meeting.
Report of the trustees, incorporating a strategic report, approved by order of the Board of Trustees, as the company directors, on 29 May 2025 and signed on the Board’s behalf by:
D G Schofield – Chair of Trustees
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## INDEPENDENT AUDITOR’S REPORT
## **Independent Auditor’s Report to the Trustees and Members of Global Compact Network UK Limited**
## **OPINION**
## **CONCLUSIONS RELATING TO GOING CONCERN**
We have audited the financial statements of Global Compact Network UK Limited for the year ended 31 December 2024 which comprise the statement of financial activities, incorporating the income and expenditure account, the balance sheet, the cash flow statement and the related notes numbered 1 to 15. 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 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 charitable company’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
In our opinion the financial statements:
- [ give a true and fair view of the state of the charitable ] company’s affairs as at 31 December 2024, and of the charitable company’s incoming resources and application of resources, including the charitable company’s income and expenditure, for the period then ended;
- [ have been properly prepared in accordance with United ] Kingdom Generally Accepted Accounting Practice; and
- [ have been prepared in accordance with the requirements of ] the Companies Act 2006.
## **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 auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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.
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 Report of the Trustees’ including the Directors’ and Strategic Report, other than the financial statements and our auditor’s 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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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## **Independent Auditor’s Report to the Trustees and Members of Global Compact Network UK Limited (continued)**
## **OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006**
In our opinion, based on the work undertaken in the course of the audit:
- [ the information given in the Trustees’ Report, including the ] Directors’ and Strategic Report for the financial period for which the financial statements are prepared, is consistent with the financial statements; and
- [ the Report of the Trustees’, including the Directors’ and ] Strategic Report, has been prepared in accordance with applicable legal requirements.
## **MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION**
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees’ Report including the Directors’ and Strategic Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require us to report to you if, in our opinion:
- [ adequate and proper accounting records have not been kept ] by the charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
- [ the financial statements are not in agreement with the ] accounting records and returns; or
- [ certain disclosures of Trustees’ remuneration specified by law ] are not made; or
- [ we have not received all the information and explanations we ] require for our audit.
## **RESPONSIBILITIES OF TRUSTEES**
As explained more fully in the Trustees’ responsibilities statement, the Trustees (who are also the Directors of the charitable company for the purposes of company law) 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.
## **AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS**
We have been appointed as auditor under the Companies Act 2006 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 auditor’s 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.
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## **Independent Auditor’s Report to the Trustees and Members of Global Compact Network UK Limited (continued)**
Irregularities, including fraud, are instances of non-compliance 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 extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
- [ we gained an understanding of the legal and regulatory ] framework applicable to the charitable company and the industry in which it operates, and considered the risk of acts by the charitable company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006.
- [ we evaluated management’s incentives and opportunities ] for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate income or understate expenditure and management bias in accounting estimates.
Audit procedures performed by the engagement team included:
- [ discussions with management, including considerations of ] known or suspected instances of non-compliance with laws and regulations and fraud;
- [ gaining an understanding of management’s controls designed ] to prevent and detect irregularities; and
- [ identifying and testing journal entries.]
less likely the inherently limited procedures required by auditing standards would identify it.
In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor’s report.
## **USE OF OUR REPORT**
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members and Trustees those matters we are required to state to them in an auditor’s 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 charitable company, the charitable company’s members as a body and the charitable company’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the
Jolene Upshall - Senior Statutory Auditor 29 May 2025
Mercer & Hole LLP Statutory Auditor Trinity Court Church Street Rickmansworth WD3 1RT
26
Docusign Envelope ID: 595F9C52-644A-46D3-B7DD-A5F522B274BE
## FINANCIAL STATEMENTS
**Statement of financial activities incorporating income and** Network UK **expenditure account for the year ended 31 December 2024**
**----- Start of picture text -----**
31.12.24 31.12.23
NOTES
UNRESTRICTED TOTAL
TOTAL FUNDS FUNDS
£ £
**----- End of picture text -----**
|INCOME AND ENDOWMENTS FROM
Charitable activities
2
Membership fees
Sponsorship
Projects
Programmes and Working Groups
Other trading activities
3
Investment income
4
TOTAL
EXPENDITURE ON
Raising funds
5
Charitable activities
6
Membership fees
Sponsorship
Projects
Programmes and Working Groups
TOTAL
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
13|3,022,632
2,697,347
162,502
246,642
273,708
183,256
198,569
115,240
18,217
25,420
15,500
4,101|
|---|---|
||3,691,128
3,272,006|
||5,446
6,754
2,983,716
2,554,570
150,345
249,887
275,102
183,216
171,300
112,977|
||3,585,909
3,107,404|
||105,219
164,602
260,428
95,826|
||365,647
260,428|
The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derives from continuing operations.
The notes on pages 30 to 38 form part of these financial statements.
27
Docusign Envelope ID: 595F9C52-644A-46D3-B7DD-A5F522B274BE
## Network UK
## **Balance Sheet as at 31 December 2024**
**----- Start of picture text -----**
31.12.24 31.12.23
NOTES
£ £
**----- End of picture text -----**
|NOTES|31.12.24
£
31.12.23
£|
|---|---|
|FIXED ASSETS
Tangible assets
10
CURRENT ASSETS
Debtors
11
Cash in hand
CREDITORS
Amounts falling due within one year
12
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
Unrestricted funds
TOTAL FUNDS
13|7,834
0|
||1,213,669
1,157,007
978,941
713,475|
||2,192,610
1,870,482
(1,834,797)
(1,610,054)|
||357,813
260,428|
||365,647
260,428|
||365,647
260,428|
||365,647
260,428|
||365,647
260,428|
The financial statements on pages 27 to 38 were approved and authorised for issue by the Board of Trustees on 28 May 2025.
D G Schofield - Chair of Trustees
The notes on pages 30 to 38 form part of these financial statements.
UN Global Compact Network UK is the operating name of Global Compact Network UK, a charity registered in England and Wales (1202147) and a company limited by guarantee in England and Wales (company number 08567552).
28
Docusign Envelope ID: 595F9C52-644A-46D3-B7DD-A5F522B274BE
## Network UK
## **Statement of cash flows for the year ended 31 December 2024**
**----- Start of picture text -----**
31.12.24 31.12.23
NOTES
£ £
Cash flows from operating activities
Net cash provided by operating activities a (249,966) (50,651)
Cash flows from investing activities
Investment income 15,500 4,101
Net cash provided by investing activities 15,500 4,101
Change in cash and cash equivalents in the year 265,466 (46,550)
Cash and cash equivalents at the beginning of the year 713,475 760,025
Cash and cash equivalents at the end of the year b 978,941 713,475
a. Reconciliation of net income to net cash flow from operating activities
31.12.24 31.12.23
£ £
Net Income for the year (as per the statement of financial activities) 105,219 164,602
Interest from investments (15,500) (4,101)
Depreciation charges 953 0
Purchase of tangible fixed assets (8,787) 0
Decrease/(Increase)in Debtors (56,662) 133,086
(Decrease)/Increase in Creditors 224,743 (344,238)
Net cash provided by operations 249,966 (50,651)
b. Analysis of cash and cash equivalents
31.12.24 31.12.23
£ £
Cash at bank and in hand 978,941 713,475
01.01.24 Movement 31.12.24
£ £ £
Cash at bank and in hand 713,475 265,466 978,941
**----- End of picture text -----**
29
Docusign Envelope ID: 595F9C52-644A-46D3-B7DD-A5F522B274BE
## Network UK
## **Notes to the financial statements for the year ended 31 December 2024**
## **1. ACCOUNTING POLICIES**
## **EXPENDITURE**
## **BASIS OF PREPARING THE FINANCIAL STATEMENTS**
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). UN Global Compact Network UK meets the definition of a public benefit entity under FRS102 and has therefore prepared the financial statements in accordance with the Statement of Recommended Practice (second edition - October 2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP) and the Charities Act 2011. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Fees due to the UN Global Compact Head Office in New York on subscriptions are recognised in the period for which the subscription relates.
## **JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY**
## **GOING CONCERN**
The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable company to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. The Trustees have reviewed the charity’s forecasts and concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
In applying the charitable company’s accounting policies, the Trustees are required to make judgements, estimates and assumptions in determining reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised 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 both current and future periods.
## **INCOME**
## **TAXATION**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
The charity was granted charitable status on 2 March 2023 and is exempt from corporation tax on its charitable activities from this date. The organisation is liable to corporation tax on the profits arising up to and including 1 March 2023.
Membership fees are recognised in the period for which the membership relates.
## **FINANCIAL INSTRUMENTS**
Sponsorship income is only received from organisations that are registered participants of the UN Global Compact Network UK.
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
30
Docusign Envelope ID: 595F9C52-644A-46D3-B7DD-A5F522B274BE
## **Notes to the financial statements** Network UK **for the year ended 31 December 2024 (continued)**
## **1. ACCOUNTING POLICIES (CONTINUED)**
## **DEBTORS**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **CASH AT BANK AND IN HAND**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **LIABILITIES AND PROVISIONS**
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
## **FUND ACCOUNTING**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Throughout the year the charity did not hold any Restricted funds.
31
Docusign Envelope ID: 595F9C52-644A-46D3-B7DD-A5F522B274BE
## **Notes to the financial statements** Network UK **for the year ended 31 December 2024 (continued)**
## **2. INCOME FROM CHARITABLE ACTIVITIES**
**----- Start of picture text -----**
31.12.24 31.12.23
£ £
**----- End of picture text -----**
||31.12.24
£
31.12.23
£|
|---|---|
|Membership fees
Sponsorship
Projects
Programmes and Working Groups|3,022,632
2,697,347
162,502
246,642
273,708
183,256
198,569
115,240|
||3,657,411
3,242,485|
## **3. OTHER TRADING ACTIVITIES**
||31.12.24
£
31.12.23
£|
|---|---|
|Sales of flags and pins|18,217
25,420|
||18,217
25,420|
## **4. INVESTMENT INCOME**
||31.12.24
£
31.12.23
£|
|---|---|
|Deposit account interest|15,500
4,101|
||15,500
4,101|
## **5. RAISING FUNDS**
||31.12.24
£
31.12.23
£|
|---|---|
|Purchases|5,446
6,754|
||5,446
6,754|
32
Docusign Envelope ID: 595F9C52-644A-46D3-B7DD-A5F522B274BE
## **Notes to the financial statements** Network UK **for the year ended 31 December 2024 (continued)**
## **6. CHARITABLE ACTIVITIES COSTS**
**----- Start of picture text -----**
UK NETWORK
FEES PAYABLE
SECRETARIAT DIRECT SUPPORT
NOTES TO HEAD OFFICE TOTAL
FEES* COSTS* COSTS
£
£
**----- End of picture text -----**
|NOTES|FEES PAYABLE
TO HEAD OFFICE
£|UK NETWORK
SECRETARIAT
FEES*
£
DIRECT
COSTS*
SUPPORT
COSTS
TOTAL|
|---|---|---|
|2024
Membership Fees
Sponsorship
Projects
Programmes and Working Groups
UK Network Secretariat
- time on indirect
activities (4%) 7
Total UK Network
Secretariat Fees
15|1,307,371
79,502
0
0|1,017,467
559,969
98,909
2,983,716
0
67,352
3,491
150,345
47,881
220,239
6,982
275,102
83,791
80,527
6,982
171,300|
||1,386,873|1,149,139
928,087
116,364
3,580,463
47,881
1,197,020|
||||
* - All staff and operations previously carried out by the UK Network Secretariat were transferred to the charity on 1 September 2024
## 2023
|Membership Fees
Sponsorship
Projects
Programmes and
Working Groups
UK Network Secretariat
- time on indirect 7
activities (4%)
Total UK Network
Secretariat Fees
15|1,080,586
246,642
0
0|1,258,170
123,868
91,946
2,554,570
0
0
3,245
249,887
81,411
95,315
6,490
183,216
81,411
25,076
6,490
112,977|
|---|---|---|
||1,327,228|1,420,992
244,259
108,171
3,100,650
59,208
1,480,200|
||||
33
Docusign Envelope ID: 595F9C52-644A-46D3-B7DD-A5F522B274BE
## Network UK
## **Notes to the financial statements for the year ended 31 December 2024 (continued)**
## **7. SUPPORT COSTS**
Support costs are allocated to the core activities of the charity based on an estimate of time spent supporting each workstream.
**----- Start of picture text -----**
31.12.24 31.12.23
£ £
**----- End of picture text -----**
|Staff costs
Advertising & Marketing
Training
Office rent
Depreciation
Audit
Accountancy
Bank Fees
Insurance
Legal
IT costs
Corporation tax on profits to date of Charitable Status
on 2 March 2023
UK Network Secretariat - estimate of time on indirect
activities (support) - 2024 4% (2023 4%)
Membership Fees - 2024: 85% (2023: 85%)
Sponsorship - 2024: 3% (2023: 3%)
Projects - 2024: 6% (2023: 6%)
Programmes - 2024: 6% (2023: 6%)|19,077
0
147
2,490
278
0
1,760
0
953
0
9,000
9,825
16,958
15,188
5,578
3,725
3,376
2,941
237
1,097
11,119
5,601
0
8,096|
|---|---|
||68,483
48,963
47,881
59,208|
||116,364
108,171|
||98,909
91,946
3,491
3,245
6,982
6,490
6,982
6,490|
||116,364
108,171|
34
Docusign Envelope ID: 595F9C52-644A-46D3-B7DD-A5F522B274BE
## Network UK
## **Notes to the financial statements for the year ended 31 December 2024 (continued)**
## **8. EMPLOYEE REMUNERATION**
**----- Start of picture text -----**
31.12.24 31.12.23
£ £
**----- End of picture text -----**
||31.12.24
£
31.12.23
£|
|---|---|
|Salaries
Employer's national insurance
Employer's pension contributions
Staff costs are allocated based on time spent by staff supporting the
charity’s activities:
Membership Fees
Sponsorship
Projects
Programmes
Support costs|413,777
0
43,653
0
19,490
0|
||476,920
0|
||405,382
0
0
0
19,077
0
33,384
0
19,077
0|
||476,920
0|
Until 31 August 2024 all operations of the charity were delegated to The Sustainability Hub. On 1 September 2024 all operations and staff contracts were transferred to Global Compact Network UK Limited with the above costs being for the period 1 September 2024 to 31 December 2025. During this period the average number of staff employed was 30 (year to 31/12/23: nil). No staff received remuneration of more than £60,000 in the year to 31/12/24 or the year to 31/12/23.
## **9. TRUSTEES’ REMUNERATION AND BENEFITS**
No trustees received any remuneration or benefits in the year to 31 December 2024 nor in the year to 31 December 2023.
## Trustees’ expenses
There were no Trustees’ expenses paid in the year to 31 December 2024 nor in the year to 31 December 2023.
35
Docusign Envelope ID: 595F9C52-644A-46D3-B7DD-A5F522B274BE
## Network UK
## **Notes to the financial statements for the year ended 31 December 2024 (continued)**
## **10. TANGIBLE FIXED ASSETS**
**----- Start of picture text -----**
Year to 31.12.24
£
**----- End of picture text -----**
|Cost - computer equipment
At 1 January 2024
Additions
At 31 December 2024
Depreciation - computer equipment
At 1 January 2024
Charge for year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023|0
8,787|
|---|---|
||8,787|
||0
953|
||953|
||7,834|
||0|
## **11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**----- Start of picture text -----**
As at 31.12.24 As at 31.12.23
£ £
**----- End of picture text -----**
||As at 31.12.24
£
As at 31.12.23
£|
|---|---|
|Trade debtors
Amounts recoverable on contract
Other debtors
Prepayments and accrued income|774,728
738,467
12,883
4,567
415,058
413,973
11,000
0|
||1,213,669
1,157,007|
## **12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**----- Start of picture text -----**
As at 31.12.24 As at 31.12.23
£ £
**----- End of picture text -----**
|Payments on account
Trade creditors
Taxation and Social Security
VAT
Other creditors
Accruals and deferred income|1,092,605
911,882
595,270
626,601
50,730
8,096
63,639
41,071
19,553
7,303
13,000
15,101|
|---|---|
||1,834,797
1,610,054|
36
Docusign Envelope ID: 595F9C52-644A-46D3-B7DD-A5F522B274BE
## Network UK
## **Notes to the financial statements for the year ended 31 December 2024 (continued)**
## **13. MOVEMENT IN FUNDS**
||At
1.1.24
£
NET MOVEMENT IN
FUNDS
£
At
31.12.24
£|
|---|---|
|Unrestricted funds
General fund
TOTAL FUNDS|260,428
105,219
365,647|
||260,428
105,219
365,647|
|||
Net movement in funds, included in the above are as follows:
||INCOMING
RESOURCES
£
RESOURCES
EXPENDED
£
MOVEMENT IN
FUNDS
£|
|---|---|
|Unrestricted funds
General fund
TOTAL FUNDS|3,691,128
(3,585,909)
105,219|
||3,691,128
(3,585,909)
105,219|
Comparative net movement in funds, included in the above are as follows:
||At
1.1.23
£
NET MOVEMENT IN
FUNDS
£
At
31.12.23
£|
|---|---|
|Unrestricted funds
General fund
TOTAL FUNDS|95,826
164,602
260,428|
||95,826
164,602
260,428|
|||
Net movement in funds, included in the above are as follows:
||INCOMING
RESOURCES
£
RESOURCES
EXPENDED
£
MOVEMENT IN
FUNDS
£|
|---|---|
|Unrestricted funds
General fund
TOTAL FUNDS|3,272,006
(3,107,404)
164,602|
||3,272,006
(3,107,404)
164,602|
|||
37
Docusign Envelope ID: 595F9C52-644A-46D3-B7DD-A5F522B274BE
## **Notes to the financial statements** Network UK **for the year ended 31 December 2024 (continued)**
## **13. MOVEMENT IN FUNDS (CONTINUED)**
A current year 12 month and prior year 12 month combined position is as follows:
||At
1.1.23
£
NET MOVEMENT IN FUNDS
£
At 31.12.24
£|
|---|---|
|Unrestricted funds
General fund
TOTAL FUNDS|95,826
269,821
365,647|
||95,826
269,821
365,647|
|||
A current year 12 month and prior year 12 month combined net movement in funds, included in the above are as follows:
||INCOMING RESOURCES
£
RESOURCES EXPENDED
£
MOVEMENT IN FUNDS
£|
|---|---|
|Unrestricted funds
General fund
TOTAL FUNDS|6,963,134
(6,693,313)
269,821|
||6,963,134
(6,693,313)
269,821|
|||
## **14. COMMITMENTS UNDER OPERATING LEASES**
The total future minimum lease payments under non-cancellable operating leases are as follows
**----- Start of picture text -----**
31.12.24 31.12.23
£ £
**----- End of picture text -----**
||31.12.24
£
31.12.23
£|
|---|---|
|Land and buildings - amounts falling due:
within one year
between one and five years
after five years|196,000
0
18,000
0
0
0|
||214,000
0|
|||
## **15. RELATED PARTY DISCLOSURES**
During the period to 31 August 2024, and throughout 2023, the Trustees delegated the day-to-day operations to a third party, The Sustainability Hub Limited, of which the Company Secretary of the charity (S E Kenzie) was the majority shareholder.
During this period, The Sustainability Hub Limited was solely responsible for the cost of providing all Secretariat services to the charity, including the employment of staff delivering these services. The cost of providing these services to the charity in the period to 31 August 2024 was £1,197,020 (excluding VAT) (2023: £1,480,000 (excluding VAT)).
At 31 December 2024, £33,868 was due from The Sustainability Hub Limited (at 31 December 2023 £nil was due to/from The Sustainability Hub Limited). At the date of signing this report £nil was due to/from The Sustainability Hub Limited.
On 1 September 2024 all the Secretariat functions previously provided by The Sustainability Hub Limited, including the employment of staff, were transferred to the charity and the previous arrangement with The Sustainability Hub Limited ceased.
38
Docusign Envelope ID: 595F9C52-644A-46D3-B7DD-A5F522B274BE
## REFERENCE AND ADMINISTRATIVE DETAILS
## Registered Company name
Global Compact Network UK (operating as UN Global Compact Network UK)
Registered Company number 08567552 (England and Wales)
Registered Charity number 1202147 (England and Wales)
## Governing document
The charity is controlled by its articles of association and operates as a company, limited by guarantee, as defined by the Companies Act 2006.
## Registered office
7 Bell Yard London WC2A 2JR
Trustees C Bronks R Chapman (appointed 25.6.24) Dr S J Gardner (appointed 25.6.24) H A Khan R H Moseley D G Schofield (Chair) M J Sparkes P Srivastav (appointed 25.6.24)
## Company Secretary
S E Kenzie
## Auditors
Mercer and Hole LLP Registered Auditor Chartered Accountants 72 London Road St Albans Hertfordshire AL1 1NS
39
Docusign Envelope ID: 595F9C52-644A-46D3-B7DD-A5F522B274BE
## **ABOUT THE UNITED NATIONS GLOBAL COMPACT**
As a special initiative of the United Nations Secretary-General, the UN Global Compact is a call to companies worldwide to align their operations and strategies with Ten Principles in the areas of human rights, labour, environment, and anti-corruption.
Its ambition is to accelerate and scale the global collective impact of business by upholding the Ten Principles and delivering the Sustainable Development Goals through ambitious, accountable companies, and environments that enable change. With more than 22,000 companies and 3,000 non-business signatories based in over 160 countries, and 62 Local Networks, the UN Global Compact is the world’s largest corporate sustainability initiative — one Global Compact uniting business for a better world.
For more information, visit www.unglobalcompact.org
## **ABOUT THE UN GLOBAL COMPACT NETWORK UK**
The UN Global Compact Network UK connects UK companies and other organisations in a global movement dedicated to driving sustainable growth. Through an extensive programme of activity, it promotes sustainability leadership to create a world we want to live and do business in, by inspiring ambition, enabling action, and collaborating to shape the business environment.
The Ten Principles of the UN Global Compact, rooted in UN treaties, provide a robust foundation for corporate sustainability and business action on the Sustainable Development Goals (SDGs).
For more information, follow us on LinkedIn (UN Global Compact Network UK) or visit unglobalcompact.org.uk
## **DISCLAIMER**
The inclusion of company names and/or examples in this publication is intended strictly for learning purposes and does not constitute an endorsement of the individual companies by the UN Global Compact Network UK.
## Copyright © 2025Ω
Please cite this publication as:
_UN Global Compact Network UK, 2024 Annual Report & Accounts_