Report and Accounts, 30 June 2007

Unrestricted income rose by 17% (£1.4m), largely driven by the increase in private sector funding which rose by 15% (£1.8m).

The growth in membership – particularly active participative membership, reflects the continuing grounding of responsible business practice as mainstream business activity and the early success of our new membership proposition.

The largest component of this was the growth of £1.1m in membership contributions with the implementation of the revised member value proposition. Restricted income fell by £1.1m, a result of the drop in public sector grant funding of £1.9m, offset by an increase in sponsorship income of £1.1m. This latter increase included funding for several landmark events including HRH The Prince of Wales May Day Summit on Climate Change and the Awards process to celebrate and share best practice. All areas demonstrated their increasing engagement with and support from member companies.

The outcome for the year was a net increase in our unrestricted reserves of £132k. Unrestricted reserve cover, however, fell to 2.2 months from 2.4 months last year as a result of the growth in unrestricted income and consequently costs. Restricted reserves rose by £414k.

The formal report

The formal report and accounts for the year to 30 June 2007, audited by Horwath Clark Whitehill LLP, were approved by the Board of Directors on 18 October 2007 and were adopted at the Annual General Meeting on 7 December 2007. You can download a copy below:

BITC statutory Accounts 2007 » (189 kb)