The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Forbes Project Solutions Limited (formerly known as Forbes Testing Limited) is a private company limited by shares incorporated in England and Wales. The registered office is 14 Ryder Street, London, SW1Y 6QB.

The current set of accounts represent an elongated 17 month period from 1 December 2023 to 30 April 2025 in order to align accounting period ends across the group after the sale of the group on 1 November 2024. Comparatives are provided for the 12 month year to 30 November 2023.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover consists of contractor placements, representing fees billed for the services of contractors including their costs, which is recognised when the service has been provided.

Turnover not invoiced at the balance sheet date is included within accrued income.

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

The average monthly number of persons (including directors) employed by the company during the period was:

Amounts owed by fellow group undertakings are unsecured, interest free and repayable on demand.

Amounts owed by other debtors are detailed further in the Related party transactions note.

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

During the year ended 31 December 2020, the company entered in to a fixed rate loan agreement for £50,000 with HSBC UK Bank plc attracting an annual interest of 2.5%, after one year from the date the loan was granted. The loan was due for repayment in monthly installments and to be repaid in full by 18 November 2026. The loan was fully repaid during the year, hence the balance at 30 April 2025 was £nil (2023: £30,746). This lending facility is supported by the Bounce Back Loan Scheme (BBLS), managed by the British Business Bank with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

As of 1 May 2025 the business assets and liabilities of Forbes Project Solutions Limited were transferred to Korn Ferry (UK) Limited. Korn Ferry (UK) Limited assumed all liabilities and obligations (past, present and future) from this date.

During the year, the company provided loans amounting to £nil (2023: £nil) to connected company Quantum Six Consulting Limited, of which £nil (2023: £40,000) was repaid during the year. These loans accrued interest at a rate of 6%, amounting to £nil in the period (2023: £17,685). The interest is only charged on the original £250,000 loan agreement. The loan was written off in full by 31 October 2024.

The company has taken advantage of the exemption to disclose related party transactions with companies that are wholly owned within the group. The balances outstanding at the year end are disclosed in the Debtors and Creditors notes.

The immediate parent undertaking is Trilogy International Holdings Limited, a company registered in the United Kingdom.

Korn Ferry, a company registered in the State of Delaware, USA, is regarded as the ultimate parent undertaking and controlling party.

Copies of the group financial statements of Korn Ferry, the parent undertaking of the only group preparing group financial statements which include Forbes Project Solutions Limited, can be obtained from:

1900 Avenue of the Stars, Suite 2600, Los Angeles, California 90067, USA.