The directors present their annual report and financial statements for the year ended 31 March 2026.

Message from the Board of Directors

In 2025-26, FIND operated in an increasingly complex environment characterised by shrinking civic space, shifts in the rules-based international order, rapid technological change and a constrained funding landscape across the human rights and climate sectors. At the same time, this context also created opportunity: we saw organisations working for accountability asking what works, funders exploring new priorities, greater openness to collaboration among partners, and advancements in machine learning enabling new investigative methodologies.

FIND played a distinct role by focusing on the financial dimensions of harm and impunity. We strengthened our reputation and partner trust through consistently high-quality work. Our investigations helped civil society organisations understand and challenge the actors and structural drivers behind human rights abuses and environmental harm, meeting the highest reporting standards and contributing to a range of accountability strategies - from public exposure and campaigning to sanctions and strategic litigation. Working across fragmented ecosystems, we fostered collaboration between journalists, local and international human rights organisations, litigators, and prosecutors.

Looking ahead, and building on this work in a rapidly evolving landscape, we will continue to strengthen a nimble, impact-driven organisation focused on challenging the financial drivers of harm. We will deepen the approaches that have underpinned our impact - investing in our people, systems, and technology, strengthening partnerships across sectors, and diversifying grant funding to support long-term sustainability.

As Directors, we remain committed to providing strong governance and oversight to ensure FIND delivers on its mission with integrity and impact.

Principal activities

The principal activity of the company continued to be that of investigating on a not-for-profit basis the actors, technologies, and systems that enable and profit from human rights violations, with a particular focus on financial and corporate structures that drive abuse and enable impunity.

We work in collaboration with community organisations, charities and NGOs, journalists, and international human rights bodies to seek truth and justice for those affected. Our work supports our partners’ accountability efforts, including legal proceedings, regulatory action, investigative reporting, advocacy, truth seeking and community-led storytelling.

In parallel with delivering our own investigations, we strengthen civil society capacity in financial investigations through hands-on training, mentoring, and collaborative partnerships.

Our mission and purpose

Mission - Through rigorous investigations and capacity-building, we support civil society pursue justice, defend human rights and the environment, and hold perpetrators and their enablers to account.

Purpose - FIND leverages financial investigations as a tool in civil society’s pursuit of justice. We work alongside our partners to open avenues for truth, accountability, reparations for those affected, and guarantees of non-repetition.

Organisational Review and Impact

During the financial year, FIND continued to work across five core thematic areas: accountability for international crimes, environmental justice, tech accountability, fair labour, and social justice. Increasingly, our work focused on the intersections between these areas - for example, the links between climate and technology harm, and between environmental harm and labour exploitation.

1.    Criminal Accountability for Illicit Financial Flows

FIND contributed to a landmark Article 15 Communication to the International Criminal Court, submitted by LexCollective alongside partners, including the Ukrainian Legal Advisory Group, B4Ukraine, and KSE Institute. This work highlighted the role of Russian financiers in enabling illegal occupation and seeks to contribute to formal charges relating to crimes against humanity and war crimes in occupied Kherson Oblast. FIND continues to examine illicit financial flows linked to international crimes to support future accountability efforts.

2.    Targeting the Professional Enablers of Scam Centres

FIND conducted asset-tracing investigations into individuals and companies sanctioned by the UK and US for operating illegal scam centres, human rights abuses, and suspected money laundering. The project identified UK-based professional enablers - including lawyers, accountants, and corporate service providers - who facilitated these activities. By exposing these links, the work identified opportunities for regulatory and legal intervention, helping to deter misconduct and strengthen accountability within professional services. Our research also supported Amnesty International’s reporting on the corporate, operational and financial networks behind similar scam centre operations in Cambodia.

3.    Surveillance Accountability

With support from the Spyware Accountability Initiative, FIND provided investigative resources and capacity building to civil society organisations pursuing accountability in this space. Our research uncovered corporate and financial networks enabling the global deployment of surveillance technologies by oppressive regimes. We contributed to high-impact investigations with partners including Lighthouse Reports, WAV, SMEX, Amnesty Tech and Human Rights Watch; supported litigation in EU states, and strengthened the capacity of organisations across Africa and South Asia to identify and address harmful targeted surveillance.

4.    Environmental Justice and Supply Chains

As a steering committee member of the Transnational Legal Coalition, FIND played a key role in challenging global supply chains and economic systems driving environmental destruction and associated human rights abuses. Working alongside partners including GLAN, ECCHR, King’s College London, and Mighty Earth, the coalition uses coordinated transnational legal action, with an initial focus on the Brazilian Amazon. FIND’s contribution centred on analysing the financial networks and corporate actors implicated in these violations.

5.    Indigenous Rights and Truth-Telling

With support from the Roddick and Bertha Foundations, FIND partnered with an Indigenous-led human rights organisation and representatives from First Nations in Canada. Our work included genealogical research to verify community-held knowledge and the co-creation of digital archives of truth. These resources are supporting campaigns to protect Indigenous sovereignty, collective rights, knowledge systems, and cultural identity.

6.    Agribusiness, Environment, and Labour

FIND launched a three-year project, supported by the Samworth Foundation, addressing the intersection of environmental harm and modern slavery in global agribusiness supply chains. Through in-depth investigation and capacity building, the project supports civil society efforts to hold agribusiness companies accountable for environmental destruction and labour exploitation.

7.    Conflict-Affected Gold Supply Chains

FIND continued to support legal interventions by investigating trading relationships linked to conflict-affected gold from Northeast Africa and refineries in the Gulf and Europe, strengthening accountability efforts in this sector.

8.    Access to Justice for Survivors of Exploitation

FIND provided pro bono asset-tracing support to legal teams working with survivors of trafficking and modern slavery. In partnership with the Work Rights Centre, this work has supported compensation claims in the High Court and Employment Tribunal in the UK.

9.    Capacity Building and Training

Throughout the year, FIND provided training workshops, research surgeries, and mentoring to individuals from civil society organisations, media outlets and international tribunals. This included both remote and in-person sessions in Mauritius, Lebanon, Armenia and Kazakhstan covering financial investigation methodologies, research tools, and digital security, significantly strengthening partner capacity.

Governance

During the year, FIND submitted applications for charitable status to both the Charity Commission and the Office of the Scottish Charity Regulator. Final decisions are pending.

Funding

FIND receives income from grant funding and commissioned work charged at cost. In 2025/26, 68% of FIND’s income was made up of grant funding, with the remaining revenue from commissioned investigations and capacity building. We are thankful to Open Society Foundations, New Venture Fund, Oak Foundation, Bertha Foundation, The Roddick Foundation, and Samworth Foundation for their support. And we are grateful to our diverse and growing group of partners for their continued commitment to our work and to the impact of financial investigations in civil society.

Financial Results

Income

Total income for the year was £414.3k (2025: £563.5k), representing 77% of the annual budget and a significant decrease compared to the prior year. This reduction reflects a challenging funding environment, driven by a combination of external pressures. These include a more competitive philanthropic landscape and cuts to development aid budgets, which have affected many partner organisations and, in turn, reduced the level of funding available to FIND. In addition, several planned projects were cancelled due to shifts in international policy, further impacting income generation and contributing to the overall shortfall.

Expenditure

Total expenditure for the year amounted to £498.4k (2025: £526.3k), comprising cost of sales of £47.9k (2025: £77.1k) and administrative expenses of £450.5k (2025: £449.1k). Income covered approximately 83% of total expenditure, with the remaining 17% funded from reserves. As a result, the organisation recorded an operating deficit of £84.5k and a net deficit of £76.6k (2025: £29.8k surplus).

Cost of sales reduced by £29.2k, reflecting lower programme activity levels during the year and demonstrating a degree of variability in direct costs in response to reduced income. In contrast, administrative expenses remained broadly unchanged year on year, increasing marginally by £1.4k (0.3%). This reflects the largely fixed nature of the organisation’s overhead base, particularly in relation to staffing and core operational costs. As a result, while some cost reductions were achieved, overall expenditure did not decrease in line with the reduction in income. This imbalance between income and expenditure was a key factor contributing to the deficit reported for the year.

Administrative expenses include staff costs, which represent the most significant component of expenditure. While these costs are presented within administrative expenditure in the statutory accounts, the organisation monitors them internally to distinguish between direct programme delivery and support functions. Total staff costs for the year were £373,482, of which:

•    £243,340 (65%) related to direct delivery activities, and

•    £130,142 (35%) related to support and administrative functions

This demonstrates that a majority of staff resources are applied to programme delivery, supporting the organisation’s charitable objectives.

Reserves Position

At 31 March 2026, total reserves stood at £53.7k (2025: £130.3k), all held as unrestricted funds. The reduction in reserves of £76.6k reflects the deficit incurred during the year and the use of reserves to fund 17% of total expenditure.

The Directors note that FIND has delivered operating surpluses over the past five years, demonstrating a strong track record of financial stewardship. This is the first deficit year for the organisation; however, the deficit has been absorbed by general reserves and does not compromise the organisation’s financial stability. Despite the funding challenges, the organisation retains a resilient financial position, supported by disciplined cost management, strengthened financial oversight, and continued success in fundraising, for example, securing new donors including Samworth Foundation, Bertha Foundation, and The Roddick Foundation. The Directors will continue to monitor reserves closely, with a clear focus on rebuilding reserves to an appropriate level over time.

Financial Position

Net assets at the year-end were £53.7k (2025: £130.3k).

Cash balances decreased to £135.8k (2025: £246k), reflecting the funding of the operating deficit. Net current assets remained positive at £52.4k (2025: £128.1k), and creditors due within one year reduced to £115.2k (2025: £147.8k).

The organisation remains solvent, with sufficient resources to meet its obligations.

Financial Plans for Future Periods

Looking ahead to 2026-27, the organisation expects a significantly strengthened financial position following the funding challenges experienced during the current year. Based on current forecasts, over 80% of the budgeted income for 2026 has already been secured through existing and new grants and funding agreements, providing a strong foundation for delivery and a high degree of confidence in the year ahead. This improved position will enable the organisation to maintain planned programme activity and return to a more sustainable pattern of delivery with the total income budgeted at approximately £625k.

A key priority for the years ahead is the rebuilding of unrestricted reserves. Current financial projections indicate that the organisation is well positioned to generate annual surpluses over the next three financial years, allowing reserves to be rebuilt progressively over this period. This will strengthen financial resilience and provide a more robust foundation for the organisation's long-term sustainability.

The deficit reported in the current year is therefore considered a temporary and managed response to eternal funding pressures and uncertainty, rather than evidence of a structural imbalance within the organisation's finances. The strong level of secured income for 2026, together with funding already identified for subsequent years, supports confidence in the organisation's longer-term financial position. The organisation will continue to prioritise:

•    securing and diversifying income streams

•    aligning expenditure with income while maintaining delivery capacity

•    rebuilding reserves to support long-term sustainability

Overall, the outlook is positive but appropriately prudent, reflecting a strong level of secured income alongside continued uncertainty in the wider funding environment.

Going Concern

The Directors have considered the organisation’s financial position, including the deficit reported for the year, the resulting reduction in reserves, and the outlook for the forthcoming period. While the year reflects a drawdown of reserves, this is considered a managed and temporary position. The organisation retains positive net assets and sufficient financial resources to meet its obligations. The outlook for 2026–27 indicates a strengthening position, supported by progress within the funding pipeline, with current projections reflecting a return to surplus and the rebuilding of reserves. On this basis, the Directors believe that the organisation has adequate resources to continue in operational existence for the foreseeable future. The financial statements have therefore been prepared on a going concern basis.

Looking ahead – our strategic priorities for 2026-2028

Looking ahead, FIND aims to deepen and scale the areas where we deliver the greatest impact, anchored in a community-centred approach to justice. We envision our role evolving from a trusted partner organisation to a strengthened network hub. In this capacity, we will support our partners to access high-quality investigative expertise, co-develop strategies for accountability, share knowledge, tools, and methodologies, and coordinate action across jurisdictions and sectors. Through investigative support, long-term capacity building and resource sharing, we will enable those at the forefront to drive accountability efforts and shape pathways to justice.

Our strategic priorities over the next three years are to:

1. Deliver impactful investigations to a broader and more diverse network of partners

We will continue to deliver rigorous, actionable investigations while expanding support to partners leading innovative and community-centred accountability efforts. We will also strengthen our role as a connector, fostering collaboration, shared learning, and more coordinated impact across our partner network.

2. Develop and strengthen our programmatic work

We will continue and deepen our long-term investigations and partnerships across our thematic pillars - international crimes, environmental justice, tech accountability, fair labour, and social justice. By building sustained programmes of work, we will grow lasting networks within each pillar, sharpen our thematic expertise, and create clearer pathways from investigation to impact.

3. Strengthen our investigative infrastructure

We will refine investigative frameworks, tools, and methodologies to better support complex cases, including the responsible integration of emerging technologies. We will also strengthen our field-based and human-source approaches. This blend of responsible technology and on-the-ground investigation will enhance the quality, efficiency, and reach of our work, while ensuring it is grounded in local reality.

4. Achieve sustainable organisational growth

We will take a more structured approach to fundraising, building a diversified funding pipeline and deepening relationships with donors. This will support financial resilience while enabling us to remain flexible and responsive to emerging needs.

5. Sustaining a supportive and inclusive team culture

We will maintain a small, agile, and values-driven team, continuing to foster an inclusive and supportive working environment. By prioritising wellbeing and collaboration, we will ensure our culture underpins both our internal work and external partnerships.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies regime.

For the financial year ended 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

Financial Investigations for Non-Profit Design is a private company limited by guarantee incorporated in England and Wales. The registered office is Ground Floor, 1 - 7 Station Road, Crawley, RH10 1HT.

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.

Income and expenses are included in the financial statements as they become receivable or due. Income received in advance of due performance under a contract is accounted for as deferred income until earned.

Research expenditure is written off against surplus in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, 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 balance sheet 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 and cash and bank balances, 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, 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.

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

The tax currently payable is based on taxable surplus for the year. Taxable surplus differs from net profit as reported in the income and expenditure account 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.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

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.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

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

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

There were no related party transactions in the year (in 2025 a total of £2,000 was paid to Laura Bingham for services carried out in the financial year).

From time to time, Financial Investigations for Non-Profit Design may report a surplus. This is reinvested to build capacity or provide pro bono investigation services if cash funds permit.