The latest annual report for the IFRS Foundation showed that income for the year stood at £48.7m, was a £19.9m increase year on year. The significant change was primarily due to ISSB funding which included £15.4m of ISSB seed funding and £4.7m from the earned revenue programmes transferred to the IFRS Foundation as part of the merger with the Value Reporting Foundation (VRF).

Staff costs overall were the most significant cost for the Foundation at £32.3m (2021: £21.3m), accounting for 67% of the cost base. The annual increase of £11m included annual pay rises but was mainly attributable to the new ISSB members and technical staff.

Technical and operating costs increased by £6.8m from £21.3m to £32.2m. This was due in part to £2.7m in legal and tax related costs for the setup of the multi-location office model, and recruitment and vetting fees for the new ISSB members and staff. Office costs increased by £1.7m.

Li