2022-12-31-accounts - Friends International Ministries

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FRIENDS INTERNATIONAL MINISTRIES

(Company limited by guarantee and not having a share capital)

Registered Company Number: 4500270 English and Welsh Registered Charity Number: 1094095 Scottish Registered Charity Number: SCO48838

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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FRIENDS INTERNATIONAL MINISTRIES

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Contents	Page
Legal and administrative information	1
Report of the Trustees	2-9
Statement of financial activities	10
Balance sheet	11
Statement of cashflows	12
Notes to the financial statements	13-18
Independent auditor's report	19-21

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FRIENDS INTERNATIONAL MINISTRIES

Registered office: The Rowan Centre, All Nations Christian College, Easneye, Ware, Herts SG12 8LX

Administrative details of the charity, the trustees and advisors

The Trustees present their report together with the accounts of the charitable company for the year ended 31 December 2022. All of the trustees act in the role of directors.

The following trustees served from 1 January 2022 and up to the date of the approval of the accounts:-

Stroma Beattie (Chair) Naomi Dawson Henry Lu Robert Mallet Natasha Rayan Jonathan Salkeld Sara Slater Jonathan Smith (resigned 20 September 2022) Geoffrey Spence

The day to day operations of the charity are overseen by Alan Tower, the National Director

Key Management Personnel :

National Director:	Alan Tower
Regional Development Directors:	Sarah Dawkins
	Pete Edwards
	Iván Neira
Finance Manager:	Lydia Evans
Principal address:	The Rowan Centre
	All Nations Christian College
	Easneye
	Ware
	Herts SG12 8LX
Bankers:	Bank of Scotland
	Barclays Bank plc
	CAF Bank
Auditor:	Griffin Stone Moscrop & Co.
	21-27 Lamb's Conduit Street
	London WC1N 3GS
Solicitors:	Ellis-Fermor & Negus
	2 Devonshire Avenue
	Beeston
	Nottingham
	NG9 1BS

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FRIENDS INTERNATIONAL MINISTRIES REPORT OF THE TRUSTEES

Chair’s Report

The pandemic continued to shape the work of Friends International throughout 2022. Numbers of international students arriving in the UK and Ireland rose and much of our work returned to in person events. We also took time to reflect on the lessons learned through the pandemic when we diversified our approaches to the work in response to the constantly changing context. Some of the changes in ministry models that have happened since 2020 have been incorporated where they have met specific student needs or led to better use of resources. We have been able to run online courses for students exploring the Christian faith, as well as in person events. We have also published new resources, namely “A Better View” and “Mission Possible” . The former is a book that helps international students to understand how to engage with the Bible, using lessons from the Philip Project, and the latter is an update to a previous edition of the history of the charity. We continue to seek to make the best and most effective use of our resources, mobilise and train a large group of volunteers, and work alongside local churches and educational establishments, through growing friendship and faith with international students in the UK and Ireland.

Recruitment has been lower this year, with just 9 new staff appointments. Five of those are in the Support Centre, one being a former staff member who has returned to work in Communications. One of the student facing staff members is a former member of our Reach programme. These additions, some of whom are part-time, have allowed work in the Support Centre to be reconfigured and has freed student facing staff from some administrative tasks.

Whilst recruitment has been a challenge, we have continued to develop partnerships with similar organisations by taking a member of staff as a secondment from Inter Varsity Christian Fellowship (American charity). Our partnership for international student ministry with Christian Unions Ireland continues to thrive in its second five-year period, especially with the appointment in Dublin. Affiliate numbers continue to rise, to 80 at the end of 2022, from 77 at the beginning of the year, representing other ministries, including churches and other agencies, linked in for training and fellowship. Staff contributions to wider networks in Europe and globally continue, though currently usually online rather than through travelling, and cross-agency collaboration among student ministry agencies in Britain has been facilitated through leader consultations.

All centres are now running events in person, with online supplementation allowing greater support of international students with flexibility for those who would rather not gather in groups or dislike leaving their accommodation after dark.

Our annual conference was hybrid for the first time in 2022, allowing those testing positive, or who were uncomfortable with gathering in large groups to participate alongside those who were able to make it in person. It was a success, and a joy for those who were able to be physically present to be able to see colleagues whom they largely had not met with for nearly two years. As the year progressed most meetings reverted back to in person, with the decision being taken to keep the executive and finance committee online from now on. This is one example of learning lessons from the pandemic which have helped the organisation to be more effective with the resources that we have and making the most of Trustee and senior staff time.

We continued to pursue our Growth Strategy Plan aiming to recruit staff in new Centres and reinforce existing Centre staff teams, in the places where most international students are studying – goals being 25 extra staff by 2025 and a total of 35 by 2030. As part of this strategy, we now have two members of staff in Coventry, one who joined in 2022, and another an internal transfer. This is allowing Friends International to grow a work amongst international students in Coventry and Warwick.

Ensuring our Volunteer Recruitment procedure pays due attention to proper screening and safeguarding, review of this process has been a priority in 2022, with a brand new centrally administered volunteer policy. This robust system ensures the safety of both volunteers and students from initial recruitment through to any interactions. The policy and guidelines were subject to review at every level of the organisation in order to make sure that they were both thorough and also possible to carry out in a cross-cultural context.

There has been an encouraging increase in regular giving to General funds. Legacies totalling approximately £200,000 will make a significant contribution towards our planned investment in infrastructure as we continue to expand our work.

Staff funds which resource local ministry have fallen as new staff are joining and accumulated historic reserves are judiciously spent. Further fundraising to support the Growth Strategy Plan is being addressed. Close attention is being paid to the best use of the investment property and cash deposits held.

The charity continues to fulfil its aims and greatly enriches the lives of many international students when they come to the UK.

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FRIENDS INTERNATIONAL MINISTRIES REPORT OF THE TRUSTEES

Our Objectives and Activities:

Friends International Ministries is an evangelical mission agency dedicated to encouraging and equipping churches to reach international students for Christ. We seek to help international students, whatever their faith backgrounds, during their stay in the UK and elsewhere. Friends International's vision is to see international students transformed by the good news of Jesus so that they fully engage with the mission of the church in the world.

Public Benefit:

The trustees have considered the Charity Commission’s general guidance on public benefit and in particular its supplementary public guidance on the advancement of religion for the public benefit. Friends International's purposes comply directly with three of the Charities Act's descriptions of "charitable purpose" namely:

"the advancement of religion"; We aim to demonstrate to international students the relevance of Christian faith to personal life today, how Christian faith has developed and how it is variously expressed in the 21st century world. We partner with university chaplaincies in providing pastoral support for international students and some of our staff are also university chaplains.
"the advancement of education"; We interact with international students in a range of different ways, helping them improve their English language, understand different cultures, and sometimes with more specific training such as leadership skills and preparation for their return home.
"the advancement of citizenship or community development"; We produce resources in multiple formats for new international students (called “Life UK”) to help them integrate into our country, and we run orientation programmes mainly in the autumn term.
In partnership with local Christian communities, we arrange cultural trips and opportunities for international students to engage with a British family. Since the pandemic we have partnered with universities to offer English language practice sessions, helping international students to be effective for their time in the UK and establishing friendships that will help them thrive on arrival.

The trustees seek to ensure that these purposes are met as the Charity works principally to support and enable Christian churches’ outreach in their local communities with specific focus on international students furthering their education in the UK.

Strategies:

Key strategies for 2020 – 2025 include:

Growth initiatives aim to help us reach a tipping point of students aware of Friends International so that all international students can experience a welcome to the UK and Ireland, as well as an opportunity to investigate the Christian faith.
Reaching out to students who have difficulty hearing the Christian message in their home country or who are not initially attracted to our activities is an emphasis for ministry development. We aim to identify them, identify fruitful practice, model best practice with local ownership, and raise profile.
Returnee focus, for when students return to their home countries or move elsewhere, to be built in from the first contacts with students, through friendship, to continue moving staff, Branches and Development Groups, Churches and volunteers, from acknowledging the returnee focus to influencing how they conduct their ministry.
Events speaking training helps to develop skills in public ministry to better achieve international student outreach, both to model contextualised Bible teaching and evangelism in a multicultural setting, and to equip others to do the same.
Innovation in Student Engagement includes new approaches to reach out to and meet the needs of international students, as well as resources for leadership skills, international student wellbeing, discipleship and outreach.
Ministry Partnership Development helps staff draw in a full schedule of financial and prayer supporters to allow their work to proceed fully resourced.
Learning and Development are promoted as a whole life approach for staff, volunteers and partners, including training evaluation and the development of an essential skills framework.
Member Care aims to embed good practice throughout the organisation through leadership engagement, training provision, healthy induction of new staff and academic research.

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FRIENDS INTERNATIONAL MINISTRIES REPORT OF THE TRUSTEES

Activities :

We currently have ten major areas of activity where we seek to implement our strategies. Regional Development Directors identify areas of concentration of international students without focused international student ministry and seek to develop vision among local churches and other partner agencies through establishing new Centres. We then aim to build local ministry teams (‘Centres’) with sound funding and effective support groups, through the recruitment and appointment of staff (including Apprentices and Associates), the partnering with local churches and Affiliates, and through Development Groups that become Branches. We encourage, model and support welcome and cultural ministries through international student cafés and seek to engage international students with biblical truth, encouragement and challenges through group and individual Bible study. We encourage the setting up and running of local hospitality programmes to increase the volunteer provision of appropriate contact and support for international students. We also offer language practice-based activities, values-based leadership studies, intercultural training for future Bible teachers and other focused programmes offering relevant skills to international students through contact with Christians. We seek to engage with university chaplaincies and student welfare bodies to offer counselling, wellbeing and other services that help universities value, care for and add value to the student experience for international students. Our Reach graduate trainee programme is used to envision and train recent graduate Christians from home and abroad. We develop appropriate regional and national supervisory structures to provide a unifying vision and direction which supports each locality appropriately and we build effective and accessible regional and national resources and events using relevant communication channels to our key stakeholders.

Review of Achievements and Performance:

Friends International is now working in 35 centres and through affiliates in 10 more. As mentioned above, following the pandemic, it now offers training resources both online and in person for both churches and university Christian Unions. This combination has led to a larger number of participants than would have attended only in person.

1. Centres and Staff

In 2022 Friends International continued to develop activities through staff in 35 centres and through affiliates in 10 more.
Through our partnership with Christian Unions Ireland, we have been developing awareness and best practice of ministry among International Students through our Project Team Leader for ISM in Ireland. The work in Dublin has benefitted greatly from the staff appointment made in 2021. There are plans to appoint more widely in Ireland.
We continue to recruit new staff to the organisation both to establish new centres and to strengthen existing centres. We currently have 75 across full and part time patterns of work. We also have 8 Associate staff who are either seconded to us from other charities or local churches. Staff are involved in a variety of activities shaped significantly by the centres in which they serve and by the locally agreed strategy. Since a key aim of the organisation is to resource local churches in their engagement with international students, staff invest considerable time in training church members to multiply effective ministry. In some centres there are established inter-church teams offering a programme of events, hospitality and Christian teaching. In other places the work is centred around one or two churches which provide local volunteers.
Much ministry is based around term time and weekly events. Such events can be purely social, or an event with some Christian content to introduce the Christian faith, or events of a discipleship nature for those openly professing a Christian faith or a desire to explore specifically the Christian faith.

Summer outreaches were reintroduced in 2022 after the pandemic induced hiatus. Whilst it was harder to recruit team members, there remained a large number of both language and university students who were keen to take part in activities and some were willing to investigate the Christian faith for themselves.

Across our centres we aim to help international students settle into student life, provide care and support where it is appropriate, encourage them to consider the Christian faith, and prepare them for the challenges of the reverse-culture shock they may face on their return home.

2. Support Base

Of the £2,020,138 income from donations and gifts, roughly two-thirds (including related gift aid) was donated by individuals, the remainder coming from churches and trusts. The organisation has a core support base that has been committed to our work for a long time, whilst new staff broaden our donor base with their networks of contacts and supporters. We benefit from committed support from a Christian Trust.

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FRIENDS INTERNATIONAL MINISTRIES REPORT OF THE TRUSTEES

3. Leadership and Support Centre

Due to ill health, one Regional Development Director needed to step down from her role leading to a change in responsibilities and our approach to the London Strategy. We are aiming to recruit a London Development Project Team Leader. This would be a similar model to that seen in Ireland, giving the post holder the time to focus exclusively on the needs in London, and seeking to work in partnership with other agencies. Regional Development Directors and the National Director have continued to meet regularly to oversee strategy and current issues, with the RDDs also having regular supervision from the National Director.
The Leadership Forum, which meets three times each year, resources a wider set of Cluster and specialist leaders. Strategy has been dually focused on future growth and specialist ministry areas.
The Support Centre team has been renewed through the appointments of replacement Communications Coordinator (a former staff worker) and Finance Manager, and has continued to seek to provide a high level of service to staff, affiliates, graduate trainees, supporters, partner churches and trustees. In terms of our ongoing relationship with All Nations Christian College where the Support Centre is sited, we have continued to endeavour to develop this strategically and welcome students to the office, with more adequate meeting space. Trustee and Director meetings have also been able to take place there.

4. Affiliate Network

We continue to develop the Affiliate Network, aiming to support, train, encourage and partner well with affiliates in their local church roles working amongst international students. Resources available to Affiliates include Cluster days and conferences, and resources including recordings online. We now have 80 affiliates as part of the network.

5. Training and Development

Training and developing our staff and affiliates team is important to the future of the organisation and our work. A key fixture is the annual conference where staff, affiliates, graduate trainees and others (such as Branch and Development Group members, Trustees, retired staff, international and key student visitors) meet to share experiences, best-practice, and learn from outside speakers about different aspects of inter-cultural ministry.

There are local and regional staff training days, and training events specifically aimed at equipping volunteers and local churches. We believe training is a core role for FI and one we are seeking to grow and develop. Processes have been developed so that staff can identify areas where further growth and development are needed, as well as where they might be able to access the appropriate training resources.

6. Reach Programme

The focus of the training year is to invest in the lives of young Christian graduates who show potential in Christian ministry. We have appointed a new Reach Programme coordinator this year, who brings new creativity and a vision to build on the strong foundation of the programme.

Between 30-75% of each Reach trainee cohort are international, and we see this programme also as a means of discipling and training promising international students who will go on to be a blessing to churches around the world.
Reach alumni include church leaders in the UK, Greece, France and China, cross-cultural workers in Italy, the Philippines and the Middle East, and returnees who are thriving in their local churches and still involved in International Student Ministry/supporting returnees in Vietnam, China and Hungary.
A number of former Reach trainees return to FI as staff after relevant experience gained in other contexts.

7. Branches and Development Groups

Branches and Development Groups exist to implement locally the national vision of Friends International alongside staff. Their ethos is to be forward-looking and seeking to develop best practice. Key roles in which members contribute include strategic thinking; networking across different Christian communities in a town or city; and encouraging partnership development. Key relationships are those of the Chair, local Centre Team Leader and Regional Development Director working well together. Branch training has moved online leading to a greater uptake and wider insights into best practice.

8. Communications

Communications improved over 2022 with the appointment of a Communications Coordinator. Sadly, ill health meant that we needed to fill this role again which we did in late 2022 with a January 2023 start date. In the interim, national communication responsibilities were spread over a range of staff. Despite this, all regular publications were maintained and in addition, two new books were published.

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FRIENDS INTERNATIONAL MINISTRIES REPORT OF THE TRUSTEES

9. Special Student Events

The international student track at the national “Word Alive” conference, held onsite in North Wales, with an online option for returnee students, again drew large numbers of International Students with its focus on preparing Christian students to return home. Over 120 students participated through the week. This was organised in partnership with other charities.

The Philip Project trains future Bible teachers planning to return to their own countries for a day a month through the academic year and additionally runs a training weekend. Through substantial work by the Project Coordinator the format has been adapted to a more flexible on-line delivery. There is also an online portal allowing students a more flexible approach to learning. Philip Project has also produced a resource to help international students read the Bible.

Friends International staff regularly spoke at Christian Union events weeks in 2022, helping international students to understand the good news of Jesus.

Financial Review:

The statement of financial activities (SOFA) for the year is set out on page 10 together with an analysis of funds on page 17. Our regular gift income has increased by 10.5% with an increase in our expenditure of 8.8%.

Overall, there is a surplus in 2022 of £203,285; this includes legacy income of £462,708. After transfers between funds to ensure that the General Fund meets all under-funded staff there is a net increase in the General Fund in 2022 of £314,891.

Each year we seek to achieve a balanced budget, for both ministry staff workers and their related Centres’ Designated Funds, as well as seeking a balancing of General Fund Income to meet Central costs (which are primarily the Support Centre and majority funding of the senior management team).

The financial policy of Friends International is to match and monitor funding with expenditure requirements for each area of ministry activity, mostly focused on Centres. A designated fund is therefore maintained for each venture which requires ongoing expenditure. It is acceptable to run with a current year deficit for a specific designated fund, provided there are sufficient brought forward reserves for that particular Centre to offset the loss. In 2022 designated funds fell by £106,206. Much of this deficit arises from the spending of designated reserves that have been carried forward from the previous year.

Each designated fund is subject to monthly monitoring and appropriate discussion where required with the relevant staff member and, if necessary, their Supervisory Manager.

Before work is started in a new location, or a new member of staff is employed, it is the policy of Friends International to ensure that there is an appropriate level of pledged donor support. We continue to maintain a Strategic Growth Fund which has been resourced from the allocation of a portion of the substantial legacies received in recent years as well as the generosity of some specific supporters keen to support this venture. The Trustees continue to seek to extend this Fund as part of achieving new Strategic Ministry Centres as well as extending training opportunities for a new generation of ISM workers. However, some of the planned fundraising activities have been hindered by the pandemic.

Investment Policy:

Fixed Asset Investments: The charity has freehold title to their previous Support Centre office in Putney, a small but prime location in Southwest London. The Trustees regularly review both rental and sale options in terms of the most appropriate way of managing this Investment Property

Liquid Investments: The investment policy is to maintain a low-risk liquid position. The aim is therefore to maintain balances in accounts that attract market competitive deposit account bank interest but with low-risk institutions.

Reserves Policy:

Our policy remains to hold sufficient unrestricted reserves (defined as all unrestricted funds including designated funds but excluding fixed asset related reserves) in order to protect the charity against a sudden and catastrophic fall in donations and any related gift aid for a period long enough to ensure a managed plan for survival, merger or cessation.

Unrestricted reserves are held in both the general fund (which bears all central costs) as well as designated staff support funds (comprising funds designated on an ongoing basis for both specific ministry centres as well as for individual staff workers working in a ministry centre).

Whilst the trustees are aware that all unrestricted reserves are available to use at their discretion in the event of a crisis, it is considered appropriate that for practical management purposes the Trustees will undertake two levels of monitoring:

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FRIENDS INTERNATIONAL MINISTRIES

REPORT OF THE TRUSTEES

1) Regular monitoring of central reserves required against general funds (comprising all unrestricted reserves excluding designated funds). These funds will be measured against both a minimum and maximum ‘central’ reserve level when monitoring performance and setting future budgets. The intention is to never drop below a minimum level and actively consider action to manage excess reserves where considered appropriate.

Such central reserve levels are calculated in order to provide a minimum of 3 months and a maximum of 9 months of reserves to cover projected support centre and national leadership costs.

As at 31 December 22 unrestricted general funds stood at £781,112 (2021: £466,221) compared to a central reserve minimum at 31 December 2022 of £128,000 and a planned maximum of £384,000. This includes the Putney investment property, valued at £500,000, which could be realised as a resource available, should the need arise. The recognition of a legacy debtor of £200,000 by way of a property that has been left to the charity prior to 31 December 2022 has bolstered the general fund position. Removing the tangible fixed assets, investment property and legacy debtor from general funds brings the balance on free reserves down to £74,475.

2) Periodic review of both the total amount and profile of designated staff support funds to ensure that they remain appropriate for the use they were designated for and to assess both the level and profile of funding capability the charity has for ongoing field ministry.

As at 31 December 22 designated staff support funds stood at £747,487 (2021: £853,693) which was spread across both ministry centres and individual staff members.

Having previously anticipated the General Fund (excluding the Putney property and legacy debtor) falling below zero, the Trustees and senior management team have been reviewing where costs can be saved and are proactively seeking to increase giving to the General Fund. There is now a structure in place that can support the continuing expansion of the charity’s activities.

As at 31 December 2022 the charity’s assets were available and adequate to fulfil the obligations to the charity and the trustees considered the financial state of affairs of the charity at that time to be satisfactory and in accordance with our budgetary expectations.

Plans for Future Periods:

We intend to continue and grow our activities in future years, particularly with a concerted effort to research ministry opportunities alongside churches and Christian student groups through further staff worker posts so that new and better resourced centres with the most international university students are helped towards thriving International Student Ministry. We continue to seek ways of further developing the work in London in partnership with local churches and similarly minded charities. We aim to continue to develop our work in partnership with Christian Unions Ireland. Through seven Heads of Ministry we are developing our approaches to Learning and Development, Hard to Reach students, Returnees, Events Speaking, Innovation in Student Engagement, Ministry Partnership Development, and Member Care.

Structure, Governance and Management:

Governing Document:

Friends International Ministries was incorporated as a company limited by guarantee and not having a share capital (number 4500270) on 31 July 2002 and is a registered charity with the Charity Commission (number 1094095). It is governed by its Memorandum and Articles of Association. Under UK company law, all the trustees are directors of the company. The liability of the company's members in the event of the charity being wound up is limited to a sum not exceeding £10. Friends International Ministries is also registered with the Office of the Scottish Charity Regulator.

Appointment of Trustees:

Potential trustees are identified from academia, business and Christian ministry backgrounds. The trustees are appointed by the board of Trustees through an invitation, application and interview process. New Trustees are given key Charity Commission information on their responsibilities and are encouraged to attend appropriate external training where this will facilitate the undertaking of their role. They undergo some induction and a new buddying scheme has been introduced as one means of enhancing their swift integration. In addition, they are given a copy of ‘Tracks of Trustworthiness’, by Heather Wraight.

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FRIENDS INTERNATIONAL MINISTRIES REPORT OF THE TRUSTEES

Organisation :

The board of trustees meet at least three times a year to review all aspects of the charity's activities. The board has established two sub-committees to assist with the running of the charity, namely the Executive Committee, responsible for meeting with senior staff between trustee meetings, and the Finance Committee, tasked with specifically monitoring and managing the charity's finances.

Stroma Beattie, Geoffrey Spence, Sara Slater and Jon Salkeld are members of the Executive and Finance Committee.

Trustee Remuneration and Related Parties:

None of the trustees receive remuneration or other benefit for their work for the charity. There were no related party transactions reported in the year between the charity and any trustee, senior manager or any of the third parties with contractual relationships with the charity.

Pay Policy for Senior Staff:

No trustees received remuneration during 2022. Details of trustee expenses are disclosed in note 7 to the financial statements.

The pay of senior management is reviewed annually using a standard formula benchmarked against published pay increases awarded to Classroom Teachers.

Risk Management:

The trustees review risks on a regular ongoing basis and use a risk matrix to define key risks, assess them by probability and impact before and after mitigating action is taken.

Such reviews take place within the two board sub-committees and in periodic review by the whole Board of key risks. In the past year, in response to the pandemic, a specific risk template looking at best, medium and worst case scenarios has been used to review regularly the activities of the charity.

The following are considered to be important Risks requiring Board and Senior Management focus during 2023:

Risk of failing to engage with and support international students on account of the changing tertiary education landscape caused by external factors. The Board and Leadership Team seek to be aware of changes in the university landscape.
Risk of failing to facilitate ISM in those areas of the UK where there is a large international student population. This requires identification of those locations where current ISM is deficient relative to the numbers of students and then focusing new ministry investment in such areas in order to build effective church partnerships supported by our staff. Plans and strategies have been formulated to enable this to happen.
Risk of inadequate reserves: There was a fall in general funds during 2021 which has been addressed in a part by a review of how to increase income and reduce general fund expenditure. During 2022 legacy income of £400,278 has been recognised within the general fund which has bolstered the general reserve.
Reputational Risk is something which must be considered, particularly in the current climate. This is addressed by regular review of policies, including safeguarding as well as well-being initiatives managed by the Head of Member Care in conjunction with the Support Centre team.

Board Governance

The board has reviewed the level of salaries for all staff, especially those at the lower end of the pay scale.

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FRIENDS INTERNATIONAL MINISTRIES REPORT OF THE TRUSTEES

Trustees' Responsibilities:

The trustees (who are also directors of Friends International Ministries for the purposes of company law) are responsible for preparing the Trustees’ Report 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 the year. In preparing these financial statements, the trustees are required to:

Select suitable accounting policies and then apply them consistently
Observe the methods and principles in the Charities SORP
Make judgements and estimates that are reasonable and prudent
State whether applicable UK Accounting Standards have been followed, subject to any material departures
disclosed and explained in the financial statements
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and 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.

Auditors:

A resolution to re-appoint Griffin Stone Moscrop & Co., Chartered Accountants and Statutory Auditors, will be proposed at a meeting of the trustees.

Statement of Disclosure of Information to Auditors:

We, the directors of the company who held office at the date of approval of these financial statements, as set out above, each confirm so far as we are aware, that:

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.

The above report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by the Board of Trustees on 3 March 2023 and signed on its behalf by:

STROMA BEATTIE

CHAIR OF TRUSTEES

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FRIENDS INTERNATIONAL MINISTRIES

STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING THE INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 DECEMBER 2022

Restricted Fund 11,989 - - - -	General 116,738 1,891,411 400,278 62,430 31,207 33,585 4,511 - - - 552,734 1,987,426 25,919 32,110 166,563 2,106,883 192,482 2,138,993 360,252 (151,567) - - 360,252 (151,567) (45,361) 45,361 314,891 (106,206) 466,221 853,693 781,112 747,487 Designated Staff Support Unrestricted Funds	General 116,738 1,891,411 400,278 62,430 31,207 33,585 4,511 - - - 552,734 1,987,426 25,919 32,110 166,563 2,106,883 192,482 2,138,993 360,252 (151,567) - - 360,252 (151,567) (45,361) 45,361 314,891 (106,206) 466,221 853,693 781,112 747,487 Designated Staff Support Unrestricted Funds	Total 2022 2,020,138 462,708 64,792 4,511 -	Total 2021 1,828,861 - 21,776 14,096 27,782
11,989	552,734	1,987,426	2,552,149	1,892,515
- 17,389	25,919 166,563	32,110 2,106,883	58,029 2,290,835	48,428 2,110,557
17,389	192,482	2,138,993	2,348,864	2,158,985
(5,400) -	360,252 -	(151,567) -	203,285 -	(266,470) -
(5,400) -	360,252 (45,361)	(151,567) 45,361	203,285 -	(266,470) -
(5,400) 36,930 £	314,891 466,221	(106,206) 853,693	203,285 1,356,844	(266,470) 1,623,314
31,530 £	781,112	747,487	1,560,129	1,356,844

All of the above results are derived from continuing activities.

The statement of financial activities includes all gains and losses recognised in the above periods.

The attached notes form part of these financial statements.

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FRIENDS INTERNATIONAL MINISTRIES

BALANCE SHEET

Company registration number 04500270

6,637 500,000 506,637 275,684 837,151 1,112,835 59,343 1,053,492 1,560,129 £ 390,494 390,618 747,487 1,528,599 31,530 1,560,129 £ 31 DECEMBER 2022	6,637 500,000 506,637 275,684 837,151 1,112,835 59,343 1,053,492 1,560,129 £ 390,494 390,618 747,487 1,528,599 31,530 1,560,129 £ 31 DECEMBER 2022	8,486 500,000 508,486 47,113 860,280 907,393 59,035 848,358 1,356,844 75,603 390,618 853,693 1,319,914 36,930 1,356,844 2021	8,486 500,000 508,486 47,113 860,280 907,393 59,035 848,358 1,356,844 75,603 390,618 853,693 1,319,914 36,930 1,356,844 2021
	506,637 1,053,492		508,486 848,358
1,112,835 59,343		907,393 59,035
390,494 390,618 747,487		75,603 390,618 853,693
	1,560,129 £		1,356,844
	1,528,599 31,530		1,319,914 36,930

	1,560,129 £		1,356,844

Approved by the board of Trustees on 3 March 2023 and signed on its behalf by:

STROMA BEATTIE CHAIR OF TRUSTEES

The attached notes form part of these financial statements.

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FRIENDS INTERNATIONAL MINISTRIES

STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2022

2022 (25,512)	Movements 59,342 (82,471)	2021 (279,089)
4,511 (2,128)		14,096 (2,268)
2,383		11,828
82,471		(5,630)
82,471 59,342		(5,630) (272,891)
343,917		616,808
403,259 £		343,917
activities 203,285 3,977 (4,511) (228,571) 308		(266,470) 3,678 (14,096) (3,179) 978
(25,512) £		(279,089)
Balance 1 January 2022 343,917 516,363		Balance 31 December 2022 403,259 433,892
860,280 £	(23,129) £	837,151 £

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FRIENDS INTERNATIONAL MINISTRIES

NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2022

1 Accounting policies

a) Basis of preparation of financial statements

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The charity constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are intially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

b) Fund Accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

The designated funds comprise unrestricted funds that have been set aside by the trustees for specific purposes, as set out in the notes to the accounts.

The restricted fund finances the support of international students from a sensitive and challenging context during their studies here in the UK.

c) Income

Donations and gifts are reflected in the financial statements in the period in which they are received.

Income tax recoverable in respect of gift aid donations is brought into account in the same period as the relevant donation.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified, or the charity is aware of the granting of probate.

d) Expenditure and irrecoverable VAT

Expenditure is charged to the statement of financial activities on the accruals basis and is mainly allocated across activities based on staff time.

Fundraising costs include all costs involved in raising income and in raising the profile of the charity.

Charitable activities are further analysed in note 4 and are split between direct charitable expenditure, support, management and administration costs and governance costs. Support costs are those costs incurred indirectly in support of expenditure on the objects of the charity or in connection with the management and administration of the charity. Governance costs reflect the costs of complying with constitutional and statutory requirements.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

e) Tangible fixed assets and depreciation

Tangible fixed assets costing more than £1,000 are capitalised.

Depreciation is provided on tangible fixed assets at the following rates per annum so as to write off each asset over its estimated useful working life:

Furniture and equipment - 20% straight line

Computers and peripherals - 33% straight line

f)

Investment property

Investment properties are stated at their market value. In order to present a true and fair view, and to comply with FRS 102, the company's investment properties are not being depreciated as required by the Companies Act 2006.

g) Operating leases

Rentals payable under operating leases are charged on a straight line basis over the lease term.

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FRIENDS INTERNATIONAL MINISTRIES

NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2022 (Continued)

1 Accounting policies (continued)

h) Pensions

The charity makes payments to defined contribution pension schemes for the benefit of its employees. Contributions charged during the year are written off as incurred.

i) Expenses of trustees

Trustees are reimbursed necessarily-incurred expenses. These are included in the appropriate category of resources expended.

j) Debtors

Trade and other debtors are recognised at the settlement amount after any discount offered. Prepayments are valued at the amount repaid net of any discounts due.

k) Cash at bank and in hand

Cash at bank and in hand includes cash and fixed term deposits of varying lengths. The statement of cash flows only reflects movements within bank accounts held where the money can be accessed within three months of the date of opening the deposit. An analysis of cash at bank at the balance sheet date, differentiating between deposits which mature 3 months after the date of opening and cash accessible within three months is provided as a note to the statement of cash flows.

l) Creditors

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.

m) Taxation

Friends International Ministries is a registered charity and no tax is payable on its net income.

n) Financial Instruments

With the exception of an investment property 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2 Investment income Bank deposit interest Investment property income	2022 4,511 - 4,511 £	2021 6,096 8,000
		14,096

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FRIENDS INTERNATIONAL MINISTRIES

NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2022 (Continued)

3 Total expenditure

Restricted fund - - -	General fund - 23,684 2,235	27,073 - 5,037 Designated staff support funds	Total 2022 27,073 23,684 7,272	Total 2021 28,941 15,580 3,907
- - - - - 17,029 360 -	25,919 - - 58,684 34,955 - 65,726 7,198	32,110 1,745,277 104,019 58,327 174,442 - 24,818 -	58,029 1,745,277 104,019 117,011 209,397 17,029 90,904 7,198	48,428 1,655,058 126,668 77,864 128,944 14,951 98,862 8,210
17,389	166,563	2,106,883	2,290,835	2,110,557
17,389 £	192,482 £	2,138,993 £	2,348,864 £	2,158,985 £

During the year the charity's head office was based at All Nations Christian College, Hertfordshire. Here a number of staff operated, spending approximately 60 - 80% of their time in a support and administration role. Accordingly their salary costs are split between support/administration and direct charitable expenditure. The support, management and administration costs and governance costs do not relate directly to charitable expenditure and are further analysed in note 4 below.

4 Analysis of governance and support costs

22,695 2,314 63,493 2,402 - - General Support	- - - - 6,161 1,037 Governance costs	22,695 2,314 63,493 2,402 6,161 1,037 Total 2022	22,359 6,932 67,838 1,733 5,895 2,315 Total 2021
£ 90,904	£ 7,198	£ 98,102	£ 107,072
		6,161 £ 3,977 £ 21,372 £	5,895 3,678 18,089
			1,512,787 124,420 173,461
		1,876,369 £	1,810,668
		76 1 2	71 1 2
		79	74

5 Net expenditure

6 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

No employee earned more than £60,000 (2021 : same).

The trustees were not paid or received any other benefits from employment with the charity in the year (2021 : same).

The key management of the charity comprises the national director, 4 regional development directors (2021 : 4) and the finance manager. The total employee benefits of key management personnel for the charity were £249,345 (2021 : £239,645).

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FRIENDS INTERNATIONAL MINISTRIES

NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2022 (Continued)

7 Trustees' expenses

Travel and subsistence expenses of £342 was paid to one trustee to enable them to attend meetings and generally carry out their governance responsibilities (2021: £234).

8 Pension costs

The charity operates defined contribution schemes and contributions of £174,032 were paid in the year (2021: £173,461).

9 Branches

The charity has 18 (2021: 18) branches throughout the UK which generate income and carry out activities on behalf of the charity. The accounts of the branches are maintained at a local level and are then incorporated into the charity's financial statements. In 2022 the branches contributed net outgoing resources of £4,922 (2021: net outgoing resources of £4,427).

10 Tangible fixed assets

Furniture & Computers & equipment Peripherals 12,943 19,797 - 2,128 12,943 21,925 9,017 15,237 1,319 2,658 10,336 17,895 2,607 £ 4,030 3,926 £ 4,560	Furniture & Computers & equipment Peripherals 12,943 19,797 - 2,128 12,943 21,925 9,017 15,237 1,319 2,658 10,336 17,895 2,607 £ 4,030 3,926 £ 4,560	Total 32,740 2,128
12,943 9,017 1,319	21,925 15,237 2,658	34,868 24,254 3,977
10,336	17,895	28,231
2,607 £	4,030	6,637
3,926 £	4,560	8,486

11 Investment Property

As at 1 January 2022 and 31 December 2022

Freehold investment property £ 500,000

The investment property has a historical cost of £109,382. In accordance with the Charities SORP FRS 102, the investment property is being carried at its market value. An informal independent valuation was undertaken by a qualified local estate agent as at 31 December 2015 which resulted in a revised valuation of £500,000. Having made enquiries of a local estate agent in February 2023 with regards to the current market value of the property, the trustees believe that they would achieve a selling price at least equal to, but not materially different from, its carrying value and do not consider it necessary to bring a revaluation into the 2022 accounts.

12 Debtors Tax recoverable Legacy debtor Prepayments and other debtors	2022 16,986 200,000 58,698	2021 11,614 - 35,499
	275,684 £	47,113

Legacy debtor relates to a property that has been gifted to the charity in a will. The sum has been recognised based on a valuation provided by local estate agents. The transfer of the property is expected to take place later this year.

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FRIENDS INTERNATIONAL MINISTRIES

NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2022 (Continued)

13 Creditors: amounts falling due within one year Trade creditors Taxation and social security costs Pension creditors Accruals and deferred income	2022 6,239 28,076 13,903 11,125	2021 8,934 27,435 15,163 7,503
	59,343 £	59,035

14 Analysis of net assets Fixed assets Current assets Current liabilities	Restricted fund - 31,530 -		Unrestricted Funds	Unrestricted Funds		Total 506,637 1,112,835 (59,343)
			General 506,637 305,742 (31,267)	Designated staff support funds - 775,563 (28,076)
	31,530 £	£	781,112	747,487 £	£	1,560,129

Designated staff support funds

These funds consist of donations and gift income received plus funds set aside out of unrestricted funds for staff support.

The balances on individually designated funds are reviewed regularly. On an annual basis the Finance Committee will determine the extent to which transfers from the general fund should be made to ensure that the carrying value of individual staff support fund balances are recoverable. Following this year's review an aggregate transfer of £45,361 was made from the general fund to designated funds as reflected in the SOFA.

Restricted fund

The charity has one restricted fund, and the movements on this for 2022 are shown on the face of the SOFA. This restricted fund finances the support of international students from a sensitive and challenging context during their studies here in the UK.

15 Operating lease commitments

At 31 December 2022 the charity had the following commitment to make the minimum lease payments under a noncancellable lease for a property:

Not later than 1 year Later than 1 year and not later than 5 years	2022 21,372 12,467	2021 -
	33,839 £	-

16 Related party transactions

Gifts from trustees of the charity totalled £1,920 (2021 : £1,760).

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FRIENDS INTERNATIONAL MINISTRIES

NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2022 (Continued)

17 Statement of Financial Activities for the year ended 31 December 2021

Restricted Fund 23,873 - - - -	General 109,438 1,695,550 - - 12,032 9,744 14,096 - - 27,782 135,566 1,733,076 16,616 31,812 129,425 1,965,465 146,041 1,997,277 (10,475) (264,201) - - (10,475) (264,201) (82,194) 82,194 (92,669) (182,007) 558,890 1,035,700 466,221 853,693 Unrestricted Funds Designated Staff Support Funds	General 109,438 1,695,550 - - 12,032 9,744 14,096 - - 27,782 135,566 1,733,076 16,616 31,812 129,425 1,965,465 146,041 1,997,277 (10,475) (264,201) - - (10,475) (264,201) (82,194) 82,194 (92,669) (182,007) 558,890 1,035,700 466,221 853,693 Unrestricted Funds Designated Staff Support Funds	Total 2021 1,828,861 - 21,776 14,096 27,782
23,873	135,566	1,733,076	1,892,515
- 15,667	16,616 129,425	31,812 1,965,465	48,428 2,110,557
15,667	146,041	1,997,277	2,158,985
8,206 -	(10,475) -	(264,201) -	(266,470) -
8,206	(10,475) (82,194)	(264,201) 82,194	(266,470) -
8,206 28,724 £	(92,669) 558,890	(182,007) 1,035,700	(266,470) 1,623,314
36,930 £	466,221	853,693	1,356,844

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Independent Auditor’s Report to the Trustees of Friends International Ministries

Opinion

We have audited the financial statements of Friends International Ministries (the ‘charitable company’) for the year ended 31 December 2022 which comprise statement of financial activities, balance sheet, statement of cashflow and notes to the financial statements, including a summary of significant accounting policies. 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 our opinion the financial statements:

give a true and fair view of the state of the charitable company’s affairs as at 31 December 2022, and of its incoming resources and application of resources, including its income and expenditure, for the year 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, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 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.

Conclusions relating to going concern

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 twelve months from when the financial statements are authorised for issue.

Other information

The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

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 (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors’ report has been prepared in accordance with applicable legal requirements.

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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 strategic report and the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 require us to report to you if, in our opinion:

the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
the charitable company has not kept adequate accounting records; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 9, 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 section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with regulations made under those Acts.

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.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

carrying out substantive checking to supporting documents on a sample basis of individual transactions within income and expenditure to give comfort that on a sample basis the SOFA does not contain any irregular items;
carrying out walk-through testing to verify that the charity’s accounting systems and controls are being implemented as designed;
verifying the existence on a sample basis of individual employees on the payroll; and
verifying that material balances within the balance sheet are supported by third party evidence to confirm the existence and valuation of these balances at the balance sheet date.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-

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compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charitable company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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, and to the charitable company’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 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.

Richard Hill

(Senior Statutory Auditor)

for and on behalf of Griffin Stone Moscrop & Co. Statutory Auditor 21-27 Lamb's Conduit Street London WC1N 3GS

14/3/2023 Date: