2022-05-31-accounts

Company no. 02764183 Charity no. 1139618

Report and Unaudited Financial Statements 31 May 2022

The Ecumenical Council for Corporate Responsibility (ECCR)

Report of the Trustees for the Year Ended 31 May 2022

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 May 2022.

The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

The purpose of the charity as set out in its governing document

ECCR’s core charitable objectives are to prevent and relieve poverty, and to advance environmental protection, human rights, conflict resolution, citizenship and community development, by promoting business ethics, corporate responsibility and ethical investment. In determining these objectives, the trustees have paid due regard to the Charity Commission's guidance on public benefit.

Our objectives are translated into a vision of a world where money is used to shape a fairer, greener future. We understand that money plays a pivotal role in our society and as Christians we believe that our understanding and use of money flows from our faith and is part of our witness. We recognise that we can make decisions about our own money – how we bank, save, and spend – that contribute to a fairer, greener world. And we believe that policies and practices about money – for example in the tax system, the finance sector, or the corporate economy – can be shaped in ways that serve people and planet too.

Our approach, and the activities that flow from this approach, can broadly be described as a combination of grassroots education and campaigning, advocacy and thought leadership. This is currently most visible through our two flagship programmes, Money Makes Change (promoting learning and action on ethical finance) and Church Action for Tax Justice (campaigning and advocacy for a fairer, more transparent tax system). In addition to our primary programmes, ECCR advocates, often with partners and as part of coalitions, on a wide range of finance and economic justice issues.

Review of performance and achievement

The past year has been another turbulent one, as we have emerged from the Covid-19 pandemic, witnessed the outbreak of conflict in Ukraine, and closer to home felt the impact of the escalating cost of living crisis. Beyond the ramifications of these seismic events for ordinary people’s lives, we have been dealing with the effects on the finance sector, the wider economy and also on the voluntary sector. ECCR has continued to weather the storm as we have sought to strengthen the reach, depth and diversity of our programmes, and work towards change in the finance and corporate sectors and in government policy and practice.

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The Ecumenical Council for Corporate Responsibility (ECCR)

Report of the Trustees for the Year Ended 31 May 2022

We welcomed new CATJ Programme Manager Cat Jenkins and Finance & Operations Manager Ben Leach on to the staff team during the year and (as part of a managed, long term governance review) said goodbye to a number of longstanding trustees, including outgoing Chair, Christopher Stockwell, as well as Maranda St John Nicolle, Steve Hucklesby, Revd Raymond Singh, Sr Margaret Scott, and Revd Richard Atkinson. We welcomed Andrew Treharne as a new trustee.

In July 2021 we refreshed our strategy document, Growing for Gold , and alongside that articulated a ‘Theory of Change’ of how our activities and approaches build towards our vision of a world where money is used to shape a fairer, greener future. We continue to work towards a number of high level outcomes that we believe our education & reflection, campaigning & influencing, communicating and thought leadership activities can all contribute towards, which in turn can help achieve this vision:

• Christians seeing how they use money as part of their faith – understanding their responsibility and their power as citizens

• Christians changing their behaviour to align their money with their values

• Churches teaching about money and making ethical decisions about their own finances

• Christians having greater awareness of how money can shape a fairer, greener future

• Christians campaigning for use of money to shape a fairer, greener future e.g. in tax policy, greener finance

• Stronger Christian voice in public discourse on money

Our two flagship programmes, Money Makes Change (MMC) and Church Action for Tax Justice (CATJ) continue to be the main focus of ECCR’s work, building on the launch of MMC in January 2020 and the incorporation of CATJ into ECCR in June 2020. This has created a renewed focus on economic, social and environmental transformation through the use of money: individuals’ and congregations’ ethical finances through MMC and the fairness of the money in the tax system through CATJ. Both of these programmes are supported by our communications and thought leadership, positioning ourselves as a strong and distinctive Christian voice on using money to shape a fairer, greener world.

Money Makes Change (MMC) Programme

Our Money Makes Change programme contributes to all the above outcomes particularly through approaches of education & reflection and campaigning & influencing. It aims to open up conversations around how Christians use, spend, save and invest the resources they have – however big or small. It carries out activities among UK Christians and churches to educate and raise awareness around the ethical financial behaviour of individuals and congregations e.g. in terms of decisions about banking, savings and investments, pensions and spending.

MMC also equips UK Christians to campaign for a fairer economy, taking a stewardship/ active investor stance to seek individual behaviour change and to influence on specific issues and/ or companies. This includes developing campaign resources – stories, reports, actions – and events.

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The Ecumenical Council for Corporate Responsibility (ECCR)

Report of the Trustees for the Year Ended 31 May 2022

It also includes developing the ethical finance education and campaigning elements of ECCR’s wider communications and supporter engagement strategy.

During the past year the Money Makes Change programme has developed and launched resources including our Ethical Buying guide for churches, held a range of events with partners, and delivered the Green Your Money campaign which engaged over 4,000 Christians through social media. We launched a new online ‘hub’ for the MMC resources which includes a campaign calling on banks to restrict financing of single use plastics. We secured funding for local church work in the West Midlands and a new pilot project to adapt the MMC materials for use with Black Majority Churches in London.

Church Action for Tax Justice (CATJ) programme

Our Church Action for Tax Justice programme primarily contributes to our outcomes by taking a campaigning and advocacy approach. It equips UK Christians to campaign for a fairer tax system – both one in which everyone has to abide by the rules and tax avoidance and evasion are no longer tolerated, and one in which tax policies and procedures are fairer especially for people on the margins and for the environment.

CATJ aims to translate the high level policy debate of the wider tax justice movement into accessible campaigns for Christians and churches. This includes developing campaign resources – stories, reports, actions – and events. It also resources the moral voice of the church on the issue of tax justice, especially church leaders, through participating in high level influencing. Church Action on Tax Justice has enabled us to build on our position as thought leaders, as we are the only Christian body in the UK campaigning for tax justice, through our media and parliamentary engagement.

Our mission is:

• To raise awareness throughout churches of the fundamental relationship between taxation, equality and public services, and the urgent need for tax justice at national and international level

• To campaign for transparency and an end to tax avoidance and evasion by both corporations and individuals

• To stimulate a conversation about the society we want to live in and the tax system that could deliver that

• To encourage Churches and Christian organisations to promote tax justice through their education and mission work, and their financial and investment policies

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The Ecumenical Council for Corporate Responsibility (ECCR)

Report of the Trustees for the Year Ended 31 May 2022

During the past year we launched the Good Measure campaign calling for the introduction of a wealth tax. This included an initial wealth tax pledge, a letter to the Chancellor signed by over 2,000 supporters, and an action for supporters to contact their MPs. Our joint advocacy contributed to the Government bringing forward legislation to tackle economic crime such as tax evasion and to an “excess profits” tax on fossil fuel companies. A number of talks and events took place to engage churches, networks and individual Christians.

Communications & thought leadership

Beyond the programmatic focus of MMC and CATJ we have developed a stronger Christian voice on economic justice. ECCR contributed to joint advocacy on the Government’s proposed new regulatory framework for the finance sector; coalition campaigning for new legislation to tackle environmental damage and human rights abuses within multinationals’ supply chains; and are founder members of the new Impact and Ethical Finance Forum to collaborate and share best practice across organisations in this sector.

Communication is critical to all our work and serves both programmes as well as the profile and support of the wider organisation. Our Communications & Campaigns Manager serves both the two main programmes and the wider work of ECCR.

Blogs included commentary on the COP26 climate talks in Glasgow in November 2021, discussion of the role of money in Christian thinking, introductory discussions on money, reparations and racial justice, and a range of guest contributions. We spoke at the Churches Together in England Forum, the Association of Church Accountants and Treasurers conference, the Arise conference for emerging Christian leaders, and our own and partner events in Good Money Week 2021.

Analytics from our main communications channels reveal that, between May 2021 and August 2022 we saw a 173% increase in our newsletter subscribers and a 35% increase in our social media followers. We aim to continue to build on this momentum as we rebrand and seek to engage a much wider range of supporters in the coming year.

Future Objectives and Planned Activities

Our strategic aims are to increase the reach, depth and diversity of engagement of our Christian supporter base, in order to have a meaningful impact on policy and practice for a fairer, greener future. In order to undergird these goals with a strong and sustainable organisation, we are planning a rebrand to build our profile as a leading Christian voice on money and justice. We are pursuing a more diverse funding model, building on a ‘movement’ understanding, and consolidating the increased capacity in our support functions such as finance and operations.

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The Ecumenical Council for Corporate Responsibility (ECCR)

Report of the Trustees for the Year Ended 31 May 2022

Money Makes Change (MMC) programme plans

Priorities for the year ahead include increasing the reach, depth and diversity of engagement with the programme. We aim to develop and strengthen partnerships with denominational and ecumenical initiatives to reach a wider audience of Christians with communications, resources and training. We will develop a new Champions project to equip local volunteers to engage others in the church congregations and communities. As well as the project to develop resources with and for Black Majority Churches, we will diversify our audience by establishing and strengthening relationships with youth and student organisations, aiming to equip a younger audience to connect their faith and their finances. Our Don’t Bank on Plastics campaign will continue to seek meaningful engagement and change from banks on their single use plastics investments.

Church Action for Tax Justice (CATJ) programme plans

In the coming year the CATJ will aim to progress the Good Measure wealth tax campaign including deepening parliamentary support and supporter engagement. We will create an online ‘content library’ which will resource Champions among others – and work with colleagues on the development of the Champions volunteer support project outlined above. We will sustain relationships with allies in the tax justice sector and strengthen relationships with church denominations and networks. We will resource the annual Tax Justice Sunday which takes place each June as part of Fair Tax Week, in partnership with Fair Tax Foundation.

Communications & thought leadership plans

We are developing a narrative of the role of money in shaping a fairer, greener future, and increasing entry points and crossover for both programmes, as well as opportunities to journey up the supporter engagement pyramid.

We have developed this voice through our communications & thought leadership work and through partnerships and alliances. This contributes to the above outcome of a stronger Christian voice in public discourse on money, business and economics, with the ultimate impact of fairer, greener policies and practices being enacted by financial institutions, companies, government and churches.

We are planning a rebrand for ECCR, including the possibility of a new trading name for the organisation. Given our focus on engaging Christians and congregations with ethical finance along with advocacy and campaigning on tax justice and corporate accountability, we are looking for a brand that captures this and is easily identifiable and engaging. We have run some surveys and focus groups, and consulted with supporters and more widely. We intend to launch the new brand in the autumn of 2022.

We intend to be involved in more in-person as well as online events in the coming year, as well as hosting a national conference which will help build our profile and strengthen a sense of community among our supporters.

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The Ecumenical Council for Corporate Responsibility (ECCR)

Report of the Trustees for the Year Ended 31 May 2022

We are part of a range of coalitions and networks, both informal and formal, on ethical finance, tax justice, corporate accountability, and finance sector reform. We also hold partnerships and collaborative relationships with a number of church denominations and networks and Christian and secular peer agencies. Working in partnership is key to our movement building approach to contributing to social change.

FINANCIAL REVIEW

Principal funding sources

A summary of the year's results can be found on page 12 of this report and accounts.

During the year, total incoming resources amounted to £224,080 (2021: £204,266). The primary component £187,037 (2021: £158,100) related to grant income. The other major item was donations: £25,704 (2021: £31,766).

Resources expended totalled £161,121 (2021: £165,663) with 80% (£128,991) being expended on direct charitable activities. Governance costs totalled £2,367 (2021: £2,220). Net movement in funds, therefore, was £63,162 (2021: £38,786).

Investment policy and objectives

The Charity holds a nominal number of shares in various companies. ECCR holds these shares so that it can engage with the respective companies.

Reserves policy

At the end of the financial year, the total unrestricted reserves of the charity amounted to £56,929 (2021: £48,046).

ECCR aims to keep unrestricted reserves available equivalent to approximately three months of ongoing expenditure. The Board considers such a level gives reasonable security to staff expecting monthly payments and represents a workable balance between the fluctuations of cash received, often by annual grant or subscription, and ongoing monthly expenditure. If reserves fall below the three-month level, the Board checks that anticipated grant receipts are imminent and will return the reserves to that level.

Going concern

The Board of trustees is satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund.

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The Ecumenical Council for Corporate Responsibility (ECCR)

Report of the Trustees for the Year Ended 31 May 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is constituted as a limited company, limited by guarantee, as defined by the Companies Act 2006 and is governed by its Memorandum of Association version 2.0, dated 10 December 2020. It is incorporated in England and Wales (Company Number 02764183) and registered with the Charity Commission (Charity Number 1139618).

The purposes of the charity as set out in its governing document

The Ecumenical Council for Corporate Responsibility (ECCR) is a church-based investor coalition, registered charity and membership organisation. ECCR leads and collaborates with others in advocacy and awareness raising on issues of business, human rights and environmental stewardship.

Formed in 1989 (incorporated in 1992), ECCR believes that Christians are called to be stewards of God’s creation, to help the poor, and to seek justice. We aim to tackle issues of economic justice, human rights and environmental sustainability in corporate behaviour and wider economic life. ECCR has used shareholder activism and advocacy to seek changes in corporate behaviour. Since the creation of the Churches Investment Group (CIG), which coordinates the institutional churches’ responses on ethical issues arising from their corporate investments, and with which ECCR works closely, ECCR has focused on encouraging individual church members and local congregations to align their finances with their faith, and to speak out on issues of corporate and financial ethics. This approach recognises that the financial footprint of church members totals many billions of pounds (more than the corporate assets of the churches) and that the moral voice of the churches is still a powerful contributor to thought leadership and change.

ECCR continues to articulate ethical issues relating to corporate behaviour, such as human rights abuses and financial sector regulation, for example through our blog and social media, and through coalitions and networks in which we play a role.

Organisational structure and decision making

ECCR's Trustees are also charity trustees for the purposes of charity law. The trustees are elected at general meetings or may be co-opted by the trustees in accordance with the Memorandum of Association.

The Trustees take responsibility for the overall running of the Charity. The Trustees meet at least four times each year to decide on matters of strategy and policy, and to deal with significant operational issues.

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The Ecumenical Council for Corporate Responsibility (ECCR)

Report of the Trustees for the Year Ended 31 May 2022

A sub-committee of the Charity’s Trustees (the Executive Committee) meet periodically throughout the year, providing steering and support in relation to a subset of the charity’s core operations.

In implementing the Charity’s work the Trustees are assisted by a paid secretariat of 5 staff (3.6 full-time equivalent staff).

The Trustees follow the Charity Governance Code for smaller charities, and regularly consider the skills, knowledge and experience they need to govern, lead and deliver the charity’s purposes effectively. They reflect this mix in their trustee appointments, balancing the need for continuity with the need to refresh the Board.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

02764183 (England and Wales)

Registered Charity number

1139618

Registered office

61 Bridge Street, Kington, HR5 3DJ

Trustees

1. Christopher Stockwell (Chair), resigned 8/12/21

2. Maranda St John Nicolle, resigned 8/12/21

3. Steve Hucklesby, resigned 8/12/21

4. Peter Speirs

5. Revd Raymond Singh, resigned 8/12/21

6. Fr Simon Cuff (Vice Chair)

7. Revd David Haslam

8. Sr Margaret Scott, resigned 1/04/22

9. Revd Dick Johnson

10. Prof Geoff Moore (Chair from 8/12/21)

11. Revd Grace Bally-Balogun

12. Revd Richard Atkinson, resigned 17/06/21

13. Denise Wilkinson

14. Sue Richardson

15. Andrew Treharne, appointed 16/05/22

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The Ecumenical Council for Corporate Responsibility (ECCR)

Report of the Trustees for the Year Ended 31 May 2022

Key Management Personnel

1. Sarah Edwards – Executive Director

Independent examiner

Godfrey Wilson Limited 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

Principal Bankers:

The Co-Operative Bank 46-48 Arundel Street Portsmouth, PO1 1TD

Triodos Bank Deanery Road Bristol, BS1 5AS

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The Ecumenical Council for Corporate Responsibility (ECCR)

Report of the Trustees for the Year Ended 31 May 2022

STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees (who are also the directors of The Ecumenical Council for Corporate Responsibility (ECCR) for the purposes of company law) are responsible for preparing 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 that period. In preparing those financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charity SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

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

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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

Approved by order of the board of trustees on 8[th] December 2022 and signed on its behalf by:

............................................. G Moore - Trustee

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Independent examiner's report

To the trustees of

The Ecumenical Council for Corporate Responsibility (ECCR)

I report to the trustees on my examination of the accounts of The Ecumenical Council for Corporate Responsibility (ECCR) (the charitable company) for the year ended 31 May 2022, which are set out on pages 12 to 25.

Responsibilities and basis of report

As the trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable company's accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

Godfrey Wilson Limited also provides payroll services to the charitable company. I confirm that as a member of the ICAEW I am subject to the FRC’s Revised Ethical Standard 2016, which I have applied with respect to this engagement.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

• (1) accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or

• (2) the accounts do not accord with those records; or

• (3) the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or

• (4) the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Date: 8 December 2022 Rob Wilson FCA Member of the ICAEW For and on behalf of: Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

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The Ecumenical Council for Corporate Responsibility IECCRI Statement of financial artivities {incorport7ting an income and expenditure t7ccountJ For the year ended 31st May 2022 2022 Total Unrestricted Restricted 2021 Total Unrestricted Restricted Note Income from: Donations and leeacies Charitable activities Investments 4,220 85.980 96 21,484 25.704 112,300 198,280 96 3.180 105.124 67 28,586 31,766 67,309 172,433 67 Total income 90,296 133,784 224.080 108,371 95,895 204,266 Expend5ture on: Raisin8 funds Charitable activities 18.999 62,548 13.131 32.130 66,443 128,991 20.009 63.732 20.009 81,922 145,654 Total expenditure 81,547 79,574 161.121 83,741 81,922 165,663 Net gains on investments 203 203 183 183 Net Income 8.952 54.210 63.162 24.813 13,973 38.786 Tran5fer5 between funds 1691 69 Net movement In funds 8,883 54,279 63,162 24,813 13,973 38,786 Reconclllatlon of funds: Total funds brought forward 48.046 14,790 62,836 23.233 817 24,050 Total funds carried forward 56,929 69,069 125.998 48,046 14,790 62,836 All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 12 to the accounts. 12

The Ecumenical Council for Corporate Responsibility IECCR) Balance sheet As at 31st May 2022 2022 Total 2021 Total Note Fixed assets Investment5 1,806 1,603 1.806 1,603 Current assets Debtors Cash at bank and in hand 8,911 122.362 6,839 59,475 131,273 66,314 Liabilities Creditors.. amounts falling due within l year io {7.0811 15,0811 Net current assets 124,192 61,233 Net assets li 125.998 62,836 Funds Unrestricted funds Restricted funds 12 56,929 69.069 48,046 14,790 125.998 62,836 The directors are satisfied that the company is entitled to exemption from the provisions of the Companies Act 20061"the Act"1 relating to the audit of the financial statements for the year by virtue of section 477121, and that no member or members have requested an audit pursuant ot section 476 of the Act. 13

The Ecumenical Council for Corporate Responsibility IECCR) Balance sheet As at 31st May 2022 The directors acknowledge their reponsibilities for.. ensuring that the Company keeps proper accounting records which comply with section 386 of the Act,. and preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of section 393, and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the company. These accounts have been prepared in accordance with the special provisions applicable to companies subject to the Small companies, regime. Approved by the trustees on 8th December 2022 and signed on their behalf by G Moore- Trustee 14

The Ecumenical Council for Corporate Responsibility IECCR) Notes to the financial statements For the year ended 31st May 2022 Accounting policies al Basis of Preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1st january 20191- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Ecumenical Council for Corporate Responsibility IECCRI meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. b) Going concern basis of accounting The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern. c) Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably. Income from the government and other grants. whether 'capital' grants or'revenue, grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. d) Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity- this is normally upon notifitation of the interest paid or payable by the bank. 15

The Ecumenical Council for Corporate Responsibility IECCR) Note5 to the financial statement5 For the year ended 31st May 2022 e) Funds accounting Unrestricted fLJnds are available to spend on artivities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity. Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliablv. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. gl AllocatSon of support and governance costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs a550ciated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity's activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities on the following basis.. 2022 12.5% 2021 12.5% General fundraising Charitable activities 87.5% 87.5Yo h) Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amourbt prepaid net of any trade discounts due. il Investments Listed investments traded on a recognised stock exchange are stated at fair value at the reporting date, which is deemed to be their market value. Any gain or loss, whether realised or unrealised, is taken to the Statement of Financial Activities. jl Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity. 16

The Ecumenical Council for Corporate Responsibility IECCR) Notes to the financial statements For the year ended 31st May 2022 kl Creditors Creditors 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 are normally recognised at their settlement amount after allowing for any trade discounts due. 11 FSnancSal Instruments The charitable company 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 recognised at amortised cost using the effective interest method. m} Pension costs The company operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA. n) Accounting estimates and key judgments In the application of the charity's accounting policies, the trustees are required to make judgments, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent frorll other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 17

The Ecumenical Council for Corporate Responsibility IECCR) Notes to the financial statements For the year ended 31st May 2022 Income from donations and legacies 2022 Unrestricted Restricted Total Donations Fundraising campaigns Gift aid 2,529 855 836 9,465 9,565 2,454 11,994 10,420 3,290 Total income from donations and legacies 4,220 21,484 25,704 2021 Restricted Unrestricted Total Donations Fundraising campaigns Institutional donations Gift aid 1,671 10,972 12,643 15,646 1,968 15,646 3,477 1,509 Total income from donations and legacies 3,180 28,586 31.766 Income from charitoble activities 2022 Note Unrestrlcted Restrlcted Totsl Grants Membership income Other income 14 75,000 10,780 200 112,037 250 13 187,037 11.030 213 Total income from charitable activities 85,980 112,300 198,280 2021 Restricted Note Unrestricted Total Grants Membership income Other income 14 91,100 11,900 2,124 67,000 250 59 158,100 12,150 2,183 Total income from charitable activities 105,124 67,309 172,433 18

The Ecumenical Council for Corporate Responsibility {ECCR} Notes to the financial staternents Forthe yearended 31st May 2022 Total expenditure 2022 Support and governance Costs Raising funds Charitable activities Total Engagement costs Office costs 27,017 93,191 27,170 11,376 2,367 147,378 11,376 2,367 Governance costs Sub-total 27,017 93,191 40.913 161,121 Allocation of.. Governance I Support costs Total expenditure 5,113 35,800 140,9131 32,130 128,991 161,121 2021 Support and governance costs Raising funds 14,804 Charitable activities Total 152,251 11,192 2,220 Engagement costs Office costs Governance costs 109,067 28,380 11,192 2,220 Sub-total 14,804 109,067 41,792 165,663 Allocation of.. Governance I Support costs Total expenditure 5,205 36,587 141,7921 20,009 145,654 165,663 'Engagement costs, incorporate those Costs which are directly attributable to the furthering of the charitv's objectives, and is principally composed of staff, conference and travel costs. 'Office costs, incorporate those costs which are necessary to enable the charity's operations, and includes expenses such as insurance, IT and website costs. 'Governance costs, incorporate those costs which are necessary to ensure that the charity adheres to applicable legislation, and consists primarily of fees for the charity's independent examination. Costs attributable to'raising funds, are the subset of costs which are incurred in order to support the financial growth of the charity into the future. Costs attributable to'charitable activities, are the subset of costs which are incurred to facilitate the charity's operations. In the preparation of the total expenditure note, categories of expenditure reflected in the financial statements for the year ended 31st May 2021 have been consolidated under these headings to better reflect the material components of the charity's expenditure. 19

The Ecumenical Council for Corporate Responsibility IECCR) Notes to the financial statements For the year ended 31st May 2022 Net movement in fund5 Net movement in funds is stated after charging: 2022 2021 Trustees, remuneration Trustees, reimbursed expenses Independent examiner's fees 37 2,280 2,220 Trustees, reimbursed expenses comprise payments to I trustee for travel costs. stsff cost5 and numbers Staff costs were as follows.. 2022 2021 5313ries and wages Social security costs Retrospettive application of Employment Allowance Pension costs 128,203 7,867 16,4591 7,688 127,951 12,718 7,525 137.299 148,194 No employee earned more than £60,000 during the year. The key management personnel of the charitable company comprise the Trustees and Executive Director. The total employee benefits of the key management personnel were £50,63812021.. £64,522). 2022 2021 Average number of employees Taxation The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. 20

The Ecumenical Council for Corporate Responsibility IECCR) Notes to the financial statements For the year ended 31st May 2022 Investments 2022 2021 Market value at 1st June 2021 Additions Disposals Realised gains / Ilossesl Unrealised gains I Ilossesl 1.603 1,420 203 183 Market value at 31st May 2022 1.806 1,603 Debtors 2022 2021 Accounts receivable Prepayments & other receivables 3,755 5,156 4,645 2,194 8,911 6,839 io. Creditors: amounts due within l year 2022 2021 Accruals Taxation & social security Other creditors 5,478 1,199 404 4,555 526 7,081 5,081 21

The Ecumenical Council for Corporate Responsibility IECCR) Notes to the financial statements For the year ended 31st May 2022 ii. Analysi5 of net assets between funds 2022 Restricted funds Unrestricted funds Total funds Investments Current assets Current liabilities 1,806 60,686 15,5631 1,806 131,273 {7.0811 70,587 11,5181 Net assets at 31st May 2022 56.929 69.069 125.998 2021 Restricted funds Unrestricted funds Total funds Investment5 Current assets Current liabilities 1,603 51,524 15,0811 1,603 66,314 15,0811 14,790 Net assets at 31st May 2021 48,046 14,790 62,836 22

The Ecumenical Council for Corporate Responsibility {ECCR} Notes to the financial statements For the year ended 31st May 2022 12. Movements in funds At 1st June 2021 At 315t May 2022 Income Expenditure Transfers Restricted funds MMC- Restricted MMC- Barrow CadburyTrust MMC- Stockwell Social Media Fund Church Action for Tax justice Joseph Rowntree Charitable Trust 756 1,882 42,540 30,000 2,000 59,244 131 130,0701 11,8601 147,6411 140 43,433 1.812 11401 12,221 1691 23,824 69 Total restritted funds 14,790 133,784 179,5741 69 69,069 Unrestricted funds General funds 48.046 90,499 181.5471 1691 56,929 Total unrestrlcted funds 48,046 90,499 181,5471 1691 56,929 Total fund5 62.836 224,283 1161,1211 125,998 Purposes of restricted funds MMC- Restricted.. fund5 Used to deliver the national Money Makes Change IMMCI programme. The MMC programme aims to open up conversations around how Christians use, spend, save and invest the resources they have. It carries out activities among UK Christians and churches to educate and raise awarenes5 around the ethical financial behaviour of individuals and congregations. The charity received several large grants late in the year in respect of this fund, which it aims to spend in the following year. MMC- Stockwell Social Media Fund.. this fund represents a one-off grant in support of a piece of advertising for the MMC programme, delivered through the charity's established social media channels. Due to the manner in which social media channels allocate costs to their customers, it was impractical to expend the full grant with precision therefore, at the cessation of the advertising piece, the balance of funds have been allocated to the MMC- Restricted fund, with the intention that they should be used to further the general advertising for the programme. Church Action for Tax Justice.. funds used to deliver the national Church Action for Tax Justice ICATJI campaign. CATJ equip5 UK Christians to campaign for a fairer tax system - one in which everyone has to abide by the rules,. in which tax avoidance and evasion are no longer tolerated.. and in which tax policies and procedures are fairer, especially for people on the margins and for the environment. Joseph Rowntree Charitable Trust.. a small grant received via the COVID-19 Organisational Support Fund for IRC[ grantees, to help support and strengthen the organisation during the COVID-19 pandemic. The overspend against this fund in the year ended 31st May 2021 has been covered by unrestricted funds in the year ended 315t May 2022. 23

The Ecumenical Council for Corporate Responsibility {ECCR} Notes to the financial statements For the year ended 315t May 2022 MMC- Barrow Cadbury Trust.. funds used to help deliver the MMC programme, as part of a three-year grant programme. At 1st June 2020 At 31st May 2021 Income Expenditure Transfer5 Restricted funds MMC- Restricted MMC- Barrow CadburyTrust Church Action for Tax justice joseph Rowntree Charitable Trust 538 232 1141 128,1181 153.4421 13481 756 30,000 65,663 1,882 12,221 169} 279 Total restricted funds 817 95,895 181,9221 14,790 Unrestricted funds General funds 23,233 108,554 183,7411 48,046 Total unrestricted funds 23,233 108,554 183,7411 48,046 Total funds 24,050 204,449 1165,6631 62,836 13. Related party transactlons Christopher Stockwell, a former trustee of The Ecumenical Council for Corporate Responsibility, is also a trustee of The Stockwell Trust. During the year, The Stockwell Trust made payments to The Ecumenical Council for Corporate Responsibility totalling £4,50012021.. £6,100). £2,000 of these payments were in respect of the MMC Social Media grant, and the remainder was in respect of a fundraising campaign held in the year. 24

The Ecumenical Council for Corporate Responsibility {ECCR} Notes to the financial statements For the year ended 315t May 2022 14. Grants receivable The charity is grateful to have received grants from the following organisations in the year.. 2022 Unrestricted Restricted Total Barrow Cadbury Trust Christian Aid Friends Provident Foundation loffe Trust Joseph Rowntree Charitable Trust Lankelly Trust London Methodists National Lottery Sir Halley Stewart Sisters of the Holy Cross St Peter's Saltley Trust Stockwell Trust Trust for London 30.000 5,000 30,000 5,000 50.000 20,000 25,000 iO,OOD 6,000 8,537 5,000 20,0(X) 500 50,000 20,000 25,000 10.000 6,000 8,537 5,000 20,000 500 2,000 5,000 2,000 5,000 Total grants receivable 75.000 112,037 187.037 2021 Unrestricted Restricted Total Barrow Cadbury Trust Christian Aid Friends Provident Foundation loffe Trust Joseph Rowntree Charitable Trust London Methodists Scurrah Wainwright Stockwell Trust 30.000 5,000 30.0(XJ 5,000 60,0(X) 20,000 25,000 9,000 3,000 6,100 60,000 20,000 25,000 9,000 3,000 6,100 Total grants receivable 91,100 67,000 158.100 25