2022-03-31-accounts

Faith in Business (a Charitable Incorporated Organisation) Trustees, Annual Report and Financial Statements Period from 1 April 2021 to 31 March 2022 Registered Charity Number 1182888 Ref.. FiB_2021_22_TAR_221207.doc

Faith in Business Period from 1 April 2021 to 31 March 2022 Contents Report of the Trustee5 Accounting policies Receipts and Payments Account 10 Slalemenl of Assets and Liabilities Ref". FiB_2021_22 TAR_221207.doc

Faith in Business Period from 1 April 2021 to 31 March 2022 Report ofthe Trustees The Trustees present their Trustees. Annual Report and financial statements for the charity's period ended 31 March 2022. Reference and administrative details Charty Name. Faith in Business Charily Registration number.. 1182888 Operational address. Faith in Business lo Westminster College Madingley Road Cambridge CB3 OAA Trustees.. Rev Dr Richard Higginson (Chair} Mr Stephen Apted Mr David Ball Mr John Bloomer Mrs Dawn sta1￿00d {elecled 141* January 20221 Bankers". Cooperative Bank PO Box 638 Salford, M5 OJQ. Ref Fi8 2021 22 TAR 221207.doc

Faith in Business Period from 1 April 2021 to 31 March 2022 Report of the Trustees Exemptions from dis¢losure There are no exemptions from disclosure. Objectives and Activities al Purposes The objects of the charity, as outlined in our Constitution, are.. 31 to advance the Christian faith in businesses and the workplace for the benefit of the public through the holding of events Isuch as conferences, seminars, relreals, meetings, lecluresl, andlor producing andlor dislribuling literature to enlighten others about the Christian faith and ethical practices. bl lo advance the education of the public in general {and particularly amongst businesspeoplel on cl the subject of Christian theology and ethics and lo promote research for the public benefit in all aspects of that subject and lo publish the useful results. b} Main activities undortaken to further the charities purposes to the public benefit: il advancing the Christian Faith: Faith in Business makes positive connections between Christian faith. ethical practice and the business world. 11 does this by. Encouraging and resourcing businesspeople lo be failhful disciples of Jesus Christ in their workpla￿S Developing a Christian perspective on topical business issues Equipping future church leaders for ministry to and with businesspeople It does this primarily through.. Organising meetings, including an annual conference and mnthly online gatherings (Faith in Business Monthly), occasional shorter events and speaking engagements nationally and internationally The Faith in Business website Producing and promoting religious books, literature and films, including the journal Faith in Business Quarterly Iwhich is published in partnership with the Industrial Christian Fellowship), other published materials developed and distributed by Faith in Business, and filmed interviews carried out with selected businesspeople. Constructive co-operation with other organisalions working in the "faith and work. field. ii) advancing the education of the public in general Faith in Business advances education in Christian theology, ethics, and business practices, providing leaching about the Christian faith, Christian ethics, Biblical theology and fundamental Christian doctrines. Faith in Business also undertakes theological research and reflection, including articles on the inlerpretalion of Biblical teachings relevant to business and the working world. 11 does this primarily through.. Organising meetings. including an annual conference and monthly online gatherings IFaith In Business Monlhlyl. occasional shorter events and speaking engagements nationally and internationally Ref.. FIB 2021 22 TAR 221207.doc

The Faith in Business website Producing and promoting religious books, literature and films, including the journal Faith in Business Quarterty (which is published in partnership with the Industrial Christian Fellowship). other published materials developed and distributed by Faith in Business, and filmed interviews carried out with selected businesspeople Equipping future church leaders for ministry lo and with businesspeople cl Charity Commission's guidance on public benefit The Trustees confirm that they have had due regard to the guidance issued by the Charity Commission on public benefit (specifically the public benefit guides PB1, PB2 and PB31 when making decisions they are relevant lo. Achievements and performance advancing the Christian Falth: Faith in Business held a one-day Retreat entitled 'On Purpose- What is Business Fofi, on 16 April 2021. Because of COVID reslriclions this look place online and about 70 people attended. The Retreat was very well received. Key themes that emerged included.. The importance of finding congruence betsjeen personal and corporate purpose for businesspeople The Importance of recognising and welcoming diversty The importance of reconciling short- and long-lemi perspectives The need lo seek something redemptive that might be the hallmark of a good and godly business Chris Gillie5, a participant. has written an excellent article about the Retreat which can be found al .or Iw -conlenllLJ loads120211061Fi8Q-21.2-Gillies-on-Retreal df. Faith in Business Monthly IFIBMI, the monthly webinar wh￿h lakes place every lunehtime on the first Thursday of each month, continues lo attract a good audience and meet a vital need. 40-50 peop￿ participate each month. The regular pattern of talk from invited speakerlsl. Q & A and breakout discussion continues. In 2021 the programme was focused on Purpose and in 2022 on Investment. In partnership with the Industrial Christian Felk)wship IICFI. Faith in Business continues lo publish Faith in Business Quarterly IFIBQI. During the period April 2021-March 2022 issues 21..2, 21..3 and 21..4 were published. These included fascinating articles on sueh topics as.. C81ching a Service Gap in the Early Stages of COVID-19 Men of Purpose.. Seven Christian Giants of Business A Theology of Redeployment Digiial Meets Sustainability ESG.. an Acronym for Christians to Embrace? Bitcoin or Bust? COP-26 and the Climate Emergency.. My Christian Response InleNiew with Matt Parfitt, CEO of Grace Enterprises Faith in 8usiness Quarterty is unique. 11 is the only journavmagazine of ils type in the field, and is widely recognised as being of high quality. Levels of subscription are holding steady a1200. Faith In Business also publishes on ils website a series of Week￿ iefleclions enlilled God on Monday (see htl s'.Ilwww.laithinbusiness.or IGrou 513520431God on Mtsnda .as These are short reflections from a variety of authors on biblical passages chosen from the Anglican Lectionary. This 15 organised land several of the reflections written) by Peter Heslam, the Director of Faf(h in Business. During the period April 2021-March 2022 Faith in Business entered into a partnership with the Church of England which also publishes these reflections on its Everyday Faith portal. God on Monday is directly mailed lo about 300 subscribers. 11 is another resource which is widely used and appre¢ialed. Ref". FIB 2021 22 TAR 221207.doc

Faith in Business Period from 1 April 2021 to 31 March 2022 Report of the Trustees The Faith in Business Prayer Network continues Every Iwo weeks, Faith in Business Chair Richard Higginson sends out a thoughtful reflection on topical workplace issues as a stimulus for prayer. 35 people are involved in this network and about 10 of them come together for an online prayer meeting lo share concems and needs every three months. Faith in Business therefore has a five-pronged programme of activities.. Weekly.. God on Monday Fortnighlly." Prayer letter Monthly.. Webinar Quarterfy Journal Annual.. Retreat One of the strengths of Faith in Business is that people can be involved to varying extents, depending on their inclination, availability and time constraints. Some people are involved in all five different activities. Others are more selective. choosing one, two or three which they find most beneficial. ill advancing the education of the public In general All the above activities relate to the fulfilling of this category as well. While the audience for most Faith in Business events and publications is predominantly Christian, these events, public81ions and the Faith in Business website are open and acce55ible to the public in general. Faith in Business welcomes those who are of other faiths, no faith or on the margins of faith to everything it does It demonstrates to the pubSic in general that Christian faith is relevant to the business world and Is thoroughly immersed in it. Faith in Business continues tts be a prime souree of educational information. Financial revlew Sources of in¢ome and main items of expenditure= total income was £55,2761+£39,624 vs 20201211, the main sources being donalions1£51,457, +£37,114 vs 20201211 and income from the online Retreat of £3,8191+£2,510 vs 20201211. Total expenditure was £15.4881+£797 vs 20201211. Expenditure comprised website ¢osls1£431, -£770 vs 20201211. consulting support costs1£11.440, -£2.640 vs 20201211, insurance1£327, +£7 vs 20201211, Retreat costs1£2,218, +£4,428 vs 20201211, and general expenses1£1.072. +£510 vs 20201211. This generated a surplus of revenue over expenditure of £39.788 resulting in cash funds at the year-end of £51,484 {+£39,788 vs 2020121) of which £7,012 was unrestricted and £44,472 was restricted. Reserves policy.. the Trustees, objective continues to be to secure regular income from donations, supplemented by grants and significant one-off donations, to meet budgeted expenditures. Donations grew significantly during the year, resulting in a significant improvement in rese￿es. Regular donation income continues to increase but is still not at the level to fully cover regular outgoings The significant improvement in income and reserves means that the Trustees can now agree an annual budget with the Executive Team and monitor income and expenditure through the financial year as a means of reasonable financial governance. The Trustees still intend to build and maintain ongoing unreslricled reserves equivalent to al least six nKsnths of regular expenditure, that is about £6,000. Restricted funds. There are restricted funds, whose movement during the year was.. Ref FIB 2021 22 TAR 221207.doc

Faith in Business Period from 1 April 2021 to 31 March 2022 Report of the Trustee5 Reslricled funds Website & IT Consultancy Total Income 1,000 14311 569 40,000 41,000 EKpend(ture Net movement in year Balance a13113121 14311 40,569 3,903 44.472 17,0401 37.432 40,000 3,903 Balance at 3113122 4.472 40,000 17,0401 32,960 Accrued expenditure Balance al 3113122 after accrued expendf(ure 4,472 Two donations lotalling £40.000 were made by a single generous donor who provided the income to support the work of the charity and. In particular, lo enable us lo engage the services of the Director as a consultant lo undertake projects identified by the Trustees. Guarantees. The charity has not given any guarantees and has not provided ils assets as security for Going concern.. the fLJndraising program in 2021122 was very successful with an increase in smaller monthly donations plus several significant one4off donations and income from the ¢ollaboralion with the Church of England. This has provided Faith in Business with a stronger financial foundation on which lo build its charitable aclivilies. Therefore, the Trustees are satisfied that Faith in Business is going concein. Key financial risks and their mitigation: the key financial risks are as follows.. 1. Risk that the expenditures of the Annual Retreat exceeds the income generated from attendees. This is miligaled via careful budgeting of costs and setting of attendance fees for Retreats based on past experience. 2. Risk that regular operatin9 costs exceed revenue. This is miligaled via the Trustees reviewing and approving an annual budget of revenue and expenditure proposed by the Executive Team, and closely monitoring performance against this budget. Also, the Trustees continue lo build a reasonable level ol reserves. 3. Risk Ihal donations do not grow lo cover proposed regular outgoings. This is miligaled via Gonlinued focus on fundraising and application for grants by the Executive Team, with support from the Trustees. This continue5 to be closely monitored by the Executive Team and Trustees with regular reports from the Treasurer. Funds hold as custodian Trustee on behalF of others The chaiily and ils Trustees are not acting as custodian Trustees on behall of others. Structurè, governance and management Faith in Business is a charitable incorporated organisation ICIOI, and was entered onlo the Register of Charities on 91h April 2019. Its governing document is its CIO Constitution Ifoundalion model). Regarding recruilmenl and appointment of new charity Iruslees. the Conslilulion provides that there shall be not less than three and no more than nine appointed trustees. New Iruslees shall be appointed by resolution al a properly convened meeting of Irusleès for a term of three years. Retiring tru51ees are eligible for ieappoinlment unless they have already served for three consecutive terms. They may then be reappointed after an interval of at least one year. Rel". FiB_2021_22_TAR_221207.doc

Faith in Business Period from 1 April 2021 to 31 March 2022 Report of the Trustees A number of subcommillees have been established with agreed and documented delegated authorities Including the Executive Team. Communications Team, Fundraising Team and Events Team. These subcomrnillees report regularly and are accountsble lo the Trustees. Ststement of Trustees. responsibilitles The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy al any lime the financial position of the charity and enable them to ensure that the financial slalements comply with the Charities Act 2011. They are also responsible for safeguarding the asse15 of the Gharily and hence for taking reasonable steps for the prevention and detection of fraL+d and other Irregularities. The Trustees are responsible for appointing an Independent Examiner lo review the accounts as the income of the charity is above £25,000 and below £1,000.000 during the period. In so lar as the Iiustees are aware there Is no relevant information of which the charity s Independent Examiner is Ljnaware 3nd the Iruslees have taken all steps that they ought to have taken lo make themselves aware ol any Information relevant to the Independent Examination and lo establish that the Independent Examiner Is aware of that information The Trustees have reviewed the Independent Examiners report in which no concems of material S￿nifIcance have been raised and no signif￿ant amendments lo the Trustee Annual Report and accounts have been required. Approved on Wednesday 71h December 2022 and signed on behaw of the Trustees by Trustee Name." John Bloomer Dale.. Ref FiB_2021 22 TAR_221207.doc

Faith in Business Period from 1 April 2021 to 31 March 2022 Accounting Policies Faith in Business is a Charitable Incorporated Organisalion registered wi(h the Charty Commission In England and Wales. (Register number 11828881. 2. Accounting convention.. As the income levol is below £250.000, these financial slalemenls are Prepared on a receipts and payments basis under the historical cost convention and in accordance with the rules applicable lo a Charitable Incorporated Organisalion under the Charrties Ael 2011. Ref.. FiB_2021_22_TAR_221207.doc

IHARITY IOMMISSION FOR INGIANO AND WAIES Faith In Business 1182888 Receipts and payments accounts CC16a For the perloit from 01104121 To 31103122 Section A Receipts and payments Uniestiictod funds Restri¢i¥d fltnds Endowmènt fuds Totsi lund8 Lasty4BI A1 Receipts Gr￿1 Received )nations Re￿i￿ed 10.457 41.000 51,457 14,3 Gift Aid Re£eived Reirpat lrtome 3.819 3,819 1,309 Stib totallGross Jncom8 forARI 14,276 41.000 55.276 19,6S2 A2 Asset inve5tmen¢ $a188, Is8e ub total Total ￿¢PIptS 14.276 41.000 55.276 15,652 A3Pa ments Retroal Costs 2.21 11.440 2.218 141J80 Websile Cosis 431 431 569 227 327 320 Con[ertr￿S Indudiw travel GtnEral PXPBnses 169 1,072 15,488 soz Sub total 15,067 431 A4 Asset and investment purchass. (sep lablel Sub total Totalpayments 15,057 431 14,691 N8( of receipts/(paymentsJ AS Transfers between funds A6 Cash funds lasl year erKJ Cash funds thls yearend 40,569 39,788 961 7,7 7,012 3.903 44,472 11.696 1D.735 11,6 51,484

Section B Statement of assets and liabilities at the end of the period Unrestricted lunds R￿trIcted funds Endowment funds Bl Cash funds Current A¢wJrn 7.012 44.472 Tolal ¢a$h funds 7.012 44,472 Unr88tricted funds ton••rt*t£ RoStri¢1od funtts to n•aT•SiE Endowment lunds 82 Other monetary assets Retre81 Venue OepDSrt 2.218 Fund lo ssÈtbel¢n Cost l¢ption¥ll Currnnt valu• tional B3 Investment assets Fund to lbthlch Cosiipptiona Currentvalué 84 Assets retslned for the charity's own use Fund to Wh￿b lèt•ts Unrestri¢ied AJnountdu• YYh•n du• BS Liabilities Rel￿al Incorne 3.819 AC￿Ue￿ exper&es Acuudd exp8n6eS Unreslncie R£striGted 420 7.040 Signed by one ￿ iwo Ituslee5 on behall ol all Ihe Ituslees &gnalure Print N8me Dale of roval Vii/71

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF

FAITH IN BUSINESS

I report to the trustees on my examination of the accounts of Faith in Business ('the charity') for the year ended 31 March 2022 on pages 1 to 11.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the accounts in accordance with �he �e��i�eme��� �f �he Cha�i�ie� Ac� 2011 (��he 2011 Ac��).

I report in respect of my examination of the cha�i���� accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Inde�enden� e�amine��� ��a�emen�

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 accordance with section 130 of the 2011 Act; or

2. the accounts do not accord with the accounting records.

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

Jaimée Young

Stewardship 1 Lamb's Passage LONDON EC1Y 8AB

Date: 12 December 2022

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