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.
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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..
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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
fu*ds
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
purchas*s. (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 

Page 12