Faith in Business (a Charitable Incorporated Organisation)
Trustees’ Annual Report and Financial Statements Period from 1 April 2023 to 31 March 2024
Registered Charity Number 1182888
Period from 1 April 2023 to 31 March 2024 Report of the Trustees
Faith in Business
Contents
| Report of the Trustees | 4 |
|---|---|
| Accounting policies | 9 |
| Receipts and Payments Account | 10 |
| Statement of Assets and Liabilities | 11 |
The Trustees present their Trustees’ Annual Report and financial statements for the charity's period ended 31 March 2024.
Ref: FiB_2023_24_TAR.doc
2
Faith in Business Period from 1 April 2023 to 31 March 2024 Report of the Trustees
Reference and administrative details
| Charity Name: | Faith in Business |
|---|---|
| Charity Registration number: | 1182888 |
| Operational address: | Faith in Business |
| c/o Westminster College | |
| Madingley Road | |
| Cambridge | |
| CB3 0AA | |
| Trustees: | Rev Dr Richard Higginson (resigned 18thDecember 2023) |
| Mr Stephen Apted (resigned 18thDecember 2023) | |
| Mr David Ball | |
| Mrs Dawn Stallwood | |
| Mr John Bloomer (resigned 28thApril 2023) | |
| Mr Andrew Glover (Chair) (appointed 18thDecember 2023) | |
| Mrs Keren Pybus (appointed 18thDecember 2023) | |
| Prof Kim Sawers (appointed 18thDecember 2023) | |
| Bankers: | Cooperative Bank |
| PO Box 638 | |
| Salford, M5 0JQ. |
Ref: FiB_2023_24_TAR.doc
3
Faith in Business Period from 1 April 2023 to 31 March 2024 Report of the Trustees
Exemptions from disclosure
There are no exemptions from disclosure.
Objectives and Activities
a) Purposes
The objects of the charity, as outlined in our Constitution, are:
-
a) to advance the Christian faith in businesses and the workplace for the benefit of the public through the holding of events (such as conferences, seminars, retreats, meetings, lectures), and/or producing and/or distributing literature to enlighten others about the Christian faith and ethical practices.
-
b) to advance the education of the public in general (and particularly amongst businesspeople) on
-
c) the subject of Christian theology and ethics and to promote research for the public benefit in all aspects of that subject and to publish useful results.
b) Main activities undertaken to further the charity’s purposes to the public benefit:
i) advancing the Christian Faith:
Faith in Business makes positive connections between Christian faith, ethical practice and the business world. It does this by:
-
encouraging and resourcing businesspeople to be faithful disciples of Jesus Christ in their workplaces,
-
developing a Christian perspective on topical business issues, and
-
• equipping future church leaders for ministry to and with businesspeople
It does this primarily through:
-
organising meetings, including an annual conference and monthly 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 (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, and
-
constructive co-operation with other organisations 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 teaching 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 interpretation of Biblical teachings relevant to business and the working world.
It does this primarily through:
-
organising meetings, including an annual conference and monthly 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 (which is published in partnership with the Industrial Christian
Ref: FiB_2023_24_TAR.doc
4
Faith in Business Period from 1 April 2023 to 31 March 2024 Report of the Trustees
Fellowship), other published materials developed and distributed by Faith in Business, and filmed interviews carried out with selected businesspeople, and
- equipping future church leaders for ministry to and with businesspeople
c) Charity Commission’s guidance on public benefit
The Trustees confirm that they have had due regard to the guidance on public benefit issued by the Charity Commission (specifically the public benefit guides PB1, PB2 and PB3) when making decisions they are relevant to.
Achievements and performance
i) advancing the Christian Faith:
Faith in Business held a two-day Retreat entitled ‘The Beauty of Work” on 28-29 April 2023.
The Retreat was well attended with a wide cross-section of ages, ethnicity and church backgrounds. Attendees experienced two days of worship, prayer, panel discussions, interviews and short talks, along with dinners and a tour of Cambridge.
People talked powerfully both during and after the event of the impact it had on them. Prayers were answered, new insights were gained, relationships were formed, and faith deepened.
The main feedback was to provide more space in the schedule for reflection time, which would be incorporated into our events moving forwards. We also decided not to continue with an online section at future events.
Faith in Business Monthly (FiBM), the monthly webinar which takes place every lunchtime on the first Thursday of each month, continues to attract a good audience of around 40 and meet a vital need. The regular pattern of talk from invited speaker(s), Q & A and breakout discussion continues.
The Faith in Business Monthly webinars involved a diverse range of thought leaders who gave talks or interviews to stimulate the discussion of our theme for the academic year 2023-2024: Being Productive: Working from Rest . The topics covered in the webinars included:
Introducing 'Being Productive: Working from Rest'. Theme partners Peter Heslam, Ken Barnes and Chris Gillies.
Resilience - God's Unique Gift. Prof Kenneth Barnes and Rob Wright. Reprioritization: Reassessing our Values. Prof Autumn Ridenour and Bev Shepherd. Resistance: Reclaiming our Time. Natt Gantt, David Steinegger and Ravi Gidoomal. Reimagination: Finding our Sacred Spaces. Prof Kara Martin, Prof Curt Hopkins and Peter Heslam.
Renewal: Healing our Relationships. Prof Sara Minard, Dr Michael Schluter and Fiona Brennan-Scott.
Redemption: Integrating Faith and Work. Prof Jeff Hanson, Stewart McCulloch and Peter Heslam.
Restoration: Working from Rest. A concluding discussion of the key insights and learnings.
In partnership with the Industrial Christian Fellowship (ICF), Faith in Business continues to publish the journal Faith in Business Quarterly (FiBQ). During the period April 2023-March 2024 three more issues were published.
Faith in Business Quarterly is the only journal/magazine of its type in the field in the UK and is widely recognised as being of high quality. There are now more than 200 subscribers, with many others accessing articles online for free.
Faith in Business continues to publish on its website a series of weekly reflections entitled God on Monday (see https://www.faithinbusiness.org/Groups/352043/God_on_Monday.aspx). These are short reflections from a variety of authors on biblical passages chosen from the Anglican Lectionary.
Ref: FiB_2023_24_TAR.doc
5
Faith in Business Period from 1 April 2023 to 31 March 2024 Report of the Trustees
This is organised (and several of the reflections written) by Peter Heslam, the Director of Faith in Business. During the 2023/24 financial year, the series continued to be distributed in collaboration with the Church of England.
The Faith in Business Prayer Network continues. Every two to three weeks, Faith in Business Chair Richard Higginson (who became Faith in Business Honorary Life President on his resignation as trustee) sends out a thoughtful reflection on topical workplace issues as a stimulus for prayer. During 2023/24, the network continued to grow numerically. Every three months an online prayer meeting is held where attendees can share concerns and needs.
Faith in Business therefore has a five-pronged programme of activities:
-
Weekly: God on Monday
-
Fortnightly: Prayer letter
-
Monthly: Webinar
-
Quarterly: Journal
-
Annually: 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.
ii) 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, publications and the Faith in Business website are open and accessible 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 public in general that Christian faith is relevant to the business world and is thoroughly immersed in it. Faith in Business continues to be a prime source of educational information.
Financial review
Sources of income and main items of expenditure: The main categories of income and expenditure for 2023/24 can be seen along with comparative figures for 2022/23 in the CC16a form.
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. The level of donations fluctuates. Those received in the last few years have resulted in a significant improvement in reserves. 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 unrestricted reserves equivalent to at least six months of regular expenditure, ie about £6,000.
Restricted funds : There are two restricted funds, whose movement during the year was:
Ref: FiB_2023_24_TAR.doc
6
Faith in Business Period from 1 April 2023 to 31 March 2024 Report of the Trustees
| Income Expenditure Net movement in year Balance at 31/3/23 Balance at 31/3/24 Movement in accrued expenditure Balance at 31/3/24 after accrued expenditure |
Restricted funds | Restricted funds |
|---|---|---|
| Website & IT Consultancy £ £ 0 0 (536) (11,920) |
Total £ 0 (12,456) |
|
| (536) (11,920) 3,994 27,680 |
(12,456) 31,674 |
|
| 3,458 15,760 0 (1,120) |
19,218 (1,120) |
|
| 3,458 14,620 |
18,098 |
The ‘Website & IT’ fund relates to two grants provided by a charity for the specific purposes of (1) website and IT and (2) administration.
‘Consultancy’ relates to two donations totalling £40,000 made by a single generous donor who provided the income to support the work of the charity and, in particular, to enable us to engage the services of the Director as a consultant for a second day each week to undertake projects identified by the Trustees.
Guarantees : The charity has not given any guarantees and has not provided its assets as security for any liabilities
Going concern: the success of the annual retreat in 2023 and 2024 has ensured that the last couple of years have seen an operational surplus. The Trustees are satisfied that Faith in Business is a going concern.
Key financial risks and their mitigation: the key financial risks are as follows:
-
Risk that the expenditure on the Annual Retreat exceeds the income generated from attendees. This is mitigated via careful budgeting of costs, seeking sponsorship, and setting of attendance fees for Retreats based on past experience.
-
Risk that regular operating costs exceed revenue. This is mitigated 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 to build a reasonable level of reserves.
-
Risk that donations do not grow to cover proposed regular outgoings. This is mitigated via continued focus on fundraising and application for grants by the Executive Team, with support from the Trustees. This continues to be closely monitored by the Executive Team and Trustees with regular reports from the Treasurer.
Funds held as custodian Trustee on behalf of others
The charity and its Trustees are not acting as custodian Trustees on behalf of others.
Structure, governance and management
Faith in Business is a charitable incorporated organisation (CIO) and was entered onto the Register of Charities on 9[th] April 2019. Its governing document is its CIO Constitution (foundation model).
Regarding recruitment and appointment of new charity trustees, the Constitution provides that there shall be not less than three and no more than nine appointed trustees. New trustees shall be appointed by resolution at a properly convened meeting of trustees for a term of three years. Retiring
Ref: FiB_2023_24_TAR.doc
7
Faith in Business Period from 1 April 2023 to 31 March 2024 Report of the Trustees
trustees are eligible for reappointment unless they have already served for three consecutive terms. They may then be reappointed after an interval of at least one year.
A number of subcommittees have been established with agreed and documented delegated authorities including the Executive Team and Communications Team. These subcommittees report regularly and are accountable to the Trustees.
Statement of Trustees' responsibilities
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for appointing an Independent Examiner to review the accounts if the income of the charity is above £25,000 and below £1,000,000 during the period. . In so far as the trustees are aware there is no relevant information of which the charity’s Independent Examiner is unaware and the trustees have taken all steps that they ought to have taken to make themselves aware of any information relevant to the Independent Examination and to establish that the Independent Examiner is aware of that information.
The Trustees have reviewed the Independent Examiner’s report in which no concerns of material significance have been raised and no significant amendments to the Trustee Annual Report and accounts have been required.
Approved on 27[th] January 2025 and signed on behalf of the Trustees by
Chair of Trustees
Name: Andrew Glover Date: 27/1/2025
Ref: FiB_2023_24_TAR.doc
8
Faith in Business Period from 1 April 2023 to 31 March 2024 Report of the Trustees
Accounting Policies
-
Faith in Business is a Charitable Incorporated Organisation registered with the Charity Commission in England and Wales. (Register number 1182888).
-
Accounting convention: As the income level is below £250,000, these financial statements are prepared on a receipts and payments basis under the historical cost convention and in accordance with the rules applicable to a Charitable Incorporated Organisation under the Charities Act 2011.
Ref: FiB_2023_24_TAR.doc
9
Faith in Business Period from 1 April 2023 to 31 March 2024 Report of the Trustees
| Charity name | Charity name | Charity name | No(if any) | No(if any) | CC16a | ||||
|---|---|---|---|---|---|---|---|---|---|
| FAITH IN BUSINESS | 1182888 | ||||||||
| Receipts and | payments accounts | ||||||||
| For the period from | 01/04/2 | 023 | To | 31/ | 03/2024 | ||||
| Section A Receipts and payments | |||||||||
| Unrestricted funds |
Restricted funds |
Endowment funds |
Total funds | Last year | |||||
| to the nearest £ |
to the nearest £ | to the nearest £ | to the nearest £ | to the nearest £ | |||||
| A1 Receipts | |||||||||
| Donations received | 9,598 | - | - | 9,598 | 13,321 | ||||
| GiftAid Received | 5,823 | - | - | 5,823 | - | ||||
| Interest on Gift Aid | 234 | - | - | 234 | - | ||||
| Publications | 800 | - | - | 800 | 800 | ||||
| Retreat Income | 10,144 | - | - | 10,144 | 6,620 | ||||
| Retreat income(in advance) | 9,802 | - | - | 9,802 | 2,551 | ||||
| - | - | - | 0 | - | |||||
| - | - | - | 0 | - | |||||
| Sub total (Gross income for AR) | 36,401 | 0 | 0 | 36,401 | 23,292 | ||||
| A2 Asset and investment sales, (see table). | |||||||||
| - | - | - | - | ||||||
| - | - | - | - | - | |||||
| Sub total | 0 |
0 | 0 | 0 | 0 | ||||
| Total receipts | 36,401 | 0 | 0 | 36,401 | 23,292 | ||||
| A3 Payments | |||||||||
| Retreat costs | 7,531 | - | - | 7,531 | 10,246 | ||||
| Consulting | 11,920 | 11,920 | - | 23,840 | 24,640 | ||||
| Website costs | - | 536 | - | 536 | 478 | ||||
| Marketing materials | - | - | - | 0 | 0 | ||||
| Insurance | 382 | - | - | 382 | 356 | ||||
| Conferences including travel | 92 | - | - | 92 | 0 | ||||
| Bank fees | 125 | - | - | 125 | 267 | ||||
| Legal & professional | 507 | - | - | 507 | 470 | ||||
| General expenses | 453 | - | - | 453 | 79 | ||||
| Sub total | 21,011 | 12,456 | 0 | 33,466 | 36,536 | ||||
| A4 Asset and investment purchases, (see table) |
|||||||||
| - | - | - | - | ||||||
| - | - | - | - | ||||||
| Sub total | 0 | 0 | 0 | 0 | 0 | ||||
| Total payments | 21,011 | 12,456 | 0 | 33,466 | 36,536 | ||||
| Net of receipts/(payments) | 15,391 | (12,456) | 0 | 2,935 | (13,244) | ||||
| A5 Transfers between funds | - | - | - | 0 | - | ||||
| A6 Cash funds lastyear end | 6,567 | 31,674 | - | 38,241 | 51,484 | ||||
| Cash funds thisyear end | 21,958 | 19,218 | 0 | 41,176 | 38,240 |
Ref: FiB_2023_24_TAR.doc
10
Faith in Business
Period from 1 April 2023 to 31 March 2024 Report of the Trustees
Section B Statement of assets and liabilities at the end of the period
| Categories | Details | Details | Details | Unrestricted funds |
Restricted funds |
Endowment funds |
|||
|---|---|---|---|---|---|---|---|---|---|
| to nearest £ | to nearest £ | to nearest £ | |||||||
| B1 Cash funds | Current account | 21,958 | 19,218 | 0 | |||||
| - | - | - | |||||||
| - | - | - | |||||||
| Total cash funds | 21,958 | 19,218 | 0 | ||||||
| (agree balances with receipts and payments account(s)) | TRUE | TRUE | TRUE | ||||||
| Unrestricted funds |
Restricted funds |
Endowment funds |
|||||||
| Details | to nearest £ | to nearest £ | to nearest £ | ||||||
| B2 Other monetary assets | Retreat venue deposit | 1,536 | - | - | |||||
| Retreat bank charges | 107 | - | - | ||||||
| Accrued income | 25 | - | - | ||||||
| - | - | - | |||||||
| - | - | - | |||||||
| - | - | - | |||||||
| Details | Fund to which asset belongs |
Cost (optional) | Current value (optional) |
||||||
| B3 Investment assets | - | - | |||||||
| - | - | ||||||||
| - | - | ||||||||
| - | - | ||||||||
| - | - | ||||||||
| Details | Fund to which asset belongs |
Cost (optional) | Current value (optional) |
||||||
| B4 Assets retained for the charity’s own use |
- | - | |||||||
| - | - | ||||||||
| - | - | ||||||||
| - | - | ||||||||
| - | - | ||||||||
| - | - | ||||||||
| - | - | ||||||||
| - | - | ||||||||
| - | - | ||||||||
| Details | Fund to which liability relates |
Amount due (optional) |
When due (optional) |
||||||
| B5 Liabilities | Retreat income | Unrestricted | 9,893 | ||||||
| Accrued expenses | Unrestricted | 1,120 | |||||||
| Accrued expenses | Restricted | 1,120 | |||||||
| IE fee | Unrestricted | 540 | |||||||
| - | |||||||||
| Signed by one or two trustees on behalf of all the trustees |
Signature | Print Nam | e | Date of approval |
|||||
| A | ndrew Glov | er | 27/01/2025 | ||||||
| Dawn Stallwood (Jan 27, 2025 15:43 GMT) Dawn Stallwood |
Da | wn Stallw | ood | 27/01/2025 | |||||
Ref: FiB_2023_24_TAR.doc
11
Faith in Business (a Charitable Incorporated Organisation)
Trustees’ Annual Report and Financial Statements Period from 1 April 2023 to 31 March 2024
Registered Charity Number 1182888
Period from 1 April 2023 to 31 March 2024 Report of the Trustees
Faith in Business
Contents
| Report of the Trustees | 4 |
|---|---|
| Accounting policies | 9 |
| Receipts and Payments Account | 10 |
| Statement of Assets and Liabilities | 11 |
The Trustees present their Trustees’ Annual Report and financial statements for the charity's period ended 31 March 2024.
Ref: FiB_2023_24_TAR.doc
2
Faith in Business Period from 1 April 2023 to 31 March 2024 Report of the Trustees
Reference and administrative details
| Charity Name: | Faith in Business |
|---|---|
| Charity Registration number: | 1182888 |
| Operational address: | Faith in Business |
| c/o Westminster College | |
| Madingley Road | |
| Cambridge | |
| CB3 0AA | |
| Trustees: | Rev Dr Richard Higginson (resigned 18thDecember 2023) |
| Mr Stephen Apted (resigned 18thDecember 2023) | |
| Mr David Ball | |
| Mrs Dawn Stallwood | |
| Mr John Bloomer (resigned 28thApril 2023) | |
| Mr Andrew Glover (Chair) (appointed 18thDecember 2023) | |
| Mrs Keren Pybus (appointed 18thDecember 2023) | |
| Prof Kim Sawers (appointed 18thDecember 2023) | |
| Bankers: | Cooperative Bank |
| PO Box 638 | |
| Salford, M5 0JQ. |
Ref: FiB_2023_24_TAR.doc
3
Faith in Business Period from 1 April 2023 to 31 March 2024 Report of the Trustees
Exemptions from disclosure
There are no exemptions from disclosure.
Objectives and Activities
a) Purposes
The objects of the charity, as outlined in our Constitution, are:
-
a) to advance the Christian faith in businesses and the workplace for the benefit of the public through the holding of events (such as conferences, seminars, retreats, meetings, lectures), and/or producing and/or distributing literature to enlighten others about the Christian faith and ethical practices.
-
b) to advance the education of the public in general (and particularly amongst businesspeople) on
-
c) the subject of Christian theology and ethics and to promote research for the public benefit in all aspects of that subject and to publish useful results.
b) Main activities undertaken to further the charity’s purposes to the public benefit:
i) advancing the Christian Faith:
Faith in Business makes positive connections between Christian faith, ethical practice and the business world. It does this by:
-
encouraging and resourcing businesspeople to be faithful disciples of Jesus Christ in their workplaces,
-
developing a Christian perspective on topical business issues, and
-
• equipping future church leaders for ministry to and with businesspeople
It does this primarily through:
-
organising meetings, including an annual conference and monthly 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 (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, and
-
constructive co-operation with other organisations 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 teaching 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 interpretation of Biblical teachings relevant to business and the working world.
It does this primarily through:
-
organising meetings, including an annual conference and monthly 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 (which is published in partnership with the Industrial Christian
Ref: FiB_2023_24_TAR.doc
4
Faith in Business Period from 1 April 2023 to 31 March 2024 Report of the Trustees
Fellowship), other published materials developed and distributed by Faith in Business, and filmed interviews carried out with selected businesspeople, and
- equipping future church leaders for ministry to and with businesspeople
c) Charity Commission’s guidance on public benefit
The Trustees confirm that they have had due regard to the guidance on public benefit issued by the Charity Commission (specifically the public benefit guides PB1, PB2 and PB3) when making decisions they are relevant to.
Achievements and performance
i) advancing the Christian Faith:
Faith in Business held a two-day Retreat entitled ‘The Beauty of Work” on 28-29 April 2023.
The Retreat was well attended with a wide cross-section of ages, ethnicity and church backgrounds. Attendees experienced two days of worship, prayer, panel discussions, interviews and short talks, along with dinners and a tour of Cambridge.
People talked powerfully both during and after the event of the impact it had on them. Prayers were answered, new insights were gained, relationships were formed, and faith deepened.
The main feedback was to provide more space in the schedule for reflection time, which would be incorporated into our events moving forwards. We also decided not to continue with an online section at future events.
Faith in Business Monthly (FiBM), the monthly webinar which takes place every lunchtime on the first Thursday of each month, continues to attract a good audience of around 40 and meet a vital need. The regular pattern of talk from invited speaker(s), Q & A and breakout discussion continues.
The Faith in Business Monthly webinars involved a diverse range of thought leaders who gave talks or interviews to stimulate the discussion of our theme for the academic year 2023-2024: Being Productive: Working from Rest . The topics covered in the webinars included:
Introducing 'Being Productive: Working from Rest'. Theme partners Peter Heslam, Ken Barnes and Chris Gillies.
Resilience - God's Unique Gift. Prof Kenneth Barnes and Rob Wright. Reprioritization: Reassessing our Values. Prof Autumn Ridenour and Bev Shepherd. Resistance: Reclaiming our Time. Natt Gantt, David Steinegger and Ravi Gidoomal. Reimagination: Finding our Sacred Spaces. Prof Kara Martin, Prof Curt Hopkins and Peter Heslam.
Renewal: Healing our Relationships. Prof Sara Minard, Dr Michael Schluter and Fiona Brennan-Scott.
Redemption: Integrating Faith and Work. Prof Jeff Hanson, Stewart McCulloch and Peter Heslam.
Restoration: Working from Rest. A concluding discussion of the key insights and learnings.
In partnership with the Industrial Christian Fellowship (ICF), Faith in Business continues to publish the journal Faith in Business Quarterly (FiBQ). During the period April 2023-March 2024 three more issues were published.
Faith in Business Quarterly is the only journal/magazine of its type in the field in the UK and is widely recognised as being of high quality. There are now more than 200 subscribers, with many others accessing articles online for free.
Faith in Business continues to publish on its website a series of weekly reflections entitled God on Monday (see https://www.faithinbusiness.org/Groups/352043/God_on_Monday.aspx). These are short reflections from a variety of authors on biblical passages chosen from the Anglican Lectionary.
Ref: FiB_2023_24_TAR.doc
5
Faith in Business Period from 1 April 2023 to 31 March 2024 Report of the Trustees
This is organised (and several of the reflections written) by Peter Heslam, the Director of Faith in Business. During the 2023/24 financial year, the series continued to be distributed in collaboration with the Church of England.
The Faith in Business Prayer Network continues. Every two to three weeks, Faith in Business Chair Richard Higginson (who became Faith in Business Honorary Life President on his resignation as trustee) sends out a thoughtful reflection on topical workplace issues as a stimulus for prayer. During 2023/24, the network continued to grow numerically. Every three months an online prayer meeting is held where attendees can share concerns and needs.
Faith in Business therefore has a five-pronged programme of activities:
-
Weekly: God on Monday
-
Fortnightly: Prayer letter
-
Monthly: Webinar
-
Quarterly: Journal
-
Annually: 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.
ii) 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, publications and the Faith in Business website are open and accessible 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 public in general that Christian faith is relevant to the business world and is thoroughly immersed in it. Faith in Business continues to be a prime source of educational information.
Financial review
Sources of income and main items of expenditure: The main categories of income and expenditure for 2023/24 can be seen along with comparative figures for 2022/23 in the CC16a form.
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. The level of donations fluctuates. Those received in the last few years have resulted in a significant improvement in reserves. 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 unrestricted reserves equivalent to at least six months of regular expenditure, ie about £6,000.
Restricted funds : There are two restricted funds, whose movement during the year was:
Ref: FiB_2023_24_TAR.doc
6
Faith in Business Period from 1 April 2023 to 31 March 2024 Report of the Trustees
| Income Expenditure Net movement in year Balance at 31/3/23 Balance at 31/3/24 Movement in accrued expenditure Balance at 31/3/24 after accrued expenditure |
Restricted funds | Restricted funds |
|---|---|---|
| Website & IT Consultancy £ £ 0 0 (536) (11,920) |
Total £ 0 (12,456) |
|
| (536) (11,920) 3,994 27,680 |
(12,456) 31,674 |
|
| 3,458 15,760 0 (1,120) |
19,218 (1,120) |
|
| 3,458 14,620 |
18,098 |
The ‘Website & IT’ fund relates to two grants provided by a charity for the specific purposes of (1) website and IT and (2) administration.
‘Consultancy’ relates to two donations totalling £40,000 made by a single generous donor who provided the income to support the work of the charity and, in particular, to enable us to engage the services of the Director as a consultant for a second day each week to undertake projects identified by the Trustees.
Guarantees : The charity has not given any guarantees and has not provided its assets as security for any liabilities
Going concern: the success of the annual retreat in 2023 and 2024 has ensured that the last couple of years have seen an operational surplus. The Trustees are satisfied that Faith in Business is a going concern.
Key financial risks and their mitigation: the key financial risks are as follows:
-
Risk that the expenditure on the Annual Retreat exceeds the income generated from attendees. This is mitigated via careful budgeting of costs, seeking sponsorship, and setting of attendance fees for Retreats based on past experience.
-
Risk that regular operating costs exceed revenue. This is mitigated 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 to build a reasonable level of reserves.
-
Risk that donations do not grow to cover proposed regular outgoings. This is mitigated via continued focus on fundraising and application for grants by the Executive Team, with support from the Trustees. This continues to be closely monitored by the Executive Team and Trustees with regular reports from the Treasurer.
Funds held as custodian Trustee on behalf of others
The charity and its Trustees are not acting as custodian Trustees on behalf of others.
Structure, governance and management
Faith in Business is a charitable incorporated organisation (CIO) and was entered onto the Register of Charities on 9[th] April 2019. Its governing document is its CIO Constitution (foundation model).
Regarding recruitment and appointment of new charity trustees, the Constitution provides that there shall be not less than three and no more than nine appointed trustees. New trustees shall be appointed by resolution at a properly convened meeting of trustees for a term of three years. Retiring
Ref: FiB_2023_24_TAR.doc
7
Faith in Business Period from 1 April 2023 to 31 March 2024 Report of the Trustees
trustees are eligible for reappointment unless they have already served for three consecutive terms. They may then be reappointed after an interval of at least one year.
A number of subcommittees have been established with agreed and documented delegated authorities including the Executive Team and Communications Team. These subcommittees report regularly and are accountable to the Trustees.
Statement of Trustees' responsibilities
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for appointing an Independent Examiner to review the accounts if the income of the charity is above £25,000 and below £1,000,000 during the period. . In so far as the trustees are aware there is no relevant information of which the charity’s Independent Examiner is unaware and the trustees have taken all steps that they ought to have taken to make themselves aware of any information relevant to the Independent Examination and to establish that the Independent Examiner is aware of that information.
The Trustees have reviewed the Independent Examiner’s report in which no concerns of material significance have been raised and no significant amendments to the Trustee Annual Report and accounts have been required.
Approved on 27[th] January 2025 and signed on behalf of the Trustees by
Chair of Trustees
Name: Andrew Glover Date: 27/1/2025
Ref: FiB_2023_24_TAR.doc
8
Faith in Business Period from 1 April 2023 to 31 March 2024 Report of the Trustees
Accounting Policies
-
Faith in Business is a Charitable Incorporated Organisation registered with the Charity Commission in England and Wales. (Register number 1182888).
-
Accounting convention: As the income level is below £250,000, these financial statements are prepared on a receipts and payments basis under the historical cost convention and in accordance with the rules applicable to a Charitable Incorporated Organisation under the Charities Act 2011.
Ref: FiB_2023_24_TAR.doc
9
Faith in Business Period from 1 April 2023 to 31 March 2024 Report of the Trustees
| Charity name | Charity name | Charity name | No(if any) | No(if any) | CC16a | ||||
|---|---|---|---|---|---|---|---|---|---|
| FAITH IN BUSINESS | 1182888 | ||||||||
| Receipts and | payments accounts | ||||||||
| For the period from | 01/04/2 | 023 | To | 31/ | 03/2024 | ||||
| Section A Receipts and payments | |||||||||
| Unrestricted funds |
Restricted funds |
Endowment funds |
Total funds | Last year | |||||
| to the nearest £ |
to the nearest £ | to the nearest £ | to the nearest £ | to the nearest £ | |||||
| A1 Receipts | |||||||||
| Donations received | 9,598 | - | - | 9,598 | 13,321 | ||||
| GiftAid Received | 5,823 | - | - | 5,823 | - | ||||
| Interest on Gift Aid | 234 | - | - | 234 | - | ||||
| Publications | 800 | - | - | 800 | 800 | ||||
| Retreat Income | 10,144 | - | - | 10,144 | 6,620 | ||||
| Retreat income(in advance) | 9,802 | - | - | 9,802 | 2,551 | ||||
| - | - | - | 0 | - | |||||
| - | - | - | 0 | - | |||||
| Sub total (Gross income for AR) | 36,401 | 0 | 0 | 36,401 | 23,292 | ||||
| A2 Asset and investment sales, (see table). | |||||||||
| - | - | - | - | ||||||
| - | - | - | - | - | |||||
| Sub total | 0 |
0 | 0 | 0 | 0 | ||||
| Total receipts | 36,401 | 0 | 0 | 36,401 | 23,292 | ||||
| A3 Payments | |||||||||
| Retreat costs | 7,531 | - | - | 7,531 | 10,246 | ||||
| Consulting | 11,920 | 11,920 | - | 23,840 | 24,640 | ||||
| Website costs | - | 536 | - | 536 | 478 | ||||
| Marketing materials | - | - | - | 0 | 0 | ||||
| Insurance | 382 | - | - | 382 | 356 | ||||
| Conferences including travel | 92 | - | - | 92 | 0 | ||||
| Bank fees | 125 | - | - | 125 | 267 | ||||
| Legal & professional | 507 | - | - | 507 | 470 | ||||
| General expenses | 453 | - | - | 453 | 79 | ||||
| Sub total | 21,011 | 12,456 | 0 | 33,466 | 36,536 | ||||
| A4 Asset and investment purchases, (see table) |
|||||||||
| - | - | - | - | ||||||
| - | - | - | - | ||||||
| Sub total | 0 | 0 | 0 | 0 | 0 | ||||
| Total payments | 21,011 | 12,456 | 0 | 33,466 | 36,536 | ||||
| Net of receipts/(payments) | 15,391 | (12,456) | 0 | 2,935 | (13,244) | ||||
| A5 Transfers between funds | - | - | - | 0 | - | ||||
| A6 Cash funds lastyear end | 6,567 | 31,674 | - | 38,241 | 51,484 | ||||
| Cash funds thisyear end | 21,958 | 19,218 | 0 | 41,176 | 38,240 |
Ref: FiB_2023_24_TAR.doc
10
Faith in Business
Period from 1 April 2023 to 31 March 2024 Report of the Trustees
Section B Statement of assets and liabilities at the end of the period
| Categories | Details | Details | Details | Unrestricted funds |
Restricted funds |
Endowment funds |
|||
|---|---|---|---|---|---|---|---|---|---|
| to nearest £ | to nearest £ | to nearest £ | |||||||
| B1 Cash funds | Current account | 21,958 | 19,218 | 0 | |||||
| - | - | - | |||||||
| - | - | - | |||||||
| Total cash funds | 21,958 | 19,218 | 0 | ||||||
| (agree balances with receipts and payments account(s)) | TRUE | TRUE | TRUE | ||||||
| Unrestricted funds |
Restricted funds |
Endowment funds |
|||||||
| Details | to nearest £ | to nearest £ | to nearest £ | ||||||
| B2 Other monetary assets | Retreat venue deposit | 1,536 | - | - | |||||
| Retreat bank charges | 107 | - | - | ||||||
| Accrued income | 25 | - | - | ||||||
| - | - | - | |||||||
| - | - | - | |||||||
| - | - | - | |||||||
| Details | Fund to which asset belongs |
Cost (optional) | Current value (optional) |
||||||
| B3 Investment assets | - | - | |||||||
| - | - | ||||||||
| - | - | ||||||||
| - | - | ||||||||
| - | - | ||||||||
| Details | Fund to which asset belongs |
Cost (optional) | Current value (optional) |
||||||
| B4 Assets retained for the charity’s own use |
- | - | |||||||
| - | - | ||||||||
| - | - | ||||||||
| - | - | ||||||||
| - | - | ||||||||
| - | - | ||||||||
| - | - | ||||||||
| - | - | ||||||||
| - | - | ||||||||
| Details | Fund to which liability relates |
Amount due (optional) |
When due (optional) |
||||||
| B5 Liabilities | Retreat income | Unrestricted | 9,893 | ||||||
| Accrued expenses | Unrestricted | 1,120 | |||||||
| Accrued expenses | Restricted | 1,120 | |||||||
| IE fee | Unrestricted | 540 | |||||||
| - | |||||||||
| Signed by one or two trustees on behalf of all the trustees |
Signature | Print Nam | e | Date of approval |
|||||
| A | ndrew Glov | er | 27/01/2025 | ||||||
| Dawn Stallwood (Jan 27, 2025 15:43 GMT) Dawn Stallwood |
Da | wn Stallw | ood | 27/01/2025 | |||||
Ref: FiB_2023_24_TAR.doc
11
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 2024 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 the requirements of the Charities Act 2011 (‘the 2011 Act’).
I report in respect of my examination of the charity’s 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.
Independent examiner’s statement
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:
-
accounting records were not kept in accordance with section 130 of the 2011 Act; or
-
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: 27 January 2025