# **Faith in Business (a Charitable Incorporated Organisation)** 

## **Trustees’ Annual Report and Financial Statements Period from 1 April 2024 to 31 March 2025** 

**Registered Charity Number 1182888** 



**Period from 1 April 2024 to 31 March 2025 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 2025.** 

Ref: FiB_2024_25_TAR.doc 

2 



**Faith in Business Period from 1 April 2024 to 31 March 2025 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: Mr Andrew Glover (Chair) Mr David Ball Mrs Dawn Stallwood Mrs Keren Pybus Prof Kim Sawers Bankers: Cooperative Bank PO Box 638 Salford, M5 0JQ. 

Ref: FiB_2024_25_TAR.doc 

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**Faith in Business Period from 1 April 2024 to 31 March 2025 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_2024_25_TAR.doc 

4 



**Faith in Business Period from 1 April 2024 to 31 March 2025 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 ‘Being Productive: Working from Rest” on 26-27 April 2024. 

The Retreat was at capacity 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. 

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 2024-2025: **Just Grace: Forgiveness and Accountability** . The topics covered in the webinars included: 

- Introducing Just Grace: Forgiveness and Accountability at Work 

- Preparing for Forgiveness and Accountability 

- Just Grace in Overcoming Obstacles 

- Just Grace in Workplace Culture 

- Just Grace in Case Studies 

- Just Grace in Innovation 

- Just Grace in People Management 

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 2024-March 2025 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. This is organised (and several of the reflections written) by Peter Heslam, the Director of Faith in Business. During the 2024/25 financial year, the series continued to be distributed in collaboration with the Church of England.  We are in discussion to covert the series into a book. 

The Faith in Business Prayer Network continues. Every month Richard Higginson (Faith in Business Honorary Life President) sends out a thoughtful reflection on topical workplace issues as a stimulus for prayer. During 2024/25, the network continued to grow numerically. Every month an online prayer meeting is held where attendees can share concerns and needs. 

Ref: FiB_2024_25_TAR.doc 

5 



**Faith in Business Period from 1 April 2024 to 31 March 2025 Report of the Trustees** 

Faith in Business therefore has a five-pronged programme of activities: 

- Weekly: God on Monday 

- Monthly: Prayer letter & prayer meeting 

- 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 2024/25 can be seen along with comparative figures for 2023/24 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 as does the profit from the annual retreat. The Trustees 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 £10,000. 

**Restricted funds** : There are two restricted funds, whose movement during the year was: 

Ref: FiB_2024_25_TAR.doc 

6 



**Faith in Business Period from 1 April 2024 to 31 March 2025 Report of the Trustees** 

|Income<br>Expenditure<br>**Net movement in year**<br>Balance at 31/3/24<br>**Balance at 31/3/25**<br>Movement in accrued expenditure<br>**Balance at 31/3/25 after accrued expenditure**|Restricted funds|Restricted funds|
|---|---|---|
||Website & IT<br>Consultancy<br>£<br>£<br>0<br>0<br>(1,481)<br>(14,560)|Total<br>£<br>0<br>(16,041)|
||**(1,481)**<br>**(14,560)**<br>3,458<br>15,760|**(16,041)**<br>19,218|
||**1,977**<br>**1,200**<br>0<br>0|**3,177**<br>0|
||**1,977**<br>**1,200**|**3,177**|



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 totaling £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 provides an operational surplus on the unrestricted funds, however the restricted funds, which cover part of the Consultancy, is now close to being used. We are in discussion with the previous donor to possible extend this while reviewing the consultancy contract. 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: 

1. 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. 

2. 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.  We also hold our major cost (consultancy contract) on a short term notice so can be amended as required. 

3. 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 

Ref: FiB_2024_25_TAR.doc 

7 



**Faith in Business Period from 1 April 2024 to 31 March 2025 Report of the Trustees** 

appointed by resolution at a properly convened meeting of trustees for a term of three years. Retiring 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 and signed on behalf of the Trustees by 

## AM Glover 

AM Glover (Nov 17, 2025 20:46:52 AST) 

Chair of Trustees 

Name: Andrew Glover Date: Nov 17, 2025 

Ref: FiB_2024_25_TAR.doc 

8 



**Faith in Business Period from 1 April 2024 to 31 March 2025 Report of the Trustees** 

## **Accounting Policies** 

1. Faith in Business is a Charitable Incorporated Organisation registered with the Charity Commission in England and Wales. (Register number 1182888). 

2. 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_2024_25_TAR.doc 

9 



**Faith in Business Period from 1 April 2024 to 31 March 2025 Report of the Trustees** 

||**Charity name**|**Charity name**|**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**||01/04/20|24|**To**|31|/03/2025|||
|||||||||||
|||||||||||
|**Section A Receipts and payments**||||||||||
||**Unrestricted**<br>**funds**||**Restricted**<br>**funds**||**Endowment**<br>**funds**||**Total funds**||**Last year**|
||**to the nearest**<br>**£**||**to the nearest £**||**to the nearest £**||**to the nearest £**||**to the nearest £**|
|**A1 Receipts**||||||||||
|Donations received|**6,891**||**-**||**-**||**6,891**||**9,598**|
|GiftAid Received|**25**||**-**||**-**||**25**||**5,823**|
|Interest on Gift Aid|**2**||**-**||**-**||**2**||**234**|
|Publications|**1,000**||**-**||**-**||**1,000**||**800**|
|Retreat Income|**9,047**||**-**||**-**||**9,047**||**10,144**|
|Retreat income(in advance)|**8,873**||**-**||**-**||**8,873**||**9,802**|
||**-**||**-**||**-**||**0**||**0**|
||**-**||**-**||**-**||**0**||**0**|
|**_Sub total_** _(Gross income for AR)_|**25,837**||**0**||**0**||**25,837**||**36,401**|
|||||||||||
|**A2 Asset and investment sales, (see table).**||||||||||
||**-**||**-**||**-**||**-**|||
||**-**||**-**||**-**||**-**||**-**|
|**_Sub total_**|<br>**0**||**0**||**0**||**0**||**0**|
|||||||||||
|**_Total receipts_**|**25,837**||**0**||**0**||**25,837**||**36,401**|
|||||||||||
|**A3 Payments**||||||||||
|Retreat costs|**5,893**||**-**||**-**||**5,893**||**7,531**|
|Consulting|**14,560**||**14,560**||**-**||**29,120**||**23,840**|
|Website costs|**-**||**481**||**-**||**481**||**536**|
|Marketing materials|**-**||**-**||**-**||**0**||**0**|
|Insurance|**395**||**-**||**-**||**395**||**382**|
|Conferences including travel|**303**||**-**||**-**||**303**||**92**|
|Bank fees|**83**||**-**||**-**||**83**||**125**|
|Legal & professional|**601**||**-**||**-**||**601**||**507**|
|General expenses|**565**||**1,000**||**-**||**1,565**||**453**|
|**_Sub total_**|**22,400**||**16,041**||**0**||**38,441**||**33,466**|
|||||||||||
|**A4 Asset and investment purchases, (see**<br>**table)**||||||||||
||**-**||**-**||**-**||**-**|||
||**-**||**-**||**-**||**-**|||
|**_Sub total_**|**0**||**0**||**0**||**0**||**0**|
|||||||||||
|**_Totalpayments_**|**22,400**||**16,041**||**0**||**38,441**||**33,466**|
|||||||||||
|**_Net of receipts/(payments)_**|**3,437**||**(16,041)**||**0**||**(12,604)**||**2,935**|
|**A5 Transfers between funds**|**-**||**-**||**-**||**0**||**-**|
|**A6 Cash funds lastyear end**|**21,958**||**19,218**||**-**||**41,176**||**38,241**|
|**_Cash funds thisyear end_**|**25,395**||**3,177**||**0**||**28,571**||**41,176**|



Ref: FiB_2024_25_TAR.doc 

10 



## **Faith in Business Period from 1 April 2024 to 31 March 2025 Report of the Trustees** 

## **Section B Statement of assets and liabilities at the end of the period** 

|**Categories**|**Details**|**Details**|**Details**||**Unrestricted**<br>**funds**||**Restricted**<br>**funds**||**Endowment**<br>**funds**|<br> <br>25<br>5|
|---|---|---|---|---|---|---|---|---|---|---|
||||||**to nearest £**||**to nearest £**||**to nearest £**||
|**B1 Cash funds**|Current account||||**25,395**||**3,177**||**0**||
||||||**-**||**-**||**-**||
||||||**-**||**-**||**-**||
||**_Total cash funds_**||||**25,395**||**3,177**||**0**||
||(agree balances with receipts and payments account(s))||||TRUE||TRUE||TRUE||
||||||**Unrestricted**<br>**funds**||**Restricted**<br>**funds**||**Endowment**<br>**funds**||
||**Details**||||**to nearest £**||**to nearest £**||**to nearest £**||
|**B2 Other monetary assets**|Gift Aid to be claimed||||**719**||**-**||**-**||
||||||**-**||**-**||**-**||
||||||**-**||**-**||**-**||
||||||**-**||**-**||**-**||
||||||**-**||**-**||**-**||
||||||**-**||**-**||**-**||
||||||||||||
||**Details**||||**Fund to which**<br>**asset belongs**||**Cost (optional)**||**Current value**<br>**(optional)**||
|**B3 Investment assets**|||||||**-**||**-**||
||||||||**-**||**-**||
||||||||**-**||**-**||
||||||||**-**||**-**||
||||||||**-**||**-**||
||||||||||||
||**Details**||||**Fund to which**<br>**asset belongs**||**Cost (optional)**||**Current value**<br>**(optional)**||
|**B4 Assets retained for the charity’s**<br>**own use**|||||||**-**||**-**||
||||||||**-**||**-**||
||||||||**-**||**-**||
||||||||**-**||**-**||
||||||||**-**||**-**||
||||||||**-**||**-**||
||||||||**-**||**-**||
||||||||**-**||**-**||
||||||||**-**||**-**||
||||||||||||
||**Details**||||**Fund to which**<br>**liability relates**||**Amount due**<br>**(optional)**||**When due**<br>**(optional)**||
|**B5 Liabilities**|Retreat income (prepaid)||||Unrestricted||**8,873**||||
||IE fee||||Unrestricted||**600**||||
||||||||||||
||||||||||||
||||||||**-**||||
||||||||||||
|Signed by one or two trustees on behalf of all the<br>trustees|Signature||||P|rint Name|||Date of<br>approval||
||AM Glover (Nov 17, 2025 20:46:52 AST)<br>AM Glover||||An|drew Glov|er||Nov 17, 20||
||Dawn Stallwood (Dec 16, 2025 20:53:08 GMT)<br>Dawn Stallwood||||Daw|n Stallwo|od||Dec 16, 202||



Ref: FiB_2024_25_TAR.doc 

11 



## FiB_2024_25_TAR_FINAL 

Final Audit Report 

2025-12-16 

Created: 2025-11-17 By: Jaimée Young (jaimee.young@stewardship.org.uk) Status: Signed Transaction ID: CBJCHBCAABAAbD423u4K0nWc7375EqAltYNeuphW91Uv 

## "FiB_2024_25_TAR_FINAL" History 

Document created by Jaimée Young (jaimee.young@stewardship.org.uk) 2025-11-17 - 10:44:55 AM GMT 

Document emailed to andrew@faithinbusiness.org for signature 

2025-11-17 - 10:46:42 AM GMT 

## Email viewed by andrew@faithinbusiness.org 

2025-11-17 - 10:47:03 AM GMT 

Signer andrew@faithinbusiness.org entered name at signing as AM Glover 

2025-11-18 - 0:46:50 AM GMT 

Document e-signed by AM Glover (andrew@faithinbusiness.org) 

Signature Date: 2025-11-18 - 0:46:52 AM GMT - Time Source: server 

Document emailed to dawn@faithinbusiness.org for signature 2025-11-18 - 0:46:53 AM GMT 

Email sent to dawn@faithinbusiness.org bounced and could not be delivered 2025-11-18 - 0:47:04 AM GMT 

- Jaimée Young (jaimee.young@stewardship.org.uk) replaced signer dawn@faithinbusiness.org with Dawn Stallwood (dawn.stallwood@floodlightbusiness.com) 

2025-11-18 - 9:26:36 AM GMT 

Document emailed to Dawn Stallwood (dawn.stallwood@floodlightbusiness.com) for signature 2025-11-18 - 9:26:36 AM GMT 

Email sent to dawn@faithinbusiness.org bounced and could not be delivered 2025-11-18 - 9:26:44 AM GMT 

Email viewed by Dawn Stallwood (dawn.stallwood@floodlightbusiness.com) 2025-12-16 - 8:52:31 PM GMT 



Document e-signed by Dawn Stallwood (dawn.stallwood@floodlightbusiness.com) Signature Date: 2025-12-16 - 8:53:09 PM GMT - Time Source: server 

Agreement completed. 

2025-12-16 - 8:53:09 PM GMT