Faittil AnRJa -'Faithl#v (a comparw lim&t Trustees, Rei¥>Ft£na Rna endpd 31 E)e i• ents FAITHINVEST .*T ,•,4Contents rii 01 Foreword by Martin Palmer, CEO and Dave Zellner, Trustee 04 Reference and Administrative Details 05 Trustees, Report 35 Independent auditors, report 40 Statement of financial activities 41 Balance sheet 42 Statement of cash flows 43 Notes to financial statements Faithlnvest Annual report 2022 Foreword. Foreword by Martin Palmer / Dave Zellner For someone whose entire working life has been in the charity and NGO world, entering the world of investment has been an eye opener! It has also been an exciting ride with new opportunities opening up, even while in our first three years we have had to face Covid,. economic uncertainty in the finance world and the usual ups and downs of getting started. We are now entering upon our next three years with a Strategic Plan which every member of the team helped shape. I feel we are, as a whole team, seeing the way forward through combin ing our faith knowledge capital with the i nvestors, knowledge, all within the context of concerns by the faiths for people and planet. And what has struck me most in the past year has been how much more we have learned about what faith-based investors need, what they find most diff icult and what role they can play in protecting'our common home,. In 2019 when we started, we believed that if the faiths invested faithfully, this could begin to turn the world away from the destructive path of much of contemporary business and economics. l am even more convinced now that this is not only what the faiths can do, but perhaps most importantly, why they should do it. The world needs a change of direction, away from excessive consumption and from considering sustainability, the environment or social justice as'externals,, and back to seeing that the role of finance is to enable the best we can be. That is our vision as we set off into our next three years. Martin Palmer Founding President & Chief Executive Dave Zellner Chair of the Board of Trustees Faithlnvest Annual report 2022 2022 overview In the life of a fairly new start-up organisation, every year is - or seems to be - especially important. And 2022 was a pivotal year for Faithlnvest. If 2021 was, as we reported, "a year of learning, connecting and planning, amidst the ongoing global struggles with Covid" 2022 was the year we used those insights to hone our Strategy, met members of our network face-to-face for the first time, and held a major conference on faith-consistent investing IFCII. As a result, we were able to move from our first three years of life into developing a Strategic Plan for the next three years- 2023 to 2025. This was approved by our Board at the end of 2022. New Strategic Framework 2023-2025 Our learnings from all of these face-to-face meetings, discussions and conferences have helped to shape our new Strategic Plan, which focuse5 our work on four core aim5 over the next three years: Play a central role in building a broad-based, well-coordinated Faith-consistent Investing Movement Serve faith asset owners and service providers through targeted support to achieve their defined FCI goals Sustain and strengthen partnerships in the Faith-consistent Investing Movement Strengthen our governance, staffing and internal capacity to prepare for growth. While our original purpose and mission remain the same, which is to grow the scale and impact of faith consistent investing for the benefit of people and planet, the Strategic Plan Is a recognition of our strengths: for example, the breadth and depth of our faith knowledge capital alongside the breadth and depth of our investment knowledge capital. It also recognises and honours the need to collaborate more deeply with others working in this space, and the potential impact to be gained by doing so, through developing trusted partnerships. Nowhere was this more clearly emphasised than in our very successful Bold Plans and Faith-consistent Investing conference in October 2022, of which more later. Faith knowledge capital We have established Faithlnvest as a key centre of religious knowledge and capital and this has been confirmed by the fact that we are one of the 'go to, places for organisations wishing to engage with faiths generally around environment and sustainability as well as faith-based asset owners in particular. Faithlnvest Annual report 2022 This 'religious capital, an in-depth knowledge gained through our founding organisation ARC and through our links to groups who have worked on Catholic Social Teaching for years, means we can work in depth with almost any faith organisation in the world. As a result, we are already seen as a progressive and helpful organisation by groups wishing to explore the unique role faiths can play in protecting'our common home,. Tailored services and support As we have engaged more with faith-based asset owners IFBAOS) in the three years since we were founded, we have learned that the layers of complexity and challenges facing faith groups required more diverse and individually tailored approaches than simply a peer community strategy. For that reason, we have moved away from our original membership model, with its closed, 'for-membership-eyes-only' approach, to a network strategy where we invite people to join us as network subscribers, giving them access to more of our resources and to our FCI working group. Alongside this more open and inclusive approach, we are focused on providing one-on-one direct engagement of FBAOS and more personalised and tailored services and support, This deep dive has enabled us to better understand more generally, what FBAOS need to enable them to move into pro-active investing for people and planet. FCI training needs For groups that are at the beginning of their exploration into how they might make better use of their investments, we have also identified a strong demand for FCI training provision. Meeting these needs is a key element of our strategy for Faithlnvest going forward. This now forms a major plank of our forward planning, and we are exploring training programmes with partner body Francesco Collaborative and with groups such as A4S. These will enable both faiths as well as secular organisations to have a better grasp of the way in which Faithconsistent investing can work for people and planet. Meeting face-to-face It was an enormous and long-awaited pleasure finally to meet members of our network and the FCI ecosystem face-to-face, as Covid-related restrictions to travel eased. This began in May 2022 with a successful series of gatherings for our Global Investment Forums, which took place London, New York, Chicago and Dublin, and culminated in our inspiring and energising Bold Plans and Faith-consistent Investing conference in October 2022, which brought together over 100 representatives of faith groLJPS, the finance industry, faith networks and faith-based environmental and development NGOS. We also held a very important series of face-to-face meetings with Asia-based faith groups, including in-person meetings of representatives of Buddhist, Hindu, Shinto, Catholic and Confucianist groups from Thailand, India. Japan and Indonesia, with others joining remotely from the Philippines, Japan, China and Sri Lanka. Faithlnvest Annual report 2022 Reference and-, administrative,details REFERENCE ANO ADMINISTIiATIVE D￿AlLs OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022 Trust••s f*vid Herry Zellner s￿ur￿k￿ Rishi Das Hayu PiaLyx jJ1￿ Rot¥n80n HarrThrman Compjny Te9i5tsr•d numb•v 11862410 Chafity r•glst•r•d numb•r 1187015 R•glst•r•d offlc• clo Store KlryJ Llp Boundary House 91-93 charter￿￿￿￿ Street Lorfon EC1MthR A¢¢ountants Grant Tnornton UK LLP 300 PavIl￿n tINo Northampton Bu8lr*88 Park NorthamFrtc NN4 7YE Ind•pènd•nt oudltors Rthardson gwrft ALxlit Liffiled 11 Laura F48ce BA2 4BL Sollcltora Stono King Llp Boundary Housè 91 CharterlK)U5e Stra•t Lor*on EC1 M 6HR The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors. report of the charitable company for the year ended 31 December 2022. Trustees David Henry Zellner Shaunaka Rishi Das Susan Smith Makos Ireslgned 21 March 20221 Hayu Prabowo julie Robinson Hammerman Registered number: 11862410 Charity number- 1187015 Faithlnvest Annual report 2022 Trustees, Report For the Year Ended 31 December 2022 /////,/, . 1) Objectives and activities Charitable Purposes The principal purpose of the charity, as set out in our governing document is: To promote the efficiency and effectiveness of charities, in particular but not exclusively faith charities, through the provision of advice, information and training on the subject of making ethical investments, which for the purpose of these objects is defined as a financial investment that take5 into account those charities, values and ethos. Our Vision is a world in which faith groups and people of faith, motivated by their passionate conviction that investing in line with their values will achieve a just and sustainable world, actively use their investments for the benefit of people and planet. Our Mission is to grow the scale and impact of faith-consistent investing worldwide by supporting faith groups to invest in line with their values, for the benefit of people and planet. We believe that by supportlng the development of a vibrant global movement of faith communities aciively and boldly transforming how they direct their invesimencs to support people and planet, together we can address our current environmental crises and achieve a just and sustainable world. Our aim is therefore to enthuse, encourage and support faith groups (whatever their size, geography, and sophistication of investment portfolios) to invest in line with their values and beliefs and to identity opportunities for them to be truly transformative in their approach. When Faithlnvest was launched in 2019, there was very little discussion of faith-consistent investing IFCII or faith-based investing in the public domain. In the three years since then, we have been a key part of building a wider movement, instigating more information. debate and action around the importance and potentially transformative impact of aligning faith values and investments. Due to the legacy and goodwill we inherited from our founding organisation, ARC. of key faith relationships and decades of experience of working with all major religious traditions, Faithlnvest has become a significant voice in the FCI Movement and is uniquely placed to play a central role in developing it further. Faithlnvest Annual report 2022 Aims and objectives for 2022 1. Bulld engagement with faiths.. Grow the range and number of faith institutions who engage with and benefit from our charitable purposes 2. Increase fa ith-consistent investing.. Assist the movement of institutions making commitments to faithconsistent investing 3. Create opportunities: Aid the development of a pipeline of investable projects and opportunities for our target beneficiaries, faith-based asset-owning institutions 4.Strengthen internal capacity: Strengthen the core teams in the Membership and Movement building pillars of our work. Maln actlvltles undertaken In 2022 We have delivered against our aims and objectives through delivery of the following key activities.. Supported faiths through forums. working groups and individual 1-1s to align their values and investment policies (Aims 1 and 21 Worked with partners to build the movement of faith groups wishing to use their investments to achieve positive outcomes for people and planet, and providing a volce for faith-consistent investing (Aims l and 21 Convened spaces and events for investment ideas, innovation, opportunities and collaboration, including working with Climate Investment Funds to explore establishment of a Multi-faith Just Transition Climate Fund IAims 1, 2 and 3) Provlded research, resources and tralnlng to faith groups on faith-consistent investing (Aim5 1 and 21 Recruited additional staff to Increase Falthlnvest's Internal capaclty (Aim 4} Through this combination of approaches, we have successfully raised avvarene55, provided key resources and research material to groups wanting to engage, and subsequently provided in-depth one to one support where requested, to support the implementation of FCI for the early vanguards of this movement. We have provided faith groups with the confidence, tools and impetus to demand more of their investments. In doing so, this in-depth support has provided Faiihlnvest with significant learning around the needs and challenges faced by faiths in delivering this agenda, and therefore a greater understanding of how we can now work to scale our support and increase momentum in this vital area, to achieve our goals of greater social and environmental justice. Faithlnvest Annual report 2022 Grant Making In accordance with the aims and objectives of the charity as set out above, Faithlnvesys policy during 2022 was to make small seed grants, as part of our FaithPlans Programme, to institutions for the purpose of supporting FCI activities and, in particular, for developing Faith Plans Ilong-term plans for faiths to look at how they can use their assets, investments and influence for people and planet). Faith Plans participant grants £1,200 Christian Community Development Association (Kenya) £1,200 Women against Poverty (partnership for Green Future) (Tanzanial £1,200 All Saints Cathedral Diocese (Kenya) £1,200 Association dejeunes Visionaires pour le Development du Congo (Congo} £1,200 Dioceses of Kakamega Justice and Peace Commission (Kenya) £1,200 JPIC Franciscans Africa (Kenya) £1,200 Solidarite pour la Protection des Droits de I'Enfant Icongol Q Groupe Scout Espoir de Gitega (Burundi) £9,600 Over the course of 2022 we awarded eight grants to faith organlsations to develop their Faith Plans, and also six grants to key partners Ihat have supported delivery of Faithlnvest's objectives, Tak••ctlon tof '1or pe•• an&*nO .. rppoplp planpt *Jin tho Faithlnvest Annual report 2022 Faith Plans partner grants mount ecipieni umi Global urpose and outcomes Jndu fttus. Bhumi Global [￿e￿ad this grant to engage sp￿lf￿allY wlh Hindu faith fganigath'orts around the ￿rI￿ ¢1) tre devdopment of Foith Plons. Workshops on the aith Plans cortapt ￿NdUCts￿ s•v•ral Hindu assoek3tions. Thès* In¢lud•d e Unrted Madrassi Associath)n. the PakLStan Hindu C4uncil, the Love 6raj rgalli5ation. the Hindu Lrfe Program at Princeton U￿1VerSity, H￿dU Life G80[get0￿Tr, nd the Sri Swa Vishnu Ternpkn (Washington D.C.). As ol Ma￿h 2Q23. we ar¢ waibng reC￿pt ol draft Plan5 from these organisab'on& thiopian un￿* ot ospel eelievers hurches hristjan fc¢us'. ECG8C is a key partner of Faith Plans wth considerable reach acrc65 thts)pia. tt receNed this grant to build capacty and resilience amongst member hurches by developing lon9-term Farth Plans The grant was used lo conduct rkshops on the seven key aroas ol the Farth PLqns and planning sessYJns on i•ating a Faith Plan tts improve •nvironrMntal r•siliène*.Wtsrkshops éngag￿ wth 85 ey leaders. and a draft Faith Plkn *ds receNed, representing three re9ional ssemblies ol the ECGBC lkn of March 2023, ￿ are awarting an updated Aan, nlormatK>n on th& estimated leach ol the r￿IOnal assenblies a￿4 howECGBC's faith alue5 have informed its AaThl Ethiow) 14,568 '$ Bdiets nd Values gr*nrM IUK) ailh and Gonswv&bon locus.. Th16 grant wa$ used to collab￿ate wth the W B&V rogramme and ￿F nat'on81 olllce$ to engage faith communities in the &v8lopmant ol Failh Plws. It supported the developn*nt ol draft Faith Plans by th •ntral Monastic Body of Bhutsn. an%Y tr• Nèpal Buddhist F•dwatp)n, and ngagen*nt wth Buddhist organisations In Cambodia to promcle the Faith Flans o￿opt Spocth'c outcom8s includ8 consultation with ov8r mnast8ri8s across èpal on dèvdopmènt ol thèlr FAth PLgn, he¥￿Y èstabllshéd links a¢xo&% règions, And s ol March 2023, 4 draft Plan has been recewed by the Monastic 8oJy In Bhut•n draft Flon. by th? Nepal 8uddhi$l Fedwobon 1$ Thear Compbtion hls 9iant ￿•6 abo used to ¢cAlatA)ral8 ¢onsult4ni in Kenya to d￿1 on ho ground ?ngag?mentwlh 10 tailh ￿rnmUn￿1?S In th? Easl and Central Alric gions In addrtion to direct engagement, three ¥%tirkshoF6 were C￿ducted on eveloping a Failh Plan. As of March 2023, draft Faith Hans receNed. ￿1 ommunities Y40f8 •ncourag•d to d•v•lop their Faith Plan b*ith a specilic conservatron ocus, ¢J&ng the W tree grcmfing lor faith groups kn buikl kMyled￿. best ra¢tre. ¥nd gc¢d loThg.term planning. 14,751 $8waziong nternaziona Humanty alholic kjcus. This grant ulilised the global reach of the Fowlaie Movem8nl to build warenes5 and e￿ourage the developrnent ol community-led Faith Aans. The grant pKorted the developrrenl ol the Fcrdare EcoFlan and the rol out ol a 5eed-funding nrtlatwo Ythlch PlCNid8d support to 15 grassioots Fc¢ohi• InrtsatN•s aiound tho o de¥81op local Fath P￿n8. RAFFIC uddhist and conserrfation focus. Tttls 9iant used to promote Faith Plans as a arth.kd tcol tor vAdlile ¢tsnsèrvation arnngst Buddhist osscrithns In Vietnam. Imed at emFO￿￿rIng the Vietnam Buddhism sedor to conserv8 wkllrfe species via oryal behaviour and change, TRAFFIC disserninated the &Jddhi5t guKle to eloping ? Failh Plan 19 S?ngh?5 (Buddhist mon?5tK ordefs) Il wth on onservat￿n. Olrect engager*nt to￿ pkice wth tre Vieham Central ￿dh￿t S51Kiation and wth individual fr￿nasterieS to as5es5 FX)tential lo creale Faith Flans. he grant Is supporting the deveh)pment of a joint Farth Pkn from three Sanghas OCUSlllg on taith assets and Trmldlrte wnseNatiorn. ietnzm Vietnam) nter lor slamK Studie5 PPI) UnNerstss tional Indones*) slim fc¢us.' This grant was used to engage specfftally wth a Muslim focus. The rant Support￿ the promo1￿￿ ol the Farth Plans framework as a tool for buikling du0ati￿8I Capacity and awareness in three P¢)Klok Pesantrens {IsknnNc b)arding choolsl. Outcomes Include(I the d￿ebpment ol student task force5 in these trKJarding chools to d￿e1q) Faith Plans for thèir scknols As ot March 2023. ar• currèntly Iting for receipt of draft Plans. 1,319 Further information on our FaithPlans programme is provided in the Achievements section below. Faithlnvest Annual report 2022 Volunteers We have received the support of two key volunteers during the course of 2022. Michael Even - our co-founder and volunteer Director of Investment Strategy & Research, who during 2022 supported us on a permanent basis, contributing on average 10 hours per week. Paul Goldwhite - Paul has provided us with support in relation to research, of approximately 35 hours We would like to sincerely thank our volunteers for the considerable support they have provided to Faithlnvest over this period, Publlc beneflt The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales 2) Achievements and performance Aim 1: Build engagement wlth falths Faithlnvest engages faith groups on faith-consistent investing and develops partnerships with like-minded organisations as part of our Bulld the Movement strategy. We believe that by supporting the development of a vibrant global movement of faith communities actively using their investments for people and planet, we will achieve a just and sustainable world. And by strengthening partnerships in the FCI Movement, we will create more momentum, accelerate more action, have more impact and be more successful in addressing global crises and in creating a better future for us all. Key achlevements In 2022 for Alm 1 1.1. Cathollc Partnershlps A clear focus for Faithlnvest's Movement Team in 2022 has been on strengthening the partnerships with the Vatican and Laudato Si, Movement ILSM) on Catholic investing, particularly in light of the Laudato Si, Action Plan initiative which over 5,000 Catholic groups have signed on to. 1.11. Living Laudato Si. Resource Hub In May 2022, we launched our Living Laudato Si, online resource hub, housed on Faithlnvesvs website to support the Laudato Si, Action Platform ILSAPI, the Vatican's website aimed at inspiring action based on the Pope's ground-breaking 2015 encyclical Laudato Si.. Ecological economics is one of the seven LSAP goals,. our online resource hub focuse5 on providing additional resources and building a peer community of faith-finance expertise to drive investment alignment. Faithlnvest Annual report 2022 The hub contains case studies and guides for Catholic institutions on how to align their investments. This unique collaboration was unveiled on 26 May 2022 during a special investor hub event as part of Laudato Si, Week for a global audience of 4,000 people. We have continued this work through an online'deep dive, workshop for Catholic investors {see Liveable Futures, below} and tailored webinars on topics such as sustainable banking and Catholic impact investing lin collaboration with key partners). 1.Tli. Livea ble Futures Faithlnve5t partnered with the Francesco Collaborative to host a virtual Liveable Future Investing Workshop to support those seeking to align LSAP'S ecological economics principles and goals with their investment activities. The goal of the Liveable Future Workshop, which took place Oct 1 - 21, was to create space for learning and collaboratively embark on our'most important work" as asset stewards, people of faith, and protagonists of a new economy. Our efforts to recruit participants for the workshop reached 130 people, and we were successful in recruiting a dynamic cohort of 21 individuals from all over the globe - including South Africa, Spain, Singapore, Belgium, Ireland, and Canada. Participants included representatives from private foundations, investment committee members for religious congregations, leaders of international NGOS, impact investment fund managers, and values-aligned investment service providers. The testimonials from workshop participants were remarkable,. many described the experience as transformative" and generative" One participant wrote: "I can honestly say I have never had a leorning experience like this - Its 50 collaborative. My takeaways ore many...the comments on my post have caused me to think deeply about how much more I can do to be better at what I do." 1.Iv. Partnershlp wlth the Vatlcan We officially began our partnership with the Vatican Dicastery for the Promotion of Integral Human Development in September, with Elizabeth Garlow Isenior Consultanii and Lorna Gold {Director of Movement Building) as the point people. This project will run throughout 2023 with potential to extend further. Elizabeth spent the first two months within the Dicastery seeking to embed and build relationships with some of the key team members, including the head of the Research and Reflection division, Dolore5 Sanchez, who participated in Faithlnvest's conference this October and is our main point of contact. Since beginning this relationship, we have developed an overview of the key points from the new Vatican IPS for the Dicastery team. We also have been providing an education for them on the broader Catholic investing ecosystem. Whilst this work has a strong Catholic focus, we see significant advantages in working closely with Pope Frar¢cis, given his convening role in harnessing multi-faith action on environmental and social issues. Faithlnvest 10 Annual report 2022 Faithlnvest will be providing direction to the Dicastery on how to support all Catholic institutions across the world to align their investments to Catholic values, particularly Laudato Si,. We foresee opportunities for joint high-level meetings of financial leaders and multi-faith leaders in 2023. 1.v. An Tairseach Ecology Centre, AMRI and Trocaire A deepening partnership has also started to develop specifically in Ireland, building on the partnerships with An Tairseach Ecology Centre, the Association of Leaders of Missionaries and Religious of Ireland IAM Rl) and Trocaire - key partners in the successful May hublworkshop on Laudato Si, Investing. We were invited to give a workshop on FCI at the An Tairseach Centre in November for the global sabbatical programme, and in late October a joint seminar was held with the Catholic Impact Investing Collaborative ICIIC} in Curry Hills Focolare Centre. This was attended by around 30 Irish-based religious asset owners who wish to deepen their connection to Faithlnvest and/or Cllc. 1.vl. Working wlth partners through Faith Plans The purpose of our FaithPlans initiative is to support faith communities to develop long-term faith commitments to use their buildings, lands, invesiments and influence to drive practical action to create a better world - for the benefit of people and planet, and for today's and future generations. Over the course of 2022, we provided a programme of monthly online events and a monthly newsletter. Faith Plans events included,. al How to develop a Falth Plan- Early lessons for long-term success: Discussion-based workshop for exchange and learning, with guidance from contributors who have already developed a Faith Plan or who are in the early stages of doing so. Included discussion of key processes involved in developing a Faith Plan,. what a 'good' Faith Plan looks like,. and support and resources.. www.youtube.comlwatch?v=KihJncD2TCY b} Faith-Based Tree Growlng: Organised with the WWF Beliefs and Values Programme, this webinar explored how faith organisations can develop tree planting as part of their Faith Plan and meei both religious and conservation goals. and offered practical guidance. Speakers were from WWF Beliefs and Values, UNEP Faith for Earth Programme, Ecosikh, the Anglican Communion Environmental Network, Trillion Trees, the Kenya Faith tree growing project; www.faithplans.org/webinar-catch-up cl Falth and Food.. Transforming the global food system, delivered in partnership with EAT Foundation, focusing on the actions we can take as individuals and as faith organisations, with specific examples of projects and further resources.Speakers were from Faithlnvest, the EAT Foundation, Hazon and A Rocha Uganda: www.faithplans.org/webinar-catch-up d) Aligning Focolare Spirituality with environmental initiatives. Online webinar hosted by the Focolare, introducing 15 grassroots initiatives that align Focolare spirituality Wlth environmental initiatives to tackle local environmental and economic challenges, while drawing on Focolare beliefs and values and its community assets and resources. We introduced the Faith Plans programme and the important partnership between worldwide Focolare movement and Faithlnvest. Faithlnvest Annual report 2022 el Introduction to the FaithPlans programme. We joined WWF Kenya to introduce the Faith Plans programme to Christian. Hindu, and Muslim organisations from the Congo, Burundi, and Kenya, and to discuss the relevance of using faith-based assets and resources to address local environmental challenges in these regions. Faith Plans resources We have developed a range of resources to support groups who wish to develop a Faith Plan, including a planning and action guide, template guide on creating a Faith Plan, and the translation of existing Faith Invest materials into eight different languages. Faith communitie5 can now upload their final long-term plans to the Faith Plans website. Focused outreach We have undertaken focused and targeted outreach in partnership with WWPS Beliefs and Values programme - with the Nepalese Buddhist Federation, the Vietnam Central Buddhisi Association, with a range of faith organisations across Kenya, in Cambodia and Indonesia. This is in addition to admir)istration of the small grants programme to individual faith projects. As 3 result of this work, several programme partners are now implementing focused outreach within their networks. These currently include Bhumi Global,. the Focolare Movement,. the Ethiopian Gospel Believers Council., the Brahma Kumaris,. and the Catholic University of Eastern Africa. In-depth conversatlons are also taking place with UNEP Faith for Earth Initiative on a specific programme of engagement, and with the United Religions Initiative,. the SDG Faith in Action Platform,. and the Laudato Si, Action Platform. Feedback sessions were held with partners, to generate a greater sense of collective input into the programme. )iklingi. ￿StrUc1￿0￿ ond gnwgy FAITH PtANS FOR PEOPLEAND PLANET rtllnuphty Faithlnvest 12 Annual report 2022 Successful outcomes included: Growth in the readership of Faith Plans newsletters from 141 recipients in November 2021 to 316 recipients in December 2022. Our open rates are, on average, considerably higher than our peers143.6% vs 25.17% for non-profits and 27.6296 for religious organisations, according to industry leader Mailchimp. We held five workshops and webinars, with a total of more than 200 people registered, and speakers from UNEP, WWF UK, A Rocha Uganda, Hazon, the Evangelical Lutheran Church of Tanzania and the EAT Foundation, amongst others. Faith Plans involvement and participation in the civil society spaces of several high-profile environmental Summits- including COP26, the UNEA 5.2 (the Fifth session of the United Nations Environment Assembly) and Stockholm+50 Uune 20221, the 50th anniversary of the first UN conference on the environment. Close strategic collaborations with eight organisations in the faith and ecology space and broader partnerships with more than 30 faith and secular organisations actively involved in the faith and ecology nexus, as well as broader environmental and development focuses, as seen on our partnerships page. 112 commitments to develop Faith Plans and 56 expressions of interest in the Faith Plans framework, including five dedicated Buddhist Faith Plans with considerable reach, representing associations in Cambodia, Vietnam, Nepal and Bhutan. Direct engagement with 21 faith communities representing Christian and Muslim organisations in parts of East and Central Africa. Towards the end of the year, we undertook a review of the Faith Plan5 programme and are now working to develop a more systematic and automated workflow to groups wishing to develop a Faith Plan. This approach enables a much broader reach and scope of the programme and allows for self-directed learning and engagement at a pace that may be more suitable for faith organisations, whilsi being in line with the resource capacity of the Faith Plans team, Aim 2: Increase faith-consistent investing Faithlnvest's Investment Solutions team leads our engagement of faith-based asset owners {FBAOs) on developing faith-consistent investing policies, guidelines and practices. By providing targeted support, we can help faiths to align their investment policies with their values. and so achieve their FCI goals, while meeting our own goal of increasing faith- consistent investing. Faithlnvest 13 Annual report 2022 When we launched Faithlnvest in 2019, it was with a membership model and a Grow the Membership strategy. However, a few months after we were founded, the global Covid pandemic hit, leading to multiple national lockdowns and an inability to travel or meet in person for two years. In addition, as we engaged more with FBAOS, we learned that the layers of complexity and challenges facing faith groups required more diverse and individually tailored approaches than simply a peer community strategy. For that reason, our strategy changed in 2022 and we have now moved to an open access, network approach, rather than providing gated content behind a Membership Portal. The Membership team has been renamed Investment Solutions and we focus on building one-on-one direct engagement and assisting F8AOs with more personalised and tailored services and support. We have also identified a strong demand for FCI training provision for groups at an early stage of their FCI journey, which will form a core part of our strategy going forward. Key achlevements In 2022 for Aim 2 2.1. Research and thought leadership Through the delivery of pioneering, proprietary research and thought leadership in our reports, Regional Forums, media and conference presentations, we have established a strong case for the relevance and importance of faith-consistent investing. For example, our Good Intentions study has provided a compelling articulation of the key issues and opportunities for taking forward faith-consistent investing, while our Impact Investing Roadmap white paper provided guidance on how faith-based investors can design and Implement an impact invesiing programme that meets their needs, As an active partner in the FBAO ecosystem, we also contributed a response to the Global Impact Investing Network's (GI INI request for public consultation on their Guidance Report for using listed equities for impact. conducted by Gll N's Listed Equities Working Group. 2.11. Investment Forum Hubs We have turned our thought leadership strategy into action by engaging with faith-based asset owners via five Investment Forum Hubs in London, Ireland, New York, Chicago, and Bali, demonstrating an understanding of the challenges they face and their specific needs to make sure that our work provides solutions to both, and resonates with these groups. There was a very strong turnout {over 100 participants) at the Ireland meeting due to pre- existing relationships and partnering with AMRI, the Association of Leaders of Missionaries and Religious of Ireland, which allowed us to invite a well-established and engaged network to the meeting and has been instrumental in building momentum within the Irish Catholic faith community. Faithlnvest 14 Annual report 2022 Attendance at the other hubs was lower, and although these have led to a number of faith- based asset owners asking us for follow-on work, engaging with them further on a one on one basis, we have determined that the level of resources used for their delivery was less impactful that we would have hoped. In futures, hubs will be developed on a demand-led basis to ensure effective use of resources. For our one-on-one work, we are currently tracking a total faith-based asset owner AUM {excluding assets for one particularly large group) of US$2.Sb, ranging in size from $3 million to $800 million. In addition.. Average project start date:July 22 Most common project.. IP&G review I drafting, FCI education While we are currently active on four one-on-one projects, which is at about our team's capacity, we are tracking 24 individual one-on-ones in various stages. 2.111. Investment Working Groups We delivered a variety of working group meetings - fast-paced, highly focused and productive 45-minute meetings for members of our network- to discuss key issues facing FBAOS. These included: February: Mobllislng your Assets for People and Planet. This workshop provided practical advice on what is meant by faith-consistent investing,, how you assess what kind of assets you have, and how you develop faith-consistent investing policies. We heard about the Evangelical Lutheran Church of Tanzania's decision to Set up its own bank and what difference that has made to its members, and how the divestment movement is prompting faith groups to re-evaluate how their assets are being used. The workshop can be viewed here: www.youtube.comlwatch?v=.2vXzPNah U March: Faith-conslstent Investlng worklng group. This event focused on helping asset owners root their investment policies and guidelines in faith-based principles, and designing solutions to help asset consultants, managers and other service providers better align their services and solutions to faith-consistent investing principles addressing the needs and of faith traditions. July: Impact Investlng Worklng Group: At our second Impact Investing workshop session of the year we followed our Impact Investing Roadmap.. Alignment vs. Impact, mission-driven vs mainstream delivery of impact and returns, and the concept of net benefit tradeoffs. We featured speakers from two organisations focused on mi55ion- driven Impact and returns: Responsible Finance, on U K CDFI and Vita, on investable structured vehicles for Impact Investing in Africa. December: Faith-consistent Investing working group. This focused on the relationship between ESG and its effects on the real economy and included guest speaker Professor Atul K Shah who sharing his response to research report from University of Zurich's Center for Sustainable Finance and Private Wealth, reviewed by team member Hasnane Arain. Faithlnvest 15 Annual report 2022 2.iv. One to one service delivery We have now refined the range of services that we are able to offer to individual faith-based asset owners, ranging from.. Faith and Investment Staff / Board / Committee Education,. Review, scoring and development of Investment Policy & Guidelines Statements,. Support to translate and incorporate key beliefs, teachings and values applicable to individual faiths,. Support with research into potential investment products; and support with investment governance, mandates and strategies. This has included the development of methods, tools, information and materials, all of which are now being used within the one-on-one engagements. As a result of this engagement, we have successfully built a pipeline of 24 faith-ba5ed asset owners and provider one-on-one engagements {four currently activel, with a combined AUM value of US$2.5bn, individually ranging from $3 million to $800 million. ,Itr• e-p.-rti Inities Faithlnvest seeks to aid the development of a pipeline of investable projects and opportunities for our target beneficiaries, faith-based asset-owning institutions. Key achlevements for Aim 3 3.1 Multi-faithjust Transition Fund We have been discussing the potential for a multi-faith just rransition fund offering low-risk, large-scale impact, modelled on the Climate Investment Funds, one of the world's largest multilateral funds for cl imate action, helping low-income countries adapt to and mitigate climate change. In March 2022, we organised a roundtable discussion, co-hosted with Climate Investment Funds, looking at what a just transition meant from a faithconsistent investing perspective {see below). In November 2022, in collaboration with Climate Investment Funds, we announced the development phase of a new multi-faith fund that would, for the first time, enable faith groups to invest in large-scale, climate-smart projects to support vulnerable communities. The Multi-faith Just Tran51tion Fund IMJTFI is a key initiative in a new multi-faith, multi-sector alliance which was launched at COP27 to enable faith and secular partners to work together on climate action. Faithlnvest is a key partner in that Alliance and the MJTF one of its flagship projects. There is Still much work to be done to make the fund a reality but this is an important new stage of a project that has been in the planning for two years. Faithlnvest 16 Annual report 2022 3.11. Bold Plans conference An important (and hoped-for) side-effeci of our Bold Plans and Faith-consistent Investing conference was the forging of new relationships between different groups, with the opportunity for mutual learnings and potentially, partnership. For example, the Lutheran World Federation, which is working on a Faith-Based Development Impact Bond, and the World Evangelical Alliance, which has a WEA Global Foundation Fund IDonor-Advised Fund} and a WEA Charity Fund, had never discussed their fund activities before and are now exploring how they might collaborate further. 3.111. World Evangelical Alliance Faithlnvest and WEA are in active discussions about a collaboration agreement in which they will work together to grow faith-consistent investing globally to achieve a more just and sustainable world. Areas under discussion include opportunities for WEA'S network to access Faithlnvest's training, services and expertise,. joint events and projects,. and sharing expertise in developing financial vehicles to fund faith-based projects. 3.Iv. Chlna Daolsts We are in discussion with China's Daoists about establishing a Daoist investment hub. We will build upon the 2000-year-old Tai Ping Jing as a Daoist foundation text - bringing its broad principles of management into the 21 st century and especially as advice to lay Daoist entrepreneurs and business investors. Aim 4: Strengthen Internal Capacity In reflection of Faithlnvesys growth and development over the three-year period since its launch in 2019. 2022 saw the recruitment and appointment of a COO. Over the remainder of the year, we have.. Reviewed and strengthened all of our internal systems and policies, specifically in H R and Finance We have undertaken a process of strategic review and developed a new strategic plan for the coming threeyear period. Alongside this, we have restructured our core team to better meet our emerging and ongoing needs Meanwhile, the communications team has led on the implementation of a new, more fit- for-purpose CRM system to improve data capture and retention of institutional knowledge. 5. Cross cutting activities 5.1. Events To support both our Movement and Investment Solutions teams, we have delivered a wide range of events through 2022, specifically our Investor Hubs and Working Groups, and Faith Plans workshops outlined within the relevant sections above. Faithlnvest 17 Annual report 2022 These have worked to raise awareness, inspire and enthuse our partners in this agenda, while also providing more practical tools and connections for those wishing to move forward on delivery. These culminated in our key event for 2022, which was our Bold Plans Event in October. 5.i.a. Faithlnvest events Bold Plans (October 2022) This two-day event saw more than 100 people come together at the beautiful venue of Christ Church Spitalfields to discuss how to catalyse faith-consistent investing and move a greater proportion of faith-owned funds into initiatives aimed at creating a better future for people and planet. They included representatives of faith groups, the finance industry, faith-based environmental and development NGOS, networks such as GreenFaith, Operation Noah, Interfaith Center on Corporaie Responsibility, Catholic Impaci Investing Collaborative, Global Impact Investing Network, Impact Investing I nitiative, Accounting for Sustainability (which supported us in organising this event) and others, as well as thought leaders in sustainable finance such as Mark Campanale, founder of Carbon Tracker Initiative. Faithlnve5t's unique role in being able to convene this wide-ranging group of people, was highlighted and through inspiring talks and panels, roundtable discussions and networking opportunities, we had enabled conversations to take place and collaboration and dialogue to catalyse and flourish. 'Excellent', 'riveting', 'inspiring', 'mind opening, and 'uplifting' were some of the words used to describe the event. BOLD PLANS AND FAITH CONSISTENT INVESTING 'The message we're hearing is that this is possible, we can create a future where everyone and everything thrives. And that has been, for me, one ofthe most empowering, reassuring and uplifting energies of the last two days, o future whefe everyone Ihrives. - Amy Clarke, Tribe Impact Capital Faithlnvest 18 Annual report 2022 Faithlnvest Asia meeting5 We made a long-planned trip to Asia to meet key faith partners and take part in the Transformational Business Network ITBNI Asia conference. Meetings included: Collaboration in a Post Pandemic World, Bali: This TBN Asia conference brought together more than 500 social entrepreneurs and impact investors {371 in person, 149 online). Faithlnvest CEO Martin Palmer led one of the plenary sessions on faiths and values-driven investing which included Faithlnvest Trustee Haytj Prabowo (Chair of Environment & Natural Resources, Islamic Scholars of Indonesial who discussed Green Wakfs as an alternative instrument for financing green or environmentally friendly projects. Faithlnvest's Director of Investment Solutions Mathew Jensen led a deep dive session on faithconsistent investing and also took part in two pitch sessions where businesses presented their case for impact investment. Meeting with key fa ith partners: Included Buddh 1st, Hindu, Shinto, Catholic and Confucianist groups from Thailand, India, Japan and I ndonesia lin-personl with others joining remotely from the Philippines, Japan, China and Sri Lanka. Islamic Banking School lecture.. Martin, Mathew and Hayu delivered a three-hour lecture and discussion on faith-consistent investing and impact investing at the Indonesia Banking School in Jakarta. More than 500 students attended, as well as government officials and key Muslim faith leaders, both in person and online, Meeting with Caritas I ndonesia.. We met senior leaders of Caritas Indonesia (the Catholic Church's humanitarian agency) and shared our work on faith-consistent investing and learned about thei r role in establishing credit unions across Indonesia from the 1970s onwards, 21" Faithlnvest 19 Annual report 2022 5.i.b. Attendance at other key partner events In order to raise our profile and reach a wider audience, we spoke at a much wider range of partner events. These included: January 2022 Drylands Dialogue event.. The China Biodiversity Conservation and Green Development Foundation ICBCGDFI held the Drylands Dialogue event injanuary 2022 and Martin Palmer provided a keynote speech. Big Bold Jewish Climate Fest. online.. This year's theme was on building a movement by investing in solutions and shifting away from systems and practices that perpetuate climate destruction and inequity. Faithlnvest's Dr Lorna Gold spoke in the session on 'Navigating Local Resources and Connections to Take Action,. Cllmate Crlsls.. Faithlnvesi CEO Martin Palmer joined the Othona Community in West Dorset for Climate Crisis, a residential and online eveni which explored the most pressing questions of our time, asking. What can we do?, He spoke about Faithlnvest's Faith Plans programme and the faiths, influence globally. Daring to Hope: Faith and the Struggle for Climatejustice. online.. Faithlnvest's Director of Movement Building Lorna Gold gave the annual Memorial Lecture at this event organised for Peace Sunday by the Archdiocese of Liverpool's Justice & Peace Commission.. www.youtube.comlwatch?v-B22U2KTQzhw&t-1 s GAF Faith-based Investment Conference, online and in person in Geneva: The conference focused on 'Scaling-up Opportunities and Partnerships,, and was a mix of roundtables, working groups and panels. It was co-hosted by Faithlnvest, the Geneva Agape Foundation, the World Evangelical Alliance's Business Coalition, and the World Council of Churches. One of Faithlnvesvs roles was to open the programme up to ensure other faith traditions are represented alongside Christianity. February 2022 The Fletcher Initiative. Tufts University: Faithlnvest CEO Martin Palmer gave the keynote speech at the Sixth Annual Conference.. Religion, Science and Diplomacy. The conference explored the nature of the tensions and synergies between religion and science. UNEA 5.2: Faith for Earth Dialogue Session.. Faithlnvest CEO Martin Palmerjoined a panel of speakers in the session entitled: 'What the world expects from FBOS and what we should do?1 Others included Fletcher Harper {GreenFaithl, Yonatan Neril Ilnterfaith Center for Sustainable Development), Chantal Elkin IWWF Beliefs & Values Programmel and Jakir Manela (Hazonl, moderated by Rev Susan Hendershot Ilnterfaith Power and Lightl. Organised by UNEP'S Faiih for Earth Initiative at the UN'S Environment Assembly (UNEA- 51.. www.youtube.comlwatch?v-SLy7Ad120tc Faithlnvest 20 Annual report 2022 March 2022 UNEA 5.2: Faith for Earth Dialogue Session.. Faithlnvest Director of Movement Building Lorna Gold joined the United Religions Initiative and U NEP Faith for Earth Initiative to lead a dialogue session entitled 'Local Challenges, Local Solutions: Faith Groups for Climate Action,: www.Youtube.com/watch￿=w6lzM1INXLk Roundtable: What is a Just Transition? Philosophy, Process and Fund proposals: Our roundtable discussion, delivered by Climate Investment Funds and co-hosted by Faithlnvest, focused on just transition structures built on faith-consistent investing principles. These integrate positive environmental and social outcomes at acceptable risk-adjusted return levels, to mobilise capital to address environmental and related crises. This was an invitation-only event for faith-based asset owners. The unique Daoist understanding of the cllmate crisis.. Organised by the Manchester China Institute, Faithlnvest CEO Martin Palmer discussed how in 2009 the Daoists launched their first eight-year plan to combat climate change and address biodiversity issues. I n China's most recent Five-year Plan, Daoists have been given a central role in civil society programmes on environmental education and action the first time any faith has been highlighted in any of the Five-year Plans. June 2022 Stockholm+50'. Faithlnvest sent a delegation to Stockholm to participate in this international event commemorating 50 years since the 1972 UN conference which made the environment a pressing global issue for the first time. We also hosted a number of associated in-person side events.These included.. Falth Actors and Pollcy Maklng: how and why should we included faith voices in climate policy? Dr Lorna Gold, Director of Movement Building at Faithlnvest joined LM International (Lakarmissionenl, IAS Kenya, and the Swedish M ission Council in this panel discussion. Falth Plans- Turnlng Commltment Into Actlon: Workshop in partnership with LM International, exploring how to apply faith as a catalyst within faith-community life to bring about social and ecological transformation, as well as the relevance of Faith Plans to local resilience and capacity building. Guided by Faith: Faith Plans Renewbng People and Planet: On this final day of the Stockholm+50 international summit, Faithlnvest. The Focolare and the Brahma Kumaris co-hosted this evening event celebrating the work of faiths on restoring right relationships Wlth each other and with our planet. This event featured the Faith Plans, an iniiiative by Faithlnvest. Faithlnvest 21 Annual report 2022 July 2022 Q&A Session for the Livable Future Investing Workshop: A leadership workshop for asset stewards, organised by the Francesco Collaborative in partnership with Faithlnvest to provide more information about the Livable Future Workshop, a three-week online course planned for October 2022. September 2022 Falthlnvest and The Focolare partnershlp.. For details, see Faith Plans above, page 10 1.vi Idl. October 2022 GIIN Global Investor Forum.. Steven Owen from Faithlnvest attended the GIIN Global Investor Forum, the largest in-person global gathering of impact investors. It provided the opportunity to build relationships, discover opportunities, share insights, and learn the latest industry developments. Steven was also invited to represent Faithlnvest and participate in the GIIN Faith-based Convening, prior to the Global Investor Forum. Panelists included representaiives from Christian SLJper, Cordaid, and FIIND Impact amongst others, November 2022 Falth-based Investlng Roundtable: Martin attended and participated in a roundtable event, organised and hosted by The Church Pension Fund, focused on faith-based investing. The Right to a Healthy Environment- Faith and Ethical Perspectives.. 0￿1ClaI side- event at the UNFCCC COP27. Faithlnvest's Catherine Devitt was a speaker at this event which looked at the right to a healthy environment through ethical values and teachings. Organised by the Parliament of World Religions and UNEP Al Mizan. COP27: Launch of a new Multi-faithlmulti-sector Alliance for Climate Action, including announcement of plans to develop a M ulti-faith Just Transition Fund. A new global-scale Multi-faith/Mulii-sector Alliance for Cl imaie Action, of which Faith Invest is a member, was launched at COP27. The aim is to accelerate climate action by bringing together multi-faith actors and their coalitions, and key secular actors, including governments, multilateral organisations and the private sector. Operation Noah- Church Investment in Climate Solutions Report.. How and why should churches and faith institutions increase investment in climate solutions? This webinar discussed the issues and examined the findings of a new report into this issue. Organised by Operation Noah. Speakers included Lorna Gold, Faithlnvest's Director of Movement Building. Faithlnvest 22 Annual report 2022 Presidential Screening of The Letter: A Message for Our Earth, Aras an Uachtarain, Dublin, Ireland: Presidential screening of this feature-length documentary film about the Pope's ground-breaking 2015 encyclical, Laudato Si, told through the eyes of five representatives of those most affected by the climate crisis. Faithl nvest's Dr Lorna Gold and Martin Palmer both feature in the film, Invitation-only event at Irish President December 2022 Screening of The Letter: A Message for Our Earth, Renehan Hall, St Patrick's Pontifical University, Maynooth, I reland.. Screening of this documentary film about the Pope's ground-breaking 201 S encyclical, Laudato Si,. Followed by a Q&A with Dr Lorna Gold, Martin Palmer, and award-winning director Nicholas Brown. Falthlnv•st What a nightl The Letter recelved a st8nding ovatlon at Its screenlng at President Mlchael Higgin's off iclal residence In Dublin, Catch the screening in Maynooth tonight with Lorna Gold, Martln Palmer & dlrector Nicholas Brown. CJbit.ly130toi6W gold_lgold @PresldentlRL ErrE "Ir T Fill, ¢'.': Last nlght at Ad &liachts clal , t and scrdel4￿*_.￿*5'" 11:35 AM. Dec 1. 2022 Faithlnvest 23 Annual report 2022 5.11. CommiJnir.ations 2022 was a busy time for the comms team, which increased in capacity at the end of 2021 with two new members of staff. As well as seeing success in our targeted media outreach, we grew the number of subscribers to our newsletters (now 1,560 for the larger Faithlnvest subscriber basel and followers on social media, added or enhanced many website pages, managed the transition from our Salesforce CRM to Hubspot, which required an enormous investment of up-front preparation for its successful launch and transition, as well as produced key documents such as our Bold Plans conference report and our Strategic Plan. 5.ii.a Media outreach We achieved multiple med ia mentions in 2022, whether of Faithlnvest, or our activities leg, Faith Plans), in both financial and faith outlets. These also included TV and radio interviews globally la small handful on the death of Queen Elizabeth11, due 10 Manin Palmer's long association with her husband Prince Philip). While we have the challenge of being a niche area Ifaith-consistent investing) in a niche area {values-driven investing) within the finance industry as a whole, the quality of our media outreach improved, with more long reads in publications with Significant reach. In addition, our own activities provided vs with good stories {eg, our Good Intention5 Study). As a re5uIt, the total potential outreach of our media engagement amounted to 78.7 million people across the world. Highlights of our media coverage include.. Pioneers Post, 'Faith-based investing can have meaning only in practice,, 25 Jan 2022 Devex, 'What faith groups, move toward value-based investing means for NGOS,, 16 May 2022 Salt Lake Tribu ne, 'Laiter-day Saints and noted British conservationist envision a fast for the planet,, 07 Aug 2022 Greenmoney, 'Good Inteniions: What faiths say about how they invest- and how they can do more,, 22 Nov 2022 Pioneers Post, 'New just transltion fund set to tap faith groups, billions,, 17 Dec 2022 5.li.b. The Letter Towards the end of 2022, we had some extraordinary meetings and media coverage due to our involvement in The Letter, the feature-length environmental documentary about the Pope and climate activists. The aim of the film is to share the Pope's landmark encyclical Laudato Si,, which has inspired so many people around the world, and encourage more people to take action to protect the living planet. li was organised by the Laudato Si, Movement, which is chaired by Faithlnvesvs Director of Movement Building Lorna Gold - who appears in the film, as does Martin Palmer. The Letter has had a big and growing impact globally18.7million people watched it on YouTube within the first two months or sol. Faithlnvest 24 Annual report 2022 Faithlnvest has benefited from this level of interest and excitement, and The Letter offers the opportunity to reach a new demographic of people with messaging around faith-consistent use of assets, including investments. 5.11.c. Websltes At the start of 2022, we had our main Faithlnvest webslte,. a dedicated Faith Plans website, and the Member Portal, which was a members-only resource and built on Salesforce's community platform. Towards the end of 2022 we decided to drop the Member Portal, partly as a result of our decision to move away f rom Salesforce (not ideally suited for Faithlnvest's needs), but mainly because la} we felt an open network model that would be more effective than a membership model and Ib) we realised that much of our Investment Solutions team's work was hidden from public view. In the process we have extensively revised the language used on our Faithlnvest website to better reflect our approach and added new pages such as.. What we do Ihow our the Investment Solutions team support5 FBAOS) Our network (more details about our activities such as our FCI interest group meetings.. weekly posts from the IS team) Faith-consistent investing {an overview for first timers) FCI Insights Ilonger reads and video interviews). Some of this is still work in progress as we continue to migrate content from the Portal to the main website. We have also added a Media page with contacts for the Comms team, links to our press releases and the latest news stories on Faithlnvest, as well as revised the About page to include clearer signposting 10 our mission and values, theory of change, annual reports and Strategic Plan, as well as strengthened our I anguage around what we stand for to make it clearer that we are a values-driven organisation. In addition, we added an entire new section to the webslte, Living Laudato Si,, a dedicated hub for organisations seeking to deliver on their ecological economics goals, inspired by the Pope's encyclical, Laudato Si,. This comprises seven new pages of resources, guides and case studies. Extra pages and content were also created for the Faith Plans website during 2022, FAITH-CONSISTENT INVLSTING LIVING LAUDATO SI, Faithlnvest 25 Annual report 2022 Performance - Faithlnvest website: 5,567 site sessions lor visits to our website), mostly from the UK, US, Canada and Ireland, but also including visitors from the Global South such as Kenya, Indonesia and the Philippines. This was down by 45% compared to the previous year, but the extra numbers in 2021 are accounted for two huge spikes of interest.. Injanuary 2021, after Martin Palmer and Lorna Gold led the BBC'S Sunday worship programme on the environment In particular, in April through May 2021 following the death of Prince Philip, when Martin was interviewed by many media outlets 2,226 unique visitors Isimilarly down by 61 %, due to the same factors above) However, while our visitor numbers are lower in 2022, the average session duration is up 1996 to nine minutes, showing strong engagement with visitors la good average site session is considered to be 2-4 minutes). aith Plar Faith Plans lor Pooplo and Planot Performance - Faith Plans website: 2,689 site sessions, up 75% on the previous year lalthough we only launched the Faith Plans website haI￿aY through 20211. Mostly from the mostly from the UK, Ireland, US and Netherlands but also including visitors from the Global South such as Kenya, South Africa, Congo, India and Indonesia. 807 unique visitors, up 4996 11 m 195 average session duration 11 m 195 average session duration. Faithlnvest 26 Annual report 2022 5.ii.d. Newsletters and email outreach At the end of 2022, we removed dormant email addresses from our subscriber list to improve the quality of engagement with our supporters. While this slightly reduced the number of subscribers on some lists. we believe this was necessary to ensure that our messages are reaching people who are genuinely interested in our cause. Overall, our newsletter subscriber numbers show an increase. Faithlnvest new51etter'. increased by 140 subscribers to 1,515 Idespite major pruning of the list to ensure all contacts are engaged} Faith Plan5 newsletter.. increased from 141 recipient5 in November 2021 to 316 recipients in December 2022. Living Laudato Si, Updates - a new, occasional newslecter with 238 subscribers FCI working group - ha5 reduced by seven to 146 (but this smaller group ha5 much deeper engagement) 5.11.e. Soclal medla Our main social media accounts are Twitter (Faithlnvest and Faith Plans) and Linkedln (Faithlnvestl. When it comes to posting we follow a principle of quality over quantity. In all cases we grew our followers. and our posts have an average engagement rate of 2.57% (Faithlnvest Twitter), 3.43% IFaith Plans Twitter) and 0.64% ILinkedlnl against the industry average of 0.054%. 5.111. Fundraising Our key fundraising activities have been focused on a small number of trusts and foundations. Fundraising is largely undertaken via our Chief Executive and Director of Movement. We do not currently undertake other forms of income generation such as community- based fundraising or charitable trading, although we are now working to build the latter into our longer-term strategy. Our key fundraising objective is to ensure long term sustainability for Faithlnvest. and to support some additional areas growth, for example to facilitate the delivery our objectives around training delivery. The fundraising environment however is very challenging at present, particularly for a nev¥ charity which has not yet had the opportunity to provide strong evidence of impact. With the ending of our initial three-year start up grant from Porticus, and the closure of their work around Faith Con51Stent Investing, we have worked hard to engage and develop new funding opportunities. several of which we hope will come to fruition early in 2023. Faithlnvest 27 Annual report 2022 3) Financial review Revlew of the charltys flnanclal posltlon at the end of the reportlng perlod At the end of the reporting period, total reserves held were £471,05912021: £31 S,7501. Of this, £5,64112021.' £nil) represented restricted funds, and £465,41812021- £315,750) represented unrestricted funds carried forward to 2023. The charity also held deferred income totalling £372,61912021'. £954,291). Based on our projected expenditure in 2023, this represents just over 4 months of unrestricted funding, and is therefore just above our current reserves policy. Principal Funding Sources Our key funders in 2022 included Porticus {3-year core grant ending in August 2022), GHR (￿0-year core grant 2022-241, Dicastery of Integral Human Development (restricted grant of £132,237), and Rufford Foundation (restricted grant of £20,000). Flnanclal effect of any slgnlflcant events We have faced some funding challenges this year as our key funder, Porticus, advised us that on account of their own internal strategic review, they would be changing their funding priorities and as a result, be unable to provide us with ongoing core funding after the end of our first 3 year period (this endecl in Augusi 20221, While we are still working with them to develop a project specific funding agreement for 2023124, this necessitated some reduction in staffing and project expenditure during 2022 while we worked to secure a wider diversity of funders. We are very grateful to GHR, our other core funder, for inviti ng us to apply for additional 'bridging' funds, while we work to develop a broader funding base, Prlnclpal rlsks and strate8les for mana8lng those rlsks As a relatively new charity. our principal risk is around funding sustainability. We were initially set up in 2019 with a three year core grant from Porticus, and have worked over this period io diversify our funding base. While we have been successful in bringing in one new key core funder IGHR) and a number of smaller restricted funds, we recognise that more needs to be done to develop a much broader base of funders, as well as to commence the development of a trading income stream (from delivery of 1-1 support and training delivery). Diversifying our funding is therefore a key element of our 2023-25 strategic plan. We have come some way on this over the last 6 months of 2022, and are optimistic of confirming a number of new income streams and funders in early 2023. Faithlnvest 28 Annual report 2022 Reserves Policy Our reseNes policy follows a 'risk-based approach,. meaning that our policy is based on an understanding of our income streams and their risk profile, the degree of commitment to expenditure and the overall risk environment in which Faithlnvest operates, while also recognising the need to respond to new opportunities, Given that the majority of Faithlnvest income is through a relatively small number of funders, and that our spend predominantly relates to fixed costs (salaries and overheads), the trustees have agreed that the level of reserves needs to be between three to four month5 of operating costs. This would give us sufficient capacity to respond to any income gaps, or to undertake restructuring in the event of a reduction in annual income. Based on our projected expenditure for 2023, we therefore aim to hold between £314,000 and £418,000 in reserves. This policy and the appropriate level of reserves, will be reviewed annually. Deslgnated funds We did not hold any designated funds for this period. Golng Concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the coming 12 month period. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Funds materially In deficlt There were no funds materially in deficit at the end of the reporting period. Faithlnvest 29 Annual report 2022 4) Plans for future periods Over the latter half of 2022, we have reviewed our strategic focus in light of learning from our initial start-up phase, and have developed a new strategic plan for 2023-25, capiialising on our strengths and opportunities. This took into account some key areas of learning around what was less effective. For example, we responded to the fact that our faith-based asset owners had demonstrated a preference for one-on-one SLtpport, rather than'membership, and in light of this took the decision to retire our member portal, though we will maintain our successful weekly FCI Interest Group research summaries, and quarterly research meetings, where FBAO attendance and engagement has been strong {averaging 12-20 in attendance). During the year we also concluded that the regional in-person forums, while providing several of our current one-on-one engagements, were overall an inefficient use of Faithlnvesi resources relative to Ihe number of FBAOS in attendance, and we are therefore adjusting our approach to outreach and engagement in the coming year. This will increase our focus on engagement via key partner events, rather than regular and bespoke Faithlnvest events. We have also looked for how we could streamline and 5yStematise some of our key offer5. including Faith Plan5, Wlth which will now transition from a model of intensive support alongside grant funding, towards making the Faith Plans Framework and methodology systematised and available via our website to those wishins to use it. Moving forward, our strategy will focus on: Placing a stronger focus on bulldlng capaclty and key partnershlps with the broader movement for financial justice and exploring the potentially transformative contribution of emerging alternative economic approaches to the mission of faiths (for example, the well-being economy, doughnut economy, nonextractive finance etc}. Developing high quality leadership training provision for faith-based asset owners on the leadership role of faiths and their investments in supporting a just transition. We aim to create a 'Centre of Excellence, on faith-consistent investing. Building a small number of key partnerships to deliver high quality trainings in this area will be developed. Using our strategy of one-on-one support to faith groups as exemplar case studies as to what can be achieved in terms of social Justice and environmental outcomes when faiths align their assets in this way. Deepenlng the Cathollc programme, given Ihe enormous reach and potential of this work, but also ensuring that this enables us to leverage broader multi-faith work (such as the opportunity to build out a programme similar to the Laudato Si Investor Hub for the Islamic world based around 'AI Mizan'l. Faithlnvest 30 Annual report 2022 Placing a stronger focus on building up our'Faith Knowledge Capital. to strengthen our organisational understanding of the way in which values shape the decision making of individual faith groups. Building out our Brand strategy so that Faithlnvest is well known and respected as a key leader and innovator in this field. Structurally, we will explore whether it is necessary or beneficial to gain financial registration to be able to provide more detailed financial advice, rather than our current focus on providing more general training and guidance. Further information on our detailed objectives for 2023-25 can be found within our Strategic Plan. 5) Structure. governance and management Governing document and constitution Faithlnvest is a company limited by guarantee, governed by its Memorandum and Articles of Association and was incorporated on 5th March 2019. The company registered with the Charity Commission on 18th December 2019. Organisational structure We are a small team of 11 staff, plus a small number of consultants. We currently have staff in three countries (the UK, Ireland and USA). Our leadership team comprises: Martln Palmer- Chief Executive Lorna Gold - Director of Movement Building Mathewjensen - Director of Invesiment Solutions Mike Even - Director of Strategy and Investment Research Susie Weldon - Director of Communications, and Jenny Couper- Chief Operating Officer During 2022 we said goodbye to Nana Francois, our previous Director of Investment Solutions. Nana was one of our first appointments as a new charity in 2019 and has played an integral part in developing Faithlnvest in its early years. We would like to take this opportunity to thank her for her contribution to Faithlnvest over this period. How the charity makes decisions Decisions regarding the strategy, aims and approach of the charity are taken by the trustees. Trustees meet four times per year. The Chief Executive, Martin Palmer, oversees the day-to- day management of the charity. Faithlnvest 31 Annual report 2022 Arrangements for setting pay and remuneration of charitys key management personnel (and any benchmarks or parameters used) The Trustees are responsible for agreeing the salary of the Chief Executive while the Chief Executive is responsible for agreeing salaries for all other staff roles, including the leadership team. set at the appropriate levels to recruit and retain the skill sets and expertise required. In October 2022, the trustees undertook a salary benchmarking exercise, making use of key charity salary benchmarking sources including TPP, Harris Hill and Charityjob. As a result of this, we have developed new salary scales which will be implemented for future recruitment. Any existing salaries which currently sit outside of the new scales will be gradually re-calibrated through the current high levels of inflation. It is recognised that roles which require specialised investment skills within the charity sphere are much harder to benchmark, therefore this is tested through a review of any similar roles on key recruitment sites in advance of advertising. Methods used to recruit, appoint and induct new directors {charity trustees) New directors Itrusteesl are appointed by serving directors through consideration of the key skills, knowledge and experience that would complement that of the existing directors, and in reflection of the aims and objectives of the charity. Following interview and appointment, new directors are provided with information regarding the company, including.. its constitution,. aims and objectives,. strategy,. financial status and key funders,. key opportunities and risks. Directors are also given the opportunity to meet with Ihe existing staff team to discuss in more detail the business of the charity. From time to time, trustee training will be provided to refresh directors on their governance responsibilities and any changes to relevant legislation. Related parties There are no related parties on the Board or within the staff team. Delegation of day-to-day management Trustees delegate the day-to-day management of the charity to the Chief Executive, Martin Palmer and to the leadership team. Faithlnvest 32 Annual report 2022 Statement of Trustees. responsibilities The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles of the Charities SORP IFRS 1021,. make judgements and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements,. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping adequare accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of Ihe charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Faithlnvest 33 Annual report 2022 Disclosure of information to auditors Each of the persons who are Trustees at the time when this Trustees, report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and that Trustee has taken all ihe steps that ought to have been taken as a Trustee In order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable compan￿5 website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Auditors The auditors, Richardson Swift Audit Limited. have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. ved by order of the members of the board ofTrustees and signed on their behalf by.. Davld Henry Zellner Trustee Date: 31 May 2023 Faithlnvest 34 Annual report 2022 Financial statements 2022 Independent )f4o auditors, report to the members of Faithlnvest '..,4,,.' Opinion We have audited the financial statements of Faithlnvest (the 'charitable company'l for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework thai has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accountins Practice). In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) IISAS {UKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Faithlnvest 35 Annual report 2022 . Independent l auditors, report (cont.) Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements Is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially incon515tent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Faithlnvest 36 Annual report 2022 Independent auditors, report (cont.) Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial statements., and the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and u nderstanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns,. or • certain disclosures of trustees remuneration specified by law are not made., or • we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Faithlnvest 37 Annual report 2022 -Independerit . Auditors, responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance aboul whether the financial statemenis as a whole are free from material missiatement, whether due to fraud or error, and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the ba515 of these financial statements. Irregularities, including fraud, are instances of non.compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedu res are capable of detecting irregularities, including fraud is detailed below: Our approach was as follows: We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity by discussion with key personnel and consideration of our experience of clients in similar sectors. We determined that the most significant laws and regulations which have a direct impact on the form and content of the financial statements of the entity are the Companies Act and UK GAAP, specifically the Charities SORP. We determined that the most significant operational laws and regulations for the entity are those governing the charitable sector and financial advice. Based on the results or our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above, with no issues arising, We gained an understating of the entitys policy and procedures by discussion with key personnel and substantive audit work. We assessed the risk of material misstatement in respect of fraud through our planning processes, and no significani risks were identified. We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach. Faithlnvest 38 Annual report 2022 Independent l auditors, report (cont.) Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uklaudltorsresponslbllltles. This description forms part of our Auditors, report. Use of our report This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities IAccounts and Reportsl Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed, Rlchardson Swlft Audlt Llmlted 11 Laura Place Bath BA2 4BL Date: 0110612023 Richardson Swift Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Faithlnvest 39 Annual report 2022 5tatei11ent o .' * financial activitie STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestrlctad funds 2022 R￿trIct@d funds 2022 Total funds 2022 rofai 2021 Note Income from: Oonations and legacies Irr4estment income 1,437,792 1,160 128,569 1,584,361 1,180 1.068,461 74 Total income 1,438,952 128,569 1,565.521 1.068.&95 Expendlture on: Charilatje activities 1289,284 120,tr28 1,410,212 1,098,686 Total èxpéndltsrè 1,289,284 120,928 1,410,212 1.098.686 Net movement In funds 149,668 6,641 156,309 (30. 151J Reconclllallon of funds: Total funds brought fofward Nel movement in fuTrJs 31S,760 149,868 31S,760 156,309 345,901 (30. 151J 6,841 Total funds carried forvr4rd 466,418 6,641 471,059 315.750 The Statement of Finarrial Actvities Indudes all gains and losses recognised in the year. The notes on pages 43 to 59 form part of these financial statements. Faithlnvest 40 Annual report 2022 Balance sheet BALANCE sHeEr AS AT 31 DEGEMBER 21Y22 2022 2021 Not• Flx•d assets Taryble assets 10 7,867 5.J77 7.867 5.377 Curr•nt assats 11 16 8,832 862,224 12.687 1,287.891 Cash at ￿nk a￿1 in hand 881,068 I.3￿.518 Cre(Itor8.' an￿urrtS falliro due within one year 12 1397,864) ¢9￿,￿)5) Nrt ¢urr•nl •ss•ts 310,373 T¢)tsl ass41s léss curr•nt Ilibllltl•s 471.069 315.750 T¢)tsl n41 assets 471,069 315.7 Charlty lunds Restricted fur UNe8tricted fu 13 13 6,841 486,418 315.7 T¢)tsl funds 471,059 315.7 finaNal Staten￿ts were aF￿r￿ed ar￿ a￿￿rised for is8￿ by Ihe Trltstees arKI 8pr*d on thwr t¢haW ty. Davkl Henfy Zellner Trustee Date31 May 2023 The notes on pages 43 to 59 form part of these financial statements. Faithl nvest 41 Annual report 2022 Cash flows STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022 2022 21 Cash 110￿ from 0￿ratIng acllvltl•s Nel cash L*ed In oFeratlrKJ activitie6 1428,3631 217.774 Cash flov•% from Investlng actlvltles Dividends, Interests and rents from Investments Proc*ds from the sale d taroible flxed assels Purchase ol taroible fixed assets 1,160 190 17,876) 74 745 (3,095) N•t cash usad In Inv•sting artlvlll•s 16,3281 (2,2761 Cash flo￿ from financing activitles Net cash provlded by finan¢lng actlvltles Change In cash and cash 8qulval•nts In the yoar Cash aTrJ cash equivalents at the teginning of the year Change in cash and ca8h equNalents due lo excharoe rate mverr*nts {432,8891 1,287,891 12,978 215,498 1,073.965 {1.572) Cash and cash equivalents at the end of Ihe year 862,224 1.281.891 The notes on pages 43 to 59 form part of these financial statements. Faithlnvest 42 Annual report 2022 Notes to the,financial . statements --Q-" NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2022 General Informatlon The charity ts lirriled ty guarantee, incorp)rateé in England and Wales, aTrJ consequentty does not have Share capital. ￿￿h of Iru81ees 18 Iiat4e to contribute an amount rKIt exceediro £1 Icmards the assets of the cfKqrity In Ihe event of liquidabon. Registered nurter, 11862410 Charity n￿nber. 1187015 athress of Its registered office18'. clo Stone King Llp undary House 91-93 Charter￿￿uSe Street LO￿on EC1 M 6HR Ac¢ounllng poll¢les 2.1 Basls of preparatlon of flnan¢lal stslement$ The financial stalernents have ￿￿en pr8par&J in accordarte with the Clwrrties SORP IFRS 102) - Accounting and Reporting ty Charities.. SlalerrEnl of RecoMMer￿ed Praclice apF4icat4e lo chgrilie5 eFering their accounts in accordance with Financial ReFQrting Standard apF4icable In the UK and Reput4ic of Ireland IFRS 1021 leffectNe 1 January 20191, the Financial Reportiry Stsndard applicab￿ in the UK aThJ Repthlic of IreL2nd IFRS 1021 and the CorrFanies Act 2Cth. Failhlnvest meets the definition ol a wtAic i*nefil entity uThler FRS 102. Assets and liabilrties are inltially recogni6ed al h181oncal co8t 01 transact￿n value unle88 Othe￿18e stated in the relevant a￿ourt1￿ pol 2.2 Golng concern The trustees consider that there are no material Un￿rtaInlieS atx)ul the charitls ability lo continue 98 goirYJ concefn nor any &gnif￿an1 a￿a$ of uncertainly that affed the carrwng value ol assets trtld the ¢hafity Faithlnvest 43 Annual report 2022 otes to the financi41- . statements 7. 1 NOTES TO THE FINANCIAL sTATE￿NTs FOR THE YEAR ENDED 31 DECEWBER 2022 Accoundng pollcles l¢ontlnued) 2.3 Income JI inwn* Is reccgnised or￿e the Cc*nFony fws enMleff*rt lo the Ir￿0￿0, rt ￿ prOba￿e thal the Income will ￿ r￿eWed and the amo¢Jtt of Imme recewable can be measured reliatly. Donation5 and l•gacl•s DM81ions a￿ rwnised w￿n the ¢harty hjs tten wljlied In wrillrrfJ of both the anK)unt aTrJ settlerrEnt dale In the event that a th)nalion is subject to conditions that reqLire a level of rformance ty the charty trfifore the charity r8 entilLgd lo the lurK18, the IncDm& 18 del&rred not reCOgn￿ed untrl either those conditions are fully met, or the fulfilment ol those corKJilions is whJly within the corrtrol ￿ the charity and il is yobable that t￿se coTrJt￿n5 wlll be fufilled in the repxbrvJ kEr Gr•nts recelvable Grants are reccNJnised when tr￿ charity tsas an enlillement lo the fuTrJs arKI any coTrJrtions linked lo the granls have been vvf*re ￿rfOrma￿ condiliorts are allacf*(I lo the grant aThJ are yel to be mel, the Incon￿ is recogn16ed as a liaiy.lity arKI Indth*d on If* balarKe thel a6 delerred Income to te released. Inv•strn•nt Income Interest on funds held on (ÈFQ$it Is I￿lUded when re*fvable aTrJ Ihe an￿nt can te rrtaSu￿d reliatty ty the Compary., Ihis is rormally urx)n rM)llfuti￿ of the interest [￿Id or payatle ty ltr inslilLAion with whom the funlts are deFQSrted. 2.4 Expenditure All eXFend￿Ure rJ recogrieed once ltr*re18 8 legal or con8lrLftNe obllgation to that expencIlu￿, Il 18 ctAgble settlen*nt is requirecl aThJ the an￿Unt can ￿ measured reliably. All costs are allocated to the apOicaLle expenditure headir¥J Ihal aggie9ate 51milar costs to that category WFEre costs canrv)I L% directly allritxjled lo particular he8dir¥J8 they have L%en allocated on a ba515 con5151ent with I ol restyjrces, Iwth central stsff costs allocated on basis ol Iiffe spent, and deprecialie chafps allocated the pOrt￿)n Of asset's u$e. ￿¢r 6LPWrt ¢osts are all¢xaled based on the sprèad ol staff costs. Charltable actlvbties ctkqrilable expenditure compTises I￿se Costs incurred try the charity in the delNery ￿ its ￿1VitIe8 and services lor 116 t*neliciaries. It includes both costs that can te allocated directty lo s￿h activities and th￿ costs of an Inclirect natsjre ￿ceSSary to SUPFOrt tr*m. Grnnl Provisions ProvisiorE for grants are made wlEn the intention to make a grant has t£en communicated lo the recapent but there is u￿ertaInty aL¥JLI either ttrE tirning of the grant ot ItrE amount of grant FEydL4e. Faithlnvest Annual report 2022 11 Notes to the financial -_statements NOTES TO THE FINANCIAL sTATE￿NTs FOR THE YEAR ENDED 31 DECE￿ER 2022 Accounting policies Icontinuadl 14 Exp•ndltur• {contlnu•dl Supportcosts Support cts18 I￿ll¥je central fLncbons and have teen all￿ated lo activity Cost Categ￿e8 on a t)a8i8 ¢xnsistent with If* u8e of resources, for example, allocabng propety costs by floor areas, or Fer ca￿18, staff costs ty the tsme 8Fenl aTrJ other c(6ls ty If*ir wge. Gov•rn•nc• ¢￿ts T￿80 irKI￿e t￿ co81s attribulable lo the ¢tharity'8 comF4iarre wf(h con81ilutional 8tslulory requiremerts. indudir#J a￿lt, strategic managemrl aTh* Iruste86's meetings and r8imbure8d expenses. 2.6 Jwdgèm?nts and key sources ol ¢stlmatlon uncertaknly preparation of the fina￿la1 statements requires managerrerrt lo make ju(*ements, estimates and assumptions that affect amwnls rewrted. These eslimales and judgements are ContinL￿11Y reviewed arKI are based on exFeriewe otftr laclors, Ir￿IL￿1ng exFeCtaborts of fvlure events that are LelEved to te reasonable uTrler the circumstances. The key judgement and area ol estimation uncertainty In wepariryJ Ihe* linancial state￿￿nIS is In determining the recognition ol granl Inrx>rre, and speoilically ltre policy of deferring Income received Ixsed on fuifilrrert ol performartt relale(J crilerw a￿1 the eslirrkqlion ol the apyoprpte ¢￿erra1 amount 16 Forelgn cu￿•￿¢10¥ Monetary assets arKI lia￿.1111es denorrinaled in foreign currencie8 ale Irarolaled irlo steding at r8te8 of exchange ruling at the repDrtirg dale Transactions In foreun cwrer￿es are tran￿ated into sterlirg at the rate rLAif¥J on dat8 of t Irarrsaclion Ex¢haroe gains aThJ losses aE Eo)gni$ed in ltte Statement of financial a¢tivilEs. 17 Takitlon The Cornpany is considÈred to pass tests set OLrt in Paragraph 1 Schedule 6 of the Finance Ad 2010 ltrÈrefore il meets the definition of a charitatle CoM￿nY for UK corpJralion lax purroses. Atsxrdingly, It* Compary is Fotentially exempt Irom laxation In resFecl of Incorre or caplal gains receNed wrthin categories covered Ly cha￿er 3 Part 11 of the Corpjiation Tax Ad 2010 or Section 256 of the TaXat￿n of chargea1￿e Gains A(* 1992, to the extent that SLLh IrKorTE or gairis are ap￿led excluswely to chaiitat4e purptsses. 18 Tanglbl• Ilxad *$s•ts and d•piaelatlon Tangib￿ fixed a59ets coslirvJ £1,¢XO or more are Inilialty recorded at coBt. les8 any suteequenl accUn￿laterY ¢*weuation and suLwuerrt accumulat&J Impairment1088es. Faithlnvest 45 Annual report 2022 otes to thé financial statements- NOTES TO THE FINANCIAL STATeMENT8 FOR THEYEAR ENDEO 31 DECEMBER 2￿2 A¢eounts"ng policies l¢ontlnuedl 2.8 Tanglbl• fix￿ a$$•ts and d•pr4eStttlon Icontlnu•dl Depreciaton Is charged so as lo allocate tre cost ol laryible fNed a560ts ￿$5 t￿1r resid￿1 val over their eslimaled uselul lives, using the straighl-line rneltrK)d 01f￿e equipmert Comwter ewipnent 33% 2.9 D•trAo Trado other dgbtor8 arts re¢ognise¢J ai th¢ 80tt1orwi amuril aftor any trade IjB￿unt offered Prewyffents are valued al ltte atrrJurrt preF4wJ nel of ary trade clBcoutts due. 2.10 Cash at bank and In hand Cash at bank and In haTra Incl￿e5 cash and short-lerm hiy)ly Ilquld investmerts with a St￿ ffolurlty ol thre8 nTrJnth6 or196$ from th8 datè ol aL4ui8ition or o￿ndr￿ of Ihe d8PO6It or similar a¢coLnl. 2.11 Uabllltl•s Ind prèvlslom L*tAlll*s are reCo￿￿e¢ when there16 an oljigallon al the Balar￿e sheet dale as a re6uII ol a past event, il rd probable that a Irartsler OT econoffl￿ ￿n0111 will L¥ r8qLMr8d in sett18rront, amount ol s8ttlè￿nt can ix estsmal8d rèliabty 'ab'litEs are recogni8ed at the amount that ￿ ComFerty antLiFete6 11 will pay to settle the detl or a￿)UntIl hJ$ r￿e￿Id as advawl F•yments for t￿ gwjs or tervtes11 MLMI provhye. Provisions are measured al the test egtimale ol the arrK)un13 requirwj lo settle the obligation Where effect ol the t1￿￿ Val￿ of nyjney Is material. trE yovision Is tosed on IfE present value of those amourts, d[sco￿tea at the pre.tsx d￿C￿nI rate that reflects the risk6 SF*cifl¢ lo tre Iiablity. The Lmwindirg of the discount 18 reo)gnised in the Statement of financlal actmb'es a6 a linan￿ cts6t. 2.12 Finjnclol instruTrnts The Qjmpany ordy has finawal assets ar￿ finawral Iiabililies ol a kind Ifol qualify as basic financial instwments 8asic Ilnartial Instruffents are Initially recognised at transaction value and sut6equenty measured al th￿1 settlewenl value with the ex￿ptIOn ol l￿nk loar6 which are subseqLEnlly measur￿1 at armrtlS8d ￿81 wro èffertiva Intèrest matw. 2.13 P•ngions The chanty owales a deli￿￿ ¢￿tribut￿n pension Scheme which is a Fension F4an under wh￿h fixed G￿tr1￿￿10￿S are Feid Into a penS￿n furd and ltre charity has no legal or constructive obligation lo pay further ¢Ortr1t>￿IOnS even il tre fund d￿S not hold SLrtficienl assets to wy all emF4oyees the teneffts relalirvJ lo empbyee seTVi¢* in the ¢￿rerrt and wior peri(￿15. Define¢J ¢ontnLulion FRrtsion 8ctrEme and the FEns￿n charge rewesenls the amunts payable by ttrE Compary to the fund in resFe¢l ol the year. Contri￿tIOnS to defir￿d contribthion yarts are recognised in statement of Fina￿la1 ActNi1￿5 wfÈn tf*y are due. ff ￿ntrIb￿lOn paymerts exceed the (K>ntnbution due lor 8eNf*. t￿ ex(*ss Is iecognised as a pieppyrnerrt. Faithlnvest 46 Annual report 2022 Notes to the financial jatsmÉ-nts NOTES TO THE FINANCIAL 3TATEMENT8 FOR THE YEAR ENDED 310ECEMBER 2022 Accounting policl4s (contInU￿) 214 FLbnd *ccountlng General fund5 are unrestricted funds which arè availatle for use al the 0lscreh.on of the TrLtslees in furthe1ar￿e of the ￿neral objectives of the Company and which have rKil t*en desgngled lor other PWP08es Re5tficled funds are funds which are lo used In accordance with SFeafic reslrictlons imwsed ty donots or which tsen ra15ed by Compary l(K t￿rt￿￿ar purpK>ses. The costs ol iaisirKJ arKI 8drnin181eiing such lund8 Bre char9ed against the specilic lund aim BrKI u88 ol each reStr￿ted lund rn 8et out In note8 to the Iironcial 8tatement8. I￿eSt￿￿t Incom&, gains 8nd108seB are allocated to the a￿r(￿late fund. Incomg from donotlons and14gacl Unr•strkt•d R•strlct•d funds funds 2022 2022 Totsl funds 2022 ToE81 fi4rnYs 2021 Donatlon$ Donatio Grants POrtIc￿ l Benevolentia Stllc*lrYd GHR Foundation LSM 701.419 733,774 701.419 733,7T4 T6.￿$ 33,059 17,416 747.940 J02.J54 78,095 33,059 17.415 stery Ruflord 11.667 1,435,193 126,569 1,661.762 1,066.*1 (Jher Incon 2.599 2.599 Subtotsl 2.599 2.$99 1,437.792 126,569 1,564,361 1.068 461 Tdal 2021 1,0%. 794 11,667 1.068.461 Faithlnvest 47 Annual report 2022 '.-•**Notes to the financial statements NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Investment Income Unrestricted funds 2022 Total fund5 Tot lurKts 2021 2022 Inleresl re￿1vable on t*nk d2FxisiIs 1.160 1,160 74 Analysls of expendltuie on charltable actlvltles Unrestrktad Restrlcted funds funds 2022 2022 Total funds 2022 To lur 2021 rect costs Support CO8t6 898,gJ9 390,375 65,661 55.267 964,570 445,642 724.574 374. 172 1,289,284 120,928 1,410,212 1,098,686 Tdal 2021 1,08T,019 11.667 1,098, $86 Unrestrlcted Restrlcted funds funds 2022 2022 Total funds 2022 Tot IurKJs 2021 Direct Costs Projects management and event8 Grant fundirg actwitie8 Stsm ￿8t8 154,741 47,919 696,249 154.741 50,919 768,910 J5.624 13. 750 675. 140 3,￿0 82.661 898,￿9 &5,661 964,670 724.574 Tdal 2021 713.892 10.622 724,514 Faithlnvest 48 Annual report 2022 Notes to the financial ._ statements- NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestrlcted Restrlcted funds funds 2022 2022 Total funds 2022 Tc*al lurLIs 2021 Support costs Ad￿niStratiC￿ Costs Premises costs other supp)rt costs Finar￿e costs InforMat￿n lechnol ConsuAanGy costs Governan￿ costs Advertising HR, payroll and recruItrr￿nt 4,103 1,976 61,121 7,804 19,224 279,254 7,020 3,364 6,509 4,103 1,978 61,233 7,B04 19,224 334.409 7,Ir20 3,364 8,509 1,669 3,272 1, 184 41.524 38, 723 19Q,062 6,600 16,095 26.643 112 55,155 39J,375 55,267 446,642 374, 772 2021 3T3, 127 1.045 374. 172 Supp)rt CC6ts have teen i￿Urred in relation lo assist major religious invest￿￿nt funds to be more faith- consistent through investment in sustainable and erNiroM)ertal development. All supwrt Costs are allocated lo the primary activity. Analysls of grants Grants to Institutlons 2022 Total lunds 2022 r￿al funys 2021 Grants to Ir￿￿tu￿Ons 50,919 60.919 IJ. 750 2021 13, 750 13.7 T￿ supwrt costs associated with grant making aclwities are £nil IX21 £nil). Faithlnvest 49 Annual report 2022 statement NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Analysls of grants lcontlnued The Company has made the following materk81 gTarts lo insb'tutions durirvJ tt* year. 2(Y2 2021 Namè of Instllutlon CYNESA - Faith LO￿ Term Flan Grant HEAR Ug8fKla - Faith LDrYJ Term Flan Grant F Phthan- Support for Loro Term Flan Grart Ethioplan Orth)cknx ch￿th - Faith Lory Tem Plan Grant Energisirg Solutiot￿- Faith Long Term Plan Grant A Rocha Uganda - SupFOrt for Lorg Term Plan Grant International Network of Religious Leaders Kerya Faith Loro Term Han Grant St, Arnold Ny81ienga Mission Sl ￿nold Nyalienga Cat￿l11c Church FLTP + Catholic University of Eastern Africa Lc￿g Term Plan Kuhlutrmjka Devdowerrt Trust . Faith Long Term Plan Grant ELCT Northern Oio¢e6e Tanzanla Fallh LorwJ Term Plan + Tiees PioieGI Grant New ￿manIty Bhumi Global Ethiopan Council of GosFel Bdievers, Church FUK TRAFFIC international Universilas Nasion All saints caiftdral diocese Chnslian CommLnity Development Asscciatson Women against poverty ASsocial￿n Jeunes Development du Corgo Diocese of Kak2troga Justice aThJ pea￿ Corrrrisslon JPIC Ffan¢is¢ans Afri¢a SolidaNty w)ur la prcAe(*on 4es drorts de I'enfanl Groupe Scout E8Foir Gilega Ctl*r grarts to iffjlilutions 7x1 T￿1 1,7 14.751 5.OCX) 3,OC(I 14,568 3.OCX) 1,ODJ 1.2CIJ 1.2(hJ 1,2 1,2C(I Visionaires p)ur le 1,2C(I 1.2LSJ 1.2tY) 1.2 60.919 15,7 Audltors. remuneratlon Fees tcrtalling £7,020 (2021.. £6.6￿) were Incurred in rekqt10n to t￿ avdrt Faithlnvest 50 Annual report 2022 Notes tlo he f Inancial statemen.ts￿0& NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 staff costs 2022 2021 Wages salarie8 Social security costs OFeraling costs of thfined benefit ￿e￿i0n 6chen*s 887,166 81,182 10,672 597, 965 67. 163 70,012 758,910 675 140 The average number of persons employed Company dwr£ the year was as follows.. 2022 No. 2021 No. Project managenpnt 10 S12021 . 91 of the atove emF4oyees participated in the Defined Contrit￿tIOn Pension Schemes. CMtribJbons to the emF4oyee penwon Sc￿Me$ lor year totslled £10.57212021 . £9,272). The numter of empbyees wtr(>8e emF4oyee benefts (excluding employer pension costs) exceeded £60,ffl0 was" 2022 No. 2021 No. In the tend £60,(XJ1 - £70,OCM) In the tofKJ £70,¢J)1 - £80,OCM) In the tond £BD,I)J1 - £90,OCQ In the tond £1 CQ.001- £110,OCQ In the iBtvJ £120,001- £130,OCQ The total empk)yee tenefils of the key managerrenl Fersonrel of the charity were £485,76512021.. £257,782). Truste•s' r•mun•ration and •xp•ns•s Owirg year, Tr) Tnjstees re¢eived any remunerakn'on or other trerEfits (2021- £NIL). DLKing year eThJed 31 December 2022, Trustee exFenses tolalling £3,261 in relation to travel experEes were I￿u[red by 2 Tiusl*s (2021- £NIL). Faithlnvest 51 Annual report 2022 Notes to the financial - statements NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 10. Tangible fixed assets orfle• Computer equipment equipment Total Cost or valuatlon At 1 January 2022 Addition3 Disp)sals 12,990 12,990 7,676 (2,604 7,676 12,6041 At 31 December 2022 10,486 7,676 18,162 Dépr•¢latlon At 1 January 2022 Charge for the year On distK)sa18 7,813 3,490 115041 7,613 6,198 (2,S04 1,706 At 31 December 2022 8,$99 1,708 10,306 Net book value At 31 [k￿mI￿r 2022 1,887 6.970 7,&S7 At 31 CÈcembar 2021 5.377 5,377 Faithlnvest 52 Annual report 2022 . Notes to the financial '- statements 11. Debtors 2022 2021 Due Ythhln one year Trade de￿OrS Other debtors Prepayments aThY accrLEd irKon 110 &700 6,987 8,832 72.687 12. Creditors: Amounts falling due within one year 2022 2021 Trats creditors Other crediloryd A¢xruals aTrJ ¢Jeferred incorre 10,192 T,572 972,441 15,463 381,738 397,864 990,205 Deferred income as at 31 Decemter 2022 amounts lo £372,61912021.' £954,291} and relates to Income re￿Ived in relation to grant agreements where the related skrformance deliverat4es attached had tTr)t teen mel by year eThJ. IncorrÉ released during the year lolalled £954,291 (2021.. £218,952) Faithlnvest 53 Annual report 2022 Note ho£inancial tatement¥., NOTES TO THE FINANCIAL STATEVENTS FOR THE YEAR ENDED 31 DECEMBER 2022 13. Stat•m•nt of funds statement of funds . current year Balancè at 31 Decembei 2022 Balance at 1 January 2022 Incorne Expendlture Unf￿trICt@d lunds General FLmd8 - 811 fu￿8 316,750 1 N38,952 (1,289,284) 485,418 Restrlcted fund5 Restricted FundB - all funds 128,689 1120,9281 6,e41 T¢)tal of fund5 316,760 1,$85,621 (1,410,212> 471,1139 ststement of funds - prior year Balan￿ 81 31 Belar￿@ al 1 January 2021 IncL7ne ExpeThYitur8 2021 Unrestrlcted lunds General Funds - all fU￿S 345, 901 I,0￿,868 (1,087,019) 315, 750 Restrlcted funds Restricted Funds - all funds 11,667 (71,66n Total of funds 45,&￿1 1,068,&15 fl,098.68@ 315, 750 Faithlnvest 54 Annual report 2022 N tes$0 the fiDancial statemeDts_ NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ￿DED 31 DECEMBER 2022 14. Analysls ol not assets b•t¥Yo•n lunds Analysls of net asset5 between funds - current year Unrestrlcted Restrlcted funds funds 2022 2022 Total funds 2022 Tangible fixed a66ets Cwient a&sets CretJitors due WIt￿n one year 7,857 745,320 115,736 1287,7591 1110,0951 7,857 881,058 1397,854) Total 465,418 5,641 471,059 Analysls of net assets between funds - prlor year Unrestnctay fuThYs 2021 Restnct&J Ainds 2021 Tdal funys 2021 Tangl1￿e fixed assets Cwrent assets Creditors due within one year 5,J77 1.292.245 (981, 872) 5,JT7 8,533 1.3CQ,579 (8,a3QJ (9W, 205) Total 315,7 315, 750 Faithlnvest 55 Annual report 2022 Notes to the financial statements NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEMBER 2022 R•conciliation of not nM)v•m•nt in funds to nat cash flow from operating activiti8S X121 Net 1rumelex￿￿jl1UTe lor the year las per Statement of Finar￿la1 Aclivilies) 15S.301 (30, 151) Adlu5tmént5 for: Depreciation charge8 IrNe61mrrt Incorre Los8llwofill on the Sale of Iixed a58els lIr￿reaSe)/d£rrea5e in debtors IrrAeaselldecreasel in cre(*tor8 Ex¢h8r¥Je mvemerl 4198 11,1601 11901 3,856 (692,3611 1978 9.864 (74) 3.411 (5.514) 244.666 1.572 N•t cash provldad byllus•d In) op•Tatlng wctlvltl•¥ {428,3831 217.774 18. Analysls of cash and eash equ1Va￿ftt$ 2021 Cash in hand 851224 1.287.891 Total cash and cash equivalents 8S2,224 1287.891 17. Analysls of ehang0s In n•t d•bt Change5 In mark•t value and At1 •x¢hang• At31 January rate Decen*er 2022 Cash flows moven*nts 2022 Ca8h al ter1( and in hand 1.287,891 1432.889) IZ9781 851224 1,287,B91 I4￿,889) 119781 861224 Faithlnvest 56 Annual report 2022 NOTES TO THE FINANCIAL STATEVENTS FOR THE YEAR ENDED 31 DECEVaER 2022 18. R￿st￿ party transaetlons Th8 CA)mp8ry has not 8rtwed Into any r8lat8d paty IransBCtion durirvJ y8ar. mr ai8 Ih8r8 arv IslandirvJ balances owing I￿￿een rekited Ferties and the Compary al 31 Decem*r 202212021.. r¥)rEI Faithlnvest 57 Annual report 2022 Notes to tth-e ftnancial - statements INCOMEAND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEM8ER 2022 2022 2022 2021 X121 Income Grants- POrbcl￿ l Benevolenlia SlilchirYJ Grants - GHR FourKlali Grants- LSM Grant$- Rufford Grants - Chcastery Donations- Golden 8ottle Tru81 Other I￿orne Inleresl recefvod 701,419 TJ3,774 76,095 17,415 &3,069 747.940 3t72.354 11.667 2,$99 1,160 T4 Oross Income In the reportlng perlod 1,586,621 1.068.535 L•5S'. Charltablè actlvltlés Direct costs Wages arKI sahfies Stalf NIC (Employer81 Staff Fenskin8 Events Giants payal￿e. in81ilutM)ns Rent Te￿[hOr* fax Office exFerts8s Comwter 8oftwaie and maintenarte costs Travel aTrJ FAJt6iSterKe Promob"onal exK*n8e9 Attourtarry fees Legal proles6ional fees Bank chargEs Depreciation For￿gn currery {gai￿y1088eB Audll fee Loss on drysal of fixed assets 342,816 887,168 81,182 10,672 164,741 50,919 252.411 597.965 6T.￿3 9.2T2 625 IJ. 750 1.3T4 250 12,844 3T. 733 19.444 16.096 4.ITO 11459 943 a864 1.5T2 6.600 J.411 812 15,468 43,203 1,920 1,060 2,137 5,198 2,978 7,020 11901 Totsl èxpendlture 1,410,212 1.098.686 Faithlnvest 58 Annual report 2022 Notes to th-e ftnancial - statements INCOME AND EXPENDITURE ACCOUNT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 2021 Net incomthll•xpénditur•l for thè r•portlng p•rl*)d 155,309 130,1511 SurplusllDefi¢Stl for the ieportiry perlod Surplus brouglrt forward at 1 January 155,309 316.750 fJO,751) 345,901 Surplus carr14d fopward at 3104c•mb•r 2022 471,069 315,750 The notes on pages 43 to 59 form part of these financial statements. Faithlnvest 59 Annual report 2022 Ir.e oMQO?2 •$ Falthlnvest I clo Stone Klng LLP Boundary House 91-93 Charterhouse St London. EC1M 6HR. UK 1nfo@falthlnvest.org +44101117 214 1720 Reglstered charlty: 1187015 Re81stered company limlted by 8uarantee: 11862410 FAITHINVEST V￿wW.faithinvest.0rg