## **FaithInvest 2024 Annual Report** **Trustees’ Report and Financial Statements for the year ended 31 December 2024** Registered charity: 1187015 | Registered company limited by guarantee: 1182410 Faith organisations want to achieve transformative social and environmental impact with their investments, but they also have a legal responsibility to manage their financial assets prudently. FaithInvest exists to help them navigate this challenge. We support faith-based asset owners to develop faith-consistent investing policies that achieve their impact goals while meeting their fiduciary responsibilities. Dave Zellner, CEO, FaithInvest ## CONTACT US FaithInvest c/o Stone King LLP Boundary House 91-93 Charterhouse St London, EC1M 6HR, UK info@faithinvest.org +44 (0)117 214 1720 www.faithinvest.org Registered charity: 1187015 Registered company limited by guarantee: 11862410 Front page photograph: Bridge crossing a valley, by Chingting Huang on Getty Images Back page photograph: Carrick-a-Rede Rope Bridge, Northern Ireland, from Shutterstock ## **Why bridges?** FaithInvest uses bridges as a motif because we ourselves act as a bridge: Between faiths Within faiths, linking religious and investment leaders From faiths to the wider finance community _Disclaimer:_ FaithInvest is not authorised by the Financial Conduct Authority and does not provide financial or investment advice. Information provided on FaithInvest’s website or its other communication channels does not constitute financial or investment advice. If you wish to receive any form of financial or investment advice, please consult a qualified and independent financial advisor. **02** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 ## CONTENTS |NARRATIVE|REPORT|1.
2.
3.|Foreword from the Executive Chair
2024 Through our Eyes
Strategic Report|**08**
**04**
**06**| |---|---|---|---|---| ||||Strategic Objectives, Mission & Values|| |||4.|Strategic Plan 2023-2025|**09**| |||5.|Achievements & Performance|**10**| ||||Implementing Strategic Goal 01|**11**| ||||Implementing Strategic Goal 02|**14**| ||||Implementing Strategic Goal 03|**17**| ||||Implementing Strategic Goal 04|**19**| |||6.|Financial Review|**20**| ||||Plans for 2025 and Beyond|**21**| |||7.|Structure, Governance and Management|**22**| |TRUSTEES’ REPORT &|FINANCIAL STATEMENTS|8.
|Trustees’ Report & Unaudited Financial Statements for
the year ended 31 December 2024
Contents of the Financial Statements
Page 1: Reference and Administrative Details
Pages 2-3: Trustees’ Report
Page 4: Independent Examiner's Report
Page 5: Statement of Financial Activities
Page 6: Balance Sheet
Page 7: Cash Flow Statement|**23**
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**26**| ||||Page 8: Notes to Cash Flow Statement|**32**| ||||Pages 9-17: Notes to the Financial Statements|**33**| ||||Page 18: Detailed Statement of Financial Activities|**42**| **03** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 1. FOREWORD FROM THE EXECUTIVE CHAIR ## 1. FOREWORD ## FROM THE EXECUTIVE CHAIR DAVE ZELLNER 2024 has been a year of change and consolidation for FaithInvest. We navigated leadership transitions, sharpened our focus on what faith communities most practically need, and kept building the bridge between faith beliefs and investment decisions. That image of a bridge has long guided our work because it is what we seek to be: a trusted span between values and action, between faith communities and the financial world. Change first. We paid warm tribute to Dr Lorna Gold, whose service since 2020 helped carry FaithInvest from start-up energy to organisational maturity. As she stepped down in June, I took on a more active role as Executive Chair. We also wished our colleague, Mathew Jensen, well as he moved to a new role in the wider faith-consistent investing (FCI) community. Through these shifts, the team leaned into its strengths, streamlined decision-making, and kept our services moving – evidence, to me, of a mission that is bigger than any one of us. ## **Growing the FCI Movement** We also advanced core priorities. Faithful Finance, our introductory training for aligning investments with faith values, ran three cohorts, equipping nearly 100 participants to engage in faith-consistent investing with clarity and confidence. Our quarterly FCI Forums more than doubled in membership, giving asset owners a regular, candid space to share what’s working and what isn’t. We completed hands-on accompaniment for several asset owners, published a widely read case study with the Society of the Holy Child Jesus, and continued work with the Church of Scotland Investors Trust to refresh its ethical policy. Behind the scenes, our Investment Policies & Guidelines (IP&G) assessments continued across geographies and traditions, building the evidence base for a refreshed Good Intentions report. Dave Zellner Executive Chair, FaithInvest We also began developing an expanded and more comprehensive IP&G assessment service that evaluates IP&Gs based on where the faith institution is on their FCI journey. This will be launched in 2025. **04** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 1. FOREWORD FROM THE EXECUTIVE CHAIR ## **Bridging the Gap** There were new beginnings, too. Late in the year we started developing a course for investment professionals, to be piloted in 2025. The aim is to provide them with the tools and insights to help them engage more effectively with the rapidly expanding faith-based investment market. ## **The momentum is real** What gives me hope? The momentum is real. We see growing appetite for serious policy language that puts beliefs at the “front door” of investment guidance; stronger engagement among faith-based asset owners; and a circle of partners ready to build practical pathways from values to portfolios and, importantly, to outcomes for people and planet. Just as last year’s foreword highlighted the rise of a vibrant FCI ecosystem, this year we see that ecosystem maturing – more peers learning from one another, more concrete changes to policies, mandates and manager dialogues. ## **Looking forward** Looking ahead to 2025, our priorities are crisp: keep refining and delivering training; deepen one-to-one accompaniment that measurably improves policies and practice; expand our IP&G database and publish refreshed resources that meet faith investors where they are; strengthen partnerships that amplify impact; and diversify our funding sources. Across all of this, we will stay close to our faith partners and rigorous about what actually helps faithbased organisations. To our trustees, funders, partners and, above all, to the faith communities we serve: Thank you. Together, we will keep building the bridge – carefully, patiently, and with hope – so that faith beliefs can travel into capital, and capital can serve the common good. ## _**Dave Zellner**_ Executive Chair, FaithInvest FaithInvest strongly encourages well-documented ‘front door‘ language – how will key beliefs, teachings, and values manifest themselves in our investments? Strong, clear language around this is of vital importance, because it’s the anchor for everything else that follows. **05** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 2. 2024 THROUGH OUR EYES ## 2. 2024 THROUGH OUR EYES **----- Start of picture text -----**
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FaithInvest’s Catherine Devitt speaking at the Ecological Economics webinar, May 2024 Martin Palmer (inset) in traditional Daoist robes at the World Federation of Daoism summit in China **----- Start of picture text -----**
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**01** **March: We hold the first of three four-week online training courses this year.** _Faithful Finance: An Introduction to Aligning Investments with Faith Values_ reaches nearly 100 participants across five continents by the end of 2024. **02** **March: This was a busy month! We publish two papers:** _Faith-based Investment Governance_ , written with US investment consultant NEPC; and _From Aid to Investment_ , written with Christian Aid, on whether non-grant financing mechanisms could help fund aid. **March: We release our new case study** outlining our work with the European Province of the _Society of the Holy Child Jesus_ to strenghen its investment policy. **March: Our Founding President Martin Palmer** is in China for the inaugural council meeting & conference of the new World Federation of Daoism. **03** **04** **05** **April & May: We hold two webinars,** _Catholic Social Teaching & Ecological Economics_ and _Practical Conversations on Ecological Economics_ , in partnership with the Laudato Si’ Action Platform and Laudato Si’ Movement. We reach 3,095 people in 65 countries. **May: We lead a panel on faith, values and** **06** **investments** at the Focolare Movement’s _One Human Family Conference_ in Italy. It’s a truly multi-faith, multinational event with 480 people from 40 countries, speaking 12 languages. **07** **August: We welcome Dave Zellner** , a pioneer in FCI and responsible investing, as our Executive Chair, and pay tribute to outgoing Interim CEO Dr Lorna Gold. **08** **October: We attend two inspiring events. The first, on climate investing,** is one of ours, organised with Operation Noah and the JustMoney Movement. The second is the amazing SOCAP24 conference in San Fransisco, focused on catalysing systems change. **09 November: We attend the 2nd Mensuram Bonam conference** on faith-consistent investing in London, which concludes with a determination to develop ‘a new FCI ecosystem for Christian investors’ – a major step forward for FCI in the Catholic Church, we report. **10** **December: We hold the last of our quarterly FCI Forums,** discussing Al-Mizan and Islamic finance. In 2024, subscribers to this group more than doubled from 141 to 297. Previous forums covered: Investing with Jewish values; Advancing FCI; and Developingmarket climate investing. 4. STRATEGIC PLAN ## 3. STRATEGIC REPORT ## STRATEGIC OBJECTIVES 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 takes into account those charities’ values and ethos. ## OUR VISION ## OUR VALUES 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 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 We believe that by supporting the development of a vibrant global movement of faith communities actively and boldly transforming how they direct their investments 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, religion, geography, or sophistication of investment portfolios) to invest in line with their values and beliefs and to identify opportunities for them to be truly transformative in their approach. **Respect** : We work with all major faiths, respecting and valuing the diversity of perspectives and understanding that this brings. **Catalysts of change:** We seek to grow faith-consistent investing by inspiring faith leaders to take action, working innovatively and ambitiously together to achieve impact. **Open & listening** : We are peoplefocussed and relationship-based, seeking to engage stakeholders and partners in all our work. **Social justice** : We believe in justice, dignity and fair access to global resources for all. **Valuing our planet** : We believe the faiths have a key role in leading the conservation and sustainability of our planet. We strive to act by example to minimise our impact. **Creativity** : We seek to harness the creativity, commitment, skills and expertise of our team members to further common goals. **08** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 4. STRATEGIC PLAN ## 4. STRATEGIC PLAN 2024 marks the second year of our three-year Strategic Plan, 2023-2025, setting out how we will contribute to expanding faith-consistent investing (FCI). The four core aims set out in our Strategic Plan are to: **----- Start of picture text -----**
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FaithInvest is a trail angel, as hikers and pilgrims know them – here to help, guide, encourage, inform and engage faithbased investors on their faith-consistent investing path. **09** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 5. IMPLEMENTING STRATEGIC GOAL 01 ## 5. ACHIEVEMENTS & PERFORMANCE ## IMPLEMENTING Strategic goal 01 Building the FCI Movement Throughout 2024, we continued to expand a rapidly growing network through our programme of events, webinars, and engagement. In so doing, we contributed to the development of a dynamic ecosystem that engages faith-based asset owners in faithconsistent investing. Notable achievements during the year include: ## IN-PERSON events ## **May 2024** _**Social Impact Investment in Development**_ – Roundtable in London, UK, co-hosted with Christian Aid, which explored how faith-based NGOs and businesses can shift from providing aid to making investments in the communities where they work. ## **June 2024** _**Faith, Values and Investments**_ – FaithInvest led a session at the One Human Family International Interreligious Conference in Italy, organised by the Focolare Movement, attended by a truly multi-faith and multinational audience of 480 people from 40 countries, speaking 12 languages. Our speakers were _Sr Maamalifar M. Poreku_ , of the International Union of Superiors General (UISG), and _Omar Shaikh_ , of the Global Ethical Finance Initiative. **----- Start of picture text -----**
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‘Imagine the possibility of a new economic system of finance and investment springing from the principles of our faith values' – Sr Maamalifar M. Poreku speaking at the One Human Family conference **10** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 5. IMPLEMENTING STRATEGIC GOAL 01 ## Online webinars ## **April 2024** _**Catholic Social Teaching and Ecological Economics**_ – Webinar organised by the Laudato Si' Action Platform and co-sponsored by FaithInvest. As we confront the challenges of ecological degradation and poverty, how can Catholic Social Teaching inform and guide new ecologically sound and socially equitable economic models? ## **May 2024** _**Practical Conversations on Ecological Economics**_ – Webinar co-hosted by the Laudato Si’ Action Platform and FaithInvest to provide actionable guidance on making ethical investment choices and financial decisions that not only benefit faith institutions, but also contribute to ensuring the long-term health of our planet. ## **June 2024** _**The Green Investment Declaration**_ – Webinar co-hosted with Operation Noah and the JustMoney Movement looking at how faith institutions can increase their investments in climate solutions. The speakers included FaithInvest's _Mathew Jensen_ and _Catherine Devitt._ ## **June 2024** _**Unlock the Power of Your Investments through Faith-consistent Investing**_ – A FaithInvest workshop on the fundamentals of FCI for the Association of Provincial Bursars network, whose members are religious treasurers and finance leads from across the UK. ## **October 2024** _**The Green Investment Declaration: A Church Investor’s Perspective**_ – _Matthew Jones_ from Epworth Investment Management shared a church investor’s perspective on climate investing. Other speakers included FaithInvest's _Catherine Devitt_ , the JustMoney Movement’s _Rosie Venner_ and Operation Noah’s _Clare Fussell_ . **11** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 5. IMPLEMENTING STRATEGIC GOAL 01 ## Partner events & webinars We attended and presented at ten partner events and webinars, including: - **January** : _**Faith Action for Better Human, Animal and Planetary Health**_ – with UNEP, UNDP and Compassion in World Farming - **March** : _**Together for Europe – Called to Unity: Towards an Ecology of Relationships**_ . – organised by Together for Europe with representatives of churches, faith movements and communities - **March:** FaithInvest Founding President Martin Palmer attends the inaugural council meeting and conference of the new _**World Federation of Daoism**_ in Luyi, Henan, China **July:** _**Knights of Columbus Asset Advisors – Seventh Annual Catholic Investor Symposium**_ , St Louis, Missouri, US - **September** : _**Climate Justice, Peace and the Role of Faiths**_ – A series of events in Northern Ireland, at which FaithInvest Founding President Martin Palmer was a keynote speaker **September** : _**Catholic Social Teaching and Investing Summit**_ – Hosted by the Francesco Collaborative and Catholic Impact Investing Collaborative in Chicago, US **October** : _**The Association of Provincial Bursars Annual Conference**_ – Herts, UK **October** : _**SOCAP24 – Going Deeper: Catalysing Systems Change**_ – The annual conference of SOCAP Global and the Sorensen Institute in San Francisco, US ## Outreach & media In 2024, our outreach efforts expanded significantly, with strong growth in our email and LinkedIn audiences, consistent website engagement, and a strategic shift in our social media presence. We sent a total of 58,013 emails to supporters on our database, including our newsletter (20,565), FCI Updates (10,182), Faithful Finance promotion (19,843), press releases (4,651) and fundraising (2,781). Our LinkedIn following and email list increased by over 41% to 1,425 LinkedIn followers and 3,929 email marketing contacts. Website search traffic remained relatively constant, despite changes in search engine algorithms and the acceleration of AI search. Social media was also relatively stable, but we decided to exit the Twitter/X platform due to the increasing toxicity and reduced quality of much of its content. We continued to manage the collaborative website, Collab.FaithInvest.org, which showcases efforts to promote faith-based investing globally. This included providing the platform for the Green Investment Declaration, a partnership between the JustMoney Movement and Operation Noah aimed at encouraging investment in climate solutions. **12** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 5. IMPLEMENTING STRATEGIC GOAL 01 ## research & publications In the first half of 2024, we produced three major papers: _**Faith-based Investment Governance**_ February 2024 Written in collaboration with US investment consultant NEPC, _Faith-based Investment Governance_ explores the topic of investment governance. As well as reviewing the typical structure, attributes, and characteristics of investment governance generally, it focuses on unique aspects of governance for faith-based organisations. _**Case Study: Society of the Holy Child Jesus**_ March 2024 To create an Investment Policy & Guidelines statement (IP&G) more in line with its values, members of the Society of the Holy Child Jesus's European Province chose FaithInvest to help guide them on their journey of greater faith-consistent investing. This case study describes the results of this effort. _**From Aid to Investment**_ March 2024 What interest is there among NGOs in using non-grant financing mechanisms, known as grant alternatives, alongside grants to fund development? This discussion paper, written in collaboration with Christian Aid’s Salt Network, outlines our research into this subject which was also the topic of our joint conference in May 2023. In the second half of 2024, we focused on producing the Faithful Finance training course and easing through the leadership transition within FaithInvest. **13** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 5. IMPLEMENTING STRATEGIC GOAL 02 ## IMPLEMENTING Strategic goal 02 Serve faith asset owners through targeted support ## Quarterly fci forums Our quarterly 45-minute FCI Forums provide a dedicated space for our network to convene, exchange ideas and deepen understanding of the key issues facing faith-based asset owners. These are short, focused and solutions-oriented meetings. . Engagement grew strongly throughout 2024, with membership of the FCI Interest Group more than doubling from 141 in January to 297 by December. Members are made up largely of faithbased asset owners, such as the Church of England, Society of the Holy Child Jesus, Mercy Investment Services, and the Jewish Federations of North America. - **March 2024:** _**Multi-faith Just Transition Fund**_ – We explored developing-market climate investing and a potential path for more involvement from faiths, with representatives of the Green Climate Fund (GCF), the world's largest climate fund. **June 2024:** _**Beginning & Advancing Faith-consistent Investing**_ – We shared practical insights on implementing FCI and critical lessons learned by two faith groups, the Society of the Holy Child Jesus and the Unitarian Universalist Association. Our speakers were SHCJ Finance Director _David Marett_ and former UUA Chief Financial Officer _Tim Brennan_ . **September 2024** : _**Investing with Jewish values**_ – Our speakers included _Rabbi Jacob Siegel_ , author of _Put Your Money Where Your Soul Is: Jewish Wisdom to Transform Your Investments for Good_ ; Mercer Investment Consulting’s Principal _Neil Silverman, CFA_ ; and JLens Managing Director _Ari Hoffnung._ They discussed what investing with Jewish values means in practice. **December 2024:** _**Introduction to Al-Mizan and Islamic Finance**_ – _Dr Iyad Abumoghli_ , Director of UNEP’s Faith for Earth Coalition, and _Omar Shaikh_ , CEO of the Global Ethical Finance Initiative, discussed developments in Islamic finance, a $3.9 trillion industry active in more than 80 countries globally. **14** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 5. IMPLEMENTING STRATEGIC GOAL 02 ## support & training ## **Faithful Finance training** In 2024 we ran three rounds of our introductory four-week course on the fundamentals of faithconsistent investing, aimed at equipping participants with greater confidence to align their investments with their faith values. _Faithful Finance: An Introduction to Aligning Investments with Faith Values_ reached nearly 100 participants across five continents and feedback was very positive. Here are some of the comments from participants. The confidence it has given me to feel more able to get involved in discussions with our investment advisors / managers. The positive interaction between presenters and participants; the encouragement to really study the values of our institute and how to express these through our investments; the importance of networking across our religious congregation, and of involving` lay staff in understanding our values. The course has empowered me to embody the knowledge and own what we are about as a congregation. - I am more confident that it is possible and profitable (financially and in terms of meeting the goals of our organisation) to make investments in line with our faith values. I have more tools to help to make this a reality for our organisation. **15** Faithinvest.org 5. IMPLEMENTING STRATEGIC GOAL 02 ## STRENGTHENING InvestmeNt Policies We supported a range of faith organisations to strengthen their investment policies and practices. This included concluding work with the European Province of the Society of the Holy Child Jesus, producing a widely shared case study, and beginning a new phase with the Church of Scotland Investors Trust to develop its Ethical Investment Policy for presentation in 2025. We also carried out confidential IP&G assessments for dioceses, congregations, pension boards and endowment funds across the UK, Europe and the US, with findings to feed into an updated _Good Intentions_ report in 2026. We have been accompanied by FaithInvest as we have formed as a committee and they have supported us to understand how to put a frame around the values that are important to us as a church and how we then begin to use that to support the work that COSIT [Church of Scotland Investors Trust] is doing with investment managers. – Speech to the General Assembly by Valerie Brown, convener of the Ethical Oversight Committee, May 2024 ## A COURSE FOR INDUSTRY PROFESSIONALS In late 2024 we began developing a new course for investment professionals. Designed to bridge the gap between faith-based asset owners and the investment industry, the course aims to equip investment professionals with the knowledge and tools to understand faith perspectives and respond effectively to the needs of faith-driven clients. **16** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 5. IMPLEMENTING STRATEGIC GOAL 03 ## IMPLEMENTING Strategic goal 03 ## Sustain and strengthen partnerships We have collaborated closely and delivered impactful work through a wide range of partners in 2024. Some examples of collaborative work include: - In partnership with **Christian Aid,** we published a discussion paper, _**From Aid to Investment**_ in March 2024, expanding on the discussions heard at our highly successful joint event in May 2023, _Investing in a Liveable Future_ , and outlining our research with faith-based development agencies on attitudes towards new options for non-aid financing. The research found a high level of interest in alternative financing models, as traditional grantgiving shrinks, but concerns around lack of expertise and worries about distracting from core charitable purposes. > of survey respondents are **61%** already using or supporting alternative finance mechanisms **78%** think it **likely** or **very likely** they will use alternative finance options in lieu of grant aid within the next five years. - Furthering our work in 2023 with the Vatican’s **Dicastery for Promoting Integral Human Development** , helping to grow the dialogue on faith-consistent investing with the Catholic community, FaithInvest collaborated with key Catholic networks – the **Laudato Si’ Action Platform** and the **Laudato Si’ Movement** – to organise two webinars on faith-consistent investing in April and May 2024. The webinars, delivered with simultaneous translations in Italian French, Spanish and Portuguese, reached 3,095 people from 65 countries. Of these, 70% were institutional participants, representing dioceses, parishes, religious communities and organisations. Nearly 2,000 of them signed up as new subscribers to our newsletter. - We attended the second **Mensuram Bonam Faith-Consistent Investment Conference** in London in November 2024. The event brought together people responsible for investing on behalf of the Catholic Church and Catholic institutions across the world. FaithInvest has been in discussion with a number of key Catholic networks about furthering this work. - FaithInvest joined the **Interfaith Center on Corporate Responsibility (ICCR)** network as a member in 2024. - We worked closely with **Operation Noah** and the **JustMoney Movement** to develop and launch the Green Investment Declaration, aimed at supporting faith institutions to increase their investments in climate solutions for a greener future. **17** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 5. IMPLEMENTING STRATEGIC GOAL 03 We continued our long collaboration with Daoists in 2024. In March, Martin Palmer attended the inaugural council meeting of the recently formed **World Federation of Daoism** in Luyi, Henan, China (known as the hometown of Daoist ancestors), both to represent FaithInvest and also in his role as the WFD's newly appointed Special Advisor on UN Affairs. The event saw representatives from 28 countries and regions gather in Luyi for the WFD's first conference and council meeting, and also celebrate the 2,595th anniversary of the birth of Daoist philosopher and founder Lau Zi (sometimes spelled Lau Tzu). FaithInvest is advising the WFD on its plans to establish an Investor Hub in Hong Kong to provide guidance to its followers on investing according to Daoist values. Clockwise from top left: Martin Palmer with Master Meng Zhiling, Secretary General of the new World Federation of Daoism; the scene from above; Martin in traditional Daoist robes; Martin with Master Li Guang Fu, President of the China Daoist Association and the WFD; The new Federation’s leadership team and officials. **18** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 5. IMPLEMENTING STRATEGIC GOAL 04 ## IMPLEMENTING Strategic goal 04 ## Strengthen our governance In 2024, FaithInvest entered a period of transition and renewal. We paid tribute to Dr Lorna Gold, who stepped down in June after serving since 2020, first as Director of Movement Building and most recently as Interim CEO. Lorna’s vision and commitment helped guide FaithInvest from its start-up phase to an established organisation. At the same time, we were fortunate that our Chair of Trustees, Dave Zellner, took on a more active role as Executive Chair following his retirement after nearly three decades as Chief Investment Officer at Wespath Benefits and Investments, where he steered the management of more than US$25 billion in assets on behalf of over 100,000 participants and 150 United Methodist institutions. Dave’s leadership comes at a pivotal time, as we embarked on an ambitious capital campaign to expand our services and enable more faith groups to invest in alignment with their values. Director of Faith-Consistent Investing Programmes, Mathew Jensen, also left FaithInvest in late 2024 to become Senior Investment Officer at the Unitarian Universalist Association. We are grateful for his significant contribution to FaithInvest and delighted that he will remain part of the wider FCI community. Despite staff transitions, we retained a strong focus on leveraging the expertise of our team and prioritising the practical needs of faith groups in advancing their FCI journeys, including the continued delivery of our ‘paid for’ services following the successful launch of our first commissions in 2023. Let us take seriously the business of religion... Let's stop pretending we are just there to say the prayers. We are – but we're also there to manage the assets. – Martin Palmer, FaithInvest Founding President **19** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 6. FINANCIAL REVIEW ## 6. FINANCIAL REVIEW ## **For the full approved accounts, please the Trustees’ Report and Financial Statements on page 23.** 2024 was a year of transition and consolidation for FaithInvest. We entered a period of change in leadership and structure while maintaining our focus on strengthening our financial foundations and expanding our service offerings. As in previous years, our work was made possible through the generous support of our core funders, the success of new training and accompaniment services, and careful financial stewardship. ## **Income & funding** Our total income for the year was £526,082, compared to £869,902 in 2023 – a decrease following the conclusion of several restricted grant programmes. We are deeply grateful for the ongoing commitment of our principal funders, including GHR Foundation and Porticus / Benevolentia Stitching, as well as project-specific support from the Society of the Holy Child Jesus. Together, these partnerships enabled us to deliver the Faithful Finance training course, strengthen our one-to-one accompaniment services, and continue vital research and convening across faith traditions. Charitable trading income grew modestly to £16,505 (2023: £15,324), reflecting a demand for our training, consultancy, and speaking services, which we expect to expand further in 2025. Investment income totalled £7,046 (2023: £9,393). ## **Expenditure & results** Total expenditure for 2024 was £643,623, down significantly from £1,022,764 in 2023, reflecting both the completion of major projects and a deliberate focus on cost efficiency following our mid-year restructuring. The majority of expenditure related directly to charitable activities, including programme delivery, staff costs, and consultancy support for faith-based organisations. Our focus for 2024 and for future years is to continue to diversify our funding base, and to secure a wider number of funders alongside the expansion of our trading income. In reflection of this, we have developed a new funding strategy alongside the development of opportunities to work in partnership with a number of aligned organisations, which we are taking forward. After accounting for all income and expenditure, the charity recorded a net deficit of £117,541 (2023: £152,862). This was expected as we drew upon prior-year reserves to support operations during the transition period and invest in new service development. **20** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 6 FINANCIAL REVIEW ## **Reserves policy & financial position** At year end, total funds stood at £200,656, comprising £174,034 unrestricted and £26,622 restricted. This represents approximately three months of operating expenditure, in line with our reserves policy. Cash balances at 31 December 2024 were £228,920 (2023: £515,437), after meeting grant-related commitments and reducing deferred income. Our debtors and creditors also reduced substantially, showing tighter financial management and the timely completion of funded projects. ## **Principal risks and mitigation** FaithInvest continues to operate in a dynamic funding environment. The principal financial risk remains overreliance on a small number of major funders, which we are addressing through a strategy to diversify income across grants, donations, and charitable trading. Operational capacity is another area of focus, as a smaller team carries a high workload; we continue to strengthen systems and governance to ensure resilience. As a non-regulated organisation, FaithInvest is clear about the scope of its services, providing education and guidance but not financial advice. This boundary is communicated clearly in all engagements. We also continue to monitor cybersecurity and data protection risks, maintaining robust systems, insurance coverage, and regular staff training. The Trustees are satisfied that appropriate controls are in place and that the charity remains well positioned to meet its financial obligations and strategic priorities in the year ahead. ## **Plans for 2025 and beyond** In 2025, we will remain focused on delivering our 2023–25 Strategic Plan. This will include: - _**Education, training & engagement**_ – key areas of focus inclue our online training for faithbased asset owers, _Faithful Finance: An Introduction to Faith-Consistent Investing_ ; development and roll out of a new masterclass for investment professionals in engaging faith-based investors; our quarterly FCI Forums in which we bring key speakers to discuss a range of issues around faith-consistent investing. - _**One-on-one services**_ – a key focus of our efforts will be providing direct services to faith organisations to help them strengthen their Investment Policy and Guidelines for faithconsistent Investing. - _**Research & whitepapers**_ – We are expanding the FaithInvest database of Investment Policies & Guidelines (IP&Gs) and will be updating and expanding key resources such as our _Good Intentions_ report (2023) and _From Faith Values to Investments (2021)_ , as well as publishing new case studies. **21** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 7. STRUCTURE, GOVERNANCE & MANAGEMENT ## 7. STRUCTURE GOVERNANCE & MANAGEMENT ## **2024 Governing document and constitution** FaithInvest is a company limited by guarantee, governed by its Memorandum and Articles of Association, and was incorporated on 5 March 2019. The company was registered as charity by the UK’s Charity Commission on 18 December 2019. ## **Organisational structure and team** We are a small team of six as of end of 2024, plus a number of consultants and advisors, spread across the UK, Ireland and USA. During 2024, our Interim CEO, Dr Lorna Gold, stepped down and Dave Zellner stepped in as Executive Chair. ## **How the charity makes decisions** Decisions regarding the strategy, aims and approach of the charity are taken by the trustees. Trustees meet three to four times per year. Trustees delegate the day-to-day management of the charity to the Executive Chair, Dave Zellner. ## **Arrangements for setting pay** 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. ## **Methods to recruit new directors (trustees)** Trustee opportunities are advertised, and applicants then invited to interview with the Chair and the trustees. Appointments are made in 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. New trustees are provided with information regarding the organisation as well as the opportunity to meet the staff. From time to time, trustee training is provided to refresh trustees on their governance responsibilities and any changes to relevant legislation. ## **Statement of trustees’ responsibilities** Please see the Trustees’ Report and Financial Statements on page 23. **22** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 TRUSTEES’ REPORT & FINANCIAL STATEMENTS ## 8. TRUSTEES’ REPORT & UNAUDITED8. TRUSTEES’ REPORT & UNAUDITED FINANCIAL STATEMENTS FINANCIAL STATEMENTS FOR THE YEAR ENDEDFOR THE YEAR ENDED 31 DECEMBER 2024 31 DECEMBER 2024 **REGISTERED COMPANY NUMBER: 11862410 (England and Wales) REGISTERED CHARITY NUMBER: 1187015** **Trustees’ Report and Unaudited Financial Statements for the Year Ended 31 December 2024 for FAITHINVEST (A COMPANY LIMITED BY GUARANTEE)** TRUSTEES’ REPORT & FINANCIAL STATEMENTS TRUSTEES’ REPORT & FINANCIAL STATEMENTS **24** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 TRUSTEES’ REPORT & FINANCIAL STATEMENTS PAGE 1, TRUSTEES’ REPORT & FINANCIAL STATEMENTS **25** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 TRUSTEES’ REPORT & FINANCIAL STATEMENTS PAGE 2, TRUSTEES’ REPORT & FINANCIAL STATEMENTS **26** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 TRUSTEES’ REPORT & FINANCIAL STATEMENTS PAGE 3, TRUSTEES’ REPORT & FINANCIAL STATEMENTS **27** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 TRUSTEES’ REPORT & FINANCIAL STATEMENTS PAGE 4, TRUSTEES’ REPORT & FINANCIAL STATEMENTS **28** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 TRUSTEES’ REPORT & FINANCIAL STATEMENTS PAGE 5, TRUSTEES’ REPORT & FINANCIAL STATEMENTS **29** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 TRUSTEES’ REPORT & FINANCIAL STATEMENTS PAGE 6, TRUSTEES’ REPORT & FINANCIAL STATEMENTS **30** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 TRUSTEES’ REPORT & FINANCIAL STATEMENTS PAGE 7, TRUSTEES’ REPORT & FINANCIAL STATEMENTS **31** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 TRUSTEES’ REPORT & FINANCIAL STATEMENTS PAGE 8, TRUSTEES’ REPORT & FINANCIAL STATEMENTS **32** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 TRUSTEES’ REPORT & FINANCIAL STATEMENTS PAGE 9, TRUSTEES’ REPORT & FINANCIAL STATEMENTS **33** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 TRUSTEES’ REPORT & FINANCIAL STATEMENTS PAGE 10, TRUSTEES’ REPORT & FINANCIAL STATEMENTS **34** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 TRUSTEES’ REPORT & FINANCIAL STATEMENTS PAGE 11, TRUSTEES’ REPORT & FINANCIAL STATEMENTS **35** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 TRUSTEES’ REPORT & FINANCIAL STATEMENTS PAGE 12, TRUSTEES’ REPORT & FINANCIAL STATEMENTS **36** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 TRUSTEES’ REPORT & FINANCIAL STATEMENTS PAGE 13, TRUSTEES’ REPORT & FINANCIAL STATEMENTS **37** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 TRUSTEES’ REPORT & FINANCIAL STATEMENTS PAGE 14, TRUSTEES’ REPORT & FINANCIAL STATEMENTS **38** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 TRUSTEES’ REPORT & FINANCIAL STATEMENTS PAGE 15, TRUSTEES’ REPORT & FINANCIAL STATEMENTS **39** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 TRUSTEES’ REPORT & FINANCIAL STATEMENTS PAGE 16, TRUSTEES’ REPORT & FINANCIAL STATEMENTS **40** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 TRUSTEES’ REPORT & FINANCIAL STATEMENTS PAGE 17, TRUSTEES’ REPORT & FINANCIAL STATEMENTS **41** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 TRUSTEES’ REPORT & FINANCIAL STATEMENTS PAGE 18, TRUSTEES’ REPORT & FINANCIAL STATEMENTS **42** Faithinvest.org FAITHINVEST ANNUAL REPORT 2024 ## Annual Report & Financial Statements 2024 ## **Telephone** +123-456-7890 **FaithInvest, c/o Stone King LLP, Boundary House, 91-93 Charterhouse St, London, EC1M 6HR, UK** **www.faithinvest.org info@faithinvest.org** Registered charity: 1187015 | Registered company limited by guarantee: 1182410