THE IRENE PRESTWICH TRUST CIO
UNAUDITED FINANCIAL STATEMENTS
31- MARCH 2021
CHARITY NUMBER:. 1187101
CARSON & TROTTER
CHARTERED ACCOUNTANTS
123 IRISH STREET
DUMFRIES
DG1 2PE

**������������ ������ 1187101** 

## **��� I���� ��������� ����� CI�** 

## **��������' ������ ��� ��������� ����������** 

**��� ��� ������ ����� 31�� M���� 2021** 



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## **L���� ��� �������������� �����������** 

Tr���ee� A. Bielb� S. M. B�rrell V. M. Craig J. L. C�r�i� C-J. B. Fo��er M. J. J. M�rph� M. J. Vallance Chari�� n�mber 1187101 Acco�n�an�� Car�on & Tro��er C.A. 123 Iri�h S�ree� D�mfrie� DG1 2PE B��ine�� addre�� 24 Greencoa� Place London SW1P 1RD Banker� The Coopera�i�e Bank PLC 60-62 Pin��one S�ree� Sheffield S1 2HN In�e��men� Manager� Barcla�� Weal�h Le�el 11 20 Chapel S�ree� Li�erpool L3 9AG Solici�or� L�p�on & Fa�ce�� LLP S�amford Ho��e Piccadill� York Y01 9PP 



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|Tr���ee�' repor�<br>Independen� e�aminer'� repor�<br>S�a�emen� of Financial Ac�i�i�ie�<br>Balance �hee�<br>No�e� �o �he financial ��a�emen��|**C�������**<br>**����**<br>**1-9**<br>**10**<br>**11**<br>**12**<br>**13 - 16**|
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## **��������' ������ ��� ��� ������ ����� 31�� M���� 2021** 

The �r���ee� pre�en� �heir Repor� and Financial S�a�emen�� for �he period ended 31�� March 2021.  The financial ��a�emen�� ha�e been prepared in accordance �i�h acco�n�ing policie� �e� o�� �nder no�e 1 �o �he acco�n��, and compl� �i�h �he CIO'� Con��i���ion, �he Chari�ie� Ac� 2011 and Acco�n�ing and Repor�ing b� Chari�ie�: S�a�emen� of Recommended Prac�ice applicable �o chari�ie� preparing �heir acco�n�� in accordance �i�h �he Financial Repor�ing S�andard applicable in �he UK and Rep�blic of Ireland (FRS 102) p�bli�hed on 16�h J�l� 2014. 

## **���������� ��� ����������** 

## _P�inci�al ac�i�i��_ 

The Irene Pre���ich Tr��� CIO (The Chari��) i� a Chari�able Incorpora�ed Organi�a�ion, (n�mber 1187101), regi��ered �i�h �he Chari�� Commi��ion of England and Wale�.  The Chari��'� objec�� and reg�la�ion� are de�ermined b� i�� Con��i���ion da�ed 20 December 2019, �hi� being �he go�erning doc�men�. 

The objec� of The Chari�� i� for �he p�blic benefi�: �he ad�ancemen� of �he Chri��ian religion b�, b�� no� limi�ed �o, promo�ing and enco�raging �he Chri��ian �al�e� of reconcilia�ion and peace, �r��h �elling and �he f�ndamen�al belief in h�man righ��. In f�r�herance of �hi� The Chari�� �ill pro�ide gran�� �o organi�a�ion� and indi�id�al� �ho �eek �o achie�e �he�e aim� and d�e �o Irene Pre���ich'� clo�e a��ocia�ion �i�h Ini�ia�i�e� of Change (IofC) The Chari�� ��rongl� ��ppor�� IofC and i�� rela�ed ini�ia�i�e� and projec��. 

A� a Chari�able Incorpora�ed Organi�a�ion i� con�in�e� �he �ork of The Irene Pre���ich Tr��� Incorpora�ing �he Tirle� Gar�h Tr��� (The Tr���), an �nincorpora�ed chari�� (n�mber 241469), b� primaril� ��ppor�ing �he �ork of �he Ini�ia�i�e� of Change (IofC), a mo�emen� dedica�ed �o remaking �he �orld. I� i� a fai�h-ba�ed chari�� �orking �i�h people of all fai�h� and none, �o in�pire, eq�ip and connec� �hem �o �ake �heir fir�� ��ep in crea�ing a j���, eq�al, and ����ainable �ocie��. 

Working �i�h indi�id�al�, gro�p� and organi�a�ion� �o promo�e �r���, e�hical leader�hip and ����ainable li�ing. Thro�gh ini�ia�i�e�, campaign� and a ne��ork of �ol�n�eer� IofC figh�� �o b�ild ��ronger comm�ni�ie�, a j���, peacef�l and eq�al �ocie��, a ����ainable plane�, and an e�hical global econom� one ��ep a� a �ime. 

## _Hi����� & F��ma�i�n �f The I�ene P�e���ich T���� CIO_ 

In 1932 Irene Pre���ich me� The O�ford Gro�p (IofC UK) �hich challenged her �o 'b�ild a �orld �ha� �ork�' fo�nded on people li�ing high moral ��andard� and obe�ing �he '�ill of God on a momen� �o momen� ba�i�'. A� �he p�� �he�e ideal� in�o prac�ice �he p�� old re�en�men�� righ� and began �o find a ne� rela�ion�hip �i�h her �i��er. 

Irene Pre���ich longed �ha� her large famil� home in Che�hire called Tirle� Gar�h, �ho�ld be ��ed �o �ha� '�ho��and�' co�ld find �he per�onal change in �heir li�e� �ha� �he had fo�nd: 'I �ho�gh� of m� home �i�h �hrong� of people coming in �i�h �heir problem� and going o�� �i�h God'. D�ring �he �ar �ear� Irene Pre���ich made her home a�ailable a� a cen�re for Moral Re-Armamen� (MRA) a� The O�ford Gro�p �a� �hen called. I� became a ha�en for �oldier� on lea�e and people from bli��-�orn London, �hile land-girl� �ro�e and p�bli�hed morale b�ilding ar�icle� �here in �he e�ening�. 



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## **��������' ������ ��� ��� ������ ����� 31�� M���� 2021** 

In 1949 Irene Pre���ich �pen� all of her �a�ing� �o enable �he Tirle� Gar�h Tr��� �o b�� Tirle� Gar�h, �hich had pre�io��l� been ren�ed �o i� co�ld con�in�e �o be ��ed a� conference cen�re for MRA �ork. The Irene Pre���ich Tr��� �a� al�o �e� �p a� �he �ame �ime �o manage �hi� �ork. From i�� ba�e a� Tirle� Gar�h �he Irene Pre���ich Tr��� �o�gh� �o reach o�� �o people in all a�pec�� of life incl�ding ind���r�, ed�ca�ion, medical profe��ion� and ci�ic life �hro�gh o�her Chri��ian bodie�. O�er �he �ear� �ho��and� from Bri�ain and aro�nd �he �orld came �o Tirle� Gar�h for mee�ing� and conference� or �o ��a� for longer period� li�ing �oge�her a� comm�ni��. Thi� had a beneficial effec� on familie�, �ocie�� and in po�i�i�el� infl�encing �he direc�ion of na�ion�. 

E�en��all� in 2002 �he Tirle� Gar�h cen�re �a� �old and in 2005 �he Tirle� Gar�h Tr���, �hich had pre�io��l� o�ned �he Tirle� Gar�h Cen�re, �ran�ferred all of i�� ac�i�i�ie� and a��e�� �o The Irene Pre���ich Tr���. In order �o keep �he name of The Tirle� Gar�h Tr��� ali�e �he �r���ee� decided �o regi��er �he name �i�h �he Chari�� Commi��ion a� 'The Irene Pre���ich Tr��� Incorpora�ing �he Tirle� Gar�h Tr���'. I� opera�ed a� a gran� making bod� p�r��ing �he �ame objec�� a� before. 

In 2019 �r���ee� of The Tr��� �o�gh� �o incorpora�e �he chari�� and on 20 December 2019 The Irene Pre���ich Tr��� Chari�able Incorpora�ed Organi�a�ion �a� regi��ered b� �he Chari�� Commi��ion in England and Wale� �i�h iden�ical �e� of �r���ee� and �imilar objec�. The ��o chari�ie� �ill e�i�� in parallel �o each o�her �n�il f�ll �ran�fer of all a��e�� i� comple�e. 

## **�������:** 

## _The G�an� Making Life C�cle_ 

Tho�e �i�hing �o approach �he �r��� for f�nd� �ho�ld con�ac� ip��ecre�ar�@iofc.org or �ri�e �o IPT (Gran��), 24 Greencoa� Place, London, SW1P 1RD, UK. The �r���ee� ha�e �o da�e con�idered comple�ed gran� applica�ion� recei�ed b� 10 Jan�ar�, 10 April and 10 Sep�ember, each da�e being one mon�h prior �o �heir �ri-ann�al mee�ing�. A� a ma��er of polic� la�e applica�ion� are no� con�idered. 

Gran� applica�ion� incl�de �he comple�ion of an e��en�i�e applica�ion form, �hich aim� �o de�ermine �he na��re and objec�i�e� of �he applican�'� projec� pl�� a de�ailed b�dge� on ho� �he f�nd� are in�ended �o be �pen�. F�r�hermore, each gran� applican� m��� pro�ide �he �r��� �i�h �he de�ail� of a ��i�able Independen� Referee �ho can bear �i�ne�� �o �he projec� ac�i�i�ie� and ��bmi� an independen� repor�; �he Independen� Referee can al�o be con�ac�ed for f�r�her de�ail, clarifica�ion and con��l�a�ion if req�ired. 

Each gran� applica�ion i� a��e��ed independen�l� b� �r���ee�. The� con�ider �he o��come� �ha� each projec� i� likel� �o bring and �o �ha� e��en� each gran� repre�en�� �al�e for mone�. Where applica�ion� req�e�� f�nd� for �ork �pecificall� linked �o �he �ork of Ini�ia�i�e� of Change (IofC) �hen applican�� m��� pro�e ho� �heir projec�/programme fi�� in�o �he o�erall objec�i�e� and �piri� of IofC. 

A� each �r���ee mee�ing �he gran� applica�ion� are a��e��ed again in gro�p di�c���ion �here a con�en��� on f�nding i� reached. A� f�nd� are limi�ed �he �r���ee� are �nable �o re�pond fa�o�rabl� �o all gran� applica�ion� �he� ma� recei�e. 

All applican�� are �hen informed of �he �r���ee�' deci�ion� and �here ��cce��f�l arrangemen�� are made �o �ran�fer f�nd� in accordance �i�h �heir f�nding req�iremen�� �ime�able. A� a r�le �he �r��� doe� no� �end f�nd� �o per�onal bank acco�n��. F�nd� are �en� �o �he �erified IofC bank acco�n�� (independen�l� regi��ered organi�a�ional acco�n�� belonging �o member bodie� of Ini�ia�i�e� of Change In�erna�ional A��ocia�ion) in �he par�ic�lar co�n�r� �he� are req�ired. 



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## **��������' ������** 

## **��� ��� ������ ����� 31�� M���� 2021** 

The re��l�� and o��come� of all gran�ee�' ac�i�i�ie� are a��e��ed and moni�ored �hro�gh a repor�ing ����em �ha� all gran�ee� are obliged �o follo�. Each gran� �inner m��� ��bmi� a repor� �o �he �r��� on comple�ion of �heir f�nded ac�i�i��. In ca�e� of long-�erm projec��, �he� �ill be req�ired �o ��bmi� in�erim repor�� a� reg�lar in�er�al�. 

The Independen� Referee i� a�ked �o repor� on �he efficienc� of �he ��e of gran� b� �he gran�ee� �epara�el�. 

## **A����������� ��� �����������** 

## _T�an�i�i�n �� Cha�i�able Inc�����a�ed O�gani�a�i�n_ 

The Irene Pre���ich Tr��� CIO �a� regi��ered on 20 December 2019 and a� of midnigh� 30�h No�ember 2020, all a��e�� of The Irene Pre���ich Tr��� Incorpora�ing The Tirle� Gar�h Tr��� became �he proper�� of The Chari��. 

The �ork �a� dela�ed / affec�ed b� �he pandemic. De�pi�e re��ric�ion� impo�ed b� �he pandemic almo�� all f�nd� �ere �ran�ferred �o The Chari�� b� 31�� March 2021. I� i� in�ended for all remaining f�nd� �o be �ran�ferred b� �he end of J�l� 2021. 

## _C��id-19_ 

De�pi�e �he pandemic �r���ee� �ere able �o mee� online and make progre�� �hro�gho�� �he �ear ��ing online comm�nica�ion pla�form�. 

## _O�ening �f Bank Acc��n�_ 

D�ring �he fir�� �a�e of �he pandemic an acco�n� �i�h �he Coopera�i�e Bank plc �a� opened in Ma� 2020 and �he online banking �er�ice� ��b�eq�en�l� �e��ed. 

## _T�an�fe� �f A��e��_ 

Under �he Tran�fer of A��e�� Agreemen� be��een The Tr��� and The Chari�� a� of midnigh� 30�h No�ember 2020 (referred �o a� �he effec�i�e da�e) �he o�ner�hip of all a��e�� and liabili�ie� of The Tr��� �ere �ran�ferred �o The Chari��. 

On �he effec�i�e da�e �he follo�ing a��e�� �ere �ran�ferred: 

o The Barcla�� Bank balance of �403,508. 

o The in�e��men� acco�n� managed b� Barcla�� Weal�h �al�ed a� �5,559,578. 

## _F��ma�i�n �f In�e��men� C�mmi��ee_ 

In No�ember �he �r���ee� agreed �o �he forma�ion of an In�e��men� Commi��ee �o foc�� and ad�i�e on �he �peciali�� area of in�e��men��. The fir�� �a�k of �he Commi��ee �a� �o compile an In�e��men� Polic� S�a�emen� for The Chari��, �hich �o�ld be re�ie�ed ann�all� and form �he ba�i� for all f���re in�e��men��. Mo�� �ignifican�l�, and af�er recei�ing profe��ional ad�ice, �he In�e��men� Commi��ee ad�i�ed �he �r���ee� �o �pli� in�e��men� a��e�� be��een CCLA and Barcla�� Weal�h (pre�io��l� �i�h The Tr��� all in�e��men� a��e�� �ere managed b� Barcla�� Weal�h). 

## _O�ening In�e��men� Acc��n��_ 

T�o ne� in�e��men� acco�n�� �ere opened in March 2021 for The Chari��. The fir�� one �a� �i�h CCLA and �he o�her �i�h Barcla�� Weal�h. 



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## **��������' ������ ��� ��� ������ ����� 31�� M���� 2021** 

## _G�an� A��lica�i�n P��ce�� T�ial_ 

Con�in�ing �he �ork done b� The Tr��� and in accordance �i�h �he objec� of The Chari��, �r���ee� ha�e �orked e��en�i�el� �o�ard� gi�ing gran��. The ne� applica�ion paper�ork incl�de� a Gran� Making Polic�, Applica�ion Form along �i�h addi�ional doc�men�� en��ring �he �afeg�arding proce��e� and repor�ing. In March 2021 �he �r���ee� decided �o gi�e a di�cre�ionar� gran� �o Ini�ia�i�e� of Change, S�i��erland �o a��i�� �i�h �heir 2021 projec� of celebra�ing 75�h anni�er�ar�. IofC S�i��erland ha� been an applican� for man� �ear� and ha� pro�ed �o be reliable and efficien� in �heir repor�ing and deli�er� of projec��. Thi� �a� a �al�able �e�� of �he ne� paper�ork ����em� and �he in�erna�ional �ran�ac�ion facili�ie� of �he Co-op bank acco�n�. 

## **F���� G������:** 

The Chari�� �a� able �o make a di�cre�ionar� gran� in �he �ear �nder re�ie� �o�alling �75,000. Of �hi� amo�n� a �o�al of �75,000 �a� direc�l� made �o Ini�ia�i�e� of Change S�i��erland (�o mark �he 75�h anni�er�ar� of i�� �ork). For �he p�rpo�e� of clarifica�ion and anal��i� gran�� gi�en are ���all� loo�el� ca�egori�ed �nder �he follo�ing heading� ho�e�er �hi� �ear d�e �o �he �ran�i�ion proce�� The Chari�� ha� foc��ed on IofC S�ppor�: 

|Peace B�ilding<br>O��reach Work<br>IofC S�ppor� (S�i��erland)<br>To�al|**2021**<br>0<br>0<br>75,000<br>�75,000||**2020**|
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||||0<br>0<br>0|
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Gran�� 2019-2021 

## _- Ini�ia�i�e� �f Change S������ I�fC S�i��e�land_ 

Hi��oricall� �he �r��� ha� ��ppor�ed �he IofC ��mmer conference� held in Ca��, S�i��erland a� �he conference cen�re o�ned b� IofC S�i��erland, a regi��ered chari�able organi�a�ion, �ia gran� gi�ing �o indi�id�al programme� and projec��. In �he �ear� prior �o �he regi��ra�ion of The Chari��, and �hen �he gran� gi�ing c�cle ha� been ���pended, �r���ee� made di�cre�ionar� gran�� �o IofC, S�i��erland �o ��ppor� �heir �ork. 

Thi� �ear, �he fir�� di�cre�ionar� gran� b� IPT CIO ha� been made �o ��ppor� deli�er� of �he ��mmer programme marking 75 �ear� of �heir �ork. All elemen�� of �he f�nded programme �ill �ake place online �o en��re red�cing �he ri�k of Co�id-19 �ran�mi��ion. 

## **F�������� ������** 

## _Re�ie� �f ��an�ac�i�n� and financial ���i�i�n_ 

The in�e��men� por�folio of �he Tr��� a� �he end of �he financial �ear ��ood a� �3,098,929. Income from in�e��men�� �o�alled �36,913. 

Income from Donor� / Deed� of Co�enan� / Gif� Aid incl�ding �a� reco�erable �a� �6,153,334.  Thi� incl�de� f�nd� �ran�ferred from The Tr��� of �6,153,259. 

To�al income for �he �ear �a� �6,190,247, �hil�� �o�al e�pendi��re �a�  �97,879 re��l�ing in a ��rpl�� before gain�/(lo��e�) on in�e��men�� of �6,092,368 for �he �ear. 



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## **��������' ������ ��� ��� ������ ����� 31�� M���� 2021** 

## _In�e��men� and Ri�k Managemen�_ 

The in�e��men� objec�i�e i� �o balance capi�al gro��h and �he gran� gi�ing in ��ch a �a� �ha� �he �al�e of in�e��men� a��e�� i� a� lea�� main�ained a� �he real capi�al of �he por�folio. To ��ppor� �he gran� gi�ing ac�i�i�ie� in�e��men�� �ill be �old prior �o each gran� ro�nd. 

The in�e��men� por�folio held b� The Tr��� a� Barcla�� Weal�h adop�ed a lo�-medi�m ri�k ��ra�eg� aimed a� genera�ing a reg�lar income �o ��ppor� �he gran� gi�ing proce��. The por�folio �a� di�er�ified b�� �ke�ed �o�ard� UK in�e��men�� in accordance �i�h The Tr���'� req�iremen� �o genera�e income. 

Ho�e�er, �he collap�e in marke� price� d�ring �he Co�id-19 pandemic re��l�ed in a �ignifican� drop in �he �al�e of �he in�e��men�� and a red�c�ion in income a� di�idend pa�men�� �ere ei�her ��opped or red�ced. The ��b�eq�en� reco�er� of �he por�folio �a� �eak and did no� main�ain �he real capi�al �al�e �i�h re�pec� �o infla�ion, �o �he Tr���ee� in�e��iga�ed o�her po�en�ial in�e��men� op�ion� and e�en��all� �ook ad�ice from bo�h Barcla�� Weal�h and CCLA. 

The ad�ice from bo�h Barcla�� Weal�h and CCLA �a� �ha� �he Tr���ee� �ho�ld adop� a To�al Re��rn� in�e��men� ��ra�eg� ra�her �han an Income ��ra�eg� and change �he in�e��men� ri�k from lo�-medi�m �o medi�m ri�k �o gi�e �he po�en�ial for grea�er gro��h. Thi� �o�ld enable �he �r���ee� �o �ailor �he gran� gi�ing on an ann�al ba�i� and allo� �he �nderl�ing a��e�� �o reco�er �o �heir infla�ion linked �al�e. A� �he �ran�i�ion from Tr��� �o CIO �a� �ell �nder�a� a deci�ion �a� �aken b� �he Tr���ee� �ha� �hi� change of ��ra�eg� �o�ld be implemen�ed for �he ne� CIO. 

In Jan�ar� 2021 The Chari��'� In�e��men� Commi��ee concl�ded i�� e�al�a�ion of �he informa�ion and ad�ice recei�ed b� The Tr��� and recommended �o �he �r���ee� of The Chari�� �ha� Barcla�� Weal�h and CCLA �ho�ld each be re�pon�ible for 50% of �he �o�al f�nd �al�e. 

The o�ner�hip of �he a��e�� of �he Tr��� �a� �ran�ferred �o The Chari�� on �he 30�h No�ember 2020 and �he proce�� of �ran�ferring �hem in�o �he ne� in�e��men� acco�n�� �a� ��ar�ed a� �he end of Jan�ar� 2021. On �he 19�h Febr�ar� 2021 �he f�nd� �ere �al�ed a� appro�ima�el� �5.8m and an in��r�c�ion �a� i���ed �o Barcla�� Weal�h for �he �ran�fer of �2.9m ca�h �o CCLA. Thi� �ran�fer �a� comple�ed and f�ll� in�e��ed in �he CCLA E�hical Chari�� F�nd b� �he 4�h March 2021. 

## **����� ��� ��� ������** 

In March 2021 �r���ee� anno�nced opening fir�� gran� ro�nd b� in�i�ing applica�ion� from �he Ini�ia�i�e� of Change ne��ork. The deadline for applica�ion� i� �he 10�h April. Tr���ee� plan �o �ake deci�ion� on applica�ion� in Ma� and begin di��rib��ing f�nd� in J�ne. 

Tr���ee� al�o plan �o f�ll� comple�e �he �ran�fer of a��e�� from The Tr��� �o The Chari�� b� �he end of J�l� 2021. 

Tr���ee� made a deci�ion �o recr�i� ne� �r���ee�. I� i� in�ended �o ha�e ��o or �hree ne� �r���ee� b� end of 2021. 



**��� I���� ��������� ����� CI�** 

## **��������' ������ ��� ��� ������ ����� 31�� M���� 2021** 

## **���������, ���������� ��� ����������** 

The �r���ee� are eligible in commi��ee �o appoin� addi�ional �r���ee� �nder �he �erm� of �he Con��i���ion. M�ch care i� �aken �o en��re �he ��i�abili�� of �ho�e in�i�ed �o become �r���ee�; �ha� �he� �ho�ld be per�on� of in�egri�� and ha�e �ome appropria�e and �pecific kno�ledge and con�rib��ion �o make. The� are gi�en a �horo�gh briefing abo�� �he hi��or� and role of The Chari��. 

The �r���ee� normall� mee� fo�r �ime� a �ear �o o�er�ee go�ernance, planning and �o reach deci�ion� abo�� gran� making req�e��� and in�e��men� policie�. Thi� �ear d�e �o �he �ran�i�ion proce�� �r���ee� me� �e�eral more �ime�. All mee�ing� happened online. 

Apar� from legi�ima�e reimb�r�emen� of e�pen�e� none of �he �r���ee� recei�e an� rem�nera�ion. 

The �ecre�ar� �o The Chari��, Alek�andra Sh�mina, normall� a��end� �he �r���ee�' mee�ing�. 

On 19�h December 2020, Tr���ee Michael M�rph� re�igned a� Trea��rer �o The Chari�� af�er �er�ing one �ear. Tr���ee Malcolm Vallance �ol�n�eered �o become Trea��rer for an in�erim period. 

Tr���ee� are ac�i�el� �eeking �o ha�e all rele�an� policie� in compliance �i�h Chari�� Commi��ion reg�la�ion. A� par� of �he proce�� of regi��ering a� a CIO �r���ee� �nder�ook a rigoro�� re�ie� of i�� proce��e� and compliance, incl�ding hi��orical par�ner�hip� and �a�� of ad�ancing i�� objec��. 



**��� I���� ��������� ����� CI�** 

## **��������' ������ ��� ��� ������ ����� 31�� M���� 2021** 

## **��������� ��� A������������� D������:** 

## _T����ee�_ 

The follo�ing Tr���ee� of �he chari�� held office d�ring �he �ear: 

Ann Bielb� S��an M. B�rrell Veronica M. Craig J�di�h L. C�r�i� Ca�harine-Jean B. Fo��er Michael J. J. M�rph� Malcolm J. Vallance 

Chari�� N�mber: 1187101 

Independen� E�aminer�: Car�on & Tro��er 123 Iri�h S�ree� D�mfrie� DG1 2PE B��ine�� Addre��: 24 Greencoa� Place London SW1P 1RD 

## _P�licie� and P�blic Benefi�_ 

The �r���ee� �ake in�o acco�n� �he Chari�� Commi��ion� g�idance on p�blic benefi� and �he �pecific g�idance on chari�ie� for �he ad�ancemen� of religion. The Chari�� �ork� clo�el� �i�h Ini�ia�i�e� of Change (IofC) a� i� place� grea� �al�e on IofC'� con�in�ing role in bringing abo�� reconcilia�ion and �ran�forma�ion in per�onal and p�blic life. The Chari�� belie�e� �ha� �he change �ha� re��l�� from indi�id�al� �ho appl� moral ��andard� in �heir per�onal li�e� ha�e a po�i�i�e effec� on �ocial and p�blic i���e�. 

The Chari�� con�in�e� Irene Pre���ich'� �i�ion �ha� her home be ��ed �o help people find �he per�onal �ran�forma�ion �he her�elf e�perienced. Thi� �ork �a� ��ar�ed b� �he pioneer Frank B�chman �ho reached o�� �o people of differen� fai�h� a� �ell a� man� �ho �ere agno��ic or a�hei��. He e�pre��ed �r��h� in �a�� �ha� �ere �ncon�en�ional and �ome�ime� did no� �o�nd religio�� - al�ho�gh �he� all �prang from hi� per�onal Chri��ian fai�h. The �r���ee� follo� in �hi� �radi�ion and con�ider �heir ac�i�i�ie� �o be ad�ancing �he Chri��ian religion in accordance �i�h �he Chari�ie� Objec��. 

## _T����ee� Re���n�ibili�ie�_ 

The Tr���ee� are re�pon�ible for preparing �he ann�al Tr���ee� Repor� and �he financial ��a�emen�� in accordance �i�h applicable la� and Uni�ed Kingdom Acco�n�ing S�andard� (Uni�ed Kingdom'� generall� accep�ed acco�n�ing prac�ice). 

The la� applicable �o chari�ie� in England and Wale� req�ire� �he Tr���ee� �o prepare financial ��a�emen�� for each financial �ear �hich gi�e a �r�e and fair �ie� of �he ��a�e of affair� of �he chari��, �he incoming re�o�rce� and �he applica�ion of chari�� re�o�rce� for �ha� period. 



**��� I���� ��������� ����� CI�** 

## **��������' ������** 

## **��� ��� ������ ����� 31�� M���� 2021** 

In prepara�ion �he Tr���ee� are req�ired �o: 

- Selec� ��i�able acco�n�ing policie� and appl� �hem con�i��en�l�; 

- Ob�er�e �he me�hod� and principle� on �he Chari�ie� SORP; 

- Make j�dgmen�� and e��ima�e� �ha� are rea�onable and pr�den�; 

- S�a�e �he�her applicable acco�n�ing ��andard� ha�e been follo�ed, ��bjec� �o an� ma�erial depar��re� di�clo�ed and e�plained in �he financial ��a�emen��; 

- Prepare �he financial ��a�emen�� on �he ba�i� �ha� �he chari�� i� an ongoing concern, 

- �nle�� i� i� inappropria�e �o pre��me �he chari�� �ill con�in�e in b��ine��. 

The �r���ee� are re�pon�ible for keeping proper acco�n�ing record� �hich di�clo�e �i�h rea�onable acc�rac� a� an� �ime �he financial po�i�ion of �he chari�� and �o enable �hem �o en��re �ha� �he financial ��a�emen�� compl� �i�h �he Chari�ie� Ac� of 2011, �he Chari�ie� (Acco�n�� & Repor��) Reg�la�ion� 2008 and Tr��� Deed. The� are re�pon�ible for �afeg�arding �he a��e�� of �he chari�� and hence for �aking rea�onable ��ep� for �he pre�en�ion and de�ec�ion of fra�d and o�her irreg�lari�ie�. 

Thi� repor� �a� appro�ed b� �he Tr���ee� a� �heir mee�ing on 17�h Jan�ar� 2022 and �igned on �heir behalf b� 

---------------------------------- 

**M. J. �������� ������� (I������ ���������)** 

---------------------------------- **�. M. C���� ������� (C����)** 



**��� I���� ��������� ����� CI�** 

## **��������' ������** 

## **��� ��� ������ ����� 31�� M���� 2021** 

Glo��ar� of �erm�: 

## **I��C - I���������� �� C�����** 

A �orld�ide mo�emen� �ha� con�i��� of bodie� and �eam� (IofC France, IofC S�eden, IofC India e�c.) r�nning projec�� aiming a� �ocial and per�onal change for �he be��er - dialog�e facili�a�ion, h�man righ��, ad�ancing moral and Chri��ian �al�e�, conference�, �raining, e�hical leader�hip, book p�bli�hing, e�c. 

## **IA - I������������ A���������� �� I��C ������, ������������ �����������** 

A go�erning bod� for all IofC organi�a�ion� �ha� mee�� ann�all� for e�ec��i�e repor�ing and deci�ion making; e�er� IofC bod� can become a member of IA. 

## **I��C �K - I���������� �� C����� �� ��� ������ K������** 

One of �he bodie� of Ini�ia�i�e� of Change �ha� i� ba�ed in �he UK and i� a member of IA. IofC UK ha� been kno�n before a� Moral Rearmamen� and �he O�ford Gro�p. I�� objec�� are �o ad�ance Chri��ian religion. 

## **�G - ��� ������ G���� (��� I��C �K)** 

Regi��ered name of IofC UK. Fo�nded in 1939, chari�� regi��ra�ion n�mber 226334. 

## **M�A - M���� ��-��������** 

The name of �he mo�emen� before 2001 �hen i� �a� renamed a� Ini�ia�i�e� of Change. 

## **��� ����� - I���� ��������� ����� ������������� ��� ������ G���� �����** 

Chari�� �ha� ha� been crea�ed �o r�n a cen�re for MRA/OG/IofC ac�i�i�ie� from 1949 ba�ed in �he proper�� �ha� belonged �o �he famil� of Irene Pre���ich, ��b�eq�en�l� �old and made in�o a �r���. I�� �ole ac�i�i�� �a� gi�ing gran�� �o projec�� rela�ed �o Ini�ia�i�e� of Change �orld�ide �o promo�e i�� objec�� of ad�ancing Chri��ian religion. The Tr���'� �r���ee� applied �o incorpora�e �he chari�� in 2019. 

## **��� C������ - ��� I���� ��������� ����� CI�** 

Formed in 2019 �o carr� on �he �ork of The Tr��� b� ��ppor�ing IofC, IA, IofC UK and �he OG 



The Irelle Prestwlch Trn8t CIO
Inde
dent Exanther's Re rt to the Trustees of
e Irene Pr
tTrvich T ust CI
I report lo th¢ trustees on D]y ¢xa]Dination of the accounts of the cftwity for the p¢riod ¢nded 31 st March 2021,
Re8POD61bllltles aud basls of report
As th¢ chority I￿Stee8 of the TrusL you are rwOllsi￿le for th¢ preparation of the accounts ill accordance with tbe
requirements of the ChaTities Act 2011 (the Act).
I report it) respeth of my ￿MinatiOn of the Trust's accounts carried out under s￿tiOn 145 of the 2011 Act and in
carryin8 Out my examination I have followed all the applicable Directions givetL by the Charity Comm￿s1On
utLder sectiijn 145(5Xb) of the A¢t.
An audit dispensation has beeD granted by tbe Charity Commission on 23rd Nov¢n)ber 2021 under Regulatio
34(3)(b) of the Charities {Ac¢ounts and Reports) Regulations 2008, allowing me lo conduct an independent
examinatloll 111Stead of an audit for Ibis year.
Independent examlner'$ statement
Since tbe ¢haritys gross income exceeded £250.0(Kl w examincr must k a member of a body listed in se£tion
145 of th¢ ACL l ¢onfim that I am qualified to undertak¢ the examination becaus¢ I am a member of the
kn￿titUte of Chart¢r¢d Accountants of Scotlan¢L which is one of the listed bodie8.
I have completed my examin&tion. I confirm that no material matters have come to my attention in connection
with the examination giving me caus¢ to believe that in any material re8pe¢t:
(l) accounting records wer¢ not kept in respect of th¢ Trnst as r¢quired by section 130 of the Act. or
(2) the accounts do not accord with those rewrds. or
(3) the a¢wunts do not wmply with the applicabl¢ requirernents wncerning the forn) and content of accounts
set out in the Charities (Accounts and Reports) Regulations 2008 other than any rcquirem¢nt that accounts
giv¢ a trne and fair view which is not a matter COll8idered as parÉ of an ind¢pendent examination.
I have t)0 concerns 8nd have come across no oth¢r mallers in ¢onllectioD with the examination to whicb attention
should bc drawn in this report in order to enable a proper understanding of tli¢ accounts to be reached.
Mrs LtDdi Br&nnock &A., C.
Messr$ Carson & Trotter
Chartered Aecoulltallts
123 Irlsh Street
Dumfries
DGI 2PE
Date: 17th JallMAry 2022
Page 10

**��� I���� ��������� ����� CI�** 

## **��������� �� F�������� A��������� (��� ������������ �����) ��� ��� ������ ����� 31�� M���� 2021** 

|||**2021**||
|---|---|---|---|
||**�����**|**�**||
|**I����� ��� E��������� ����:**||||
|Dona�ion� and legacie�|**2**|6,153,334||
|In�e��men��||36,913||
|**����� I�����**||6,190,247||
|**E���������� ��:**||||
|Rai�ing f�nd�||(11,029|)|
|Go�ernance co���|**3**|(11,850|)|
|Chari�able ac�i�i�ie�|**5**|(75,000|)|
|**����� �����������**||97,879||
|Ne� income/(e�pendi��re) before||6,092,368||
|gain�/(lo��e�) on in�e��men��||||
|Ne� gain�/(lo��e�) on in�e��men��|**6**|51,696||
|**��� I�����/(E����������)**||6,144,064||
|**�������������� �� F����:**||||
|**����� F���� C������ F������**||6,144,064||



**��� ����� �� ����� 13 �� 16 ���� �� �������� ���� �� ����� ��������� ����������.** 



## **��� I���� ��������� ����� CI�** 

## **B������ �����** 

## **�� �� 31�� M���� 2021** 

||**�����**|**�**||**�**|
|---|---|---|---|---|
|**F���� ������**|||||
|In�e��men��|**6**|||3,098,929|
|**C������ ������**|||||
|Ca�h a� bank and in hand||3,048,471|||
|||3,048,471|||
|**C��������: ������� �������**|||||
|**��� ������ ��� ����**|**7**|(3,336|)||
|**��� ������� ������**||||3,045,135|
|**��� ������**||||6,144,064|
|**��� F���� �� ��� C������**|||||
|Unre��ric�ed f�nd�|**8**|||6,144,064|
|**����� C������ F����**||||6,144,064|



The financial ��a�emen�� �ere appro�ed and a��hori�ed for i���e b� �he Board of Tr���ee� on 17�h Jan�ar� 2022 and �igned on i�� behalf b� 

**M.J. �������� �. M. C���� ������� �������** 

**��� ����� �� ����� 13 �� 16 ���� �� �������� ���� �� ����� ��������� ����������.** 



**��� I���� ��������� ����� CI�** 

## **����� �� ��� ��������� ����������** 

## **��� ��� ������ ����� 31�� M���� 2021** 

## **1. A��������� ��������** 

## **1.1. G������ ����������� ��� ����� �� �����������** 

The chari�� con��i���e� a p�blic benefi� en�i�� a� defined b� FRS 102. The financial ��a�emen�� ha�e been prepared in accordance �i�h Acco�n�ing and Repor�ing b� Chari�ie�: S�a�emen� of Recommended Prac�ice applicable �o chari�ie� preparing �heir acco�n�� in accordance �i�h �he Financial Repor�ing S�andard applicable in �he UK and Rep�blic of Ireland (FRS 102) i���ed on 16�h J�l� 2014 (a� �pda�ed �hro�gh Upda�e B�lle�in 1 p�bli�hed on 2nd Febr�ar� 2016), �he Financial Repor�ing S�andard applicable in �he Uni�ed Kingdom and Rep�blic of Ireland (FRS 102), �he Chari�ie� Ac� 2011 and UK Generall� Accep�ed Prac�ice a� i� applie� from 1�� Jan�ar� 2015. 

The chari�� ha� applied Upda�e B�lle�in 1 a� p�bli�hed on 2nd Febr�ar� 2016 and doe� no� incl�de a ca�h flo� ��a�emen� on �he gro�nd� �ha� i� i� appl�ing FRS 102 Sec�ion 1A. 

The financial ��a�emen�� ha�e been prepared �o gi�e a '�r�e and fair' �ie� and ha�e depar�ed from �he Chari�ie� (Acco�n�� and Repor��) Reg�la�ion� 2008 onl� �o �he e��en� req�ired �o pro�ide a '�r�e and fair �ie�'. Thi� depar��re ha� in�ol�ed follo�ing �he Acco�n�ing and Repor�ing b� Chari�ie�: S�a�emen� of Recommended Prac�ice applicable �o chari�ie� preparing �heir acco�n�� in accordance �i�h �he Financial Repor�ing S�andard applicable in �he UK and Rep�blic of Ireland (FRS 102) i���ed on 16�h J�l� 2014 ra�her �han �he Acco�n�ing and Repor�ing b� Chari�ie�: S�a�emen� of Recommended Prac�ice effec�i�e from 1�� April 2005 �hich ha� �ince been �i�hdra�n. 

The financial ��a�emen�� are prepared on a going concern ba�i� �nder �he hi��orical co�� con�en�ion, modified �o incl�de cer�ain i�em� a� fair �al�e. The financial ��a�emen�� are pre�en�ed in ��erling �hich i� �he f�nc�ional c�rrenc� of �he chari��. 

The �ignifican� acco�n�ing policie� applied in �he prepara�ion of �he�e financial ��a�emen�� are �e� o�� belo�. The�e policie� ha�e been con�i��en�l� applied �o all �ear� pre�en�ed �nle�� o�her�i�e ��a�ed. 

## **1.2. I����� �����������** 

All income i� incl�ded in �he SOFA �hen �he chari�� i� legall� en�i�led �o �he income, af�er an� performance condi�ion� ha�e been me�, �he amo�n� can be mea��red reliabl� and i� i� probable �ha� �he income �ill be recei�ed. Dona�ion� and �ol�n�ar� income are acco�n�ed for gro�� �hen recei�ed. In�e��men� income i� acco�n�ed for in �he period in �hich �he chari�� i� en�i�led �o receip�. 

## **1.3. E���������� �����������** 

E�pendi��re i� incl�ded on �he accr�al� ba�i�. E�pendi��re i� recogni�ed �here �here i� a legal or con��r�c�i�e obliga�ion �o make pa�men�� �o �hird par�ie�, i� i� probable �ha� �e��lemen� �ill be req�ired and �he amo�n� can be mea��red reliabl�. Co��� are alloca�ed be��een chari�able and o�her e�pendi��re according �o �he na��re of �he co��. Where i�em� compri�e more �han one ca�egor�, �he� are appor�ioned be��een �he ca�egorie� according �o �he na��re of �he co��. 

Gran�� pa�able �o �hird par�ie� are �i�hin �he chari�able objec�i�e�. Where �ncondi�ional gran�� are offered, �hi� i� accr�ed a� �oon a� �he recipien� i� no�ified of �he gran�, a� �hi� gi�e� ri�e �o a rea�onable e�pec�a�ion �ha� �he recipien� �ill recei�e �he gran��. Where gran�� are condi�ional rela�ing �o performance �hen �he gran� i� onl� accr�ed �hen an� �nf�lfilled condi�ion� are o���ide of �he con�rol of �he chari��. 



**��� I���� ��������� ����� CI�** 

## **����� �� ��� ��������� ����������** 

## **��� ��� ������ ����� 31�� M���� 2021** 

.................... con�in�ed 

## **1.4. I����������** 

Fi�ed a��e� in�e��men�� are ��a�ed a� fair �al�e a� �he �ear end. An� reali�ed and �nreali�ed gain�/(lo��e�) are recogni�ed in gain�/(lo��e�) on in�e��men�� in �he SOFA. 

## **1.5. F��� A���������** 

The f�nd� of �he Chari�� are general �nre��ric�ed f�nd� �hich are a�ailable for ��e a� �he di�cre�ion of �he �r���ee� in f�r�herance of �he objec�� of �he chari�� and �hich ha�e no� been de�igna�ed for o�her p�rpo�e�. 

## **2. I����� ���� D�������� ��� L�������** 

|**I����� ���� D�������� ��� L�������**||
|---|---|
||**�**|
|Deed� of co�enan� and Gif� Aid|75|
|Tran�fer from Irene Pre���ich Tr���|6,153,259|
||6,153,334|



## **3. G��������� C����** 

|**G��������� C����**<br>In��rance<br>Admini��ra�ion e�pen�e�<br>Mo�or and �ra�el e�pen�e�<br>Legal Fee�<br>Secre�arial fee�<br>Independen� E�aminer� Fee�<br>Bank charge�|**2021**<br>**�**<br>410<br>154<br>-<br>1,190<br>6,740<br>3,336<br>20|
|---|---|
||11,850|



The Go�ernance Co��� all rela�e �o �he one ac�i�i�� of �he Tr���. 

## **4. E��������** 

The �r��� ha� no emplo�ee�. 

The �r���ee� of �he chari�� �ork on a p�rel� �ol�n�ar� ba�i� and recei�e no rem�nera�ion. No �r���ee� recei�ed reimb�r�emen� for e�pen�e�. 

The �r��� ��ili�e� �he �ecre�arial �er�ice� of Sa�him L�d, repre�en�ed b� Alek�andra Sh�mina. 



**��� I���� ��������� ����� CI�** 

## **����� �� ��� ��������� ����������** 

## **��� ��� ������ ����� 31�� M���� 2021** 

|.................... con�in�ed|.................... con�in�ed|||
|---|---|---|---|
|**5.**|**G����� ��� D�������� �������**||**2021**|
||**������, �������, �������� & E��������**||**�**|
||I of C, Ca��||75,000|
||||75,000|
|**6.**|**F���� ����� �����������**|||
|||**2021**||
|||**�**||
||**F��� �����**|||
||A� 20�h December 2019||-|
||Addi�ion� a� co��|3,047,232||
||Gain/(Lo��) in �he �ear||51,697|
||A� 31�� March 2021|3,098,929||
||In�e��men�� a� fair �al�e compri�ed:|||
||UK Eq�i�ie�|3,098,929||
||UK fi�ed in�ere�� �ec�ri�ie�||-|
|||3,098,929||
||Hi��orical co�� a� 31�� March 2021|3,047,232||
||All in�e��men�� are li��ed UK �ec�ri�ie�.|||
|**7.**|**C��������: ������� ������� ���**|**31/03/21**||
||**������ ��� ����**||**�**|
||Trade credi�or�||3,336|





**��� I���� ��������� ����� CI�** 

## **����� �� ��� ��������� ����������** 

## **��� ��� ������ ����� 31�� M���� 2021** 

.................... con�in�ed 

## **8. F����** 

||**�������**|||||**G���� &**|**C������**|
|---|---|---|---|---|---|---|---|
||**B������**||**I�����**|**E����������**||**L�����**|**B������**|
||**�**||**�**|**�**||**�**|**�**|
|**������������ �����:**||||||||
|General f�nd�||-|6,190,247|(97,879|)|51,696|6,144,064|



All f�nd� of �he chari�� are �nre��ric�ed. 

## **9. C���������� ��������** 

The �r��� i� �nder �he con�rol of �he �r���ee�. 

## **10. A������� �� ��� ������ �� ������������ �����** 

||**F����**|**����� ���**|**�����**|
|---|---|---|---|
||**A�����**|**A�����**||
|Unre��ric�ed f�nd�|3,098,929|3,045,135|6,144,064|



## **11. ������� ����� ������������** 

There �ere no rela�ed par�� �ran�ac�ion� d�ring �he �ear. 

