Initiatives of Change ANNUAL REPORT 2023 The Oxford Group operating as Initiatlves ol Change UK Reglstered Charlty No 226334 Building trust across the world's divides. Initiatives of Change Annual Report 2023 l KiniJdi)lii Rajmhan Gandhi meeting ElshahirAdam. Grounds Maintenanc8 cr8w, who maintains M8h8tma Gandhi s statue 8t Partiam8nt Squ8Tr. Copies of this and prevtous Annual Reports and Accounts are available for download at WV¥W.iof¢.org.uklaboutdU$ Initiatives of Change Annual Report 2023 CONTEfrrrs CHAIR'S INTRODUCTION DIRECTORS, REPORT Name and Objects Publlc Benelll Appolntment and Indu¢tlon of Trust•88 The Nominatlons Comffllttoe 10 Ory•nlgation 10 Operatlon¥ 10 Audit and Risk Committ¢o 11 Policle• and Procedu 11 Fundrahlng 11 Propertie8 Mrtigating and Rospondlng to Rlsk 12-14 Staff Remunfjrdtion 14 Inv88tmont Powern and R•8grvo8 Polky 14-15 Flnanclal R•vlew 2023 15 Report of k¢ivities In 2023 16-23 Plans for 2024- 25 23 Monitorlng and Evaluation 23-24 STATUTORY INFORMATION 25-26 INDEPENDE￿ AUDITORS. REPORT STATEMENT OF FINANCIAL ACTlkfjTIES BALANCE SHEEr 27-30 30 31 32 33-48 CASHFLOW STATEMENT NOTES TO THE ACCOUNTS Initiatives of Change Annual Report 2023 uli1t￿d Kingd,.)111 Membern of th¢ Board ofTru%tses Margaret Cosens (Chairl (resigned 15 April 20241 Joanna Sciortino Nowtan {V￿e Chairl {￿signed 14 Febfuary 2024} Bishop Lusa Nsenga-Ngoy IVKe Chairl Iresigned 15 April 2024) Catherine Boobbyer (appointed 15 April 2024) Nalhalie Chavanne (resigned 15 4)ri12024) lan Corcoran lappoinled 15 April 20241 Gerakl Doherty (appointed 29 September 20231 Chetan Halal Micha&l Kane Edward Peters (resigned 11 January 20231 Archana R80 Gordon Robins4Jn Lul Seyoum lapp)inted 15 April 2¢T24) Secretsry Jacqui Begley Charlty Number 226334 Registered in England and Vvales CompanyNUM￿r 355987 Registered in England and Wale8 Register•d Office 24 Greencoal PLqce London SWIP 1 RD 8anker8 Barclays Bank PLC 50 Pall Mall London SW1Y SAX Auditors Goodman Jone$ LLP 29-30 Filzroy Square London W1T6LQ Sollcitorn BDB Pitmans LLP One Bartholomew Ck)se London EC1A 7BL Investment Manayr4 Rathbone Investrnentmanagement Limited. George Hovse, SO George Square, Glasgow G2 1 EH Evelyn Pathers The Linenhall 32-38 Linenhall Street, 8èlfast BT2 8BG Initiatives of Change Annual Report 2023 ',oin CHAIR'S INTRODUCTION A messaqé from Maraaret Cosens It is a pleasure to introduce The Oxford Group's Ann￿￿1 Report and Accounts for 2023. For a Charity which carries the strapline of "building trust across the wor￿'S divbdes. the year was a challen9ing one indeed for lofc UK, as a member of lolc International, as for so many others across the world. We have witnessed Ihe unbearable news of human suffering arising from the unwillingness, and refusal, to expbre potential pathways lo peace in every continent. In other ways ttx>, the worfd is changing in front of our eyes.. in 2023 the global aver8ge temperature wa$ the wamiesl on record," artificial intelligence ha$ become embaddad in our èveryday lives and Wofk,. the five countries of the BRICS bloc admitted six new members., India passed China as the most populous ￿unty on earth- and the fourth country to land a spacecraft on the moon. Yel year in, year out, lofc's own mission does not change. At its core is a decBion to behave always with personal integrity, accepting values of absolute honesty, unselfishness, love and Purity of motive as a personal yardstick., while hokJing a wider ambit￿n lor a °hate-free, fear-free, greed-freg worfd". Within that framework, our vision in lofc UK is to inspire 10,000 leaders who have the faith and courage to contribute lo a just, peaceful and sustainable world in which everyone, responding to the call of conscien￿. makes their unique contribution. The focus areas remain geared t¢)ward Irust-building, ethical leader8hip, and Sustainab￿ living. I saluts the many members of thè ne￿Ork and fellowship, the Staff teams and the Board, for the outpouring of lime. energy, ￿MMItMent and flair that has gone into all their work, seen and unseen. Signrficanl events for us were the acceptance by Professor Rajmohan and Mrs Usha Gandhi of lofc UKS invitation to come to the UK for a four-week visit, covering a wide range of events. private and public. We were absolutely delighted lo hold our first Fell¢)wship Weekend for four years in October (full housell and tsvo truly special feature5 were the presence of Rajmohan and Usha Gandhi, and of thirteen Visitors representing lofc Boards from eight European countries. An ongoing conversation has conb"rtued among the latter, aiming lo ¢c￿neCt better with one another across our lofc ts)mmilmenls and our European borders. To have lofc UK'S Refugee8 as Rebuilders programme fomially granted Institute of Leadership and Management Icty and Guilds) accreditation was an 8norrrous vole of Conf￿enCe in the quality of that programme. Another vote of confidgnce was evKlenced by Blun81 University commissioning lofc UICS Sustainable Communities programme to conts'nue to run a workslream on kniffrcrime. 11 is a matter of great personal joy that at the end of 2023 Denis NowLgn accepted the ro￿ of Executive Director of lofc UK. The Board had consistently supported the view that, despite the long gap, we wouk appoint only when we were uniledly clear that we had found the right person for the job. Denis retired in 2022 as Managing Editor of BBC Radio 4 and Radio 3. Earlier in his career he radio and TV prtsJuc1￿ teams as an EXe￿tiVe Produtsr for B8C Religion and Ethics. I wantto thank all my f¢lbw Trustees, particulady those who havg sth￿d down, for their sellless seNce. The Board has now been strengthened by several new members. I wish them and Mike Kane. their new Initiatives of Change Annual Report 2023 d K,'I Idom Chair, every blessing. As I come lo the end of my temis as a Trustee - and as Chair for the past three and a half years- l am grateful for these developments and have the ytmost cOnf￿enCe that lofc UK and ils Chri8lK4n objects rest in inspired hands. Our outreach and events of the year are detailed on the frjllowing page8. 1 hope you enjoy readlng further of lofc UK'S 2023 alvenlures. With w8m*st wishes. MargaretCos¢n$ Chairof TnJsle&s (10 15 Apn12024J A message from Mlke Kane l am honoured to ¢ontJibule to this annual report as in-cclning Chair of Trustees. Aristolle held il lo be the essence ol probability that some improbable things will happen, and I wish to pay tribute lo Margaret Cosens. who has so valiantly led lofc UK during an Arislotelian pariod of multiple improbabilities, toth within lofc and externally, from the kn￿1, lo the national. to the global. I have trail-blazing shoes to fill. Although she lived in o time of turmoil. Julian of Norwich's theology was optimistic and spoke of God. divine love in terms of joy and compasson for people. And it is from this central pilkr of love that peac0ful societal change can take plao. Dr Frank Buchman believed in a better worfd. beginning with personal chang&, whilst recognising peop￿,$ rI￿t to lead a life of dignity, calling and worth. To create the better world that we all want to see. we must build and champion peop￿., listen to their stories and help them find their own calling. Likewise, a key princip￿ of our mission must be to create more leaders, not followers. Sl Paul in his letter lo the Ephesians impk)res us all to lead a lrfe worthy of our calling, and as a fellowship, it musl be our foromosl aim lo inspire otheis to do 50. Mlke Kang ChaNrofTrustees (from 15 Apn"12LY24) Initiatives of Change .dKing Annual Roport 2023 A message from Denis Nowlan I wish to pay tribute lo Margaret Cosens, our outgoing Chair of Trustees. Since my appointment in March 2024,1 have leamed much about the challenges she has faced during her years of service to the Charity. She has given her time, energy and wisdom unstintingly, w11h￿jt remuneration, not just to Chairthe Board bul lo bridge the long gap in executive leadership during 2022-24. She has cherished our staff and wider fellowship, sustsined by a life of faith and prayerfvjl attentiveness. She has also made drfficull decisions, induding on complex property-related matters, which have helped to put lofc UK on a secure fooling for the next phase of its story. l am grateful to her and lo the Board for the confhlence they have pkc&J in me by entrusting me wth this Executive ro￿. The need for peop ab19 to build trust and make peace has never been more urgent. We can make a vitsl contributDn in meets'ng that need. l am committed to ensurtng that we live up to Ihal hHJh vocatvjn. Doni8 Nowlan Ex8CUtAve ￿rectOr Initiatives of Change Annual Report 2023 -d Kingdoiil DIRECTORS, REPORT The Board of Trustees presents its report with the audited accounts of The Oxford Group operating as Initiatives of Change {'Ihe Charity, or'lofc'l for the year ended 31 De￿mber 2023. The financial statements have been prepared in accx)rdance wth relevant accounting policies and in compliance with the Charity's governing document 8rKI applicab￿ law- in parlicu￿r the Companies Acts of 1985 and 2006, the charit￿S Act 2022, the Charities {Accounls and Reports) Regulations 2008 and the latest Charities Stslemenl of Recommended Practice ISORPI, using Finanoal Reporting Standard 102. The Oxford Group was incorporated as a company limited by guarantee on 15 August 1939 {Company No. 3559871.11 is a registered charity in England and Wales, number 226334. The Charity now operates under the name'lnitiatives of Change. and is a member of the Intemalional Association of Initiatives of Change, ￿gistered in Switzerland, which coordinates the lofc network woddwide. The Trustees are responsib￿ for the govemance of the Charity and serve a¥ Directors of the Company. The Trustees who served during the year arg set out on pages 4 and 25. The Objects of the Charty, as set out in the Articles of Association. are.. 'the advancemenl of the Christian ￿lIgIon, and in particular by the means and in accordan￿ with the principles of the Oxford Group movement, founded in or about the year 1921 by Frank Nathan Daniel Buchman.. Dr Buchman was a pioneer who reached out to people of differentfaiths as well as many who were agnostic of even atheistic. He expressed ￿irrtUs7 truths in ways that were unconventional and somets.mes did not sound religious- although they sprang from hi8 deep Christian faith. The Trustees follow in that tradition and view all the acb"wlie$ described in the remainder of this Report as pk*lieal expressions of Chrisvs mmands thereby advancing tho Christian religion in accordance with the Charity's Objects. Th8 farth basis of Iniliakn'ves of Change is as follows.. Initiatives of Changg 1$ faith-ba$gd in ils work and lif8style and is open to all. Frank Buchman's aim from the beginning was to help each person find their calling. He invited everyone to face the wr￿g in their lives in the light of absolute moral standards. to ask for forgiveness, to make apprcpriate restitution, and lo surrender their seif-will to God or the highest they knew. For many, the result of this spirilual cleansing has been lo trigger a life-bng sense of liberation ar renewdl. Daily morning quiet limes refresh this experierbce and give dIrect￿n. Fri)m this wmes the transformation of relationships, new energy, and clarity about wrpose in life. This approach ha8 become an effective basigfor people of different culture8 and belief8 to work together lo respond lo urgent workj needs. Initiatives of Change is a challenge to everyone lo live this out and to exprèss their experEnces sgnwtively as an enrichment to others. Initiatives of Change Annual Roport 2023 Uiiiled KinJdoi,I Put)lic Benefit In Compli￿Ce with their duty under the Charities Act 2011, the Trustees have had due regard lo guidan￿ on public bgnefil published by the Charity Commission. In particular, the Ael requires the Trustee8 lo explain how the activities of the Charity benefit the public or 8 section of it. The Trustees believe that the cofe purpose of Initralives of Change- to help individuals search for G¢)I'5 plan for their lives," lo live by the highest values.. and to find a sense of calling about their contributKJn to the worfd- is, intrinsically, of benef(t lo society. As Henry Drummnd, author of The Greatest Thing in the Wortd. put it.. 'Nexi to losing the sense of a personal Christ, the worst evil that can befall a Christian is lo have no Sense of anything e15e...The first great epoeh in a Christian's life, after the awe arKI wonder of its dawn, is when there breaks into his mind some Sense that Christ has a purpose for mankind., Faith is important. not just for ils value lo the individual but because it is often the molivaling factor in enabling people lo lum their lives around,. and equipping Iham to make significant contributions to society. More speafic benefits to the PLt)lic are demonstrated. implicitly or explicitly, under the various sections of the report of actiMb"es. It is the Trustees, aim constantly to seek ways lo illciease the effecliveness and impact of the Charity, so as to expand its benefiaal effects as wdely as possible. Trustees con5ideT the prinaples sel out in the Charty Govemanc£ Code, refreshed al the end of 2020, when carrying out their dut￿$. The Code is designed as a tool lo support continuous improvement and lofc UK endeavours lo adhere to the Code's principles and recommended practices. Appointment and Inductlon of TTUStees Be￿een general meetings, the Board may appoint new Trustee8 from amongst the membership of the Company. Any Trusteg appointed in this way must stand down al the next general meeting of the Company but may offer him or herself for re-election at that meeting. Al every annual meeting. one quarter ofthe Trustees must relire from off￿ but may be re*lected by membeTS of the company: Any person who subscribes lo and promotes the charitable 0￿.ects and demonstrates their adheren￿ lo the Ch81ity's ethos, may become 8 member of the Company. subject to nomination by existing members and the endorsement of the Trustees. The Board of Trustees appoints a Nominations Committee lo identify and pr¢)po8e potential new Truslee5. The Committee gives relevant informatK)n lo potential c*ndidates, and inductKin and training as appropriate lo newty elected TTuslees. New Trustees are asked to sign a declardtion that they are eligible to act 8s such and lo declare any other directorships th&y hold. Trustee Tenuro Sinc8 2022 The Oxford Group Associatson has impl8m8nted thg Charity Gcivernancg Code recommendation that Trustees would serve a four-year term from the AGM and be eligible to offer thgmselves for a further four years. Exceptionally, on& additional year may be served, by a unanimous dect*on of the Board of Trustees, lo give some fiexibility and to retain institutional memory. Initiatives of Change Annual Report 2023 Kin.i(1giM Nomlnatlons Comm5ttee The Nominations Committee reviews the composition and skillsel of The Board of Trustees and oversees apwoinlments lo the Board. The Committee comprises at least three membeis, including the Chair of Trustees, one other Trustee and the Company Secretary. The Nominations Committee has an admsory roie rather than a decision-making role. and the Chair of the Committee reports tr) Ihg Board of Trustees atthe Quarterly Trustees Board Meeb"ng. During 2023, Ihe Committee membership consisted of Margaret Cosens, Lusa Nsenga Ngoy, Nathafie Chavanne. Roddy Edwards and Jacqui Begley. Initiatwes of Change UK has been redefining the role il seeks to play in the worfd while remaining true to its charitsble objects. This can be expressed as'building trust across the worfd's divkles,. Everything Inib'ative8 of Change UK does is aimed at making sure that we are ￿￿IllIng our purpose. This includes a review of our operating Pro￿sseS lo make Iniliatives of Change UK fit for a changing world. It also means eVol￿ng the way we cLsnnecl with our supporters lo fulfil our charitsble purpose. A vitsl part of our transformation programme is lo remew how Initiatives of ch￿ge UK creates impad. This process is already Unde￿aY and will result Mi a commltnicable. delivef8ble and measurable strategy that facilitates our work. Inits'atives of Change UK will contlnue to protect and nurture Èts current programmes for as long as they continue to fulfil our objects. Aongside our existing programmes, we will also pilot new initiatives and ways lo be effective in fuKilling our mission and charitable objects for public benefrt. Organlsatksn The Charity is ba8ed in the Unlted lfjngdom and has its headwarters in London. It undertakes activiti88 in the UK and around the world, normally in collaboration with other national or regional bodies of Initiatives of Chonge. The Board of Trustees meets al least qUart￿Y and holds an anllual Trustees, Retreat. OpeTrtlons During 2023, the Trustees, delegation of authority to the Exe¢utr"ve Team remained in situ, overseen by Margaret Cosens, with Roddy Edwards in the ro￿ ol Advisor. We continued lo embrace new and flexible ways ofwothng and delivering our activities and events, lo further support the fulfilment of our eharitable objects. Ot note was the upscaling and amplification of our offering of live events, with the imp￿ment2ti0n of the new style of hybrKI event. which has served to enhants the experien￿ of both in- person and online attendance. Followng the Execulve's move10 5UPPOrt the development of our programme leadeTS in talang responsibilty for their respective budgets. as part of their indNidual leadership devglopmgnt, our accounting practices migrated to fully digitised processes. In October 2022 Andrew Hollingsworth received pemiission from th8 Charity Commission to slep down from the Board of Trustees to oversee the digital migration in- house, and to fornulate a sustainable fundraising strategy. Day-lo-day financial pr¢)ce5ses are managed in-house by Akpoufuoma ￿borh, and specialist advice is sought from indgpendont third-party experts on tax and other $tatsJtory obligalions. 10 Initiatives of Change Annual Report 2023 -.d y.ili 'diJin Audtt end Risk Commlttge The Audit and Risk Committee continues to support the Board of Trustges in their responsibilitw6 for risk, eonlrol and governan￿ issues. As with the Nominations Committee, the Audit and Risk Committee has an advisory lather than a decision-making role. During 2023, members of the Audit and Risk Committee were Margaret Cosens, Gordon Robinson, Roddy Edwards, Krish Raval lunlil May 2023). Gerald Dohety lfroni September 20231 and Jacqui Begley. Pollcle8 and Pmcedurns Review of our rolicies and practices is an ongoing proce8s and takes place in consultation with our lawygrs. Policies and practi￿S are then reviewed as part ofthe extemal audit process. We are never complacent and eonsistenlly strive lo improve in all areas of our operations. through our policEs and protsdures, which continue lo be imrortant comerstongs of the Charity. Confllct8 ol Inte￿1 and Rèlated Partlès Transactlon8 The T¥ustees and the Execub"ve Team continue to submit declarations of interest and any conflth of interest are identif￿d and managèd al each megting of the Charity's committees and al the Board of Trustees, meetings. FiipArgl*ipfj During the year, the Charity dkj not actively fundraise to seek donations or legacies from the publie but was grateful lo receTve gifts and donations from its members 8nd supporters {including via a JustGiving page}. In addition, the Charity was grateful to receive several legacEs in support of our work. No professional fundraisers were used in the period, nor does the Charity have plans to engage any in the foreseeable future, and so no monitoring of fundraising activities by third parties is currently undertaken Ithe Charity does not cUrren￿Y subscribe to any fundraising standards or schemes). No complaints were received regarding fundraising Pfadices during the period. The Trustees seek to protect all members, supporters. and the public, especially those considered vulnerab19, and, as noted on page 13 and 14, ha$ adopted a comprehensive safeguarding framework (independently assessed by third partie9) that covers all 8ctsMties and areas of operation, and that must be adhered lo by all Trustees, empklyees, and vdunteers. We will conts'nue to exerLise the principle of prudence in relation to the Charity's financial practices. obtaining value for money for our services and purchases and by eA)ntinuing lo seek efficiencies in our Operat￿nS and practices as we pursue our charrtable objects. PTopertle$ Throughout 2023, the Charity continued to own four residentsal houses, in addition to ils headquarters at 24 Greencoal Place in Westminster. Two of these hou*s, in sheff￿ld and Oxforcl are used as ￿ntre5 for the work of the Charity and provide a base for outreach and a venu8 for meetings and fellowsh￿. Since L8rge eenlrgs in LC￿dOn are not required by the Chartty, In 2021 the Trustees 'decided to sell its third regidential propgrty at Lyford Road in Wandsworth. Regrett?bly, durtng 2023 a legal pro￿¥$ was necessary to obtain vacant posses¥ion of the propety to prepare it for sale. resulting in a court order in Initiatives of Change Annual Report 2023 dnited I favour of the Charity. Full legal possession of the premise5 has since been regained from the claimants and the propety will be sold during 2024. The proceeds will be reinvested in a way Ihat best enhances the Charity's work for the public benefit. In accordan￿ with the wi8he8 of the late Doris Jenkins, who bequeathed the propety to the Charity. the fourth propety was made available for the use of a lon*standing member of the fellowship. The ground floor of the house is a semi-autonomous flaL rental income ffom which contributes to the running Costs of the propety. The Greencoal Place ￿ntre has several fijncb.on and collference rooms that are used for lofc UK'$ charitable activities and, when not required by the Charity, are made available for rent to other organisations. Income Irom this souri* contributes towards the running costs of the cenlre. During 2022. the Tnjslees decidèd to r841edicale 24 Greeneoal Place as a centre to offer fellowshlp and spiritual support to stakeholders of the Charity, and lo offer event and hosting space to others,. induding as place that offers Pfogrammes that train people in the moral and spiritual v81ues the Charity believes are needed to Unde￿in society. The move towards the renewal of 24 Greencoat Place is in train. wth plans lo upgrade tho premises, enhan¢0 its offering as a centrg of wglcomg and hospriality for all, and to further serve OUT tharitable objects. mltlgats.ng and Responding to Rlsk Initiatives of Change UK consders that it has a moral obligation to promote safe practices and accepts that we cannot ever be risk-free. Some of the environments where Initiatives of Change UK works have inherent risks and we work hard to pre-empt, mitigats, and manage any potential risk Many extern?1 risks are outside our direct control. so our aim 1$ always to mitigate the potential Thpact of risks that could arise. We recognise that risk m8nagemenl is not a stand-alone activity that is separate from our main activities, and we aim to embed risk management in lofc UK'$ key decision-making processes and all our activities. The Trustees eonsider that they have identified the main risks that lofc UK faees. Appropriate systems lo miligale risk are continuously under review. We consider that how we manage all types of risk (for instsnce, financial, operational, reputath)nal. govemance and eompltancel. induding the implementation of agreed act•)n$ and procedures, will reduce the p)lential harm of these risks lo acceptabk levels. Significant risks are compilgj on a risk register which is reviewgj by the Audit and Risk Cornmittee. The Trustee Board Gonsiders risk fomially an annual basis, however emergent and significant risks a discussed on a rolling basis. We continue to invest our resources in wothng to reduce risk in our day-lo- day work. As part of our ongoing commitsnent lo risk vigilance, several risks remain as a standing item on our significant risks lisL Significant risks that were *Jentified in 2023 were a$folbw$'. Impact of geo-political events Global instsbility and events. induding the war befv￿en Isr￿1 and Gaza, and the continuing impact of the war in Ukraine continues to be ofdèep concem to lofc UK on several levels. Alongside war, dimats 12 Initiatives of Change Annual Report 2023 Uii.I l Kirigdoi i) change continues tcs impact global events., political upheaval and discontent has inereased, and in 2024 more voters than ever in histr)ry will head to the polls in al least 64 countries. Despite global events, and having experignc¥d a d¢)wnward trajectory during 2022, our investments portfolio rall￿ signific3nlly during 2023. Our finance professionals continue to monitor the portfolto dosely and report regularly lo the Trustees. While the consequences of gg0-polilical events w711 ir¢gvitably impact our investments p)rtfolio's perf0mlan￿, the devastating human cost on the increased global instability cannot be quantified. Our unsts"nting focus remains on building trust across diwdes. ii. OrganisalKJnal resilEn￿ and reputational damag8 We a￿ never ccfnplacent about our public role and our rgsponsibilits'es, and we are committed to best practi￿ in everwhing we do, including our govemance and operational processes. Transparency and accountability remain central pillars of our work, and our reputation and the level of trust we are privileged to receive from the public is never presumed. iii. Fraud We are eonlinually slrenglhèning our intemal control framework. We regulaTly1gstour internal controls and any recommendations for improvements are implemented in a timely manner. Our refreshed Anli Money Laundering Policy has slrenglhoned th8 Charity's compliance with anti-mney ￿UnderIng laws arKI regulabons lo guard against misappropriab'on or misuse of the Charity's assets and financial resource8. Vigilance againstfraud continues to be a key prK)iity for the Tru$tee$ and Exe¢ub've Team. Iv. Data Management and Protsction lofc UK has robust data protection processes in place, and we never sell our data to third parties. Staff who hand￿ data are hawrvj ongoing data protection training, and a disaster recovery plan 18 in place and is regulady rewewed to ensure business conts'nuity. lofc UK'S Data Protection function continues to be managed by IT Governance, a dedicatsd speaalist organisation, which we are pleased to report provhleg an exemplary level of seNice in relation to our data prolecb'on procedure8. We remain vigilant that any data and infomatK)n we hold are well protected and lake the appropriate moasur8s lo mitigate risk of cyter-crime. During 2023. to further strengthen its IT resource 8nd data protection. lofc UK appointed extemal IT professionals consultants Kompuler Consultancy Services IKCS), to condud an audr( of the Charity's IT provlslon, make fecommendations and help the Cherty to implement best practice in its IT operations. v. Safegua￿Ing The safety and well&eing ofeveryone connected with lofc UKS work is of paramount importance. We havg a responsibility to ensure that ourwork does not result in harm, abuse or exploitation of any kind. Our comprehensive safeguarding framework is in place to mitigate risk of hami.. 13 Initiatives of Change Annual Report 2023 Uri,1: i i KIiiLJiJcJin we have a robust safeguardino policy and complaints poh'cy in plaee, containing clear instructions of what action lo and who lo speak to take tf someone wishes to raise a concern aly)ut any asFect of the charity's work.. all reasonable steps are taken to prevent ham), abu8e and exploitation across ouroperations; all safeguarding concerns are taken sgriously and recgivg a robust response which prioritises the safety and well-being of those al risk- lofc UK staff are committed to maintaining the highest standards ofbehav1c￿r and fuffilling their responsibilities lo keep people safa.. and we con&51ently strive to improve our safeguarding framework, $ystems and prfftsse$. Staff Remuneratlon The Trustees set levels of salary within a banding slruclure, with sen￿r gxecutives at the high8sI levgl. During 2023, the pay for all staff, including that of key management personnel, was sel by the Audit and Risk Committee. Staff pay is usually benchmarked against salarÈ$ paid by other similar charitles in London and in the UK. The Trustees approve the r¥ommendations made by the Audit and Risk Committee. Further details on staff romuneration are given in note 10 to the accounts on page 39. During 2023. some members of staff and contractor5 benefited from living in residential aC￿MModatIOn owned by the Charity, which enabled them lo ¢aTry out their roles, and their salaries were adjusted to reflect this. The rates for contractors are determin￿1 b88ed on the level of responsibility and eXper￿nCe and prevailing market conditions. In ling with curr8nt1ogislalion, all members of staff have been &nrolled into a wDrkpL4ce penwn scheme approved by the Pension Regutalor. Invtrstniont Powers In 2023. the Charity's policy was to ￿ntinUe to maintsin its investment portfolio in order to generate suffieienl income to cover the administrotion ofthe Charity. During 2023, inveshnent income covered the cost ol the Charity's govemance. legal and financg functions. Changes in market conditions, due to geo- political events, resulted in the total income lexcluding gains) from the Charity's investsnenls decreasing in 2023 from £322.523 to £254.328121 %}. Tho Board of Trustees has powers lo invest in stocks, shares and property as il sees fit, within the eonslraints of charity law. During 2023, the main investment portfolio was managed by Rathbones, and The Ireland Fund was managad by Evelyn Pathgrs. Initi8tive8 of Change UK'8 invesbnent aim is to protectthe real valuè of its investments over time. whilst generating incomg compatible with that objective. The situation in Ukraine had a signrficant impact on investment values during 2022, however this was reversed during 2023, when the annLf81 Total Return on the Charity's funds was 10%12022 minus 120AI. Investment values cL)ntinue to recover in 2024. In 2023, *acy In￿Me totalbd £1,292 (2022.. £122.7571. The Trustees would like lo ewress their gratitude lo all those who remembered Inilialives ofchange by kaving a lega￿ in their will. and lo their famili&s. The Charity instructs its investmènt managers to avoid investment in ccfflpanEs %those business model relE8 significandy on income frt*n tobacco, alwhol. gambling or annamenl$. 14 Initiatives of Change Annual Report 2023 Ui l. l Kii13LI,)111 Rcservos Policy The Board of Trustees has agreed to a reserves policy, that strikes a balance between Ihe TTUStees' responsibility for the Charity's long-term future. and the Board's duty lo use the Charity's assets for the furtherance of its objects and the need lo meet liabilities as they fall due. The Trustees, aim is to maintsin unrestricted free reserves al a ￿Ve1 which equatgs to at least 3 month8. unrestrickd expendrture. approximately £470,000. Reserves held at 31 December 2023 consisted of.. Dgsignaled fvnds= al 31 Dec£mber2023, the Charity had designated fvnds of£16,436,926 {2022'. £16,476,129) all ofwhich was held in Ihe tangible fixed assets fomi. These fijnds are 8ssenb.al for the normal operation of thè Charty. Restricted fvnds.. the Charity also had restricted funds of £502,28412022.. £500.8921, used lo finance specific core campaigns and activities of the Charity as specified by the donor l￿fer lo note 18 of the alxovntsl. End¢)wment fvnds.. the Charity had endoYKnent funds amounts'ng to £11,020,213 (2022." £11.485.845) which are in the form of investments both long-tem) and slw)rt-temi. These funds are used lo finance staff costs and other key campaigns and activities lo keep the Charity's operations continuing without interrupt￿n. The remaining reserves wgre unrestricted. The balance on unrestri¢tèd funds depends on the extent to which assets are held in cash at bank or hell by the fvnd managers and accounted for in gnd¢)wment funds at the year end date. Unrestricted funds.. At 31 December 2023, the Charty had negative unrestricted fvnds (excluding designated funds) of£312.98312022.. £262,456 positive,. 2021. £262,456 negalivel, of which £Nil 12022.. £217,421. 2021.. £741,456I is in the investrnent property gain fund {refer lo nots 16) and there is a deficit of £312.98312022.. £128,898 deficit.. 2021.. £1,009.187 defirit) on the general fund. Akhough Ihe unrestricted funds arE negative atthe year-end, sufficient funds were readily available from the fund managers to COV8r all IBbililies and the negative balance does not give cause for concÉm. Iiiancial ￿P¥icW 21)23 The Charity began 2023 wih an anlicpated shortfall between budgeted expendilufe and anticipated income. Al the end of the year, the outcome was a nel use of funds of £897,84212022.. £3,616,620). The overall figure for ineome from properties in 2023 was £77,93012022.. £136,367). This reflects a positive derysion lo bring parts of 24 Greencoal Place into use serving charitable outreach which had premously ken let out. It also reflects the shrft in the Offi￿19t￿ng market since the pandemic, and Ihe rise of femole working. We are gr8leful lo the Rowland Trust, the 8arnabas Charitable Trust and the Irenè Prestsyich Trust who have gNen, and continu& to give, their generous supportto the work of lofc UK and its volunteers. 15 Initiatives of Change Annual Report 2023 Ui-'tl-Ld I IiigJciin REPORT OF ACTIVITIES IN 2023 lofc UK continues to work towards our vision of a just. peaceful and sustainable wortd to which overyone, responding lo the call of conscien￿. makes their unique contribution. In the UK, we focus on three a￿a8- ethical leadership, trust building and sustainable living. Within eath of these theme5. we have programm$s which deliver training courses and even18. Their activities and work over the course of 2023 are listed below. Visit ot Rajmonan and Usha Gandhi to UK Octobèr-November 2023 'Before we begin Prime Minister's Q￿stion Time., said the Speaker of the House of Commons,"I would like to welcome lo the House Rajmohan Gandhi, grandson of Mahatrna Gandhi.: a sweep of his hand indicating the Speakerfs Gallery %there Rajmohan and Usha were seated as his guests. Immediately beforehand, through the Intr￿jUctIon of Mike Kane MP (now also Chair of lofc UK), Rajmohan and Usha had been engapJ in conversab.on with Sir Lindsay Hoyle in the Speakerfs Chambers. Sir Lintjsay Hoyle's invitatK)n lo the Speaker's Chambers and to attend Prime Ministels auestK)n Time in the HDLtses of Parliament was one of four public or semi-public events over Ihe Gandhis, 244ay visit through October and November 2023 at the invitation of lofc UIQ The other public events saw Rajmohan speaking to over a hundred people at the Anoopam Mis$KJn Swaminarayan Temple al the invitstion of a well-known figure in the Hindu community.. a reflective and wide-ranging inlerview-style talk to a fvll house at the lofc UK National Fellowship Weekend al Great Missenden (covered elsewhere in this Report),. and a powerful talk at Sl AnthOn￿S College, Oxford, to a group of 80 sttjdents and staff. Afurther 19 events ranged from Rajmohan and Usha speaking with groups in private settings and conversab'ons with groups of young peop￿. to meals and c)JnveT8ations in hosts, horre$. RaIr￿han's high profile as a grandson of both Mahatma Gandhi and of Chakravarti Rajagopalachari, India's first Govemor General. enablèd a depth and breadth of outreach and conversation that led in tuin to important outcomes for individuals and for lofc UK as a Charity. Rajmohan and Usha have been deeply wmmitted to the ethos and Practi￿ of Initiatives of Change (formerly Moral Re-armamenl} for most of their adutt lives. Vve witnessed a living out of these values on their visiL "This is a personal dinnerlevenv said Usha on several occasions, 'we must pay for the transpKsrt. not charge it lo lofc UK expenses.. .1 had lo lèam lo sland alone for what I knew in my heart to be right. said Rajmohan once in an inleThiew. Who they are and h¢)w they live t￿re withes8 daily to their cwn ￿￿onal ethos and exemplified what lofc UK seeks to strengthen for each of us in our own team. On the day before the Gandhis, departure. our host team spent lime loggther in Oxford refieGb'ng on Ihe visit 11 was a wonderful way to draw the visit to a Glose, with a glimpse forward lo envision fvrther steps. Since then, a number of those thg Gandhis mel, including younger pec4)le, hase continued lo engage with lofc UK as individuals and with its programmes, lending strength lo our visM?n of a new generation of leaders fit to reSp￿d to the moral, spirifval and ethical challenges of future decades. 16 Initiatives of Change Annual Report 2023 ij 111 Iiidoi We thank you. Rajrnohan and Usha, for all you gave privately and publicly over the time ofyour remarkable visit lo us. In April 2023 Refvgees as Re-Builders IRRB TMI ￿carne an Institute of Leadershp and Management IILMI Assured training programme. The accreditation was granted after a rigorous approval process undertaken by the RRB faculty and lofc UK. As a result, the centre at Greencoal PlaLE be￿rne an approved Cty and GuikdsllLM training provhder. RRB retains its ethos and values led approach and continues to train emerging refvgee baders from conflict affected regions of the world. This overall Msion ntributes lo lofc UK strategic objectives. The stsndards of love, purity of intenlKJn, Irustsvorthine5s and unselfishness remain at the core of the programme's design and delivery. The course wa$ specifically designed to engage the ￿rspectiveS of refugees who are essential lo the rebuilding of their home countries ifAyhen the opportunity presents tself. Key robuilding skills are covered in three interconnects.ng disciplines.. Dialogue for Social Cohesion, Ethical Leadership for Just Governan￿ and Sustainable Livelihcx)d for Resilience. The modules are offered at three stsges.. Foundation, Intemiediate and Advanced and each r¥Jns for ton weeks. After S[￿ssful ￿mpletIOn pa￿.¢1panIS gain ILM accredi18t￿n. In 2023, RRB temporarily paused the training lo focus on team buikding. the develwment ofthe faculty, and lo facilrtate the implementslion of the newty ILM Assured curriculum. Two full ViS￿nIng days in September were hekj with opportunities for members to refine purpose an(5 visKJn. Senior members of the lofc UK Executive attended sessions which created opp)rtunilies for mutual leaming and shared understanding. Three newtrainèrs and three new patronsjoined the RRBfaculty in 2023. We plan lo hokl a team cohesion workshrp in the autumn. Despite the pause in training, RRB reached out to nearly 300 individua15 in 2023 through a serie$ of events, workshops, and ￿e-tO-one ne￿or￿ng, Awaren•ss Davs RRB continues lo mark kgy UN awareness days which 81ign with the aims atKI ctsjective8 of the programme. On 24 January. RR8 marked the UN'S IntematKJnal Day of Educab"on for the second year. Over 30 key stskeholders and associate5 join&J in hearing about RRB Aumni projects working to rebuild education in Somalia and Uganda. RRB also marked LJN Workl Refugee Day, for the Second year. hosts'ng a Roundtable in Parliament with Mike Kane MP and Trustee of lofc UK. Invitses gathered and engaged in discusgons relating to the UN'S theme for 2023 'Hope Away from Home,, with the ILM Assurance of RRB officially annoUn￿d to key stakeholders on this day. RRB, once again ran theirArt Wofkshop, this year collaborating with Community Art Box. The purp088 was to encourage refugees lo share their $tori8s using a variety of media. Ono participant was quoted in saying, 'Finding a way of communicating my story through art is hel)ing me to navigats through and take care of myself. Numerous atsvolks were prLX1u￿ which fomied part of an exhibition curated by Hope in the Heart. Also created was a collaboratively painted b8nner18ter displayed al a ￿lebratOry event in 17 Initiatives of Change Annual Roport 2023 I ,In Lambeth Town Hall. Following the art workshop and associata events, greetings cards (using a detail and quote trom an original p￿Ce) were printed and are available for sale on the lofc UK srte. The RRB Faculty attended the Caux Foundation FoTUrn in July and ran successfijl workshops (including a hybrid. the first timè this had been done). The workshops were co4esigned and co- facilitated wrth RRB alumni. Both work$hop$ were well attended and well received, with many connecb'on8 mad8 be￿een c￿nference delegates. In Decemkr a delegation led by the Director of the Caux Foundation was invited lo attend the UNHCR Global Rgfugee Forum in Geneva. The delegalion was invitsd to pledge a commitment to taking positive action in counteling the negative narratsve around migration and displacement. RRB is part of a mullistskehokler pledge, along with acad8mic institutions and refugge-led organisalions. Sinc8 the mid-1990s, the aim ofAgenda for Reconciliat￿n IAfRI has been lo transmit Frank Buchman's message and approach to Feacomaking, pa￿'cULA￿Y to people from or in Africa and the Near East who are committed lo promoting reconciliation. Itdoes this through providing safe space for sharing, tiaining, and aecompaninent.- Safe space is provided by weekly online open meetings, where participants can share developments in their o)untrÈs of origin and their diasp)ras, as well as reconciliatDn initiali)Rs. Trainuig is partialty provided through the Qualities and Strategies of Pea￿makerS IQSP} course based on short documentary films on outstsnding peacemakers which participants analyse tc¥Jelher, and through AfR's sislef programme Refugees as Re-Builders IRRBI. Accompaniment is through providing supportfor individual and group inilHlives. meeting space, mentorlng, and awe5S to lofc's nab'onal and international conferences and neMDrks. Frank 8uchman is quotèj a$ sayIng'Pea￿ is people b8coming different,. That is to say that peace cannot be willed into exi518nce but is the fruit of changes of heart in multitudes of individuals. starting with the peacemakers. fR fylrncting.s The Agenda for Reconciliation weekty online meetsngs continued throughout the period, with participants from Eritrea, Ethiopia, Nigeria, Somalia, South Sudan. Uganda. In a total of 30 meetings, 186 attendees join&J on var￿uS occasions. with 6 regular attendees every week. Among occasi)nal guest speakers have been.. 18 Initiatives of Change Annual Report 2023 -d ¥.ii I ,'doiii Hassan Mohamud, from lofc Sweden, reporbng back on a 2-month re¢￿)¢111ati0n mission in Galkayo, Somalia (where the civil war began in 1991 } Abdirahman Abtidon, a men*Jer of the Somali Language Academy spoke on his new book, 1969, the year when the demo¢ratic govemmenl was overthrown in a mllitary eoup. ending in civil war. A prominent Eritrean opposition leader in exil8. Dr RajeThJra Singh, known in India as'the Water Man. spoke abLMrt his technique of sl¢)wing down the rale of water-flow by means of successive small dams which allows wat¢r to bg taken foi irrigation. A group of 18 Somalis, South Sudanese and Ugandans (all associaled with AfRI and a group from the Middle East attended the Healing the Vvounds ofthe Past fowm al lofc's intemational Conferen￿ centre at Caux in Switzedand 17-22 July 2023. Gratitude is due to the funders ofthe £36.000 raised lo enable them to attend. Among the participants were". South Sudanese fOr￿r Brig. Gen. Acuil Banggol who invited the King of the Azand8 tribe of South Sudan and his aide. He facilitated 8 workshop for them as part of a Campai￿ to enable the Kings, Queens and Chigfs of the 65 trI￿S of South Sudan lo make their voico heard in the political realm through the establishment of a National Council. Signfficant contacts were made for the S¢)uth Sudanese with the Swiss foreign ministry thanks io Ignacio Packer, Executive Director of lofc Switzedand. Six Somalis from Somalia and the Somali diaspora from differonl clans who delivered a workshop toplheT and pledged to work together. Three Ugandan5 from the UK and the leader of an Eritrean opposttion party who delivered a workshop on their reconciliation initiatives for their respective countries. AfR hosled a book launch at 24 Greencoal plat* for a newly published work B8than8 Woldegab17el, the Peace Messenger. Berhane Woldègabriel worked for 20 years with lofCIAfR lo bring the fractured Eritrean diaspora together, finalty suceeeding in bringing five key leaders togett)er to make a common deC￿ratIon just bgfore his death in Oelober 2020. An editorial group made up of dose friends and Col￿agueS of his- Ali Hindi, Amanda Woolley, Amanuel Yemane and Peter Riddell- stsrted work on the book in October 2022. Bethane Wold8g8biiel. the Peace Messengerwas launGhed in a packed hall at lofc UKS cenlrg in London in October 2023, on Ihe 3 anniversary of his death. A second launch took place in Yotkshire in November. Pot8r R4Jdell wrote a bl on his memories of Bgrhang. The Qualities and Strategie8 of Peacemakers IQSPI course is an introduction lo an approach to peacemaking developed by Flank Buehman, the foundor of what is today known as Inits'atives of Change. It consists of fivo mdules fealuring outstanding peacemakers, gath lasting hours, 19 Initiatives of Change Annual Report 2023 facilitated by Dr Omnia Marzouk and Peter Riddell. Beginning wilh an introduction and the viewing of a YouTube video, participants reflect on what the pea￿makerS satd or did, why they might have said or done il Ilheir strategies), and what qualities they observe. The contexts of the films range from inlematsonal reccncilialon kn post-war Europe, to interthreligious. inter-ethnic, and post-colonval ieconciliab'on in Africa. The aim is to help partiCiP8nts lo live into what might have been going in the peacemakers, minds and hearts, to absotb as much wisdom as possible about the healing of broken relatK*nships from their rematkable stories, and to refiecl on their own peacemaknng. Over the course of 2023, 10 courses were run with 111 Alumni Comp￿ting the CL)urse, adding to the total numbef of Alumni which now sits al 551 participants since April 2020. A significant prt¥)ortion of participants were students from universty departments of Peace Studies I Conflict Resolution Ilnlemalional Relations, including Bradford. Cambridge. Durham, Kings College London, Lancaster, Liverpool Hope, Manchester, Oxford's OxPeace ne￿ork, Trinity College Dublin, and Winchester. On request, QSP courses were al80 delivered to PhD ￿ndidateS from the MKJde East and North AfTKa at the department for Rocon￿liatiOn, Conflict Transfomialion and Peace Studies al Friedrich Schiller University, Jena, Gemiany and Peac£ and Development Forum in Galkayo, Somalia. Fe&Jback from select participants.. 'This course has taught mp thatforgiv8ness is the h￿Ist0p to rn¢onciIial￿n and unde￿landing and respecting one anotherbads peace., 'This course ljas help8d axlend my mind to what ispossible when people of different convKtions, bul similar values. work together., Two QSP-live events were held this year, offered to QSP Alumni and lofc UK Fellowship. Conductsd via Zoom, the first session of the year welcomed Acuil Bangol. fomiei Brigadier General, South Sudan Liberation Amiy. and current campaigner for the voice of the 65 lfjngs. Queens and Chi$fs in South Sudan to be heard in the political realm. AnOt￿r event saw the sereening and discussion of the film Britain in P81esline 1917-1948, creatod by BaWoL¢r Project. The film investigates the contradictory promises and act￿n$ which dgfingd British Mandatory rule in Palestine and contributed lo the ongoing conflict in the Middle East. r2tr Ppiv Creators of Peace ICOPI is a global women's peace initiative taunched in 1991 at the Inf(iatives of Change conference centre in Caux, Swilzedand. by Anna Abdallah Msekwa, a reswcted politickgn 8￿j Ir8ilb18zer ofwomen-led organisalions in Tanzanra. COP hubs spread across the globe and are currently ath've in over 45 countr*s. Creators of pea￿ empower5 women to be pea￿bU1￿1er5. beginning wrth their own lives and communib'as. 20 Initiatives of Change Annual Report 2023 ljn, I'.Iigdoin Peace Clrcles Crgators of Peace offers Peace Circles and Peace Circle Taster Sessions to women. Peace Circles take place over weekends or as a seriès of weekly meetings (usually 8 weeks) and are facilitated in the style of 'talking Cirdes, whgre all vol￿S are heard respectfully, and a confidential space is established lo allow indiv¢duals to explore diver8e perspectives. Taster sessions are day events which give partiapanls the opportunty to exper￿n0 some of the l¢pics delivered in a full Peace Circ￿. In 2023, three Peace Circ￿8 and three Pea￿ Cirde Ta$ler$ We￿ Suc￿$&fullY delIVe￿d. In totsl. 25 women131 in 20221 attended Peace Circ￿$ and 102112 in 20221 took part li tssler sessions. In February, the first inten51Vg weekend Peace Circle was hekl and delivered in Birmingham. This Peaco Circle was the culmination of a yearfs local outreach by a long-stsnding member of lofc, 98-year-old Elsa Vogel. Eleven women from multiples faiths, including Christians, Sunni and Shias Muslims, came together to share in this e>perien￿. The second Peace Circle was delivered on Zoom from January lo Marth over eight weeks and induded eight women from the UK and the Hom of Africa. The group had been brought together by lofc member Muna Ismail. who had r￿ntlY trained as a facilitator. The final Peace Cirde was dglivered in May in London. This was a pilot Peace Circle des¢gned for women in leadership positions within lofc. bringing together six women from diverse backgrounds. The first taster 8essK)n was held in August and delivered lo the AAothers' Union in London to commemorate the Molher$' Union movement which began in 1876 by Mary Sumner. This proved to be the largesttasler session held in recent years. bringing together 70 women In total. A second was held in November in Manchester in partnership with a kjcal organisation run by a South Sudanese woman. Delivered in both Arabic and English, 12 women from diverse faiths and cultures came logeth&r and were moved enough by the exper￿nce that the partner organisat￿n has o)mmitted lo planning a full Peac8 Circle the followng yoar. The final lasler sesyon was delivered in partnefship with Iraqi Women Art and War in November. This se8s¢on was also delmered in both Arabk and English. bllnging together nine women. many from refugee backgrounds. Countries represented included Syria, Palestine, Iran. Iraq, Turkey, Pakislan and Morocco. Outreach and Events Creators of Pea￿ continues to welcome and strengthen relationships wlh organisations that align with their values and work. COP conts'nues to nurture the relationship with the Guerrand Hermès Foundatv)n for Peace in Brighton. New partnershps were also fornied with women's netsvorks., Iraqi Women Art and War in Oxford and Women's Support Ne￿rk in Manchester. Connecbons were also made Inl8rnalionally with both programme managers Iravelling lo Romank9 to connect with COP nets￿rk there. This visrt induded an assessment of the area and premises for future visits of small groups from the UK to experience workshops themed around the four lofc standards. On 8 ma￿h, COP marked Intemalional Women's Day wrth an online discussion and an in-person nelN40rk gathering. The online event., 'v￿at does equity and equality mean to you? A Conversation. led parbapants into an interactive discussion around both themes. Later in the day, 21 women, who have been connected through Peace Circ￿8 over the years mel at the lofc UK Oxford home 10 8hare a meal 21 Initiatives of Change AnnualReport 2023 i Kingdoin in honour of the day.11 was an inspiring evening of reconnecting the ne￿Ork. with some people connethng again for the first lime since Covid-19. Accompaniment continues to be an import2nt part of the work, supporting facilitstors, keeping the ne￿rkS connected and offering plarforms to support actions that amplify good practice. Impact of this work has included Ihiee young women securing paid employment through being part of Peace CirC￿S in the UK. Sustsinable Communities teams in London, Nottingham, Sheffield, Wales and Scotland o)ntinue to engage some of the pressing issues affocting our society.. from migration and refugees, addressing the root cause of violent extremism, tackling the issue of knrfe crime lo rebuilding tru81 be￿een grassroots, policymakers, police and young peop￿. Anti-Knife Crime Campaign As part of our anli-knife crime campaign, Sustsinable Communities has engaged and delivered a series of diabgues, training and hKJh-fevel roundlables in collaboration with sevgral prominent key stskehokaers including Brunel university, local MP'S, Parfiamenl, local youth aThY poli￿. The programme has continued its partnership with Brunel University Global Challenge's faculty, wothng with third ygar $ludenls to complete primary and Se￿ndary knife crime research in three of the most deprived area8 in London - Hackney. Hillingdon and Islington. Students were tasked lo look 'beyond the numbers, to help address the issues of knife crimg in London by tal￿.ng to those il effects most_ The students research culrninaled at a roundtable event held in Padiament, where students presented their findings to Mike Kane MP, Counalkjrs, and key stakeholders, en￿uraging them to ￿m9 up with )ncrets adigns to tackle this is$u8. The issue of knrfe crime was brought lo Parliament again in June, wherein Suslainable Communities teamed up with partners Celebrate Life and Little Big Peace Event lo screen the d￿Mentsry Powerto C170nge lo over 80 people consisting of school and university students, youth, head schoolteachers, police and victlms of gang and knrfe crbme. In July. Amina Khalid att8nded Stone Soup A¢ademy's Stand Up to Knife Crime annual event. Stone Soup Academy is an Altemative Prowsion Free School Academy based in Nottingham which works with schools and bcal authorities to ensure that students who fail to thrive in a rnainslream school environment have the best eduoztional aRemative. Sustainable Communib'es looks lo partner with Stone Soup Academy in the months lo eDrne. Outroach and Evonts In May. Sustainable Conmnunil￿S co-hosted the NeNvDrk for Dialogue la Europe-wide platform established lo bring faith and ciwl society actors together lo promote dialogue and develop recommendab.ons for social indusion policies for migrants and refugees} retreat and strategy meeting at Caux. In Dee4nber. Sustainable CommUnit￿S allended the Global Refugee Forum in Geneva. Amina Khalid was invited as a speaker at a high-lev81 roundtable on Women. Peace and Security hosted by HRH the Duchess of Edinburgh and the Foreign, Commonwealth, and Devek)pmenl Office in parthership with 22 Initiatives of Change Annual Report 2023 (l Kiii'ldfjin Global Refugee Netsvork. The roundtable gave an opportunity to listen and engage with refugee women leaders from Palestine, Somalia, Afghanistan, Sudan and Errtrea who had overeome adversty and are now transforming their host communities and beyond. Sustainable communit￿8, together with Ne￿Ork for Dialogue, al￿ led an event on Building Trust in Local Communities. PIAnx for 2024- 2S The ambition tr) remake the workd, starting with ourselves, illuminated by daily inner listening, ¢(￿tinUeS to be al the heart of lofc UK. We work to build on the legacy of our founders and members over the years through accompaniment, training. and programmes, in the arenas of business, politics. intemational relab.ons and community engagement. We will continue to do so and seek lo expand thig work as our (x)nlribulion to wblic benefit. 2023 saw the return of the lofc International Associatlon FONM at Caux in Switzerfand, following its adjoumment durlng the pandemic. The excellent tsvo-week event served to re-establish, reinforce and build on the strong working reLitionship that exists be￿een lofc UK and ils lofc partners in Europe and throughout the world. We plan lo hold fijrther convetsalions and gatherings with our lolc International frignds, as, through a spirit of solidarity, we to seek ways lo build trust,. in particul8r. across the divides ct9ated be￿en the UK and the rest of Europe because of Brexit. During 2024 our Refijgees as Rebuilders programme will run its inaugural ILM AssuTed accredited course. a landmark moment in our training provision. Subject to 119 successful implementslion, we aim to roll DUI City and Guilds accreditation of our other training courses arKI to fvrther enhance lofc UK'S training offering. The appointment of DanEI Treasure as our Head of Properties is enabling us to engage in a comprehensive review ofour propety Portfolio. Daniel is responsible for the overall safety. maintenance and care of all our properlies. As well as moving ahead wrth the sale of the house in Lfftrd Rd, we will refresh and refijrbish the building and gardens al Greencoal Place. This will entsil significant repairs and a structural and environmental survey, followed by the ieappraisal of h¢)w best lo use the building. We want rt lo te a cheerlul, healthy and welcoming place for all those who work there, who visit or who rent our spaces. I Il i Iia .Inrl FvaliJ2tlnn Inilialivgs of Change UKenables and encourages a range of individual projects run by hKJhly motivated people, some dosely supervised, others more loosely Connect￿ with the official structures of the Charty. Criteria for objective-$8tting. monitoring and evaluation are rootsd in the Chanty's Christian ethos, along with professDnal good practi￿. The annual budgeting process is largely based on previou5 experience - where an individual or programme has shown effeC￿"ve impad, they may qualify for more resources. They must, of course, first demonstrate that they will further the Charity's objects and ccffltribute to public benefit The Executive aims lo develop a MO￿ prOfesS￿nal culture of accountability, while remaining open to innovative, experimental Spontaneous inilialives. 23 Initiatives of Change Annual Report 2023 Kiiiyi40 The Charity aims to ensurg that the experience of those who have given a lifetime of service is passgd on lo future generatic)ns. This includes factual knowledge about the history of the Charity and less tangible Ints1￿Ctual capital, such as wisdom on how lo live a life of social engagement. inspired by faith. Further infomalion about lofc UK acliwties is available on our website= www.iofc.o 24 Initiatives of Change Annual Report 2023 -'cl Kiri(Jd )i-ii STATUTORY INFORMATION Members ofthe Board of Trustees who served as directors during 2023 were.. Margaret Cosens (Chair) (resigned 15 April 20241 Joanna Sciortino Nowlan (Vice Chair) {resigned 14 February 20241 Bishop Lusa Nsenga-Ngoy (Vice Chairl {resigned 15 Aoril 2024} Nalhalie Chavanne (resigned 15 ApTiI 20241 Gerald Ooherty (appointed 29 September2023> Chetsn Halal Micha&l Kane Edward Peters (resigned 11 January 20231 Archana Rao Gordon Robinson Tru%tpe-' ￿￿2p￿n•T￿llTtIe? 8t1*￿￿?nt The Trustees (who are also the directors of the Charrty for the purposes of ￿rnPany law) are reswnsib for preparing the Trustees, ReFKJrt and the financial statements in a￿ordan￿ with applicab￿ law and Unitgd King(knm Accounting Standards (United lQ'n9Jom Generally Accepted Accounting Practica}. Company law roquires the directots to prepare financial stat￿]￿nts for each financial year. Under that law, the diieclors have elected lo prep8re the financial ststements in accordan￿ with United Kingdom Generally Accept8d Accountsng Pr8etiee (United Kingdom Accounting Standards and applicable Lgw}. Under company law, the directors must not approve the financkgl statements unless they are satisfied that they give 8 true and fair Mew of the slate of the Charity and of the in¢X*ming resources and applieation of r8SQVTces, including the in(>)me and expenditure, of the Charity for that period. In preparing these financkql statements, the directors are required to.. select suitable aecounting policies and then apply them consislenuy. obseNe the methods and principles of the Charities SORP FRS 102120191., make judgements and accounting estimates that are reasonable and prudent., slate whether applicable UKAceounting Standards IFRS 1021 have been followed. subject to any material departures disclosed and explained in the financial ststements.. prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the Charity will c))nttnue in business. The Twstees are responsible for keeping adequate accounting records that are sufticient to show and explain the Charity's transactions and disclose with reasonab￿ accuraey al any time the financral position of the Charity and enable them to ensure that the finanaal statements ￿MplY with the Companies Act20C6. They are also responsible for safeguarding the assets ofthe Charity and hen￿ for taking reasonable yleps for the prevention and detection of fraud and olher iTregularilies. Each of the persons who are trustees at the lime when this Trustees. Report is a￿[oVed has confimied that.. 25 Initiatives of Change Annual Rgport 2023 so faras the Trustee 1$ aware, Ihare is no relevant audit information of which the Charity's auditors are unaware., atxl the Trusloe has taken all the steps that ought to have been tsken as a Trustee to be aware of any re￿VaTht audit inftJmatKJn and to establish that the Charity's auditors are aware of that infomiation. The Trustees are responsible for ensuring the maintenancB and integrity of the corporate and financial infomialDn induded on the charitable company's websrte. Legislation in the Unitgd Kingdom governing the preparalK)n and disseminat￿n offinancial ststements may drffer from legi9￿tIOn in other jurisdictions. .}urlilts. Goodman Jones LLP were appointed 88 auditors for the year and have indicated their willingness lo be re- appointed. A resolution proposing their re-appointment will be tabled at the AGM. Srnall Compaiiies Note In preparing this report, the Trustees have tsken advantage of the small Companies, exemptions prowded by Section 415A of the Companies Act 2006. Finally, we Trustees would like to exwess our gratitude to the dedicated staff, the many volunteers and those who support lofc UK financially or remember lofc UK in theirwills. Without thi5 broad supporL the Charity would not be able lo operate effectively. This report was approved by the toard and signed on its behalt. u1￿( Michael Kane Date: 19107124 Initiatives of Change Annual Rgport 2023 Un.'_d K.ingd(Jin INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE OXFORD GROUP We have audited the fIn￿CIal statements of The Oxford Group Ilhe'charitable company'l for the year ended 31 December 2023 which comprisè the Slalemenl of Financial Activities, the Balance She&t, tha Statgmenl of Cash Flows and the ￿lated notes. induding a Summary of signrficanl accounting policies. The finanual rèporting fraMe￿ork that has been applied in their preparation is appliCa￿e law and United Kingdom Acc(MJntir Stsndards. induding Finanual Reporting Standard 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United ￿ngdoM Generalty A¢cepted Accounting Practice). In our o￿nb)n the financial stat9ments'. give a true and fair view of the slate of the charitable company's affalrs as at 31 December 2023 and of its incoming resources application of resources, including its income and expendf(urè for thè period then ended., have been properly prepared in acrordance with United Klngdom Generalty Accepted Accwnting Pradice,. aThY have been prepared in accordance wrth tho requirament8 of the Companie8 Act 20C6. We conducted our audtt in acccfdance with Intarnallonal Standards on AudTting (UK} IISAS IUK}) and applicable law. Our responsibilities undèrtho$e standards are fvrther described in the Auditors. responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in 8e¢ordar with the ethical requirements th* a￿ relevant lo our audit of the financAal statements in the Unrted Kingdom, indUd￿g the Financial Reporbng Coun¢il's Ethical Standard, and we have fulfilled our other ethi￿1 responsibilities in accord8nce these requirements. We believe that the audit evidoncé we havè obtained 1$ sufficient and apprtspriate lo prowde a basis for our cpinK)n. Conelusion$ Rglating to Golng Concem In auditing the financial slalernents. we have conduded that the Trustees, use of the going o)nc9m basis of accounb.ng in the preparation of the finanaal statèments is appropriate. Based on the work we have wrforn￿. we have not identified any material uncertainties relating to events or onditions that, individually or ccAlectively, may cast significant doubt on the ¢haritable company's ability to ¢onb"nue as a going concorn for a period ¢)f at bast Iweive month$ from when the financial Slalements are authorised for i$$ue. Our re8ponsibiliti.es and thè respon8ibilthes of the Trustees with respect to wing concem arè d•scrib8d in th8 relevant sections of thi8 rep¢xl. The otheT informth'on comprises the infomiation Induded In tlw Ann(tal Report other than the financial stslemenls and our Auditors, Report Iher80n. The TnJsl*trs ¥e responsible for the other informab.on contained wrthin the Annual Report. Our opinion on the financial statements does not cover th• other information and, except to the extent otherwise expliatty statad in our report, we do not express any form of assurance Condus￿n thereon. Our responsibilty 1$ lo ￿ad the other information and, in doing so, constder whether the other infomialion is materially inconsistent vAlh the financial 5talemenls or our kn￿edge obtained in the course of the audit. or otherwise appears to be materially misstated. If we identify such material inconsistencies or appa￿nI material misstatements, we are required to determine whether this gives rise to a material misstatement in the financtal statements thémselves. If, based on the work we have perfOrn￿d, we condude that there is a material misstslement of Ihi8 Other Info￿ati￿. we are required to report that fad. We have nothing lo report In this regard. 27 Initiatives of Change Annual Report 2023 F'.ii-. JIJ Jm o'npanie5 In ¢ur oynK•n, based on the work undertaken in the course of tha audit.. tl* infomalion given in the Trustees. Report lincorporating the Oirgdor$' Report) for the financial year for whith the financial statements are prepared is consistent with the financial st*em&nts," tho DIr￿r$, Report In¢￿ded within the Trustees, Report has been prepared in ￿cOrda￿e wf(h applicable legal requirements. t 2COS In the light ol Ihe kn￿￿edge and understanding of the ¢￿panY and its environment c*)tsined in the course of the audit. we have not identTfiefJ material mi8stalement5 in the Directors, Report. We have nothing lo report in respect of Ihe following mattèrs in rdation to which the Companies Act 20C6 requires us to report to if. ￿ our opnion.. adequate accounting iacords have not been kept. or rebjms adequate for our audit have not been received Irom branehè5 wsitèd by us.. or the finanrAal statements are not in agreement ￿th the accounting re¢ord$ and retum8- or certain disclosurès of directors, rèmuner8lion Spe￿ried by law are not made,. or we have not Teceived all the infomiation and explanations we require for our au¢Jit.' or the directors were not enlfled to prepare the finantial statemerrts in a¢cordarKe wth the small companies regime and lake advantage of the 8mall companies. exemption in prepallng the Director8. Rep￿ and from the requwem8nt to prepa￿ a Strategic Report. Responsibilities of Truste•s As explain•d more fully in the Tw$tees' Respon5ibilibes Statement, the Trustees (who are also the directors of the charitable company for the purposes of company 18wI are ￿SpOnsible for the preparation of the financial ststamènts and for beirYJ satisfitsd that they give a true and fair view, and for such intemal control as the Trustees delerniine is nec8ssary to &nable the proparalion of financial Statements that are free from m8terial mi88latement, whether due to fraud or error. In yeparing the financial stalemenls, the Trustees are r8sponsibl8for assessing the ¢haritablg company's abilty to continue as a going concem, disdosing. as applicable, matters related to going concem and using the going ¢oncem basis of accounting unless th8 Trustees either intend to Iwuidate the charitable company or lo ￿a8$ operations, or havè no ￿alistiC atemative but to do so. Audltor's Raspon$ibilitie$ forth? Auditof the Financial Statements We have been appointed as audf(or under the Companlès Act 2006 and report In ￿e0rdance wlth the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain roa$onable a$¥urance about whether the financial statements as a whole are freè from material mi$$tslement, whether due to fraud or arror, and lo issu• an Auditors, Rewrt that indudes our orinion. Reasonable assurance l¥ a high level of assurance but 15 not a guarantee that an auithl conducted in accordance wlh ISAS IUKI wll aknys detect a material mi$$tslemenl when it exist$. hrtisst*ements Can arise from fraud gr errol ar¥J are con3idered material ff. indiwdualty or in aggregate, they could reasonabty be eX￿¢ted to infiuenL the economic decisions of users tsken M the basis of these financ4al statements. Irr•9ularitios, induding fraud. are instsntss of non-cThnpliance with laws and regLlations. We destgn procedures in line OUT re3ponsibilf(ies, outlined above. to dete¢t material misstatoment$ in re$pg¢1 of IrregU￿ritIes, including fraud. The extent to which our procedures arè Capab￿ of detecting irrègularibes, including fraud is detailed below. Based on our underslandir¥J ofthe company and industry, we identrfied that thè principal iisk$ of ntsn- ￿MplIance with laws and regulations related to industy sector regulations and unethical and yohibit￿ bu8ine89 practices, and ￿ ¢on$idered the extent to which noncompliance might have a material effert on the 28 Initiatives of Change d Ki,I Annual R•port 2023 Jdoi.I finanryal ststemenls. We also considered those laws and regulations that have a direct impact on the Preparation ofthe financial statements such as the Companies Act 20C6, Charities Act 2011, Charity Commission and se¢tor regulations, and UK Tax Legislation. We evaluated management's incentives and opportuniti85 for fraudulent ManIp￿atiOn of the financial statements linduding the risk of override of controls). Appropriate audit proc£dures in response lo these risks were carried. These procedures includ8d'. Discussions with management. induding consideration of or suspected instances of non-compliano with laws and regulation and fraud., Reading minutes of meetings of those charged with governance., Obtaining and raading corr&spond6ncefrom ￿al and règulatory bodi&$ in¢luding HMRC., Identifying and tèstingjE)umal entriés., Challenging assumptions and judgements made by management in their Signrfi￿rt a¢o)unting est#mates. We also o)mmunicated relevant identnled laws and regulations and potential fraud risks to all engagement team members.. and ramainad alertto any indications of fraud ¢y nOn-com￿lance with la￿ and regulations throughout the audit. There are In￿nI limit*ions in the audff procedurgs dgscrfbgd abovo and the further removed non-compllance with13w$ and regulations is from the events and transactions rellected in the financial statements, the les5 likety we would become aware of Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error. as fraud may invO￿e deliberate concealment by, for eXam￿e, forgery u intsntional mi$r•pre$gntst¥)n$, or through collusion. A further description of our re$ponsibilitie$ for the audr( ¢)f the financial slatemgnts is lo¢*¥d on the Finandal Reporting cour￿11.8 website al.. www.frc.or .ukJauditorsres onsibilf(ies. This d6SCriPtion forms part of our Audttors, R•port. This report is made solely lo the charitable company's truste•s, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audTt work has been undertaken so that we might state to the charitable company'$ trustees those matters we aro r8qu*eordination and IO% to Establishment costs of unused space at 24 Greencoat Hace. 1% viJs a150 allvcated t Govemante costsfrom èdmlnistration overhÈèds. Thetosts of prodtscln8 films are reallsed In the year In which they are iThcurred. 33 THE OXFORDGROLIP IA COMPANY UMITED BYGUARANTÉEI NOTESTO ThE ACCOUNT5 ICONTINUEDI FOR THEVEAR ENDED 31 DECEM8ER 2023 Costs of campa18￿ programmes 4nd oth¢rItU￿1[Qs These costs represent costs incurred for UK and overseas campaigns. Thry alsD include allocated costs incurred for Eovemonce and marketin and SUPPDrt Costs incuvwed to co-ordinate campaigns. el Preparatlon of thea￿￿￿￿o￿a ￿l￿g¢01￿¢M b•sls After making appropriateenquiries, the Trusteès have a reasonabk expectation thar the Charity has adequate resource5to continue In operation exlstence for the foreseeable future. As noted in more detail in the Tru5tees' Report. at the balance sheet date thecharity h85 8 deflcft on general unrestritted funds. afterde5i8natin8hxed asseis 3nd inve5tment5. The Trustees have conslijered the Impett of this but are confKlentthattherethls does nDt ri5tto any rnaterial uncertalntyaround goingconcern 8wen the levd of un￿$t￿tted reserves included within designated fundsand ven th3tover 98%of endowffient funds are ewendable a5 deemed hece5S3ry and apFKopriate bytheTrustees. The Trustees have considered the lewel of Beneral unrestrirted fund5 alon8sldethe fuLure ￿an5 for the Charity, the perfonmance of the Charltl5 investments, cash balances. and opt￿$ forfuture use of the propertles, and are sailsfied that the Charity can meet its curnrnf(ments and Ilabiliiks asthey fall due. Acwrdindy thev continue to adopt the8oing concern ba515 In preparinÈ Ihe firtanclal sratementS. nC•pltallsatlon at)d depredatlonof tsn￿ble assets All a55ets costln8 moreth3n £l,OCQ are eawtallsed. Freehold land Is not depre¢iateO butthe depreciation of othertangiblefixed assets is provlded atthe following rate5 calculated on a strai8ht-line ba515 tOWTite oftthe£ost of a55et5 overtheir esrimaEed useful lrfe.. Freehold PropertyeMdudin8 land Plantand machlnery Flxture5 a￿d frttinss -IO%to25 IO% to 25% The Charlty revalued its propertEs as * 31 fknrnber 2020. Depreciat*)n has been char8ed on the rewalued amounts less land. No dep￿￿*t1)n is pro￿dÈ￿ forsome contentsof the propertle5 because in theoplnlon ofthe 8oard of Trusteesihelro¥*rall value is likdyto incrvase. rarherthan decrease, as the result of¥ood malntenan¢e and the anrique lrnportance of suffle ofthe itern5. sset5 aTe ￿leWedfor impairrnent wheneverevents or chanee5 in cl￿￿￿$tHnCes indicatethatthe Car￿nE amount may not be Tetoverable. An impairment105$ 15 recognised foi the aThount bywhich the asset's carryingamount exceed5 r(s retoverèblegmount. The rewverable amountisthe higher of an asset'sfair value le5S C05tstosell and ¥aluÈ in use. gl Ll¥ted and Flx¢d a5setlr￿estrnefits Listed and Fixed asset investments are Induded at rnarketvalue and the investment propertSes at their open markel vÈluÈ at the balance sheet date. The open market of the inve5trnent propÈrtits is made bychartered suNeyvs or attru5tees' valuatlon. Any galns or losse5 on revaluatK)ns are taken to the Siatement of fiThancialAct￿￿t￿$. hlstotks Siock5 of 1fteratu￿ and storesare valued atthe bwerof c05t and eslimated realisable value. Where costs ore incurred in 8dvance for film production they •retreated as expenses atth))e theyare incurred. 11 Deb￿r$ TradÈ and othpr debtor5 are reco8nised at the settlement arnount due after any trade discount offered. Prepaymenis are valued at the amount prepaid net of 3ny trade di￿ountS d￿2. 34 THE OXFORD GROUP IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE ACCOUNTS IGONTINVEOI FOR THE YEAR ENDED 31 DECEMBER 2023 11 Cash ind ush equivaltmts Cash and (ash equivalents indudecash at bank ènd in hand and shorttsrm hl8hW liqufjd Invesiments wirh a short term maturity of 3 mDrths or less from the date of acouisition or openlnB of the dep05ii. kl Cr¢drtorn •nd provl•lon• Credltors pro￿6[￿n$ are reco9nlsed where the chalty ha5 3 presetrt ob￿￿allon rgsulJng from a past e¥enl1hèt%￿u probably resull Iri 1[a￿l￿r of to a third party and Ihe amount due 10 5ellle Ihe obhgation can be Measur￿ oi aS￿m￿le￿ relawy. Creditor5 ond provi*ons are normalty recognwd al their Sett￿rne￿t amount 8ft8r allo*lng for any trade dlscount due. 11 FlnAh¢l•l Imtrumonts The only has ffiantial assets 8rKI flnèndal Ilabilll￿S of a kind that qU3￿fy as b#SicfinÈnaal Instrumtnls. Ba￿¢finanC￿8l Instrnments wre Innially reo)gnised attransaralon value snd 5ubsoquenUy measwed althwsellltrment ¥alu2. ￿ttiCh i% at the cost. with Ihe oxceptioD ofr. - Invesknenls are measured at their fail valup as al Ihe baianté she8t date". - F*gd as69t prop9rtips arg si tost, Sub￿￿t0 peiiodk revaluallon. less depr8dallw.' - Other fixad assets are measfftd at (x)st kss depr8ck9ts0th. ml Fund •ecountlng FuTrJs hdd by the tharfty are.. Unroslrictedfunds-thtrse ar8 fwds, thch c4n b8 used in accordan￿ vAlh the thafilable objeGts atthe disCtBlion orth6 8oard of Trustees. R8Stnd8Glfvnds - Ih88e are fiJnd8 Ihal caTr onty be used forpartit￿kr resthcted pulposes wthin the object¥ of ihe thanly. ReStr￿ts0￿ arise $perJfied bythe donDf Dr fvThJs are rarJed for partiwlar restncted purpose5. twnatsdlunds- Thls Is the v9￿e of al and Ihe maN)rity oflon*iern) In￿StM￿nts whith are essenual for¢￿ continualiun ofThe Group's aGtsvflie3. Endowm6nt funds- Ths K8 the value oflhe maiorty of long-lem inveslmenl¥ Ihe ncome ofthkh is kept 10 8UPPOrt Ihe on going es88nt181 0cliv￿￿e$ ofThe Group. Th¢ malorty198.1%1 art an 8xpendabl8 8ndowmenl fvnd and the remaining 1.9% is pwm*ienL The Incorne from endowmenifu￿s may i* used lo cover ts core runnlrvJ of the tharity. Futhprekplanaoon olthe naiure arKI purpD5e ofeath flnd is induded In Ihe not05 to the acco￿￿ (Noles 18to 191. n) Pon*lons Thg dwtity ha5 approved lor itts èmthee$ the'staktholder Pen￿r￿ Scheme,, a ur41 IlnkAd contrad is5u2d ofAvlva. The pension assets are sep8r81etyman8g*1 by A¥￿ undar Chapler IV Parl IV ICTA 1*88 ol ¢rftl¢ala¢counUn9 0Stknotes andjudgements Estimate8 8nd judgeM￿ts are con￿￿81￿6¥81u818d aThJ are on historiol experien(* oth?rf8Ctors. Induding expectation5 of future 8Y8nls that belthd to be re450nabk underlhe LHrcumslan(xs. Tho Charity makes esthnates and assumpt￿Se0nCern￿ng the future. The resummg awxntiro estimates gnd a5Surnplwins￿il1. by defThbon. sek1om equal tht related actual ￿suft5. Nojudgem2nts lap8rt from tmse invohflffj èstimatssl have been rnade in the pr¢)ce58 Of9pp￿￿9 tht ab¢w8 acrxAJnllNJ poldes. The key assunwuonseonceming the lulure and key sour￿¥ of95Wmalon of uncertalniy atthe reportSng date that h&¥e a ￿gnIficant risk 01¢4￿%￿r￿a matsrfal adjuslmentto lh& Cary￿La amounts of assots ond liabilibe5*1thin the nextfinan(i81 year Inchjde.. E5tim31iDn (If the useful economic File of bu1￿1r￿s, fumilure aTrJ 01V￿ 4uipmenl, ar￿ IT equijment. The ￿1 of Investrnent rrfurn and p2rf0Thn￿¢v oflhe inyestm2rbt Ma￿etS. 35 THE OXFORD GROUP (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE ACCOUNTS (CONTINUED FOR THE YEAR ENDED 310ECEM8ER 2023 3 Income from donatlons and 1ogacl•8 Unr8strlct8d Restrlctsd funds funds Total 2023 Unrestricted nds Restricted funds Totsl 2022 L¥ga¢ie$ GTfts under covenant Gifts lor proj8¢t$ and programm&s 1.292 11,837 1,292 29,363 10,758 41.413 122,757 11.180 6,102 140,039 122,757 13,720 16,102 152,579 17,526 10,758 28,284 2,540 10,WJO 12,540 13.129 4 Incom• from ¢harft*bl• *ctiviti•s Films and b¢¢k8 Totsl 2023 Total 2022 Incom9 Sale and hire of films Contributions from COLtrse pa￿apa￿tS Sale of b￿kS Total income 525 900 2,055 3,480 325 2,530 2,855 Direct ￿$ts 970 970 Surplu$ 2,510 2.175 36 THE OXFthgD GROiJP IA COMPANY LIIAITED BY GUARANTEEI NOTES TO THE ACCOUNTS ICOMTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2073 6 CcetB of c*mpaifft, progr4mmeD and Olhor ICY￿•8 2023 DB•l9nat•d F¥nd$ Unr•¥triCtsd funds Rejtrlctsd fun Actlvlt undortakgn dlr•¢dy Tolal nr•strttt•d fund• Ac11¥￿e$ Tolal Support ¢08t• Grants pay•tyle ol FLY•d arants pay•blo dlrocty nd8 CaTnpaigns, wo16&$, a Lthgractwft￿5 547,10T 1.OTO,918 45,( 1.671.W5 270,997 2.7 28,412 2022 D￿lynato￿ Funds Lknr•8ivktsd fvnd$ A¢liv￿oI undwt&kqn Surwt dlrgctly ¢o$ts Total Total mtrt¢*d lund• Gr4nt¥ payab Of Flx*d Y￿d•rt￿k&Tr Support dlrpctly lunds pfyyoble CaM￿YTh5. and 59).314 94651 1.552. 214.827 I2,￿2 12,832 Charft8tye xlivWe$ In¢￿0e.. uK¢aM￿l￿S linthding pasloralwotk. training. devdownenl. fovumyand ￿jbI￿ meeting* nati￿81 cTrordinalDn, and Irel4￿ 5pedal proprdmme, Agenda for ReG0W￿alK)n, and flm wotkl, wcie¢b SththS Forchange Make￿. RefrJgeesAs Reb￿IkJerS. leadwshlp ￿￿ne$S yogr8mm•$and 0th8r* 5a Orath paya￿0 Allgrantswere pdyBtr1etoknsi*ulTr)r￿ as69t0￿ bglr Unws*triCt4d R•stri¢ Fundts Futhd8 2023 2023 UnrutrfGted Restrlrtod Funds Fund 2022 20Z2 Total 20 2Q23 FcAkidaUon ForA New Wcrkl C8ux Ukrafflon Trfvoee project Untted E5taies of￿*￿%￿a￿e Rr￿and Trngt 75 ye8TS oIC•ux IOFC CamL*tha Con1rf￿1cn to ￿Fc Internthnal coninm￿￿ ￿ Iniema¥on81 Pregidenfs IrelaThSu5ts TotalgraThts awdr 1QiKX) 10,( 12,5 10. 20.th)) 10.IXQ 723 47,033 62,500 l L•tUng Totsl 2023 Totsl 2022 Incorn•'. LetbrvJoffir* spa Calerkng senAce Letbng SP* Total ￿C￿ne 117,5 14.287 4.5tM) 136.367 15.622 EApEnR 197.189 Opw•Wn9 Ito$•ll profftfor¢h•y•ar a7 THE OXFORD GROUP IA COMPAMY UMITED BY GUARANTEEI NOTES TO THE ACCOUNTS ICONTINUEOI FOR THE YEAR ENDED 31 DECEM8ER 2023 7 Allocatlon of •upport eosts Totsl 2023 Totsl 2022 Marketin9 and publicty Forums. meetings. and aéministratlon costs Govemanc? costs 151.684 788.666 138,628 1,078.978 127,￿7 707h 124,6fj0 959,651 staff costs a￿ allocated on the ba￿S of dutias performed and invol￿d costs on the b8818 of the area to ￿lch the ex￿Nditure relates. Go¥eman￿ eosts comprise audit fees £39.68012021 - £20.4541, alk)cation of #taff time £72,201 120214nill lin respect of time spent on governance and overall Charity management matters), and cx)sts of other advice and holding meetings £12.79912021- £24,067). 8 Not lexp9nd1￿v8yimcoMts forthe year19 81ated after ¢h¥rylng: 2023 2022 AL￿rtors. remunerabon- statut¢Jry audit Depwaton 41924 270,997 39,660 274,827 9 Inv•8tm•nt Ineomè and 6ntere8t 2023 2022 Inte￿$1 re￿Nable Dfvidend incfjme 6.156 248,172 254,328 3,670 318,853 322,523 38 THE OXFORD GROUP IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEP4lBER 2023 10 Total Expond[￿rn Stsff ¢08ts r8datk)n Oth•r Co$ts Total 2023 Staff Costs D4prndatlofft Other Total 2022 Raistng lund$ Fund management f8e5 Olher cost8 Letb"ng and ￿teriTh9 costs 56.779 56,779 62,￿6 240 62,335 62,606 240 1*),458 16,152 60,579 197,189 128,239 15.892 Carnpaigns, programrnes & other ath￿itIeS TTrding 82$￿21 254.845 889,728 1,970,494 851,359 258.935 729,830 680 1,840,124 946,379 270,997 1,007,290 2,224,666 979,598 274027 8￿,fj91 2,110,116 2023 2022 Ama￿18 ol•taff eo•ts Wage5 and salaries Payments under lerniinatK)n agreemen18 Sockl sewrity costs Pension costs T82,551 774,447 26,425 75.216 62.187 946.379 61,875 76,876 66.4ry) 979,598 One 8mploy88 8amod mer• than £80.(K)O and Iw than £70,000 in 202312022 no employe85 eamed £60,000 or morel. Employer's pension ccffltribution of £7,22512022 -Nill were made for higher paid employees. The average weekly number of employees and ￿nIraCloT$ during the year. CAlculated on a full Ime equni8lent ba818, was as follows.. 2023 2022 Campaigns London Centre ComrnUnicat￿)ns nance and admlN8tr8￿f 20 23 Al employees contributed to c8mp8igns and management and administration of Ihe eharfty. The total head ¢ount of th8 etnployees during the y88r is 2212022- 251 Th¢ key managgmgnt per$onn81 d th8 charity are memb8ts of the Exocuts"ve Team and mernb¢rs are d88cribad on page 10 No Iruslee has rèceived any remuneration. whilst ￿ offi￿. thi$ ygar12022 none). The total remuneration. induding employerfs national in8urance and pension contrthutKsn5, incurred in th8 year In rospect of the Executive Comrnittee was £ 108,788 12022- £155.6711 In 2023 Marguret Ctssens provided ¢0nsutta￿Y Se￿￿8 to the company forf885 of £12,00012022 4NIII with Charity ComMi&8￿n ￿Tr8ent. No other trustse Teceived any fees from the ￿mparky. 39 THE OXFORD GROUP (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS {CONTINUEO} FOR THE YEAR ENDED 31 DECEMBER 2023 11 Tanglblg flxod assgts Fr••hold land and buildings Contsnts of Vldeo properties m•¥te Total Cost At 1 January 2023 Addibons Disposals Revaluations Transfer from inv8stment property 16,870,360 28,188 271,043 25.437 11,59)) 218,561 17,359.964 53.625 11,$9)1 178,168 178,168 17,076,716 294190 218,561 17,590,167 Depreciation At 1 January 2023 Charge for the year On di$po$al$ Revaluation Transfer from investment wopety 444,029 252,655 221,245 18,341 11.5901 218,561 883,835 270,996 11.5901 At 31 D•e•mb•r 2022 696,684 237,996 218,561 1,153,241 Ngt book value At 31 D•c•mb&r 2023 11380,032 56,894 16N36,926 At 31 December 2022 16,426,331 49,798 16.476,129 The net book valu• of land and bulldlng8 comwI$•s 2023 2022 Freeholds Leaseholds 16,043,132 336,WO 16,380,032 16,084,631 341,700 16,426,331 40 THE OXFORD GROUP (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE ACCOUNTS ICONTINUEOI FOR THE YEAR ENDED 31 DECEMBER 2023 12 Inv¢$tm¢ntg Frnehold Prop8rty Total 2023 Inv08trnentS Mgthet value at 1 January 2023 178.1fj8 11,935,4 11113,568 Transfer lloy from knd assets at C05t 117&1681 1178,16Jl Addtttons * cost 1,219.354 1.219,254 13,154,754 13,154,754 DKsposal pro￿ed5 (2,8f4,9991 12A64.WJI 10.289.755 10,289.755 UntealBod wvoluot¥)n Ilow$l Igain$ R•aS$ed 98ins I11o$str$ 774,691 n4,691 Llnreali8ed investment 98iThs I Ibs88sI Gener81 lund Speual purpose5 fund Endowmentfvnd 10,173 9.*3 IS),797 180,9 11,245,379 180,933 11345,379 Mark•tvalu? at 31 Do¢omb•r2Q23 InvestrnEnls st Alarkot Value 2023 2022 Hlstorl6 ¢o•t 2023 2022 Invash￿nt propety Ltstod.. Commerc￿1 and ind￿strial 178.168 11,245.379 11,935,4 9,329,812 11,245,379 12,113.W 9,329A12 86.155 lo,￿,420 lo￿4,575 Investment as80ts 2023 InBldo UK Outslde UK Total Investrnent a$sets InsKle UK OutsKle UK 2022 T¢)tsl In¥gstmenl property 178.168 178,168 E4vity share5 InvestrnÈnl trusts and unil trusts 3.295,540 5.291.939 2,023,075 634,824 8.587.479 2.651,899 3,471,267 478.￿1 4,845.976 8,317,243 3.1￿,606 3,618,157 5A18,615 4928.763 11.3￿￿8 4.127.986 7.985,￿2 11113.568 The investment propwty represents O.0%12022- 1.93•AI of Ihe charrties main Offi￿ at 24 G￿eTh¢Oat Pkq¢e. 24 Greenojat Place w8$ last fomalty valued 8131 De¢ember 2021 and foMwing a r8Yiew at 31 December2022 the Iw$tee$ ¢on$wlered the ch8nge in vakje to the invesbnent prop8rty to be insynfficant. 41 THE OXFORD GROUP IA COMPANY UMtTED BY GUARANTEE) NOTES TO THE ACCOUNTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 13 Stoek• 2023 2022 Videos 8¢x)k¥ Cards 461 899 J2 14 Debtors 2023 2022 Trade debtors Sundry debtors Prepayments and accruals YJ,192 8,183 4&225 13.781 18,953 S),835 79,600 63,569 15 Credltors amounts falling due wlthln one year 2023 2022 Trade [￿ditOrS Taxation and soaal security Accruals Defeffed income Other creditors 126,887 . 37,866 106,019 12,363 42,673 325,8r18 201,072 3,625 189.257 488,367 42 THE OXFORD GROUP IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 18 Unre8trlcted fund• Invtstment propgrty G•n•AI rev8luatign 2023 In¥8Stment property revalUat￿n 2022 Total 2023 General 2022 Total 2022 2023 Openlng balance a8 at 1 J•nu•ry 2023 112U981 217A21 I1￿0￿.187} 741,056 128&1311 Net movement duiing the ￿8T Realised gainll1055I inctyjding fOre￿n èxthange gains Unrealised gain on Tevaluation Trark818rfromd8s¥nat8d iwethenllmd$ Ulilisalion of expendable endow7nent fund Tran5ferfrom investment propety tts f￿*d assets Balance a8 at 31 Docember 2023 .5218321 11,5216 I1.169.￿1) I1,169,￿7> 1119731 10,In 113,973) 11173 2.997 1371,5541 1,762,689 1,197, 1371,5541 1.7S2.689 1.197.050 1.3 1156.920 114,3731 P119831 P17.4211 I￿,784? 1312.9831 1541.2861 128,898 15fJ,8351 217,421 11,W,W211 17 De#ign8ted fund# 2023 Movomont ol Rvsourcgs Tran8fer8 from I Itol Balan¢0 ot 01 J¥n 2023 Galnsl Balance at ILoss881 31 Dec 2023 Ineome Expanditure R8¥aluafjon Tangib￿ 855ets Revaluation res•rv•- fix•d 85set propert5es 4.275.672 12,XiO,457 16,47fj,129 1270.9971 14.373 211.421 231,794 4,019,048 12,417,878 P7Q99D 2022 M*)wm•nt ot Rosour¢g$ Translers alance al 01 Jan 2022 Galnsl BalanG• •t ILossesl 31 Dec 2022 Incomo Exp•ndRur8 Rovaluotlon U￿￿trIcted TangIb￿ assets Revaluation reserve- fixed asset properties De$¥Jnat0d investrnents 4,￿,213 11.676,822 1.762,689 17,418,724 1274.8271 $41.286 5YJ.635 1.762.689 1697,7681 4,275,6n 12,￿0,457 1￿76.1 43 THE OXFORD GROUP IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 18 Rostrlct•d Fund$ Mov•mènt in Rosourcgs 2023 Exp•ndltyr• Gain• and Ilo$•e¥l Balan¢• al 1 Jan 2023 In¢omo Fromlltol Balance at unre8trl¢t•d 31 Dec 2023 Speaal Purpose Funds.. Ireland Agenda for Rèconcili8tion lofc S¢hool$' Seryice Africa Fund (Loch} Middle East Fund IDumreicher} Young People's fund Fund for Europè-Austin trust fund Arab Co-ordinating Group Fun IOFC Projed Somalia IOFC Cenlres- Carnl)odiaMielnam Learning To Be A Peacemaker School For Change Makers Lislaning Road Show Program donatK)ns 315050 15,752 776 37,536 3,676 1Ce,083 3,283 2,575 3,1C 2,033 9,909 16,4341 16.9141 17761 16.Ml 18121 11321 7,768 327,093 8,838 31,238 10,822 1ce,951 7,756 2,575 3,109 12,0331 635 16441 115,5%1 139,5691 15.528 33,1 s￿,892 7,768 502,284 Mov•m•nt In Re8ourcos 2022 Exp&nditurg Galns and Ilosso$1 Balan¢• al 1 Jon 2022 In¢om• Fromlltol Balance at 31 Dgc 2022 Sperial Purpose Funds.. Irèland Agenda for Re￿nCi￿allOn lofc Schoo15' Servi¢e Africa Fund (Loch) iddle East Fund {Durnreicher) Ywng P￿pIe,$ fund Fund for Europe-Au8b'n trust fund Arab Co-ordinating Group Fund IOFC Proiect SomalH IOFC C8ntr8s- CambodiaNietnam Leaming Tts Be A Peacgmaker School For Change Makers Listening Road Show Prograrn donations 349,641 14,5eo 776 37,588 5.1C 1CQ.083 3.283 2,575 3,1 2,033 9,682 10,0(K) P.7eAI 140,6691 315.89) 15.752 776 37,536 3,676 109,083 11,4321 2,575 3,109 2,￿3 s,￿0 635 644 12.5401 115.6161 534,975 22,222 140.6891 500,892 44 THE OXFORD GROUP (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 R•strletsd Funds - Contlnugd Restricted fvnds are held for following purposes.. lrnland Fund This ftjnd arosè frorn a legacy. Under the terrns of Ihe wll, the fund is Its be used for the work of Inilialivey of Change in Ireland. Ag•nd¥ for R•¢onclllatlon This fund sUpp￿ts initiats"v8s in thè fiald of devèloping values for democracy and r8concilHtion work. IOFC Schools, Sor¥lcè This fijnd is restricted for IOFC outreach vKJrk with schools and young people in the UK. Afrlca Fund (Loch) This fvnd is restricted to cover proj&ts in Africa that advance the objectNe8 of the charity and wher? appropriate the accommodation and trav•1 costs of Africans partiapating in lofc related seminars, conferences and meetings. Mlddle East Fund IDumrol¢h¢rl This fijnd is reStr￿ted for financAng IOFC actwities in the Midde East. Young Peoplo's Fund This fvnd is restrth to IOFC'S work with young peop￿ in the UK. Phyllls Konstam M&morlal Fund This fund w8$ 8et up by HW'8unnl Austin and Phyllis Kon3tsm to 8UPF*y1 IOFC work related to Caux. Arab Co-ordinating Group Fund This fiJnd arose followiThJ re¢¢ipt of a grant for $pe¢rfic projects by tho Arab Co-ordinating Group. IOFC ProS•¢t Somall• Thi$ fund represents grants received t¢)vrards spec￿1¢ IOFC pr4ect$ in Somalia. IOFC C8ntres- CambodlaM•tnam This fvnd represents donations feceiv8d lo￿ardS IOFC projects in Cambodia and Vi8tnam. Learnlng To Be A Poacemak•r This fvnd represents income received towards Leaming To Be A Peacemaker courses run by IOFC UK. These courses ar¥ ¢j￿gned to provide kn¢yMedge arKI infomation about peace-making Cutture. School For Change Maker* This fund ￿preSentS income weived toward8 IOFC UK'S School Fgr Change Makers programme. This is a leadership prograrnme for young peo aiming to develop the skills and selF-awareness needed to be effective leaders al work, home, and in the ojmmunty. Llstonlng Road Show This lund rep￿Sents ints)me received towards IOFC UK'S Listening Road Show. 45 TFIE OXFORD OROUP IA CI)AIPANY LWITEO BY QUARANTEEI WOTES TO THE ACCOUNTS ICONnNUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 19 Endovfflgntfthnd Movement In Resources 2022 Trnngtsr In¢omg EX￿￿dhur• In•1 Unr•slrfthd B•lan¢• at G￿•ThI￿nd 31 2423 l Jam 2023 Endowmenifu Realis￿ O¢ssl198in dl$posal of invès￿￿￿￿ Unrealised Ib55} Igain fTTrm Irweslments Fund Man￿￿ent fse 11115,309 11U,5WI 10,758.3Bg 639.153 1175,Y20> 1202,( ,752 160,ll7 148.1181 11A￿thIs I￿.3617 211 1.3Y.920 ovomont ltt Resour¢o8 2022 In¢om8 EXp•n￿￿￿r0 Galns 1 B•knc• at l J*b 2022 Transfqrn Balancw al 31 Doc 2022 EThJ)wmenl fu Rtalised (lossi￿g￿n dlgw8•1 of Inveskneni$ Llnrealiy& gain from Invaslments Fund rnanagomentfe• I1312.￿9 1512,fon 11,197,(M) 1111&309 1144.5 1336.1171 36&L 12079,254 I￿.932) .816 14.452m TNtblJ$tee$ h8ve autmri￿ dWILbwns of (*￿tal from tDo eiperKlabie ￿￿￿¥Man1 fund. Tho ty¥nsleroffund8 al 31 Ewber 2023 matches the ￿n0 b81gn¢eto the separat4yhdd endu•menlfund Invesknents (ind￿hn9 $h¢rt lemi investments ¥*ittun curwt aGBelal. ZO AnalyBls ol nqtauets botsmenlund 3t OqcembDr 2023 T•nglbl• Flxod AM•t• Inv99bn•nl• N•tCurr8nt 2023 Totsl 2023 Ur￿¢￿*16￿ lunos. 98nw* In￿lm¢Tht prwety gainfund Oeslgnatedltm¢ts Re¥￿Ua￿Qn reBeNè otherd&¥gn•t¢d hJnds Rgstrlctedlunds Irel•rMJ fund Other restricted furd3 Entfowm•rtkn [314.4681 IZ417,878 4,019.018 1141F.878 4.019.04B 311, 15.1 327.093 10,931,gX 11,020.213 865 31 Decembfrr 2022 Tarylwe NTrt Cuwrent Flxod As%ots Inv•sffflonts Assot Unrewthodfunds- gew Inv￿Ment pwerty gainfuryj DeslgnatgdfwJd5 Revalu*iDn ros&Ne e[￿￿9￿ated fund5 Reslrtclodluntts Ire￿nd fund Other r&sthct&l fur￿3 Endowm•nirttrJd 128> 217.421 217,421 12.￿,451 4,27S.6ll 112M,457 4.2TS,672 311 18&042 11,48&845 24 551 JIO 18&042 51186 11,4Y2, 18A16.129 THE OXFORD GROUP {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 21 PenBlon and other post-retlTem•nt bgnofft ￿MmItm0Thts The ch8riiy oper8le$ a defined ¢ontn"bubon pension schemè. Tha assets of the scheme are held separately from those of the charty in an independently adrnini8lered fur￿. The pension tr)$1 of £62,18712022.' £66,400) represents c￿ntrIbUtIOnS payab￿ by the charty to the fund. Tho eX￿nSeS have been allocated to unrestricted expendlture on the Same ba8*s as wages and salarig$. As at 31 December 2023, pension contributions of £10.252 were included in other creditors representing 2023 contributions paid over in 202412022= £10,373). 22 R•latod party transactlons other than a8 disdosed elsewhere in the8e financial ststements, thore ware no transadions with r•lal•d parbo$ requiring disdosure in eithèr tlw current or prior years. 47 THE OXFORD GROUP IA COMPANY LIMrrED BY GUARANTÉE) NOTES TO THE ACCOUNTS ICONCLUDEDI FOR THEYEAR EMDED310ECEMBER2023 23 Stot•ment olFlnanci41 A¢VvIl￿3 Prtoryoar Comparathrns by Ind￿Idual typ• of fvrbd Unrostrtct•d fund5 0•stgnated lund8 2023 2022 2023 2022 R•strfcted fundb 2023 2022 Endthvment lund8 2023 2022 Donatlons and ￿BaC*S Othèrtradino acii¥*la8 L8itst79 & calenngincorne Inwstm•ni Incr￿+ 140. 12YO 13& 312WI 244,419 5,4n SB9.247 ,193 22.222 rlt•ble a¢tlvW'. InGOrne sale offb(￿ arxl films 0th8r Incomo.. 2A10 32 Total 337. 591134 33.193 ndknre RaiJiny Funda Fundrn8n8gef$ffees Lethng andcaterin9 cosls (Xher¢o$ts 820 191,189 51261 Charftabl•actlTrrith•• Camp8ignspwamtt7es andolh8r&thlÈles Im and bgokco Totsl expenditurè 1,fj62.&)7 1.551465 274,827 36,￿0 12,8 1.86OB20 2FO.W7 274,821 39569 53.261 57.932 Net18xpgndltu¥o1 I IncomoforthA year I1.SL,￿2) I1,1￿,￿7) 1270.99n 1274.827) IQ3F6) 153,%11 157.932) Ntt gakn61110B8081 on Iw•8tiiionts.' Real Uniealksed Properbts 2fft4 I371,￿) 12,1 7.007 I47,￿) 781rn W,( 1W,797 12,079,2591 3,307 I￿.9￿0} 9 11.711,2511 Netl•xp¢ndlturel l incorne before tranvle 11.519.525) 11.W.$2n (270,99n o74,82n 1,392 iy.( 891W 11,769,183) TraDsl8r8 betr￿n fund8 1,14126 1.W¥018 rJi.794 1697.166) 11.&f6.9W 11,197. NetlexpeTrditurel l ihcomt bal*)r• othèr r￿09n18•d 9aln8 and I¢￿09 YMI 39,W 197Z5%1 1.Y2 Q4, 1465.632) 12%A2331 OthergaSns Ill0M￿l Netgain$ on rev￿uallOn0tfiK￿ assets prcperty DrfrW6ncas￿ ￿change Net movemont Inlunds V.1071 I401.￿) IYJ,2031 (972, I34.￿3> R•conclHathn of Fun Toi* at l January 2023 IM.1311 16,47&129 17,448.724 SW, $34,975 11,485,845 14,452,078 Totslfund ba18n¢86 8t 31 Docombor2023 P12J031 16h3I126 16176,129 502JÈ4 ,892 11￿20?13 11,484115 48