2024-12-31-accounts - The Oxford Group

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Annual Report 2024

Copies of this and previous Annual Reports and Accounts are available for download at:

www.iofc.org.uk/about-us

Annual Report 2024

CONTENTS
CHAIR'S INTRODUCTION	4
EXECUTIVE REPORT	5 - 6
DIRECTORS’ REPORT	6
Name and Objects	6
Public Benefit	6 - 7
Appointment and Induction of Trustees	7
The Nominations Committee	7
Organisation	7
Operations	8
Audit and Risk Committee	8
Policies and Procedures	8
Fundraising	8
Properties	8 - 9
Mitigating and Responding to Risk	9 - 10
Staff Remuneration	10
Investment Powers and Reserves Policy	10 - 11
Financial Review	11
Report of Activities	12 - 14
STATUTORYINFORMATION	15– 16
INDEPENDENT AUDITORS’ REPORT	17 – 19
STATEMENT OF FINANCIAL ACTIVITIES	20
BALANCE SHEET	21
CASHFLOW STATEMENT	22
NOTES TO THE ACCOUNTS	23- 38

Annual Report 2024

Members of the Board of Trustees

Margaret Cosens (Chair) (resigned April 2024)

Joanna Sciortino Nowlan (Vice Chair) (resigned February 2024)

Bishop Lusa Nsenga-Ngoy (Vice Chair) (resigned April 2024) Catherine Boobbyer (Vice Chair) (appointed April 2024)

Nathalie Chavanne (resigned April 2024) Ian Corcoran (Chair since December 2024) (appointed April 2024) Gerald Doherty (Vice Chair) Michael Edwards (appointed January 2025) Paul Gutteridge (appointed January 2025)

Chetan Halai (resigned November 2024)

Michael Kane (Chair April- resigned December 2024) Joi McAtee (appointed December 2024) Archana Rao (resigned February 2025)

Gordon Robinson (resigned October 2024) Lul Seyoum (appointed April 2024) (resigned June 2025) Michael Smith (appointed December 2024) David Stokes (appointed May 2025)

Secretary Jacqui Begley

Charity Number 226334 Registered in England and Wales

Company Number 355987 Registered in England and Wales

Registered Office 24 Greencoat Place, London, SW1P 1RD Bankers Barclays Bank, 50 Pall Mall, London SW1Y 5AX

Auditors Goodman Jones LLP 1[st ] Floor Arthur Stanley House, 40 – 50 Tottenham Street, London W1T 4RN

Solicitors LLP 1 Bartholomew Close, London EC1A 7BL

Investment Managers Rathbone Investment Management Limited,

George House, 50 George Square, Glasgow G2 1EH Evelyn Partners, The Ewart, 3 Bedford St, Belfast BT2 7EP

Annual Report 2024

CHAIR’S INTRODUCTION

In an era shaped by rapid change and global complexity, one principle remains constant: meaningful progress begins with personal transformation.

Frank Buchman once said, “Everybody wants to see the other fellow changed… But everybody is waiting for the other fellow to begin”. This sentiment resonates deeply with our belief that the most enduring shifts—whether in culture, society, or politics—start with individuals willing to lead by positive example.

change, challenging norms, and finding new clarity of purpose.

It has been the year of three Chairs. First, Margaret Cosens, who stepped down in May, having served a remarkable fourteen years on the Board, four of them as Chair. Then Mike Kane, who took the baton from Margaret and led the Charity through some decisive months of change and renewal. Mike was expecting to stay the course but the early General Election, followed by his appointment as Under Secretary of State at the Department for Transport, meant that he had to step away from roles outside of Government. Hence the unexpected call for a new Chair, and I was honoured to be elected to that position by the Trustees in December.

So let me start by saying thank you to Margaret and to Mike for the unstinting generosity with which they gave their time and energy in service of this Charity, leading from the front with wisdom, compassion and courage. In the temporary absence of an Executive Director, Margaret somehow managed to cover that brief as well as leading the Trustees. Her breadth of vision, matched by an intense care for individuals, meant that critical issues were addressed and forward movement maintained. Mike’s brief now embraces all of the UK’s shipping, aviation, and the space industry. We wish him well with those immense responsibilities.

So, a year of changes on the Board - and not just in the Chair. We also said farewell to Joanna Sciortino Nowlan, Nathalie Chavanne, Chetan Halai and Gordon Robinson, to all of whom I wish to record our thanks for their unselfish dedication. The Board was then refreshed by the election of Catherine Boobbyer, Gerald Doherty, Lul Seyoum, Joi McAtee, Michael Smith and me, all bringing diverse experience and skills to our deliberations.

Change is in the DNA of our Charity. We have been true to that spirit in 2024, setting our Executive Team bold objectives for the redefinition of our purpose and the renewal of our culture.

IofC had been without an Executive Director for two years when Denis Nowlan was invited to step into the role. With three decades of experience as a senior leader at the BBC, Denis has grasped the critical issues facing the Charity and helped it to re-focus its purpose, while upholding the vision of its founders for these new times.

leading a careful review of all our activities. The Executive Team have subsequently carried out the review and set out strategic options for the Board to consider. Denis has been expertly supported in all this by the Charity’s Director of Operations, Jacqui Begley.

Finally, I wish to thank our outreach leaders and all our staff for the innumerable ways in which they have sought to embody the spirit of IofC in their life and in their work. More detail on these is set out below in the Report of Activities.

In spite of many challenges and our own human shortcomings, I believe we have managed to stay true to our mission and to enter a new year stronger and clearer on our purpose. There will be more change on the road ahead, if we are to be relevant to the needs of the world in this age of transformation. I ask for the prayers of our members and of all who care about this Charity that we will be worthy of our calling.

Warm regards,

Ian Corcoran, Chair of Trustees

Annual Report 2024

EXECUTIVE REPORT

I wish to start this report by thanking all three Chairs whom it has been my honour to serve since I took on this role in March 2024. It was Margaret Cosens who appointed me at the end of her long stint of outstandingly generous service.

At the April AGM she handed over to Mike Kane MP who led us through the rest of the year, at the end of which he handed on to Ian Corcoran.

Margaret and Mike set three big change objectives last year for me and for Jacqui Begley to focus on, objectives which have then been fully endorsed by Ian Corcoran and the Board of Trustees.

two years without an Executive Director. Inevitably there were many things piled up on the in-tray. My priority was to meet and listen to, and pray with, all our staff. In consultation with them I conducted a detailed review of our activities and resources.

I also spent time with numerous people among the association membership and the wider IofC network. This took me to many parts of the country, and I talked by phone and zoom with people in places I was unable to get to. Some conversations were uncomfortable. Some people wished to express concerns about problems or disagreements, so it was especially important to attend to their voices.

I also travelled to Paris to meet the leaders of Initiatives et Changements there. I spent time in Caux, away from the busy conference period, for quiet conversations with its leadership. I talked with responsible figures in Sweden, Germany, the Netherlands, the US, India and Japan.

Through all this deep listening and consultation, I was able to form a picture of our strengths and our weaknesses and to develop a plan for how to build on those strengths and to mitigate the weaknesses.

I am glad to say, I encountered many wonderful strengths. You might think that our strengths are in our values – but that is not how I see it. After all, we did not invent our values, and we are not always good at practising them. No, our strengths are always in people, in our staff and in the unselfish service given by our wide diaspora of volunteers.

sought to have a practical impact on our divided society. I wish to honour them here for their work and to thank them from the heart. At the same time, I have to express our regret that, for inescapable financial reasons, we are no longer able to fund these activities. Having conducted a careful strategic review of our operations, we decided at the end of the year to cease funding in-house managed programmes and to seek new ways to respond to the world’s needs.

I am aware that this decision has caused distress to some and puzzlement to others. It is certainly something we would rather have avoided but the interests of the Charity – indeed, its survival – require nothing less than a fundamental change. The hard fact is that our accounts show an unsustainable structural deficit. I do not mean that the Charity has no funds; I mean that annual expenditure significantly exceeds annual income. That gap can only be closed by eating into our invested funds, the Charity’s capital.

irreversibly eroded by the annual deficit of around £1.5 million. However admirable the work of our outreach programmes, if we were to continue on our current course the Charity would rapidly run out of funds.

The biggest share of our running costs is made up of salaries. We have therefore needed to look at our staff structure, at the whole way we operate and at the impact we aspire to make in service of the world’s needs. If responsibly managed, instead of being depleted each year, our funds can generate income to enable charitable initiatives for many years to come.

I am glad to report that we are developing plans for that to happen. The Charity will have a different shape; it will be a smaller team; it will live within its means; but it will operate across a wide canvas, granting funds wherever we judge we can make the most impact; it will be flexible, able to respond at speed where something promises to bear fruit, and able to prune back swiftly if the harvest is poor.

Annual Report 2024

There is much work to be done in 2025 to implement these changes, to restructure the Charity, to design a new operating model and to reflect on the purposes to which IofC should in future devote its energies.

Denis Nowlan Executive Director

DIRECTORS’ REPORT

The Board of Trustees presents its report with the audited accounts of The Oxford Group operating as Initiatives of Change (‘the Charity’ or ‘IofC’) for the year ended 31 December 2024. The financial statements have been prepared in accordance with relevant accounting policies and in compliance with the Charity’s governing document and applicable law – in particular the Companies Acts of 1985 and 2006, the Charities Act 2022, the Charities (Accounts and Reports) Regulations 2008 and the latest Charities Statement of Recommended Practice (SORP), using Financial Reporting Standard 102.

Name and Objects

The Oxford Group was incorporated as a company limited by guarantee on 15 August 1939 (Company No. 355987). It is a registered Charity in England and Wales, number 226334. The Charity now operates under the name ‘Initiatives of Change’ and is a member of the International Association of Initiatives of Change, registered in Switzerland, which coordinates the IofC network worldwide. The Trustees are responsible for the governance of the Charity and serve as Directors of the Company. The Trustees who served during the year are listed below under Statutory Information.

The Objects of the Charity, set out in the Articles of Association, are: ‘the advancement of the Christian religion, and in particular by the means and in accordance with the principles of the Oxford Group movement, founded in or about the year 1921 by Frank Nathan Daniel Buchman’. Frank Buchman was a pioneer who reached out with a universal message to people of different faiths as well as those without faith. He expressed spiritual truths in unconventional ways which sometimes did not sound religious but derived from his deep Christian faith.

their lives in the light of absolute moral standards, to ask for forgiveness, to make appropriate restitution, and to surrender their lives to God.

For many, this spiritual cleansing has led to a sense of personal liberation and a commitment to the renewal of society. Daily morning quiet times refresh this experience and give direction. From this comes the transformation of relationships, new energy and clarity about purpose in life.

This approach has become an effective basis for people of different cultures and beliefs to work together in response to social, national and international needs. The Trustees follow in that tradition and view the activities described in this Report as practical expressions of our Christian mission.

In compliance with their duty under the Charities Act 2011, the Trustees have had due regard to guidance on public benefit published by the Charity Commission. In particular, the Act requires the Trustees to explain how the activities of the Charity benefit the public or a section of it.

The Trustees believe that the core purpose of Initiatives of Change – to help individuals search for God’s plan for their lives and to find a sense of calling about their contribution to the world – is, intrinsically, of benefit to society. Faith is important, not just for its value to the individual but because it is often the motivating factor in enabling people to make

Annual Report 2024

Activities. The Trustees constantly seek ways to increase the effectiveness and impact of the Charity.

Charity Governance Code

Trustees consider the principles set out in the Charity Governance Code, refreshed at the end of 2020, when carrying out their duties. The Code is designed as a tool to support continuous improvement, and IofC UK endeavours to adhere to the Code’s principles and recommended practices.

Appointment and Induction of Trustees

Between general meetings, the Board may appoint new Trustees from amongst the membership of the Company. Any Trustee appointed in this way must stand down at the next general meeting of the Company but may offer him or herself for re-election at that meeting. At every annual meeting, one quarter of the Trustees must retire from office but may be re-elected by members of the company. Any person who subscribes to and promotes the charitable objects and demonstrates their adherence to the Charity’s ethos may become a Trustee, subject to nomination by existing Trustees and the endorsement of the membership.

The Board of Trustees appoints a Nominations Committee to identify and propose potential new Trustees. The Committee gives relevant information to potential candidates, and induction and training as appropriate to newly elected Trustees. New Trustees are asked to sign a declaration that they are eligible to act as such and to declare any other directorships they hold.

Trustee Tenure

Since 2022, The Oxford Group Association has implemented the Charity Governance Code recommendation that Trustees would serve a four-year term from the AGM and be eligible to offer themselves for a further four years.

Exceptionally, one additional year may be served, by a unanimous decision of the Board of Trustees, to give some flexibility and to retain institutional memory.

At the AGM in 2024 the Board welcomed as Trustees Gerald Doherty, Catherine Boobbyer, Ian Corcoran, Joi McAtee , Lul Seyoum and Michael Smith. During the year, Joanna Sciortino Nowlan, Margaret Cosens, Nathalie Chavanne, Lusa Nsenga Ngoy, and Gordon Robinson stepped down from the board having served their respective Trustee terms. Chetan Halai stepped down due to personal commitments and Michael Kane stepped down in December 2024 due to his newly appointed ministerial position.

Nominations Committee

The Nominations Committee reviews the composition and skill set of the Board of Trustees and oversees appointments to the Board. The Committee comprises at least three members, including the Chair of Trustees, one other Trustee and the Company Secretary. The Nominations Committee has an advisory role rather than a decision-making role, and the Chair of the Committee reports to the Board of Trustees at the Quarterly Trustees Board Meeting. During 2024, the Committee membership consisted of Margaret Cosens, Michael Kane, Cathy Boobbyer, Denis Nowlan, Lusa Nsenga Ngoy, Nathalie Chavanne, Roddy Edwards and Jacqui Begley.

enduring Christian charitable objects. This includes an extensive review of all our operations to make the Charity fit for a changing world. This process is already underway and will result in a communicable, deliverable and measurable strategy.

Organisation

The Charity is based in the United Kingdom and has its headquarters in London. It undertakes activities in the UK and in other territories, normally in collaboration with other national bodies of Initiatives of Change. The Board of Trustees meets at least quarterly and holds an annual Trustees’ Retreat.

Annual Report 2024

Operations

During 2024, the Trustees’ delegation of authority to the Executive Team remained in place, overseen by Margaret Cosens (with Roddy Edwards in the role of Advisor) until April 2024, when Michael Kane took over as Chair of Trustees. There were also changes to the Executive Team with Denis Nowlan’s appointment as Executive Director in March 2024.

activities and events to support the fulfilment of our charitable objects. This included the technical and editorial renewal of our live events, to enhance the experience of both in-person and online attendance.

Specialist advice is sought from independent third-party experts on tax and other statutory obligations.

Audit and Risk Committee

The Audit and Risk Committee continues to support the Board of Trustees in their responsibilities for risk, control and governance issues. As with the Nominations Committee, the Audit and Risk Committee has an advisory rather than a decision-making role. During 2024, members of the Audit and Risk Committee were Margaret Cosens, Gerald Doherty, Mike Kane, Denis Nowlan, Gordon Robinson, Roddy Edwards and Jacqui Begley.

Policies and Procedures

Review of our policies and practices, in consultation with our lawyers, has been a major focus of attention in 2024, in particular with regard to conflicts of interest and compliance with anti-money laundering regulations. Policies and practices are also reviewed as part of the external audit process. We constantly strive to improve in all areas of activity, to ensure that our governance and operations accord with the highest standards.

Fundraising

During the year, the Charity continued to explore potential avenues to fundraise for its programmes. In addition, we continued to seek donations and legacies from the public, and we were grateful to receive gifts and donations from members and supporters (including via a JustGiving page). In December 2024, the Charity took part in the Big Give Christmas Challenge, attracting £5,000 of donations for its Refugees as Re-Builders programme. In addition, we were grateful to receive several legacies 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 (the Charity does not currently subscribe to an external fundraising regulator or schemes). No complaints were received regarding fundraising practices during the period.

obtaining value for money for our services and purchases and continuing to seek efficiencies in our operations and practices as we pursue our charitable objects, and the continued implementation of our anti-money-laundering safeguards.

Properties

Throughout 2024, the Charity continued to own four residential houses, in addition to its headquarters at 24 Greencoat Place in Westminster. Two of these houses, in Sheffield and Oxford, are used as centres for the work of the Charity and provide a base for outreach and a venue for meetings and fellowship.

Since two large centres in London are not required by the Charity, in 2021 the Trustees decided to sell a substantial third residential property at Lyford Road in Wandsworth. Sale of the property was delayed primarily due to the completion of the legal process to gain vacant possession of the property that had been instigated in 2023, and the necessity to gain corrective planning consent to ensure maximum sale value is obtained by the Charity. The sale of the property was completed in June 2025. The proceeds will be reinvested in a way that best enhances the Charity's work for the public benefit.

Annual Report 2024

In accordance with the wishes of the late Doris Jenkins, who bequeathed the property to the Charity, the fourth property was made available for the use of a long-standing member of the fellowship. The ground floor of the house is a semi- autonomous flat, rental income from which contributes to the running costs of the property.

The Greencoat Place centre has several function and conference rooms that are used for IofC UK’s charitable activities and, when not required by the Charity, are made available for rent to other organisations. Income from this source contributed towards the running costs of the centre. During 2024, Greencoat Place continued its offering as a centre of welcome and hospitality and to further serve our charitable objects.

Mitigating and Responding to Risk

Initiatives of Change UK considers that it has a moral obligation to promote safe practices and accepts that we cannot ever be risk-free. We recognise that risk management is not a stand-alone activity that is separate from our main activities, and we aim to embed risk management in IofC UK’s key decisionmaking processes and all our activities.

Appropriate systems to mitigate risk are regularly under review.

Board considers risk formally on an annual basis; however, emergent and significant risks are discussed on a rolling basis. We continue to invest our resources in working to reduce risk in our day-to-day work. As part of our ongoing commitment to risk vigilance, several risks remain as a standing item on our significant risks list.

i. Impact of geo-political events

Global instability and events, including the war between Israel and Gaza, and the continuing impact of the war in Ukraine, continued to be of deep concern to IofC UK on several levels. Alongside war, climate change continues to impact global events; political upheaval and discontent have increased, and in 2024, the general election heralded significant change in leadership in Government in the UK.

Despite global events and having experienced a downward trajectory during 2023, our investment portfolio continued to rally during 2024. Our finance professionals continue to monitor the portfolio closely and report regularly to the Trustees.

ii. Organisational resilience and reputational damage

We are never complacent about our public role and our responsibilities, and we are committed to best practice in everything we do, including our governance 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 regularly test our internal controls, and any recommendations for improvements are implemented in a timely manner. Our refreshed Anti-Money Laundering Policy has strengthened the Charity’s compliance with laws and regulations to guard against misappropriation or misuse of the Charity’s assets and financial resources. Vigilance against fraud continues to be a key priority for the Trustees and Executive Team.

iv. Data Management and Protection

IofC UK has robust data protection processes in place, and we never sell our data to third parties. Staff who handle data have ongoing data protection training and a disaster recovery plan is in place and is regularly reviewed to ensure business continuity.

IofC UK’s data protection function continues to be managed by IT Governance, a dedicated specialist organisation, which we are pleased to report provides an exemplary level of service in relation to our data protection procedures.

Annual Report 2024

We remain vigilant that any data and information we hold is well protected and take the appropriate measures to mitigate the risk of cyber-crime.

To ensure its IT resource and data protection resource remain robust, IofC UK continues to retain its external IT professional consultants Komputer Consultancy Services (KCS), who oversee the Charity’s IT provision, make recommendations and help the Charity to implement best practice in its IT operations.

v. Safeguarding

The safety and well-being of everyone connected with IofC UK’s work are of paramount importance. We have a responsibility to ensure that our work does not result in harm, abuse or exploitation of any kind.

Our comprehensive safeguarding framework is in place to mitigate the risk of harm:

• we have a robust safeguarding policy and complaints policy in place, containing clear instructions on what action to take and whom to speak to if anyone has a concern about an aspect of our work

• all reasonable steps are taken to prevent harm, abuse and exploitation across our operations

all safeguarding concerns are taken seriously and receive a robust response which prioritises the safety
and well-being of those at risk

• responsibilities to keep people safe

• we consistently strive to improve our safeguarding framework, systems and processes.

Staf Remuneration

The Trustees set levels of salary within a banding structure, with senior executives at the highest level. During 2024, the pay for all staff, including that of key management personnel, was set by the Audit and Risk Committee. Staff pay is usually benchmarked against salaries paid by other similar charities in London and in the UK. The Trustees approve the recommendations made by the Audit and Risk Committee. Further details on staff remuneration are given in note 10 to the accounts.

owned by the Charity, which enabled them to carry out their roles, and their salaries were adjusted to reflect this. The rates for contractors are determined based on the level of responsibility and experience, and prevailing market conditions. In line with current legislation, all members of staff have been enrolled in a workplace pension scheme approved by the Pension Regulator.

Investment Powers

In 2024, the Charity’s policy was to continue to maintain its investment portfolio in order to generate sufficient income to cover its administrative costs. During 2024, investment income covered the cost of the Charity’s governance, legal and finance functions. Changes in market conditions, due to geo-political events, resulted in the total income (excluding gains) from the Charity’s investments decreasing in 2024 by 27% from £254,328 to £185,771.

constraints of Charity law. During 2024, the main investment portfolio was managed by Rathbones, and The Ireland Fund was managed by Evelyn Partners.

Initiatives of Change UK’s investment aim is to protect the real value of its investments over time, whilst generating income compatible with that objective. The annual Total Return on the Charity’s funds was 7.4% (2023 10%). Investment values have fallen in 2025 following general falls in the market following the announcements of US trade tariffs.

The Charity instructs its investment managers to avoid investment in companies whose business model relies significantly on income from tobacco, alcohol, gambling or armaments.

Annual Report 2024

Reserves Policy

The Board of Trustees has agreed to a reserves policy that strikes a balance between the Trustees’ responsibility for the Charity’s long-term future, and the Board’s duty to use the Charity’s assets for the furtherance of its objects and the need to meet liabilities as they fall due.

The Trustees’ aim is to maintain unrestricted free reserves at a level which equates to at least 3 months’ unrestricted expenditure, approximately £500,000. Reserves held at 31 December 2024 consisted of:

Designated funds: at 31 December 2024, the Charity had designated funds of £12,895,762 (2023: £16,436,926), all of which were held in the tangible fixed assets form. These funds are essential for the normal operation of the Charity.

specific core campaigns and activities of the Charity as specified by the donor (refer to note 19 of the accounts).

Endowment funds: the Charity had endowment funds amounting to £9,906,162 (2023: £11,020,213), which are in the form of investments, both long-term and short-term. These funds are used to finance staff costs and other key campaigns and activities to keep the Charity’s operations continuing without interruption.

The remaining reserves were unrestricted.

Unrestricted funds: at 31 December 2024, the Charity had unrestricted funds (excluding designated funds) of £3,018,037 (2023: £312,983 negative funds, of which £3,330,312 (2023: £Nil) is in the properties awaiting disposal fund (refer to note 17) and there is a deficit of £312,275 (2023: £312,893) on the general fund.

Financial Review 2024

The Charity began 2024 with an anticipated shortfall between budgeted expenditure and anticipated income. Comparing income with expenditure there was net expenditure in the year of £1,942,934 (2023: £1,853,466). After taking into account gains on investments of £645,838 (2023: £955,624) there was a net decrease in funds of £1,297,096 (2023: £897,842).

decision to bring parts of 24 Greencoat Place into use serving our charitable outreach which had previously been let out. It also reflects the shift in the office letting market since the pandemic, and the rise of remote working.

In 2024, legacy income totalled £88,450 (2023: £1,292). The Trustees would like to express their gratitude to all those who remembered Initiatives of Change by leaving a legacy in their will and also to their families.

Annual Report 2024

REPORT OF ACTIVITIES IN 2024

IofC UK continues to work towards our vision of a just, peaceful and sustainable world to which everyone, responding to the call of conscience, makes their unique contribution. In 2024 we have focused on enhancing our public communications and offering events, programmes and courses which further this aim. These activities are summarised below.

Public communications

We raised our game this year in our outward-facing communications, thanks to the editorial and technical skills of our media team. We set ourselves the aim of reaching a fresh audience through different styles of event, a wider range of content and new ways telling stories.

The year began with a powerful performance by Indian band Vasu Dixit Collective, expressing spiritual themes through their unique fusion of folk and rock. They achieved what was surely a first for Greencoat Place, getting the whole audience on its feet to dance.

We held a gala event for Refugees as Re-Builders (see below), celebrating the impact of the programme and exploring its vision for the future, with 80 attendees from many countries. The evening featured personal stories from course participants and facilitators, and an interview with journalist and social commentator Yasmin Alibhai-Brown.

We re-launched our regular national outreach meetings as IofC UK Insight . Using video and audio media, live and recorded, we sought to explore fresh insights into the needs of today’s world, reflecting on urgent global issues, from the prospects for peace in the Middle East, to the contest between truth and tyranny in modern Russia. In-person and online audiences for these events reached over 500 individuals.

We also used IofC UK Insight events to illuminate the ideas, people and history of the Charity itself. These included conversations with the Chair of Trustees Mike Kane, MP for Wythenshawe and Sale East, on his religious and political commitments; with Judi Conner, former BBC producer, on her book A Very Simple Secret, a memoir of growing up in the MRA movement; and with Grace France on her doctoral research into the ways MRA attempted to adapt religious experience and language to the demands of secular modernity.

In 2025 these Insight conversations became the basis for the launch of our IofC UK Insight Podcast , streamed globally by hundreds of individuals.

Headline events

April Vasu Dixit Concert.

May From the Personal to the Global , with Mike Kane MP.

June Refugees as Re-Builders Gala.

A Very Simple Secret with Judi Conner.

July Is Peace Possible in the Middle East? Tony Klug, Assad Chaftari, Imad Karam and Scherto Gill. Over 40 participants from the UK, or sponsored by IofC UK, attended the forums at Caux, Switzerland.

September Something Borrowed, Something New: How a Faith Movement Spoke to a Secular Age with Grace France.

December The Balfour Project: Its Genesis and Mission , with Monica Spooner and Andrew Whitley.

February 2025 Russia Today: Tyranny and Truth , with Marina Litvinenko, Anastasia Kirilenko, Sophia Kayes and Philip Boobbyer.

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Refugees as Re-Builders

Refugees as Re-Builders (RRB) is an ILM Assured capacity-building training programme for settled refugees and displaced persons giving them the skills, knowledge, and practices required to initiate dialogue for social cohesion, create sustainable livelihoods and apply ethical leadership for just governance.

completing the Foundation Stage. 17 participants continued to the Intermediate Stage, and 14 fully completed the course and have been put forward to receive their ILM certification.

The second cohort launched in September 2024, with the Foundation Stage delivered in person for the first time since the pandemic. Eight participants completed this stage. Due to commuting challenges, the programme returned to online delivery. The Intermediate Stage included these 8 participants plus others from previous cohorts, bringing the total to 11. 10 chose to progress to the Advanced Stage, joined by 4 past participants.

RRB also ran the APEL (Accredited Prior Experiential Learning) process, allowing previous course participants to gain credit for the knowledge and skills acquired through work, study, or life experience. This benchmarking is particularly relevant for participants who completed RRB training before the curriculum received ILM Assured status in 2023.

World Refugee Day Gala

In June 2024, RRB hosted a Gala event to celebrate World Refugee Day and raise awareness of the course by bringing together over 80 changemakers. Highlights from the night included insightful reflections from Yasmin Alibhai-Brown, enjoying the captivating music of Hikayetna, and savouring delicious food provided by Refugee Community Kitchen.

Agenda for Reconciliation

Founded in 2000, Agenda for Reconciliation (AfR) has supported people of refugee background who are working for reconciliation in their diasporas as a contribution to reconciliation in their countries of origin. It does this through providing a safe space for sharing during weekly online meetings, training, and accompaniment.

In 2024, AfR hosted 26 online meetings for 158 attendees from Somalia, Uganda, Eritrea, South Sudan, Sudan, Nigeria, Ghana, Ethiopia, and Chad.

Caux Forum

A select few of these attendees were sponsored by IofC UK to attend the Caux Forum, which was in part organised by AfR programme manager, Peter Riddell. Along with Amina Dikedi-Ajakaiye and Daya Baghwandas, they organised a workstream on Healing the Wounds of the Past for the Caux Democracy Forum in July. One of the three AfR members who attended the Forum, Dr Margaret Apwonoyokwe, wrote: ‘ I am ever grateful to lofC UK for connecting me to Caux. It has given me the opportunity to be visible once again, and heard, instead of being dismissed that my story is not interesting. By providing a safe space, this platform has energised my confidence and my spirit too, to speak without fear.’.

Book Launches

AfR members hosted a book launch for Berhane the Peace Messenger at 24 Greencoat Place on 26[th ] October, marking the third anniversary of Berhane’s death. Berhane, an Eritrean refugee and close AfR colleague was said to be ‘the only person who could get all the opposition leaders into one room’.

Peter Riddell assisted former Brigadier General, Acuil Banggol, now executive director of the South Sudan National Bank, in co-writing a book Kuluna Sawa (All Together), expressing his conviction that the voice of the 65 tribes needs to be heard through the establishment of a third chamber of parliament. The book is published by the UN Mission to South Sudan.

Annual Report 2024

Qualities and Strategies of Peacemakers

Qualities and Strategies of Peacemakers (QSP) is a week-long online course aimed at those amid crisis or university students studying peace and reconciliation. An introduction to an approach to peace-making developed by Frank Buchman, it consists of five modules featuring films about outstanding peacemakers.

In 2024, 9 courses were delivered to 105 participants, with 45 completing the course. Dr Ntombizakhe Moyo-Nyoni, Lecturer in Peace and Security Studies Department at the Midlands State University in Zimbabwe, wrote: ‘ The course taught me the use of personal examples whenever I have to address issues. It gave me the ideas of making a deliberate effort to bring key people and more people in the processes of building peace. Almost all the peace builders had a keen interest in developing their inner state with God and this is an encouragement to me to work on peace in my inner state.’

Creators of Peace

Creators of Peace (CoP) is a global women’s peace initiative launched in 1991 at the Initiatives of Change centre in Caux, Switzerland, by Anna Abdallah Msekwa, a politician and trailblazer of women-led organisations in Tanzania. CoP hubs have spread across the globe and are active in over 45 countries. CoP holds Peace Circles, for women only, giving them a space where all voices are heard and allowing them to explore diverse perspectives.

Peace Circles

In 2024, three Peace Circles were delivered to 25 women. One was held in person in Oxford in partnership with Iraqi Women Art and War (IWAW). The others were delivered online. We organised four Peace Circle Taster Sessions in 2024 for 56 women. These were at Bradford University, Lady Margaret Hall (Oxford), Caerphilly Library in Wales, through collaboration with the Association of Mothers and Wives of Defenders of Ukraine and at the Democracy Forum in Caux.

Events and Outreach

On 8[th ] March, in celebration of International Women's Day, we held an online dialogue between Kawser Amine, an Afghan women's footballer and Rana Ibrahim, the founder and director of the Iraqi Women Art and War (IWAW), to share their experiences of how they overcame adversity. 45 women around the world joined to the conversation.

CoP UK was invited to lead a workshop at the IofC Caux Democracy Forum in collaboration with Wives and Mothers of Ukraine's Defenders (UK) and Creators of Peace International. This three-day workshop brought together 25 Ukrainian and South Sudanese women to create a manifesto for democracy. This manifesto was launched at an event online on 16[th] September, International Day of Democracy.

Sustainable Communities

Over the last four years, we have conducted research on community needs and challenges in collaboration with Brunel University Global Challenges undergraduates. This year’s cohort continued research from previous years looking into knife crime in London and its impact on the community. Students held events with ‘Mother and Child and Welfare’ in February, hosting a discussion titled “Impact of youth violence, gang activity and knife crime in our community” in London. This group included local authorities, youth, ex-youth offenders, victims of knife crime, and mothers who have lost their children to knife crime and violence. Over 30 participants from Fulham and Hammersmith attended. They also ran a roundtable in Hackney Town Hall, bringing together Councillors, the Lord Mayor, and other key stakeholders to discuss knife crime in London.

Plans for 2025-26

The ambition to remake the world, starting with ourselves, continues to be at the heart of IofC UK. We will continue to seek new and more effective ways to contribute to public benefit. The Executive aims to develop a more professional culture of accountability, objective-setting and evaluation, rooted in IofC’s Christian ethos, in support of initiatives of many kinds.

Annual Report 2024

STATUTORY INFORMATION

The following persons served as Trustees in 2024

Margaret Cosens (Chair) (resigned April 2024)

Joanna Sciortino Nowlan (Vice Chair) (resigned February 2024)

Bishop Lusa Nsenga-Ngoy (Vice Chair) (resigned April 2024)

Catherine Boobbyer (Vice Chair) (appointed April 2024) Nathalie Chavanne (resigned April 2024) Ian Corcoran (Chair since December 2024) (appointed April 2024)

Gerald Doherty

Chetan Halai (resigned November 2024)

Michael Kane (Chair April 2024) (resigned December 2024)

Joi McAtee (appointed December 2024)

Archana Rao

Gordon Robinson (resigned October 2024)

Lul Seyoum (appointed April 2024)

Michael Smith (appointed December 2024)

Trustees Responsibility Statement

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

that law, the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the Charity for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and then apply them consistently
observe the methods and principles of the Charities SORP FRS 102 (2019)
make judgements and accounting estimates that are reasonable and prudent

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements

• that the Charity will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for

Annual Report 2024

safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

that:

so far as the Trustee is aware, there is no relevant audit information of which the Charity's auditors are unaware
the Trustee has taken all the steps that ought to have been taken as a Trustee to be aware

of any relevant audit information and to establish that the Charity's auditors are aware of that information.

information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditors

Goodman Jones LLP have indicated their willingness to be re-appointed as auditors. A resolution proposing their re- appointment was approved at the AGM.

Small Companies Note

In preparing this report, the Trustees have taken advantage of the small companies' exemptions provided by Section 415A of the Companies Act 2006.

Finally, we Trustees would like to express our gratitude to the dedicated staff, the many volunteers and those who support IofC UK financially or remember IofC UK in their wills. Without this broad support, the Charity would not be able to operate effectively.

This report was approved by the board and signed on its behalf:

Ian Corcoran Chair of Trustees; Friday, 19 September 2025

Annual Report 2024

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE OXFORD GROUP

Opinion

ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

• give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure for the period then ended

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

of accounting in the preparation of the financial statements is appropriate.

or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other Information

statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other

Annual Report 2024

information, we are required to report that fact. We have nothing to report in this regard.

Opinion on Other Matters Prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• year for which the financial statements are prepared is consistent with the financial statements; and

• the Directors’ Report included within the Trustees’ Report has been prepared in accordance with applicable legal requirements.

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

we have not received all the information and explanations we require for our audit; or

• companies regime and take advantage of the small companies' exemption in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Responsibilities of Trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Statement

We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder.

free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion.

Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these

Annual Report 2024

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

compliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006, Charities Act 2011, Charity Commission and sector regulations, and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried. These procedures included:

• discussions with management, including consideration of known or suspected instances of noncompliance with laws and regulations and fraud

reading minutes of meetings of those charged with governance
obtaining and reading correspondence from legal and regulatory bodies, including HMRC
identifying and testing journal entries

engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above, and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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 involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of Our Report

This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Martin Bailey FCA (Senior Statutory Auditor) for and on behalf of

Goodman Jones LLP Chartered Accountants Statutory Auditors 1st Floor, Arthur Stanley House, 40-50 Tottenham St, London W1T 4RN

Date: 23-09-25

Goodman Jones LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

THE OXFORD GROUP STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

funds Notes £ Income and endowments from: Donations and legacies 3 98,838 Other trading activities Letting & catering income 6 60,947 Investment income 9 174,721 334,506 Charitable activities: Income from sale of books and films 4 590 Other income: Other income 909 Total income 336,005 Expenditure Raising Funds Fundmanager's fees 11 Letting and catering costs 6 214,912 Other costs - Charitable activities Campaigns programmes and other activities 5 1,794,728 Film and book costs 4 459 Total expenditure 10 2,010,110 Net (expenditure) / income for the year (1,674,105) Net gains / (losses) on investments: Realised 12 - Unrealised 12 (1,445) Properties 12 - (1,445) Net (expenditure) / income before transfers (1,675,550) Transfers between funds 17, 18 & 20 5,006,317 Net (expenditure) / income before other recognised gains and losses 3,330,767 Other gains / (losses) Net gains on fixed asset disposal Differences on exchange 253 Net movement in funds 3,331,020 Reconciliation of Funds Total funds at 1 January 2024 (312,983) Total fund balances at 31 December 2024 3,018,037 Unrestricted	Designated funds £ - - -	Restricted funds £ 28,254 11,050	funds £ - - - Endowment	Total 2024 £ 127,092 60,947 185,771	Total 2023 £ 36,413 77,930 254,328
334,506 590 909	- - -	39,304 - -	- - -	373,810 590 909	368,671 2,510 -
336,005	-	39,304	-	375,309	371,181
11 214,912 - 1,794,728 459	- - - 231,118 -	2,827 - - 21,573 -	52,615 - - - -	55,453 214,912 - 2,047,419 459	56,780 197,189 - 1,970,474 204
2,010,110	231,118	24,400	52,615	2,318,243	2,224,647
(1,674,105) - (1,445) -	(231,118) - - -	14,904 1,171 12,160 -	(52,615) 401,998 231,954 -	(1,942,934) 403,169 242,669 -	(1,853,466) 774,691 180,933 -
(1,445)	-	13,331	633,952	645,838	955,624
(1,675,550) 5,006,317	(231,118) (3,310,929)	28,235 -	581,337 (1,695,388)	(1,297,096) -	(897,842) -
3,330,767	(3,542,047)	28,235	(1,114,051)	(1,297,096)	(897,842)
253	883 -	-	-	883 253	(7,107)
3,331,020 (312,983)	(3,541,164) 16,436,926	28,235 502,284	(1,114,051) 11,020,213	(1,295,960) 27,646,440	(904,949) 28,551,389
3,018,037	12,895,762	530,519	9,906,162	26,350,480	27,646,440

An analysis of the above individual fund columns with prior year comparatives is provided in note 24 All the above results are derived from continuing activities. All the recognised gains and losses are included in the above Statement of Financial Activities. The notes on pages 23 - 38 form part of these financial statements

THE OXFORD GROUP BALANCE SHEET AS AT 31 DECEMBER 2024

COMPANY REGISTRATIONNUMBER: 355987

Notes Fixed Assets Tangible assets 11 Investments 12 Current Assets Property awaiting disposal 13 Stocks 14 Debtors 15 Short term investments Cash at bank and in hand Creditors:amounts falling due within one year 16 Net current (liabilities) / assets Total assets less curent liabilities Funds Unrestricted funds general 17 Unrestricted fundsproperty awaiting disposal fund 17 Designated fund revaluation reserve 18 Designated funds 18 Restricted funds 19 Endowment funds 20	£ £ £ £ 12,895,762 16,436,926 10,128,637 11,245,379 23,024,399 27,682,305 3,330,312 - 1,554 2,454 51,165 79,600 130,404 117,949 97,680 89,940 3,611,115 289,943 285,034 325,808 3,326,081 (35,865) 26,350,480 27,646,440 (312,275) (312,983) 3,330,312 - 7,773,007 12,417,878 5,122,755 4,019,048 530,519 502,284 9,906,162 11,020,213 26,350,480 27,646,440 2023 2024	£ £ £ £ 12,895,762 16,436,926 10,128,637 11,245,379 23,024,399 27,682,305 3,330,312 - 1,554 2,454 51,165 79,600 130,404 117,949 97,680 89,940 3,611,115 289,943 285,034 325,808 3,326,081 (35,865) 26,350,480 27,646,440 (312,275) (312,983) 3,330,312 - 7,773,007 12,417,878 5,122,755 4,019,048 530,519 502,284 9,906,162 11,020,213 26,350,480 27,646,440 2023 2024
	£ 3,330,312 1,554 51,165 130,404 97,680 3,611,115 285,034 (312,275) 3,330,312 7,773,007 5,122,755 530,519 9,906,162	£ 16,436,926 11,245,379
		27,682,305 (35,865)
		27,646,440
		(312,983) - 12,417,878 4,019,048 502,284 11,020,213
		27,646,440

The Charity's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime

The accounts were approved by the Board of Trustees and signed on their behalf by: Signed on behalf of the trustees by:

Ian Corcorran Chair of Trustees Date 19 September 2025

The notes on pages 23 - 38 form part of these financial statements

THE OXFORD GROUP CASHFLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

Notes Cash flows from operating activties Net cash used in operating activities B Cash flowsfrom investing activities: Dividends received Interest received Payments to acquire tangible fixed assets Payments to acquire investments Net payment into short term investments Proceeds furniture and equipment disposal Receipts from sale of investments Net cash provided by investing activities Change in cash and cash equivalent for the year Cash and cash equivalent at 1 January C Change in cash and cash equivalents due to exchange rate movements Cash and cash equivalents at 31 December C	£ 176,531 9,240 (20,478) (2,273,373) (12,455) 1,095 4,035,953	2024 £ (1,909,026) 1,916,513	£ 248,172 6,156 (53,626) (1,219,354) (30,962) 2,864,999	2023 £ (1,996,939) 1,815,385

		7,487 89,940 253		(181,554) 278,601 (7,107)
		97,680		89,940

Notes to the Cashflow Statement

A Analysis of changes in net debt Balance as at Fair value 1 January Cash-flows movements 2024 89,940 7,487 - B Reconciliation of net income/(expenditure) to net cash flow from operating activities 2024 2023 Net income/(expenditure) £ £ before other recognised gains and losses (1,297,096) (897,842) Depreciation and other non-cash transactions 231,118 270,997 Property revaluation - - (Increase) / Decrease in stocks 900 (1,552) Decrease in debtors 28,435 3,969 (Decease) / Increase in creditors (40,774) (162,559) Investment income received (185,771) (254,328) Realised (gain) from sale of investments (403,169) (774,691) Unrealised (gain) / loss due to market valuation of investments (242,669) (180,933) Net cash used in operating activities (1,909,026) (1,996,939) C Analysis of net cash resources 2024 2023 £ £ Balance at 1 January 89,940 278,601 Net cash outflow 7,740 (188,661) Balance at 31 December 97,680 89,940	Balance as at 1 January 2024	Cash-flows	Fair value movements	Foreign Exchange movement	Balance as at 31 December 2024
	89,940	7,487	-	253	97,680

The notes on pages 23 - 38 form part of these financial statements

THE OXFORD GROUP (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. General Information and company status

The Oxford Group is a company limited by guarantee (number 355987), the liability of the members of the company being limited to £1 each. At December 2024, there were 86 members of the Association (2023: 86). During the year, twelve people served as Trustees

The total expenses reimbursed (which mainly relate to travel costs) during the year to 7 trustees was £16,391 (2023: £7,197 to 7 Trustees). The Trustees have decided to publish their expenses, which are as follows:

Michael Kane £121 res 31 December 2024 Margaret Cosens £ 839 (2023: £8,750) res 15 April 2024 Archana Rao £1,026 (2023-£3,166) res 18 February 2025 Lusa Nsenga-Ngoy £nil (2023: £nil) res 15 April 2024 Gerald Doherty £1,614 (2023 - £999) Joanna Nowlan £ Nil (2023 :£1,185) res. 1 March 2024 Catherine Boobbyer app 15 April 2024 £89 Gordon Robinson £ 16 (2023: £247) res 22 October 2024 Lul Seyoum app 15 April 2024 £Nil res 20 June 2025 Nathalie Chavanne £ 328 (2023: £1,196) res 15 April 2024 Ian Corcorran app 15 April 2024 £3,014 Chetan Halai £nil (2023: £nil) res 1 November 2024 Ms Joi Mcatee app 18 December 2024 £912

Since his appointment as a trustee Ian Corcorran has continued to provide consultancy services, fees in 2024; since 15 Aprril 2024 fees of £7,180 have been paid.

In 2023 Margaret Cosens provided consultancy services to the company for fees of £12,000.

Charity Commission consent has been obtained. No other trustee received any fees from the company.

The Oxford Group is a charity registered in England and Wales, number 226334.

2. Principal accounting policies

a) Basis of preparation

The accounts have been prepared in accordance with the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK as defined by FRS102 and the charities SORP.

The company is a public benefit entity.

The accounts are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £1.

The accounts have been prepared under the historical cost convention except for revaluation of fixed asset properties, investments, and investment properties. The principal accounting policies adopted are set out below.

b) Income

Income is recognised in the period in which the charity is entitled to receipt and is more likely that economic benefits will flow to the charity and the amount can be measured with reasonable certainty. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

In accordance with this policy, legacies are recognised when the charity knows the existence of a valid will and the death of the benefactor as well as after establishing that the probability of receipt or property transferred is high and the amount involved can be estimated with sufficient accuracy. Gifts-in-kind are included at valuation where their value is ascertainable and material.

Grant and donations received are accounted for when entitlement has been confirmed, the amount can be measured and receipt probable.

Investment income is accounted for when received. Income from letting and catering are accounted for when it is earned.

c) Expenditure and basis of allocation of support costs

Expenditure is accounted for on an accrual basis and is recognised when there is a legal or constructive obligation to pay for the expenditure.

The majority of the costs are directly attributable to specific activities. However, there are certain shared costs (known as support costs) incurred by certain support functions that assist the work of the charity but are not direct charitable activities. Support costs include rates, insurance, electricity, repairs and cleaning for the Head Office, and marketing costs. Support costs are allocated as follows: 25% to Administration, 40% to campaigns, 25% to Support and co-ordination and 10% to Establishment costs of unused space at 24 Greencoat Place. 1% was also allocated to Governance costs from administration overheads. The costs of producing films are realised in the year in which they are incurred.

THE OXFORD GROUP (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

d) Costs of campaigns, programmes and other activities

These costs represent costs incurred for UK and overseas campaigns. They also include allocated costs incurred for governance and marketing, and support costs incurred to co-ordinate campaigns.

e) Preparation of the accounts on a going concern basis

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operation existence for the foreseeable future. As noted in more detail in the Trustees' Report, at the balance sheet date the Charity has a deficit on general unrestricted funds, after designating fixed assets and investments. The Trustees have considered the impact of this but are confident that there this does not give rise to any material uncertainty around going concern given the level of unrestricted reserves included within designated funds and given that over 98% of endowment funds are expendable as deemed necessary and appropriate by the Trustees. The Trustees have considered the level of general unrestricted funds alongside the future plans for the Charity, the performance of the Charity's investments, cash balances, and options for future use of the properties. They are satisfied that the Charity can meet its commitments and liabilities as they fall due. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

f) Capitalisation and depreciation of tangible assets

All assets costing more than £1,000 are capitalised.

Freehold land is not depreciated but the depreciation of other tangible fixed assets is provided at the following rates calculated on a straight-line basis to write off the cost of assets over their estimated useful life:

Freehold Property excluding land - 2% Plant and machinery - 10% to 25% Fixtures and fittings - 10% to 25%

The Charity revalued its properties as at 31 December 2020. Depreciation has been charged on the revalued amounts less land.

No depreciation is provided for some contents of the properties because in the opinion of the Board of Trustees their overall value is likely to increase, rather than decrease, as the result of good maintenance and the antique importance of some of the items.

One property was brought to market during the year and an offer subject to clarification of planning consent for use as a single dwelling received. The apropriate permission was received after the year end and the property sold in line with the offer. In the opinion of the Board of Trustees, it is appropriate to account for this property as property awaiting disposal in current assets rather than as a fixed asset.

Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use.

g) Listed and Fixed asset investments

Listed and Fixed asset investments are included at market value and the investment properties at their open market value at the balance sheet date. The open market of the investment properties is made by chartered surveyors or at trustees’ valuation. Any gains or losses on revaluations are taken to the Statement of Financial Activities.

h) Stocks

Stocks of literature and stores are valued at the lower of cost and estimated realisable value. Where costs are incurred in advance for film production they are treated as expenses at time they are incurred.

i) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

THE OXFORD GROUP (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

j) Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand and short term highly liquid investments with a short term maturity of 3 months or less from the date of acquisition or opening of the deposit.

k) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discount due.

l) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value, which is at the cost, with the exception of:

Investments are measured at their fair value as at the balance sheet date;
Fixed asset properties are measured at cost, subject to periodic revaluation, less depreciation;
Other fixed assets are measured at cost less depreciation.

m) Fund accounting

Funds held by the charity are:

Unrestricted funds – these are funds, which can be used in accordance with the charitable objects at the discretion of the Board of Trustees.

Restricted funds – these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Designated funds – This is the value of all properties and the majority of long-term investments which are essential for the continuation of The Group’s activities.

Endowment funds – This is the value of the majority of long-term investments the income of which is kept to support the on going essential activities of The Group. The majority (98.1%) are an expendable endowment fund and the remaining 1.9% is permanent. The income from endowment funds may be used to cover the core running of the charity.

Further explanation of the nature and purpose of each fund is included in the notes to the accounts (Notes 16 to 19).

n) Pensions

The charity has approved for its employees the ‘Stakeholder Pension Scheme’, a unit linked contract issued under the rules of Aviva. The pension assets are separatedly managed by Aviva under Chapter IV Part IV ICTA 1988.

o) Critical accounting estimates and judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.

No judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies. The key assumptions concerning the future and key sources of estimation of uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:

Estimation of the useful economic life of buildings, furniture and office equipment, and IT equipment.

The value of buildings continues to be based on the revaluation at 31 December 2020 less depreciation.

The level of investment return and performance of the investment markets.

THE OXFORD GROUP (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

3 Income from donations and legacies

3 Income from donations and legacies
funds £ Legacies 88,450 Gifts under covenant 10,388 Gifts for projects and programmes - 98,838 Unrestricted	Restricted funds £ - - 28,254 28,254	Total 2024 £ 88,450 10,388 28,254 127,092	funds £ 1,292 11,837 - 13,129 Unrestricted	Restricted funds £ - 17,526 10,758 28,284	Total 2023 £ 1,292 29,363 10,758
					41,413

4 Income from charitable activities

4 Income from charitable activities
Income Sale and hire of films Contributions from course participants Sale of books Total income Direct costs Surplus	Films and books
	Total 2024 £ 676 45 2,203 2,924 2,334 2,334 590	Total 2023 £ 525 900 2,055
		3,480
		970
		970

		2,510

THE OXFORD GROUP (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

5 Costs of campaigns, programmes and other activities

				2024
	Unrestricted funds		Total unrestricted funds £ 1,794,728	Designated Funds of Fixed Assets £ 231,118 Depreciation		Restricted funds
Activities undertaken directly £ 541,918	Support costs £ 1,236,121	Grants payable £ 16,689			Activities undertaken directly £ 11,285	Support costs £ -	Grants payable £ 10,288	£ 21,573 Total restricted funds

				2023
	Unrestricted funds		Total unrestricted funds £ 1,671,085	Designated Funds of Fixed Assets £ 270,997 Depreciation		Restricted funds
Activities undertaken directly £ 547,107	Support Grants costs payable £ £ 1,078,978 45,000				Activities undertaken directly £ 25,656	Support Grants costs payable £ £ - 2,756.00		Total restricted funds £ 28,412

Charitable activities include: UK campaigns (including pastoral work, training, development, forums and public meetings, national co-ordination, and Ireland special programme, Agenda for Reocnciliation, and film work), and projects (including School For Change Makers, Refugees As Rebuilders, new leadersip business programmes and others.

5a Grants payable All grants were payable to institutions as set out below IOFC Africa Rowland Trust 75 years of Caux IOFC Cambodia Contribution to IOFC International Contribution to International President's costs Ireland costs Total grants awarded 6 Letting and catering : Income: Letting office space Catering service Letting residential space Total income Expenses Direct cost Operating (loss) / profit for the year	Unrestricted Funds 2024 £ - - - - 16,689 - - 16,689 Total 2024 £ 34,446 20,501 6,000 60,947 214,912 (153,965)	Restricted Funds 2024 £ 10,288 - - - - - - 10,288 Total 2023 £ 56,484 15,622 6,000 78,106 197,189 (119,083)	Total 2024 £ 10,288 - - - 16,689 - - 26,977	Unrestricted Funds 2023 £ - 10,000 5,000 - 20,000 - - 35,000	Restricted Funds 2023 £ - - - 2,033 - - 723 2,756.00	Total 2023 £ - 10,000 5,000 2,033 20,000 10,000 723
						47,756

THE OXFORD GROUP (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

7 Allocation of support costs

Marketing and publicity Forums, meetings, and administration costs Governance costs	Total Total 2024 2023 £ £ 186,002 151,684 811,223 788,666 238,896 138,628 1,236,121 1,078,978

Staff costs are allocated on the basis of duties performed and invoiced costs on the basis of the area to which the expenditure relates.

Governance costs comprise audit fees £29,790 (2023 - £42,924), allocation of staff time £71,034 (2023 -£72,201 ) (in respect of time spent on governance and overall charity management matters), and costs of other advice and holding meetings £138,072 (2023 - £23,503).

8 Net (expenditure)/income for the year is stated after charging:

Auditors' remuneration - statutory audit Depreciation 9 Investment income and interest Interest receivable Dividend income	2024 2023 £ £ 29,700 42,924 231,118 270,997 2024 2023 £ £ 9,240 6,156 176,531 248,172 185,771 254,328

THE OXFORD GROUP (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Staff Costs £ - 127,457 1,000,862 -	Depreciation £ - 21,088 210,030 -	Other Costs £ 55,454 - 66,367 836,527 459	Staff Costs £ - 120,458 825,921 -	Depreciation £ - 16,152 254,845 -	Other Costs £ 56,779 - 60,579 889,728 204	Total 2023 £ 56,779 - 197,189 1,970,494 204
1,128,319	231,118	958,807	946,379	270,997	1,007,290	2,224,666
				2024 £ 881,221 85,000 92,844 69,254	2023 £ 782,551 26,425 75,216 62,187
				1,128,319	946,379

One employee earned more than £110,000 and less than £120,000 in 2024 (2023 One employee earned more than £60,000 and less than £70,000).

The average number of employees during the year was:-

Campaigns London Centre Communications Finance and administration	2024 2023 8 8 5 5 3 3 5 4 21 20 Full time equivalent	2024 10 5 3 5 Head	2023 10 5 3 4 Count
	21	23	22

All employees contributed to campaigns and management and administration of the charity.

The key management personnel of the charity are members of the Executive Team and members are described on page 9 No trustee has received any remuneration, whilst in office, this year (2023 none). The total remuneration, including employer's national insurance and pension contributions, incurred in the year in respect of the Executive Committee was £ 169,390 (2023- £108,788)

In 2024 Ian Corcorran, after appointment as a trustee, provided consultancy services to the company for fees of £7,800 with Charity Commission consent.

In 2023 Margaret Cosens provided consultancy services to the company for fees of £12,000 with Charity Commission consent. No other trustee received any fees from the company.

THE OXFORD GROUP (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

11 Tangible fixed assets Freehold land and buildings Cost £ At 1 January 2024 17,076,716 Additions 2,693 Disposals - Transfer to assets awaiting disposal (3,500,000) 13,579,409 Depreciation At 1 January 2024 696,684 Charge for the year 218,217 On disposals - Transfer to assets awaiting disposal (169,688) At 31 December 2024 745,213 Net book value At 31 December 2024 12,834,196 At 31 December 2023 16,380,032 The net book value of land and buildings comprises Freeholds Leaseholds	Contents of properties £ 294,890 17,785 (56,114) - 256,561 237,996 12,901 (55,902) - 194,995 61,566 56,894	Video masters £ 218,561 - - - 218,561 218,561 - - - 218,561 - - 2024 £ 12,502,096 332,100 12,834,196	Total £ 17,590,167 20,478 (56,114) (3,500,000)
			14,054,531
			1,153,241 231,118 (55,902) (169,688)
			1,158,769
			12,895,762
			16,436,926
			2023 £ 16,043,132 336,900
			16,380,032

THE OXFORD GROUP (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

12 Investments Market value at 1 January 2024 Transfer (to) / from fixed assets at cost Additions at cost Disposal proceeds Unrealised revaluation (losses) /gains Realised gains / (losses) Unrealised investment gains / (losses) General fund Special purposes fund Endowment fund Market value at 31 December 2024 Investments at Listed: Commercial and industrial Equity shares Investment trusts and unit trusts	Total 2024 £ £ £ 11,245,379 11,245,379 - - 2,273,373 2,273,373 13,518,752 13,518,752 (4,035,953) (4,035,953) 9,482,799 9,482,799 403,169 403,169 (1,445) 12,160 231,954 242,669 242,669 10,128,637 10,128,637 2024 2023 2024 2023 £ £ £ £ 10,128,637 11,245,379 7,970,422 9,329,812 10,128,637 11,245,379 7,970,422 9,329,812 2024 2023 Inside UK Outside UK Total Inside UK Outside UK Total £ £ £ £ £ £ 2,368,646 5,262,581 `<br>7,631,227<br>3,295,540<br>5,291,939` 8,587,479 1,809,518 687,892 2,497,410 2,023,075 634,824 2,657,899 4,178,164 5,950,473 10,128,637 5,318,615 5,926,763 11,245,378 Investments Investment assets Investment assets Market Value Historic cost	Total 2024 £ £ £ 11,245,379 11,245,379 - - 2,273,373 2,273,373 13,518,752 13,518,752 (4,035,953) (4,035,953) 9,482,799 9,482,799 403,169 403,169 (1,445) 12,160 231,954 242,669 242,669 10,128,637 10,128,637 2024 2023 2024 2023 £ £ £ £ 10,128,637 11,245,379 7,970,422 9,329,812 10,128,637 11,245,379 7,970,422 9,329,812 2024 2023 Inside UK Outside UK Total Inside UK Outside UK Total £ £ £ £ £ £ 2,368,646 5,262,581 `<br>7,631,227<br>3,295,540<br>5,291,939` 8,587,479 1,809,518 687,892 2,497,410 2,023,075 634,824 2,657,899 4,178,164 5,950,473 10,128,637 5,318,615 5,926,763 11,245,378 Investments Investment assets Investment assets Market Value Historic cost
	Inside UK £ 2,368,646 1,809,518	Outside UK £ 5,262,581 687,892
	4,178,164	5,950,473

THE OXFORD GROUP (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

13 Property Awaiting disposal At valuation less accumulated depreciation	2024 2023 £ £ 3,330,312 - 3,330,312 -

The property awaiting disposal was sold for £4,925,000 (net of disposal costs) in 2025

14 Stocks Videos Books Cards 15 Debtors Trade debtors Sundry debtors Prepayments Accrued income 16 Creditors amounts falling due within one year Trade creditors Taxation and social security Pension contributions Accruals Deferred income Other creditors	2024 £ 230 1,285 39 1,554 2024 £ 5,263 1,459 43,534 909 51,165 2024 £ 101,199 26,546 10,504 88,806 13,942 44,037 285,034	2023 £ 461 899 1,094
		2,454
		2023 £ 23,192 8,183 48,225 -
		79,600
		2023 £ 126,887 37,866 10,252 106,019 12,363 32,421
		325,808

THE OXFORD GROUP (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

17 Unrestricted funds

Opening balance as at 1 January 2024 Net movement during the year Realised gain/(loss) including foreign exchange gains Unrealised gain on revaluation Transfer from designated fund Utilisation of expendable endowment fund Net additions to fixed assets Transfer from investment property to fixed assets Balance as at 31 December 2024	General 2024 £ (312,983) (1,674,105) 253 (1,445) 1,695,388 (19,383) -	Properties 2024 £ - - - - 3,330,312 - - awaiting disposal	Total 2024 £ (312,983) (1,674,105) 253 (1,445) 3,330,312 1,695,388 (19,383) -	General 2023 £ (128,898) (1,522,832) (13,973) 10,173 1,356,920 (14,373)	Investment 2023 £ 217,421 - - - - (217,421) property revaluation	Total 2023 £ 88,523 (1,522,832) (13,973) 10,173 1,356,920 (231,794)
	(312,275)	3,330,312	3,018,037	(312,983)	-	(312,983)

18 Designated funds

2024

Balance at 01 Jan 2024 £ 4,019,048 12,417,878	Income Expenditure Revaluation £ £ £ 883 (231,118) - - - - 883 (231,118) - 2023 Movement of Resources	Income Expenditure Revaluation £ £ £ 883 (231,118) - - - - 883 (231,118) - 2023 Movement of Resources	Income Expenditure Revaluation £ £ £ 883 (231,118) - - - - 883 (231,118) - 2023 Movement of Resources	Transfers from / (to) unrestricted £ 1,333,942 (4,644,871)	Gains/ (Losses) £ - -	Balance at 31 Dec 2024 £ 5,122,755 7,773,007
16,436,926	883	(231,118)	-	(3,310,929)	-	12,895,762
			2023
Balance at 01 Jan 2023 £ 4,275,672 12,200,457	Income Expenditure Revaluation £ £ £ - (270,997) - - - - - (270,997) - Movement of Resources			Transfers from unrestricted £ 14,373 217,421	Gains/ (Losses) £ - -	Balance at 31 Dec 2023 £ 4,019,048 12,417,878
16,476,129	-	(270,997)	-	231,794	-	16,436,926

THE OXFORD GROUP (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

19 Restricted Funds

Income Expenditure Gains and From/(to) (losses) unrestricted £ £ £ 10,035 (2,827) 13,331 - - (514) - - - - - - - (10,425) - - - (919) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2,500 (2,131) - - 19,205 (20) - - - - - - 7,564 (7,564) - - 39,304 (24,400) 13,331 - Income Expenditure Gains and From/(to) (losses) £ £ £ £ 9,909 (6,434) 7,768 - - (6,914) - - - (776) - - - (6,298) - - 7,758 (812) - - - (132) - - - - - - - - - - - - - - - (2,033) - - - - - - - - - - - (644) - - 15,526 (15,526) - - 33,193 (39,569) 7,768 - Movement in Resources 2024 Movement in Resources 2023	Income Expenditure Gains and From/(to) (losses) unrestricted £ £ £ 10,035 (2,827) 13,331 - - (514) - - - - - - - (10,425) - - - (919) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2,500 (2,131) - - 19,205 (20) - - - - - - 7,564 (7,564) - - 39,304 (24,400) 13,331 - Income Expenditure Gains and From/(to) (losses) £ £ £ £ 9,909 (6,434) 7,768 - - (6,914) - - - (776) - - - (6,298) - - 7,758 (812) - - - (132) - - - - - - - - - - - - - - - (2,033) - - - - - - - - - - - (644) - - 15,526 (15,526) - - 33,193 (39,569) 7,768 - Movement in Resources 2024 Movement in Resources 2023	Income Expenditure Gains and From/(to) (losses) unrestricted £ £ £ 10,035 (2,827) 13,331 - - (514) - - - - - - - (10,425) - - - (919) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2,500 (2,131) - - 19,205 (20) - - - - - - 7,564 (7,564) - - 39,304 (24,400) 13,331 - Income Expenditure Gains and From/(to) (losses) £ £ £ £ 9,909 (6,434) 7,768 - - (6,914) - - - (776) - - - (6,298) - - 7,758 (812) - - - (132) - - - - - - - - - - - - - - - (2,033) - - - - - - - - - - - (644) - - 15,526 (15,526) - - 33,193 (39,569) 7,768 - Movement in Resources 2024 Movement in Resources 2023	Balance at 31 Dec 2024 £ 347,632 8,324 - 20,813 9,703 108,951 3,283 2,575 3,109 - 5,940 635 369 19,185 - -
			530,519
			Balance at 31 Dec 2023 £ 327,093 8,838 - 31,238 10,622 108,951 3,283 2,575 3,109 - 5,940 635 - -
Income £ 9,909 - - - 7,758 - - - - - - - - 15,526 33,193	Expenditure £ (6,434) (6,914) (776) (6,298) (812) (132) - - - (2,033) - - (644) (15,526) (39,569)	Gains and (losses) £ 7,768 - - - - - - - - - - - - - 7,768
			502,284

THE OXFORD GROUP (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

19 Restricted Funds - continued

Restricted funds are held for the following purposes:

Ireland Fund

This fund arose from a legacy. Under the terms of the will, the fund is to be used for the work of Initiatives of Change in Ireland.

Agenda for Reconciliation

This fund supports initiatives in the field of developing values for democracy and reconciliation work.

IoFC Schools' Service

This fund is restricted for IoFC outreach work with schools and young people in the UK.

Africa Fund (Loch)

This fund is restricted to cover projects in Africa that advance the objectives of the charity and where appropriate the accommodation and travel costs of Africans participating in IofC related seminars, conferences and meetings.

Middle East Fund (Dumreicher)

This fund is restricted for financing IoFC activities in the Middle East.

Young People's Fund

This fund is restricted to IoFC's work with young people in the UK.

Phyllis Konstam Memorial Fund

This fund was set up by HW 'Bunny' Austin and Phyllis Konstam to support IoFC work related to Caux.

Arab Co-ordinating Group Fund

This fund arose following receipt of a grant for specific projects by the Arab Co-ordinating Group.

IoFC Project Somalia

This fund represents grants received towards specific IoFC projects in Somalia.

IoFC Centres - Cambodia/Vietnam

This fund represents donations received towards IoFC projects in Cambodia and Vietnam.

Learning To Be A Peacemaker

This fund represents income received towards Learning To Be A Peacemaker courses run by IoFC UK. These courses are designed to provide knowledge and information about peacemaking culture.

School For Change Makers

This fund represents income received towards IoFC UK's School For Change Makers programme. This is a leadership programme for young people aiming to develop the skills and selfawareness needed to be effective leaders at work, home, and in the community.

Sponsorship research

This fund represents a donation to fund academic research in the UK by a retired Japanese politician

Listening Road Show

This fund represents income received towards IoFC UK's Listening Road Show.

THE OXFORD GROUP (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

20 Endowment fund

20 Endowment fund
Endowment fund Realised (loss) / gain disposal of investments Unrealised (loss) / gain from investments Fund management fee Endowment fund Realised (loss) /gain disposal of investments Unrealised gain from investments Fund management fee	Balance at 1 Jan 2024 £ 10,758,389 639,153 (175,320) (202,009)	Income Expenditure Gains / (losses) £ £ £ - - - - - 401,998 - - 231,954 - (52,615) - - (52,615) 633,952 Income Expenditure Gains / (losses) £ £ £ - - - - - 783,752 - - 160,797 - (53,261) - - (53,261) 944,549 Movement in Resources 2024 Movement in Resources 2023			Transfer Unrestricted General fund £ (1,695,388) - - -	Balance at 31 Dec 2024 £ 9,063,001 1,041,151 56,634 (254,624)
	11,020,213	-	(52,615)	633,952	(1,695,388)	9,906,162
	Balance at 1 Jan 2023 £ 12,115,309 (144,599) (336,117) (148,748)				Transfers £ (1,356,920) - - -	Balance at 31 Dec 2023 £ 10,758,389 639,153 (175,320) (202,009)
	11,485,845	-	(53,261)	944,549	(1,356,920)	11,020,213

The trustees have authorised drawdowns of capital from the expenible endowment fund. The transfer of funds in both the current and prior years matches the fund balance to the separately held endowment fund investments (including short term investments within current assets).

31 December 2024	31 December 2024	31 December 2024
Tangible Net Current Investments Assets £ £ £ - 39 (312,314) - - 3,330,312 7,773,007 - - 5,122,755 - - - 326,717 20,915 182,887 - 9,801,881 104,281 12,895,762 10,128,637 3,326,081 31 December 2023 Fixed Assets		Net Current Assets £ (312,314) 3,330,312 - - 20,915 182,887 104,281	Total 2024 £ (312,275) 3,330,312 7,773,007 5,122,755 347,632 182,887 9,906,162
12,895,762	10,128,637	3,326,081	26,350,480

Tangible Investments £ £ - 1,485 - - 12,417,878 - 4,019,048 - - 311,988 - 10,931,906 16,436,926 11,245,379 Fixed Assets		Net Current Assets £ (314,468) - - - 15,105 175,191 88,307	Total 2023 £ (312,983) - 12,417,878 4,019,048 327,093 175,191 11,020,213
16,436,926	11,245,379	(35,865)	27,646,440

THE OXFORD GROUP (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

22 Pension and other post-retirement benefit commitments

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost of £69,254 (2023: £62,187) represents contributions payable by the charity to the fund. The expenses have been allocated to unrestricted expenditure on the same basis as wages and salaries.

As at 31 December 2024, pension contributions of £10,504 were included in creditors representing 2024 contributions paid over in 2025 (2023: £10,252).

23 Related party transactions

Other than as disclosed elsewhere in these financial statements, there were no transactions with related parties requiring disclosure in either the current or prior years.

THE OXFORD GROUP (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONCLUDED) FOR THE YEAR ENDED 31 DECEMBER 2024

24 Statement of Financial Activities Prior Year Comparatives by individual type of fund

2024 2023 £ £ 98,838 13,129 60,947 77,930 174,721 244,419 334,506 335,478 590 2,510 909 - 336,005 337,988 11 820 214,912 197,189 - - 1,794,728 1,662,607 459 204 2,010,110 1,860,820 (1,674,105) (1,522,832) - (6,866) (1,445) 10,173 - - (1,445) 3,307 (1,675,550) (1,519,525) 5,006,317 1,125,126 3,330,767 (394,399) 253 (7,107) 3,331,020 (401,506) (312,983) 88,523 3,018,037 (312,983) Unrestricted funds	2024 2023 £ £ - - - - - - - - - - - - - - - - - - - - 231,118 270,997 - - 231,118 270,997 (231,118) (270,997) - - - - - - - - (231,118) (270,997) (3,310,929) 231,794 (3,542,047) (39,203) 883 - - (3,541,164) (39,203) 16,436,926 16,476,129 12,895,762 16,436,926 Designated funds	2024 2023 £ £ 28,254 23,284 11,050 9,909 39,304 33,193 - - - - 39,304 33,193 2,827 2,699 - - - - 21,573 36,870 - - 24,400 39,569 14,904 (6,376) 1,171 (2,195) 12,160 9,963 - - 13,331 7,768 28,235 1,392 - - 28,235 1,392 - - 28,235 1,392 502,284 500,892 530,519 502,284 Restricted funds	2024 2023 £ £ - - - - - - - - - - - - - - 52,615 53,261 - - - - - - - - 52,615 53,261 (52,615) (53,261) 401,998 783,752 231,954 160,797 - - 633,952 944,549 581,337 891,288 (1,695,388) (1,356,920) (1,114,051) (465,632) - - (1,114,051) (465,632) 11,020,213 11,485,845 9,906,162 11,020,213 Endowment funds	2024 2023 £ £ - - - - - - - - - - - - - - 52,615 53,261 - - - - - - - - 52,615 53,261 (52,615) (53,261) 401,998 783,752 231,954 160,797 - - 633,952 944,549 581,337 891,288 (1,695,388) (1,356,920) (1,114,051) (465,632) - - (1,114,051) (465,632) 11,020,213 11,485,845 9,906,162 11,020,213 Endowment funds
334,506 590 909	- - -	39,304 - -	- - -	- - -
336,005	-	39,304	-	-
11 214,912 - 1,794,728 459	- - - 231,118 -	2,827 - - 21,573 -	52,615 - - - -	53,261 - - - -
2,010,110	231,118	24,400	52,615	53,261
(1,674,105) - (1,445) -	(231,118) - - -	14,904 1,171 12,160 -	(52,615) 401,998 231,954 -	(53,261) 783,752 160,797 -
(1,445)	-	13,331	633,952	944,549
(1,675,550) 5,006,317	(231,118) (3,310,929)	28,235 -	581,337 (1,695,388)	891,288 (1,356,920)
3,330,767	(3,542,047)	28,235	(1,114,051)	(465,632)
253	883 -	-	-	-
3,331,020 (312,983)	(3,541,164) 16,436,926	28,235 502,284	(1,114,051) 11,020,213	(465,632) 11,485,845
3,018,037	12,895,762	530,519	9,906,162	11,020,213