**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**|
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**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
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**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**
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**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.
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**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
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**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.
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**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.
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**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.
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**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.
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**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.
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**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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**Annual Report 2024**
## **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.
13
**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.
14
**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
15
**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**
16
**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
17
**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
18
**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.
19
## **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**|**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
20
## **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
21
## **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
22
**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.
23
## **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.
24
**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.
25
## **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|
26
## **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**
|Campaigns, projects, and
other activities
Campaigns, projects, 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|
||||||||
27
## **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|
|---|---|
28
## **THE OXFORD GROUP (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
|**10 Total Expenditure**
_Raising funds_
Fund management fees
Other costs
Letting and catering costs
Campaigns, programmes
& other activities
Trading
**Analysis of staff costs**
Wages and salaries
Payments under
termination agreements
Social security costs
Pension costs|**Staff**
**Costs**
**£**
-
127,457
1,000,862
-|**Depreciation**
**£**
-
21,088
210,030
-|**Other**
**Costs**
**£**
55,454
-
66,367
836,527
459|**Total**
**2024**
**£**
55,454
-
214,912
2,047,419
459
2,318,244|**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.
29
## **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|
30
## **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 `
7,631,227
3,295,540
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 `
7,631,227
3,295,540
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**|
31
## **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**|
32
## **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**
|Tangible assets
Revaluation reserve - fixed asset properties
Tangible assets
Revaluation reserve - fixed asset properties|**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**|
33
## **THE OXFORD GROUP (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **19 Restricted Funds**
|Special Purpose Funds: Ireland
Agenda for Reconciliation
IofC Schools’ Service
Africa Fund (Loch)
Middle East Fund (Dumreicher)
Young People’s fund
Fund for Europe -Austin trust fund
Arab Co-ordinating Group Fund
IoFC Project Somalia
IoFC Centres - Cambodia/Vietnam
Learning To Be A Peacemaker
School For Change Makers
Caux Forum
Sponsored Research
Listening Road Show
Program donations
Special Purpose Funds: Ireland
Agenda for Reconciliation
IofC Schools’ Service
Africa Fund (Loch)
Middle East Fund (Dumreicher)
Young People’s fund
Fund for Europe -Austin trust fund
Arab Co-ordinating Group Fund
IoFC Project Somalia
IoFC Centres - Cambodia/Vietnam
Learning To Be A Peacemaker
School For Change Makers
Listening Road Show
Program donations|**Balance at**
**1 Jan 2024**
**£**
327,093
8,838
-
31,238
10,622
108,951
3,283
2,575
3,109
-
5,940
635
-
-
-
-
502,284
**Balance at**
**1 Jan 2023**
**£**
315,850
15,752
776
37,536
3,676
109,083
3,283
2,575
3,109
2,033
5,940
635
644
-
500,892|**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|
34
## **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.
35
## **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).
|**21 Analysis of net assets between funds**
**_Unrestricted funds_**
Unrestricted funds - general
Property awaiting disposal fund
**_Designated funds_**
Revaluation reserve
Other designated funds
**_Restricted funds_**
Ireland fund
Other restricted funds
**_Endowment fund_**
**_Unrestricted funds_**
Unrestricted funds - general
Investment property gain fund
**_Designated funds_**
Revaluation reserve
Other designated funds
**_Restricted funds_**
Ireland fund
Other restricted funds
**_Endowment fund_**|**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**|
36
## **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.
37
## **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**
|**Income and endowments from:**
**Donations and legacies**
**Other trading activities**
_Letting & catering income_
**Investment income**
**Charitable activities:**
_Income from sale of books and films_
**Other income:**
_Other income_
**Total income**
**Expenditure**
**Raising Funds**
_Fundmanager's fees_
_Letting and catering costs_
_Other costs_
**Charitable activities**
_Campaigns programmes and other activities_
_Film and book costs_
**Total expenditure**
**Net (expenditure) / income for the year**
**Net gains / (losses) on investments:**
Realised
Unrealised
Properties
**Net (expenditure) / income before transfers**
Transfers between funds
**Net (expenditure) / income before other**
**recognised gains and losses**
**Other gains / (losses)**
Net gains on fixed assets disposals
Differences on exchange
**Net movement in funds**
**Reconciliation of Funds**
Total funds at 1 January 2024
**Total fund balances at 31 December 2024**|**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**|
38