2021-12-31-accounts

INTERNATIONAL FELLOWSHIP OF EVANGELICAL STUDENTS

ANNUAL ACCOUNTS AND TRUSTEES REPORT 2021

Auditors

CROWE U.K. LLP Aquis House 49-51 Blagrave Street READING RG1 1PL

International Fellowship of Evangelical Students is a UK charity no 247919 and a limited company, registered in England and Wales no 876229 Registered office: 5 Blue Boar Street, Oxford, OX1 4EE

REFERENCE AND ADMINISTRATIVE DETAILS

The company is limited by guarantee and does not have a share capital. The company’s full name is International Fellowship of Evangelical Students, referred to herein as IFES (UK). Its registered company number is 876229 and registered charity number 247919. The registered office is 5 Blue Boar Street, Oxford OX1 4EE.

BOARD AND FINANCE COMMITTEE

The Directors set out below, who also act as trustees for the charitable activities of the company, are:

Mr Septi Bukula (Chair) Ms Vira Diukanova Dr Janet Epp Buckingham Mrs Renee Gibson Ms Animoa Valerie Goold Mrs Fatouma Gouda Sare Keita Rev Riad Kassis Mr Reji Koshy Daniel Mrs Mi Sook Lim Rev Samuel McCook Ms Margaret Akoth Muga Rev Christian Rasmussen Mr Gavin Rothwell Mr Greg Smith (Treasurer) Mr Vinicio J Zuquino Barrientos

The members of the company appoint the Directors.

Members of the Finance Committee who served during the year are:

Mr Septi Bukula Dr Nishan de Mel Mrs Eleanor Ehresman Ms Deborah Kong (until 13 July 2021) Mr Greg Smith (committee Chair) Mr Melvin Tan Mr Nicholas Addo (Chief Financial Officer – ex-officio, non-voting) Mr Timothy Adams (General Secretary – ex-officio, non-voting) Mr Martin Haizmann (Associate General Secretary – ex-officio, non-voting) Mr George Ogalo (Chief Operating Officer – ex-officio, non-voting)

OFFICERS

General Secretary Company Secretary

Mr Timothy Adams Mr Nicholas Addo

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RELEVANT ORGANISATIONS

Bankers

National Westminster Bank plc 315 Station Road HARROW Middlesex HA1 2AD

Solicitors

Anthony Collins Solicitors St Philips Gate 5 Waterloo Street BIRMINGHAM B2 5PG

Barclays Bank plc UK Retail and Business Banking Multi Client Servicing LEICESTER LE87 2BB

Auditors

Crowe U.K. LLP Aquis House 49-51 Blagrave Street READING RG1 1PL

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REPORT OF THE TRUSTEES OF THE INTERNATIONAL FELLOWSHIP OF EVANGELICAL STUDENTS

For the year ended 31 December 2021

I OBJECTIVES AND ACTIVITIES

MISSION STATEMENT

The objects of IFES are to advance the Christian faith by:

• promoting, supporting and maintaining an international fellowship of national Christian student ministries (national movements);

• seeking to awaken and deepen personal faith in the Lord Jesus Christ and to further evangelistic work among students throughout the world; and

• providing for fellowship on a worldwide and regional basis.

FROM LIVING STONES TO THRIVING TOGETHER

The Living Stones strategy, in place since 2008, came to an end in 2020. Initial research towards developing a new strategy for the next decade began at World Assembly in 2019 and since then we have consulted with stakeholders across the Fellowship, as well as drawing on external research into our global context and changes in higher education. During 2020, we also recognised the need to consider the implications for student ministry of the global Coronavirus pandemic. The new strategy, Thriving Together: IFES Ministry to 2030 , was developed and refined throughout 2021, ready to be approved by the Board and shared with the whole Fellowship in early 2022.

The four new strategic priorities that will guide our plans and work until 2030 will be: Thriving in Witness, Thriving in Whole-Life Commitment, Thriving on New Ground, and Thriving into the Future. It is our hope for the 2020s that God will help us thrive together in our calling as a global fellowship.

PUBLIC BENEFIT

The overall objective of IFES is to help students bear witness to Christ and his teaching, applying it to every aspect of life in every area of society. In 2021, staff and students of IFES national movements have had many opportunities to express their faith in acts of public service in their local communities, in the continuing trials of the pandemic as well as in other situations in their specific locations. Here are just a few examples from different parts of the world.

In response to the loneliness of students in the midst of COVID lockdowns, Sem and Ruth, two staff workers from Ichtus, the Dutch-speaking national movement in Belgium, developed a relationship with the city mayor in Kortrijk as they helped the city develop study spaces for students. Following this, during the students’ exam period they began the Coffee Brigade ; every Thursday they loaded their cargo bikes with coffee and snacks provided by the city council, and visited students around the city who were studying in isolation.

Continuing their collaboration with the city council, they next collected cards with messages of encouragement from the residents of Kortrijk and distributed them to students. Ruth shares that ‘the reaction when you handed them coffee, Red Bull, bottles and markers [provided by

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the city council or other businesses and organisations] was nice. But when we gave them a card from some anonymous person in Kortrijk who wanted to encourage them, they were thrilled. They were amazed that people cared about them. Some cards had biblical verses and encouragement on them. We don’t know what this did or still does in the lives of those students, but we prayed that those cards would end up with those who needed them most.’

They have captured the attention of local and even national news. Sem and Ruth reflect that

‘God opens doors in Kortrijk if we have the courage to try the handle’.

PSFC, the national movement in Fiji, was invited to join an initiative combatting human trafficking in partnership with organisations such as the International Organisation of Migration. Because cases of human trafficking have increased during the pandemic when many students have experienced intense economic hardship, PSFC launched an initiative called ‘5 Loaves and 2 Fish’ to provide basic grocery packages to international students who are not receiving their student loans. They helped students from Vanuatu, the Solomon Islands, and Papua New Guinea.

The Acts 4 initiative of FOCUS South Sudan exists to promote peaceful coexistence between students in South Sudan with awareness campaigns about ethnic-based hate speech and peaceful coexistence. FOCUS leaders explain that ‘hate speech along ethnic lines is on the rise among university students across the country. But students are influential in their communities, fuelling the ongoing civil war that may lead the country into all-out war and genocide.’ The program encourages students to be peacemakers with their neighbours and on their campuses. Workshops were held to train student leaders, as well as public campaigns, reaching 350 student leaders from different ethnicities across three universities. The initiative will continue with many more activities in 2022.

II ACHIEVEMENTS AND PERFORMANCE

During the second year of the global pandemic, national movements continued to adapt their ministry to the circumstances in which they found themselves. IFES has supported national movements through difficult situations even as they continue to share the good news with students who haven’t yet received it, disciple students into gospel-centred community, train future generations of leaders, and respond with the life-giving gospel to the issues they are confronted with in a broken world.

SECTION 1: EVANGELISM

In 2021, our movements and student groups continued to reach out to their friends and fellow students. On IFES World Student Day 2021, members of GBU Goma in the Democratic Republic of Congo shared the gospel with students who regularly gather to play sports in

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‘evangelistic sport’. As one Christian student shared, ‘many young people have never heard of Jesus Christ – the need for the Word of God is urgent. The joy that filled our hearts as we shared about Jesus is not to be imagined, and we said to ourselves that this is the purpose of the gospel.’

Staff and students from FCS Mongolia considering how to keep their groups growing and connecting new students during the pandemic organised an online event, partnering with well-known Christian Mongolian YouTubers, Jason and Jayel. This collaboration extended their reach, and as the YouTubers openly shared their faith, the non-believing students attending the event heard and responded to the gospel for the first time. A staff member commented that the format helped ‘keep the torch of evangelism burning. Through this event, we saw that God is still actively working through this movement.’

INTERNATIONAL STUDENT MINISTRY (ISM)

The pandemic has made 2021 challenging for international students. In some parts of the world, students have not been to their country of study and have remained at home, far from their universities. In other places, international students became trapped in their country of study, unable to return home. Sobremesa , a campaign to promote international student welcome, was launched in September. The Spanish word sobremesa describes the relaxed atmosphere that follows a communal meal and the campaign encouraged students to reach out with food and friendship to students on campus studying far from home. More and more, national movements are turning their attention to focus on international student ministry, recognising the strategic importance of sharing the gospel with those from potentially difficultto-reach countries.

Kamia, a student from India studying in Lviv, Ukraine, was sitting alone on a bench in the street during a break in her classes when Zhenya, a volunteer with CCX Ukraine decided to say hello. Zhenya became Kamia’s first Ukrainian friend and Kamia also introduced Zhenya to her friends from India. Soon afterwards, CCX Lviv began a Ukrainian club for international students, with language classes, cultural exchange, and opportunities to share the gospel. God has used Zhenya’s courage to build bridges and share the gospel with a large group of around fifty international students. They now have more

trust and openness with Ukrainians, are more confident to speak Ukrainian, and are searching for God. During December, Zhenya and another volunteer began holding Bible studies with international students.

PIONEERING

Pioneering student work in new universities, cities and countries has always been at the heart of IFES. Breaking New Ground (BNG) is an IFES project which provides seed funding for students and staff who are engaged in pioneering new groups and movements. While no new grants were given out from BNG this year, work made possible by grants given in previous years is flourishing.

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In Moquegua, Peru, the BNG project led to four students professing faith, new Bible study groups meeting in two universities, a new staff worker and a new leadership committee of four students. They hope to see more new Bible study groups established as students return to the university in person, and they also have plans to start a group in another nearby city.

BNG projects are making progress in at least 32 cities in 14 countries. An online community for those involved in BNG projects has enabled IFES to provide ongoing support and encouragement to people working in often remote and hard-to-reach places.

FEUER CONFERENCE

The Fellowship of Evangelists on the Universities of Europe (FEUER) is an evangelism partnership network, spanning many European IFES movements. Since its inception, hundreds of mission weeks across 40 countries have been held in universities, and a growing team of evangelists are equipped to proclaim the gospel at student events. In October 2021, IFES Europe held the first in-person FEUER conference for two years, with a reduced capacity of 60 representatives

from 26 countries. They shared what God has been doing through the pandemic, prayed and strategised for the future, and re-established relationships for greater collaboration. The parallel network of FEUER academics was also represented. The next FEUER conference is planned for October 2022 at the same venue in Greece, and the team is planning for a larger capacity than usual to make up for the restricted attendance in 2021.

Former IFES General Secretary, Lindsay Brown who stepped down as the director of FEUER at the end of 2020 shares that ‘while many student groups are starting from a point of weakness, the potential opportunity of the coming year could be unprecedented. The upheaval of the pandemic could precipitate an unusual openness to the gospel that we need to make the most of in the year ahead.’

REVIVE

The IFES Europe student evangelism and missions conference, Revive, was planned for December 2021 but due to the pandemic has been postponed until December 2022. While there was no actual conference, a series of online prayer gatherings have been held and continue to be planned throughout 2022 to help students keep their vision for revival in Europe alive, continuing to pray for this to happen and keeping their eyes fixed on Jesus. https://reviveeurope.org/en/about/

SECTION 2: LEADERSHIP DEVELOPMENT

GLOBAL LEADERSHIP INITIATIVE

The Global Leadership Initiative is a development program for young staff within national movements, aiming to identify and develop leadership potential within the global IFES network.

The second cohort of the GLI was formed in 2018 with 21 young leaders from all 11 IFES regions, and their training journey of fellowship, training and mentorship completed in October 2021. It had been hoped that the cohort could have held their final meeting in-person, but in the end they had to conclude with an online gathering. Associate General Secretary, Martin Haizmann has now stepped down from the leadership of the GLI, which has passed to Igors

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Rautmanis, Secretary of Staff and Team Development. Igors is building a new team ready to launch a third cohort. However, since the program is reliant on in-person meetings, it is not clear when this will be possible.

GRADUATE IMPACT

The Graduate Impact ministry supports young Christian adults across Europe and Eurasia as they transition from university to the workplace. This year, alongside hosting the CrossCurrent ministry program, the Graduate Impact team published research examining the difficulties young people face in seeking to live for Jesus in their workplaces. A summary of this research can be found on www.graduateimpact.org

CROSS-CURRENT

Cross-Current is the Graduate Impact discipleship program that helps IFES graduates learn to think, live and speak distinctively for Jesus in working life. This year, 24 new Cross-Current learning communities were started, taking the total number to 45 active groups, with more than 700 participants in 20 countries. Beyond Europe and Eurasia, Blas Lopez was appointed to the Latin American regional team to help develop Cross-Current groups across the region, and in Burundi, Emmanuel Bagumako from the Francophone Africa regional team pioneered the first Cross-Current group in Africa.

This remarkable growth came about in many places because of demand from the graduates themselves, and because of the move to virtual events during the pandemic which has made it possible for people from around the world to join groups online without needing to travel. It also comes as more national movements have adopted Cross-Current curriculum resources, which have been translated into seven languages. This reflects a need to address the often overlooked struggle faced by young graduates to keep walking with Jesus in early adulthood. Some national movements have shared Cross-Current resources with local churches as they jointly try to address the problem of losing young adults from their congregations.

IFES SCHOLARSHIPS

Each year IFES provides scholarship assistance for training and education, generously donated by two different trusts which cover respectively grants for theological and ministry training in the Majority World, and training for national movement and IFES staff serving in areas where there may be urgent financial needs. We are also able to use some of the funding to support staff training in areas of special expertise, such leadership development, evangelism, and language-learning.

In 2021, 23 scholars from seven IFES regions were given grants, principally to help them undertake theological training. The Scholars Program hopes to again support a number of staff from around the world in 2022, equipping them for the work God has called them to do. We are especially keen to facilitate training opportunities for more women who will be equipped to serve on staff teams in the future.

EURASIA FORMACIÓN

Although gathering student leaders at an in-person regional event was impossible this year, the Formación student leadership training in Eurasia was still able to go ahead as a hybrid event. Students gathered at the same time in smaller national conferences, and each national event included times for the whole region to meet online for a time of encouragement, fellowship and training, equipping these students to reach out to others on campus with the gospel.

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FRANCOPHONE AFRICA CACC TRAINING INSTITUTE

The CACC ( Centre Africain du Christianisme Contemporain ) Training Institute in Francophone Africa trains national movement and other Christian leaders in transformational leadership. Because of the pandemic as well as some financial difficulties, for the second year running, the 2021 sessions were held online between June and August. The number of participants joining for the first time has increased with 34 participants in total. The training is strategic for producing national movement leaders; this year’s participants from UGBB Burundi, GBUSS Senegal, and GBUST Togo are all likely to be the next general secretaries for their movements and a growing number of former participants have gone on to leadership roles in their national movements. Currently the general secretaries of 12 out of the 19 movements in Francophone Africa have participated in the CACC.

This year we heard from Christophe Mukungilwa from GBU in South Kivu in the Democratic Republic of Congo, a part of the country plagued by war and human rights violations. He says that the CACC training has been monumental, sharing that ‘in just one session, CACC has intensely transformed the way I see problems. I no longer endure situations; I work to transform them. I’ve learnt to sharpen my critical spirit.’

The 2022 training will be in two phases; online theoretical training, followed by in-person character development and mentorship.

ENGLISH AND PORTUGUESE-SPEAKING AFRICA (EPSA) ISDT TRAINING INSTITUTE

The Institute of Staff Development and Training course in the EPSA region runs for eight to 10 weeks in two consecutive years and contributes to the sustainability, vibrancy and resilience of the movements in the region. Staff from EPSA national movements can participate and, upon completion, they are awarded a Post-Graduate Diploma in Theology in collaboration with Jos ECWA Theological Seminary in Nigeria. The 2019 - 2021 cohort included 20 participants from 13 countries. In June and July 2021, the participants continued their studies online, also connecting for ‘weekly virtual chapel’ for mutual encouragement and spiritual edification. Despite some challenges in terms of internet connectivity, the cohort graduated in December.

One participant shared that ‘the ISDT has sharpened my leadership and Bible interpretation skills. This has benefitted the student community in Sierra Leone tremendously.’

Planning for the next cohort is underway; it is likely that the first part of the studies in 2022 will be run online, while the second part the following year will be in-person. Up to 24 national movement staff will be recruited, with special consideration for those from movements in a pioneering and re-pioneering phase.

STUDENT LEADERSHIP TRAINING IN NATIONAL MOVEMENTS

Alongside student leadership training at a regional level, many national movements took advantage of easing restrictions to run their student leadership training events. These are of special strategic importance as many students may not have been part of a student group before the disruption of the pandemic. At Forum, run by UCCF in Great Britain, simulated evangelistic events were held so that student leaders who had never experienced these events in reality could understand what they are like, the practical steps that needed to be taken, and how to create the best atmosphere to share the gospel with their friends.

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SECTION 3: STRENGTHENING NATIONAL MOVEMENTS

SUPPORTING EACH OTHER THROUGH COVID-19

As countries around the world contended with the second and third waves of the COVID-19 pandemic, many of our movements struggled to make sense of the loss and discouragement that they faced in their ministries. UESI in India mourned the deaths of around 50 staff and graduate members, with the lives of many more of their constituents affected in varying degrees by illness and the disruption of daily life due to lockdowns and restrictions. The IFES Latin America region had to come to terms with the loss of several dear friends who had played a significant part in the development of the regional ministry. Staff and graduates across the region were especially discouraged by the inability to gather in person to celebrate the lives of their former leaders.

In May, IFES staff member, Shaher Luka, who had served on the MENA (Middle East and North Africa) regional team for over 20 years passed away as a result of complications from COVID-19. Shaher had spent his life serving God in student ministry in Egypt and across the region. He had the grace to be trusted and respected by many pastors and leaders throughout the region and is deeply missed by all who knew him. We are grateful to God for the years that Shaher gave to working with students in the MENA region.

Recognising that many of our staff, students and friends across the fellowship were discouraged and sad, and feeling isolated, we set aside time in early August to join together for a week of Lament in Hope; a time for the IFES fellowship to unite in prayer, seeking God’s perspective and comfort for the trials so many were facing around the world. The week was planned by two of our senior staff collaborating across the regions: there were daily online prayer meetings and a service on the last day was attended by 350 participants. Annette Arulrajah who helped to organise the program subsequently wrote:

“I want to share my deepest sense of gratitude to the Lord and all who joined last week's prayer and service on Lament in Hope. My heart was filled with lament to hear the reports of difficulties you are going through yet hope also grew in my heart because of all the faithful colleagues and the Lord's grace upon us. During the service, as I was looking at each one's face, dates, name, etc, I was in tears. May the Lord bring comfort and hope to their families!”

SOLIDARITY FUND

The Solidarity Fund was established in 2020 to give movements an opportunity to support other movements that were suffering financially due to the pandemic. The fund continued to receive donations from national movements and staff every month during 2021 which were redistributed as grants to 21 national movements. This totalled $47,380 toward staff salaries, office rent, equipment and internet costs throughout the year. As 2022 begins, the Solidarity Fund is giving to an additional five movements and continues to monitor needs around the globe. While economies may recover in 2022 and we hope that movements will be able to gain more local support, the Solidarity Fund remains open, providing an opportunity for others to continue to give generously to their brothers and sisters in need.

In La Paz, Bolivia a grant of $3,000 from the Solidarity Fund to CCU Bolivia was used to provide office space to allow the student group to continue meeting. They had been used to meeting every day, but with the loss of their old office they were only meeting once or twice a month. They can now use their new office space for face-to-face Bible studies. Similarly, a grant of $2,120 from the Solidarity Fund allowed GBG Gabon to pay rent, staff salaries, transport costs for the General Secretary to travel to meet a student group in another city, and paid for an internet connection in the movement’s head office, allowing students to use it as study space.

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40 DAYS OF PRAYER IN THE CARIBBEAN

In addition to the challenges arising from COVID restrictions across the region, the volcanic eruption on the island of St Vincent in April 2021 plunged citizens into further crises. The staff worker of the movement there, IS/IVCF, had to flee from his home in the “red zone” with his wife and young child. At the same time, the nation of Haiti was facing a season of kidnappings and political instability – the president of the country was assassinated in July. In the light of such troubles, the student movements across the region came together in 40 days of prayer for the Caribbean from 30 May to 8 July 2021. The regional secretary wrote to the region: “In the midst of our broken Caribbean nations, Jesus is still calling us to share His Good News of redemption with each student of our region. “Go to all the world” is what He asked us to do. Today where we cannot go to students physically, we want to go to them with modern technology. Our call remains the same: be “Messengers of Hope” to our broken students.”

GLOBAL MINISTRIES: ENGAGING THE UNIVERSITY

Engaging the University supports IFES national movements in their witness in the university, encouraging Christian students and academics to get involved in academic dialogue for Christ, as well as addressing various injustices and issues that might exist within the university. In 2021 the ETU team have been spreading this vision to staff and students around the world. They have spoken at various conferences and events; for instance in South Asia, 100 professors and researchers met for five webinars on the responsibilities of Christian academics. It has been encouraging to see the network especially grow in South Asia throughout 2021.

THE LOGOS AND COSMOS INITIATIVE

This was the year that the first “catalysts” were brought onboard to The Logos and Cosmos Initiative (LCI), an IFES Engaging the University program to mentor, train and fund five cohorts of catalysts who will carry out projects in the university that foster dialogue between theology and the sciences. After pilot projects in January 2021, the 36 catalysts from 22 countries across Latin America and Francophone Africa, benefited from mentoring and training throughout the year, taking part in three online workshops, two e-courses and an online training platform. The catalysts spent the latter part

of 2021 conducting careful and prayerful planning for their projects, doing field research, pilot projects and consultations with their national movements. Their projects will launch in April 2022. Applications are open for a second cohort of catalysts.

THE ENGAGING THE UNIVERSITY E-COURSE

Four cohorts, totalling 70 participants, completed the three-part ETU e-course this year with two cohorts in English and one each in French and Spanish. A student from GBUCI Côte d’Ivoire reflected on the impact of the course for the way we should approach the world: ‘the way I read my Bible shapes my thinking and my engagement. If I read my Bible only to condemn the world, I will be of no use to this world and I will just be a passenger down here. Too many problems surround me every day for me to be blind.’

Similarly, an academic from FOCUS Uganda shared ‘the course made me ask myself questions – am I having dialogues with the students or just instructing them? Am I a testimony of what Christ can do through academia - or is it just a job for me? Could I defend my faith well when faced with one of life's dilemmas as presented by the students? Am I fully immersed in the life of the university? I am still left overwhelmed with the call to do more in terms of faith integration & engaging the university.’

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This year, the English-speaking course has diversified from mainly African participants to include many from South Asia and Europe. Most in the Spanish or French-speaking cohorts were associated with the Logos and Cosmos Initiative. In 2022, the ETU team plans for two cohorts in each language, as well as a special cohort for the staff of FES Singapore.

GLOBAL MINISTRIES: SCRIPTURE ENGAGEMENT

Scripture Engagement exists to help movements love, study, live and share God’s Word – a vision that is deeply relational and encompasses all of life.

During 2021, the e-course ‘Foundations of Scripture Engagement’ was offered for the first time. A total of 180 participants completed the course in six cohorts of English, Spanish and French speakers. A participant from South Africa shared that ‘the Word of God now feels more like a treasure than a chore. The course helped me to get into Scripture without it being for something/somebody else. I felt it was for me. I finished each session wanting more.’

The Scripture Engagement multipliers are national movement staff who have committed to building healthy scripture engagement in their contexts, particularly through training and mentorship. There are currently four multipliers’ programs running in EPSA, Latin America, Francophone Africa and South Asia, and this year each met monthly to pray, share, and discuss. In addition to these meetings, every two months a meeting of all the Scripture Engagement multipliers globally brought inspiration and encouragement. Sabine Kalthoff and Ricardo Borges also made ministry visits around the world, both online and in-person.

Sabine stepped down as leader of the Scripture Engagement ministry in August 2021 to take on a new role as IFES Secretary for Spiritual Formation. Ricardo Borges, from Brazil, took over as Secretary for Scripture Engagement in September. The Scripture Engagement multiplier network will continue regionally and globally in 2022 with possible in-person gatherings in EPSA and Latin America. The e-course will be expanded with a new module and other new initiatives are being planned.

GLOBAL MINISTRIES: GOVERNANCE DEVELOPMENT

In 2021, the 25 Governance Development Program trainers from different regions continued to train IFES national movement boards in good governance practice online. This training is delivered through a two-stage training program, a coaching program for selected boards, online courses, and online consulting. A new e-learning course ‘Passing the Torch: Making Change a Positive Experience’ was launched in April 2021, providing training on handover. Often the point of leadership transition can be a difficult time for a national movement and the Governance Development team seek to equip national boards to manage transitions in a healthy and positive way.

GLOBAL MINISTRIES: INDIGENOUS SUPPORT DEVELOPMENT (ISD)

In many places, the pandemic has reinforced the need to raise more local support for national movements. Not only will this make them more sustainable for the future, but it will facilitate deeper connections with local churches, organisations and individuals. In 2021 the ISD team continued to train national movement leaders in biblical grounding for support-raising and how to apply it to their local contexts.

Seven national online training events for staff and board members and two regional consultations on ISD were hosted this year. The team also hosted the ISD e-learning course, which has seen an increased uptake amongst national movement leaders. Across two cohorts, 39 leaders from 19 countries in eight IFES regions completed the course. In addition, the ISD Make March Memorable campaigns in 2020 and 2021 together recruited between 300 and 350 new partners in support of national movements.

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A major highlight for 2022 will be the launch of the ISD e-learning Advanced Course which will be able to further equip movements with the skills they need to raise funds in their local contexts.

INTERNATIONAL SERVICES

The USA, UK and Asia International Services offices have continued to provide support and coordination services to the global fellowship throughout 2021. George Ogalo, based in Kenya, was appointed in June 2021 as Chief Operating Officer, in a new role overseeing the International Services offices in the USA, UK and Asia. In the UK office there has been a significant level of staff turnover, as well as added staff capacity in Major Donor Fundraising.

FUNDRAISING

IFES is committed to the highest standards in fundraising. We seek to work to the highest level of transparency and integrity towards all who engage with our charity, including those who give to our work.

Recognising our dependence on voluntary income, IFES aims to inspire and encourage others to give in support of our work. IFES takes great care in our communications with supporters and donors. At all times we will ensure that we are respectful, open, honest, and accountable to our supporters and donors. In our approach to potential donors, we will never subject anyone to pressure or a ‘hard sell’ and treat individuals with dignity and respect.

We are aware that some of our donors may be older, potentially vulnerable adults. IFES has guidance and training for staff on identifying vulnerable older donors and how to work with them in a way that maintains their dignity.

All fundraising activity is carried out by a small in-house supporter relations team based in the UK, USA and Malaysia, managed by the Chief Advancement Officer. The US team operates through IFES/USA, a separate entity and registered 501(c)(3) non-profit organisation in the USA. No professional fundraiser or commercial participator was used during the year.

In the UK we are registered with the Fundraising Regulator and we follow the Regulator’s Code of Practice when raising funds, taking all reasonable steps to protect vulnerable people from persistent approaches, unreasonable intrusion or undue pressure. In the USA, IFES/USA, a separate but related non-profit is an accredited member of the Evangelical Council for Financial Accountability and a valued partner with GuideStar Exchange.

In the year under review, no complaint was received from any member of the general public regarding our fundraising activities.

A new fundraising campaign, Global Generosity Day, was launched in April 2021, aimed especially at encouraging students to support IFES projects. The initial goal of $26,000 to fund seven specifically chosen projects was reached, as well as a stretch goal of $8,200. Global Generosity Day will take place again in April 2022.

CONNECTING THE FELLOWSHIP

The Global Communications team continues to produce various publications based on stories from national movements. In 2021, the Prayerline and Voices of IFES podcasts were launched, giving listeners a chance to hear from diverse voices across the fellowship in the three official IFES languages: English, French and Spanish.

World Student Day continues to be an important date in the IFES calendar when students and supporters regroup for a day of prayer for student ministry. On 15 October 2021, a record number joined the event, with 30,517 people gathered to pray.

In 2021 a new IFES social networking platform was created to connect the fellowship in new ways. After a soft launch online, mobile apps for IFES Connect will follow and the project will

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continue to be developed throughout 2022 to serve the fellowship more effectively in connecting and sharing resources.

IFES LEADERSHIP

With Tim Adams beginning his tenure as IFES General Secretary on 1 January 2021, it has been a significant year for the fellowship. Over the year, there have been some changes within senior leadership structures with a new core team established to support the general secretary in decision-making and leadership. David Bahena from Mexico was appointed as Associate General Secretary with responsibility for regional ministry. Martin Haizmann from Germany continues in his role as Associate General Secretary. Olena Welch from Ukraine was appointed as Head of Global Resource Ministries and George Ogalo from Kenya was appointed as Chief Operating Officer to oversee the International Services teams. This new core team took advantage of a brief window of opportunity to meet for the first time in-person in the UK in December 2021.

It had been hoped that the IFES Board would be able to meet in person in October 2021, but ongoing travel restrictions related to the pandemic made this impossible. The Board has continued to meet virtually and now anticipates meeting in person in 2022. Responding to a request from the last General Committee meeting in 2019, a process has begun to review the IFES governance structures and identify areas for improvement. This review will be concluded before the next meeting of the General Committee in 2023.

SECTION FOUR: LOOKING AHEAD

STRATEGY IMPLEMENTATION

The four new strategic priorities that will guide our plans and work until 2030 will be: Thriving in Witness, Thriving in Whole-Life Commitment, Thriving on New Ground, and Thriving into the Future. It is our hope for the 2020s that God will help us thrive together in our calling as a global fellowship. We have identified the need to shift our approach across our work to embrace collaboration and new approaches and to focus on transformation and impact.

We aim to be a fellowship that is united in our vision and mission and to develop an appropriate infrastructure that will facilitate fruitful connections across our global network. We want to share our gifts, resources and experience with each other, enhance our partnerships, strengthen our creativity, and by God’s grace, help one another to thrive together.

For the IFES regions, global resource ministries and international services teams, the Thriving Together strategy gives a basis to develop and implement ministry plans. This will happen on a three-year cycle and the plans will inform the initiatives, training and support we offer.

Here are some examples of upcoming projects that will speak into our commitment to thrive together in 2022:

• The South Asia and MENA regions will host events to equip students and staff to engage with the majority worldviews in their contexts: Islam, Hinduism, Buddhism. Students will be able to consider and understand the perspectives of people from these backgrounds, and how to lovingly build relationships and share the gospel.

• The IFES Scripture Engagement team will partner with regional teams in English and Portuguese-Speaking Africa (EPSA), Francophone Africa, Latin America, and South Asia to train staff as Scripture Engagement champions. They will inspire leaders in their contexts to love scripture and see how its truths speak into all aspects of our lives.

• We will continue to follow the Holy Spirit as he brings opportunities to reach the remaining countries, we also prioritize strengthening the next generation of pioneers

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across our fellowship to start ministries in new cities and campuses. Our Breaking New Ground program will mentor the network of young pioneers who are committed to championing growth in their contexts.

III GOVERNANCE

RISK MANAGEMENT, PRINCIPAL RISKS AND UNCERTAINTIES

The Finance Committee supports the Board by reviewing the risk register and providing advice on risk management. The risk register is regularly updated to reflect developments in ministry and changing circumstances. Many of the major risks identified continue to be relevant, such as failure of governance leading to a loss of focus and/or non-achievement of the vision, travel risks, adverse publicity that could discredit the organisation, and failure of information and technology systems.

As an organisation which is entirely funded by voluntary giving and which operates globally, we face ongoing challenges such as over-reliance on a small number of large donors from one country, currency rate movements, the risk of cyber fraud, and the potential impact on our work of volatile political and economic situations as well as the ongoing challenges presented by the Coronavirus pandemic in restricting travel and in-person gatherings.

Training is provided to all staff to ensure appropriate handling of personal data and awareness of the risk of cyber fraud and cyber security.

As trustees, our overall assessment is that adequate control measures are in place for all known risks and that proactive monitoring by senior managers is sufficient to ensure that any major new risks are identified and brought to our attention.

PAY POLICY FOR SENIOR MANAGEMENT

The IFES board of directors, who are also the trustees, and the IFES senior staff team comprise the key management personnel in charge of directing, controlling, and running the operations of IFES (UK). All directors give their time freely and no director received remuneration in the year.

The pay of the staff team is reviewed annually and normally increased in line with UK inflation. Given both the global spread of IFES staff and the university focus of our work, the directors consider remuneration packages of local IFES national movements, university lecturers and NGOs of similar size when determining pay packages for senior regional and international staff.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The company’s governing document is its Articles of Association. On appointment, members of IFES (UK) must signify in writing their agreement with the doctrinal basis of the company.

STRUCTURE AND DECISION-MAKING PROCESS

The company is overseen by its board of directors and is managed by the senior officers of the company. The directors of the company are the same as those of IFES (Switzerland). For internal organisational purposes, IFES divides the world into eleven regions. The ministry in each region is directed by a regional secretary who manages expenditure in their region. For each region, the direct charitable expenditure represents staff, projects and events located in the region and focused on working towards the objectives of IFES as laid out in this report.

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APPOINTMENT, INDUCTION AND TRAINING OF TRUSTEES

The process for the appointment and training of trustees mirrors that of IFES (Switzerland).

• The members of the Board of IFES (Switzerland) are elected by the IFES International General Committee following regional nominations. Nominations are received from each region and the Nominating Committee, a sub-committee of the Board, recommends candidates giving regard to background, gender, age, and skills in order to achieve the required skills mix. New members of the Board are also appointed as directors of IFES (UK). The aim is to have representation on the Board of theologians, businesspeople, and people involved in student ministry, including students. Each member of the Board serves a four-year term which may be renewed for a second term though student members serve only one four-year term. The Board may fill any vacancies during its term.

• Orientation is given to new trustees with a general introduction to the Board of IFES (UK) by the Chair and the General Secretary, a general overview of the Fellowship by the Chief Operating Officer or the Executive Officer to the Committees, a financial overview by the Chief Financial Officer, and specific training on the role and responsibilities of trustees of a UK charity.

• New trustees are provided with key documents including the Articles of Association and the policies and procedures of the Fellowship. Trustees are encouraged to participate in IFES events in the region they represent. There is a regular update at each Board meeting on any developments in UK charity law that they should be aware of. Other ad hoc training or orientation is given as required.

RELATED CHARITY

IFES (UK) has a related charity, International Fellowship of Evangelical Students, which is registered in Switzerland. Its principle contact address is 4 Avenue de Provence, 1007 Lausanne, Switzerland.

Transactions between IFES (UK) and IFES (Switzerland) during 2021 have been reflected in the notes to the accounts (2020 – $198,525).

STATEMENT OF TRUSTEES' RESPONSIBILITIES

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

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group, and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and apply them consistently

• observe the methods and principles in the Charities SORP

• make judgements and estimates that are reasonable and prudent

• state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements

• ∙ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the

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charity’s constitution. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as the directors are aware, there is no relevant audit information (information needed by the company’s auditors in connection with preparing their report) of which the charitable company’s auditors are unaware; and each director has taken all steps that they ought to have taken as a director in order to make themselves aware of relevant audit information and to establish that the charitable company’s auditors are aware of that information.

TAXATION STATUS OF THE COMPANY

The company, as a charity, registered number 247919, is exempt from taxation under Section 360 of the Income and Corporation Taxes Act 1988.

FINANCIAL REVIEW

The results of the company for the year ended 31 December 2021 are set out in the accounts on pages 23 to 44.

Despite the prevalence of Covid-19 continuing throughout 2021, a five percent recovery in voluntary giving more than compensated for the one-off legacy income received in 2020 meaning we still ended the year slightly up on income. At the same time, we took the bold decision to invest for the long term in our national movements, in our staff and in enhanced use of technology, increasing expenditure by as much as 16% - mostly funded from reserves. We thus ended the year with a net deficit of approximately $0.5 million.

As a fellowship we regularly make grant payments through national movements’ funds. These are donations for activities that are not part of IFES core activities but are within IFES charitable objects. Payments made to national movements and other external bodies are treated as grants and are included in the “grants payable” figure of $2.86 million including grants totalling $47,380 to 21 national movements adversely impacted by the pandemic. IFES makes these grants on a request basis after deduction of a service charge. Recipients are expected to make their own arrangements with local tax authorities to ensure that they meet their responsibilities in that area.

The Fellowship operates a defined contribution pension scheme for its staff in the UK and a retirement savings plan for its overseas staff. The UK scheme is an approved scheme with Royal London and is open to employees who are subject to UK tax. The overseas scheme is a savings plan set up for overseas staff of member agencies of Global Connections. Funds in the overseas scheme are managed by Zurich International. Pension costs charged in the Statement of Financial Activities represent the total contributions payable by the Fellowship in the year.

THANKS TO ALL OUR PARTNERS

IFES would like to express our deepest gratitude for every gift received in 2021. We are thankful for all who supported IFES ministry with prayer, volunteering, or finances throughout the year.

We would like to thank trusts and foundations who, identifying the strategic nature of student ministry, awarded capacity-building, project-specific and general operating grants of up to $1,000,000 in the reporting period. In addition, supporting churches have given generously to specific staff, national movements and projects; without the money, personnel and prayer that these partnerships represent, our work would be impossible. Finally, we acknowledge the wonderful supporter base we have around the world: individuals who see what God is doing through this ministry and regularly pray and give towards the work. Since we are unable to meet everyone face-to-face, we take this opportunity to say thank you in this report.

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Under the terms of their grant, we specifically acknowledge a gift from the EvangelicalLutheran Church of Wuerttemberg (Germany) of €10,000 ($11,561) towards student ministry in Europe.

RESERVES POLICY

IFES holds reserves for the following reasons:

1. to protect the continuity of work in the event of a significant fall in income

2. to fund periodic shortfalls in income compared to expenditure

3. to set aside funds to invest in the longer-term development of the organisation, as well as meeting its constitutional obligations to hold a World Assembly every four years

We have set a target range for the free reserves to be between 10% and 25% of the annual operational budget. The 2022 budget for IFES would require a free reserves figure between $300,000 and $755,000. At the end of 2021, total unrestricted funds for the group stood at $1.8 million but with tangible fixed assets valued at approximately $2.8 million, the group ended the year with negative free reserves of $1.0 million.

As trustees of both IFES UK and IFES Switzerland, a related body, we have regularly reviewed our reserves policy by combining the finances of the two entities. Taking into account the free reserves of $646,000 in IFES Switzerland, we are therefore able to report overall negative free reserves of $361,000. Senior management continue to work closely with the Board to ensure that we continue to build up our free reserves.

INVESTMENTS

The IFES Board approved a revised Reserves and Investment Policy in 2018. The investment policy states that any investment in stocks and shares should be in funds that meet our ethical standards, using a combination of negative screens to eliminate areas such as tobacco, alcohol, armaments and gambling, and positive screens to favour businesses with a good record on corporate social responsibility or that are involved in environmentally friendly or low-carbon industries.

The charity holds funds in the following institutions: US Bank, NatWest and Barclays Bank Plc. It seeks to ensure that the Fitch short term debt rating for institutions where it holds funds is F1+.

There are no restrictions on the Fellowship’s power to invest.

APPOINTMENT OF AUDITORS

The auditors, Crowe U.K. LLP, will be proposed for reappointment in accordance with Section 485 of the Companies Act 2006.

The Trustees Report and the Strategic report have been approved

BY ORDER OF THE BOARD

SEPTI BUKULA Chair of the Board 5 Blue Boar Street, Oxford OX1 4EE

Date: 27 June 2022

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF INTERNATIONAL FELLOWSHIP OF EVANGELICAL STUDENTS

OPINION

We have audited the financial statements of International Fellowship of Evangelical Students (‘the charitable company’) for the year ended 31 December 2021 which comprise Consolidated Statement of Financial Activities, the Group and Company Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including 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).

In our opinion the financial statements:

• give a true and fair view of the state of the group’s and the charitable company’s affairs as at 31 December 2021 and of the group’s income and expenditure, for the year then ended;

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

• 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's or the group’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

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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

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in 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 information, we are required to report that fact.

We have nothing to report in this regard.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

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

• the information given in the trustees’ report, which includes the directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ 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 and proper accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees' remuneration specified by law are not made; or

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

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the trustees’ responsibilities statement set out on page 16, 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.

In preparing the financial statements, the trustees are responsible for assessing the charitable 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 STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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

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detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

EXTENT TO WHICH THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were the Charity Commission regulations and General Data Protection Regulations.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the recognition of income, in particular donations and legacies, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, agreeing income to supporting documentation on a sample basis, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal

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controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

USE OF OUR REPORT

This report is made solely to the charitable company’s members, 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 members those matters we are required to state to them in an auditor’s 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 the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Alastair Lyon Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor

Reading Date: 8 August 2022

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CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account) for the year ended 31 December 2021

Note INCOME AND ENDOWMENTS FROM: Donations and legacies 2 Fundraising and other trading activities Investments Charitable activities 3 UK Government grant Other sources TOTAL EXPENDITURE ON: Raising funds 5 Charitable activities Student ministry 4 TOTAL Net income/(expenditure) Before transfers Transfers between funds 16,17 Net movement in funds Balances brought forward at 1 January Balances carried forward at 31 December 16,17	Unrestricted Restricted Total Funds Total Funds Funds 2021 2020 US$ US$ US$ US$ 1,101,683 5,006,573 6,108,256 5,777,023 17,394 17,469 34,863 22,921 393 - 393 7,212 430 63,158 63,588 129,124 5,533 1,392 6,925 55,154 2,763 996 3,759 146,551
	1,128,196 5,089,588 6,217,784 6,137,985
	469,416 536 469,952 409,832 1,411,946 4,900,102 6,312,048 5,425,072
	1,881,362 4,900,638 6,782,000 5,834,904
	(753,166) 188,950 (564,216) 303,081 (233,845) 233,845 - -
	(987,011) 422,795 (564,216) 303,081
	2,822,340 3,777,872 6,600,212 6,297,131
	1,835,329 4,200,667 6,035,996 6,600,212

A breakdown by fund type of the 2020 figures is provided under note 8.

The company has no recognised gains or losses other than those shown on this page. The notes on pages 27 to 44 form part of these accounts.

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BALANCE SHEET as at 31 December 2021 Company number: 876229

FIXED ASSETS Tangible assets 10 Investments 11 Debtors: Amounts falling due after one year 12 CURRENT ASSETS Debtors 12 Cash at bank CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS Total assets less current liabilities Creditors: Amounts falling due after one year 14 NET ASSETS FUNDS Restricted funds 16 Unrestricted funds 17	Group 2021 2020 US$ US$ 2,853,000 2,903,858 47,578 - 2,900,578 2,903,858 62,961 105,476 1,029,415 918,537 2,375,244 3,060,275 3,404,659 3,978,812 (265,733) (321,135) 3,138,926 3,657,677 6,102,465 6,667,011 (66,469) (66,799) 6,035,996 6,600,212 4,200,667 3,777,872 1,835,329 2,822,340 6,035,996 6,600,212	Charity 2021 2020 US$ US$ 2,799,608 2,836,848 47,579 1 2,847,187 2,836,849 62,961 105,476 1,018,569 907,155 2,341,369 3,026,544 3,359,938 3,933,699 (263,310) (316,716) 3,096,628 3,616,983 6,006,776 6,559,308 (66,469) (66,799) 5,940,307 6,492,509 4,148,232 3,725,437 1,792,075 2,767,072 5,940,307 6,492,509	Charity 2021 2020 US$ US$ 2,799,608 2,836,848 47,579 1 2,847,187 2,836,849 62,961 105,476 1,018,569 907,155 2,341,369 3,026,544 3,359,938 3,933,699 (263,310) (316,716) 3,096,628 3,616,983 6,006,776 6,559,308 (66,469) (66,799) 5,940,307 6,492,509 4,148,232 3,725,437 1,792,075 2,767,072 5,940,307 6,492,509
			2,836,849
			105,476
			907,155 3,026,544
			3,933,699 (316,716)
			3,616,983
			6,559,308 (66,799)
			6,492,509
			3,725,437 2,767,072
			6,492,509

Approved by the Board of Directors on 27 June 2022 and signed on its behalf by

Director

The notes on pages 27 to 44 form part of these accounts.

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CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 31 December 2021

Cash flows from operating activities: Net movement in funds (Increase)/decrease in debtors (Decrease)/increase in creditors Gain on disposal of fixed assets Depreciation Investment income Revaluation and exchange loss/(gains) Net cash provided by operating activities Cash flows from investing activities Interest and other investment income received Purchase of tangible fixed assets Purchase of investments Net cash (used in) investing activities Cash flows from financing activities New capital revolving fund loan made Repayments of capital revolving staff loans Repayment of loans Net cash (used in) financing activities Change in cash and cash equivalents in the year Movement in cash and cash equivalents (Decrease)/increase in cash in the year Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December Analysis of cash and cash equivalents Cash in hand Notice deposits (less than 3 months) Other currency holdings Net Cash	2021 US$ (564,216) (127,174) (55,789) 5,077 108,139 (393) 2,970 (631,386) 393 (62,358) (47,578) (109,543) - 56,035 (137) 55,899 (685,031) 2021 US$ (685,031) 3,060,275 2,375,244 2021 US$ 86,849 2,103,148 185,247 2,375,244	2020 US$ 303,081 718,861 (545,965) 483 124,575 (7,212) (4,255)
		589,568
		7,212 (34,425) -
		(27,213)
		(50,000) 109,299 (127)
		59,172
		621,527
		2020 US$ 621,527 2,438,747
		3,060,275
		2020 US$ 68,283 2,774,040 217,952
		3,060,275

The notes on pages 27 to 44 form part of these accounts.

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CONSOLIDATED STATEMENT OF CASH FLOWS (continued) For the year ended 31 December 2021

Analysis of changes in net debt

Cash Cash equivalents Loans falling due within one year Loans falling after more than one year Total	At 1 January 2021 Cashflow Foreign exchange movements At 31 December 2021 286,235 (14,139) - 272,096 2,774,040 (670,892) - 2,103,148
	3,060,275 (685,031) - 2,375,244 (136) 1 - (135) (66,799) 163 168 (66,469)
	2,993,340 (684,868) 168 2,308,640

The notes on pages 27 to 44 form part of these accounts.

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NOTES TO THE ACCOUNTS

For the year ended 31 December 2021

1. Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with 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 and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

b) Basis of consolidation

The consolidated accounts include the trading activities, assets and liabilities of the group's subsidiary company in accordance with the Charity SORP. Intra-group transactions have been eliminated on consolidation. The subsidiary company was incorporated on 20 January 2016. No separate SOFA or income and expenditure account have been presented for the Charity alone as permitted by section 408 of the Companies Act 2006.

IFES UK meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

c) Scope of accounts

IFES is a worldwide affiliation of autonomous national student movements. Direct bilateral arrangements for co-operation between two or more national student movements, including the secondment of staff, are not accounted for by IFES. The accounts include IFES regional offices and associated staff and exclude autonomous national student movements.

d) Going concern

Having reviewed the funding facilities available to the Group together with the Group's future projected cash flows, the trustees have a reasonable expectation that the Group has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

e) Income

Donations received under Gift Aid and other donations are recognised as income when received. The tax recoverable under Gift Aid is recognised as income when it becomes receivable. Resources will not be recognised until the conditions for receipt have been met and there is reasonable assurance of receipt. Conference income is accounted for on a receivable basis. Legacy income is recognised when the charity is advised by the personal representative of an estate that payment is due and the amount involved can be reliably quantified.

f) Currency exchange

Assets, liabilities, income and costs expressed in foreign currencies are translated into US dollars at rates of exchange ruling on the date at which the transaction occurs, except for monetary assets and liabilities which are translated at the rate ruling at the balance sheet date. Differences arising on the translation of such items are dealt with in the Statement of Financial Activities.

g) Depreciation and value of fixed assets

Depreciation is calculated to write off the cost of fixed assets (except land) on a straight-line basis over their effective useful lives. For buildings, this is at 2% per annum. For computers, office furniture and equipment this is at 10-25% per annum. Leasehold improvements are capitalised where the value of the asset is over $750, and other fixed assets are capitalised if the value is over $150.

I F E S A N N U A L A C C O U N T S A N D T R U S T E E S R E P O R T 2 0 2 1 P A G E 2 7

NOTES TO THE ACCOUNTS

For the year ended 31 December 2021

h) Disposal of fixed assets

Surpluses and deficits on disposal and depreciation of fixed assets are credited or charged to the Statement of Financial Activities.

i) Financial instruments

The charity holds only financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments include debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at fair value. Note 19 provides more information on financial instruments where future cash flows are anticipated, with financial assets referring to debtor balances excluding prepayments, and financial liabilities referring to all creditors excluding deferred income and social security and other taxes.

j) Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.

• Finance costs are allocated on the basis of all employees worldwide

• IT costs are allocated on the basis of office-based employees

• Facilities costs are allocated on the basis of floor area used

• Human resources costs are allocated on the basis of all employees worldwide

• Communications costs are allocated on the basis of all employees worldwide

• General management costs are allocated on the basis of office-based employees

k) Pensions

The Fellowship uses two defined contribution pension schemes. For employees who are subject to UK tax, contributions are made to a scheme run by Royal London. For overseas employees it is part of a group arrangement under the trusteeship of Global Connections and run by Zurich International Life Ltd.

Pension costs charged in the Statement of Financial Activities represent the contributions payable by the Fellowship in the year.

l) International ministries

These are costs associated with the work of IFES that cannot be allocated against a particular region or country, whether due to the international nature of the work or the materiality of the expenditure.

m) Raising funds

Raising funds expenditure comprises all costs identified as wholly or mainly attributable to the generation of incoming resources other than from charitable activities and include an apportionment of overheads.

n) Charitable activities

Costs of charitable activities comprise all costs identified as wholly or mainly attributable to achieving the charitable objects of the charity. These costs include staff costs, wholly or mainly attributable support costs and an apportionment of overheads.

o) Significant judgements and estimates

The trustees consider that there are no material judgements in applying accounting policies or key sources of estimation uncertainty.

I F E S A N N U A L A C C O U N T S A N D T R U S T E E S R E P O R T 2 0 2 1 P A G E 2 8

NOTES TO THE ACCOUNTS

For the year ended 31 December 2021

p) Investments

Investments are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on the revaluation and disposals throughout the year.

Unlisted investments are carried at historic cost.

q) Functional currency

As an international non-governmental organisation operating in over 160 countries, IFES UK has chosen the US dollar as its functional currency.

r) Fund accounting

The International Fellowship of Evangelical Students has various types of funds for which it is responsible, and which require separate disclosure. These are as follows:

i) Restricted funds

National movement funds: These comprise the unexpended balances of donations held to be applied for national movements. A charge for the costs associated with administration is levied on the intended recipients each year.

Project funds: The activities undertaken from project funds are those that will only go ahead if specific money has been raised to enable them to do so.

Priority funds: Priority expenditure is for activities that are of enough importance to the work of the Fellowship that unrestricted funds will be applied to meet any shortfall in restricted income.

Capital revolving fund: This relates to money designated for the use of making loans to IFES staff.

ii) Unrestricted funds

General fund: This fund is made up of donations given for the general work of IFES with no restriction on their application by the donor. Income from this fund is used to offset shortfalls in income for specific purposes in the Priority fund. The IFES (UK) trustees may designate these funds for certain purposes but they are not restricted to being used solely for those purposes.

Property fund: This has been designated by the trustees at the value of the property and assets purchased with the donations received for it, less the revenue expenditure and depreciation on the building.

I F E S A N N U A L A C C O U N T S A N D T R U S T E E S R E P O R T 2 0 2 1 P A G E 2 9

NOTES TO THE ACCOUNTS

For the year ended 31 December 2021

2. Income – donations and legacies

Originating country United States of America United Kingdom Germany Canada Bahamas Norway Netherlands Denmark Republic of Ireland Singapore Australia Switzerland Korea Other	2021 2020 US$ US$ 3,177,694 2,798,594 1,795,058 2,045,366 356,050 205,950 225,134 204,407 83,826 33,005 81,180 73,179 47,385 36,323 38,722 21,468 22,768 13,688 14,706 13,740 14,612 12,718 8,713 30,367 130 6,774 242,279 281,444
	6,108,256 5,777,023

Legacies received in the year amounted to $52,384 (2020: $334,576).

3. Income from charitable activities

Event fees	2021 2021 US$ US$ 63,588 129,124 63,588 129,124

I F E S A N N U A L A C C O U N T S A N D T R U S T E E S R E P O R T 2 0 2 1 P A G E 3 0

NOTES TO THE ACCOUNTS

For the year ended 31 December 2021

4. Charitable activities expenditure

Caribbean East Asia English- and Portuguese-Speaking Africa Eurasia Europe Francophone Africa Latin America Middle East and North Africa South Asia South Pacific North America International Ministries Support costs

Unrestricted Restricted Total funds Total funds funds funds 2021 2020 US$ US$ US$ US$ - 158,864 158,864 88,468 - 77,729 77,729 171,608 - 293,211 293,211 297,380 - 662,445 662,445 581,619 - 1,338,143 1,338,143 1,196,053 - 297,396 297,396 227,009 - 264,963 264,963 330,838 - 392,217 392,217 388,689 - 106,713 106,713 58,151 - 164,396 164,396 139,920 - 238,497 238,497 115,140 410,444 670,063 1,080,507 800,593 1,001,502 235,465 1,236,967 1,029,604

1,411,946 4,900,102 6,312,048 5,425,072

Support costs incurred on behalf of the IFES regions were recharged to those regions during the year under review. Total support costs recharged to regions were $973,611 (2020: $842,071). Support costs were also recharged to International Ministries of $263,356 (2020: $187,533). These recharged costs are considered as both a contribution towards the costs of administering the funds and a contribution to the work of the wider Fellowship.

5. Raising funds expenditure

Staff costs Supporter raising Appeals & portfolio Prayer materials Miscellaneous expenses Support costs apportioned (notes 6,7)	Unrestricted Restricted Total funds Total funds funds funds 2021 2020 US$ US$ US$ US$ 229,520 - 229,520 184,933 30,163 536 30,699 26,089 8,013 - 8,013 7,723 23,241 - 23,241 25,891 - - - 118 178,480 - 178,480 165,078
	469,416 536 469,952 409,832

6a. Analysis of Charitable Activities by Mission Priorities

Evangelism Pioneering Leadership development Strengthening & supporting national movements Direct grants to national movements	Direct costs Support costs 2021 2020 US$ US$ US$ US$ 608,803 148,168 756,971 293,163 324,553 78,988 403,542 385,772 466,754 115,412 582,166 477,906 816,698 198,765 1,015,463 1,046,934 2,858,272 695,634 3,553,906 3,221,297 5,075,081 1,236,967 6,312,048 5,425,072

I F E S A N N U A L A C C O U N T S A N D T R U S T E E S R E P O R T 2 0 2 1 P A G E 3 1

NOTES TO THE ACCOUNTS For the year ended 31 December 2021

6b. Analysis of Charitable Activities by Mission Priorities and Regional Allocation

Caribbean East Asia English- and Portuguese-speaking Africa Eurasia Europe Francophone Africa Latin America Middle East and North Africa North America South Asia South Pacific International ministries Support costs	Evangelism Pioneering Leadership development Strengthening & supporting NMs Direct grants to NMs 2021 2020 US$ US$ US$ US$ US$ US$ US$ - 16,628 - - 142,236 158,864 88,468 - 15,853 - 15,323 46,553 77,729 171,608 - 19,523 28,212 9,540 235,935 293,211 297,380 - - 17,550 58,665 586,230 662,445 581,619 279,574 1,448 222,035 10,142 824,944 1,338,143 1,196,053 - - 118,234 3,106 176,056 297,396 227,009 1,580 - 298 3,409 259,676 264,963 330,838 - 247,315 25,567 64,110 55,225 392,217 388,689 - - - - 238,497 238,497 115,140 - 13,600 - - 93,113 106,713 58,151 - - - - 164,396 164,396 139,920 327,649 10,186 54,857 652,404 35,411 1,080,507 800,593
	608,803 324,553 466,754 816,698 2,858,272 5,075,081 4,395,468 148,168 78,988 115,412 198,765 695,634 1,236,967 1,029,604
	756,971 403,542 582,166 1,015,463 3,553,906 6,312,048 5,425,072

I F E S A N N U A L A C C O U N T S A N D T R U S T E E S R E P O R T 2 0 2 1 P A G E 3 2

NOTES TO THE ACCOUNTS

For the year ended 31 December 2021

7. Apportionment of support costs

Support Cost Finance General management Communications Senior management Governance

Evangelism Pioneering Leadership development Strengthening & supporting NMs Direct grants to NMs Raising funds 2021 Total 2020 Total Basis of allocation US$ US$ US$ US$ US$ US$ US$ 37,160 19,810 28,490 49,850 174,464 17,791 327,565 277,346 Direct costs 95,598 50,963 73,292 128,242 448,821 45,769 842,685 652,934 Direct costs 11,994 6,394 9,196 16,090 56,311 111,470 211,454 211,924 Staff time 412 220 2,131 553 1,934 2,012 7,261 7,559 Staff time 3,004 1,601 2,303 4,030 14,104 1,438 26,481 44,919 Direct costs 148,168 78,988 115,412 198,765 695,634 178,480 1,415,446 1,194,682

Audit fees included under Governance costs above came to US$22,216 (2020 – US$17,263).

I F E S A N N U A L A C C O U N T S A N D T R U S T E E S R E P O R T 2 0 2 1

P A G E 3 3

NOTES TO THE ACCOUNTS

For the year ended 31 December 2021

1. Statement of Financial Activities for the year ended 31 December 2020

INCOME AND ENDOWMENT FROM: Donations and legacies Fundraising and other trading activities Investment Charitable activities Other sources TOTAL EXPENDITURE ON: Raising funds Charitable activities Student ministry Total charitable activities Total Net income/(expenditure) Before transfers Transfers between funds Net movement in funds Balances brought forward at 1 January Balances carried forward at 31 December	Unrestricted Restricted Total funds funds funds 2020 US$ US$ US$ 1,405,497 4,371,526 5,777,023 19,058 3,863 22,921 7,212 - 7,212 811 128,313 129,124 161,471 40,234 201,705
	1,594,049 4,543,936 6,137,985
	406,173 3,659 409,832 1,195,804 4,229,268 5,425,072
	1,195,804 4,229,268 5,425,072 1,601,977 4,232,927 5,834,904
	(7,928) 311,009 303,081 492,969 (492,969) -
	485,041 (181,960) 303,081
	2,337,299 3,959,832 6,297,131
	2,822,340 3,777,872 6,600,212

I F E S A N N U A L A C C O U N T S A N D T R U S T E E S R E P O R T 2 0 2 1

P A G E 3 4

NOTES TO THE ACCOUNTS

For the year ended 31 December 2021

9. Information regarding employees

Total staff costs worldwide, including support staff, during the year under review were:

Wages and salaries Social security costs Pension costs	2021 2020 US$ US$ 2,417,502 2,178,357 196,872 181,084 253,607 247,516
	2,867,981 2,606,957

One employee had earnings within $81,060 (£60,000) - $94,570(£70,000) band in the year (2020: nil).

The average number of employees during the year, analysed by function, was:

Student ministries Communications Supporter relations Senior management Other management and administration	2021 2020 48 43 6 5 5 3 7 6 22 21
	88 78

Total remuneration for senior management comprising General Secretary, Associate General Secretaries and chief officers in the year was $438,887 (2020 - $365,850).

10. Tangible fixed assets

Group Cost At 1 January 2021 Additions during year Disposals during year At 31 December 2021 Depreciation At 1 January 2021 Charge during year Disposals during year At 31 December 2021 Net book values At 31 December 2021 At 1 January 2021	Leasehold property Freehold property Leasehold improve- ments Computers Office furniture & equipment Total US$ US$ US$ US$ US$ US$ 2,758,789 563,399 88,793 394,679 147,487 3,953,147 - - - 47,040 15,318 62,358 - - - (15,500) (5,077) (20,577)
	2,758,789 563,399 88,793 426,219 157,728 3,994,928
	459,301 77,292 86,370 292,382 133,944 1,049,289 27,036 25,765 2,423 52,033 882 108,139 - - - (15,500) - (15,500)
	486,337 103,057 88,793 328,915 134,826 1,141,928
	2,272,452 460,342 - 97,304 22,902 2,853,000
	2,299,488 486,107 2,423 102,297 13,543 2,903,858

I F E S A N N U A L A C C O U N T S A N D T R U S T E E S R E P O R T 2 0 2 1

P A G E 3 5

NOTES TO THE ACCOUNTS

For the year ended 31 December 2021

Charity Cost At 1 January 2021 Additions during year Disposals during year At 31 December 2021 Depreciation At 1 January 2021 Charge during year Disposals during year At 31 December 2021 Net book values At 31 December 2021 At 1 January 2021	Leasehold property Freehold property Leasehold improve- ments Computers Office furniture & equipment Total US$ US$ US$ US$ US$ US$ 2,758,789 563,399 88,793 283,350 137,137 3,831,468 - - - 34,352 15,318 49,670 - - - (15,500) - (15,500)
	2,758,789 563,399 88,793 302,202 152,455 3,865,638
	459,302 77,292 86,370 246,838 124,818 994,620 27,036 25,765 2,423 26,289 5,397 86,910 - - - (15,500) - (15,500)
	486,338 103,057 88,793 257,627 130,215 1,066,030
	2,272,451 460,342 - 44,575 22,240 2,799,608
	2,299,487 486,107 2,423 36,512 12,319 2,836,848

1. Investments

Cost At 1 January 2021 Additions in year Disposals in year At 31 December 2021 Cost At 1 January 2021 Additions in year Disposals in year At 31 December 2021 Cost At 1 January 2021 Additions in year Disposals in year At 31 December 2021	Group Charity Investment in subsidiaries Investment in subsidiaries US$ US$ - 1 - - - -
	- 1
	Investment in cryptocurrencies Investment in cryptocurrencies US$ US$ - - 47,578 47,578 - -
	47,578 47,578
	Total Total US$ US$ - 1 47,578 47,578 - -
	47,578 47,579

I F E S A N N U A L A C C O U N T S A N D T R U S T E E S R E P O R T 2 0 2 1 P A G E 3 6

NOTES TO THE ACCOUNTS

For the year ended 31 December 2021

IFES UK owns the entire share capital of IFES Asia SDN BHD, a company incorporated in Malaysia on 20 January 2016 to help IFES make better use of technology in its ministry and outreach.

12. Debtors

Current Assets Due from IFES (Switzerland) Other debtors Income receivable Prepayments Capital revolving fund loans Long Term Debtors Capital revolving fund loans	Group 2021 2020 US$ US$ 67,655 174,428 46,943 43,629 841,783 581,348 55,382 85,184 17,652 33,948 1,029,415 918,537 62,961 105,476	Charity 2021 2020 US$ US$ 67,655 174,428 46,430 43,154 841,783 581,348 45,049 74,277 17,652 33,948
		1,018,569 907,155
		62,961 105,476

1. Liabilities: amounts falling due within one year

Trade creditors Other creditors Accruals and deferred income Other loans (due within 1 year)	Group 2021 2020 US$ US$ 126,565 145,917 101,394 129,076 37,639 46,006 135 136 265,733 321,135	Charity 2021 2020 US$ US$ 126,565 145,917 101,394 129,076 35,216 41,587 135 136
		263,310 316,716

Included within other creditors is $27,678 (2020: $26,199) in relation to social security and other taxes.

1. Liabilities: amounts falling due after more than one year

Property fund loan Capital revolving fund loan	Group 2021 2020 US$ US$ 32,694 32,856 33,775 33,943 66,469 66,799	Charity 2021 2020 US$ US$ 32,694 32,856 33,775 33,943
		66,469 66,799

I F E S A N N U A L A C C O U N T S A N D T R U S T E E S R E P O R T 2 0 2 1

P A G E 3 7

NOTES TO THE ACCOUNTS

For the year ended 31 December 2021

15. Commitments under operating leases

At 31 December 2021, IFES had future minimum lease payments under non-cancellable operating leases as follows

Not later than 1 year Later than 1 year but not later than 5 years	2021 2020 US$ US$ 3,333 3,307 10,696 4,685
	14,030 7,992

16. Restricted funds

Group

roup
a) By fund Priority funds Project funds National movement funds Capital revolving fund TOTAL RESTRICTED FUNDS b) By region Caribbean East Asia English- and Portuguese- speaking Africa Eurasia Europe Francophone Africa Global Ministries Latin America Middle East and North Africa North America South Asia South Pacific TOTAL RESTRICTED FUNDS	Opening balance at 1 Jan 2021 Incoming resources Outgoing resources Transfers Closing balance at 31 Dec 2021 US$ US$ US$ US$ US$ 352,992 1,471,040 (1,752,824) 456,704 527,912 1,652,470 1,507,808 (1,041,715) (302,803) 1,815,760 1,702,410 2,110,740 (2,106,099) 79,944 1,786,995 70,000 - - - 70,000
	3,777,872 5,089,588 (4,900,638) 233,845 4,200,667
	Opening balance at 1 Jan 2021 Incoming resources Outgoing resources Transfers Closing balance at 31 Dec 2021 US$ US$ US$ US$ US$ 133,219 87,796 (158,864) 19,346 81,497 230,962 156,164 (77,729) (7,303) 302,094 220,745 289,711 (293,211) 71,427 288,672 449,863 877,676 (662,445) (60,334) 604,760 1,142,262 1,305,248 (1,338,143) (129,207) 980,160 140,961 196,463 (297,396) 96,788 136,816 600,509 1,136,830 (906,064) 214,507 1,045,782 160,989 237,676 (264,963) 25,306 159,008 397,516 255,657 (392,217) (11,319) 249,637 65,146 148,887 (238,497) 28,377 3,913 197,782 116,472 (106,713) 440 207,981 37,918 281,008 (164,396) (14,183) 140,347
	3,777,872 5,089,588 (4,900,638) 233,845 4,200,667

A description of each of these funds is detailed under accounting policy note 1(r).

I F E S A N N U A L A C C O U N T S A N D T R U S T E E S R E P O R T 2 0 2 1 P A G E 3 8

NOTES TO THE ACCOUNTS

For the year ended 31 December 2021

Charity

a) By fund Priority funds Project funds National movement funds Capital revolving fund TOTAL RESTRICTED FUNDS	Opening balance at 1 Jan 2021 Incoming resources Outgoing resources Transfers Closing balance at 31 Dec 2021 US$ US$ US$ US$ US$ 352,992 1,471,040 (1,752,824) 456,704 527,912 1,600,035 1,507,808 (1,041,715) (302,803) 1,763,325 1,702,410 2,110,740 (2,106,099) 79,944 1,786,995 70,000 - - - 70,000
	3,725,437 5,089,588 (4,900,638) 233,845 4,148,232

b) By region Caribbean East Asia English- and Portuguese- speaking Africa Eurasia Europe Francophone Africa Global Ministries Latin America Middle East and North Africa North America South Asia South Pacific TOTAL RESTRICTED FUNDS

Opening balance at 1 Jan 2021 Incoming resources Outgoing resources Transfers Closing balance at 31 Dec 2021 US$ US$ US$ US$ US$ 133,219 87,796 (158,864) 19,346 81,497 230,962 156,164 (77,729) (7,303) 302,094 220,745 289,711 (293,211) 71,427 288,672 449,863 877,676 (662,445) (60,334) 604,760 1,142,262 1,305,248 (1,338,143) (129,207) 980,160 140,961 196,463 (297,396) 96,788 136,816 548,074 1,136,830 (906,064) 214,507 993,347 160,989 237,676 (264,963) 25,306 159,008 397,516 255,657 (392,217) (11,319) 249,637 65,146 148,887 (238,497) 28,377 3,913 197,782 116,472 (106,713) 440 207,981 37,918 281,008 (164,396) (14,183) 140,347

3,725,437 5,089,588 (4,900,638) 233,845 4,148,232

17. Unrestricted funds

Group

roup
Designated funds: Property fund Unrestricted fund: General fund TOTAL UNRESTRICTED FUNDS	Opening balance at 1 Jan 2021 Incoming resources Outgoing resources Transfers Closing balance at 31 Dec 2021 US$ US$ US$ US$ US$ 1,527,705 - - - 1,527,705 1,294,635 1,128,196 (1,881,362) (233,845) 307,624
	2,822,340 1,128,196 (1,881,362) (233,845) 1,835,329

I F E S A N N U A L A C C O U N T S A N D T R U S T E E S R E P O R T 2 0 2 1 P A G E 3 9

NOTES TO THE ACCOUNTS

For the year ended 31 December 2021

Charity

harity
Designated funds: Property fund Unrestricted fund: General fund TOTAL UNRESTRICTED FUNDS	Opening balance at 1 Jan 2021 Incoming resources Outgoing resources Transfers Closing balance at 31 Dec 2021 US$ US$ US$ US$ US$ 1,527,705 - - - 1,527,705 1,239,367 1,127,655 (1,868,807) (233,845) 264,370
	2,767,072 1,127,655 (1,868,807) (233,845) 1,792,075

Transfers between funds

IFES has a general policy of levying a service charge of between 10% and 15% on all gifts received to help cover the costs of administering the different funds and form part of the transfer between funds.

Transfers between funds are also made to offset any deficit in a restricted fund that is not likely to be offset by income during 2022. Restricted funds that were applicable but were restricted to a more general area, were used first. For example, surpluses in restricted funds for the work in Europe generally were used to offset any deficits in particular funds within that sub-region. If there were insufficient restricted funds for this purpose, general funds were used to offset the deficit.

18a. Analysis of net assets between funds as at 31 December 2021

Group

Restricted funds Priority funds Project funds National movement funds Capital revolving fund TOTAL RESTRICTED FUNDS Designated funds Unrestricted funds	Tangible fixed assets Long term debtors Net current assets Long term liabilities Total US$ US$ US$ US$ US$ - - 527,912 - 527,912 47,578 - 1,768,182 - 1,815,760 - - 1,786,995 - 1,786,995 - 62,961 40,814 (33,775) 70,000
	47,578 62,961 4,123,903 (33,775) 4,200,667 1,560,399 - - (32,694) 1,527,705 1,292,601 - (984,977) - 307,624
	2,900,578 62,961 3,138,926 (66,469) 6,035,996

I F E S A N N U A L A C C O U N T S A N D T R U S T E E S R E P O R T 2 0 2 1 P A G E 4 0

NOTES TO THE ACCOUNTS

For the year ended 31 December 2021

Charity

Restricted funds Priority funds Project funds National movement funds Capital revolving fund TOTAL RESTRICTED FUNDS Designated funds Unrestricted funds	Tangible fixed assets Long term debtors Net current assets Long term liabilities Total US$ US$ US$ US$ US$ - - 527,912 - 527,912 47,578 - 1,715,747 - 1,763,325 - - 1,786,995 - 1,786,995 - 62,961 40,814 (33,775) 70,000
	47,578 62,961 4,071,468 (33,775) 4,148,232 1,560,399 - - (32,694) 1,527,705 1,239,210 - (974,840) - 264,370
	2,847,187 62,961 3,096,628 (66,469) 5,940,307

18b. Analysis of net assets between funds as at 31 December 2020

Group

Restricted funds Priority funds Project funds National movement funds Capital revolving fund TOTAL RESTRICTED FUNDS Designated funds Unrestricted funds	Tangible fixed assets Long term debtors Net current assets Long term liabilities Total US$ US$ US$ US$ US$ - - 352,992 - 352,992 - - 1,652,470 - 1,652,470 - - 1,702,410 - 1,702,410 - 105,476 (1,533) (33,943) 70,000
	- 105,476 3,706,339 (33,943) 3,777,872 1,560,561 - - (32,856) 1,527,705 1,343,297 - (48,662) - 1,294,635
	2,903,858 105,476 3,657,677 (66,799) 6,600,212

Charity

Restricted funds Priority funds Project funds National movement funds Capital revolving fund TOTAL RESTRICTED FUNDS Designated funds Unrestricted funds	Tangible fixed assets Long term debtors Net current assets Long term liabilities Total US$ US$ US$ US$ US$ - - 352,992 - 352,992 - - 1,600,035 - 1,600,035 - - 1,702,410 - 1,702,410 - 105,476 (1,533) (33,943) 70,000
	- 105,476 3,653,904 (33,943) 3,725,437 1,560,561 - - (32,856) 1,527,705 1,276,288 - (36,921) - 1,239,367
	2,836,849 105,476 3,616,983 (66,799) 6,492,509

I F E S A N N U A L A C C O U N T S A N D T R U S T E E S R E P O R T 2 0 2 1 P A G E 4 1

NOTES TO THE ACCOUNTS

For the year ended 31 December 2021

19. Financial instruments

Financial assets held at amortised cost are cash in hand and at bank. Debtors excluding prepayments and financial liabilities held at amortised cost are all creditors excluding deferred income, social security and other taxes.

Financial assets measured at amortised costs Cash at bank Debtors Financial liabilities measured at amortised costs Creditors Total interest income for financial assets held at amortised cost	Group Charity 2021 2020 2021 2020 US$ US$ US$ US$ 2,375,244 3,060,275 2,341,369 3,026,544 1,092,376 1,024,013 1,081,530 1,012,631
	3,467,620 4,084,288 3,422,899 4,039,175
	332,202 387,934 329,779 383,515
	Group 2021 2020 US$ US$ 836 13,405

20. Related parties

The following reimbursements for travel expenses were made to trustees:

Reimbursed to trustees for committee meetings	2021 2020 Number of trustees US$ Number of trustees US$ - - 1 110
	- - 1 110

No emoluments have been paid to the trustees (2020 - $nil). Trustees can be reimbursed for their travel and subsistence expenses in attending meetings. Additionally, trustees may occasionally visit IFES programs within their region, with costs of such trips being met by the charity. Trustees are encouraged to visit at least one international program in every four-year term served.

There are two related bodies linked to IFES (UK): IFES Switzerland, a registered organisation with similar objectives in Switzerland and IFES/USA, a tax-exempt non-profit organisation and classified as a public charity in the USA. IFES Switzerland shares a common board with IFES (UK) whereas relations with IFES/USA are covered by an annually signed agreement called the Agreement for Cooperative Ministry Activities and Funding under which the treasurer and an officer of IFES (UK) sit on the board of IFES/USA as non-voting members.

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NOTES TO THE ACCOUNTS

For the year ended 31 December 2021

Gifts for the wider work of IFES are often routed via these sister organisations. They in turn, pass on these gifts to IFES (UK) as donations/grants less any applicable charges. During the year to 31 December 2021 IFES (UK) received $3.17 million from IFES/USA (2020: $2.75 million) and no donations/grants from IFES Switzerland (2020: $0).

The transactions with IFES (Switzerland) resulted in a debtor being shown on the IFES (UK) balance sheet at $67,655 (2020 – debtor of $174,428).

In 2016, IFES (UK) set up a trading subsidiary in Malaysia, IFES Asia, to harness the effective use of technology across the IFES fellowship. Operational costs of this subsidiary for the year were $417,393(2020 - $456,167) and the amount due from the subsidiary at the year-end was $95,689107,702 (2020 - $107,702).

IFES (UK) lets a freehold property, original cost £370,000 ($499,870), to a former staff member for a rent of $16,212 (£12,000) per annum.

21. Grants to organisations

	Direct	Support	2021	2020
	grants	costs	US$	US$
Albania	40,024	-	40,024	46,018
Bolivia	10,853	-	10,853	16,353
Bosnia	209,184	-	209,184	22,509
Bulgaria	24,356	-	24,356	17,966
Canada	150,639	-	150,639	59,510
Caribbean (4)	31,151	78,079	109,230	50,321
Croatia	8,547	-	8,547	-
East Asia (2)	3,929	1,882	5,811	79,082
English and Portuguese-Speaking Africa
(10)	68,222	102,858	171,080	193,785
Eurasia (6)	245,065	107,532	352,597	406,752
Europe (11)	177,222	222,139	399,361	512,127
France	3,129	-	3,129	5,804
Francophone Africa (12)	86,152	89,904	176,056	162,003
Ghana	6	-	6	14,826
Guatemala	3,230	-	3,230	4,043
Guyana	33,006	-	33,006	8,306
Japan	31,206	-	31,206	60,136
Kenya	38,621	-	38,621	30,011
Latin America (12)	119,664	70,686	190,350	187,996
Lithuania	-	-	-	4,504
Mexico	55,243	-	55,243	61,566
Middle East and North Africa (2)	12,960	42,265	55,225	22,093
Moldova	30,596	-	30,596	23,635
New Zealand	139,076	-	139,076	75,934
Nigeria	4,072	-	4,072	19,032
North Macedonia	2,406	-	2,406	10,660
Philippines	9,536	-	9,536	8,759
Portugal	-	-	-	7,783
Romania	11,268	-	11,268	16,645
Russia	62,671	-	62,671	36,020
Serbia and Montenegro	22,902	-	22,902	49,136
South Africa	19,350	-	19,350	9,956
South Asia (5)	76,605	16,508	93,113	41,137

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NOTES TO THE ACCOUNTS

For the year ended 31 December 2021

OTES TO THE ACCOUNTS or the year ended 31 December 2021
South Pacific (2) Spain Switzerland Uganda Ukraine United Kingdom (2) United States Total grants to organisations	5,000 20,320 25,320 60,571 35,640 - 35,640 48,174 39,470 - 39,470 - 2,806 - 2,806 20,341 140,366 - 140,366 113,590 64,068 - 64,068 48,135 87,858 - 87,858 55,630
	2,106,099 752,173 2,858,272 2,610,849

Direct grants are made from regional budgets to assist the work of the most fragile movements. Other grants are from restricted income and reflect the donor's intention to support a particular movement. All grants are made to organisations. In 2021, grants were made to 96 organisations (2020: 96).

22. Ultimate parent undertaking

The ultimate parent undertaking is IFES (Switzerland), a company incorporated in Switzerland with registered offices at Rue du Simplon 37, 1006 Lausanne, Switzerland. Control is exercised by requiring all board members of IFES (Switzerland) to serve as trustees of IFES UK.

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