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2022-12-31-accounts

INTERNATIONAL FELLOWSHIP OF EVANGELICAL STUDENTS

ANNUAL ACCOUNTS AND TRUSTEES’ REPORT 2022

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 Dr 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 Mr Greg Smith (committee Chair) Mr Melvin Tan Mr Nicholas Addo (Chief Financial Officer – ex-officio, non-voting) until 30 April 2022 Mr Timothy Adams (General Secretary – ex-officio, non-voting)

Mr Martin Haizmann (Associate General Secretary – ex-officio, non-voting) until 31 July 2022

Ms Deborah Kong (Head of Finance – ex-officio, non-voting) from 1 May 2022 Dr George Ogalo (Chief Operating Officer – ex-officio, non-voting)

OFFICERS General Secretary Company Secretary

Mr Timothy Adams Mr Nicholas Addo (until 30 April 2022) Ms Deborah Kong (from 27 June 2022)

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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 2022

I OBJECTIVES AND ACTIVITIES

MISSION STATEMENT

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

THRIVING TOGETHER STRATEGIC PRIORITIES

After more than two years of listening to students, staff, theological advisors, research students, faculty, and our supporters and partners, and above all, listening for the voice of God to lead us, the final version of our new Thriving Together strategy was launched in February 2022. The four 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.

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 2022, staff and students of IFES national movements have had many opportunities to express their faith in acts of public service in their local communities.

From 24 February 2022, IFES and CCX, our member movement in Ukraine, were at the forefront of responding to spiritual and humanitarian needs arising from Russia’s invasion of Ukraine. They were part of an urgent effort to help international students to leave the country. Staff, students, volunteers, and graduates escorted groups of international students across the border, organised transport and accommodation, assisted with documentation and other practical needs. Other European IFES movements such as ChSA Poland, LKSB Latvia, and OSCER Romania have sent practical supplies to Ukraine and supported refugees in their own countries. The IFES Europe regional team created Ukraine Connect, beginning with informal accommodation arrangements for the friends of Ukrainian IFES and CCX staff members and developing into a wider effort, in partnership with other organisations, to find homes for refugees in other European countries. Students, staff, and graduates of CCX Ukraine continue to engage in humanitarian efforts in a range of contexts.

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Elsewhere, in Quebec GBUC, the Francophone student movement in Canada continues to support students through their foodbank, Le Bon Camarade . GBUC delivers food parcels to students in financial difficulties, meeting a high demand with more than 100 beneficiaries and someone new added once a week. Many are international students. Le Bon Camarade also functions as a community hub for information and resources for university life. Helping students with basic needs allows them to save money and concentrate on studies.

Students continue to consider how they can serve those around them – and not necessarily in the ways we might first expect. Two student movements embarked on initiatives to reach out to children’s homes. LIVF students ran in the Beirut half-marathon to raise funds for gifts, Christmas cards, and cake for children at the Cedar Home in Beirut. The visit was particularly special because one student, who herself had grown up in a similar home, shared her story with the children. Across the world, a student movement in a Spanish-speaking country has been visiting local children's homes, beginning from the time when “grief from the pandemic was at its peak, and many people were going through real storms”. They bring toys, gifts, and put on a play.

Koinonia students put on a play at a children’s home in January 2022

LIVF students at Cedar Home in Beirut, Lebanon, in December 2022

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II ACHIEVEMENTS AND PERFORMANCE

SECTION 1: THRIVING IN WITNESS

IFES continues to support national movements in their public evangelism efforts. In Europe, the FEUER (Fellowship of Evangelists in the Universities of Europe) network is a big part of this. In October, representatives from national movements were envisioned and equipped at the FEUER gathering in Thessaloniki, Greece. FEUER supports and trains movements in public evangelism, often using the model of evangelistic mission weeks. Scholarships are available to cover costs for students and staff to observe a mission week in another country. Movements often work together to hold mission weeks; this year, for instance, students from SEAM Macedonia and SXEF Greece supported one another at mission weeks in Skopje and Thessaloniki. Students from KFS Denmark travelled to Nikšić to support a mission week hosted by EUS Montenegro. The network is crucial for sharing resources and ideas across the region.

As well as using mission weeks to create their own opportunities to proclaim the gospel, students are also responding to existing opportunities around them. At the Africa Cup of Nations in January, students from GBEEC Cameroon partnered with local Christian organisations and GBEEC associates to preach the gospel outside football stadiums, meeting people who had travelled from all over the continent for the tournament. Christian leader Magloire Tene says that as people professed faith in Jesus for the first time, “many students were encouraged to continue preaching the gospel – and others decided to follow Jesus for the first time, seeing the sincerity and boldness of their fellow students.”

GBEEC Cameroon students sharing the gospel with football supporters from across the continent at the Africa Cup of Nations in January and February 2022

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URBANA: GLOBAL MISSION

In December thousands of delegates travelled to Indiana, USA to attend the Urbana missions conference, organised by InterVarsity/USA. Students from InterVarsity/USA, Intervarsity Canada, and GBUC Canada were equipped and inspired to consider the role God has for them in the world. About 100 staff workers from every IFES region were invited to share their stories with students to help them broaden their perspectives.

At the Urbana conference in December 2022, FCS Mongolia staff reunite with Intervarsity USA President Tom Lin, who, alongside his wife Nancy, helped to pioneer student ministry in Mongolia.

AFES NATIONAL TRAINING EVENT

IFES wants to thrive in witness together and in partnership, from everywhere to everywhere. In December 2022, students gathered at the National Training Event hosted by AFES in Australia. The conference included opportunities to hear together from God’s Word, share updates, and think through how God might use attendees in his global story. Students from other parts of the South Pacific region also attended. Students from TCSF Papua New Guinea joined the conference before going on to reach out to others with the gospel in series of evangelistic events in partnership with a local church in Australia.

Students from TSCF Papua New Guinea attending NTE in Australia

GLOBAL RESOURCE MINISTRIES: ENGAGING THE UNIVERSITY

Thriving in witness doesn’t only mean public proclamation, but living out the good news about Jesus meaningfully in everything we do. The IFES Engaging the University global ministry exists to help students, staff and faculty to think through what it means to approach studies, vocations, and their position in the university institution from a gospel perspective. The ETU e-course continues to be transformative for students to consider and apply the truths of the gospel in their discipline.

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THE LOGOS AND COSMOS INITIATIVE

Within the Engaging the University ministry, the Logos and Cosmos Initiative (LCI) exists to foster dialogue between theology and the sciences in the Latin America and Francophone Africa regions. 2022 was the third year of the program, and during the year a second cohort of catalysts were accepted onto the program to pursue projects within their national movements.

In August, LCI catalysts, staff, and mentors in Francophone Africa were able to meet for their first in-person training workshop in Burundi. In an invaluable opportunity to connect after such a long season of online meetings, the catalysts were able to renew their vision as Christian academics and engage with eminent scholars from the region who had been invited as speakers.

The LCI celebrated another first in October with a similar gathering in Chile for the Latin America catalysts, mentors, and staff. They enjoyed reflecting and connecting in the sense of community that exists in the LCI, deepening their learning, and reaffirming their calling to gospel witness in the academic world.

The LCI is accepting applications and preparing for the third cohort of catalysts to begin in April 2023.

MENA STUDENT LEADERSHIP CONFERENCE

In August 2022, nearly 200 staff and students from eight countries in the Middle East and North Africa (MENA) region were able to gather for the first in-person student conference since 2017. Over five days students worshipped, studied, prayed and enjoyed one another’s company together around the theme of “I AM and I”.

These testimonies are from students from a Middle Eastern country:

"These stories of Jesus came alive in a very fresh way as we put ourselves in those stories during our small group times. By the end of the week, I was encouraged to hold tight onto Jesus even though I came to the conference struggling with many big issues. I saw how important it was for students to study the Bible in small groups and I want to learn more how to do this and lead others."

“I cried nearly throughout the entire final evening of prayer for each country, not of sadness or pain, but with tears of joy seeing and hearing about all that God is doing to raise up students like me throughout our region.”

Each delegate received a free book each from Inspire, the MENA regional publishing house. One student said:

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“I am afraid to return home and face some very hard struggles. I feel very alone, but I am so grateful for these books. I want to start with “Be Not Afraid.” I am glad it has a story for every day for 10 weeks, and it goes through the whole Bible. I hope to find a small group to go through the 10 small group Bible studies.”

SECTION 2: THRIVING IN WHOLE-LIFE COMMITMENT

THE PANAF CONFERENCE

In August, the triennial Panafricaine conference welcomed 300 students and graduates from the 19 national movements in Francophone Africa to Burundi. This was a chance for students to share experiences, build community, and gain skills as effective witnesses on campus. It was an opportunity for leaders to gain new perspective and vision for student ministry in the region.

PANAF provided student leaders, as well as staff workers and graduates, a refreshed sense of encouragement, fellowship, and training.

Odette, a student leader from GBEEN Niger, shares:

“It was a taste of what it will be like in heaven, with so many different tribes worshipping God together. Sometimes it feels like we are the only ones in the world doing this. But the most important thing I learnt is that I am not alone. It strengthens my faith to know that we are a family working together.”

Lucien, a participant from GBEEG, the movement in Guinea, wrote:

“A divine calling resonated in my heart. I am committed to living for the Lord at university, the church, and society.”

REVIVE EUROPE

Whole-life commitment includes having a bigger vision for what God could do in our movements. Having been postponed from 2021, the Revive Europe conference was able to go ahead in December 2022. Over 2,300 students from 86 different nationalities gathered to call on God to bring spiritual revival in Europe. Students participated in multilingual worship sessions and 40 seminars on themes like “God and Science” with Professor John Lennox.

In May, the decision was taken that Revive should launch as a movement independent from IFES after the December event. IFES continues to affirm close partnership and support for the Revive movement. In future years, the European regional team plans to hold a conference specifically focused on training students for evangelism in the university context.

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FORMACIÓN IN EUROPE

To disciple and equip students to live for Jesus on their campuses, the Formación student leadership training program returned to in-person gatherings this year. This year’s program, with 37 students and nine community group leaders, was launched with a conference in Poland in July and will continue until May 2023 as students meet online to push one another to grow and learn.

Anna from MEKDSZ, the Hungarian movement, shared her experience of the Formación launch in July:

“It is hard to express what I experienced at Formación, because I truly think it was a life experience. It was most significant to connect with students who live in similar circumstances (studying at university, starting their own life as adults) and still come from diverse backgrounds (the most shocking moment for me was when students from Portugal, France and Belgium presented their issues on campus, such as sexual harassment and corruption, and our team had issues with time management and making friends... a huge difference). I am really grateful and it is wonderful to know I can truly rely on this community who live far away from each other but are closely connected through the Spirit. Whenever I feel insecure about my ability to fulfil my tasks, I think back to the moment when we were anointed - symbolically, but I believe that it was the visible manifestation of the Lord's commission that sends us to serve him.”

Students at the Formación launch conference in July.

SOUTH ASIA: WOMEN@IFESSA

IFES South Asia has a regional initiative to build up and create opportunities for women in leadership and ministry. Throughout 2022 the region held quarterly events in addition to training about spiritual gifts. The training was so popular that the region had to hold an extra session!

The speaker, a retired professor from one of the universities in the region, gave the participants a spiritual gifts test questionnaire, then warmly led participants through a discussion of what the gifts were and how they can be used. The leader of the initiative shared that "it was a blessing and an encouragement to learn that each one of us is gifted, even women, and that we must discover and use our gifts for the ministry." Follow-up is planned to help participants explore how they can engage their identified gifts within their current ministry contexts.

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TRAINING STAFF AND GRADUATES

IFES SCHOLARSHIPS

Each year, IFES provides partial scholarships for theological training and education, especially in pioneering or financially challenging contexts. This funding is generously donated by two different trusts.

Moustapha Ouedraogo is a full-time team member at the Union des Groupes Bibliques du Burkina (UGBB). He dreamed of being better trained to be more useful in student ministry. Now he is able to share what he is learning in his studies, made possible by an IFES scholarship:

“This training is a great source of blessings for myself, for the ministry among the students in Burkina Faso and even in French-speaking Africa... [It] will contribute, in the short and long term, to the development of good governance at

the level of the student ministry in Burkina Faso and in Francophone Africa, at the level of the church in Burkina Faso as well as at the level of national political governance.”

EAST ASIA STAFF CONFERENCE

Postponed three times after originally being planned for July 2020, the East Asia Staff Conference was a joyful opportunity for 230 national movement staff from 16 national movements to gather in Malaysia in early December. “It was simply amazing to see the fellowship and sharing in small groups, the laughter and crazy antics of staff amidst tears and moments of personal encounter with our LORD Emmanuel”, said David Ho, General Secretary of FES Malaysia.

Here is a testimony from Shinya Yoshizawa, General Secretary of KGK Japan:

"There were countless blessings. We received so much it is not easy to summarize in a few words. If I were to venture something, it is that I was made to think about this time in history when I have the privilege of serving in student ministry. I considered the new generation and the future of student ministry. I was very conscious that KGK has inherited so many precious blessings from our predecessors in student ministry. Reflecting, I was able to re-affirm God's calling in my life."

Staff from KGK Japan with Annette Arulrajah, IFES East Asia Regional Secretary

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GLOBAL RESOURCE MINISTRY: GRADUATE IMPACT

The Graduate Impact global resource ministry continues to support young graduates in learning to think, speak, and live distinctively for Jesus in the workplace. In June 2022, Graduate Impact launched the Transition course, an online and in-person resource for final year students or young graduates preparing to begin their professional careers. The course was first rolled out online among a cohort of 10 students from six different Eurasian countries. Since then, roughly 70 participants across Eurasia have used the resource. After the course was presented at the recent Revive Europe event, Graduate Impact staff expect it will be used in more countries beyond Eurasia, such as Luxemburg, Austria, Belgium, and in Latin America.

Graduate Impact also supports Cross-Current, a discipleship programme for young Christian adults to connect faith and work. Young professionals can join learning communities based in their city or grouped by profession. In 2022, groups met in 19 cities in 15 countries in Eurasia, Europe, and Latin America. There are also international groups for professionals in 10 different fields, including law, economics, and medicine.

Leaders of Cross-Current groups across Eurasia and Europe gathered for training and fellowship in Germany, November 2022 .

While many national movements all over the world have long had significant work with graduates, the Graduate Impact ministry has primarily been active within the Eurasia and Europe regions. However in 2022, Blas Lopez, Graduate Coordinator for the Latin America region, has also begun to use the Graduate Impact Transition resource to support graduates.

SOUTH PACIFIC GENERAL SECRETARIES GATHERING

In early September 2022, the South Pacific region had their first ever National Movement Leaders' Consultation. The general secretaries from Australia, Fiji, Guam, New Caledonia, New Zealand, the Solomon Islands and Vanuatu gathered to talk through the theology, philosophy, history, culture and practice of leadership training. The leaders found remarkable agreement at the theological, philosophical and historical levels and appropriate variation at the cultural and practical levels. Together, they charted a way forward as a region.

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CACC TRAINING INSTITUTE IN FRANCOPHONE AFRICA

Staff in Francophone Africa continue to be equipped through the CACC Training Institute (Centre Africain du Christianisme Contemporain) . Throughout June and July, 37 staff workers, representing all but two of the 19 national movements in the region, were trained both online and in person .

Over a three-year period, the program helps general secretaries and their national staff to identify and respond effectively to the needs within their movement. The training includes theology, leadership development, monitoring and evaluation, and knowledge-sharing within the global IFES network. CACC is an increasingly crucial leadership development pipeline in Francophone Africa; 13 general secretaries in the region are in training or have been trained through CACC.

ENGLISH AND PORTUGUESE-SPEAKING AFRICA: INSTITUTE FOR STAFF DEVELOPMENT AND TRAINING (ISDT)

The ISDT runs for up to 10 weeks annually during the summer season for two consecutive years, for selected staff from the national movements of EPSA. The training increases the theological knowledge and practical leadership skills of staff, enabling them in turn to equip students to become effective witnesses for Christ on campus. Peer-learning and mentoring, cross-pollination, partnership and networking are key to the long-term success of the program.

From May to July 2022, 14 staff from 12 national movements benefitted from the program at the ECWA Theological Seminary in Jos, Nigeria. The last time the Institute had run in-person was in 2019 and thereafter it was either cancelled or held online due to the global pandemic. It was notable that the majority of the participants in 2022 were from national movements that are in a re-pioneering stage (South Sudan, Sudan, eSwatini, Botswana, Zambia and Angola). In addition, two staff attended from Portuguese-speaking countries, Mozambique and Angola.

SOUTH ASIA GRADUATE INITIATIVE

The South Asia Graduate initiative began in 2022, offering young graduates both pastoral care and training to understand their workplace as somewhere to live out the gospel. Billy, the newly appointed coordinator for this initiative, spent much of the year connecting directly with the region’s national movements to understand how they were engaging with young graduates and to encourage development of a vision for this area of ministry. Towards the end of 2022, planning began for a series of webinars for graduates to begin in early 2023.

EUROPEAN YOUNG STAFF NETWORK

The Young Staff Network in the Europe region is an online learning community for staff of national movements who have been in post for less than two years. In 2022, 18 staff workers from nine countries have been involved. The network runs on the basis that ministry and work flow out of character, and so the aim is to help staff develop a Christlike character in community with one another.

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SECTION 3: THRIVING ON NEW GROUND

GLOBAL RESOURCE MINISTRY: BREAKING NEW GROUND

The Breaking New Ground initiative has been integrated into the Global Resource Ministries team and continues to support movements and regions with grants which allow them to plant new groups in new cities and countries. This year, we have also continued our online Breaking New Ground network gatherings, seeking to train and encourage those in pioneering contexts.

A significant focus of the year was preparing for a new funding round which opened for applications in January 2023. This is our seventh funding round and we continue to aim to empower pioneers at the grassroots with resources and practical help.

THRIVING ON NEW GROUND IN EURASIA

In August, a unique opportunity catalysed thriving on new ground in several sensitive countries in Eurasia. A team of 13 chosen from various national movements, eight of whom were students, spent two weeks in a sensitive country offering training to students from several countries in Eurasia, studying the book of Acts. Students ran Bible studies, talks, seminars, testimonies and led worship, with the goal of passing on the vision for student ministry, and encouraging small beginnings in their cities, seeds of new student movements.

Forty five young believers from three Eurasian countries took part, and the team was humbled and inspired by their vibrant faith. One staff worker on the training team said:

“We really were humbled hearing from the students here. Many are first-generation believers, from broken family backgrounds. I was speechless to see how vibrant and real their faith is.”

As a result of this event, Christian students in one country decided to launch an Englishspeaking club in the park for their friends before they boldly asked the university authorities for a room on a regular basis. Students in a different country committed to begin to study the Bible using Uncover Bible study notes with their friends. A student from yet another country was inspired to share the gospel with her lecturer. She wrote:

“I don’t want to waste time, I will be direct and just share the gospel. On 29 September, I will invite my lecturer to a coffee shop, and I will talk to her about prayer. We have a very good relationship, and she believes that prayer is the key to paradise. I want to explain to her what true prayer means. I am really surprised about where my courage has come from.”

The team received many invitations to return, and local church leaders have received so much positive feedback from the students in their churches that they want to send more people for training.

NEW GROUND IN A SENSITIVE COUNTRY IN EAST ASIA

God moved to bring similar courage and conviction this year in a sensitive country in the East Asia region where a new student movement has begun under very difficult circumstances. In January 2022, the first ever local staff worker in this country began in her role. With the support of the East Asia regional team, this one well-placed person has had a transformational impact, bringing students together to enjoy meeting and eating together and

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working through Bible studies, discussions on different topics, prayer meetings, and times of fellowship.

NEW GROUND IN ENGLISH- AND PORTUGUESE-SPEAKING AFRICA

This year, a particular focus of ministry in the EPSA region was the effort to pioneer or repioneer ministry in four countries: Cabo Verde, Sao Tome and Principe, Namibia, and Equatorial Guinea. A national board is forming in Equatorial Guinea to help support existing groups of students who already gather on campus to study the Bible.

Members of the regional team have made initial visits to Cabo Verde and Sao Tome and Principe. In Cabo Verde, a board of trustees has been established. One surprise was to meet a university professor, who was previously part of ABUB, the IFES movement in Brazil. She is now part of the newly established and trained board. Zelalem Abebe, EPSA Regional Secretary shares:

“We tried for eight or nine years to begin a ministry in Cabo Verde, but now God opened a door for us, which is very exciting for us.”

EPSA Regional Secretary, Zelalem (centre) with key contacts in Cabo Verde

While efforts to re-pioneer the struggling student movement in Namibia were halted by the pandemic, Duncan Chiyani from the EPSA regional team visited again this year. A new national board has been established, graduates are committed to getting involved, and in January 2023 a new staff worker is beginning to work with students on campus.

NEW GROUND IN THE CARIBBEAN: MARTINIQUE AND THE BAHAMAS

There was, at one point, a vibrant and growing IFES movement on the Caribbean island of Martinique. Students were passionately reaching out with the gospel to seven high schools and three university campuses on the island. But in recent years, the movement has ebbed and declined. It isn’t an easy place for student ministry – religion is forbidden in any educational context.

However, there are signs that revival may be stirring. In August, Caribbean Regional Secretary Marc Pulvar initiated efforts to revive the movement by inviting students in Martinique to a day of prayer and fasting. In December, this was followed by an event - “ Relance GBU ” - where four students committed to start new groups. We continue to pray that more students will be ignited to lead more groups in this country which is teeming with opportunity for the gospel.

In recent years, IFES leaders in the Caribbean had been praying for an opening for student ministry in the Bahamas. It was not until during the COVID lockdown in 2020 when all regional activities moved online that contact was unexpectedly established with an existing Bahamian student ministry that was already working in schools and in the tertiary institutions. This movement, SCM Bahamas, has existed for 60 years and has a vision to develop their ministry for greater impact amongst the young people of the Bahamas. Through their growing connection with IFES in the Caribbean, they are benefitting from online training and fellowship and are on the way to becoming affiliated with IFES. Marc Pulvar wrote:

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“Pioneering the Bahamas was like discovering that God had already been at work while we were just praying, unaware of what was actually happing among students there. It glorifies God and makes us humble.”

SECTION FOUR: THRIVING INTO THE FUTURE

SCRIPTURE ENGAGEMENT

The Scripture Engagement team continues to work alongside national movements and regions, through workshops, consultations and resources, to help ensure that each new generation of students loves, studies, lives and shares God’s Word. The team provides an invaluable, biblically-infused perspective to the global fellowship through their regularlyproduced resources.

In September, the first in-person gathering of the 13 Scripture Engagement multipliers from seven countries in the South Asia region took place in Thailand. It was a wonderful opportunity both to study Scripture and to discuss the implications for the South Asian context.

Yohan Abeynaike from the Scripture Engagement team shared:

“It was a blessed time meeting face to face. There was a great spirit of openness to what we were learning, and everybody mixed well together. There is a lot to be thankful for, and we are keen to continue to meet regularly online to take things forward.”

September also saw the launch of the new Scripture Engagement e-course, “Foundations of Scripture Engagement”, designed to help students and staff deepen their roots in the transformational richness of God’s Word.

IFES 75[TH] ANNIVERSARY

IFES was founded in 1947 and in 2022 we launched a yearlong celebration of our 75[th] anniversary, thanking God for his faithfulness to the global fellowship and looking to him for his guidance for the future.

The celebration began on 29 July with an online gathering for the general secretaries and leaders of IFES-related ministry in 180 countries, under the theme “Unfinished: Living God’s Story in the University.” They met together for a time of reflecting, sharing, and encouragement. This was a joyful and inspiring chance to interact on a scale for which we have rarely had the opportunity.

A social media campaign, celebrating both stories from the histories of national movements and the testimonies of graduates from around the world, has continued throughout the year to celebrate and call the Fellowship to prayer and reflection. This year of marking our 75[th] anniversary will culminate at World Assembly in Indonesia in August 2023.

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75[th] Anniversary celebrations in Latin America and North America

GLOBAL RESOURCE MINISTRY: GOVERNANCE DEVELOPMENT

The IFES Governance Development team celebrates the tenth anniversary of the program this year, continuing to help movements thrive into the future by building healthy, resilient boards of trustees through well-structured, and God-honouring governance practices. This empowers a well-equipped and motivated general secretary, staff who are enabled to fulfil their roles, and thriving student groups. While continuing to provide training to national movement boards all over the world, in October, the Governance Development team also launched a new e-course, “Caring for your General Secretary”. There are now five Governance Development e-learning courses available.

GLOBAL RESOURCE MINISTRY: INDIGENOUS SUPPORT DEVELOPMENT

Throughout 2022, IFES has continued providing training and capacity-building to help national movements find and develop partnerships they need for student ministry to thrive. These partnerships may involve prayer, resources, personnel and finance. They also serve to ground the student movement in the national and local context.

The first Indigenous Support Development (ISD) Advanced Course cohort met, working in English, with 19 participants and two facilitators. Due to COVID, very few onsite training events could be held during the second part of the year in EPSA, the Caribbean, Latin America, Francophone Africa or East Asia. To overcome this, the ISD team organised regional webinars to equip their fund development staff, general secretaries and board members.

PEOPLE AND CULTURE

The IFES People and Culture initiative, launched in 2021, continued to be developed in 2022. John Criswell, Head of People and Culture explains that this area of work proceeds on the belief that “if we pay attention to the welfare of our staff, we will see more fruitfulness in ministry.” John likens the work of the People and Culture team to that of gardeners, preparing soil and creating conditions in which the plants (staff members) can truly flourish.

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In the last 12 months, work has focused on solidifying the team and the initial vision. Sabine Kalthoff from Germany has been appointed as Secretary for Spiritual Formation, and Igors Rautmanis from Latvia as Secretary of Staff and Team Development. These appointments, in combination with Pauline Bagg as HR Manager of Operations, mean that the first three arms of the People and Culture vision (see diagram) have assigned staff. This has enabled the further evolution of initiatives such as Staff Together Live, a regular online gathering for all IFES staff, throughout the year.

Looking ahead to 2023, priorities include holding an in-person orientation for recently appointed staff in March, and a two day staff gathering immediately before the World Assembly. There are also plans for further appointments to facilitate the remaining two arms of the People and Culture vision.

STRATEGY IMPLEMENTATION

As already mentioned, the four 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. In developing the Thriving Together strategy, we identified the need to shift our approach across our work to embrace collaboration and new approaches, and to focus on transformation and impact.

We want to be a fellowship that is united in vision and mission and to develop an appropriate infrastructure that facilitates 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.

Throughout 2022, the Ministry Strategy and Impact team has been working with the IFES regional, global resource ministries and International Services teams, to develop and implement a shared approach to ministry planning, monitoring and reporting. This will be done on a three-year cycle and the plans will inform the initiatives, training and support that we offer.

WORLD ASSEMBLY

IFES World Assembly takes place every four years, gathering IFES students, faculty, staff and board members from all over the globe. It is a most strategic time in the rhythm of IFES. After the particular challenges faced across the Fellowship over the past four years with the global pandemic, war, natural disasters and other situations, we will seek God together as we meet in 2023, asking for renewed resilience in our worldwide mission. The General Committee will meet during the World Assembly to exercise its international governance role as it appoints the Board and gives guidance on strategy and direction. World Assembly will be held in Jakarta, Indonesia from 2 to 10 August 2023. For the first time, some parts of the program will be available online to registered virtual participants.

INTERNATIONAL SERVICES

The USA, UK and Asia International Services offices have continued to provide support and coordination services to the global fellowship throughout 2022.

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.

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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 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.

Our fundraising campaign, Global Generosity Day, aimed especially at encouraging students to support IFES projects took place on 6 April. A total of US $28,021.89 was raised from 116 donors around the world. Global Giving Day will take place again in April 2023.

IFES LEADERSHIP

The general secretary is supported by a core team in decision-making and leadership. This includes Associate General Secretary, David Bahena from Mexico who has responsibility for regional ministry, George Ogalo from Kenya serves as Chief Operating Officer, overseeing the three International Services teams and Olena Welch from Ukraine is Head of Global Resource Ministries.

Martin Haizmann from Germany served as Associate General Secretary until his welldeserved retirement in June after 20 years of service as IFES senior staff. Throughout his working life Martin had served in various roles at the local, national, regional and international levels.

With the easing of pandemic-related travel restrictions, the senior staff team, including regional secretaries, global resources ministry leaders and leaders of International Services departments, was able to meet in-person for the first time since October 2019. This was a particularly significant opportunity to reconnect and refocus together under the leadership of Tim Adams who had been appointed General Secretary in 2021.

The IFES Board was also able to meet in-person for the first time since it was appointed at the World Assembly in 2019. Board members were grateful for the opportunity to overlap briefly with the senior staff and also to meet staff, students and board members of FOCUS Kenya who kindly facilitated arrangements for the meeting.

In response to a motion from the General Committee in 2019, the Board launched a review process of the governance structures of IFES. This has involved extensive consultation with many stakeholders from around the world and the findings will be reported to the General Committee in 2023. It has been an encouraging and useful process that will serve to strengthen and improve the workings of our various governance bodies.

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III GOVERNANCE

RISK MANAGEMENT, PRINCIPAL RISKS AND UNCERTAINTIES

A new Risk Management Policy and Procedures was approved by the Board in February 2023. 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.

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 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. The aim is for this to be increased in line with UK inflation each year, but there will be some times, for example when inflation is very high, when this is not possible. In these circumstances, pay increases will be guided by what is fair and affordable. 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).

RELATED CHARITY

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

Transactions between IFES (UK) and IFES (Switzerland) during 2022 have been reflected in the notes to the accounts (2021 – $91,752).

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:

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

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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 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 2022 are set out in the accounts on pages 28 to 49.

During 2022 both income and expenditure started to return to pre-pandemic levels. Donations were boosted by a significant one-off donation which has been given to stimulate the growth and development of IFES globally. This donation will be invested for use over a period of 10+ years, with the intention of advancing IFES ministry in new ways or through particular challenges. Income from charitable activities saw an almost four fold increase, largely due to the ability to hold in-person meetings again, most notably the Revive conference in Europe. Expenditure on student ministry was up by 20% for the same reason.

We ended the year with a net surplus of $1.2m for which we are grateful to God. As mentioned above, this will be invested to be used over the next decade.

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 $2.69 million. 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 obligations and 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 2022. 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 in the reporting period. In addition, supporting churches and individuals have given generously to specific staff, national movements and projects. Without the money, personnel and prayer

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that these partnerships represent, our work would be impossible. We praise God for the wonderful supporter base we have around the world: individuals and organisations 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.

Under the terms of their grant, we specifically acknowledge a gift from the EvangelicalLutheran Church of Wuerttemberg (Germany) of €10,000 ($9,917) 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 2023 budget for IFES would require a free reserves figure between $290,000 and $725,000. At the end of 2022, total unrestricted funds for the group stood at $1.4 million but with tangible fixed assets valued at approximately $2.7 million, the group ended the year with negative free reserves of $1.3 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 $682,000 in IFES Switzerland, we are therefore able to report overall negative free reserves of $618,000. 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 Policy and Investment Policy in 2023, with the overall objective of ensuring good stewardship, and achieving the highest possible return, while maintaining appropriate liquidity, ensuring appropriate security, and meeting our ethical standards. We aim to have no holdings in individual securities whose primary business is in tobacco, alcohol, armaments, abortion, or gambling.

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

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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 2022 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:

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

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:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the trustees’ responsibilities statement set out on page 21, 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: 29 June 2023

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CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account) for the year ended 31 December 2022

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
2022
2021
US$
US$
US$
US$ 1,211,835
7,723,636
8,935,471
6,108,256
32,718
7,218
39,936
34,863
4,461
-
4,461
393
47
252,578
252,625
63,588
-
-
-
6,925
3,190
3,279
6,469
3,759
1,252,251
7,986,711
9,238,962
6,217,784
460,997
1,163
462,160
469,952
1,446,904
6,124,392
7,571,296
6,312,048
1,907,901
6,125,555
8,033,456
6,782,000
(655,650)
1,861,156
1,205,506
(564,216)
226,656
(226,656)
-
-
(428,994)
1,634,500
1,205,506
(564,216)
1,835,329
4,200,667
6,035,996
6,035,996
1,406,335
5,835,167
7,241,502
5,471,780

A breakdown by fund type of the 2021 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 32 to 49 form part of these accounts.

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BALANCE SHEET as at 31 December 2022 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
2022
2021
US$
US$ 2,736,333
2,853,000
432,294
47,578
3,168,627
2,900,578
92,226
62,961
792,766
1,029,415
3,644,160
2,375,244
4,436,926
3,404,659
(397,036)
(265,733)
4,039,890
3,138,926
7,300,743
6,102,465
(59,241)
(66,469)
7,241,502
6,035,996
5,835,167
4,200,667
1,406,335
1,835,329
7,241,502
6,035,996		 Charity
2022
2021
US$
US$ 2,700,277
2,799,608
432,295
47,579
3,132,572
2,847,187
92,226
62,961
780,869
1,018,569
3,613,827
2,341,369
4,394,696
3,359,938
(393,828)
(263,310)
4,000,868
3,096,628
7,225,666
6,006,776
(59,241)
(66,469)
7,166,425
5,940,307
5,782,732
4,148,232
1,383,693
1,792,075
7,166,425
5,940,307		 Charity
2022
2021
US$
US$ 2,700,277
2,799,608
432,295
47,579
3,132,572
2,847,187
92,226
62,961
780,869
1,018,569
3,613,827
2,341,369
4,394,696
3,359,938
(393,828)
(263,310)
4,000,868
3,096,628
7,225,666
6,006,776
(59,241)
(66,469)
7,166,425
5,940,307
5,782,732
4,148,232
1,383,693
1,792,075
7,166,425
5,940,307
2,847,187
62,961
1,018,569
2,341,369
3,359,938
(263,310)
3,096,628
6,006,776
(66,469)
5,940,307
4,148,232
1,792,075
5,940,307

Approved by the Board of Directors on 22 May 2023 and signed on its behalf by

Director

The notes on pages 32 to 49 form part of these accounts.

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CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 31 December 2022

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		 2022
US$
1,205,506
230,280
124,200
39,326
107,075
(5,998)
40,180
1,740,569
5,998
(29,735)
(415,685)
(439,422)
(60,000)
27,894
(125)
(32,231)
1,268,916
2022
US$
1,268,916
2,375,244
3,644,160
2022
US$
119,564
3,309,520
215,076
3,644,160		 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
(685,030)
2021
US$ (685,031)
3,060,275
2,375,244
2021
US$ 86,849
2,103,148
185,247
2,375,244

The notes on pages 32 to 49 form part of these accounts.

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 2 P A G E 3 0

CONSOLIDATED STATEMENT OF CASH FLOWS (continued) For the year ended 31 December 2022

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
2022
Cashflow
Foreign
exchange
movements
At
31
December
2022
272,096
62,544
-
334,640
2,103,148
1,206,372
-
3,309,520
2,375,244
1,268,916
-
3,644,160
(136)
15
-
(121)
(66,799)
3,990
3,568
(59,241)
2,308,309
1,272,921
3,568
3,584,798

The notes on pages 32 to 49 form part of these accounts.

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 2 P A G E 3 1

NOTES TO THE ACCOUNTS

For the year ended 31 December 2022

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 $2,000.

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 2 P A G E 3 2

NOTES TO THE ACCOUNTS

For the year ended 31 December 2022

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.

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 2 P A G E 3 3

NOTES TO THE ACCOUNTS

For the year ended 31 December 2022

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 2 P A G E 3 4

NOTES TO THE ACCOUNTS

For the year ended 31 December 2022

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
South Korea
Other		 2022
2021
US$
US$ 6,084,275
3,177,694
1,875,770
1,795,058
265,030
356,050
190,810
225,134
28,800
83,826
50,613
81,180
51,414
47,385
32,346
38,722
33,533
22,768
13,639
14,706
23,675
14,612
21,950
8,713
2,938
130
260,679
242,279
8,935,471
6,108,256

Legacies received in the year amounted to $136,988 (2021: $52,384).

3. Income from charitable activities

Event fees 2022
2021
US$
US$ 252,625
63,588
252,625
63,588

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 2 P A G E 3 5

NOTES TO THE ACCOUNTS

For the year ended 31 December 2022

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
2022
2021
US$
US$
US$
US$ -
133,113
133,113
158,864
-
116,644
116,644
77,729
-
285,390
285,390
293,211
-
869,933
869,933
662,445
-
1,704,922
1,704,922
1,338,143
-
306,922
306,922
297,396
-
236,296
236,296
264,963
-
589,869
589,869
392,217
-
137,686
137,686
106,713
-
166,122
166,122
164,396
-
140,585
140,585
238,497
298,692
1,014,403
1,313,095
1,080,507
1,148,211
422,507
1,570,718
1,236,967
1,446,904
6,124,392
7,571,296
6,312,048

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 $1,227,001 (2021: $973,611). Support costs were also recharged to International Ministries of $343,717 (2021: $263,356). 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
Support costs apportioned (notes
6,7)		 Unrestricted
Restricted
Total funds
Total funds
funds
funds
2022
2021
US$
US$
US$
US$ 176,798
-
176,798
229,520
41,284
1,163
42,447
30,699
10,199
-
10,199
8,013
19,813
-
19,813
23,241
212,902
-
212,902
178,480
460,997
1,163
462,160
469,952

6a. Analysis of Charitable Activities by Mission Priorities

Witness
Whole Life Commitment
New Ground
Future
Direct grants to national
movements		 Direct costs
Support costs
2022
2021
US$
US$
US$
US$ 1,516,323
392,793
1,909,116
761,661
833,453
215,900
1,049,353
830,942
318,896
98,917
417,813
405,357
644,451
166,941
811,392
760,182
2,687,457
696,168
3,383,625
3,553,906
6,000,580
1,570,719
7,571,299
6,312,048

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 2 P A G E 3 6

NOTES TO THE ACCOUNTS

For the year ended 31 December 2022

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		 Witness
Whole Life
Commitment
New
Ground
Future
Direct
grants to
NMs
2022
2021
US$
US$
US$
US$
US$
US$
US$ -
-
28,762
6,162
98,189
133,113
158,864
-
-
53,201
-
63,443
116,644
77,729
9,000
39,809
43
(14)
236,552
285,390
293,211
-
43,075
-
49,739
777,119
869,933
662,445
942,013
154,420
2,968
-
605,520
1,704,922
1,338,143
24,219
114,002
-
7,166
161,534
306,922
297,396
2,100
15,623
-
8,851
209,722
236,296
264,963
1,925
273,560
145,070
-
169,315
589,869
392,217
-
-
-
-
140,585
140,585
238,497
1,110
11,333
75,708
80
49,455
137,686
106,713
-
10,035
4,004
-
152,084
166,122
164,396
535,953
171,596
9,141
572,467
23,940
1,313,095
1,080,507
1,516,320
833,453
318,896
644,451
2,687,457
6,000,577
5,075,081
392,793
215,900
98,917
166,941
696,167
1,570,718
1,236,967
1,909,113
1,049,353
417,813
811,392
3,383,624
7,571,296
6,312,048

I F E S A N N U A L A C C O U N T S A N D T R U ST E E S R E P O R T 2 0 2 2 P A G E 3 7

NOTES TO THE ACCOUNTS

For the year ended 31 December 2022

7. Apportionment of support costs

Support Cost
Finance
General
management
Communications
Senior
management
Governance		 Witness
Whole Life
Commitment
New Ground
Future
Direct
grants to
NMs
Raising
Funds
2022
Total
2021
Total
Basis of
allocation
US$
US$
US$
US$
US$
US$
US$ 70,726
38,875
14,874
30,059
125,352
11,626
291,513
327,565
Direct costs
273,150
150,138
57,446
116,091
484,119
44,901
1,125,846
842,685
Direct costs
32,032
17,606
6,737
13,614
56,771
137,290
264,050
211,454
Staff time
7,914
4,350
17,973
3,363
14,026
17,610
65,236
7,261
Staff time
8,971
4,931
1,887
3,813
15,900
1,475
36,977
26,481
Direct costs
392,793
215,900
98,917
166,941
696,168
212,902
1,783,622
1,415,446

Audit fees included under Governance costs above came to US$21,904 (2021 – US$22,216).

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

NOTES TO THE ACCOUNTS

For the year ended 31 December 2022

  1. Statement of Financial Activities for the year ended 31 December 2021
INCOME AND ENDOWMENT FROM:
Donations and legacies
Fundraising and other trading activities
Investment
Charitable activities
UK Government Grant
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
2021
US$
US$
US$
1,101,683
5,006,573
6,108,256
17,394
17,469
34,863
393
-
393
430
63,158
63,588
5,533
1,392
6,925
2,763
996
3,759
1,128,196
5,089,588
6,217,784
469,416
536
469,952
1,411,946
4,900,102
6,312,048
1,411,946
4,900,102
6,312,048
1,881,362
4,900,638
6,782,000
(753,166)
188,950
(564,216)
492,969
(492,969)
-
(260,197)
(304,019)
(564,216)
2,822,340
3,777,872
6,600,212
2,562,143
3,473,853
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 2

P A G E 3 9

NOTES TO THE ACCOUNTS For the year ended 31 December 2022

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		 2022
2021
US$
US$ 2,227,970
2,417,502
155,583
196,872
234,769
253,607
2,618,322
2,867,981

One employee had earnings within $72,540 (£60,000) - $84,630 (£70,000) band in the year (2021: 1).

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

Student ministries
Communications
Supporter relations
Senior management
Other management and administration		 2022
2021
48
48
6
6
4
5
8
7
24
22
90
88

Total remuneration for senior management comprising General Secretary, Associate General Secretaries and chief officers in the year was $508,489 (2021 - $438,887).

10. Tangible fixed assets

Group
Cost
At 1 January 2022
Additions during year
Disposals during year
At 31 December 2022
Depreciation
At 1 January 2022
Charge during year
Disposals during year
At 31 December 2022
Net book values
At 31 December 2022
At 1 January 2022		 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
426,217
157,729 3,994,927
-
-
-
27,681
2,054
29,735
-
-
-
(141,298)
(142,225)
(283,522)
2,758,789
563,399
88,793
312,600
17,558 3,741,139
486,338
103,057
88,793
328,914
134,826 1,141,928
44,213
9,014
-
50,192
3,656
107,075
-
-
-
(112,471)
(131,726)
(244,197)
530,551
112,071
88,793
266,635
6,7561,004,806
2,228,238
451,328
-
45,965
10,802
2,736,333
2,272,451
460,342
-
97,303
22,9032,852,999

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 2 P A G E 4 0

NOTES TO THE ACCOUNTS

For the year ended 31 December 2022

Charity
Cost
At 1 January 2022
Additions during year
Disposals during year
At 31 December 2022
Depreciation
At 1 January 2022
Charge during year
Disposals during year
At 31 December 2022
Net book values
At 31 December 2022
At 1 January 2022		 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
302,202
152,455
3,865,638
-
-
-
20,484
2,054
22,538
-
-
-
(141,298)
(141,502)
(282,799)
2,758,789
563,399
88,793
181,388
13,007
3,605,376
486,338
103,057
88,793
257,627
130,215
1,066,030
44,213
9,014
25,925
3,393
82,545
-
-
-
(112,471)
(131,005)
(243,476)
530,551
112,071
88,793
171,081
2,603
905,099
2,228,238
451,328
-
10,307
10,404
2,700,277
2,272,451
460,342
-
44,575
22,240
2,799,608

11. Investments

Cost
At 1 January 2022
Additions in year
Disposals in year
At 31 December 2022
Cost
At 1 January 2022
Additions in year
Disposals in year
At 31 December 2022
Cost
At 1 January 2022
Additions in year
Disposals in year
At 31 December 2022		 Group
Charity
Investment in
subsidiaries
Investment in
subsidiaries
US$ US$ -
1
-
-
-
-
-
1
Other
investments
Other investments
US$ US$ 47,578
47,578
415,685
415,685
30,969
30,969
432,294
432,294
Total
Total
US$ US$ 47,578
47,579
415,685
415,685
30,969
30,969
432,294
432,295

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 2 P A G E 4 1

NOTES TO THE ACCOUNTS

For the year ended 31 December 2022

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
2022
2021
US$
US$ -
67,655
65,469
46,801
637,872
838,890
71,025
55,382
18,400
17,652
792,766
1,026,380
92,226
62,961		 Charity
2022
2021
US$
US$ -
67,655
64,991
46,288
637,872
838,890
59,606
45,049
18,400
17,652
780,869
1,015,534
92,226
62,961
  1. Liabilities: amounts falling due within one year
Trade creditors
Other creditors
Owed to IFES Switzerland
Accruals and deferred income
Other loans (due within 1 year)		 Group
2022
2021
US$
US$ 143,849
126,565
80,187
101,394
14,826
-
158,054
37,639
121
135
397,036
265,733		 Charity
2022
2021
US$
US$ 143,849
126,565
80,187
101,394
14,826
-
154,846
35,216
121
135
393,828
263,310

Included within other creditors is $21,800 (2021: $27,678) 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
2022
2021
US$
US$ 29,016
32,708
30,225
33,775
59,241
66,483		 Charity
2022
2021
US$
US$ 29,016
32,708
30,225
33,775
59,241
66,483

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 2 P A G E 4 2

NOTES TO THE ACCOUNTS

For the year ended 31 December 2022

15. Commitments under operating leases

At 31 December 2022, 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		 2022
2021
US$
US$ 3,333
3,333
7,363
10,696
10,696
14,030

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 2022
Incoming
resources
Outgoing
resources
Transfers
Closing
balance at
31 Dec 2022
US$ US$ US$ US$ US$
527,912
1,183,261
(1,745,016)
351,609
317,766
1,815,760
4,497,806
(2,297,587)
(689,375)
3,326,604
1,786,995
2,305,647
(2,082,955)
111,110
2,120,797
70,000-
-
-
70,000
4,200,667
7,986,714
(6,125,558)
(226,656)
5,835,167
Opening
balance at
1 Jan 2022
Incoming
resources
Outgoing
resources
Transfers
Closing
balance at
31 Dec 2022
US$ US$ US$ US$ US$
81,497
94,909
(133,113)
25,471
68,764
302,094
212,660
(116,644)
(14,884)
383,226
288,672
283,103
(285,390)
61,538
347,923
604,760
1,342,919
(869,933)
(39,276)
1,038,470
980,160
1,333,301
(1,704,925)
(43,566)
564,970
136,816
175,353
(306,922)
92,946
98,193
1,045,782
3,350,504
(1,438,073)
(297,907)
2,660,306
159,008
222,608
(236,296)
22,163
167,483
249,637
477,634
(589,869)
(27,057)
110,345
3,913
135,076
(140,585)
1,774
178
207,981
194,422
(137,686)
3,410
268,127
140,347
164,225
(166,122)
(11,268)
127,182
4,200,667
7,986,714
(6,125,558)
(226,656)
5,835,167

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 2 P A G E 4 3

NOTES TO THE ACCOUNTS

For the year ended 31 December 2022

Charity

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 2022
Incoming
resources
Outgoing
resources
Transfers
Closing
balance at
31 Dec 2022
US$ US$ US$ US$ US$
527,912
1,183,261
(1,745,016)
351,609
317,766
1,763,325
4,497,806
(2,297,587)
(689,375)
3,274,169
1,786,995
2,305,647
(2,082,955)
111,110
2,120,797
70,000
-
-
-
70,000
4,148,232
7,986,714
(6,125,558)
(226,656)
5,782,732
Opening
balance at
1 Jan 2022
Incoming
resources
Outgoing
resources
Transfers
Closing
balance at
31 Dec 2022
US$ US$ US$ US$ US$
81,497
94,909
(133,113)
25,471
68,764
302,094
212,660
(116,644)
(14,884)
383,226
288,672
283,103
(285,390)
61,538
347,923
604,760
1,342,919
(869,933)
(39,276)
1,038,470
980,160
1,333,301
(1,704,925)
(43,566)
564,970
136,816
175,353
(306,922)
92,946
98,193
993,347
3,350,504
(1,438,073)
(297,907)
2,607,871
159,008
222,608
(236,296)
22,163
167,483
249,637
477,634
(589,869)
(27,057)
110,345
3,913
135,076
(140,585)
1,774
178
207,981
194,422
(137,686)
3,410
268,127
140,347
164,225
(166,122)
(11,268)
127,182
4,148,232
7,986,714
(6,125,558)
(226,656)
5,782,732

17. Unrestricted funds

Group

roup
Designated funds:
Property fund
Unrestricted fund:
General fund
TOTAL UNRESTRICTED
FUNDS		 Opening
balance at
1 Jan 2022
Incoming
resources
Outgoing
resources
Transfers
Closing
balance at
31 Dec 2022
US$ US$ US$ US$ US$
1,527,705
-
-
-
1,527,705
307,624
1,252,251
(1,907,901)
226,656
(121,370)
1,835,329
1,252,251
(1,907,901)
226,656
1,406,335

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 2 P A G E 4 4

NOTES TO THE ACCOUNTS

For the year ended 31 December 2022

Charity

harity
Designated funds:
Property fund
Unrestricted fund:
General fund
TOTAL UNRESTRICTED FUNDS		 Opening
balance at
1 Jan 2022
Incoming
resources
Outgoing
resources
Transfers
Closing
balance at
31 Dec 2022
US$ US$ US$ US$ US$
1,527,705
-
-
-
1,527,705
264,370
1,251,963
(1,887,001)
226,656
(144,012)
1,792,075
1,251,963
(1,887,001)
226,656
1,383,693

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 2023. Restricted funds that were applicable but were restricted to a more general area, were used first.

18a. Analysis of net assets between funds as at 31 December 2022

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$
-
-
317,766 -
317,766
16,609
-
3,309,995 -
3,326,604
-
-
2,120,797 -
2,120,797
-
92,226
7,999
(30,225)
70,000
16,609
92,226
5,756,557
(30,225)
5,835,167
1,556,721
-
-
(29,016)
1,527,705
1,179,612
-
(1,300,982) -
(121,370)
2,752,942
92,226
4,455,575
(59,241)
7,241,502

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 2

P A G E 4 5

NOTES TO THE ACCOUNTS

For the year ended 31 December 2022

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$
-
-
317,766 -
317,766
16,609
-
3,257,560 -
3,274,169
-
-
2,120,797 -
2,120,797
-
36,426
63,799
(30,225)
70,000
16,609
36,426
5,759,922
(30,225)
5,782,732
1,556,721
-
-
(29,016)
1,527,705
1,143,557
-
(1,287,569) -
(144,012)
2,716,887
36,426
4,472,353
(59,241)
7,166,425

18b. 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
1,560,413
-
-
(32,708)
1,527,705
1,292,587
-
(979,241)
-
313,346
2,900,578
62,961
3,144,662
(66,483)
6,041,718

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
1,560,413
-
-
(32,708)
1,527,705
1,239,196
-
(969,104)
-
270,092
2,847,187
62,961
3,102,364
(66,483)
5,946,029

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 2 P A G E 4 6

NOTES TO THE ACCOUNTS

For the year ended 31 December 2022

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
2022
2021
2022
2021
US$
US$ US$
US$ 4,059,845
2,375,244
4,029,512
2,341,369
884,992
1,089,341
873,095
1,078,495
4,944,837
3,464,585
4,902,607
3,419,864
456,277
323,445
453,069
321,022
Group
2022
2021
US$
US$ 5,998
836

20. Related parties

The following reimbursements for travel expenses were made to trustees:

Reimbursed to trustees
for committee meetings		 2022
2021
Number of
trustees
US$
Number of
trustees
US$ 2
3,547
-
-
2
3,547
-
-

No emoluments have been paid to the trustees (2021 - $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.

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 2 P A G E 4 7

NOTES TO THE ACCOUNTS

For the year ended 31 December 2022

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 2022 IFES (UK) received $5.93 million from IFES/USA (2021: $3.17 million) and no donations/grants from IFES Switzerland (2021: $0).

The transactions with IFES (Switzerland) resulted in a creditor being shown on the IFES (UK) balance sheet at $14,825 (2021 – debtor of $67,655).

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 $314,791 (2021 - $417,393) and the amount due from the subsidiary at the year-end was $75,073 (2021 - $95,689).

IFES (UK) lets a freehold property, original cost £370,000 ($499,870), to a former staff member for a rent of $14,933 (£12,000) per annum.

21. Grants to organisations

Direct Support 2022 2021
grants costs US$ US$
Albania 38,030 - 38,030 40,024
Bolivia 8,000 - 8,000 10,853
Bosnia 22,865 - 22,865 209,184
Bulgaria 20,356 - 20,356 24,356
Canada 84,441 - 84,441 150,639
Caribbean (4) 34,877 62,606 97,483 109,230
Croatia 20,874 - 20,874 8,547
East Asia (4) 39,296 2,328 41,624 5,811
English and Portuguese-Speaking Africa
(10) 60,163 136,758 196,921 171,080
Eurasia (6) 356,629 118,513 475,142 352,597
Europe (14) 220,141 103,263 323,404 399,361
France 9,491 - 9,491 3,129
Francophone Africa (12) 88,026 73,508 161,534 176,056
Ghana - - - 6
Guatemala 8,400 - 8,400 3,230
Guyana 706 - 706 33,006
Japan 11,106 - 11,106 31,206
Kenya 20,015 - 20,015 38,621
Latin America (13) 105,413 20,056 125,469 190,350
Lithuania 18,698 - 18,698 -
Mexico 67,853 - 67,853 55,243
Middle East and North Africa (5) 92,282 77,033 169,315 55,225
Moldova 45,354 - 45,354 30,596
New Zealand 119,937 - 119,937 139,076
Nigeria 9,366 - 9,366 4,072
North Macedonia 8,992 - 8,992 2,406
Philippines 10,713 - 10,713 9,536
Portugal 12,715 - 12,715 -
Romania 8,112 - 8,112 11,268
Russia 52,436 - 52,436 62,671
Serbia and Montenegro 32,814 - 32,814 22,902
South Africa 10,250 - 10,250 19,350
South Asia (5) 40,111 9,344 49,455 93,113

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 2

P A G E 4 8

NOTES TO THE ACCOUNTS

For the year ended 31 December 2022

OTES TO THE ACCOUNTS
or the year ended 31 December 2022
South Pacific (2)
Spain
Switzerland
Uganda
Ukraine
United Kingdom (2)
United States
Total grants to organisations		 5,070
27,077
32,147
25,320
40,403
-
40,403
35,640
30,000
-
30,000
39,470
-
-
-
2,806
204,187
-
204,187
140,366
42,705
-
42,705
64,068
56,144
-
56,144
87,858
2,056,971
630,486
2,687,457
2,858,272

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 2022, grants were made to 106 organisations (2021: 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.

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 2 P A G E 4 9