Annual Report 2024125 Celebrating the past year Repori ond Financial SraleMen￿ 202412 5 Year ended 31 March 2025 tearfund Contents Where we work Chair's introduction CEO'S introduction Celebrating a year of global impact and hope Trustees, strategic report Risk management including principal risks and uncertainties Structure, governance and management Stakeholder engagement Who's who 37 41 45 48 People and culture Safeguarding Environmental performance Financial review 51 53 56 59 Trustees, responsibility statement Independent auditor's report to the members and Trustees of Tearfund Consolidated statements of financial activities 64 65 70 Notes to the financial statements 73 Front cover: Mary Is a member ol the Komenta Vlllage Savlngs and Loan Assoclatlon IVSLAI created as a res￿￿ of a Church and CommunityTransform*lon Iccri prolett in South Sudan. Photo." Tom PriceThearfund Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 We're working in more than 40 countries to bring an end to extreme poverty. Afghanistan Angola Bangladesh Bolivia Brazil Burkina Faso Burundi Cambodia Central African Republic ICARI Chad Colombia Cote D'lvoire Democratic Republic of Congo IDRCI Ethiopia Guatemala Honduras India Indonesia Iraq Kenya Lebanon Liberia Malawi Mali Mozambique Nepal Nicaragua Niger Nigeria Pakistan Papua New Guinea Philippines Rwanda Sierra Leone South Sudan Syria Tanzania Thailand Uganda Ukraine Yemen Zambia Zimbabwe UK. USA. 'Fundraising, raising awareness and mobilising the church to act and speak out on injustice and poverty. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 Chair's introduction As I write, we are in a time of great instability across the world. We see conflicts all around us- climate change continuing to wreak havoc and drive people from their homes,. global poverty reduction almost at a standstill according to a recent World Bank report- and longstanding, vital support to address these issues being withdrawn by those at the highest level with little or no notice, and with devastating impact. communities deeply and sustainably changed. It is Nigel's direction, under God and with our extraordinary team around the world, that has brought Tearfund to this privileged place of service. And l am so grateful to each one of our supporters who, whether through prayer, financial giving or in other ways, enable us to do this work every dav. As Nigel comes to the end of his time with Tearfund, I would like to pay huge tribute to his humble and servant-hearted leadership. Through both good times and challenging times, Nigel has consistently shown us what it looks like to seek God's guidance, to take hard decisions and see them through, and always to have at our heart those who live in the most vulnerable situation5 and the deepest poverty. He leaves behind an organisation that is clear and focused.. clear on its role to serve the church in bringing transformation,. increasingly focused on that calling,. continuing to follow Jesus where the need is greatest,. and knowing it is utterly reliant on God in all of this. At times like this, we need solid ground beneath our feet. We need support we can trust, from those we can trust. Around the world, and with the support of Tearfund, we are seeing the local church stand up as a source of hope and transformation in the communities around. The church is alway5 there, and will always be there. And its very calling is to be light in the darkness. Over the past ten years, under the leadership of Nigel Harris, Tearfund has come into a place of focus and clarity about its role in what could be seen as a crowded marketplace. We are called to act as a servant and enabler of the church, both global and local, as it responds to its call to be salt and light in an increasingly dark and troubling world. As we have taken up this calling, we have found the church around the world responding in extraordinary ways- playing out its role as God's agent of transformation, being itself transformed, and being used to transform others in every way. We have seen, and continue to see. individuals, relationships, churches and We are so grateful for that gift. Anna Laszlo, Chair of the Board Annual Report and Fin8ncial Statements 2024125. Ye8r ended 31 March 2025 CEO'S introduction Tearfund has a vision for the world in which all people are freed from poverty, living transformed lives and reaching their God-given potential, and we work with, through and alongside the local, national and global church and churches to see that vision fulfilled. We know that the church - for all its challenges - is God's chosen vehicle for bringing good news to those who live in poverty. We know, too, that the local church is uniquely suited to this role. It's everywhere and it's permanent and it is God's vessel of transformation. walking away from supporting people in the most vulnerable situations. Yet, in the face of such need and dwindling external resources, we see churches at work in the world's toughest places. We continue to strengthen capacity within our church networks and partners, to build resilience, respond to multiple crises and alleviate need. My time at Tearfund has shown me that God is a multiplier. He takes what we freely offer him - money, time, resources and abilities- and multiplies them for his kingdom. Poverty destroys, but empowering people through the power of the gospel releases physical and spiritual resources, creates identity and agency, and changes mindsets. I have just spent two days in the company of church leaders from across Asia, from the central Asian states to the Philippines and Cambodia, who together represent nearly 11 million Christians across the region. It is so exciting to see the commitment to local churches as centres of hope and transformation across the countries in which Tearfund works. We are now working with more than 57,000 churches globally, well on our way towards our vision of 250,000 churches transforming their communities by 2030. We thank God for this achievement and for his continued goodness to us. Let me finish by thanking all of you who support our work so generou51y, our amazing teams around the world who serve with such commitment and faithfulness, and the partners, churches and communities we work with. As I step down from this role, it has been such a privilege to be part of the worldwide body of Christ with you all, to share relationships all around the world and to work together in supporting the church to bring transformation. Above all, I give glory to God and thank him for his faithfulne55 to Tearfund and to me. At the same time, we are called to serve a deeply hurting world. As I look out into the world, I see two massively contrasting themes and a significant spiritual battle.. I see a deeply traumatised and conflicted world, and I see the church bringing the good news of Jesus to the most deprived people, and the most marginalised. We have wealthy governments around the world reducing their funding for both humanitarian aid and development. and Nigel Harris, CEO Annual Report and Fin8ncial Statements 2024125. Ye8r ended 31 March 2025 Celebrating a year of global impact and hope This past year, we have witnessed God's extraordinary faithfulness as we partnered with local churches and passionate supporters to bring tangible transformation and enduring hope to communities facing immense challenges. Even amid global instability and conflicts, the resilience and impact of the local church have shone brightly. Through our supporter5 unwavering commitment and God's abundant grace, we are thrilled to celebrate significant milestones in our mission to see people freed from poverty, living transformed lives, and reaching their God-given potential- *oo £80.2 million raised to transform lives around the world 243 partners across 46 countries collaborating with us 3.3 million people reached directly through our projerts Compared with £82.6 million in 2023124 Compared with 190 partners across 56 countries in 2023124 Compared with 2.9 million people in 2023/24 57,000 churches mobilised as transformation centres impacting 9.4 million individuals 60 public policies and practices changed through our influence 2.3 million people reached in humanitarian responses funded by Tearfund Compared with 41 in 2023124 Compared with 30,000 mobilised churches, impacting 6.1 million individuals in 2023124 Compared with 1.3 million people in 2023124 These achievements are not merely statistics- they are stories of lives transformed, communities restored, and the church rising as a beacon of light in the darkness. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 Y£tyogolJonas Trustees, strategic report The Board of Trustees present their strategic report, including the audited, consolidated financial statements, for the year ended 31 March 2025. Charitable purpose churches to bring restoration to people living in poverty. Tearfund is a registered charity in England and Wale5, established to 5UPPOrt other charities/voluntary bodies and the general publiclhumankind. Our values mean that we seek to be Christ-centred, compassionate, courageous, truthful and servant-hearted. Our approach is to invest in mobilising the church for integral mission, bringing transformation to every area of life and eradicating extreme poverty. We inspire and equip churches and individuals to transform their communities, respond to disasters and influence people in power to lead fairly. Our ambition is to see 250.000 churches becoming centres of transformation by 2030. The charitable purposes of the organisation are summarised as follows.. the prevention or relief of poverty overseas aid/famine relief Christian education and religious activities The Trustees confirm that due consideration has been given to the Charity Commission's guidance on public benefit, including 'public benefit- running a charity IPB21' and 'public benefit: reporting IPB31'. They are confident that all activitie5 undertaken by Tearfund this year contribute to the charity's aims and objectives and have been delivered in accordance with the charitable purposes. Therefore, they believe Tearfund meets the public benefit requirements of the Charity Commission in our reporting. Partnerships and principles Our partners are local churches, denominations and Christian national and international non-government organi5ations who agree with our Statement of Faith and meet our partnership criteria. We undertake our institutionally funded operational programmes, which are directly implemented and overseen by Tearfund staff, in countries affected by protracted and/or recurrent crises, where the availability and capacity of partners are limited. Principal activity Tearfund is a Christian relief and development agency committed to eradicating poverty. Tearfund's call for more than 50 years has remained constant.. to follow our biblical mandate to see people lifted out of material and spiritual poverty. Tearfund is a member of various alliances and networks. These include- the Disasters Emergency Committee, BOND la network of organisations working in international development), Micah Global Network, Integral Alliance, Start Network. Joint Learning Initiative and World Evangelical Alliance. Our vision is to see people freed from poverty, living transformed lives and reaching their God-given potential. Our mission is to follow Jesus where the need is greatest, responding to crises and partnering with local Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 Tearfund upholds a set of corporate Quality Standards which reflect the organisational characteristics we aspire to and the relevant external and internal accountabilities, standards, codes. guidelines and principles we're committed to. Please visit tearfund.org/qualitystandards These are the priorities that we have agreed for the medium term, that we consider we are uniquely placed to deliver and that will enable us to contribute to transformational change in the countries in which we work. The corporate priorities are applied according to contextual needs. bringing together different thematic areas, but the church remains central to all four of our priorities. With a shared Christian identity and common goal to reduce poverty and injustice, the immediate Tearfund Family brings together agencies in the UK, Ireland, Belgium, France, Germany, the Netherlands, Canada, USA, Australia and New Zealand. They collaborate with a wide range of other organisations and agencies globally, all committed to bringing lasting transformation. Tearfund and our partner5 work with people in the greatest need around the world, regardless of their race, religion, ethnicity, ability, age, sex and gender or nationality. Together, the corporate priorities contribute to our movement towards 250,000 churches becoming centres of transformation by 2030. In 2025126, we will continue to scale up our impact through the delivery of integrated outcomes that work across our four corporate priorities, with Church and Community Transformation being the foundation and the glue that holds it all together. This will enable us to deliver a trulv Tearfund-shaped contribution towards transformational change in the communities we serve. Our corporate priorities As an organisation, we've chosen to focus on four areas of intervention - our corporate priorities- where we bring specific expertise and experience as we partner with the church, locally, regionally and globally. These are complementary, strategic areas of focus which help the church achieve holistic transformation and the restoration of four broken relationships: people's relationship with God, themselves, each other and creation. In the pages that follow, this strategic report details progress made against our key objectives set last year and our aims for 2025126. Church and Community Transformation ICCTI is the foundation of our work, supported and complemented by the other three priorities- Environmental and Economic Sustainability IEESI Reconciled Peace-filled Societies IRPSI Crisis to Resilience IC2RI Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 Church and Community Transformation Hope FM presenter Joseph Cony at ihe DiJ¢ese gf Kaio Keli s HQ,f*heie.CCT mess•Fs arslr•nsm1tt￿ •¢rowthe counly. Photo.. Tom PIbcelTearfV￿d Church and Community Transformation (CCT) We want to see local churches and communities transformed. We inspire and support the church to be a catalyst for change: to be active, vibrant and living out a theology of integral mission so that entire communities experience whole-life transformation. Core statistics This year, we've supported: 27,814 802 694 local churches actively engaging in transforming their communitv denominations and church networks mobilised in CCT theological training organisations integrating CCT into their curriculum Strategic update CCT - or 'Transforming Communities, as we describe it to our supporters - is central to Tearfund's mission to end extreme poverty. Our vision is to activate 250,000 churches as centres of transformation by 2030, a tenfold increase on 2023. Amid serious global challenges, we need innovative strategies to realise this ambitious goal. We focus on mobilising local churches to drive sustainable change using local solutions. This means that we facilitate, encourage, resource, train and challenge churches, denominations, networks and theological colleges to fulfil their integral mission. There is already strong evidence that CCT processes are having a profound and lasting impact. Consequently, many denominations and network5 are adopting CCT and expanding it with their own re50urce5. Growing demand for CCT needs highly skilled individuals. To address this, Tearfund has launched a 'Master Trainer, programme and regional 'Training of Trainers, programmes, and has integrated CCT into theological education. A full-time Head of CCT in Africa role has been appointed to coordinate CCT work and support movement building across the continent, working with the African Christian Transformation IACTI Forum. As we continue to integrate further our thematic expertise and four corporate priorities, we are confident that we can support more churches and communities to address the root causes of poverty and achieve holistic transformation. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 li Key objectives and achievements These are the key objectives we set ourselves last year, with examples of how we met them and what we learnt. Increase capacity to serve new partnerships to mobilise more churches, denominations, networks and peer organisations This year, we launched a two-year Master Trainer programme through which an initial cohort of 17 trainees are being equipped to provide leadership, training and mentoring to churches and denominations globally. In addition, Asia and all three African regions held 'Training of Trainers, gatherings, resulting in 77 new regional trainer of trainers and 411 new trainers. We trained 4,921 new facilitators, including new CCT training programmes launched for the first time in Bolivia, Colombia and Syria. An online CCT training for facilitators which was piloted with Eagles, a Tearfund partner in Malawi, will be available later in 2025. National steering groups of the ACT Forum have now been established in 29 African countries. The West African region held two conferences this year, one for francophone church leaders and another for anglophone ones. More than 100 delegates from 12 countries committed to implementing CCT and establishing ACT Forums nationally. They are committed to fundraising in Africa. and to building capacity, particularly in integrating advocacy into CCT approaches. The importance of this was underlined in December 2024 when the ACT Forum supported churches in Mozambique to advocate for peace during post-electoral unrest. See 10,000 new local churches active as transformation centres through ccr This year, Tearfund has actively engaged 29.346 churches globally through mobilising denominations, networks and theological training organisations in CCT. Expanding the international pool of trainers and facilitators is expected to galvanise further church involvement in the coming year. The CCT movement-building programme has launched in 29 African countries, leading to the scaling up of involvement of local churches. Notably, the first CCT training in the Middle East brought together 26 facilitators from diverse denominations, representing 95 per cent of Christians in the area. This initiative aims to scale up and integrate integral mission into theological institutions. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 12 Tearfund in Nigeria is launching 'The Great Reset 2030,, coinciding with the 70th anniversary of the country's independence. This initiative aims to build on the 2,500 local churches already involved in CCT, to mobilise the largest church population in Africa for socio-cultural transformation. The Nigerian ACT Forum has already made a presentation to the Christian Association of Nigeria. In Latin America, alliances with three organisations have mobilised 100 new churches. A new, Latin America-adapted CCT course has launched in Bolivia, Colombia and Central America, with plans for expansion into El Salvador and Guatemala. Focus on churches integrating RPS, EES and C2R into CCT processes Amid rising insecurity. integrating our corporate priorities into CCT approaches is increasingly important. Mounting conflict in the DRC and Middle East makes Reconciled Peace-filled Societies IRPSI and Crisis to Resilience IC2RI vital. It will be a focus for our new Master Trainers to encourage this integration, to improve the quality and effectiveness of CCT approaches. and to address through them key issues such as sexual and gender-based violence ISGBVI, disaster resilience and environmental sustainability. In the East and Central Africa region, savings groups, livelihoods, SGBV and peacebuilding are already integrated into CCT approaches. In M02ambique, a peace initiative led to a 'Gilgal' movement-building camp, supported by our RPS Team. Twenty-five participants learnt about best practice for this kind of integration at a regional meeting in January. In Asia, our Transforming Masculinities programme tackling gender violence was expanded this year and integrated into CCT in Nepal. Creation care training, part of our Environmental and Economic Sustainability IEESI work, is also beginning in Nepal and India. Meanwhile, C2R principles are also being integrated into CCT. Our new Church and Disasters Specialist ICDSI is supporting countries and regions as they implement CCT to address disaster risks that keep people in poverty. Training has taken place in Ethiopia and a new guide 15 being produced. We also launched new social accountability tools, such as budget tracking and citizen journalism, to help churches undertake strategic, local-level advocacy and hold local leaders to account. Training on these tools has taken place in Kenya and Latin Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 13 America, and the Anglican Church of Kenya has committed to mobilise leaders to roll this out further. Increase savings groups, such as self-help groups. established and integrated into CCT Several evaluations highlight the role of savings groups, or other types of income-generating support, in complementing CCT approaches and creating a strong foundation for individuals and communities to improve their incomes. We continue to scale up this work. particularly in West Africa where Restore Savings Groups are already set up in Burkina Faso, Cote D'lvoire and Chad, and where we are starting to establish groups in Mali, Sierra Leone and Togo. So far, an estimated 3,152 savings groups globally have been established through CCT. We realise that this is not a complete number as there have been difficulties for churches in reporting new groups. To get a more accurate picture, we are introducing the Dreamsave savings group app for use in our CCT work globally, starting with a pilot in 2025126 in Ethiopia, Nigeria and Rwanda. The app is specially designed for savings groups, to help them become more efficient and transparent in their reporting, while also providing members with support, greater financial literacy and access to financial services. What we learnt Our updated CCT impact study, now incorporating responses from more than 15,000 individuals across eight countries, confirmed that CCT brings positive whole-life transformation to communities. This impact is sustained and far-reaching, including in Christian-minority and urban contexts and in CCT processes of different lengths. It also provides great value- every £1 invested in CCT by Tearfund and partners unlocks £7 of community resources and creates over £150 of social value. We also found CCT strengthens the local church. As the success of CCT is more widely known, the demand from churches for CCT training, translated materials and wider support is growing exponentially, and we are looking at how to build capacity internally and with partners to meetthi5 demand. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 14 Going forward in 2025/26 We aim to: Build capacity with 20,000 new CCT facilitators and 350 new trainers, to support CCT partnerships Wlth 30,000 new local churches, 500 new denominations and networks. 300 new theological institutions and five new peer organisations globally. Support 1,000 new local churches to integrate advocacy, campaignin& social accountability and movement building into CCT. Pilot new e-learning/virtual CCT training in three countries. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 15 Environmental and Economic Sustainability Ip. Q In Uganda, a £*￿Ich fv￿rnber w•t•rs iomathu orBaW wd• Ir&ettbcldv, .- Phu(o". Kdb&nda Sainurllliifomeitlal Medw AgLryltyNLiarlund Environmental and Economic Sustainability (EES) We work with local churches and communities to tackle environmental and climate challenges while creating jobs that help protect the environment, improving livelihoods and ensuring sustainable economic development. We advocate to governments and companies too, to ensure economic development and environmental protection go hand in hand. Core statistics This year, we've seen: 12 3,152 30 national movements advocating on EES issues involving 14.000 people new Savings group5 established and engaged in movement building and influencing policy policies and practices changed bringing posltive change totens of millions of people Strategic update Our strategic focus for our EES work in this and the coming years reflects a slight shift in emphasis from previous years. In addition to our longstanding work on advocacy and movement building around EES, we are also now prioritising more tangible, measurable outcomes. Since 2023124, our approach has had a strong focus on advocating for systemic policy changes, alongside mobilising and developing projects that promoted circular economies, renewable energy and climate resilience across the countries where we work. Our strategy for 2025-27 builds on these foundations and places a growing emphasis on large-scale integrated programmes that address environmental, livelihood and economic sustainability. We are focused on community-led financial empowerment, including a significant scale-up of savings groups where EES is embedded, and the creation of long-term sustainable employment opportunities is encouraged. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 17 Climate adaptation, too, is now a central goal: we want to see 75 per cent of countries where we work implementing localised strategies. We also want to see many more people engaging directly with Bible teaching on EES within their own cultures and globally. This year, we have produced a podcast series in Latin America designed to connect Christian faith with socio-environmental challenges and to promote care for creation. We have a150 actively engaged in theological dialogue through EES theology consultations in Kenya, and a presentation at the Britain and Ireland Association for Political Thought conference in Oxford. More broadly, we continue to drive systemic change towards a restorative economy through advocacy, movements and policy change. Key objectives and achievements These are the key objectives we set ourselves last year, with examples of how we met them and what we learnt. Embed EES church movement activities through self-help groups in Africa The Care for Creation movement is key to our promotion of EES principles to churches and this year we extended this work to all regions of Africa. Our goal now is to see the churches setting up self-help groups that reflect these same principles and promote them within their communities, creating closer connections between CCT and EES approaches. Savings groups, which are one form of self-help group, have proved to be particularly powerful agents of behaviour change within communities, and hold great potential for holistic transformation more broadly. From April to June, Tearfund organi5ed an EES Boot Camp for the DRC team where they were trained in how to promote new savings groups aligned with the broader EES movement. There was also a strong focus on promoting social accountability.. the aim is that self-help groups will become part of wider policy-influencing work by CCT and EES movements across Africa. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 18 Establish new savings groups. aligned to movement building, that are able to engage in policy-influencing initiatives Savings groups have already proved their ability to influence local and national policy on issues such as financial inclusion, banking practices and employment. The aim is to multiply this potential by aligning groups with EES movements. In Kenya, we collaborated with the Kileleshwa Covenant Community Church {K3CI Youth Summit, equipping young people with theological and community development skills to empower them as agents of social transformation. Further emphasising the importance of youth engagement, the Amplify Gathering in Kenya brought together young theologians and movement leaders to discuss theology's role in social change, fostering networking and movement-building efforts. This gathering aimed to equip and inspire young theologians to amplify their impact in area5 such as social justice, climate action and peacebuilding. Tearfund is also committed to supporting diverse voices and developing theological resources. This is evidenced by initiatives such as training to enhance the capacity of women theologians in francophone Africa to engage with environmental issues, and workshops updating theological curriculum materials in francophone Africa to integrate EES principles into them. These resources and training have directly informed and strengthened the advocacy efforts of self-help groups, enabling them to engage more confidently and theologically in addressing community challenges. Align national EES movements with existing CCT movements By partnering with local theological institutions and advocacy groups, we aim to build national EES movements that resonate with the goals of CCT movements. Simultaneously, we are prioritising the integration of EES principles into existing regional CCT strategies to ensure long-term impact. A key focus for EES movements, such as Care for Creation, is social justice and policies that benefit people living in vulnerable situations. Movement integration brings shared insights leading to improved strategies, innovation and capabilities, and consequently greater impact. Tearfund-5upported EES movements have played crucial, active roles in driving significant policy and practice changes. In Zambia, the Zambia Youth Environmental Network IZYENI successfully lobbied Chipata City Council for regular rubbish collection and the Ministry of Education ft)r a large-scale school tree-planting programme. Persistent Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 19 advocacy directly contributed to revisions to Zambia's Environmental Management Att 2024. Similarly. the Malawi Creation Care Network successfully advocated for upholding the ban on thin plastics, securing a high court judgement in January which empowered environmental authorities to enforce regulations on plastic-producing companies. Tearfund, with some movement allies, attended two rounds of the UN global plastics treaty negotiations lin April and November) to lobby for waste pickers, rights and environmentally sound waste management for communities living in poverty. We continued to play a pivotal role in the Fair Circularity Initiative, driving forward corporate action in respecting the human rights of waste pickers, and we developed a 'Waste picker rights due diligence toolkit,, for global brands and NGOS. We also began developing a global advocacy strategy focused on climate change and small-scale agriculture. Revisions to our movement-training manual reflected this, linking CCT, EES and peacebuilding in the broader policy-influencing agenda. What we learnt We increasingly recognise the importance of integrating EES into local community development. A key way to do this is through theological education that shapes the training of Christian leaders, influencing how churches understand mission and integrate creation care into their practice and priorities. We need to deepen this work by partnering with more theological training institutions, equipping leaders to embed EES within the priorities of local churches, denominations and church networks. Going forward in 2025126 We aim to: Reach 600 people with EES theology through events and speaking engagements. Set up or support 5,000 5elf-help groups to carry out EES activitie5. Create 2,000 jobs annually that support sustainable livelihoods and help protect the environment through CCT initiatives and specific projects. Achieve 15 changes in EES policy, practice or systems. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 20 Reconciled Peace-filled Societies Chu¢hu wa$ 5uppoiied ty a 5olf-help groupin £¢hlopi•, PhoiG.' Mahad Usman IAy3analNearfund Reconciled Peace-filled Societies (RPS) We equip communities to work together across divides to resolve conflict peacefully. We support churches, faith groups and local communities to play a pivotal role in addressing the effects and systemic causes of violent conflict and bring lasting peace for their society and everyone in it. Core statistics This year, we've supported: 5,073 1,552 12 churche5 and faith leaders mobilised to pursue peace. justice and gender equality peacebuilders and gender champions equipped and supported new countries working on peacebuilding and gender approaches Strategic update We remain committed to mobilising churches, equipping local changemakers and addressing structural injustices to advance peace, justice and gender equality. This year, we worked on expanding survivor-led movements, applying faith-based approaches to healing, advocacy and community transformation. Recognising the vital role of young people, women and faith leaders in peacebuilding, we strengthened theological and leadership training to support their impact. We a150 worked closely with churches involved in peacebuilding and reconciliation, forming networks to address violence and injustice, and strengthen social cohesion. We also engaged in national and global advocacy, challenging harmful security narratives, promoting gender justice and interfaith engagement, and influencing policies for just and peaceful societies. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 22 Key objectives and achievements These are the key objectives we set ourselves last year, with examples of how we met them and what we learnt. Mobilise churches and faith leaders for RPS We know that churches can be centres of transformation, fostering resilience, reducing violence, promoting reconciliation and building sustainable peace. In Latin America, Tearfund brought together leaders from 110 churches from Colombia, Ecuador, El Salvador, Guatemala, Honduras and Peru in a regional network committed to mutual support and advocacy, and working towards peace and transformation in conflict zones. In Mozambique, amid post-elections violence, Tearfund supported church-led peace and reconciliation initiatives, including dialogues with political leaders, public statements, prayer gatherings and roundtable discussions to promote accountability and prioritise the needs of communities. In Syria, the Week of Light in Aleppo aims to rebuild community spirit in a shattered city. bringing together young people and families from both Christian and Muslim communities, to foster peace, unity and resilience, and to support groups in vulnerable situations. In Burkina Faso, Chad, Mali and Nigeria, about 400 church and faith leaders were mobilised and trained to lead efforts to challenge harmful gender norms and promote peace in their communitie5. Equip and support peacebuilders and gender champions This year, we continued supporting local changemakers in their efforts to drive positive transformation. We collaborated with survivor-led movements addressing sexual and gender-based violence ISGBVI in eight countries across Africa and Asia. These movement5 Use ourjourney to Healing approach, focusing on mutual support, advocacy and breaking cycles of violence. A key milestone was establishing the Solidarity in Action for Justice Global Network. In Nepal, the Journey to Healing process has helped communities address trauma and sUPPOrt healing. This work built on a Transforming Masculinities pilot with 48 groups across six districts. The initiative is now scaling up to reach more than 100 Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 23 groups in other districts. Meanwhile, 215 gender champions were trained in Transforming Masculinities in Southeast Asia. Facilitators were also equipped in the Jesus 4th Way approach, which addresses violence and injustice through non-violent, scripture-based principles, spiritual practices and peacebuilding strategies. In Burundi, peace champions have led 27,485 community members through Community Conflict Transformation Dialogues, strengthening local capacity in conflict transformation. SEMERERA. an SGBV survivor-led movement with 6,254 members, has engaged more than 500 faith leaders. And in Pakistan, we are collaborating with others to foster gender justice, social cohesion and interfaith understanding. On International Women's Day 2025, we convened more than 120 government officials, legal experts and community leaders to influence people in power for women empowerment. Expand peacebuilding approaches. as well as gender-based violence reduction approaches into new countries We are strategically scaling up our peacebuilding and gender-based violence IGBVI reduction initiatives to expand impact in new contexts. With support from our partner, the Imago Dei Fund, Tearfund Asia is expanding its GBV work across the region through the Transforming Masculinities approach. The programme has been adapted and scaled in Bangladesh, Central Asia, India, and Nepal by engaging with local partners, communities and leaders. It is now being launched in Cambodia and Sri Lanka, beginning with formative research and the envisioning of key leaders. GBV scale-up is a priority in our 2024-27 strategy for Asia. More broadly, our 'shifting security narratives, work is challenging fear-based discourse that justifies violence and creates insecurity. Internationally and within the UK, we are exploring attitudes towards security to inform our advocacy. In West Africa, for example, faith leaders and traditional leaders from 12 countries gathered to explore peacebuilding theology and the role of faith communities and traditional institutions as centres of conflict transformation and reconciliation. Surveys on security narrative5 and related theology are ongoing in the UK, Nigeria and South Sudan, with plans to expand them into Chad, Ethiopia, Iraq, Mali and Zimbabwe. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 24 What we learnt We have seen that responding to interconnected needs, including through emergency support, strengthens peacebuilding. We also recognise that collaborating with partners, government and local stakeholders enhances our impact, and have seen the importance of interfaith dialogue in addressing SGBV. For lasting impact, we know that integrating advocacy, Journey to Health and Transforming Masculinities approaches into RPS programmes IS vital, as is integrating RPS into CCT approaches. We know that expanding reach, scale and scope is a crucial next step, requiring collaboration across countries and regions. Going forward in 2025126 We aim to: Mobilise 2,400 churches and faith leaders for RPS. Equip and support 1,200 sexual and gender-based violence ISGBVI champions. Equip and support 800 peacebuilder5. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 25 Crisis to Resilience Q Ros*a¢ (hurch in Chad whern rn5ili•rK¢&51dlw projects knpro¥¢d I 0ndi￿On$. PhDtD PrlEr Calcnnearfund Crisis to Resilience (C2R) We equip churches and local communities in disaster preparedness, help them respond to emergencies, and invest in building resilience and hope for people in the long term. Core statistics This year, we've supported: 2,780 28 2.28 million local churches equipped to understand the risks their communities face, prepared and mobili5ed to respond local partners, capacity to strengthen their disaster preparedness. response and resilience building people in humanitarian responses funded by Tearfund Strategic update This year, we and our partners have continued to support communities 3ffected by crises. As in previou5 years, we have seen disa5ter5 becoming more frequent and severe around the world, driven by climate change and conflict, and we have seen the devastating impact these crises can have on people's lives and livelihoods. As ever, those living in poverty suffer the most. At the same time, the humanitarian sector is increasingly stretched, especially because of the decline in humanitarian funding in the past year. Thi5 highlights the need for greater investment in disaster preparedness, acting before a crisis to reduce its impacts, and in long-term resilience, in addition to different forms of risk financing for disasters. Crucially, it underlines the need for us to work alongside local communities and churches to mitigate risks and help people prepare for future challenges. Tearfund is supporting communities in more than 30 countries in three key ways to reduce the risk of and respond to crises. In the most acute cases, and in the absence of local partners with sufficient capacity, we implement life-saving projects directly, ensuring immediate assistance reaches those who need it most. We also work alongside local partners, working to strengthen their capacity to prepare for and respond effectively to crise5 in their communities. Finally, we work closely with churches, believing that they have an important role to play as a source of hope and practical support to their communities both in times of crisis and in building long-term resilience. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 27 Key objectives and achievements These are the key objectives we set ourselves last year, with examples of how we met them and what we learnt. Equip churches and church networks to take on their role in inclusive disaster preparedness, response and resilience building In 2024/25, we increased our focu5 on equipping churches to prepare for and respond to disasters within their communities. We have created a new Church and Disasters Specialist role to lead our work in integrating disaster management into our CCT work. We are refreshing our training for church leaders on how local churches can take an active role in disaster risk management, rolling this training out in countries including Colombia, Ethiopia, Lebanon and Uganda. In a recent training with leaders in Ethiopia, participants learnt how their churches can strengthen community preparedness, respond effectively to hazards, and integrate disaster risk management into their ministry. We are capturing key findings, recommendation5 and lessons learnt SO that training can be rolled out more widely. In Lebanon, our partner, Middle East Council of Churches IMECCI, is responding to the emergency needs of people displaced by conflirt, collaborating with a diverse group of local churches. M ECC has led local training and initiatives to share knowledge and best practice relating to crisis response, which has proved vital during the Israel-Gaza conflict. Increase capacity for local partners for disaster preparedness, response and resilience building This year, we supported 22 partners across 12 countries, through our Disaster Management Capacity Assessment IDMCAI programme. This two-year, partner-led initiative is designed to strengthen capacity at both structural and programmatic levels, supporting partners to better assess, influence and deliver high-quality and effective humanitarian preparedness and response. Partners report that they are better prepared for disasters, with emergency response plans now in place. Advocacy training has helped raise their visibility, while developing and implementing strategic plans has led to them submitting more proposals to donors and increased funding opportunitie5. Stakeholder mapping ha5 Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 28 improved coordination, fostering stronger collaboration with other organisations on emergency preparedness and response. Following disaster management training in Bangladesh, our partner, Shalom, reported an increase in its ability to support communities in preparing for and responding to disasters. Reach people through high-quality and timely humanitarian responses that go beyond immediate needs to strengthen resilience and preserve hope We continued to respond to urgent crises around the world this year, both directly and through the work of our local partners, ensuring that the emergency needs of people and communities are met. For example, during the ongoing humanitarian crisis in Gaza, Tearfund and our partner, International Health Partners, have responded to urgent healthcare needs, delivering medicine and other medical supplies in order to support local healthcare systems. We are exploring new ways to support communities as they build their resilience to crises. One innovative example is drought risk financing- a way to provide financial relief to farmers facing extreme weather by using parametric insurance that pays out automatically when conditions, such as low soil moisture, reach a critical level. This means that money reaches those in need quickly, preventing disasters from becoming crises and allowing people to manage climate shocks. In Malawi, 1,200 households have benefitted from such insurance payouts this year, preventing a hunger crisis before it took hold. We have also introduced this financing into Ethiopia, Nepal and Pakistan and plan to extend it further in 2025126. Similar financing for communities at risk of excess rainfall is also being considered. What we learnt We recognise the need to continue to strengthen our evidence about the unique part churches play in supporting their communities to move from crisis to resilience. As we equip more churches for this role, we want to improve our ability to track and measure the difference that our equipping makes. In 2025126, we will conduct a review of our work with churches in building resilience to crises. and do more with that evidence to advocate to others in the humanitarian sector about the importance of involving churches and other faith actors. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 29 Going forward in 2025/26 We aim to: Train and equip an additional 3,000 churches in inclusive disaster preparedness, response and resilience building, including those responding to emergencies. Build the capacity of 46 of our local partners in disaster preparedness, response and resilience building. Provide high-quality and timely humanitarian responses that go beyond immediate needs, to strengthen resilience and preserve hope. Advocate for the role of faith actors in the humanitarian sertor. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 30 Our supporters •-P•' l ¥ I ¥k•41¥1 ••4 qo1¥1:; IIN.. leirthd O Aiytlty walktil 17 mllÈs over Iwo days In the Biltlsh ¢ounlty4de. In ald of TÉ¥lund's w￿rk. PhDl0.' Te4ilvniJ 5upwrtei Our supporters Our supporters are the very heart of who we are and what we do. We work hard to nurture strong relationships and connect them with all that God makes possible through their generosity, actions and prayers. Core statistics This year, we're celebrating: £80.2 million 24,000 I million+ raised through generous giving supporters regularly praying for Tearfund's work estimated readers of The Times aware of our work in South Sudan Strategic update We continue to be humbled and grateful for our amazing supporters and the many ways they partner with us. It is because of them that we are able to touch and transform millions of lives every year, and we never take them for granted. Close, transparent relationships with our supporters remain our priority. Even with a challenging fundraising landscape, we are always finding new and innovative ways to connect and share the Christian distinctiveness that underpins our work. While we have made great strides in engaging with supporters through digital channels, we know that in-person connections have declined since the pandemic. That's why a key focus this year has been creating more opportunities to speak at and engage with churches. While it has taken a bit longer than we had hoped to grow income from some areas, we have taken decisive steps this year to boost engagement in others. We are strategically planning how we can best position ourselves to maximise our global fundraising potential in the years to come. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 32 Key objectives and achievements These are the key objectives we set ourselves last year, with examples of how we met them and what we learnt. Maintain a healthy balance of income streams Thanks to our compassionate supporters, we raised an inspiring £35.3 million in unrestrirted income this year. This flexible funding is absolutely vital, allowing us to respond quickly to urgent needs and seize new opportunities. We have seen a fantastic response to our appeals, and it is truly humbling to know that 421 supporters made the wonderful decision to leave a gift in their will, securing a brighter future for those we serve. We are always looking for new ways to connect with more people who share our passion. While bringing new regular givers on board has been a challenge this year, we are taking action. We have strengthened our Church and Supporter Engagement Team and reviewed our church speaking programme, so we can reach more communities and share the stories of lives transformed. We are incredibly grateful for the significant contributions from our key investors and trusts. Their generous gifts grew this year. While we did not quite hit our ambitious target, we are building strong. lasting partnerships. We are strategically recruiting talented new people and working across our team5 to streamline our efforts, to ensure we can maximise the impact of every donation. Our global work continues to thrive thanks to strong partnerships and institutional grants. Despite big changes in the international development sector, we secured £26.5 million in institutional grant income this past year. This includes significant funding from partners such as USAID, Tearfund Netherlands and the Dutch Government, alongside gifts in kind. These collaborations allow us to reach vulnerable communities around the world. bringing hope and real change where it is needed most. The unpredictability of future United States Government funding and expected reductions in overseas aid budgets from many governments will increase the challenge in securing institutional income going forward. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 33 Focus our fundraising on key objectives We know that building awareness of our work is key to helping even more communities. We've increased the number of churches we've spoken at, bringing stories of transformation to churches across the UK. And thanks to our supporters, enthusiasm, the Big Quiz Night in the autumn raised over £200,000- a fantastic achievement. It is truly inspiring to know that more than 24,000 supporters have prayed regularly for our work this year, and 3,000 supporters joined us in campaigning against UK aid cuts. Their collective voice is powerful. Bringing new sUPPOrters into the Tearfund Family remains a priority. We are actively re-evaluating our strategy to find new and effective ways to connect with people who share our passion for making a difference. We are thrilled that Tearfund's work continues to gain significant media attention. A major highlight this year was a six-page article in The Times, print magazine and online, which focused on our vital work in South Sudan. This powerful coverage had an estimated reach of more than a million readers, spreading awareness far and wide of the change our supporters make possible. What we learnt In our communication5 this year, we emphasised our CCT work under the 5trapline 'Transforming Communities, to demonstrate our Christian distinctiveness and to show what faith in action looks like in practice. While this resonates with longstanding supporters, we need to refine our messaging to attract new supporters. We will articulate more clearly the connection between our faith-driven work and tangible community impact. in a way that inspires and motivates. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 34 Going forward in 2025126 We aim to: Raise £36.4m in unrestricted and lightly restricted income and £28.Om in highly restricted income lincluding institutional funding). This is compared to the 2024125 figures of £38.4m in unrestricted and lightly restricted income and £41.9m in highly restricted income. Raise £23.6m through church and supporter engagement (excluding Gift Aid and legacies), and £10.6m from key investors and trusts. We are passionate about seeing lives transformed, and that is why we are committed to some key areas: We want to attract more Christians to engage with Tearfund in order to end extreme poverty through the local church. We are dedicated to providing an exceptional experience for every supporter. Our focus is on making sure they feel truly connected, engaged and committed to our shared mission of empowering churches and communities to lift themselves out of poverty. We want to help supporter5 get involved in even more ways- praying, giving, acting and volunteering with Tearfund. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 35 I'M the orte IVI e yellow i e.shirt VoluMeerMpAry T•rt.Ita*. Pholts:. Chril nsntarfu Risk management including principal risks and uncertainties At Tearfund, we recognise that good risk management is a key part of effective governance. The management of risk is woven into many of our formal policies, procedures and responses, and risk awareness forms part of our everyday decision-making. Our formal risk management activity enables us to avoid or mitigate difficulties, and to make the most of opportunities. The Trustees are responsible for the overall governance of risk at Tearfund. They have given consideration to the major risks to which the charity is exposed and have satisfied themselves that formal risk management and controls systems or procedures are in place in order to manage those risks. The Trustees have delegated responsibility to the Board's Audit, Risk and Finance Committee for ensuring that the key risks faced by Tearfund are adequately managed. The Executive Team and the Trustees work together to identify the uppermost risks and uncertainties that may affect the performance, future prospects or reputation of Tearfund, or impede the achievement of our objectives. They monitor these risks and report them to the Audit. Risk and Finance Committee quarterly. In the next year, the Trustees and Executive Team will review Tearfund's risk management architecture. The intention is to simplify and consolidate various elements of the current framework. focusing on the key risks that might hinder us from achieving our objectives, leading to better overall management of risk. The principal risks and uncertainties that Tearfund faces, and some of the control systems and strategies that are in place to manage them, are set out in the table below: Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 37 Identified risk Management and mitigation Christian distinctiveness: Actual or perceived loss of our core Christian identity or ways of working. Distinctively Christian guiding documents.. vision, mission, values, characteristics, brand identity, theory of poverty and Statement of Faith. Priority is given to working through local church partners wherever possible. Prayer, worship, Bible study, listening to God and theological reflection are central to working practice. Funding: A significant financial shock in the form of a large, unexpected shortfall in unrestricted income, or an unexpected cost. Three-year income and expenditure modelling. Monthly reviews of planned versus actual financial results, alongside latest estimated full-year results. • Reserves Policy reviewed annually. Safety and security: Injury or harm to staff or representatives. Policies and procedure5 for Safety and Security. Security training for all international staff and those who travel. Country Safety and Security Plans. Open communication in regard to safety concerns, including involving staff and representatives in safety planning Iwhich helps build ownership and improve the safety culture). Risk assessments conducted within areas of operation to target Possible hazards/risks, impacts and likelihood, from which tailored mitigation can be developed. Safeguarding: Abuse or other harm of a child or adult at risk. Policies, procedures and mandatory annual staff training on Safeguarding and Whistleblowing. • Independent reporting hotline publicised to staff, partners and communities, and a network of trained safeguarding focal points, alongside an internal incident management system specifically for Tearfund staff. Board Safeguarding Committee reviews all incidents and directs continuous improvement of policy and practice. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 38 Major programmes: Failure to deliver key outcomes of a high-profile, donor-funded project. Programme Development Team advises on the management of relationships with institutional donors. Programme design approval process and associated sign-off levels. Partner capacity assessments used to identify suitable partners to collaborate with in delivering programmes. Sanctions and terrorism: Policies and procedures on Financial Sanctions, Controls, Anti-money Laundering and Anti-terrorism including enhanced due diligence procedures for high-risk countries. Partner capacity assessment5 cover policies and training on countering terrorism. Membership of the UK Tri-sector Group, a forum for UK Government, financial institutions and NGOS to address the challenges of delivering humanitarian aid while ensuring compliance with counter-terrorism and sanctions legislation. Our funds are used by a sanctioned party, or for the purposes of terrorism. People: Not developing and retaining suitably experienced and qualified global talent to achieve our objectives. Line manager induction takes place quarterly to ensure all new managers understand the expectations of their management role at Tearfund. The Leading and Managing People ILAMPI hub is kept up to date, providing guidance on all aspects of line management. • Agile Performance Management IAPMI allows managers and employees to regularly adjust priorities in line with corporate goals and a changing context. and to flag risks to both staff retention and talent, highlighting areas needing development and 5UPPOrt. IT security: Loss of critical data, or substantial loss of operational functionality. Policies and mandatory training on Data Protection and Information Security. Dual systems and locations for core network. Strong security protocols implemented throughout. Real-time back-ups of all core systems are held in a secure off-site data centre, including cold storage of core databases. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 39 Financial wrongdoing: Fraud, bribery, corruption or conflict of interest involving our staff or partner5. Policies on Fraud, Bribery. Corruption and Conflicts of Interest. • Mandatory regular staff training on Fraud Awareness, Anti-bribery and Corruption. Conflicts of Interest, and Whistleblowing. Financial Wrongdoing Review Team coordinates response to all incidents. The Executive Team and the Audit, Risk and Finance Committee review all cases before closure. Environmental performance: Negative environmental impacts or insufficient resilience to environmental change. Environmental and Economic Sustainabilitv IEESI as a corporate priority with associated objective5. Quality Standards include commitments on environmental impact, risks. resilience and adaptation to climate change. Signatory to the Climate and Environment Charter for Humanitarian Organisations. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 40 Structure, governance and management Organisation by the Board, in consultation with the Chief Executive and Executive Team, and an induction programme for them is in place. Tearfund is a private limited company, limited by guarantee without share capital. which was incorporated on 13 November 1970. Trustees are appointed as and when it 15 deemed necessary, either to fill a vacant position or by way of addition to the Board. They are initially appointed for a term of three years. The Board can reappoint a Trustee for a second three-year term, with the option of a third term of one, two or three years by exception. As permitted by the Articles of Association, the Trustees have the benefit of a qualifying third-party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the financial year and remains in force. The company also purchases Directors, and Officers, Liability Insurance. Tearfund's Board of Trustees is ultimately responsible for strategic decisions, having taken advice from the Chief Executive ICEOI and Executive Team. The Board of Trustees holds formal, all-day meetings four times a year, as well as other ad hoc meetings and events. The Board hold5 half of its formal Board meetings in person, and it also plans once every two years to hold a Board meeting overseas, in a country where Tearfund operates, to give Trustees a wider appreciation of the work of the charity. The Board is SUPPOrted by seven committees, each with a remit to focus on a core element of the charity's operations. In November 2024. the Board Development Committee carried out a re-evaluation of the skills and experience required by the Trustees. Where key gaps were identified, steps have been put in place to fill them. Non-Board members are also appointed to committees in order to broaden the range of knowledge and expertise. The Articles of Association serves as Tearfund's main governing document. During 2024125, a wholesale review of the Articles was undertaken. As a result, changes were made to various administrative provisions, which included the removal of the requirement to hold an Annual General Meeting, given that the Trustees are the only members of the company. The Board has also set targets for diversity within its membership, which continued to be met during 2024/25. The targets for Board membership, which the current Board sat15fies, include- Under the Article5 of A550ciation, Trustees are ultimately responsible for the management and administration of the charity, though due to the scale of Tearfund's work, the Charity Commission recognises that decision-making on day-to-day management is delegated to the Chief Executive and through to the employees. Not to fall below one-third for either men orwomen. For at least one-third of members to be Black, Asian or Minority Ethnic. To have at least one Trustee based in Africa, Asia or Latin America. The current composition of the Board and the committees is set out on pages 48-50. Procedures for the appointment and induction of Trustees are set out in the Articles of Association and the Governance Manual. Trustees, recruitment is undertaken Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 41 Upon appointment, Trustees are expected to complete a number of mandatory training modules to ensure that they understand key responsibilities and compliance requirements. All of these modules require regular refresher training. Non-mandatory training is also carried out as required. with recent internal training offered to Trustees in relation to the duties of serving as a charity trustee. Employees The work of Tearfund overseas and in the UK relies on the commitment and hard work of its valued staff. Communication links are maintained through team briefings and other internal channels such as specific communications on particular matters of concern and fortnightly Tearfund Connect emails to all Staff. Tearfund holds regular meetings Wlth staff representation bodies to consider and act on the views and concerns of employees, and to consult on relevant issues. Trustees receive no remuneration for arting in this capacity. A review of the governance practices and arrangements of the Board compared to the Charity Governance Code was recently undertaken. The review found that most of the recommended practices in the Code were in place. Where recommendations for improvements were made, the Board is agreeing an action plan to address them. The CEO, Chair of Trustees and the Executive Team frequently engage with staff, sharing information about the work of Tearfund and about operational. financial and other factors impacting our work. We also hold regular question-and-answer sessions for staff with the CEO and the Executive Team, to ensure that employees have the opportunity to hear about and ask questions on matters affecting them. When reaching key decisions, the Executive Directors are always careful to consider employee interests and the impact that their decisions will have on our staff and the communities we serve. The Board has delegated approval for day-to-day operational decisions up to certain financial thresholds to the CEO and other Executive Team members under an approved delegation policy to enable them to coordinate and direct Tearfund's work worldwide. All decisions above specified thresholds must be approved by the Board. The Board has also reserved to itself certain important decisions, such as major initiatives, appointment of the CEO and approval of the long-term objectives and strategv. Decision-making primarily takes place at Board meetings, though in exceptional circumstances business is transacted between Board meetings via e-business, which is formally ratified and minuted at the subsequent Board meeting. During 2024125, the CEO Nigel Harris, gave notice that he would be retiring on 30 June 2025 after nearly ten years of service. The Board has initiated the process to appoint a new Chief Executive. Volunteers The financial statements in this report do not reflect the considerable and vital support of more than 1,200 Tearfund volunteers in the UK and those who volunteer globally. Members The Trustees are the only members of the company. Their help 15 at the heart of Tearfund's work- they bring life to the organisation and help us to operate effectively. The many roles they undertake include encouraging prayer, Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 42 campaigning, acting within their local churches and communities, enthusing others. engaging Wlth local media and championing lifestyle changes. system to integrate risk management into Tearfund's main corporate activities and into decision-making in the pursUIt of the organisation's objectives. We celebrate the enormous contribution made by so many of our volunteers in organising or participating in fundraising activities in their homes, churches and communities. This volunteer network is a distinctive aspect of Tearfund's approach and the Board is very grateful for their commitment and contribution. The system includes a comprehensive Risk Management Policy, Risk Appetite Statement and Risk Management Procedure, which provide clear accountabilities, Structures, guidance, training and processes for managing risks to stakeholders, and the organisation's objertives. Work is undenmay to review and simplify Tearfund's risk management architecture; to ensure that risk management better reflects the organisational structure and focuses on key risks that might impede us from achieving our objectives in a constantly changing environment. Internal control and risk management The Trustees have overall responsibility for Tearfund's system of internal control. Such a system can provide only reasonable, and not absolute, assurance against errors or fraud. There is a clear delegation of the Trustees, authority through the CEO to the rest of the organisation. Tearfund maintains a comprehensive corporate risk register which identifies the major strategic and operational corporate-level risks and how they are being managed. Further detail on Tearfund's management of risk can be found on pages 37-40. The key risks are reviewed quarterly by the Executive Team and by the Audit, Risk and Finance Committee, who report key considerations to the Board. The Head of Legal and Risk works with the Executive Team to compile an Annual Review of Corporate Risks and Risk Appetite, which is presented to the Board. The Audit, Risk and Finance Committee receives regular reports from the Head of Internal Audit, whose team works in accordance with an agreed plan based on an assessment of areas of greatest risk. The external auditor meets with that committee once a year. Tearfund operates a rolling, three-year planning process with an annual budget approved by the Board of Trustees. Significant changes are subject to specific approval. A two-year reforecast of expected results is undertaken midway through the year, with additional forecasts prepared as required. The financial reporting systems provide monthly comparison of actual results against budget and forecast. The Trustees have considered the major risks to which Tearfund is exposed and are satisfied that systems are in place to monitor, manage and mitigate Tearfund's exposure to those risks. They recognise that the nature of some of Tearfund's work requires active acceptance and management of some risks when undertaking activities to achieve the objectives of the charity. The Trustees are responsible for the overall governance of risk at Tearfund. The Trustees continue to oversee the implementation of an organisation-wide risk management The Trustees consider that maintaining Tearfund's general reserves within the range stated on page 59, and reviewing internal Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 43 controls and risks through an internal audit programme, will provide Tearfund with adequate risk assurance and sufficient resources in the event of adverse conditions. Pay Club and XpertHR forthe UK. For the countries in which we operate, benchmark data is obtained for each country. In the UK, this data is based on the following criteria.. location organisations with an income of about £80 million organisations of between 200 and 499 employees median pay levels Fraud is prevalent in many of the countries where Tearfund and its partners operate. As a result, Tearfund recognises fraud as one of the major risks that has to be managed. All potential fraud or other actual or alleged financial wrongdoing is required to be reported to the Financial Wrongdoing Review Team, chaired by the Finance Director. A quarterly report is provided to the Audit, Risk and Finance Committee. All frauds are reported to the Charity Commission. Tearfund engage5 an Investigations Manager to advise and coordinate prevention and response to fraud and other types of wrongdoing. Health and safety Tearfund ha5 a Health and Safety Policy in place in respect of both UK and international operation5. and the Board reviews Tearfund's performance annually. A Health, Safety and Wellbeing Risk Register is maintained and reviewed every six months by a management committee. Our approach to safeguarding is set out in detail on pages 53-55. Tearfund is a member of the Disasters Emergency Committee IDECI and is also a fully certified member of the Core Humanitarian Standard ICHSI Alliance. Tearfund's Emergency Response Procedures, Quality Standards and wider operations and assurance processe5 and procedures are led by a Safeguarding Manager and have been designed and/or adapted to ensure alignment with our commitments to the networks of which we are a part. Tearfund Scotland We are required by the Office of the Scottish Charity Regulator to report separately on the activities that Tearfund has undertaken in Scotland. These activities are led by a team based in Glasgow. We receive funding from the Scottish Government and Scottish trusts. We raise funds from individuals and other organisations throughout Scotland, and raise other 5UPPOrt including campaigning and prayer. Tearfund does not have grantmaking activity in Scotland. Remuneration Tearfund's pay policy seeks to balance our Christian values with the ability to attract and retain the best people in our sector. We do this by market reviews of our salary scales each year. We draw data from a number of charity sector-specific pay surveys, including Birches Group and MSF for our regions, and Reward Connected International Aid Charities Tearfund Trading Limited Tearfund's subsidiary, Tearfund Trading Limited, is dormant, with no plans for any future activitv. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 44 Stakeholder engagement S172 statement S172(1) (b) 'The interests of the company's employees, Trustees are required to explain how they consider the interests of key stakeholders and the broader matters set out in Section 172 of the Companies Act 2006 in promoting the success ofthe company for the achievement of its charitable purposes. The Board recognises that Tearfund employees are our most important asset and are fundamental to the delivery of our strategic ambitions. Our success depends on attracting, retaining, motivating and developing them, wherever they are located in the world. We remain focused on prioritising our staff as our most valuable assets. A representative from the Tearfund Staff Council also attends Board meetings to ensure that the Board is fully informed of the employee perspective and is mindful of the impact of decisions on employees. General confirmation of Trustees, duties When making decisions, each Trustee ensures that they act in good faith to best promote the company's success for the achievement of its charitable purposes, and in doing so will have regard lamong other matters) to their responsibilities under Section 172. In order to assist Trustees with these duties, all papers submitted to the Board identify the areas of Section 172 to which they relate. S172(1) (c) 'The need to foster the company's business relationships with suppliers, customers and others, 5172(1) (a) 'The likely consequences of any decision in the long term, To deliver our mission and strategy, and to create impact at scale, we need to work with others. The Board consults with stakeholders where appropriate in advance of making key decisions. This includes the wider Tearfund family. In order to help them meet this responsibility, the Board receives regular updates on stakeholder engagement, ranging from aspects of our corporate priorities work to supporter surveys which underline our global fundraising strategy. To ensure that Trustees are fully informed and understand the potential long-term cor15equence5 of decisions, we ensure that all reports clearly articulate the implications and potential impart of each decision. Additionally, Trustees receive comprehensive training and focused presentations to enhance their understanding. Furthermore, the Board Chair and Committee Chairs have access to relevant resources and personnel to support their decision-making processes. The role of committees in scrutinising details and monitoring progress updates also contributes to robust decision-making. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 45 S172(1) (d) 'The impact of the company's operations on the community and the environment, S172(1) (f) 'The need to act fairly as between members of the company, This is not relevant to Tearfund's organisational structure, as the charity is run in the interests of its charitable objects rather than in the interests of its members. Maximising the positive impact we have on communities and the environment is core to our corporate priorities and therefore integral to our Board decision-making. As environments and community characteristics are ever-changing, the Board must remain informed of these changes to make effective decisions. Briefings and reports are provided to the committees and Board, with the International Impact Committee having a particularly focused role to play, as defined in our Governance Manual. S172(1) (e) 'The desirability of the company maintaining a reputation for high standards of business conduct, It is crucial that Tearfund maintains its reputation for high standards of conduct, not least because local churches around the world are affected by our work and reputation. Reputation is one of the key areas of impact that we use to evaluate all corporate risks, to ensure it informs all key decision-making. We remain committed to financial and risk management, compliance, safeguarding and good governance. We undertake an annual evaluation against the Charity Governance Code and have recently established a Board Development Committee to advise the Board on succession planning to ensure we recruit Trustees with the most applicable skills for our needs. Each Board committee evaluates its effectiveness in meeting its terms of reference annually. We continue to improve our corporate reporting mechanisms to ensure the Board has the information it needs to make decisions. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 46 Ca H•w Sokh•, •n •556st•iit pa*tw kn Cambodl•. Photo., Roun RylTearfufid Who's who Board of Trustees The Board of Trustees is responsible for ultimate strategic decisions. Individual appointments follow robust recruitment processes. The Board of Trustees who were in office during the year and up to the date of signing were: Anna Laszlo (Chairl Stanley Arumugam Stephanie Biden Alfred Biehler Ifrom 23 May 20251 Jayakumar Christian Tracy Cotterell (from 10 June 20251 Helen Cowing (until 30 September 2024. Treasurer from l May to 30 September 20241 John Davidson Ilnterim Treasurer from 2 October 2024. Also a director of Tearfund USA) Rev Catherine De Souza Sally Jones-Evans (until 30 September 2024 Andrew Mackie (from 23 May 2025. Treasurer designate) Jean Paul Ndagijimana Yemi Odusolu Lisa Pearce Ifrom 31 October 2024 to l March 20251 Harry Phinda luntil 4 December 20241 John Shaw (until 30 April 2024. Interim Treasurer until 30 April 20241 David Wesson (Deputy Chairl Committee members Details up to 10 July 2025. The Board recruits people with specific expertise to 51t on sub-committees ofthe Board: Audit. Risk and Finance Committee Helen Cowing (Chair and Treasurer from l May to 30 September 20241 John Davidson (Chair and Interim Treasurer from 2 October 20241 Anna Beck Robert Hardy Joseph Kariuki Andrew Mackie (from 23 May 2025. Treasurer designate) Yemi Odusolu (from 17 December 20241 Mike Parikh Ifrom 17 February 20251 John Shaw (until 30 April 20241 Rosie Slater-carr (until 9 September 20241 Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 48 People and Culture Committee Stanley Arumugam Ichairl Ayo Afolabi Doyin Atewologun Sally Jones-Evans (until 30 September 2024 Anna Laszlo Supporter Engagement and Fundraising Committee David Wesson (Chairl John Davidson Sarah Douglas Yemi Odusolu Lisa Pearce Ifrom 31 Ortober 2024 to l March 20251 Simon Poole International Impact Committee Jean Paul Ndagijimana (Chairl Adelaide Addo-Fening Joanna de Berry Jayakumar Christian Lisa Pearce Ifrom 31 October 2024 to l March 20251 Safeguarding Committee Stephanie Biden (Chairl Stanley Arumugam Rev Catherine De Souza (from 10 June 20241 Nishani Ford Ifrom 17 February 20251 Theology Committee Rev Catherine De Souza (Chairl Jayakumar Christian Right Rev Dr Emma Ineson Esther Mombo Jean Paul Ndagijimana Rev Dr Israel Olofinjana Jocabed Solano Miselis The Well Committee (closed in October 20241 Yemi Odusolu (Chairl Ayo Afolabi Lotwina Farodoye Theo Mathias-Nwaulune Ladun Omideyi Pam Thompson David Wesson Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 49 Board Development Committee Sally Jones-Evans (Chair until 30 September 20241 Anna Laszlo (Chair from l October 20241 Stephanie Biden David Wesson National Advisory Committee members The Wales Committee closed in June 2024, following a review of the various national committees and the Chair of the Wales Committee stepping down from that role. Northern Ireland Helen Mills Ichairl lan Long Naomi Mcclelland Peter Mcclelland Robin Mccormick Laura McFarland Scotland Jenny Honey (Chairl Chris Gbenle Dez Johnston Stephen Prem Wales Rev Dominic De Souza (Chairl Bethan Day Owain Edwards Edwin Egede Lois Franks Cadi Gwyn Iwan Robb Ambassadors Rev Celia Apeagyei-collins Guvna B Anne Coles Rev John Coles Martha Collison Liz Earle Karen Gibson (from 11 May 20241 Pete Greig Tamsin Greig Lord Michael Hastings Rev Siew-Huat Ong Lord Marvin Rees Daniel Rowden Nissy Tee Right Rev Ric Thorpe Will Torrent Laura Young Executive Team The Board has delegated day-to-day operational decisions to the Executive Team.. Nigel Harris, Chief Executive luntil 25 June 20251 Tim Pilkington, Chief Operating Officer Ilnterim CEO from 26 June 20251 Olutayo Bankole-Bolawole, Director of People and Culture Stuart Lee, Global Fundraising Director Veena O'sullivan, International Dirertor Independent auditors Crowe UK LLP, 4th Floor, St James House, St James, Square, Cheltenham, GL50 3PR Solicitors Anthony Collins Solicitors LLP, 134 Edmund Street. Birmingham, B3 2ES Bankers Barclays Bank UK plc, I Churchill Place, London, E14 5HP Registered office 100 Church Road, Teddington. TWII 8QE Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 50 People and culture It was a challenging year for our employees, with several change processes taking place across the organisation. The People and Culture Group led on these processes, working hard to ensure that the change was managed well and people were supported throughout with dignity and professionalism. This year, we developed and approved a new People and Culture Strategy for 2024-28. Key objectives and achievements It aims to.. Embed trust and engagement at Tearfund by instilling a sense of purpose and emphasising how central our staff are to achieving Tearfund's vision and mission. Ensure talent management and reward schemes attract, develop and retain high-performing staff. Strengthen organisational vitality through a focus on wellbeing, agility, innovation across the organisation; finalise and implement the equity, diversity and inclusion IEDII strategy,. and continue to demonstrate our dependence on God in every area of our work and personal lives. Advance globalisation/localisation by being intentional about becoming a global organisation that reflects the communities we serve, and ensuring decisions that affect them are made by and in collaboration with them wherever possible. Strengthening organisational vitality Prayer and a vibrant spiritual life are at the heart of our organisational identity, so nurturing them is a priority across groups and teams. Role changes within the Prayer and Spiritual Vitality Team increased its collaboration with the Theology Team. This gave a strong theological foundation to our spiritual theme for 2025, 'Be transformed,. Supporting individuals, and teams, wellbeing both contribute to organisational vitality. Our commitment to EDI work remains a core value embedded in every aspect of our organisation. Our Board has an ethnically diverse range of Trustees and we have experts in EDI as members of the People and Culture Committee to ensure informed decision-making. We aim to ensure that Board membership meets our targets of at least one-third representation for both sexes and for 81ack, Asian or Minority Ethnicity. We are committed to addressing staff needs in all the regions where we work. including the UK, by using EDI data to inform interventions and encourage staff to engage in EDI dialogues internally. Existing policies and proce55es have been reviewed to identify and address barriers to equity and inclusion, and this review will continue. This commitment has strengthened our To serve these aims, we have merged UK and regional HR teams into one HR unit supported by a new People Services Team, in the hope of creating a uniform experience for all our staff and working more cohesively globally. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 51 organisational culture, ensuring a more supportive working environment for staff. Going forward In the coming year, the People and Culture Group will continue to take a people-centred approach in meeting Tearfund's HR, learning and development needs, and in strengthening our commitment to staff wellbeing and EDI. Our focus will be on equipping leaders and staff to consistentlv model the Tearfund characteristics. • Revitalising trust and engagement We've seen a positive shift in staff engagement, with survey scores rising from 67 per cent in 2023124 to 73 per cent in 2024125. Engagement leve15 in the UK still trail behind other countries though, highlighting the need to help all staff clearly see how their work connects to Tearfund's mission. An in-depth review of our'UK Ways of Working, gave us valuable insights and laid the groundwork for future efforts to boost staff engagement. In parallel, we also reviewed our People and Culture systems to make sure they are fit for purpose and support strong, globally inclusive decision-making. For example, a new induction programme designed for line managers equips them to create more inclusive team cultures and foster open. honest two-way communication. To strengthen organisational vitality we will increase effective and transparent two-way communication, providing clarity on Tearfund's ambition and enhancing collaboration. To revitalise talent and reward, we will work to attract diverse, adaptable, high-quality talent. We will work to retain staff through refreshed onboarding, effective performance management, career and succession plans, and appropriate staffing to deliver our work. We will review reward so that we design and embed a fair, consistent and affordable reward approach to attract and retain the talent we need. Improve talent and reward Our 18-month Agile Performance Management IAPMI pilot demonstrated its potential to promote retention, maximise staff competencies and ensure staff are enabled to reach their full potential. Over 75 per cent of participants said they preferred it to traditional appraisals. A dedicated talent specialist, recruited this year, will lead on improving talent and reward, alongside the senior management team. To strengthen organisational vitality, we will deepen our prayer and spiritual vitality including valuing the diversity of expressions of faith among colleagues, refresh and simplify organisational structures, systems, policies and processes to support health and wellbeing and to promote EDI. We will refresh the organisational change processes to ensure they are adaptable and to maintain staff engagement. A Change Management Office will improve how change processes impact and involve people at Tearfund before, during and after each transition. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 52 Safeguarding We are deeply committed to following Jesus, example in treating everyone with care and respect. It is of paramount importance to us that we safeguard and protect all our partners, representatives, staff, supporters and, above all, the communities we serve: people living in the most vulnerable of situations. Policies and procedures Tearfund's Incident Management System ITIMSI, our in-house reporting system, continues to grow in effectiveness and staff are increasingly confident in using it. TIMS is also used to report concerns unrelated to safeguarding, so we have a triage team who ensure that incidents are referred to and handled by the correct teams. We have continued to Strengthen the SWRT this year, and some impressive collaborative work has been achieved, always using a survivor-centred approach to ensure complex incidents are handled carefully. Preventing abuse and harm remains a top priority for Tearfund and we have continued to ensure that the safeguarding policies and procedures we have in place are sufficiently robust. Where we did encounter cases, we worked hard to ensure that learning arising from them informs the training of our staff and partners, and is reflected in any necessary updates to our policies and procedures. This year, we strengthened our commitment to protecting our staff, communities and volunteers by signing up to the Common Approach to Sexual Exploitation, Abuse and Harassment ICAPSEAHI, an initiative supporting humanitarian, development and peace organisations to take robust action in this area. Our policies have been updated to reflect this, with strengthened definitions of terminology and more explicit language to make clearer exactly what 'safeguarding' means across the global organisation. All information is treated confidentially and only shared with those who need to know. Reports can be submitted anonyfflou51y but, where contact information can be shared, follow-up and support are much easier. Mitigating risk continues to be the principle undergirding all our policies and procedures, especially in relation to safer recruitment. We remain committed to being effective and thorough in this, using the tools available to us. We use the Disclosure and Barring Service within the UK to help ensure all staff and representatives are securely vetted. We also use robust checks for non-UK citizens, using a third-party service provider. As a member of the Misconduct Disclosure Scheme, we are able to ask previous employers about potential recruit5 and The Safeguarding and Whistleblowing Review Team1SWRTI continues to report quarterly to the Safeguarding Committee, which provides Board oversight of Tearfund's safeguarding culture, how cases are handled and how learning is embedded. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 53 request detailed statements about any sexual abuse, harassment or miscondurt in previous posts, and we are committed to providing such information about our staff if they move from Tearfund to another member of the scheme. Assessment of safeguarding risks We continue to monitor safeguarding risks and improve our response to them, in all the different contexts and ways in which Tearfund works. This includes ensuring that the SWRT includes two members with relevant regional and programmatic experience. Before cases are formally closed, we gather learnings from them, reflecting on the investigation process and areas that need improvement or increased protection, which allows us to implement further preventative measures. Handling complaints and concerns We continued to encourage reporting of safeguarding and whistleblowing cases and to raise awareness of our feedback mechanisms across the organisation, and among our partner5 and the communities where we work. The reporting tools we have available are= Safecall, a whistleblowing mechanism provided by an external company; the Ombudsperson email, through which concerns about members of the Board or Executive Team can be reported; and our own reporting system, TIMS. The chief safeguarding risks we face include: Non-funded partners with poor safeguarding policies. When working with partners that are not funded by Tearfund, it becomes more difficult to enforce our safeguarding policies. Our network of focal points, however, provides regional and country-level safeguarding support for partners. We also made good progress this year towards producing a template our partners can access to aid their Safeguarding processes, with the guidance of our focal points where applicable. Third-party/partner-led cases. These are cases which are reported to Tearfund but in which we are unable to control the process because another agency or authority is responsible for their investigation. In these instances, we work as closely as we can to provide support where we are invited to do so. Refreshed posters and adverts in all Tearfund and partner offices are proving to be an engaging and effective way to keep people up to date with our reporting processe5, and people are increasingly assured about using TIMS especially. Safeguarding focal points say they are increasingly confident in the reporting process, which is more robust, clear and explicit thank5 to our commitment to CAPSEAH. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 54 Review of cases 2024125 Number of safeguarding incidents received quarterly Total Safeguarding cases referred to the Charity Commission oi Q2 Q3 Q4 2024125 18 Table.. Breakdown of reported cases by quarter of the 2024125 financial year During the reporting period, a total of 18 incidents were recorded.. eight pertaining to Tearfund staff, two involving partner staff, and eight originating from localised community reports. One incident directly concerned a minor. Where warranted, formal investigations were executed in accordance with established internal policies and procedures, and for serious cases, learning reviews and action plans were duly developed. Number of whistleblowing incidents received quarterly Total oi Q3 Q4 2024125 Table.. Breakdown of reported cases by quarter of the 2024125 financlal year 20 The number of whistleblowing reports received has increased during the 2024/25 reporting period. This increase is primarily due to the whistleblowing channel being used for other grievances and additional reports coming in that relate to incidents already under investigation. Definitions Child safeguarding: a child 15 anyone under the age of 18. '. Adult safeguarding: we acknowledge that anyone we support may be 'at risk, due to the unequal power rel3tionship between Tearfund or partner staff and volunteers, and the people in vulnerable situations whom we work with. Furthermore, Tearfund has identified that any adults who are in a relationship where there is unequal authority or power dynamics may be at risk of abuse. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 55 Environmental performance Climate change disproportionately affects people living in poverty, and we remain committed to reducing our own carbon footprint. Our Environmental Policy continues to guide our actions as we seek to improve our environmental performance. In 2024125, we have: Replaced generators in countries to lower energy consumption. Revised the flight-tracking system, assigning team members to monitor travel impact and improve reporting. Offset all flight emissions while reviewing our long-term offsetting strategy in response to evolving voluntary carbon market regulations. Identified challenges in integrating environmental data across different reporting systems and provided training to improve data accuracy. • Enhanced emission tracking by integrating various IT systems across countries. We continue to explore ways to strengthen our environmental reporting and make better use of technology to minimise travel while maintaining strong relationships and delivering our strategy. Greenhouse gas emissions and energy-use data for Tearfund UK for the period of l April 2024 to 31 March 2025 We have followed the 'Environmental reporting guidelines, including Streamlined Energy and Carbon Reporting guidance'120191 and 'UK Government greenhouse gas conversion factors for company reporting'120241, to produce the following three figures relating to our carbon footprint in the UK. In 2024125, Tearfund continued its efforts to reduce emissions, building on the progress made in previous years. Energy consumption decreased significantly to 193,174 kwh. reflecting ongoing efficiency measures. Notably, emissions from purchased electricity (Scope 21 dropped to 40. tCO2e, down from 50.0 tCO2e in 2023124. However, business travel emissions in rental cars or employee-owned vehicles (Scope 31 increased to 16.45 tCO2e, compared to 7.5 tCO2e in the previous year. We are trying to understand our travel patterns better in order to decrease our Scope 3 emissions. Tearfund took key steps to manage and mitigate its environmental impact. A flight-tracking system was revised after the period of organisational change. Despite reductions in certain emission categories, challenges with data integration persist, affecting reporting accuracy. The organisation remains committed to carbon offsetting, having renewed its partnership with Climate Stewards until March 2026 while exploring future offsetting strategies in light of evolving regulations. Looking ahead, Tearfund will refine its sustainability approach, ensuring strategic decisions on offsetting and climate contribution5 align with its broader environmental commitment. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 56 Unit 2024125 2023124 2022123 2021122 Energy consumption Emission sources Used to calculate the emissions below kwh 193,174 241,241 337,877 346,000 Scope I Combustion of gas tCO2e 10.35 10.3 Scope I Combustion of fuel for transport purposes tCO2e 1.33 0.63 0.03 Scope 2 Purchased electricity Business travel in rental cars or employee-owned vehicles where company is responsible for purchasing the fuel tCO2e 40.0 50.0 59.9 60.7 Scope 3 tC02e 16.45 18.25 Total gross based on above Tonnes of CO2e per full-time equivalent5 tCO2e 68.13 69.5 88.28 80.73 Intensity ratio tcoie 0.23 0.17 Table.. Greenhouse gas emlsslons and energy-use dats for the perlod of l Aprll 2024 to 31 March 2025 Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 57 IF CJ In IhE ORC. Traifynd 15 workin8 wilh loral partnèr5 to prts￿de rash and wattr di5¢ritsution5 In temporary cpmps, 5¢hools and chur(he5 for thost who ha¥e had io flee ihelr home5 because of e5ralailng conflkn. pfioio.. Gad Muweulrearfu Financial review In 2024125, Tearfund raised £80.2m to fund its vision to see people freed from poverty, living transformed lives and reaching their God-given potential. Grants A significant proportion of Tearfund'5 work to address poverty is undertaken through making grants to partner organisations. These grants are aligned with our country strategies. Project proposals received from partner organisations undergo a formal approval process, encompassing both a technical assessment of the project and a review of the partner's capacity and compliance policies. An agreed monitoring process is undertaken during the life cycle of all projects. In addition, financial evaluations are carried out on all large projects and on a sample of smaller projects. A list of the top 50 partner organisations we made grants to are on our website at tearfund.org/top50 Our proactive structural realignment during 2023124 led to a decrease in our unrestricted cost base. This strategic move, along with other targeted interventions, has provided greater resilience as we navigate the complexities of the upcoming global landscape. Income and expenditure In 2024125 we saw a total income of £80.2m down by 2.9 per cent against the 2023124 figure of £82.6m. Year on year, unrestricted income remained relatively stable at £35.3m Ian increase of 0.5 per cent) while restricted income at £44.9m decreased by 5.4 per cent, primarily driven by a reduction in grants from institutional donors. We are incredibly grateful to all who have supported so generously during the year to help bring an end to extreme poverty. Reserves Total funds at the end of the year were £29.8m, comprising unrestricted funds of £13.4m and restricted funds of £16.4m. Our general funds, defined as our unrestricted funds less any designated funds, are essential to- Total expenditure of £77.7m was £5.Om16 per cent) lower than the 2023124 level of £82.7m, with a decrease of £6.Im117 per cent) in unrestricted expenditure offset by an increase of £l.Om12 per cent) in restricted expenditure. The fall in unrestricted expenditure was largely as a result of the proactive structural realignment carried out in 2023124. Provide necessary working capital. Allow flexibility to respond to unexpected opportunities and challenges. Act as a buffer against fluctuations in income and expenditure, whether seasonal or event-driven. Provide contingency against unexpected costs. Provide contingency to respond to changes in Tearfund's operating environment. Finance strategic initiatives outside of Tearfund'5 normal operations. The net result for the year is £2.6m12023124'. -£O.Iml, made up of an increase of £5.8m in unrestricted funds offset by a decrease of £3.2m in restricted funds. Our reserves policy allows up to £2.Om of the value of the freehold office building owned by Tearfund to count towards operating Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 59 reserves. This is considered appropriate given current market conditions as Tearfund continue5 to explore the possibility of selling the building during 2025126. The Board of Trustees annually reviews the required level of operating reserves to ensure that an appropriate level is held. This review assesses the main financial risks inherent in our operating model and external environment, considering all income streams and expenditure categories. For 2025126, the target range for operating reserves to cover these risks is set at between £7.Om and £ll.Om. funds generated during emergencies or as a result of other specific appeals. In many cases these appeals generate income over a short timeframe. which is then planned to be spent over a period of up to three years in line with the purpose of the appeal. At the end of the year, total restricted funds had decreased to £16.4m12023124'. £19.6ml due to decreases in both the appeals and emergency funds l£1.7ml and the institutions and trust funds l£1.3ml. For each restricted fund, Tearfund'5 assets are available and adequate to fulfill its obligations. At the end of 2024125, our general fund balance stands at £11.8m12023124.' £6.Iml. Taking the additional £2.Om of the building value into account, our operating reserve balance is above the target range. The Trustees are comfortable with this position as we are entering a volatile year with significant uncertainties in the external environment and a rapidly evolving funding landscape. Financial risk management Tearfund continues to navigate an increasingly volatile and uncertain global landscape, impacting both the communities we serve and our dedicated supporters. In response to high inflation and a sector-wide decline in unrestricted income, Tearfund took action in 2023124 to reduce the structural C05t base of the organisation. This has provided Tearfund with the capacity to absorb future shocks and the time to react to changes in the external environment. Designated funds Designated funds are part of the unrestricted funds which the Trustees have earmarked for a particular use. This designation does not represent a legal restriction. At the close of 2024125, the only designated fund was the Fixed Asset Fund. This fund represents the net book value of Tearfund's fixed assets, indicating that these resources are not available for other purposes. At the end of the year, the Fixed Asset Fund stood at £1.5m 12023124.. £1.5ml. The broader funding landscape continues to present considerable risks and challenges. Economic uncertainties and the rising cost of living continue to affect our supporters, ability to give. Additionally. the unpredictability of future restricted United States Government funding12024/25'. 8.8 per cent of total income) and reductions in overseas aid budgets from many governments increase the challenge in securing institutional income. To mitigate these risks, Tearfund has implemented enhanced three-year forecasting and robust financial monitoring, alongside short-term cost control measures as well as sadly needing to reduce the size of our programmes in the Democratic Republic of Congo IDRCI and South Sudan in 2025126. Restricted f unds Restrirted funds are subject to specific conditions imposed by donors. The year-end balances represent income which has been recorded but where the related expenditure has not yet been incurred. The majority of these funds are either institutional awards, or Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 60 Cash flow and liquidity risks are effectively minimised by a conservative investment policy. As of 31 March 2025, Tearfund held cash balances of £21.Om1£20.7m at 31 March 20241. Tearfund continues to explore the possibility of selling the Teddington office building during 2025126, since occupancy rates remain significantly below pre-pandemic levels. original fixed payment. Investment policy and performance Tearfund's investment policy is reviewed annually by the Audit, Risk and Finance Committee. Our objective is to maintain high liquidity, obtain the maximum optimal yield consistent with agreed risk levels, while ensuring maximum security. To achieve this, Tearfund invests with institutions with a high security rating in fixed-term or call dep051ts. Our receivables primarily consist of contributions from major governmental and institutional donors, as well as legacy income. We assess the associated credit risk as low, and similarly, the risk of material disallowances from donor audits is considered minimal. This area remains under continuous active monitoring. Tearfund focuses engagement with companies or organisations whose activities significantly align with our own environmental policy. As far as p055ible, Tearfund will take a positive approach by seeking to invest cash resources in organisations which act ethically in accordance with Tearfund's core values. Where this is not Possible, Tearfund will find acceptable ways to fulfil our ethical and environmental commitments without damaging our core operational capacity. Tearfund's income is predominantly received in sterling pounds and US dollars. Foreign exchange risk affects Tearfund mainly by impacting the purchasing power of donor funds in the countries where most of our charitable expenditure is incurred. Tearfund does not enter into foreign exchange contracts for speculative reasons. As part of our work sUPPOrting communities to prepare for disasters, Tearfund entered into a swap contract in 2024125 which expires in 2025126. This is an innovative approach for Tearfund and provides an insurance mechanism for communities at risk of drought in four countries. Payouts will be used for anticipatory action and early response. Tearfund's risk is limited to the During the year, Tearfund's sterling deposits achieved an average rate of interest of 4.54 per cent12023124- 4.77 per cent) compared with an average bank base rate for the same period of 4.95 per cent12023124.. 5.05 per cent). Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 61 Income for financial year 2024125 £1.2 Gen•rnl Oon¢btk•ns Total income Go¥erhm*nt GroTrts £26.5 £80.2m £46.1 Emei9èr•cy Appeals (Xh•r Inc•m• Expenditure for financial year 2024/25 14p Cvlsis to lie5ilionr• Envirmmontol and E¢•nond¢ Sustalnabllily 39p 14p Fundroising One p0￿d ch￿￿h on4 c0mfflw￿QY Tronsformotion 13p qecoThciled Peoc•-ffilled 20p Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 62 Fundraising practices Tearfund deeply values the trust of our supporters and is committed to ethical fundraising and transparent communication. We are registered with the Fundraising Regulator and maintained full compliance with its standards throughout the year. Our internal Compliance and Data Protection teams ensure rigorous adherence to best practices in all communications. Staff interacting with supporters receive specialised training on safeguarding and supporting vulnerable individuals, in line with our established policies. We proactively track and address supporter feedback. In the 2024125 financial year, we received 342 fundraising-related complaints, representing 26 per cent of our total complaint volume. We have no record of complaints being escalated to the Fundraising Regulator. Our fundraising efforts are primarily managed by our dedicated staff. For outsourced telephone fundraising, we implement strict quality control through call monitoring and targeted training to ensure adherence to our standards and to maintain the integrity of our supporter relationships. We report all supporter complaints quarterly to our Executive Team and the Board's Global Fundraising and Communications Committee, demonstrating our commitment to accountability. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 63 Trustees, responsibility statement The Trustees are responsible for preparing the strategic report, the Trustees, report and the financial statements in accordance with applicable law and regulations. Company law require5 the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view ofthe state of affairs of the company and of the net income or expenditure of the company for that period. They are also responsible for safeguarding the assets ofthe company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Financial statement5 are published on the charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the charity's website is the responsibility of the Trustees. The Tru5tees' responsibility also extends to the ongoing integrity of the financial statements contained therein. In preparing these financial statements. the Trustee5 are required to: Select suitable accounting policies and then apply them consistently. Make judgements and accounting estimates that are reasonable and prudent. State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. Prepare the financial statements on the 'going concern, basis unless it IS inappropriate to presume that the company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. Disclosure of information to auditors In the case of each person who is a Trustee of the company at the date when this report was approved: So far as each of the Trustees is aware, there is no relevant audit information las defined in the Companies Act 20061 of which the company's auditors are unaware- and each of the Trustees has taken all the steps that they ought to have taken to make themselves aware of any relevant audit information las defined) and to establish that the company's auditors are aware of that information. This confirmation is given and should be interpreted in accordance with the provisions of Section 418 of the Companies Act 2006. Anna Laszlo, Chalr of the Board Date.. 09 July 2025 Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 64 Independent auditor's report to the members and Trustees of Tearfund Opinion We have audited the financial statements of Tearfund I'the charitable company'l and its subsidiary I'the group'l for the year ended 31 March 2025 which comprise the consolidated Statement of Financial Activities (incorporating an income and expenditure accountl, the Group and Tearfund balances sheets, the consolidated cash flow statement 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). responsibilities under those standards are further described in the auditor's responsibilitie5 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 Trustee's 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 condition5 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 12 months from when the financial statements are authorised for issue. In our opinion the financial statements- give a true and fair view of the state of the group's and the charitable company's affairs as at 31 March 2025 and of the group's income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities and Trustee Investment (Scotlandl Act 2005 and Regulations 6 and 8 of the Charities Accounts Iscotlandl Regulations 2006 lamendedl. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other information Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our The Trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 65 other than the financial statements and our auditor's report thereon. Our opinion on the financial statements doe5 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. 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 and the Charities Accounts Iscotlandl Regulations 2006 requires us to report to you if, in our opinion.. adequate and proper accounting records have not been kept- or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of Trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 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. Responsibilities of Trustees As explained more fully in the Trustees, responsibilities statement set out on page 64, the Trustees Iwho are also the directors of the charitable company for the purposes of company lawl 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. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit: the information given in the Trustees, report, which includes the directors, report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and the strategic report and the directors, report included within the Trustees, report have been prepared in accordance with applicable legal requirements. 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. Matters on whlch we are requlred 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 Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 66 Auditor's responsibilities for the audit of the financial statements statements from irregularities, whether due to fraud or error, and discussed these between our audit team members including internal specialists. 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 regulation5 that have a dirert effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companie5 Act 2006 and the Charities and Trustee Investment (Scotlandl Act 2005, together with the Charities SORP IFRS10212019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. We have been appointed as auditor under section 44llllcl of the Charities and Trustee Investment (Scotlandl Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder. 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 15 not a guarantee that an audit conducted in accordance with ISAS IUKI will always 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. 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 General Data Protection Regulation IGDPRI, Anti-fraud, bribery and corruption legislation, Taxation legislation and employment legislation. We also considered compliance with local legislation for the group's overseas operating segments as well as compliance with international sanctions regimes. 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 whlch the audlt was consldered 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 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 Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 67 correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud. to be within the timing of recognition of grant and legacy income, going concern and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, internal audit, and the Audit, Finance and Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, detailed review of budgets and forecasts, detailed reviews of a sample of legacy notifications and receipts, detailed reviews of a sample of funding agreements for grant income, 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 lirregularitiesl 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 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'5 members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's Trustees, as a body, in accordance with Regulation 10 of the Charities Accounts Iscotlandl Regulations 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 and the charitable company's Trustees as a body, for our audit work, for this report, or for the opinions we have formed. Tara Westocott Senior Statutory Auditor For and on behalf of Crowe UK LLP Statutory Auditor 4 Floor, St James House St James Square Cheltenham Gloucester GL50 3PR Date.. 10 July 2025 Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 68 •4r. 51udents •tihe De¥elty1￿ Funrtion•l4dult iiter•lan¢e$ at 31 M¥r¢h 2025 are reprtsented by.. Tearfund Group.. Fixed a55ets 1,546 1,546 Current 3ssetS 15,484 17,931 33,415 13,2211 11,$341 14,7551 Provisions 14561 14561 J53 16.397 29,750 Tearfund.. Long-term investments Fixed assets 1,546 1,546 Current assets 15,484 17,931 33,415 13,2261 11,5341 14,7601 Provisions 14561 14561 353 16.397 29.750 17b. ANALYSIS OF NET ASSETS BETWEEN FUNDS {2023124) Unreslrlcted fuThds Reslrlrted funds Total funds Fund balances at 31 March 2024 are represented by.. Tearfund Group.. Fixed assets 1.465 1,465 Current assets 10,367 20,983 31,350 13,2341 11,3921 14,6261 Provisions 11,oioi 11,oioi 19.591 27.179 Tearfund.. Long-term investments Fixed assets 1.465 1,465 Current assets 10.367 20,983 31,350 13,2391 11,3921 14,6311 Provisions 11,oioi 11,oioi 19,591 27,179 Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 95 Notes the financial statements- 31 March 2025 18. OPERATING LEASE COMMITMENTS At 31 March 2025, Tearfund and the Tearfund Group were committed to making the following payments in total in respect of operating leases for land and buildings.. Tearfund Group Tearfund 2025 £'ooo 2024 £'ooo 2025 £'ooo 2024 Within one year 495 665 495 665 In the second to fifth years inclusive 380 832 380 832 875 1,497 875 1,497 19. RELATED PARTY TRANSACTIONS A number of the Trustees of Tearfund are directors and trustees of other charities and organisations with whom Tearfund has historic relationships. In 2024125, goods and services of £22,000 were provided by related parties12023124.. £nill. These comprised professional services from Bates Wells and venue hire of Waverley Abbey. Stephanie Biden is a partner at Bates Wells and David Wesson is CEO of the Waverley Abbey Trust. There were no outstanding balances owed at 31 March 2025. Total donations from related parties in the year were £448,00012023124: £371,000). There were no expenditure transfers to the subsidiary of Tearfund12023124'. £nill in the year ended 31 March 2025. The balance of £5,00012023124- £5,000) owed by Tearfund to Tearfund Trading Limited at the end of the year is disclosed in Note 14. Tearfund Trading Limited is now dormant. 20. ULTIMATE PARENT The Trustees consider that the ultimate parent and controlling party of the group is Tearfund. 21. CAPITAL COMMITMENTS At 31 March 2025, there were contracted or authorised capital commitments of £nil12023124- £nill. Annu81 Report and FlnancSal Statements 2024125. Year ended 31 March 2025 96 tearfund,org Tearfvnd I￿r￿J￿d, IC¥) Chui¢h Rood. Teddin9ton, TWI 18QE. Uniied Kingdfyn •41b IOIZ¢J 39063906 45 inla@¢oorfurvJ.or4 (IC•xlToorluNI Teorfund North¢rn Irelond le¢wfvnd, 211] Newiewnords Roed. Bellosi BTII )AF. Northem Ireland 4111110128 9073 0060 u in@teorfund.ory r*IiJxiTeorf￿ldNT Tearfund Scotland Teorfund, Clyde Olfice5. 213, 48 West fAor9e Stieet, Giosgow G2 18P. ScotlLmd +44101141 332 3621 &SCel￿TrA teaifund.019 XQTeoi(undScot 01OITearfundScoilond tearfund