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2024-09-30-accounts

World Vision Hope and a future lor oll children WORLD VISION UK Trustees. report and accounts for the year ended 30 September 2024

Our vision for every child, life in all its fullness; Our prayer for every heart, the will to make it so.

Message from our Chief Executive 2
Message from our Board Chair 3
STRATEGIC REPORT
Who we are 5
Our strategy 6
Our impact, thanks to our supporters 7
Our emergency response in 2024 13
Our commitment to safeguarding 15
Inspiring giving 16
Fundraising responsibly statement 18
Inspiring action and prayer 19
Our plans for the year ahead 20
Five-year finances 21
Finances at a glance 22
Financial review 23
Corporate structure, governance and management 27
Our people and culture 32
Our engagement with the UN Global Compact 34
Environmental stewardship 36
39
FINANCIAL STATEMENTS
Statement of financial activities 41
Balance sheet 42
Statement of cash flows 43
Notes to the accounts 44
61
Trustees, Principal officers and Advisers 64
Join us 65

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Message from our Chief Executive

backdrop of escalating conflict, climate change impacts and economic pressure on both public and private funding, we have had to refocus to continue to support the many children and families we work with. Yet we find ourselves looking back and again being thankful to God for his many blessings.

We can celebrate that, over the past year, we have provided direct support to over 1.7 million children out of a total of 3 million people through 181 projects across 37 countries. Indirectly, our work has reached almost 5 million children among an estimated 9 million people. These include vulnerable children in the most fragile of contexts, with our biggest programmes being in Afghanistan, Somalia, Syria and the Democratic Republic of the Congo (DRC). I myself had the privilege of visiting our work in Senegal and Sierra Leone and witnessed first-hand the transformation in the lives of many women and children achieved by working alongside communities and local partners.

In a difficult fundraising context, our total income for the year was £66.7m compared to £74.6m in 2023, when we had exceptionally high income from emergency appeals While it has been a challenge to grow our core income, in common with most of the sector, we have benefited from higher than projected funding from the Foreign, Commonwealth and Development Office (FCDO). Coupled with income from emergency appeals again in particular from the Start Fund and from legacies, this has ensured we have been able to continue to resource our partners overseas.

We have also launched an ambitious five-year change programme to transform World Vision UK into a more efficient and effective organisation. We have undergone an organisational restructure, created an integrated fundraising team, streamlined our support functions and in the process will reduce our annual operating costs by £2m. All this stands us in good stead as we go into the new financial year with cause for cautious optimism and a renewed sense of purpose.

I wish to extend my immense gratitude to everybody who has supported us over the course of this past year. We rejoice in all that, through God, we have accomplished together. I look forward to continuing to work together with all our staff, supporters and all of our partners as we seek to become even greater champions for children.

Fola Komolafe MBE Chief Executive

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Message from our Board Chair

World Vision aims to bring life in all its fullness to the children that we serve. This report is full of big numbers about the children and lness of life for an individual child? One child that we heard from during the year was Joshua, who had been supported through our work in the Kimu and Ntwetwe area programmes in Uganda where we have been working since 2005/6. Joshua explained that World Vision found him when he was an older child who had no money and had lost hope. Joshua trained to become a motorcycle mechanic, got a job, saved to start his own garage, and is now training others and teaching children. Joshua credits World his church.

At our last board meeting in November, the board engaged directly with ten members of our Youth Advocacy Network: young people living in different contexts around the world who support World Vision UK in our thinking and advocacy. It was so valuable to hear directly from these young people about their aspirations and needs, and to hear their ideas about how we can improve our effectiveness in bringing life in all its fullness to children.

Improving our effectiveness has been the major board focus of the past year.

We have been delighted to welcome Fola Komolafe as our new CEO and have been working with her and her executive leadership team to sharpen our focus and strengthen our effectiveness. Implementing the scale of necessary transformation, set out in this report, is hard as we change well-established ways of working to reduce our operating costs and increase the funds available to support children. We recognise the impact of these changes on staff whose roles have been affected and appreciate their support and commitment as we move forward. In the years ahead, the Board will work closely with Fola and her team to realise the benefits from this transformation.

During the past year, Simon Burne came to the end of his term as a board member. wisdom and fundraising expertise during his nine years of board service. However, we were delighted to welcome five new board members: Abisola Mustapha Maduakor, Sarah Bissell, Rachel Blanshard, Tim Chong and Alex Harris.

Finally, thank you to all our supporters, donors and partners who have contributed to our work in this past year. We can after year.

Douglas Millican Board Chair

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World Vision UK Annual Report and Accounts 2024 | 4

Who we are

We stand with children facing the most difficult circumstances around the world. Partnering with their families and communities, together, they can overcome poverty and experience life in all its fullness. We work alongside children of all faiths and none inspired by our Christian faith.

World Vision UK is part of the World Vision Partnership, the largest international children's charity in the world. Founded in 1950, World Vision has more than 70 years of experience working alongside communities and partners to open opportunities for better futures for children, whatever their circumstances.

This takes true partnership with local leaders, local organisations and community members as they highlight their needs and set their own goals. This integrated way of working equips and empowers communities to sustain and continue

We have staff in almost 100 countries, so when disaster strikes often already there. World Vision provides immediate emergency support. But we also stay long after the headlines fade helping children, families and communities to recover and rebuild their lives.

Within the UK, we continue to be champions for children - we raise awareness of the issues facing children in the toughest places in the world and provide ways for children and young people here to speak out on the issues they care about. We offer the public opportunities to engage with global issues at a local level, and to help create change through giving, campaigning and praying. And we engage directly with government to influence changes that will improve life for the children we serve.

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Our strategy

is a commitment to that we will relentlessly pursue. By inspiring people in giving, in prayer and in campaigning for change, we seek to enable children to experience life in all its fullness, now and in the future. The children we serve face ever greater risks. The number of children in the world is now at its peak and climate change is increasing vulnerability for millions of children. The number of children who are living in areas of intense conflict has increased and displacement of children is at a record high.

We are committed to supporting these children, their families, friends and communities toward a more hopeful future. For World Vision UK, our ambition is to increase our impact by significantly increasing our income and the proportion of that income that we spend directly supporting children living in the most difficult and dangerous places. To deliver this, we identified five priorities for the year:

Thanks to the generous support of individuals, churches, corporate partners and grant-making institutions here in the UK, and our many partners overseas delivered significant impact in our charitable programmes and have maintained progress in our strategy to serve our audiences better and to invest in digital solutions to improve our effectiveness.

As we look ahead to FY25 we seek to address the challenges we like others across the charity sector face in raising support and funds for our programmes by:

  1. Embedding undraising first as a culture and practice across the organisation

  2. Strengthening our brand by amplifying stories, partnerships and impact

  3. Achieving efficiencies through innovation and integration

  4. Transforming our culture by making positive changes to ways of working, mindsets and behaviours.

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Our impact, thanks to our supporters

At the beginning of the year, given the ongoing volatility in the world and the enduring challenges around hunger and food security, we recommitted to our approach of focussing our work on children in the most difficult circumstances, building on what we had learnt, furthering our ENOUGH campaign to end global hunger, and increasing the participation and voice of children in our advocacy. As we look back, we can attest to having done what we set out to do.

Last year we reached over 3 million people directly in 181 projects in 37 countries, of whom 1.7 million were children.

We responded to emergencies across 28 countries, directly supporting 1.8 million people, half of whom were children.

Across our work 63% of the people we reached were in fragile countries, including Syria, Somalia and Afghanistan.

The ENOUGH campaign raised vital funds enabling us to respond to hunger in the worst-hit areas of the world, and advocate for the people coping with the worst levels of food insecurity.

This year marked a huge shift in centring the voices of children in our UK advocacy, both internally and externally, through the creation of the World Vision UK Youth Advocacy Network.

also look at the broader number of people who have benefited or will benefit from our programmes not only those who directly participate. For example, a new health facility may provide care directly to 20% of children that year, but most children in that community will benefit at some point in the future. Another example is our policy work: many people are directly involved in campaigning, training and learning, but the wider impact reaches all those children who now have a birth certificate, school meals or are able to refuse early marriage.

We can now confidently claim that the impact of our work reached an estimated 9 million people, including almost 5 million children.

To illustrate the impact that our programmes have had over the past year, we have included four case studies: long-term child wellbeing programmes in Uganda and Bangladesh, representative of 30 area programmes in which we fund 90 projects; a four-year grant-funded project in Uganda, which cares for refugees and their host communities; and the DAWAM project in Afghanistan, a grant-funded project improving wellbeing in women and girls. These are examples from a diverse portfolio of 66 grant-funded projects. We also provide insights into our emergency response portfolio through which we reached 1.8 million people and our advocacy work, addressing systemic change through amplifying the voices of young people.

We would like to thank the many children, communities, donors and supporters without whose help we can achieve nothing. In particular, we are grateful to our range of local partners, including community-based organisations, NGOs, businesses and local governments.

Our focus in 2024

Where we worked[1]

The majority of our work now happens in countries affected by instability and conflict, often exacerbated by climate change. Through 181 projects in 37 countries, we helped children survive crises. Our approach allows quick and effective responses to deteriorating situations, but always seeks to build in elements of recovery, adaptation and resilience. Back in 2016, only 16% of the children we reached were in fragile countries; this now stands at 63%. In Afghanistan, Syria and Somalia, for example, we reached 350,000 children directly through projects that improved water, food security, health services, livelihoods and child protection.

experience working in these contexts, we are able to adapt quickly between humanitarian responses during periods of crisis and longer-term development approaches. Some of our long-standing area programmes, such as those in Ethiopia and Niger, are testament to this adaptive approach, pivoting from emergency to long-term resilience. Our understanding of each context enables us to best meet the needs of children at the time, wherever they are.

1

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What we did

We have significant investment in sectors like nutrition and food security, livelihoods, child protection, and education. Importantly, we also invest in disaster preparedness and mitigation (though these are underrepresented in this pie chart as they are often part of other projects and tend to have fewer children as direct participants).

Education projects in area programmes included reading clubs and improving schools while local savings groups raised funds for uniforms and school materials. For example, in Zimbabwe, 236 girls and young women were supported with training, confidence building and materials to re-enter formal education, receive non-formal education or obtain skills that will allow them to thrive. In Uganda, Zimbabwe and the DRC, we advocated to include pregnant and adolescent mothers in education through dialogue with those with a legal responsibility to provide education.

Most nutrition and food projects were emergency responses, often incorporating screening for and treatment of acute malnutrition, food distribution, vouchers and cash for food, and work to improve future crop harvests. In our longer-term work, this is often a component of health or livelihood projects. For example, Dogo area programme in Niger supports , while improving incomes through savings groups.

Protection in emergencies can include shelter, mental health first aid and systems for reporting child protection incidents. In more stable environments, we strengthen systems for child protection , galvanising a movement for child wellbeing with community-based organisations equipped to include the most vulnerable children and families.

Health projects ensure that younger children have access to the basics required to reach age five in good health, while mothers are cared for and thriving.

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Water, sanitation and hygiene (WASH) includes short-term emergency responses, such as following the Nepal earthquake, where we constructed water points and toilets, or during the Somalia drought, where hygiene kits and water purification saved lives. In long-term responses, communities solve problems collectively, holding government to account.

Livelihood interventions are essential for the sustained wellbeing of children, and are often a component of nutrition and child protection projects. Our most common intervention is Savings for Transformation, in which families save small sums and can access credit for urgent needs. This often leads to a second income, protecting families from unreliable harvests and moneylenders.

Disaster mitigation/shelter is often part of livelihood programmes and is integrated into all long-term programmes in disaster-prone areas. Responding to smaller disasters that may not make the news, projects have prevented catastrophe from drought, flood and food insecurity in Zimbabwe, Mongolia, Angola and Uganda. capacity to respond to disaster is further strengthened by livelihood support and training of adults and children.

Protecting children: Kimu and Ntwetwe area programmes, Uganda 2005/8-2025

When these programmes began, poverty levels were high and children were frequently sick. Most adults believed harsh school discipline was acceptable, and children with disabilities were not a priority. Two decades on, the majority of children in Kimu and Ntwetwe have a far better start in life.

Health has vastly improved. All children attend clinics during their first five years. Over 95% of mothers deliver safely at a medical facility and most children are exclusively breastfed. Water coverage has improved and all schools meet required sanitation standards. Two-thirds of households in Ntwetwe report improved income achieved in part through savings groups over the last four years.

Our approach to child protection enables us to address issues comprehensively. Professionals receive training and faith leaders facilitate conversations using an approach called rights campaigns help children learn to protect themselves and their friends.

Child marriage has reduced: the proportion of children married before their 18[th] birthday has fallen from 14.2% to 3.2% in Ntwetwe and from 13.3% to 5.9% in Kimu over the last four years.

The proportion of children who feel secure in their living environment increased from 75.1% to 91.3% over the last four years in Ntwetwe. In Kimu, however, despite progress in early phases, this declined by 20 percentage points to 57.9% over the same period. Increased household migration, urbanisation and associated risks for unemployed young people likely contributed to this, although we are still learning from these programmes.

Children with disabilities are now a priority. Determined health teams and a changed community mindset mean Kwagala, a thriving six-year-old with Down syndrome, receives the same level of care as other children. Her mother Roset, a village health team member, says:

They instilled in me that if I could stand with my daughter, she will be able to be what

Children who are out of education are at increased risk of teen pregnancy and exploitation. We worked with local government partners to increase vocational training opportunities for over 400 young people like Joshua from Ki attended vocational skills training supported by World Vision and became a mechanic. Now an employer with trainees of his own, Joshua says:

Learning and next steps

Community groups working with local government colleagues have done an amazing job to improve child wellbeing, especially for the most vulnerable, and gains need to be sustained.

In the context of increased migration and even more important to ensure the sustainability of strong community groups and their ability to influence those who have a legal duty of care for children. In the

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new Bananywa area programme, issues are similar to when Ntwetwe and Kimu began. Successes and learnings from these programmes will be taken forward and the voices of children amplified.

Hope and opportunity: Ghoraghat, Bangladesh 2006-2024

Before the Ghoraghat area programme was established, children in the region faced overwhelming challenges including malnutrition, child abuse and high school dropout rates. These were intensified by inadequate healthcare and limited economic opportunities.

A holistic approach, combining economic empowerment and education, has improved the lives of children, giving them brighter futures. Through initiatives like the Ultra Poor Graduation (UPG) model and the Building Secure Livelihoods programme, families have gained skills and tools to lift themselves out of poverty.

Nishita, 15, says

her brother was separated from the family by early marriage. But everything changed when her mother joined the UPG programme.

, enabling her

education.

"My parents now believe in a better life for me hey support my education, and I dream of becoming a nurse to help my community

ivelihood initiatives have empowered smallholder farmers to diversify their incomes, build resilience and improve food security. Farmers have significantly boosted their productivity. Over 85% of households are now able to provide well for their children, a significant increase from 29% at the start of the programme. Household income has also

Increased investment in school infrastructure, supplies and teacher training, combined with support from communities, have significantly improved access to education. In 2008, only 22% of children completed primary and secondary school. Today, school enrolment rates have risen for children aged 6-18. Primary school completion rates are 92.5% and secondary school 88.9%.

Although Covid brought increased challenges, village-based child forums raised awareness of child rights, empowering parents and communities to prevent child labour and child marriage. By focusing on economic empowerment, education, health and child protection, the area programme has strengthened bonds between children, families and the community.

Learning and next steps

generational change, empowering children like Nishita to dream of a brighter future.

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Saving lives and promoting health: Afghanistan 2023 2026

Afghanistan is a complicated operational environment, struggling to overcome the impact of 40 years of conflict. Alongside this, climate-related humanitarian crises including floods and droughts, plus natural disasters like earthquakes, make life challenging. Since the international withdrawal in August 2021, economic fragility has increased, and the country relies heavily on humanitarian aid. Increasingly restrictive policies affect the rights and freedoms of women and girls in education, work and more. Also of concern is the long-term displacement of an estimated 6.3 million Afghans, while 23.7 million remain in need of humanitarian assistance.

The DAWAM (Driving Action for Wellbeing to Avert Mortality) project, led by World Vision UK, involves four international and three local partners. Together, we contribute to increasing wellbeing in women, girls and other high-risk groups, including people living with disabilities, in seven provinces plus

The project, which runs from October 2023 to March 2026, is funded by the UK G and Development Office. DAWAM partners are working in some of the most remote and hard-to-reach areas to provide access to life-saving, equitable and inclusive healthcare, nutrition and WASH services for over 4 million people including 1.5 million children.

Impact

In the first year, the project reached 2.8 million people. This includes over 140,000 people through health and nutrition services; 6,000 people through psychosocial support; over 12,000 people through WASH interventions; over 10,000 people through humanitarian responses to scabies and floods; and through mass awareness raising on health, hygiene and child protection.

Fatima, mother of nine, attended a World Vision health facility in Faryab province with her daughter Sabrina. After four rounds of treatment for malnutrition, Sabrina recovered. Then, two months later, she required treatment for pneumonia.

We are very

grateful for the services of this clinic. We kindly request that it continues to operate for a longer period, so we and others in the community can continue benefiting from its health services. Without this clinic, we would have no choice but to endure more suffering, as we

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Learning and next steps

The DAWAM partners are committed to learning and adapting to deliver the best we can for the people of Afghanistan. An important aspect of this is championing localisation through building the capacity of local partners, and cross-learning between international and local partnerships. This enables local partners to strengthen their organisational systems and practices and gives them equal voice and participation in the project.

A key focus next year will be on meeting the needs of people living with disabilities and those suffering from mental health problems. The project is also trialling new ways to improve nutrition within families, including kitchen gardens, cooking sessions at health facilities and distributing seeds.

The DAWAM dashboard, which shares key project information, illustrates the value of technology, and we will continue to seek ways to use technology to strengthen the project.

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Our emergency response in 2024

Last year, we responded to emergencies across 28 countries directly reaching 1.8 million people, almost a million of whom were children.

In 2024, the wider World Vision Partnership responded to 87 humanitarian emergencies in 65 countries. We reached over 35 million people: of these, 19 million were children. As our contribution, World Vision UK directly reached 1.8 million people in emergencies half of whom were children across 28 countries. Globally, conflict is a key underlying cause of hunger, while increasingly climate change is a factor causing rapid onset emergencies such as flooding and landslides, and exacerbating drought.

The global hunger response, through the World Vision P ENOUGH campaign, reached 14.5 million people over half of whom were women and girls in the 28 countries of highest alert, including more than 7.5 million vulnerable children. These responses encompass food and nutrition, WASH and food security through resilient livelihoods.

Snapshots of our work in emergencies[2]

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Focus on Sudan

In Sudan, 25 million people experienced food insecurity, with 7 million many of whom are children at emergency or catastrophic levels. Over 4 million children have had to leave their homes, with failing health systems and schools closed. The World Vision Partnership has supported a regional response called SCRAMER (Sudan Crisis and Migration Emergency Response), reaching nearly 3 million people since the conflict began 18 months ago. Our contribution last year in Sudan reached 135,000 people with health, nutrition and WASH support, including 70,000 children. The response is especially challenging due to insecurity (making it difficult to reach all areas) and insufficient funding.

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Our commitment to safeguarding

At World Vision UK we have continued to promote and encourage a proactive culture of safeguarding in all areas of our work.

The annual review of our safeguarding policy, processes and training has focused on encouraging reporting by making sure we have clear, confidential and accessible ways for anyone to report suspected or known concerns, in the UK and overseas. Staff have all signed behaviour protocols committing to do no harm themselves and to reporting any incident they become aware of.

The Board of Trustees receives safeguarding reports at each Finance, Audit and Risk Committee meeting and a safeguarding annual presentation when the policy is presented for approval. Our Global Safeguarding Team moderates and measures all Partnership offices with an annual internal safeguarding audit. We retained our fully compliant rating in this audit for 2023.

As part of the global World Vision Partnership, we held a safeguarding awareness week in February 2024, concentrating on reporting and responding to concerns. Staff watched daily training videos then undertook activities with work colleagues on scenarios and situations where safeguarding concerns arise and how they should be reported and responded to. Learning was measured in our internal Our Voice survey, when 96% of World Vision UK staff who took part confirmed that they knew how to report grievances and unethical behaviour, including sexual abuse.

World Vision UK has received no whistleblowing reports in the last 12 months.

Since September 2023 we have received 26 safeguarding reports; all are closed after investigation. Three of these were reported to the Charity Commission. The Charity Commission confirmed that it was assured the Trustees had dealt with the three incidents appropriately and closed their records. Eight reports occurred in the UK which were alleged breaches of policy, with no harm to anyone occurring.

The World Vision Partnership strives to ensure that the most rigorous safeguarding practices are in place. Total safeguarding figures associated with international programmes are reported in

During 2024, World Vision improved how we gather, store and use images, case studies, film and social media in communications, making sure everyone understands how we will safeguard those involved. We will only gather content if we have informed written consent from those involved, ensuring they can choose to withdraw their consent in the future and know how to do this. Making sure we show all people with dignity and protect their identifying personal data is part of our safeguarding policy.

There have been several group sponsor visits and overseas challenges involving more supporters travelling with us to visit places and programmes that are remote. Before travel, we make sure each visitor is aware of and willing to keep our behaviour protocols throughout these trips. Giving visitors information on how they can safeguard themselves and report any concerns during and after the trip is all part of our proactive procedures.

Safeguarding ourselves and all those we serve remains our highest priority. Doing so with grace and compassion and being proactive in preventing harm remains our focus.

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Inspiring giving

We are incredibly thankful to all our individual supporters, whose generosity has made a significant impact this year to improve the lives of children. Alongside individual contributions, we also received £4m in Gift Aid, leading to a combined total of £26.9m in committed giving and other income. While this marks a decrease from last year, we had anticipated a reduction in Child Sponsorship income due to the completion of several long-term programmes. We greatly appreciate the many sponsors who chose to continue their support by sponsoring a new child after those programmes concluded.

This year was a breakthrough year for engaging church audiences, highlighted by successful radio appeals and Christian artist events, culminating in an active summer festival season. Alongside individual church initiatives, these efforts drove significant year-ond successes within our Church and Christian channels, recruiting new committed givers has continued to present challenges. Although our retention rates for existing sponsors have exceeded expectations, we still ended the year with 3,000 fewer to transform

Beyond committed giving, our supporters demonstrated remarkable generosity this year. We were deeply moved by the overwhelming response to our emergency appeals, especially following the outbreak of conflict in the Middle East in October 2023. Additionally, we launched our first ever challenge event, where a group of 15 supporters embarked on an inspiring five-day trek in the Himalayas, witnessing first-hand the impact of our work in education, small business and water projects.

We were also honoured to see a significant increase in legacy income this year. We are profoundly grateful to those who chose to remember our cause in their Wills, allowing their generosity to continue transforming the lives of children. Each legacy serves as a heartfelt tribute, and we are committed to honouring their memory by using these contributions to create lasting change.

While scrolling through Facebook, Jill came across an advertisement from World Vision seeking walkers to tackle 115 kilometres of the Camino Way in northern Spain. Jill was looking for a way to deepen her connection with God, and she recalled that her church in Wakefield had previously sponsored a child through World Vision. Inspired, Jill eagerly accepted the challenge.

She committed herself to training in the hills of Yorkshire, as part of a local walking group. The next step was to raise £1,500 for the cause. To achieve this, she organised an afternoon tea party, enlisting her friend, a professional singer, to a nearby department store generously agreed to donate all the scones, jam and cream for the event.

Challenge events are a growing income stream for World Vision, inspiring adventurers to embark on treks, walks and various challenges across the globe. This year, the collective efforts of participants like Jill have helped make a lasting difference in the lives of children we serve.

Strategic partnerships

Our partnerships with philanthropists, trusts, foundations and the private sector generated £3.3m this year. Although this is £4.3m lower than last year, the decrease reflects the absence of exceptional income generated by large-scale emergency events seen previously.

To drive sustainable growth and cultivate new partnerships, we launched two initiatives: the Emergency Preparedness and Response Fund and the Emergency Corporate Alliance. These initiatives are designed to ensure funding is both strategically allocated and immediately accessible for urgent response needs, including support for overlooked crises.

A core priority this year has been delivering outstanding stewardship, with a strong focus on strengthening donor commitment. We are proud to celebrate a decade of impactful partnership with two of our valued private-sector supporters, Lightsource bp and Premier Contract Supplies. Our partnership with Hotel Puente Romano in Marbella and the Shamoon family was instrumental in setting a new fundraising record, with a 67% increase in funds raised at this year's summer gala compared to last year.

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We are deeply grateful to our dedicated partners and remain focused on expanding our partnerships with philanthropists and the private sector to secure essential funding, amplifying our impact for children.

Institutional income

Our income from government, multilateral organisations and other institutional donors reached over £37m. This was, however, £3m short of our target for the year mainly due to the phasing of income and a highly competitive institutional funding environment.

We believe, though, that our relatively new strengthened approach to understanding the donor landscape and the building of deeper relationships with donors and potential programme partners is starting to address challenges and will a diverse base of funders, with 11 donors in our current portfolio. We hope to grow further next year, with two-thirds of targeted grant funding already secured and more prospects in the pipeline.

Commercial contracts are another important area of focus. We completed our Somalia Crisis Recovery Programme with the Government of Somalia, successfully delivering on all the key performance indicators. We anticipate a modest increase in FCDO and World Bank contract opportunities and are well positioned to pursue them.

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Fundraising responsibly statement

We are tremendously thankful for all our supporters. Their generosity is humbling, both in terms of financial support and their engagement with the children and the communities we serve. We are determined to respond to their kindness by treating them with respect and courtesy, especially in how we fundraise and how we manage the data we have about them.

Our overall approach to fundraising

their experience and deepen their engagement by offering several ways for them to get involved.

If people have given us their permission, we may ask them to give financially. If so, we will always explain why we need them. We reach new supporters through our website and other online marketing; through churches, Christian festivals and public events; and by inviting support from the public in person at various locations, such as selected shopping centres.

Our fundraising standards

We are proud to be members of the Fundraising Regulator and we abide by its Fundraising Code of Practice. We comply fully with our regulatory obligations and have not been subject to any regulatory actions during the year.

We work hard to ensure that all staff are aware of and sensitive to data protection issues in their day-to-day work, embedding this into our culture.

World Vision UK uses carefully selected agencies to carry out fundraising on our behalf, and we undertake due diligence, safeguarding and vetting checks on all external agencies. We have written agreements put in place and expectations reflected in contracts with agencies, including regular call monitoring, reporting and quality assurance.

We monitor our fundraising carefully, as well as the overall service we give to our supporters. All supporter phone calls, emails and letters positive and negative are logged with summaries and key issues communicated back to the management team monthly and our campaign teams on a regular basis.

World Vision UK has a Complaints Policy on its website, making it easy for our supporters to raise concerns and provide feedback to us. We monitor and record our complaints monthly and use the information to improve our processes.

Any negative feedback received, according to the Fundraising Regulator, needs to be categorised as a complaint and all feedback given falls into one of the four categories (complaint A, complaint B, positive feedback and suggestions).

Category A complaints are those that pose a significant risk to the reputation of World Vision and must be dealt with as a matter of urgency. We respond to supporters within 24 hours. In 2024, we received no Category A complaints, compared with three in 2023.

Category B complaints are those where a supporter has given their opinion about our products or service or where a concern or query has been raised. In 2024, we received 694 complaints compared with 938 in the previous year. While the overall volume of complaints has decreased, we have seen an increase in complaints relating to campaign content. We actioned these within three working days.

Ninety supporters took time to provide us with positive feedback.

Being sensitive with our fundraising

We have internal standards to guide how often we contact supporters. And when we do contact them, we provide clear and simple ways for them to opt out in the future.

Treating supporters fairly

We have a policy and practices to help us identify potentially vulnerable people when speaking to potential supporters face-to-face. We provide annual training to fundraisers on our Vulnerable Persons Fundraising Policy, so they understand what vulnerability means and what action to take if someone is recognised as vulnerable. The policy is provided to the agencies we use for fundraising, and all have signed agreements that confirm their adherence to the policy.

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Inspiring action and prayer

The focus of all our advocacy is on the needs of children and young people.

World Vision UK, in partnership with World Vision International, Plan UK, CARE International UK and UNICEF UK, took a number of youth delegates to the COP28 climate conference. This enabled them to share their experiences of climate change and its impact on their families and communities. They also met with UK government climate negotiators and the President of the Young Parliamentarians Forum to raise their concerns.

The place of prayer

World Vision was founded on a prayer: "Let my heart be broken by the things that break the heart of God." We continue to believe firmly in the power of prayer and over the course of the past year have had a network of more than 7,000 supporters praying with us. These supporters are kept informed through our regular prayer email, Together Amen, as well as our communications in response to disasters, emergencies and campaigns.

Dan and Ruth Lush sponsor a girl called Faith in Uganda. Faith chose their family to be her sponsors through our Chosen programme. Dan wants his own children to e same opportunities as they do .

story that God is redeeming all things.

Ruth adds, community, that she and the other children can lead the way of

restoration into new and great things.

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Our plans for the year ahead

Since embarking on our multi-year strategic transformation journey in FY22, our primary focus for these first three years was to drive income growth. We accomplished this, though increased funding around the Ukraine, Türkiye and Syria emergency responses played a part. We have already achieved significant milestones, for which we are grateful. But there is still much to do, and many challenges remain:

  1. The needs of the children we serve continue to grow and change. Ongoing conflicts and political instability in many regions are education and healthcare. Additionally, refugee and internally displaced children face heightened risks of exploitation and violence. Children in developing countries are disproportionately affected by the impacts of climate change, such as increasingly frequent and severe floods, storms and droughts.

  2. The fundraising, humanitarian and development sectors are facing challenges from inflation and the cost-of-living crisis. Rising operational costs and reduced donor giving, driven by strained household incomes, are significantly impacting organisations abilities to deliver services and sustain operations.

In FY24, we recognised the necessity to adapt and conducted an in-depth review of both the external and our internal contexts. We identified challenges and opportunities, to determine the best way to position ourselves for continued impact in the lives of those we serve.

Our Vision and Mission remain steadfast we are still relentlessly focused on delivering impact for children and families living in the most difficult places. By FY29, we aim to reach 5.5 million people annually (including 2.75 million children), helping to:

Our strategic ambition over the next five years is to become the fastest-growing and most-trusted child-focused international NGO in the UK. We have identified four key priorities for FY25 that will guide our efforts toward greater impact, efficiency and cultural transformation:

  1. Embedding undraising first as a culture and practice across the organisation.

  2. Strengthening our brand by amplifying stories, partnerships and impact.

  3. Achieving efficiencies through innovation and integration.

  4. Transforming our culture by making positive changes to ways of working, mindsets and behaviours.

His calling, and trust that He will continue to provide for us.

World Vision UK Annual Report and Accounts 2024 | 20

Five-year finances

Five-year finances Five-year finances
2020
£'000		 2021
£'000		 2022
£'000		 2023
£'000		 2024
£'000
Committed giving and other donations 30,240 29,604 29,001 26,322 26,895
Donations for emergencies 2,256 1,789 9,829 16,329 7,956
Donated goods and services 3,692 2,715 22,280 3,638 3,794
Institutional grants 33,272 18,576 8,444 18,887 27,584
Charitable activities - government service contracts -
36		 183 8,980 4
Investment and other income 120 95 25 465 436
Total income 69,580 52,815 69,762 74,621 66,669
Cost of raising funds 11,286 10,728 11,668 12,636 13,483
Charitable activities 55,963 45,170 55,280 64,914 51,292
Total expenditure 67,249 55,898 66,948 77,550 64,775
Investment gains/ (losses) 89 267 (60) 77 232
Net movement in funds 2,420 (2,816) 2,754 (2,852) 2,126
The funds of the charity
Restricted and designated funds 9,412 5,294 6,909 5,231 8,702
General fund 9,375 10,677 11,816 10,642 9,297
Total funds 18,787 15,971 18,725 15,873 17,999
Ratios
Percentage of total expenditure:		 5 year average
Cost of raising funds 18.1% 16.8% 19.2% 17.4% 16.3% 20.8%
Charitable activities 81.9% 83.2% 80.8% 82.6% 83.7% 79.2%
Free reserves
Number of days' expenditure 46 54 90 67 75

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Finances at a glance Our income Institutional grant& £27.6m, 41.4 Commltted glvlng and other donations, £26.9m, 403% Donated goods and servlces, £3Jrn. 5.7% Donatlon5 for emergencles. £8.Om, 12.0% Other, £0.4m, OA% Total £66.7m Our expenditure Total £64.8m Charitable activitles, £51.3m, 792Yo Raising funds. £135m. 20.8% wor￿ Vision UK ￿nUal Report￿ Accounts 20241 22

Financial review

In 2024 World Vision UK raised income of £66.7m, £8m lower than 2023 due to a reduction in emergency income. We continued supporting children and communities through our development and humanitarian response programmes in some of the w education, health, nutrition and food security, protection, WASH and family livelihoods.

Income

Total income in 2024 fell to £66.7m which is 12% lower than the £74.6m achieved in 2023.

Reduced emergency income in 2024 was partially offset by increasing grant income. Institutional grant income (excluding emergency appeal income) was £27.6m (2023: £18.8m), an increase of 46%. A major contributor to this was World Vision leading the consortium for the DAWAM grant (£6.8m) in Afghanistan with its partners BBC Media Action, Action Against Hunger and Action Aid. Details of income from other grants can be found in Note 2b to the financial statements.

Committed giving and other donation income was £26.9m (2023: £25.6m). Of this, Child Sponsorship committed giving decreased by £1m to £14.2m. The total number of child sponsors at year end was 51,491 (2023: 54,905). Our nonsponsorship regular committed giving continued to grow and delivered income of 1.2m (2023: £1.1m) as the supporter base increased to 9,481 (2022: 7,056). In addition, legacies income increased to £1.3m (2023: £0.5m). Income from tax recovered under the Gift Aid scheme fell to £4.0m (2023: £4.2m) in line with the reduction in Child Sponsorship giving.

Donated goods and services income was received from the World Food Programme (WFP). Income in 2024 remained stable at £3.8m (2023: £3.6m). Throughout FY24, World Vision UK managed a large portfolio of WFP-funded projects, all providing life-saving support to vulnerable people living in humanitarian emergencies. We experienced a shortfall against our original income target due to escalations in violence, leading to challenges accessing project areas as well as project suspensions, and the outbreak of Mpox affecting a small number of projects operating in Sudan and the Democratic Republic of Congo (DRC).

FY24 also saw a dramatic increase in our portfolio of projects funded by a number of UN agencies UNICEF, the Office for the Coordination of Humanitarian Affairs (UNOCHA), the UN Refugee Agency (UNHCR), the Food and Agriculture Organization and the UN Development Programme. This portfolio saw a 279% increase in income compared to FY23 to £2.97m.

Expenditure

The change we seek for children and communities in the most difficult circumstances is our primary objective. Out of our total 2024 expenditure of £64.8m (2023: £77.5m), £51.3m was spent on our charitable activities (2023: £64.9m). This 21%

Our cost of raising funds was £13.5m in 2024 (2023: £12.6m). The ratio of cost of raising funds to total expenditure was 20.8% in 2024, an increase from 16.3% in 2023, reflecting the lower spend on charitable activities in the year. Total costs of £19.4m incurred in the UK in 2024 (2023: £18.4m), including the total cost of raising funds and some of the costs allocated to charitable expenditure, were lower than budgeted. This was due to lower than anticipated expenditure on the supporter relationship management system and other business transformation projects.

Reserves

We set aside reserves to ensure our long-term financial viability. Our reserves policy is reviewed annually and considers financial and operating risks, strategic objectives and required levels of unrestricted funds. The basis for determining the target range for reserves is through estimating the requirement for each of the following components:

  1. To ensure maintenance of essential services for beneficiaries.

  2. To provide working capital so that grants and commercial contracts can be undertaken.

  3. To insulate the charity against unmitigated financial risks.

The target level of free reserves was reviewed during the year and was set at between £4.9m and £7.1m for FY25 to cover between 99 and 145 days of UK operating costs.

World Vision UK Annual Report and Accounts 2024 | 23

The charity holds three categories of reserves:

At the end of September 2024 total funds stood at [£18.0m] (2023: £15.9m).

General Fund

The General Fund, also known as free r on any of the Reductions in unrestricted income and higher expenditure in 2024 were only partially offset by a reduction in our expenditure on charitable activities, so the General Fund reduced to £9.3m (2023: £10.6m). Although we have ended the year above the top end of our General Fund target range, we intend to continue to make strategic investments over the next two years. These include investments in the new supporter relationship management system and other business transformation projects to improve the effectiveness of our fundraising expenditure and internal systems and processes and to significantly increase the amount of funds raised.

Designated funds

Designated funds of £3.3m (2023: £2.8m) relate to the Fixed Asset Fund, which represents the value of fixed assets less related financing. This fund adjusts as the values of these assets are amortised over their useful economic lives and as new assets are acquired.

Restricted funds

Restricted funds, those subject to conditions imposed by donors or implied by the nature of the appeal, amounted to £5.4m (2023: £2.4m). These increased during the year due to the resurgence of grant activity.

Going concern

The Trustees have assessed and confirmed their belief in the basis, taking into account its current financial position, expected future plans, target reserves range and availability of cash. The target level of free reserves for 2024 was £5.4m to £7.0m and the closing General Fund stood well above that range at £12.5m, a substantial proportion of which is represented by liquid assets.

Internal controls

The charity has implemented systems of internal financial controls and procedures that are reviewed regularly by management. These systems provide reasonable assurance against errors or loss. The procedures aim to ensure the completeness and accuracy of accounting records and document the ways in which Trustees have delegated financial authority within defined limits. The internal controls provide reasonable assurance that:

The World Vision Partnership has a global internal audit function that is responsible for making sure appropriate arrangements are in place to provide audit and assurance on its overseas operations, including those to which World Vision UK makes its remittances. The primary accountability of the internal auditors is to the audit committee of World Vision International, the legal entity providing international coordination and leadership of the World Vision Partnership. Internal audit findings for all countries World Vision UK funds are available for review. These findings are reviewed as part of our decisions to fund, as well as monitoring of our funding. Governmental and institutional donors may also require audits of their funding.

Investments

sets out the general parameters within which investments are to be made, so that investment risks are managed, while ensuring that our activities are not jeopardised, and contribution to our mission is maximised.

World Vision UK does not currently have significant non-cash investments, investing only in the COIF Charities Investment Fund managed by CCLA Investment Management Limited in accordance with our investment and ethical policies. This

World Vision UK Annual Report and Accounts 2024 | 24

fund maintains the majority of assets in equities with the objective of long-term growth and returns. At the end of the current year, our investments amounted to £2,077,000 (2023: £1,845,000), with a net gain of £232,000 during the year (2023 gain : £76,000). Cash holdings are placed on short-term or overnight deposit. The investment portfolio was reviewed in 2024.

Risk management

Effective risk management is a critical component in achieving our strategic objectives and protecting the organisation. We have a robust framework in place for the review and mitigation of risks to which our organisation is exposed, balanced with managing the risks we accept in pursuit of our purpose.

The Board of Trustees has ultimate responsibility for risk management. Annually, the Board decides the level of risk it is prepared to take in pursuit of our goals and this is summarised in our risk appetite statement.

The Board of Trustees delegates scrutiny of risk management to the Finance, Audit and Risk Committee, which meets regularly during the year with the remit to review our key risks and the effectiveness of the mitigations we have in place to manage those risks. The C hair reports on risk management to the subsequent full Board of Trustees meeting.

The Executive Leadership Team has close oversight of risks and regularly reviews strategic, operational and emerging risks to ensure that appropriate and robust internal controls are in place to mitigate risks. Mitigating controls are documented for each risk and are te for risk.

Principal risks Mitigating actions
Cyber-security and protection of our
information assets
The risk is that a breach of our
network, could result in the loss or
compromise of our data. The risk is
further elevated if our technical
defences do not keep pace with the
ever-evolving threat of cyber-attack.		 We continue to invest in technical security technology to protect
our infrastructure. This year, we renewed our Cyber Essentials
certification. Close monitoring and regular testing of the robustness
of our systems are central to our cyber defence procedures and we
engaged external specialists to carry out independent testing of our
security arrangements.
We have mandatory IT policies and procedures, and we support
staff with appropriate training on how to identify and report
potential network security infringements.
Attract and retain a talented and
diverse workforce
Our people are the cornerstone of our
UK operations. If we are not perceived
to be an employer of choice and one
which offers equitable opportunities
for all, we will fail to attract and retain
the talent we need.		 Our Thriving People strategy supports our organisation to be an
employer of choice and offer equitable opportunities for all. We
operate flexible working practices in a hybrid working model to
ensure that our staff achieve work-life balance.
We have strong staff engagement practices in place and regularly
seek staff feedback on their experience of working in the
organisation.
We have robust staff health and wellbeing support in place.
Business and digital transformation
An inability to transform our business
and digital capabilities will undermine
our income growth and operational
efficiency objectives.		 We have established an ambitious multi-year business
transformation programme. The programme combines delivery of
industry-leading digital technologies with new and effective
business processes, and we have restructured our organisation to
create enhanced operational agility.

World Vision UK Annual Report and Accounts 2024 | 25

Principal risks Mitigating actions
Fundraising income
Insufficient growth in income from our
supporters, institutional donors,
philanthropists and corporate partners
would reduce our ability to deliver our
mission.		 We continue to mitigate this risk by seeking out new opportunities
to engage with our existing audiences and to reach new audiences
to retain and grow our sponsorship base and income streams.
We seek to maximise the use of appropriate digital infrastructure to
manage the relationship with our supporters.
We have invested in our acquisition team.
We have diversified the base of institutional donors and continue to
seek new forms of funding, including commercial contracts and
innovative financing.
Safeguarding children and the
communities we serve and our
workforce
The risk is that if our safeguarding
procedures are ineffective, this can
lead to harm to children or adults
within our programmes or to members
of our workforce, damage to our
reputation and potentially a loss of
confidence in our work and reduced
income.		 Our safeguarding policy and behaviour protocols are rigorously
implemented, monitored, and reported upon throughout the year.
All staff, Trustees and relevant third parties are required to confirm
that they will adhere to our behaviour protocols.
In our overseas programmes, safeguarding is placed at the centre of
our work. Children and communities are provided with training,
materials and guidance on their rights to be protected from harm,
and how to speak out if they have concerns.
We have robust processes in place to investigate and report
incidents as required and we provide survivor-centred support to
those who may be affected.
Risk to our reputation
Any adverse impact on our reputation
potentially jeopardises the World
Vision brand and can lead to a loss of
confidence among the public, our
donors, partners and supporters,
ultimately leading to loss of income.		 We employ a robust framework to manage risk and provide
assurance of compliance with our legal and regulatory obligations
and safeguarding commitments.
We have a comprehensive and structured response plan to any
potential threat to our reputation.

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Corporate structure, governance and management

The unique structure of the World Vision Partnership means that we can work alongside children, families and communities in almost 100 countries to create opportunities for better

The World Vision Partnership

World Vision UK is part of the World Vision Partnership, a network of national organisations constituting a federal partnership. Many World Vision offices are governed by local boards of trustees while others are branches of World Vision International and may have local advisory councils. This means overall control of World Vision is not held by a central body but shared with our global World Vision partners. World Vision UK is a committed member of the World Vision Partnership and is autonomous in its decision-making but, through the Covenant of Partnership, agrees to follow common policies, standards, mission and vision statements and core values that bind the Partnership together.

The Covenant of Partnership holds us together, under God, by voluntary commitment rather than legal contract.

coordination, including approving global budgets and determining international policy. The World Vision International Board appoints and evaluates the International President, who is the Chief Executive Officer and a World Vision International Board member. The World Vision International Board has 24 members drawn from 19 countries across all the continents in which the Partnership operates. This system ensures opinions from across all regions can be expressed and considered equally.

The Board of Directors of World Vision UK and World Vision International recognise good governance is vital to the effectiveness of our mission and an important safeguard for accountability to the people we serve, supporters, partners and the public, and for effective stewardship. World Vision invests significant effort in seeking to continually improve governance both in the UK and internationally. World Vision International has a Global Governance Department that assists local boards and advisory councils by publishing guidance and providing training and support. It also enables documents, policies and standards and compliance with good governance practice, supporting local boards and advisory councils in providing the highest standards of governance oversight and allowing the World Vision International Board to better govern risk across the Partnership. The World Vision Partnership conducted a p

iew in

spring 2025.

World Vision UK

World Vision UK is a registered charity in England and Wales (charity number 285908) and is constituted as a company limited by guarantee and registered in England and Wales (company number 1675552). As a charitable company, World Vision UK is governed by its Memorandum and Articles of Association (revised 3 October 2017). The Articles provide that the Trustees (who are also the Directors of World Vision UK for the purposes of company law) are also the members of the company and, in the event of the company

s

and responsibilities of charity Trustees under charity law and, under company law, the legal duties and responsibilities of company directors.

World Vision Trading Limited is a private company, limited by shares, which is incorporated in England and Wales (company number 11460148). It is a wholly owned subsidiary of World Vision UK. The company has no employees or premises of its own and has two statutory directors. The company was formally made dormant with effect from 1 October 2023.

Charitable objects and public benefit

World Vision UK Annual Report and Accounts 2024 | 27

s

have due

charitable purposes (set out below) and are confident World Vision UK continues to meet its public benefit duty.

charitable objects:

  1. To relieve or prevent poverty anywhere in the world, particularly (but not exclusively) among children, by means including (but not limited to):

  2. a. emergency relief that assists people affected by conflict or disaster

  3. b. sustainable development that improves the conditions of life in socially and economically disadvantaged communities

  4. c. advocacy by educating, engaging with, and mobilising people in the UK and other countries concerning the nature, causes and effects of such emergencies and poverty.

  5. To promote and uphold the principles of the Christian religion, including (but not limited to) working with and strengthening the work of Christian churches in any part of the world in providing services to communities, including (but not limited to) those affected by conflict, disasters and poverty, regardless of race, nationality, religion, gender or political affiliation.

Board and management roles

mission, vision and values and to ensuring the charity delivers its charitable purposes for the public benefit. To ensure our Trustees underst

While the Trustees are ultimately responsible for the strategic direction of the charity, day-to-day responsibility for operational matters is delegated to the Chief Executive who leads the Executive Leadership Team (together known as the 64). The Chief Executive Officer and Executive Leadership Team develop organisational advice and approval.

Board composition

The current list of Trustees is set out on page 70. The Board of Trustees is comprised of independent, unremunerated, nonexecutive members. To reflect the federal model of the World Vision Partnership, the World Vision International President is represented on the Board by a nominee appointed by the World Vision International President. The remaining Trustees are appointed by the Board of Trustees.

Board governance

governance to its Board Development Committee

(BDC). The BDC is responsible for promoting Board effectiveness and implementing governance best practice. As part of this role, the BDC is responsible for finding and recommending candidates for Board membership and providing an ongoing programme of Trustee training and development.

An effective Board must work as a team and bring together a balance of skills, experience, backgrounds and knowledge that provide different perspectives to inform and enhance Board decision-making. Accordingly, Board composition and Trustee recruitment, induction, training and development are Board priorities, governed by Board policies which are regularly reviewed by the BDC.

World Vision UK Annual Report and Accounts 2024 | 28

making a recommendation to the Board for a targeted recruitment programme. The recruitment process is open and rigorous. The BDC will usually retain the services of a recruitment consultant to ensure a diverse list of candidates but will competitive interview and shortlisting process in which candidates are assessed against Board-approved criteria.

Trustees are appointed for an initial term of three years and may be appointed for a second term of three years and a third term of one, two or three years, depending on the needs of the Board and performance. The maximum term of nine years may be extended if a Trustee is appointed to the World Vision International Board or for a Trustee serving as Board Chair. The Board Chair and Vice Chair are elected by the Trustees annually and will usually serve three years in role. The BDC oversees an individual induction and mentoring programme for new Trustees.

Following a successful Trustee recruitment campaign, the Board was pleased to welcome five new Trustees to the Board in FY24. A fond farewell was bid to one Trustee in September 2024 after they had come to the end of their tenure.

Code of conduct

Our Trustees are committed to ensuring World Vision UK is an organisation that is ethical, legal and consistent with World ethical standard effectiveness and reputation of the organisation. Trustees evaluate themselves annually against these standards and the f interest policy. Trustees are required to annually disclose any conflicts of interest and where any conflict, or potential conflict, is identified, may not participate in Board discussion or decision-making on related matters.

Board expenses

No fees or remuneration are paid for serving as a Trustee. World Vision UK reimburses reasonable expenses incurred while acting as a Trustee. This includes travel, accommodation and childcare expenses required to attend meetings, training and orientation e See note 11.

Board meetings

The Board holds at least four full-day meetings per year and has a comprehensive Board meeting forward agenda.

In 2024 the Board held four full-day meetings (November, February, May and September) as well as a half-day meeting in March. In addition, the Trustees joined staff for the World Vision Day of Prayer, spent a half-day session in September meeting with staff from across the organisation to hear their views, and met with the Executive Leadership Team for a day of spiritual retreat in May.

Recognising its overall responsibility for the performance and strategic direction of the charity, the Trustees ensure that the full Board considers key strategic areas (such as impact, income, public engagement, and people and culture) and all Trustees have the opportunity to provide insight and foresight to the Executive Leadership Team.

Board committees

The Board does not, in general, delegate decisions to its committees. Instead, committees are responsible for considering significant issues in depth and subsequently reporting to the Board, to inform Board discussion and bring recommendations to the Board for consideration and decision.

The Board regularly reviews a scheme of delegation which records matters that have been delegated to Board committees, Trustee working groups or the Executive Leadership Team and matters reserved for Board decision.

The roles of Board committees are:

World Vision UK Annual Report and Accounts 2024 | 29

expertise, considers risk from a cross-organisational perspective, is responsible for reviewing safeguarding policy compliance and lessons learnt from safeguarding and other serious incidents reported to the Charity Commission, and provides input and guidance on the assurance framework for overseas programming.

Charity Governance Code

In 2018, the Trustees adopted the principles of the Charity Governance Code as part of their governance and assurance processes. A detailed assessment of performance against Code principles was conducted by the Board Development Committee in February 2024 which demonstrated that the Board continues to meet high governance standards. A further review is planned for 2025 following the anticipated update of the Code.

section 172 of the Companies Act 2006

The Trustees, as company directors of World Vision UK, must comply with the duties and responsibilities of company directors under English law. This includes a requirement to explain how they have had regard to the matters in section 172 of the Companies Act 2006. This section states that Trustees must act in the way they consider, in good faith, would be most likely to promote the success of the company in achieving its charitable purposes. In doing so, they should have regard to:

Throughout this report, we have summarised our guiding values and beliefs, governance framework, strategic aims and objectives and how we have gone about achieving those aims and objectives, and how we have engaged with our staff, communities we work with, partners, supporters, donors and stakeholders during the year.

The following paragraphs are not intended to be an exhaustive list but are illustrative of how the Trustees have fulfilled the duties identified in section 172 of the Companies Act in 2023.

Decision-making

As part of their induction, all Trustees are briefed on their duties and responsibilities and introduced to the Charity -making. The Board governance structure is outlined on page 44 and supports effective Board decision-making processes through regular Board and committee meetings, Board meeting planning, comprehensive reporting, assurance and monitoring processes and horizon-scanning. The Board receives a quarterly report from the Chief Executive on organisational performance (with updates between meetings as appropriate) to inform Board discussion and ensure decision-making is informed, rigorous and timely. (The Board will also seek external professional advice when appropriate.) The Trustees understand their duty to act in the best interests of the charity now and in the future, and endeavour to consider the long-term consequences of their decisions. The Trustees approve an - 6).

In addition, the Trustees have ultimate responsibility for risk management; details on our approach to risk management and the significant risks we face are explained on pages 25-26.

Engagement with employees

The Trustees understand the importance of engaging with staff and dedicate time each year to meet staff in small group sessions (without senior management present) to provide an opportunity for staff to hold the Board to account. In addition, the Board Chair reports to staff following each full-day Board meeting to share key messages and decisions. The Board also reviews annual staff surveys to gain insight into staff engagement and commitment to World Vision UK to inform Board decision-making when reviewing and approving people strategies, plans and policies.

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Relations with communities, supporters and suppliers

Throughout this report we have shown how we have engaged with children, families and communities with whom we partner around the world; the individual supporters, donors, institutions and churches who generously support our work; and the partners and suppliers with whom we deliver our programmes.

outlines how we should use our position in communities responsibly and create mechanisms that empower these communities and their children to hold us to account.

Our relationships with partners and suppliers are key to our effectiveness and we work with them closely to ensure a mutually beneficial relationship.

The community and the environment

Responding better to, and mitigating, the negative impacts of climate change is one of our priorities for the coming years, as it is a key driver of risk for the children we serve. The Trustees recognise their broader responsibilities towards communities, wider society and the environment. We recognise the need to respond to the communities we serve and the delivered effectively and sustainably. Pages 40-42 explain in more detail our environmental stewardship activities in our UK operations.

Reputation for high standards of business conduct

standards and complying with legal and regulatory

ur ethical policy, safeguarding policy and due diligence and procurement procedures ensure that our values and desire to maintain a reputation for high standards of business conduct are a key part of our selection of partners and suppliers.

To act fairly as between members of the company

This section is not applicable as World Vision UK is a charitable company where the members (who are also the Directors of

World Vision UK Annual Report and Accounts 2024 | 31

Our people and culture

Our thriving organisation

During 2024, we continued with our workforce strategy known as Thriving People. The strategy is built on four central pillars, all underpinned by our Christian values:

During 2024, a change and organisational design programme resulted in a comprehensive restructure of the organisation to better deliver our mission. Workforce numbers were reduced through voluntary redundancies, the movement of staff internally from roles which were no longer needed to vacant roles, a small number of compulsory redundancies and the removal of a number of vacant roles. This led to a significant reduction of staffing costs, creating a new organisational design complemented by new decision-making structures and ways of working. We built in channels for communication, feedback and staff support throughout this time of change. Focus on staff wellbeing was heightened and included the mental health first aiders. Training and briefings for managers ensured everyone followed the correct processes in a compassionate way.

During 2024, we finalised policies on hybrid and remote working. This has enabled us to balance in-office and at-home working, including at least two days a week in the workplace to allow for greater collaboration, team working and relationship building. A new employment law on flexible working came into effect in 2024 and we adapted our policies and guidance to ensure compliance and a fair process which balances staff flexibility with organisational productivity.

A new digital solution to performance management, already used in a number of offices in the World Vision Partnership, is supporting our revised approach to staff performance management. The new approach focuses on driving accountability for performance, recognising contribution through our pay model and driving consistency and fairness in assessing performance.

Commitment to equality, diversity and inclusion

The Thriving People strategy has inclusivity at its core. We regularly monitor our workforce demographics: 39% of our workforce is from a minority ethnic background, up from 32.5%, which exceeds national census figures. We have seen a continued downward trend in the gender pay gap and the ethnicity pay gap. This is largely due to new controls introduced into our pay model and recruitment practices to ensure fairness and equitable treatment.

During 2024, World Vision UK signed up to a government. We are reviewing our recruitment and employment practices to ensure we are inclusive and accessible to those with a disability. We held a well-attended session on neurodiversity to raise awareness and enable managers to support team members more effectively.

Staff feeling able to raise concerns and share their views is an important part of being an inclusive employer. During 2024 campaign, reassuring employees it is safe to voice any concerns and providing materials and an allstaff briefing session to support them to do so.

During 2024 through our annual engagement survey, 92% of our employees reported that we welcome others, even if they are different to them.

Equitable storytelling

Throughout 2024 we pushed further towards Equitable Storytelling in our communications.

Following the creation of our Language Guide and training across all staff in previous years, we reviewed our current ways of both collecting and presenting the stories of the children and communities that we work with. We have a new roadmap for FY25 that includes practical actions to ensure that our communications continually provide a genuine opportunity for children and community members to tell their own stories and share their own experiences.

World Vision UK Annual Report and Accounts 2024 | 32

Gender equality and social inclusion in programmes

World Vision UK opposes any form of discrimination and exclusion. In 2024, we continued to mainstream gender equality and social inclusion (GESI) in all our programmes and proposal submissions. We also showcased examples of our work as thought leaders in GESI through our advocacy and engagement with supporters and the public.

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Our engagement with the UN Global Compact

The United Nations Global Compact encourages international companies to make a voluntary commitment to responsible and sustainable business practices to create a better world. It focuses on 10 key principles in the areas of human rights, labour, the environment and anti-corruption.

World Vision UK has signed up to the Global Compact. We are fully committed to sustainable practices and support UN goals, and our work aligns closely with the Global Compact principles.

1. Human rights

World Vision runs programmes in contexts where people may struggle to access their basic human rights due to issues such as poverty, conflict and displacement. Our ongoing engagement with civil society and corporate partners is an important part of our commitment to human rights. We seek opportunities to involve the people we work with, our partners and other stakeholders in Global Compact-related issues.

Activities in 2024

World Vision UK has developed a portfolio of 18 corporate partner relationships to enhance the social and economic rights of the people we work with. For example, we worked with funding from Letter One to support children and their families impacted by the conflict in Ukraine. This project supported 100,000 people by strengthening employability skills, livelihood opportunities, long-term financial resilience and child protection.

Next steps

We are developing and renewing existing strategic partnerships to extend support for our humanitarian efforts. For example, we are identifying opportunities to work more strategically with engineering specialists Arup to provide technical support to our work in Afghanistan, focused on water supply, irrigation and infrastructure.

2. Labour

World Vision UK and the wider World Vision Partnership share a zero-tolerance stance on modern slavery and human trafficking. We are proactive in preventing such acts within our own supply chain and ensuring that we only partner with organisations that observe appropriate ethical standards. Annually, the World Vision UK Board of Trustees publishes a Modern Slavery Statement on our website to demonstrate publicly our ethical values and stance against modern slavery. Staff are trained to understand what modern slavery is, how to recognise signs of modern slavery and where they can report any actual or suspected cases. World Vision UK has a range of methods available externally to the public and within the organisation through which concerns can be reported.

Activities in 2024

Next steps

We will continue to incorporate learnings from the PACE programme into other consortia work and complex and hybrid programmes. This will feed into further conversations with corporate partners around supporting job creation, education for children (which will enhance their opportunities to work and earn a living), labour rights and working practices.

3. Environment

We issued an environmental policy statement and agreed a climate change action plan for the year ahead. This included developing an environmental stewardship policy and a commitment to achieving net zero by 2050. World Vision UK is an Climate Movement. We also work with World Vision National Offices and partners to support environment and climate change programming.

World Vision UK Annual Report and Accounts 2024 | 34

Activities in 2024

Next steps

We will work with our World Vision International colleagues to prepare for World V presence at UNFCCC COPs and other meetings. We will continue to engage with the UNGC Network UK throughout 2024 and 2025 to harness opportunities through private sector partnerships.

4. Anti-corruption

World Vision UK and the wider World Vision Partnership will not accept corruption within any aspect of our work. We comply with all anti-bribery, anti-fraud and anti-money-laundering legislation and ensure that our partners, subcontractors and anyone acting on our behalf or affiliated with us do too.

World Vision International invests regularly in awareness raising and capacity building on issues of financial management throughout the Partnership. It has developed policies and guidelines, strengthened control mechanisms and audit processes, and established an integrity and protection hotline that complements community-level feedback and complaints mechanisms to facilitate reporting of any allegations of misconduct. We have robust protocols for investigating any such reports and, where appropriate, we will report violations to appropriate authorities.

Activities in FY24

Next steps

World Vision UK will actively promote the use of hotlines and whistleblowing procedures in the programmes we support, -corruption drive. All staff at all national offices will read and sign conflict of interest protocols.

World Vision UK Annual Report and Accounts 2024 | 35

Environmental stewardship

: it is who will face its worst impacts. We are affecting the lives of children, and to collaborating and advocating with others to reduce the impact on the most vulnerable. We are also committed to continually improving our own environmental performance.

Green Team

Our Green Team actively encourages a culture of environmental stewardship. It plans activities that not only hold the organisation to account for its environmental objectives but make the journey fun and interesting for staff including competitions, green blogs and inviting environmental speakers to staff events. The team also meets regularly with NGOs in the UK and our global offices to share ideas on how to engage staff and reduce carbon emissions across our operations.

Communicating to our supporters in 2024

Throughout 2024, World Vision UK has been actively sharing stories and initiatives to highlight the profound effects of climate change on vulnerable children and the communities we serve. We have continued to amplify the voices of children affected by climate change and promote solutions to build resilience.

Key activities in 2024:

Engagement at COP28

We advocated for child-focused climate solutions during COP28, against climate change. We championed the inclusion of children in global climate decision-making and urged leaders to streamline access to the newly established loss and damage fund, ensuring it benefits the most vulnerable communities.

Nature-based solutions

We highlighted successful initiatives such as farmer-managed natural regeneration, which has helped communities in Kenya and elsewhere to restore degraded lands, improve soil fertility, and mitigate the impacts of floods and droughts. These efforts not only address climate challenges but also empower local farmers to achieve long-term sustainability.

Raising awareness through stories

We shared powerful stories, such as that of 18-month-old Abdirahaman, severely malnourished due to the ongoing drought in Somalia. His condition highlights how climate-driven droughts are worsening food insecurity, leaving children especially vulnerable to malnutrition. This underscores the urgent need for climate resilience and emergency nutrition interventions to protect the most at-risk communities.

Collaborative campaigns

We integrated climate change within our ENOUGH campaign, with information tailored to churches, individual supporters, legacy givers and major donors to inspire climate action. Our campaign emphasised the link between climate change and critical issues like hunger, water scarcity, natural disasters and migration.

Online presence

We maintained a dedicated climate change webpage and social media content. Updates included reports from disasteraffected areas, success stories, and ways supporters can reduce their own environmental impact and support our global projects.

We will continue to integrate climate change narratives into our broader campaigns, ensuring supporters understand how

Collaborating and advocating for environmental stewardship

World Vision had a significant presence at COP28. We had five main aims for what we wanted to see achieved:

World Vision UK Annual Report and Accounts 2024 | 36

The World Vision delegation was the largest we have had at any COP, and also the most diverse and representative of the World Vision Partnership. In total there were 34 World Vision staff over the two weeks, plus five children and young people. The delegation included people from the World Vision Global Centre, five support offices, three regional offices (Latin America and Caribbean, Middle East and Eastern Europe, Southern Africa) and from national offices across all the regions where World Vision works (apart from South Asia and the Pacific). More than half were at COP through their own country government delegations rather than World Vision International.

In collaboration with partner organisations, World Vision was involved in 11 side events across the two weeks of COP, showcasing our work on climate and environment issues. Two of these were in official UNFCCC side event rooms; the other nine were in various pavilions across the site. This included three events in the new Faith pavilion, and one each in the EU, Korean and German pavilions. The themes covered were child rights and participation, faith, nature-based solutions, food systems and conflict.

Our child and youth delegates spoke at five of these events, and we also helped organise three meetings for our youth delegates Hella, 22, from Iraq, Selestina, 18, from Malawi and Nomin, 18, from Mongolia:

Statement on Streamlined Energy and Carbon Reporting (SECR)

Under SECR legislation, we are required to report our UK-based carbon emissions from all our scope 1 and scope 2 emissions. Scope 3 emissions reporting (including paper, flights, UK road travel and trains) is voluntary for World Vision UK, but they are a significant component of our overall emissions and so we have included them in our report. We are committed to reducing our overall carbon emissions and, in 2023, made a commitment to be net zero by 2050.

We track our utilities and transport usage, with data gathered since 2019 for transport, and as far back as 2007 for utilities.

Carbon emissions

In 2024 our total reported emissions reduced by 7% to 330,018kg of carbon dioxide equivalent (CO2e), from 354,730kg CO2e in 2023. The reduction is primarily due to the change of our gas supply to biogas a renewable source of energy which has reduced our reportable scope 1 emissions to zero ~~.~~[[1]]

Our overall emissions are 37% of our FY19 baseline levels.

Our scope 2 emissions remained at zero in 2023 as we obtain our electricity from a renewable energy supplier. Scope 3 emissions increased to 330,018kg CO2e (2023: 292,240kg), primarily due to an increase in flight emissions.

World Vision UK Annual Report and Accounts 2024 | 37

The trend in our overall carbon emissions (since 2019 baseline) is shown below:

[1] The out-of-scope emissions of CO2e for biogas use in 2024 are 61,440kg

In 2024, for the emissions we measure, the CO2e per employee was 1,618kg compared to 1,747kg in 2023. The average number of employees was 204 in 2024, 203 in 2023.

World Vision UK now operates primarily out of only one office, in Milton Keynes. We have not included in our carbon emissions calculations the carbon footprint associated with the small number of desks we have available for use in London.

Carbon reduction

World Vision UK has been taking measures for over 20 years to reduce carbon emissions and our environmental impact. The number of flights taken in 2024 decreased from 2023, but distances and emissions increased, although remaining below 50% of 2019 pre-pandemic levels. We created a flight emissions monitoring group in 2023 to encourage a culture of greener air travel and work with teams across the organisation to set achievable emissions targets for air travel.

Emissions from paper have decreased by approximately 25% from 2022 due to recommendations made by our mailing agency. The remaining emissions are offset by our supplier and excluded from the report.

We have continued to use heating and lighting zones to ensure we are using our building efficiently with hybrid working practices. We have installed a new efficient heating system, with a much smaller and better insulated hot water tank.

World Vision UK Annual Report and Accounts 2024 | 38

St

The Trustees (who are also Directors of World Vision UK for the purposes of company law) are responsible for preparing the financial statements and Annual Report, including the Strategic Report, in accordance with applicable law and regulations. Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company. The records should also enable the Board to ensure that the financial statements comply with the Companies Act 2006. Trustees are responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

unaware. The Trustees have taken all steps that they ought to have taken as Directors in order to make themselves aware of any relevant

On 18 November 2024 our auditor changed its name from Haysmacintyre LLP to HaysMac LLP.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the

Legislation in England and Wales governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

The Strategic Report is approved by the Trustees as Directors of World Vision UK.

The Annual Report is approved by the Board on TO BE COMPLETED WHEN APPROVED and signed on behalf of the Board by:

SIGNATURE TO BE ADDED ONCE APPROVED

Douglas Millican

Board chair World Vision UK

World Vision UK Annual Report and Accounts 2024 | 39

World Vision UK Annual Report and Accounts 2024 | 40

Statement of financial activities

(including income and expenditure account) for the year ended 30 September 2024

Notes Restricted
funds
£'000		 Unrestricted
funds
£'000		 2024
£'000		 Restricted
funds
£'000		 Unrestricted
funds
£'000		 2023
£'000
Income from:
Donations and legacies 2a 28,135 10,510 38,645 36,695 9,594 46,289
Charitable activities 3a 27,584 4 27,588 18,887 8,980 27,867
Investment 4 - 396 396 - 426 426
Other 5 40 40 - 39 39
Total income 55,719 10,950 66,669 55,582 19,039 74,621
Expenditure on:
Raising funds 6 6,041 7,442 13,483 6,220 6,416 12,636
Charitable activities 7a 46,632 4,660 51,292 51,266 13,648 64,914
Total expenditure 52,673 12,102 64,775 57,486 20,064 77,550
Gains on investment 14 - 232 232 - 77 77
Net (Expenditure)/income
and net movement in funds		 3,046 (920) 2,126 (1,904) (948) (2,852)
Reconciliation of funds:
Total funds brought forward 18 2,401 13,472 15,873 4,305 14,420 18,725
Total funds carried forward 18 5,447 12,552 17,999 2,401 13,472 15,873

World Vision UK Annual Report and Accounts 2024 | 41

Balance sheet

as at 30 September 2024

Notes 2024
£000		 2023
£000
Fixed assets
Tangible fixed assets 12 4,698 4,634
Investments 13 2,077 1,845
Total fixed assets 6,775 6,479
Current assets
Debtors 14 5,963 5,742
Cash at bank 9,024 9,685
Total current assets 14,987 15,427
Liabilities
Creditors: Amounts falling due within one year 15 (2,680) (4,589)
Net current assets 12,307 10,838
Total assets less current liabilities 19,082 17,317
Creditors: Amounts falling due after more than one year 16 (1,083) (1,444)
Total net assets 17,999 15,873
The funds of the charity
Restricted funds 18 5,447 2,401
Tangible fixed assets fund 18 3,255 2,830
General fund 18 9,297 10,642
12,552 13,472
18 17,999 15,873

The financial statements of World Vision UK, registered number 1675552, were approved by the Board and authorised for issue on XX February 2025.

SIGNATURE TO BE ADDED ONCE APPROVED

Andrew Darfoor

SIGNATURE TO BE ADDED ONCE APPROVED

Douglas Millican (Board Chair)

World Vision UK Annual Report and Accounts 2024 | 42

Statement of cash flows

for the year ended 30 September 2024

for the year ended 30 September 2024
2024
£000		 2024
£000		 2023
£000		 2023
£000
Cash flows from operating activities:
Net cash provided by operating activities a (345) (3,930)
Cash flows from investing activities:
Deposit interest received 396 426
Purchase of property, plant and equipment (251) (57)
Net cash used in investing activities 145 369
Cash flows from investing activities:
Repayment of borrowings (361) (328)
Repayment of mortgage interest (100) (95)
Cash flows from financing activities: (461) (423)
Change in cash and cash equivalents in the year (661) (3,984)
Cash and cash equivalents at the beginning of the
year		 9,685 13,669
Cash and cash equivalents at the end of the
year		 b 9,024 9,685
Notes
a		 Reconciliation of net income to net cash flows
from operating activities)		 2024
£000		 2023
£000
Net income for the year (as per the statement
of financial activities		 2,126 (2,852)
Adjustments for:
Depreciation charge 186 159
Gains on investments (232) (77)
Bank interest received (396) (426)
Mortgage interest paid 100 95
Loss on disposal of fixed assets 1 -
(Increase)/decrease in debtors (221) (3,285)
Increase/ (decrease) in creditors (1,909) 2,456
Net cash provided by operating activities (345) (3,930)
b Analysis of changes in net funds
At 1 October
2023
£'000		 Cash flows
£'000		 Other non-cash
changes
£'000		 At 30
September
2024
£'000
Cash and cash equivalents
Cash at bank 9,685 (661) - 9,024
9,685 (661) -
9,024
Borrowings
Debt due within one year (361) 361 (361) (361)
Debt due after one year (1,444) 361 (1,083)
(1,805) 361 -
(1,444)
Total net funds 7,880 (300) -
7,580

World Vision UK Annual Report and Accounts 2024 | 43

Notes to the accounts

for the year ended 30 September 2024

1. Accounting policies

World Vision UK is a registered charity no. 285908, a company limited by guarantee and registered in England no. 1675552. The members of the charity are the Trustees named on page 74. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The charity's registered office is World Vision House, Opal Drive, Fox Milne, Milton Keynes MK15 0ZR.

a. Basis of preparation

These financial statements have been prepared in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition, effective 1 January 2019)' - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

World Vision Trading Limited, a wholly-owned subsidiary of World Vision UK, has been excluded from consolidation on grounds of materiality.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

b. Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

c. Going concern

The Trustees consider that there are no material uncertainties regarding the charity's ability to continue as a going concern for the foreseeable future. -year horizon. This is implemented by management through detailed operational plans. In-year monitoring of financial performance and market conditions is undertaken on a regular basis, with reforecasting and financial modelling performed as appropriate. Planning incorporates compliance with the reserves policy which is aimed at ensuring there are adequate reserves to cover: short-term applicable expenditure, working capital requirements and financial risks that crystallise. Accordingly, they continue to adopt the going concern basis in preparing the financial statements as outlined in the Financial Review.

d. Income

Income is recognised when the charity has entitlement to the funds, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants and outcomes-based contracts is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

Donated goods and services, including the donated element of transportation services provided to the charity at a reduced fee, are valued at market value and included in income when distributed or utilised.

e. Expenditure

Expenditure is accounted for on an accruals basis and is recognised when there is a legal or constructive obligation to pay. Where expenditure cannot be directly attributed to particular headings it is allocated on a basis consistent with the use of the relevant resources measured by reference to headcount.

Expenditure on raising funds relates to activities that are intended to generate income including servicing supporters who donate under committed giving schemes such as Child Sponsorship. The cost of fundraising campaigns is expensed in the year in which it is incurred although income derived from the initiatives may arise in future years.

World Vision UK Annual Report and Accounts 2024 | 44

Charitable activities comprise of the following:

Funding for overseas programmes are monies expensed to overseas programmes or donated goods and services distributed to partner entities.

Programme support costs represent the costs incurred by UK-based staff in assisting programmes overseas, including their technical development, staffing, training, management and financial control.

Advocacy, education and research are the costs incurred in the UK to educate or influence governments, institutions and members of the public on poverty issues and includes campaigning and lobbying, public policy and research work, Christian engagement activities and educational and news publications.

Governance costs relate to the general running of the charity as opposed to the direct management functions inherent in the activities of the charity. They provide the governance infrastructure which allows the charity to operate and to generate the information required for public accountability and includes the strategic planning processes that contribute to the future development of the charity.

f. Foreign exchange

Transactions denominated in foreign currency are translated into Sterling and recorded at the exchange rates ruling at the date of the transactions. Monetary assets and liabilities denominated in a foreign currency are translated into Sterling at the exchange rates at the balance sheet date. Translation differences are dealt with in the Statement of Financial Activities.

g. Tangible fixed assets and depreciation

Except for laptops and computer peripherals which are expensed on acquisition, tangible fixed assets costing more than £1,000 are capitalised.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value of each asset evenly over its estimated useful life as follows:

Freehold land nil Building 50 years Equipment, including computers 3 or 5 years Other fixed assets, including software 3 to 10 years

h. Intangible fixed assets and amortisation

Intangible fixed assets are held on the balance sheet at cost less accumulated amortisation and impairment losses.

Impairment reviews are conducted when events and changes in circumstances indicate that an impairment may have occurred. If an asset is found to have a carrying value materially higher than its recoverable amount, it is written down accordingly.

Owned computer software, including development costs, is capitalised as an intangible asset and amortised on a straightline basis over its expected useful life of 2-10 years.

Software as a Service implementation and development costs are expensed as incurred.

i. Investments

Investments are valued at mid-market value at the balance sheet date.

j. Funds

Restricted funds are subject to conditions imposed by donors or implied by the nature of the appeal.

Designated funds are amounts which have been put aside at the discretion of the Trustees. The Tangible fixed assets fund represents the net book value of fixed assets less related borrowings, and therefore is not available for distribution.

General fund comprises of accumulated surpluses less deficits after transfers to designated funds. It allows the charity to budget for anticipated commitments in the short and medium term and to provide adequate working capital.

k. Pensions

The charity operates a defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.

l. Leasing commitments

Rentals paid under operating leases are charged to Statement of Financial Activities as incurred.

m. Irrecoverable Value Added Taxation (VAT)

The company is unable to recover the majority of VAT charged on its purchases which is included in the related expense or asset in the accounts.

World Vision UK Annual Report and Accounts 2024 | 45

n. Debtors

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

o. Cash at bank

Cash at bank is held to meet short term cash commitments as they fall due rather than for investment purposes and includes all cash equivalents held in the form of short term highly liquid investments. A cash equivalent will normally have a short maturity of three months or less from the date of acquisition.

p. Creditors and provisions

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

q. Financial instruments

World Vision UK's financial instruments are all common basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

r. Volunteers

83 volunteers supported the charity in 2024 (2023:16)

s. Critical accounting judgements and estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom exactly equal the related actual results. It is in the opinion of the Trustees that there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. The following key accounting judgements have been identified as follows:

Income recognition

Due to the range and complexity of the charity's funding streams, revenue recognition is deemed to be an area that requires judgement to appropriately apply the income accounting policies explained in accounting policy 1d. Grant income is recognised once all conditions for recognition have been met.

Cost allocation

The cost allocation methodology requires judgement as to what are the most appropriate bases to use to apportion support costs; these are reviewed annually for reasonableness. Support costs are allocated between activities on an appropriate direct basis during the period.

World Vision UK Annual Report and Accounts 2024 | 46

2a Donations and legacies

At 30 September 2024, the number of children in the Child Sponsorship committed giving scheme was approximately 51,491 (2023: 54,905) .

Restricted
£'000		 Unrestricted
£'000		 2024
£'000		 Restricted
£'000		 Unrestricted
£'000		 2023
£'000
Committed giving and other
donations
Child Sponsorship committed
givingscheme		 14,172 - 14,172 15,205 -
15,205
Legacies - 1,331 1,331 - 533 533
Other donations 2,213 5,154 7,367 1,523 4,840 6,363
Tax recovered under Gift Aid 4,025 4,025 - 4,221 4,221
16,385 10,510 26,895 16,728 9,594 26,322
Donations for emergencies
Emergency appeals 1,355 - 1,355 6,856 - 6,856
Disasters Emergency Committee
appeals		 6,601 - 6,601 9,473 -
9,473
7,956 - 7,956 16,329 - 16,329
Donated goods and services (see
Note 2b)		 3,794 - 3,794 3,638 -
3,638
28,135 10,510 38,645 36,695 9,594 46,289

2b Donated goods and services

2024
£'000		 2023
£'000
Donated goods and services received from:
World Food Programme (WFP) 3,577 3,638
United Nations (UN) 217 -
3,794 3,638

World Vision UK Annual Report and Accounts 2024 | 47

3a Income from charitable activities

Restricted
£'000		 Unrestricted
£'000		 2024
£'000		 Restricted
£'000		 Unrestricted
£'000		 2023
£'000
Institutional grants (see Note 3b) 27,584 -
27,584		 18,887 -
18,887
Contracts for services - 4 4 - 8,980 8,980
Total income from charitable activities 27,584 4 27,588 18,887 8,980 27,867

3b Institutional grants

3bInstitutional grants
2024
£'000		 2023
£'000
Development grants 15,094 15,875
Relief grants 12,490 3,012
27,584 18,887
Grants receivable from:
TacklingChild Labour and Modern Slavery- UK Aid Connect - 4
Transition to Development - Sudan Humanitarian Resilience Programme - (129)
R2HC Uganda - 39
Effective Approaches to End Worst Forms of Child Labour - (4)
South Sudan - Research on Cash and Intimate Partner Violence in humanitarian settings 3 -
Norwegian Refugee Council led,EarlyRecoveryand Durable Solution - 710
Project Salam and Project Mauritania - 32
DrivingAction to Avert Mortality 6,789 -
AXE-Filles DRC 3,495 -
The Global Fund to Fight AIDS,Tuberculosis and Malaria 7,262 10,481
United Nations 5,031 3,456
Other European Union 2,132 1,772
Start Fund 2,701 2,055
Other 171 471
27,584 18,887

World Vision UK Annual Report and Accounts 2024 | 48

3c Contracts for the supply of services

During the year, the charity earned income from contracts for the supply of services provided for the benefit of the charity's beneficiaries from the following parties:

2024
£'000		 2023
£'000
Somalia Crisis Recovery 4 8,980
4 8,980

4 Investment income

4Investment income
2024
£'000		 2023
£'000
Bank interest 396 426
396 426

5 Other income

5Other income
2024
£'000		 2023
£'000
Use ofpremises 30 26
Other 10 13
40 39

Use of premises income relates to administration fees and income relating to the use of the charity's premises by other parties.

World Vision UK Annual Report and Accounts 2024 | 49

6 Expenditure

2024
Costs of
generating
funds
£'000		 2024
Funding to
overseas
programmes
£'000		 2024
Programme
support
costs
£'000		 2024
Advocacy,
education
and research
£'000		 2024
Governance
costs
£'000		 2024
Support
costs
£'000		 2024
Total
£'000
Raising funds 10,079 -
-
-
616		 2,788 13,483
Charitable activities (see Note 7) -
45,394		 2,524 1,645 269 1,460 51,292
Total expenditure 10,079 45,394 2,524 1,645 885 4,248 64,775
Cost incurred in the United Kingdom: 2024
Costs of
generating
funds
£'000		 2024
Programme
support
costs
£'000		 2024
Advocacy,
education
and research
£'000		 2024
Governance
costs
£'000		 2024
Support
costs
£'000		 2024
£'000		 Basis of
Allocation
Salaries 5,211 2,094 880 660 1,791 10,636 Direct
Employment benefits 121 97 27 61 251 557 Direct
Temporary staff 345 - 38 40 67 490 Direct
Training 4 - - - 41 45 Direct
Recruitment 27 25 5 30 113 200 Direct
Travel and subsistence 188 88 38 15 24 353 Direct
Advertising and awareness raising 779 - 97 - - 876 Direct
Research and consultancy 543 84 167 35 229 1,058 Direct
Other marketing and communications 2,530 28 342 3 192 3,094 Direct
Equipment maintenance and rental 73 3 24 4 767 871 Direct
Depreciation and amortisation - - - - 186 186 Direct
Occupancy and supplies 37 19 18 7 372 453 Direct
Legal and professional 44 21 6 23 84 178 Direct
Bank charges and exchange
differences		 177 65 3 7 31 283 Direct
Mortgage interest - - - - 100 100 Direct
10,079 2,524 1,645 885 4,248 19,381
Allocation of support costs
Raising funds 2,710 - - 78 (2,788) -
Charitable activities (see Note 7) - 950 477 33 (1,460) -
Allocation of support costs 2,710 950 477 111 (4,248) -
12,789 3,474 2,122 996 - 19,381
Governance costs are made upas follows:
Board (see Note 11) 2
Statutory audit (see Note 8) 61
Management 822
885

World Vision UK Annual Report and Accounts 2024 | 50

6 Expenditure (continued)

2023
Costs of
generating
funds
£'000		 2023
Funding to
overseas
programmes
£'000		 2023
Programme
support costs
£'000		 2023
Advocacy,
education
and
research
£'000		 2023
Governance
costs
£'000		 2023
Support
costs
£'000		 2023
Total
£'000
Raising funds 9,569 - - - 534 2,533 12,636
Charitable activities (see Note 7) -
59,194		 2,342 1,808 242 1,328 64,914
Total expenditure 9,569 59,194 2,342 1,808 776 3,861 77,550
Cost incurred in the United Kingdom: 2023
Costs of
generating
funds
£'000		 2023
Programme
support
costs
£'000		 2023
Advocacy,
education
and
research
£'000		 2023
Governance
costs
£'000		 2023
Support
costs
£'000		 2023
£'000		 Basis of
Allocation
Salaries 4,665 2,031 925 586 1,706 9,913 Direct
Employment benefits 21 3 2 21 328 375 Direct
Temporary staff 737 - 80 1 12 830 Direct
Training - 7 - 2 63 72 Direct
Recruitment 10 5 3 28 108 154 Direct
Travel and subsistence 171 150 75 24 16 436 Direct
Advertising and awareness raising 570 - 68 1 - 639 Direct
Research and consultancy 723 99 274 62 32 1,190 Direct
Other marketing and communications 2,569 22 325 2 269 3,187 Direct
Equipment maintenance and rental 61 10 33 12 601 717 Direct
Depreciation and amortisation - -
-
0		 159 159 Direct
Occupancy and supplies (2) 16 15 11 319 359 Direct
Legal and professional 28 2 4 20 101 155 Direct
Bank charges and exchange
differences		 15 (3) 4 7 52 75 Direct
Mortgage interest - - - - 95 95 Direct
9,568 2,342 1,808 777 3,861 18,356
Allocation of support costs
Raising funds 2,464 - - 70 (2,534) -
Charitable activities (see Note 7) - 863 433 31 (1,327) -
Allocation of support costs 2,464 863 433 101 (3,861) -
12,032 3,205 2,241 878 - 18,356
Governance costs are made upas follows:
Board (see Note 11) 1
Statutory audit (see Note 8) 50
Management 827
878

World Vision UK Annual Report and Accounts 2024 | 51

7a Charitable activities

7a Charitable activities
Restricted
£'000		 Unrestricted
£'000		 2024
£'000		 Restricted
£'000		 Unrestricted
£'000		 2023
£'000
Support was given to the following regions (including
donated goods and services)
East Africa 13,756 307 14,063 22,019 9,181 31,200
Southern Africa 7,689 247 7,936 5,154 512 5,666
West Africa 1,857 96 1,953 2,288 108 2,396
Asia 2,619 81 2,700 3,161 148 3,309
Latin America 936 64 1000 1,058 50 1,108
Middle East/Eastern Europe 17,118 624 17,742 14,772 743 15,515
Total cost of overseas programmes 43,975 1,419 45,394 48,452 10,742 59,194
Programme support costs 1,137 1,387 2,524 1,152 1,190 2,342
Allocation of advocacy, education and research 741 904 1,645 890 918 1,808
Allocation of governance 121 148 269 119 123 242
Allocation of support costs 658 802 1,460 653 675 1,328
46,632 4,660 51,292 51,266 13,648 64,914

World Vision UK's share of the programme costs of World Vision International which are not country specific are included above in proportion to the charity's remittances to World Vision International for each region.

World Vision UK Annual Report and Accounts 2024 | 52

7b Partner organisations

Most of our expenditure to overseas programmes for development, relief and advocacy were made to the regions listed in note 7a through World Vision International to World Vision partner entities. We also made payments for overseas programmes through non-World Vision partners.

Partner Organisations 2024
£'000		 2023
£'000
World Vision Austria 115 277
World Vision Australia - 79
World Vision International 49,236 49,372
Payments to World Vision Partnership entities 40,351 49,728
Danish Refugee Council 300 5,327
World Food Programme - 1,250
Action Against Hunger 2,048 1,059
BBC Media Action 986 -
Action Aid 854 -
Stichting SNV Nederlandse Ontwikkelingsorganisatie 59 1,037
Rural Initiative for Community Empowerment 150 361
International Food Policy Research Institute - 115
Care International - 66
Initiative for social and economic rights 42 59
Save The Children 150 53
Stichting ZOA 187 39
Columbia University - 29
Coalitiion 5 19
Education Coalition of Zimbabwe 3 17
Africhild - 14
Thompson Reuters - 5
Oxfam 159 -
HelpAge International 100 -
Other - 16
Payments to non-World Vision Organisations 5,043 9,466
Total payments for overseas programmes 45,394 59,194

World Vision UK Annual Report and Accounts 2024 | 53

8 Net income/(expenditure)

8Net income/(expenditure)
2024
£'000		 2023
£'000
This is stated after charging:
Depreciation/amortisation of owned assets 186 159
Loss on disposal of fixed assets -
-
Operating lease rentals - plant and machinery 72 59
Operating lease rentals
buildings		 - 11
Interest payable on mortgage loans 100 67
Auditor's remuneration - statutory audit 61 50
- other 13 5

9 Operating lease commitments

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the periods:

periods:
Property Equipment
2024
£'000		 2023
£'000		 2024
£'000		 2023
£'000
Less than one year - 14 55 54
One to five years - - 72 49
- 14 127 103

World Vision UK Annual Report and Accounts 2024 | 54

10 Employee costs

10Employee costs
2024 2023
Aggregate payroll costs were as follows:
Wages and salaries 9,144 8,483
Social security costs 913 858
Other pension costs 579 570
10,636 9,911
Redundancy costs are paid in cash and accounted for on an accruals basis, at the point a firm commitment is made and redundancy is confirmed
in writing. Redundancy costs amounted to £219,000 during the year (2023: £66,000).
Number Number
The number of employees whose total employee benefits (excluding employer pension costs and Employer
National Insurance Contributions) fell into the following bands:
£60,001 - £70,000 11 3
£70,001 - £80,000 2 1
£80,001 - £90,000 1 4
£90,001 - £100,000 3 2
£100,001 - £110,000 - -
£110,001 - £120,000 - -
£120,001 - £130,000 1 -
The key management personnel of the charity comprise the Trustees, the Chief Executive Officer, Chief Financial Officer, Director of Policy and
Programmes, Director of Public Engagement, Director of Business Transformation, Director of Strategic Partnerships and Chief People Officer. The
total remuneration and benefits including pension contributions and Employer National Insurance Contributions of the key management
personnel was £768,000) (2023: £771,000).
The highest paid employee is the Chief Executive Officer who remuneration and benefits including pension contributions and Employer National
Insurance Contributions during 2024 was £130,000 (2023: £100,000).
The functional analysis of average monthly staff numbers is:
Number Number
Fundraising and supporter communication 107 103
Programme support 39 42
Advocacy, education and research 16 17
Support and governance 42 41
204 203

While the charity supports and controls its overseas programmes from the UK, implementation is performed through field-based partners, mostly members of the World Vision Partnership. This means that the charity does not employ staff to implement programmes and a large proportion of the charity's staff raise funds for those programmes and work with its supporters.

World Vision UK Annual Report and Accounts 2024 | 55

11

The charity reimbursed Trustees for costs incurred in carrying out their duties and made similar payments direct to third parties on their behalf, during 2024: £2,400, 12 Trustees (2023: £4,000, 5 Trustee)

Indemnity insurance is provided for the Trustees and Principal Officers of the charity. Premiums paid totalled £34,000 (2023: £34,000)

12 Tangible fixed assets

The cost of freehold land amounting to £670,000 (2023: £670,000) is not depreciated.

Freehold land
and building
£'000		 Computer and office
equipment		 Assets in the course
of development		 Fixtures
and
fittings		 Total
Cost:
At 1 October 2023 7,050 205 47 454 7,756
Transfer of Assets - 47 (47) - -
Additions - 43 - 208 251
Disposals - (29) - (38) (67)
At 30 September 2024 7,050 266 - 624 7,940
Depreciation:
At 1 October 2023 2,544 198 - 380 3,122
Transfer of Assets -
Charge for the year 128 28 - 30 186
Disposals (29) - (37) (66)
At 30 September 2024 2,672 197 - 373 3,242
Net book value:
At 30 September 2024 4,378 69 - 251 4,698
At 1 October 2023 4,506 7 47 74 4,634

World Vision UK Annual Report and Accounts 2024 | 56

13 Investments

All fixed asset investments are held within the UK.

The charity holds the entire issue of share capital of one £1 share in World Vision Trading Limited. World Vision Trading Limited is a private company, limited by shares, incorporated in England and Wales (company number: 11460148). The company is a wholly owned subsidiary of the charity, its ultimate parent undertaking and controlling party. The company has no employees or premises of its own, and the address of its registered office is World Vision House, Opal Drive, Fox Milne, Milton Keynes, MK15 0ZR. The company has three statutory directors, consisting of two members of World Vision UK key management, and one trustee of World Vision UK. All transactions between World Vision UK and World Vision Trading etained by World Vision Trading Limited are periodically donated to its parent undertaking.

As at 1 October 2023 World Vision Trading Limited is not trading and the company is dormant. There are no current plans to close the company, and it will be retained in the event that it is required to complete trading activities on behalf of World Vision UK in the future.

2024
£'000		 2023
£'000
Financial Investments
Common investment funds held by the charity
Market value at 1 October 1,845 1,768
Net investment losses 232 77
Market value at 30 September 2,077 1,845
Historical cost at 30 September 452 452

14 Debtors

14Debtors
2024
£'000		 2023
£'000
Institutionalgrants receivable 2,531 2,519
Amounts owed byother World Vision entities 2,776 2,516
Tax recoverable 30 68
Prepayments and accrued income(includinglegacyincome) 507 220
Other debtors 119 419
5,963 5,742

World Vision UK Annual Report and Accounts 2024 | 57

15 Creditors Amounts falling due within one year

15CreditorsAmounts falling due within one year
2024
£'000		 2023
£'000
Mortgage loan (see also note 17) 361 361
Amounts owed to other World Vision entities 137 686
Accruals 1,572 2,858
Taxation and social security 332 299
Other creditors 278 385
2,680 4,589

Included within 'Other creditors' are outstanding pension contributions amounting to £81,000 (2023: £81,000). There was no deferred income at 30 September 2024 (2023: none).

16 Creditors Amounts falling due after more than one year.

The mortgage loan

Interest is charged at SONIA (Sterling Overnight Index Average) plus 0.82%.

2024
£'000		 2023
£'000
Mortgage loan repayable between 1-5 years 1,083 1,444
Mortgage loan repayable in more than 5 years - -
Total liabilities due after more than 1 year 1,083 1,444

17 Financial instruments

17Financial instruments
Financial assets 2024
£'000		 2023
£'000
Financial assets measured at fair value through income and expenditure 1,644 1,489
Financial assets measured at amortised cost 14,987 15,427
16,631 16,916
Financial liabilities
Financial liabilities measured at amortised cost 3,431 5,734

Financial assets measured at fair value through income and expenditure comprise common investment funds. Financial assets measured at amortised cost comprise cash at bank, trade debtors and accrued income. Financial liabilities measured at amortised cost comprise trade creditors, accruals and other creditors.

Income, expense, gains and losses 2024
£'000		 2023
£'000
Total investment income gain for financial assets measured at fair value through income and expenditure 232 77
Net gains on financial assets measured at amortised cost through income and expenditure 396 426

World Vision UK Annual Report and Accounts 2024 | 58

18 Funds

The transfer between the General fund and the designated Tangible fixed assets fund represents net movements on fixed assets and the related loan. The General fund at 30 September 2024 includes cumulative net unrealised gains on investments of £1,624,000 (2023: unrealised gain of £1,392,00)

Restricted Funds Unrestricted funds Unrestricted funds Total
£'000 Tangible
fixed asset
fund
£'000		 General
fund
£'000		 £'000
Balance at 1 October 2022 4,305 2,604 11,816 18,725
Income 55,582 - 19,039 74,621
Expenditure (57,486) (65) (19,999) (77,550)
Transfers between funds -
291		 (291) -
Net unrealised investment gain -
-		 77 77
Balance at 30 September 2023 2,401 2,830 10,642 15,873
**Represented by: **
Fixed assets -
4,634		 - 4,634
Investments -
-		 1,845 1,845
Debtors 2,524 - 3,218 5,742
Cash at bank and in hand 563 - 9,122 9,685
Creditors: amounts falling due within one year (686) (360) (3,543) (4,589)
Creditors: amounts falling due after more than one year (1,444) - (1,444)
Balance at 30 September 2023 2,401 2,830 10,642 15,873
Restricted Funds Unrestricted funds Unrestricted funds Total
£'000 Tangible
fixed
asset
fund
£'000		 General
fund
£'000		 £'000
Balance at 1 October 2023 2,401 2,830 10,642 15,873
Income 55,721 - 10,948 66,669
Expenditure (52,675) (120) (11,980) (64,775)
Transfers between funds - 545 (545) -
Net unrealised investment gain - - 232 232
Balance at 30 September 2024 5,447 3,255 9,297 17,999
**Represented by: **
Fixed assets - 4,698 - 4,698
Investments - - 2,077 2,077
Debtors 2,531 - 3,432 5,963
Cash at bank and in hand 3,053 - 5,971 9,024
Creditors: amounts falling due within one year (137) (360) (2,183) (2,680)
Creditors: amounts falling due after more than one year - (1,083) - (1,083)
Balance at 30 September 2024 5,447 3,255 9,297 17,999

World Vision UK Annual Report and Accounts 2024 | 59

Restricted funds Balance
2022
£'000		 Income
£'000		 Expenditure
£'000		 Transfers
between
funds
£'000		 Balance
2023
£'000
East Africa (2,317) 20,297 (22,035) 13 (4,042)
Southern Africa 300 5,326 (6,223) 317 (280)
West Africa 1,303 3,165 (3,237) -
1,231
Asia 498 2,831 (3,443) -
(114)
Latin America 525 1,190 (1,311) 76 480
Middle East/Eastern Europe (831) 11,771 (14,330) 149 (3,241)
Cross Regional Initiatives 4,827 11,002 (6,907) (555) 8,367
Total 4,305 55,582 (57,486) -
2,401
Restricted funds Balance
2023
£'000		 Income
£'000
Expenditure
£'000		 Transfers
between
funds
£'000		 Balance
2024
£'000
East Africa (4,042) 16,745 (16,061) - (3,358)
Southern Africa (280) 10,681 (9,979) - 422
West Africa 1,231 3,150 (3,032) - 1,349
Asia (114) 3,529 (3,097) - 318
Latin America 481 1,127 (1,127) - 481
Middle East/Eastern Europe (3,231) 14,819 (18,487) - (6,899)
Cross Regional Initiatives 8,356 5,670 (892) 13,134
Total 2,401 55,721 (52,675) - 5,447

19 Commitments and contingent liabilities

Pension commitments

The charity operates a defined contribution scheme for its employees. The assets of the scheme are held separately from those of the charity in a group personal pension scheme, for which the charity has no responsibility other than regular contributions on behalf of employees.

Contingent liabilities

There were no contingent liabilities at year end (2023: none)

20 Taxation

As a registered charity the company is exempt from taxation on its income and gains to the extent that they are applied for its charitable purposes.

21 Related party transactions

Marcus Frost is World Vision International's Partnership Leader, Marketing and Communications and World Vision International President's Representative member on the Board of World Vision UK.

The charity remitted £40,236,000 (2023 £ 49,372,000) to World Vision International, £115,000 (2023: £277,000) to World Vision Austria and £Nil (2023: £79,000) to World Vision Australia to fund overseas programme costs (see also Note 7) and charged £64,000 (2023: £73,000) for office space, IT and payroll services.

At the end of the year, World Vision International and its partner entities owed the charity £2,776,000 (2023: £2,516,000), see Note 14. World Vision UK owed World Vision International and its partner entities £173,000 (2023: £686,000), see Note 15. The charity has one subsidiary, World Vision Trading Limited, the subsidiary is now dormant. There are no other related party transactions or balances other than those above.

World Vision UK Annual Report and Accounts 2024 | 60

Financial statements for the year ended 30 September 2024

Opinion

We have audited the financial statements of World Vision UK for the year ended 30 September 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. financial statements section of our report. We are independent of the charitable company in accordance with the 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

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 as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The Trustees are responsible for the other information. The other information comprises the information included in except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

World Vision UK Annual Report and Accounts 2024 | 61

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the incorporates the strategic report and the

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require us to report to you if, in our opinion:

Responsibilities of Trustees

on page 39, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from

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

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

Based on our understanding of the charitable company and the environment in which it operates, we identified the principal risks of non-compliance with laws and regulations related to compliance with the regulations of the Charity Commission and Fundraising Regulator, and Charity and Company Law applicable in England and Wales we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011, as well as compliance with the taxation environment.

(including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate revenue recognition and management bias in areas of accounting estimate. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases

World Vision UK Annual Report and Accounts 2024 | 62

the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial report.

Use of our report

members those matters we are fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable r audit work, for this report, or for the opinions we have formed.

SIGNATURE TO BE ADDED ONCE APPROVED

Steven Harper (Senior Statutory Auditor)

For and on behalf of HaysMac LLP, Statutory Auditors 10 Queen Street Place London, EC4R 1AG Date to be inserted

World Vision UK Annual Report and Accounts 2024 | 63

Trustees, Principal officers and Advisers

Board of Trustees

Jude Addo Rachel Blanshard (Appointed May 2024) Sarah Bissell (Appointed February 2024) Simon Burne (Resigned September 2024) Tim Chong (Appointed May 2024) Andrew Darfoor Marcus Frost Alex Harris (Appointed September 2024) Douglas Millican, Board Chair Abisola Mustapha Maduakor (Appointed February 2024) Mark Parsons, Vice Chair Rev Canon David Richards Catherine Taylor Nicolette Robinson

Company Secretary

Auditors

HaysMac LLP 10 Queen Street Place London EC4R 1AG

Bankers

Barclays Bank plc Barclays, Leicester, Leicestershire, LE87 2BB

Allica Bank Limited 4th Floor 164 Bishopsgate London EC2M 4LX

Alex Morley

Principal Officers

Chief Executive Fola Komolafe Director of Policy and Programmes David Westwood Director of Public Engagement Ben Nolan (Resigned March 2024) Director of Strategic Partnerships (Resigned September 2024) Chief Financial Officer Gary McDonald (Interim) Chief People Officer Ann Kiceluk Director of Business Transformation Jony Francis

Registered Office World Vision House Opal Drive Fox Milne Milton Keynes MK15 0ZR

World Vision UK Annual Report and Accounts 2024 | 64

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