DIOCESE OF CYPRUS AND THE GULF FOUNDATION
Report and Accounts
Year ended 31 December 2025
| Contents | Page |
|---|---|
| Charity information….......................................................................... | 2 |
| Trustees’ Annual Report….................................................................. | 3-5 |
| Independent Examiner’s Report…...................................................... | 6 |
| Statement of Financial Activities…..................................................... | 7 |
| Balance Sheet…................................................................................... | 8 |
| Notes to the Accounts…..................................................................... | 9-15 |
| Detailed Statement of Financial Activities with Comparatives…....... | 16 |
DIOCESE OF CYPRUS AND THE GULF FOUNDATION CHARITY INFORMATION For the Year Ended 31 December 2025
Trustees:
Mrs. Rachel Bainbridge (appointed on 25 February 2025) Mr. Michael Cole (Chair) Ms. Susan Cooper Mr. Jonathan Franklin Mrs. Sibella Laing Mr. Ron Maitland Mrs. Angela Murray MBE The Very Reverend Bertrand Olivier Dr. Helen Perry Mr. Michael Ross-McCall (Treasurer) Right Reverend Sean Semple
Clerk to the Trustees:
Mr. Jonathan Franklin
Governing Document:
Declaration of Trust dated 5 September 1990, updated on 9 September 2022
Charity Registration No.:
1000307
Principal Address:
The Parish House 43 Trinity Square London EC3N 4DJ
Independent Examiner:
Nick Spear ACCA Stewardship 1 Lamb’s Passage London EC1Y 8AB
Investment Advisers:
LGT Wealth Management UK LLP 14 Cornhill London EC3V 3NR
Bankers:
HSBC Bank plc 1-3 Bishopsgate London EC2N 3AQ
Page 2
DIOCESE OF CYPRUS AND THE GULF FOUNDATION TRUSTEES’ ANNUAL REPORT
For the Year Ended 31 December 2025
The trustees have pleasure in submitting the Report and Accounts for the year ended 31 December 2025.
Objects of the charity
The charity is a trust and is governed by its Declaration of Trust. The objects of the charity, as set out in the governing document are:
The advancement of the Christian religion in accordance with the doctrines and principles of the Provincial Synod of the Anglican Province of Jerusalem and the Middle East by the extension of the work, ministry and public worship throughout the Diocese of Cyprus and the Gulf (“Diocese”) and such other charitable purposes connected with the Church as the trustees of the Foundation in consultation with the Bishop and the Diocesan Synod shall determine.
Summary of the charity’s main activities and achievements
To further the above objects and vision, the charity’s main activities and achievements include the generation of an income stream from a portfolio of investments managed by LGT Wealth Management UK LLP and donations from private individuals and charitable bodies. The charity disburses monies to cover small administrative costs and provides financial support to the Diocese and to individual parishes within the Diocese when this is required and when approved by the trustees.
The charitable status of the Foundation also enables it to provide a facility for parishes within the Diocese to recover UK income tax on donations made directly to the parishes by UK taxpayers, the donation being paid to the Foundation for the benefit of the parish, the tax claimed and the gross payment being then returned to the parish specified by the donor. In the same way, subscriptions and donations from members of the Association of Friends of the Diocese of Cyprus and the Gulf are paid through the Foundation. The Foundation also makes payments to the Church of England Pensions Board on behalf of the Diocese of Cyprus and the Gulf to fund pensions for some members of the clergy based in the Diocese.
During 2025 the Foundation continued to support the Diocese in funding its ordinand and clergy training programme. The amount of the grant made for this purpose in 2025 was £20,000 (2024: £34,500).
During 2020 the trustees agreed to assist the Diocese with resources to support a proposed appeal for funds. The financial position of the Diocese is fragile with low reserves and reliance on contributions from Anglican Communion donors, other charities and from parishes, particularly those in the Gulf region. Pressures on all of these sources of contribution have highlighted the critical need for other sources of income. As of 31 December 2025, donations and other income in response to the Appeal aggregated to £127,813 including a donation of £83,300 in 2022 which is invested in a separate endowment fund that provides dividends and valuation gains/losses.
Page 3
DIOCESE OF CYPRUS AND THE GULF FOUNDATION TRUSTEES’ ANNUAL REPORT (continued) For the Year Ended 31 December 2025
Further information about the Diocese of Cyprus and the Gulf may be found on the website www.cypgulf.org.
Structure, Governance and Management
Responsibility for setting policy and for making operating decisions rests with the trustees who meet at least twice a year to monitor the activities of the charity. Responsibility for the day to day operation of the charity has been delegated to a senior management team led by the Chairman and Treasurer. New trustees are recruited and appointed by the existing trustees by a unanimous vote.
Public benefit statement
To further its charitable purposes for the public benefit, and in furtherance of its charitable objectives, the charity has provided support to the Diocese of Cyprus and the Gulf, in particular in the generation of funding for its various activities. These include supporting the activities of the parishes both in Cyprus and in the Gulf, including clergy and ordinand training, the operation of a school in Baghdad, an eye clinic in Aden, Yemen as well as providing support, practical and spiritual, to displaced Christians and others, seafarers, refugees and migrant workers.
In the furtherance of the above, the trustees of the Foundation have complied with the duty to have regard to the UK Charity Commission’s public benefit guidance.
Financial review
The attached financial statements for the year ended 31 December 2025 show receipts, mainly from donations and investment income, totalling £42,789 (2024: £31,436) and payments for charitable activities totalling £46,558 (2024: £57,727). After adding investment gains of £13,475 (2024: £16,616), there was a surplus in the year of £9,706 (2024 deficit: £9,675).
The total value of the investment portfolio was £211,555 at 31 December 2025 (2024: £238,080). There were no additions in 2025 or 2024. Disposals in 2025 comprised £40,000 from the "Endowment Fund - General Portfolio" to finance working capital and the loan to the Diocese (2024: £60,000 disposal).
Reserves policy
The charity aims to distribute amounts received as quickly as possible and given the relatively low level of operational expenditure, modest amounts are held in cash reserve. At 31 December 2025, the amount of unrestricted cash held was £11,373 (2024: £10,161).
During 2025, the charity maintained 11 funds divided into designated, general unrestricted, restricted and endowment funds. The trustees approved the updated Reserves Policy on 25 February 2025 and considered the reserves to be adequate to finance the current activities of the charity.
Page 4
DIOCESE OF CYPRUS AND THE GULF FOUNDATION TRUSTEES’ ANNUAL REPORT (continued) For the Year Ended 31 December 2025
Going concern
The trustees consider that the charity has sufficient funds to enable it to continue its operations for the foreseeable future.
Key risks and uncertainties
The charity is exposed to various risks - be they operational, financial or reputational. The trustees review the charity's activities regularly to identify significant risks and, where possible, they take appropriate measures to mitigate those risks.
Statement of Responsibilities of the trustees
The trustees are responsible for preparing the trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approval
This report was approved by the trustees and signed on their behalf by:
MICHAEL COLE (Chair) May 5, 2026
Page 5
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF DIOCESE OF CYPRUS AND THE GULF FOUNDATION
(‘the Charity’)
I report to the charity trustees on my examination of the accounts of the Charity for the year ended 31 December 2025 on pages 7 to 16 following, which have been prepared on the basis of the accounting policies set out on pages 9 to 10.
Responsibilities and basis of report
As the charity’s trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Charity as required by section 130 of the Act;
-
the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
NICK SPEAR ACCA
Stewardship 1 Lamb’s Passage LONDON EC1Y 8AB
May 6, 2026
Page 6
DIOCESE OF CYPRUS AND THE GULF FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES For the 12 months ended 31 December 2025
| Note INCOME AND ENDOWMENTS FROM: Donations and legacies 3 Charitable activities 4 Investments 5 Other income 6 Total income and endowments EXPENDITURE ON: Charitable activities 7 Total expenditure Net gains / (losses) on investments 10 Net income / (expenditure) Gross transfers between funds - in Gross transfers between funds - out Net movement in funds Reconciliation of funds: Total funds brought forward 14 Total funds carried forward 14 |
£ 2,183 0 1,254 90 3,527 2,329 2,329 6,551 7,749 0 7,749 121,792 129,542 Unrestricted funds |
£ 8,537 0 0 0 8,537 20,000 20,000 0 (11,463) 0 0 (11,463) 41,768 30,304 Designated funds |
£ 26,649 0 643 0 27,292 24,228 24,228 3,063 6,127 0 0 6,127 57,283 63,409 Restricted funds |
£ 0 0 3,433 0 3,433 0 0 3,861 7,293 0 0 7,293 90,217 97,511 Endowment funds |
Total funds 2025 £ 37,369 0 5,329 90 42,789 46,558 46,558 13,475 9,706 0 0 9,706 311,060 320,766 |
Total funds 2024 £ 25,961 60 5,224 191 |
|---|---|---|---|---|---|---|
| 31,436 | ||||||
| 57,727 | ||||||
| 57,727 | ||||||
| 16,616 | ||||||
| (9,675) 4,500 (4,500) |
||||||
| (9,675) 320,734 |
||||||
| 311,060 |
The statement of financial affairs includes all gains and losses recognised in the year.
All income and expenditure derive from continuing operations.
The notes on pages 9 to 15 form part of these accounts.
Page 7
DIOCESE OF CYPRUS AND THE GULF FOUNDATION
BALANCE SHEET As at 31 December 2025
| Note FIXED ASSETS Investments 10 CURRENT ASSETS Debtors 11 Cash at bank and in hand 12 9,13 Net current assets TOTAL NET ASSETS FUND BALANCES Unrestricted funds General funds 14 Designated funds 14 Restricted funds 14 Endowment funds 14 CREDITORS: Amounts falling due within one year |
£ 34,227 34,227 85,348 11,348 96,696 1,380 95,315 129,542 129,542 0 129,542 0 0 129,542 Unrestricted funds |
£ 30,278 30,278 0 25 25 0 25 30,304 0 30,304 30,304 0 0 30,304 Designated funds |
£ 60,442 60,442 1,506 6,963 8,470 5,502 2,968 63,409 0 0 0 63,409 0 63,409 Restricted funds |
£ 86,607 86,607 803 10,099 10,902 0 10,902 97,511 0 0 0 0 97,511 97,511 Endowment funds |
Total funds 2025 £ 211,555 211,555 87,657 28,436 116,093 6,882 109,211 320,766 129,542 30,304 159,846 63,409 97,511 320,766 |
Total funds 2024 £ 238,080 |
|---|---|---|---|---|---|---|
| 238,080 | ||||||
| 46,311 32,436 |
||||||
| 78,747 5,767 |
||||||
| 72,980 | ||||||
| 311,060 | ||||||
| 121,792 41,768 |
||||||
| 163,560 57,283 90,217 |
||||||
| 311,060 |
The financial statements were approved by the Board of Trustees and were signed on its behalf by: Charity Number 1000307.
MICHAEL COLE (Trustee and Chair) May 5, 2026 MICHAEL ROSS-MCCALL (Trustee and Treasurer) May 6, 2026
The notes on pages 9 to 15 form part of these accounts.
Page 8
DIOCESE OF CYPRUS AND THE GULF FOUNDATION
NOTES TO THE ACCOUNTS
For the 12 months ended 31 December 2025
- 1 Statutory information
The charity is a trust registered with the Charity Commission in England and Wales. The charity's registered number and principal address can be found on the Charity information page.
2 Accounting Policies
These financial statements are prepared on a going concern basis, under the historical cost convention as modified by the revaluation of certain assets, which are measured at fair value through the Statement of Financial Activities.
These financial statements have been prepared in accordance with the "Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102") and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.
The Charities (Accounts and Reports) Regulations 2008 (the '2008 Regulations') requires charities to prepare their accounts in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005' but this accounting standard has since been withdrawn and has been replaced by the Charities SORP mentioned in the preceding paragraph. The charity has prepared these financial statements in accordance with the new Charities SORP; this departure from the 2008 Regulations is believed to be necessary for these financial statements to give a 'true and fair view'.
The principles adopted in the preparation of the financial statements are set out below.
a) Going concern
The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements and have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
b) Income
Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.
Income from donations and legacies includes:
-
i) Recoverable gift aid. This is recognised when the related donation is received. Gift aid that has not been recovered by the balance sheet date is included as a debtor.
-
ii) Legacies. Income from legacies is recognised when a distribution is received from the estate or, if earlier, when the charity has been notified that a distribution will be made and the amount receivable can be measured reliably.
Investment income represents income generated by the charity's assets, including an investment portfolio.
- c) Expenditure
Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.
The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.
The cost of raising funds has been disclosed separately when material.
Page 9
DIOCESE OF CYPRUS AND THE GULF FOUNDATION
NOTES TO THE ACCOUNTS (continued) For the 12 months ended 31 December 2025
2 Accounting Policies (continued)
c) Expenditure (continued)
Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.
d) Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects. Endowment funds are donations that are retained as capital in accordance with the donor's wishes. The nature of the restriction determines whether the endowments represent permanent endowments or expendable endowments.
e) Investments
Fixed asset investments are held to generate income and / or for their investment potential. Current asset investments are investments that are held specifically for sale or are investments that the charity expects to sell by the next balance sheet date. Investments, other than social investments (see below), are valued as follows:
-
i) Investment property and listed investments are valued at their market value (fair value) at the balance sheet date.
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ii) Unlisted investments are measured at cost less impairment where it becomes apparent that the amount that could be realised is less than cost.
f) Taxation The charity has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.
g) Financial instruments The charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Except for loans, creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive). The charity recognises liabilities for the principal of those loans that remains outstanding at the year end (i.e. the liabilities exclude any interest chargeable on the loans in future years).
h) Foreign currency translation These financial statements are presented in sterling, which is the charity's functional currency. i) Income and expenditure denominated in a foreign currency is translated into sterling at the exchange rate prevailing on the date of the transaction. ii) Monetary assets and liabilities denominated in a foreign currency are re-translated at the exchange rate prevailing at the balance sheet date. iii) Non-monetary assets are measured at historic cost at the rate of exchange prevailing on the date of the transaction and are not subsequently re-translated.
All differences arising from the application of the above policy are charged (or credited) to the Statement of Financial Activities.
i) Exemption from preparing a cashflow statement
In accordance with the Charities SORP, the charity has not prepared a cash flow statement as its total income in the year did not exceed £500,000.
j) Critical accounting estimates and areas of judgement
The trustees do not consider that there are any material sources of estimation or uncertainty at the balance sheet date that could result in a material adjustment to the carrying values of assets and liabilities in the next reporting period.
Page 10
DIOCESE OF CYPRUS AND THE GULF FOUNDATION
NOTES TO THE ACCOUNTS (continued)
For the 12 months ended 31 December 2025
| 3 Donations and legacies Donations of cash and similar Income tax recoverable 4 Income from charitable activities Book sales 5 Investment income Dividends and interest receivable, split between: Endowment Fund - General Portfolio Endowment Fund No.2 - General Portfolio 6 Other income Other income 7 Charitable expenditure a Costs incurred directly on specific activities Miscellaneous expenses Grants payable b Costs incurred on support and administration Governance costs Independent examination Trustee travel costs Bank charges Trustee meeting room charge Printing, postage and stationery Total expenditure |
2025 £ 32,853 4,516 37,369 0 1,897 3,433 5,329 90 0 0 44,228 44,228 1,380 1,380 677 112 136 25 2,329 46,558 |
2024 £ 21,868 4,093 |
|---|---|---|
| 25,961 | ||
| 60 | ||
| 2,626 2,597 |
||
| 5,224 | ||
| 191 | ||
| 0 | ||
| 0 55,851 |
||
| 55,851 | ||
| 1,380 | ||
| 1,380 255 152 64 25 |
||
| 1,877 | ||
| 57,727 |
The fee payable to the independent examiner for examining the accounts in 2025 was £1,380 (2024: £1,320).
Page 11
DIOCESE OF CYPRUS AND THE GULF FOUNDATION
NOTES TO THE ACCOUNTS (continued)
For the 12 months ended 31 December 2025
| 7 Charitable expenditure (continued) c Grants payable Grants for education, including ministry training Grants for UK and overseas mission The charity's principal grants to institutions comprised: Diocese of Cyprus and the Gulf Parishes in Cyprus Parishes in the Gulf Other |
2025 £ 20,000 24,228 44,228 20,000 15,086 7,964 1,178 44,228 |
2024 £ 34,500 21,351 |
|---|---|---|
| 55,851 | ||
| 37,500 11,945 5,263 1,143 |
||
| 55,851 |
8 Analysis of staff costs, the cost of key management personnel and trustee remuneration and expenses The charity employs no staff and the trustees receive no remuneration or other benefits. During the year one trustee (2024: 1) received reimbursement of travelling expenses.
9 Acting as agent
The charity makes monthly contribution payments to the Church of England Pensions Board on behalf of the Diocese of Cyprus and the Gulf to fund pensions for some members of the clergy based in the Diocese. These payments, which are funded by the Diocese of Cyprus and the Gulf, are excluded from the Statement of Financial Activities; any money that has not been disbursed as contribution payments by the year end is recognised as a creditor.
| Brought forward add: Transfers and cash received to fund clergy pensions less: Contributions to the Church of England Pensions board Carried forward 10 Fixed asset investments Endowment Fund - General Portfolio Fair value brought forward Purchases during the year Disposals during the year Change in value of investments Fair value carried forward |
4,442 3,079 (2,019) 5,502 155,334 0 (40,000) 9,614 124,947 |
9,634 7,710 (12,902) |
|---|---|---|
| 4,442 | ||
| 200,586 0 (60,000) 14,748 |
||
| 155,334 |
The Tustees may decide by resolution to purchase and dispose of all or part of the portfolio. The shares within the portfolio are listed and stated at valuation.
| Endowment Fund No.2 - General Portfolio Fair value brought forward Purchases during the year Disposals during the year Change in value of investments Fair value carried forward Total |
82,747 0 0 3,861 86,607 211,555 |
80,878 0 0 1,869 |
|---|---|---|
| 82,747 | ||
| 238,080 |
Regarding Endowment Fund No.2 , the donor in a grant letter dated 17 December 2021 has stated that:
1.1 The purpose of the grant is to enable the Diocese to purchase investments and use the resulting investment income to continue supporting its charitable activities; and
1.2 The grant shall not be used for any other purpose and shall be held as a permanemt endowment in the Foundation, repesented by a Restricted Fund.
1.3 If the Diocese of Cyprus and the Gulf Foundation does not comply in all material respects with these conditions, or the grant has not been used for the purpose it has been given, the grant shall be repayable at our discretion.
Both portfolios are managed by LGT Wealth Management UK LLP in accordance with an Investment Policy Statement dated 22 February 2024 in order to provide capital growth with an element of income based on medium risk and valued as at 31 December.
Page 12
DIOCESE OF CYPRUS AND THE GULF FOUNDATION
NOTES TO THE ACCOUNTS (continued) For the 12 months ended 31 December 2025
| 11 Debtors Falling due within one year: Prepayments and accrued income Tax recoverable Falling due after one year: Loan to Diocese Total debtors (see note) |
2025 £ 1,087 1,570 2,657 85,000 85,000 87,657 |
2024 £ 1,096 215 |
|---|---|---|
| 1,311 | ||
| 45,000 | ||
| 45,000 | ||
| 46,311 |
Note: The trustees in October 2024 approved a loan facility to the Diocese of £85,000, available to drawdown at any time up to 30 November 2025 in order to assist the Bishop to execute the Diocesan plan approved by Synod. The loan is interest-free and unsecured and repayable in four equal annual instalments commencing on 30 November 2026 and ending on 30 November 2029. £85,000 under this facility was paid to the Diocese at the balance sheet date.
12 Cash at bank and in hand
| 12 Cash at bank and in hand | ||
|---|---|---|
| Cash at bank with immediate access 13 Creditors: liabilities falling due within one year Other creditors Accruals |
28,436 5,502 1,380 6,882 |
32,436 |
| 4,442 1,325 |
||
| 5,767 |
14 Funds
During the year the movements in the charity's funds were as follows:
| Designated funds Ordinand training/general Diocesan The Diocese of Cyprus and the Gulf Appeal General unrestricted funds Total unrestricted funds Restricted funds a) Parishes in Cyprus The Anglican Church of Paphos St John the Evangelist, Deryneia St Barnabas, Limassol b) Association of Friends c) Parishes in the Gulf Christ Church Aden (inc. Ras Morbat Eye Clinic) St George's Church, Baghdad St Christopher's Cathedral, Bahrain Endowment funds Fund No.2 - General Portfolio Total endowment funds Aggregate of funds |
2025 £ 20,000 21,766 41,768 121,792 163,560 6,359 521 1,193 1,179 0 48,033 0 57,283 90,217 90,217 311,060 Opening balance |
2025 £ 0 8,537 8,537 3,528 12,065 10,136 675 3,383 1,150 2,403 3,545 6,000 27,291 3,433 3,433 42,789 Incoming resources |
2025 £ 20,000 0 20,000 2,329 22,329 10,604 896 3,586 1,178 1,263 701 6,000 24,228 0 0 46,558 Outgoing resources |
2025 £ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Transfers in the year |
2025 £ 0 0 0 6,551 6,551 0 0 0 0 0 3,063 0 3,063 3,861 3,861 13,475 Gains and losses |
2025 £ 0 30,303 Closing balance |
|---|---|---|---|---|---|---|
| 30,304 129,542 |
||||||
| 159,846 | ||||||
| 5,890 300 990 1,151 1,140 53,940 0 |
||||||
| 63,409 | ||||||
| 97,511 | ||||||
| 97,511 | ||||||
| 320,766 |
Page 13
DIOCESE OF CYPRUS AND THE GULF FOUNDATION
NOTES TO THE ACCOUNTS (continued) For the 12 months ended 31 December 2025
14 Funds (continued)
The assets and liabilities of the various funds were as follows:
| Funds (continued) The assets and liabilities of the various funds were as follows: |
||||
|---|---|---|---|---|
| Fixed asset investments Debtors Cash at bank and in hand Creditors falling due within one year |
£ £ 34,227 30,278 85,348 0 11,348 25 (1,380) 0 129,542 30,304 Unrestricted funds General funds Designated funds |
£ 60,442 1,506 6,963 (5,502) 63,409 Restricted funds |
£ 86,607 803 10,099 0 97,511 Endowment funds |
Total 2025 £ 211,555 87,657 28,436 (6,882) |
| £ 34,227 85,348 11,348 (1,380) 129,542 General funds |
||||
| 320,766 |
In the previous year the movements in the charity's funds were as follows:
| Designated funds Ordinand training/general Diocesan The Diocese of Cyprus and the Gulf Appeal General unrestricted funds Total unrestricted funds Restricted funds Parishes in Cyprus The Anglican Church of Paphos St John the Evangelist, Deryneia St Barnabas, Limassol Association of Friends Parishes in the Gulf Christ Church Aden (inc. Ras Morbat Eye Clinic) St George's Church, Baghdad Endowment funds Fund No.2 - General Portfolio Total endowment funds Aggregate of funds |
2024 £ 50,000 19,661 69,662 116,121 185,783 3,977 461 0 432 0 44,331 49,200 85,751 85,751 320,734 Opening balance |
2024 £ 0 2,104 2,104 3,443 5,547 10,780 900 3,899 1,890 3,663 2,160 23,292 2,597 2,597 31,436 Incoming resources |
2024 £ 34,500 0 34,500 4,877 39,377 8,399 840 2,706 1,143 3,663 1,600 18,351 0 0 57,727 Outgoing resources |
2024 £ 4,500 0 4,500 (4,500) 0 0 0 0 0 0 0 0 0 0 0 Transfers in the year |
2024 £ 0 0 0 11,605 11,605 0 0 0 0 0 3,143 3,143 1,869 1,869 16,616 Gains and losses |
2024 £ 20,000 21,766 Closing balance |
|---|---|---|---|---|---|---|
| 41,768 121,792 |
||||||
| 163,560 | ||||||
| 6,359 521 1,193 1,179 0 48,033 |
||||||
| 57,283 | ||||||
| 90,217 | ||||||
| 90,217 | ||||||
| 311,060 |
The transfers referred to above were made for the following reason: £4,500 from General Fund to Ordinand training/general Diocesan Fund to provide for planned grants to the Diocese of £20,000 in 2025.
Page 14
DIOCESE OF CYPRUS AND THE GULF FOUNDATION
NOTES TO THE ACCOUNTS (continued) For the 12 months ended 31 December 2025
14 Funds (continued)
In the previous year, the assets and liabilities of the various funds were as follows:
| Fixed asset investments Debtors Cash at bank and in hand Creditors falling due within one year |
£ £ 67,676 41,767 45,280 0 10,161 (0) (1,325) 0 121,792 41,768 Unrestricted funds General funds Designated funds |
£ 45,891 256 15,580 (4,442) 57,283 Restricted funds |
£ 82,747 775 6,695 0 90,217 Endowment funds |
Total 2024 £ 238,080 46,311 32,436 (5,767) |
|---|---|---|---|---|
| £ 67,676 45,280 10,161 (1,325) 121,792 General funds |
||||
| 311,060 |
Designated unrestricted funds comprise funds which have been designated by the trustees for the support of clergy/ordinand training and the general work of the Diocese.
Restricted funds comprise balances held by the charity on behalf of parishes and affiliated entities. These balances have arisen from the relevant parishes' planned giving together with donations received where donor or donors have requested that gifts made are to be applied for specified restricted purposes. These balances include Gift Aid where applicable.
Endowment funds comprise grants which are given in response to the Appeal but with restrictions on the long-term preservation of the original principal amount.
15 Transactions with related parties
During the year the charity:
a) received donations totalling £1,500 (2024: £1,500) from related parties (which includes trustees, any other members of key management and anyone closely connected to them).
b) paid £677 expenses (2024: £255) to, or for, trustees.
At the balance sheet date £nil was owed (2024: £nil) by the charity to related parties.
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DIOCESE OF CYPRUS AND THE GULF FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES For the 12 months ended 31 December 2025
| Note INCOME FROM: Donations and legacies 3 Charitable activities 4 Investment income 5 Other income 6 Total income EXPENDITURE ON: Charitable activities 7 Total expenditure Net gains / (losses) on investments Net income / (expenditure) Gross transfers between funds - in Gross transfers between funds - out Net movement in funds Reconciliation of funds: Total funds brought forward 14 Total funds carried forward 14 |
General Designated 2025 2025 £ £ 2,183 8,537 0 0 1,254 0 90 0 3,526 8,537 2,329 20,000 2,329 20,000 6,551 0 7,748 (11,463) 0 0 0 0 7,748 (11,464) 121,792 41,768 129,542 30,304 Unrestricted funds |
Restricted 2025 £ 26,649 0 643 0 27,292 24,228 24,228 3,063 6,128 0 0 6,128 57,283 63,409 |
Endowment 2025 £ 0 0 3,433 0 3,433 0 0 3,861 7,292 0 0 7,292 90,217 97,511 |
Total 2025 £ 37,368 0 5,329 90 42,788 46,558 46,558 13,475 9,706 0 0 9,706 311,060 320,766 |
General Designated 2024 2024 £ £ 1,125 2,104 60 0 2,067 0 191 0 3,442 2,104 4,877 34,500 4,877 34,500 11,605 0 10,170 (32,396) 0 4,500 (4,500) 0 5,670 (27,897) 116,121 69,662 121,792 41,768 Unrestricted funds |
Restricted 2024 £ 22,732 0 560 0 23,291 18,351 18,351 3,143 8,085 0 0 8,085 49,200 57,283 |
Endowment 2024 £ 0 0 2,597 0 2,597 0 0 1,869 4,465 0 0 4,465 85,751 90,217 |
Total 2024 £ 25,960 60 5,224 191 31,435 57,727 57,727 16,616 (9,675) 4,500 (4,500) (9,675) 320,734 311,060 |
|||
|---|---|---|---|---|---|---|---|---|---|---|---|
| General 2025 £ 2,183 0 1,254 90 3,526 2,329 2,329 6,551 7,748 0 0 7,748 121,792 129,542 |
General 2024 £ 1,125 60 2,067 191 3,442 4,877 4,877 11,605 10,170 0 (4,500) 5,670 116,121 121,792 |
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