THE OVERSEAS BISHOPRICS, FUND REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2020
CONTENTS REFERENC ANDA MINISTRATIVE INFORMATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEÉS OF THE OVERSEAS BISHOPRICS. FUND STATEMENT OF FINANCIAL ACTfviTIES FOR THE YEAR ENOED 31 DECEMBER 2020 BALANCE SHEET AT 31 DECEMBER 2020 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 io 13 14 16
REFERENCE AND ADMINISTRATIVE INFORMAnoN The Overseas Bishoprics Fund is a thaTitable trus¢ founded in 1841 as Tr Cok>nlal Blshoprlcs Fund., re8lstered with the Charlty Commlssion Ino. 2453341. Offlce Church House. Great Smlth Street, Westmlnster. Lor4don SWIP 3AZ Presldent The Most Revd and Rt Hon the Lord Archbisknp of CaTrterlry Vkfrpresldents The Most Revd and Rt Hon the Lord Arthblshop ofyort The Mox Revd the Lord Archbishops ol Amiagh. tblIn and Wales The Primus of the Episcopal Church in Scotland M•mbors ofthe Coundl lirusteesofthe Fund) du* 2010 Appointed by the Archbtshop of Conteffbury The Rt Revd Henry Scrlven The Rt Revd Anthony Poggo The Dirertorofthe Mlsslon ond PublicAffolts Dlvtskn of the Archblshorf Council The Revd Malcolm Brovm Irepre5ente(l at meetin8s by Ms Janice Price. the Churth of En8land World Mlsslon PolScy Adviser) Representotlves of bodle5 47ttfve In the supportof the church Mr Sam RSchardson ISPCKI The Revd Duncart Oormor IUSPGI Mr Robert Dawes (The Mothers, Unlon} Revd Paul Thaxter ICMSI Trustees OPnted by the Councll Dr Charles Mynors (Chairman of the Coundl rèslgned December 20201 Mr Richard Woods Mr Colln Blrd Mlss Sue Park5 The Revd Canon Mark i)xbrow {Chalrnian ofthe Council from l January 20211 Mf Stephen Slack Ifrom November 20201 Offlcers Mr Stephen Lyon (Secretaryl Mr Christopher SmSth iaerkl 8DO LLP 2 City Place 8eehl¥e Rlng Road Gatwl¢k West Sussex RH6 OPA Uoyds Bank plc 25 Gresham Street CCLI Investment Management Ltd Senator House 85 Queen Vlctorla Street EC2V 7HN SWIE 5JL
THE OVERSEAS BISHOPRIC5 FUND TRUSTEES, REIIORT FOR THE YEAR ENOED 31 DECEMBEII I10 The Trustees of the Overseas Bishoprfc5 Fund I"OBF"I present their report along the flnanc5al statements for the year ended 31 December 2020. The financial statements ha bÈen prèparèd In accordance wlth the acwuntin8 poli¢rÈs Set out on page 16. and comply with the Charbties Act 2011 an(J A¢countln8 #nd Reporting byCharitie5.' Statement of Rewmmended pract5 applicableto charities preparin8theiraccounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 1.the SORVI- 2 edition. Structure. gowrnancè, and remun¢ratlon The governlng document of the OBF is The Rulesfor the Admffni5tration of the Fund. Thls deflnes Its oblect, the methods by whlch that may be achleved. the proceduresfor the appointment of its Coun¢ll and offlcers. and the means by whleh tts bu51ness may be transacted. These Rules were thorou8hly reviewed. revlsed and approved by the OBF Councll in November in 2019 and subsequently sent to the Charity Commisslon. The Rules provldethat aH affairs of the 08Fare to be controlled tylts Coundl. ¢on$15tlng of not more than twelve tfustees. New trustees rKelve an Inductton pack of relevant documents oudining all a5pect5 of the worklngs of the Fund. The 08F has no other related parties apart frIn Barlow Interventlons Llmited. a company run by the OBF Secretary. Barlow Interventions limited charges the OBF periodicalty for 5ecretarlal work and related expenses. The levd of rèmuneration for the OBF Secretary15 set by the OBF every the years and It was agreed that from i. October 2018 a daily rate of £31KJ would be applied. AppolntmeTrt olTruslws The composition of the 08F. in accordan wtth the updated 2019 rules of the Counol. conslsts of not more than twelve Membe shall be the tnjstees of the Fund. as foll¢)ws: lal the Director of the Mi55ion and Public Affaws tAvIrA of the Archshop< Council or. in the event of that offlce no l¢)nger subsi5tin& the holder of the eqUalent Office In SucssIOn to IL by virtue of his or her office: Ibl two blshops appointed by the Arthblshop of Canterbury. fora maxlmum term of 12 year5: 1¢) representativesof bodiesactivein the support of thewoTldwKle churth Isocietyfor Promoting Christian KnO%edge ISPCKI. thè United tty Partners in the Gospel IUSPGI. the Churth Mlsslon Society ICMSI and the Mothe, Unlon IMUII for a maximum term of 12 years: and Idl up to five other members appolnted bythe Coundl. for a maxlmum term of 12 years. Statement of publlc bernfft The OBF believes that the Christian faith 15 of benefft to CletY and indNiduals a5 it brings a vision of trat)sformatSon for peace and social harmony. Thls is derived from the bellef of the thurch that the ultimate purgw)se of God 1$ to all things Into unlty and perfectlon In Jews Chnst. The qualffÉy and security of the leadership wtthin the Church is crucval in ensurln8that thbvision is realised. The OBF believes that the advancement of the ChrSstian reli8ion wll be enhariced by the provlslon of "support for the senior natlonal and re8lon31 le•dershlp ofthèworldwide Churth. and partlwkir forthe establlshment and malntenance ol bishoprits wlthin thè Anglican Communion". The blshops whom the OBF supports work in some of the needlest areas of the world. Their leadership benefits not tsnly the Chur¢h but also the wider community and their natsn and re8lon. Thelr work often builds re¢ontlliatlon. trKinging comwnunity cohes and stabillty throtsgh education. development and capaclty buildi. They also provide vital links with the w¥Jer ¢ommunltle5 beyond those they primarify serve. The OBF Seeks to demonsrrate this beneflt through the way it addresses the needs of those episcopal leadershlp withln or closely aSl¥ted with the An81ican Communion. as detaId In thlg report. When plannl Its aCtItIeS for the year the Counol has ¢on5idered the Charity Commisslon guid3ntÈ on publlt beneflt and, in partl¢ular. the Specif guidance on charities for the advancement of religion.
THE OVERSEAS BISHOPRICS FUND TRUSTEES, REPORT FOR THE YEAR EIIDED 31 DECEMBER 21)20(n1dj Grant4M4kh18 polky The OBF make5 8Tants out of Its General Fund. to SUpeMentthe local funds of overseas blshoprkk In 2019 the Councll revlewed Its grant 8ivin8 priorttles and PfLYedures producing a rew set of Guldan¢e Notes and common Appll¢atSon Fomb. Support for iniknati¥ that bulld Eplscopal leadwshlp ¢apa¢ity is rwa hl8h prior•ty. Grants are usu made for an Indmdual year In some Cases mulrl-year commitments are made. Every appllcant for fundlNd Is stroth encourayd to provkle: a$ mu¢h darity a5 PossRe asto what other sources of sUPPLYt a bislyrlc Is seeking or has re£elved and the level of I¥1 support from wlthln a blshoprK: evidence ofthe support of the Primate ty Provincial Secretary of the Provlnce h bich the applkanvs bishopric is situated.. and rances that the Communk)n'sown 8uldellne5 for the finandng of new dloceses ha¥ been fowowed. Income from eath of the restrkteil funds Is pald to the 0[SeaS dlocese or province to which It relates. The income from each fund is therefore 8enerally equal to the In%ent Income less admlnlstratSon expenses for the year In questlon. Oblertl¥es and artlvttles The Rules prowde that the crye t)blert of the OBF Is as follows: The oble¢t of the Fund shall be to pre 5UPPOrt for the senlor rkatlonal and regional ItadÈrshlp of the worldwide Church, and in particular forthe establishment and fflaintenan of $hOPri¢S Wlthin the An8ltcan Communion. And. prOe further8uldance that: In relatlon to any area ofthe Wofld outsldethe United Kingdom where there exists a thurch that Is part ofthe An8llcan Communlon or In communlon wthin the See of Canterbury, the Fvnd may.. provlde financlal a5515tance tow•rJsthe settin8 up ar maintenance of the bishopflcs ot such a chur¢h: and hokl endowment funds forthe benefft of such bishoprlc5. In relation to any area of the world outside the United Klngdom, the Fund may. provlde financial a($tance towards the settlng up and malntenance of the bishoprbcs of any church whose relationship with the Church of En8land Is such that the Coun¢ll of the Fund, havln8 sought the advSce of the ArthbFshop of Canterbury, jud8es it Suitable that 5uth a55i5tance be gfven: and hold endowment funds forthe benefft of such blshoprk In relation toany church in anyof the abo¥e ¢ate8orfes or in relation to any part of such a thurth, where there Is not In place for the time bein8 a system of Episcopal leadership, any reference in the ab¢)ve provisions to a blshoprlc shall have effert as if it were to the offio and of a senlor national or re8ional leader of status equfvalent to that of a blshop. 141 The OBF is unlque In the Ar6llcan Cornmunn in tha( ¥thilst It Is keen to work alongside other oryanlsatlons SLSPPOrtlng the wOttlde Church more 8eneraly. Specific remit 15 to provlde assistance for the work of blshops throu8hout the Communlon outde the UK. These bishops provlde the leadershlp necessary to enable the dellvery of the vtsion that the Chrtsttan falth Can brlng about transformatM)n for peace and social harmonv. The OBF seeks to achleve this in two ways. Firstfy. it administers epPaI endowment trust lunds on behalf of several dloceses and w0¥in5 arKI tran5fer5 a¢¢umulated Inc¢Mne to them. Secondty, it makes grants to blshoprics.
THE OVERSEAS BISHOPRKS FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEAqBER 2020 ItonthMd) FundraWnB Section 162a of the Charttles Act 2011 requires charities to make a statement regardin8 fvndraising actNftles. The Council does not currently undertake fundraislng actlvlty of any rwure, Is rKJt registered with a fundraising regulator, has no commercial participators, and ha5 received no ¢¢)mplaints relating to fundralsin8 durin8 the year. Rlsk ManameTht Rlsk arna Sln8le fund manager for investments may lead to poorer Investment returns. and capital value not maintalned. Impacting on abllilv to prowde stable and sustainable distributions. Macry economlc events le8 8rexit. COVID-191 may Impa¢t Investment perfomiance artd the sustalnabimty of fvture distributlons. -Fund manager invests In dVrSthed portfolh) 4unts are held in deposTL 4n4vtment fund and property fund shares -PerfonYwKe of fund marmger compared to other fund mana8eTS -Acce5S to investment wforniance reports produced by Archbi5hops' Counol Investment Comm6ttee -Regular meetlngs between the fund mana8eT and the Councll to dlxuss Investment policies and perfomiance Inadequate documentation of Fund detalls may lead to delay in payments and requirements of funds are not fulty omplled wtth. -Newstaff worklng on OBF matters are given an induction on purw)se and work ofthe Fund -Fllesare hekl centralty for all key documents -Database rs malntained of all Bishowic detai Giant allocations may notcover certaln needy B15hoprlcs leading to OBF not seen as supportln8 the whole of the Communitin -Mi5sbJn agencies are involved to obtaln klWIedBe of local area -Trustee5 and Council members Itho have knowledge of the Bishoprics. and areas In whlch they opèrate. are In¥ol¥ed in grant allocation. Funds may be overspent In the UK and misappropriated oversea5 .Two signatorles for every payment over £5CKJ -Fund secretary holds latest records for adminlsterin8the fvnds to ensure payments rÈath intendèd retipients .Admin charges deducted before income payments are made -Purr)ses of the Fund tyjIned to redplents eadb time an Income paywEnt Is made -All 8Yants agreed by the Countll as approprlate 4ayments must be made to a prowncial or dI0san account li.e. not 8 perSc41 one) - Confirmatbon of receipt of funds are sent bythe 8rantee to the secretary totheOBF together with a gned a8reementthatthe Brant or Income will onty be used for the speciftc purp05e5 Stated or in line with the objectives of the OBF. In addltlon, a summary Is requested of the way in which previous grants have been spent Poor succession plannin8 knowledge managernent leads to dlsruptlon In the work of the OBF. -Put succession plan in place -share knowledge of worklrg of the Fund acros5 finance department -work collaboratlvety with other simllarfundlng bodles
THE OVERSEAS BISHOPRICS FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 OECEMBER zoxl l¢ontlnued) 2020 has been a challenWn8 year for many AnBlican bishoprlc$8lobalty due tothe pandwnlc ofthe Coronavlrus. For the OBF Itself thls ha5 meant that we met rtuallY fr our two trustees. meetlrt8s and. due to the postponement of the Lambeth Conference outlined below. did not have the anticipated opportunity to meet face-to-face In Canterbury many of the blshops we supporL We hope thrs wlll be posslble In 2022. The longer-term effects of virus are certaln to Influence Ilfe across the Anglkan Communlon for many years to come and wlll no doubt be contributing factOTS in some luture8rant appll¢atloThs. Grants In 2020 the 08F approved 8rants of £16.1 from its General nd. all to be dtstributed In the year. It also distrlbuted £41,L) Irom its India Fund5to United Chur¢hes ofthe'lrrflian Sub-contlnent. wlth furthergrants from thls Fund to be decide(l upon in 2021. As In prevlous years an Important proportlon of these #rants went to bishoprlcs In su&Saharan Afrka. an area of great materlal poverty but also rapSd Church 8rowth. The trustee5 ha malntairbed the 8rants to the three Great Lakes blshoprics. previousty klentified as in particular need of suppor( in the proN7nces of DR Con80. Burundi and Rwanda at £12,5. Durin8 theyear. tNstees rewiewed these 8rants and. lthile reco8nisin8 the continuing flnanclal needs of these province% also acknowledged thatthty had become endurlng grants despite belng awarded on an annval basls. It wa5 dedded that In fvture these three provlnces be Invlted to make grant appllcations In the same way other bishoprics were open to do so and they would be conydered alongslde all the applications. The Indi• FLFnds support the 0Tr8olryd work of the blshopri¢s In Ind1•. Pakhtsn. and Srl Lanka. The Emportance of these grants can perhaps best be gau8ed by the fact that the OBF, from both these 8eneral funds and hjrther restricted funds. 15 able to offer a $8nificant proportion of the amount of the bÈshops' stipends in the Church of North India, reco8nisirh8 that hiStoralty thls Chur¢h has attrarted the most Impoverlshed members of sodety, arKI to make considerable contrlbutlons to the other Churche5 that are beneftclaries of these Funds. In 2020 the OBF was ablt to make the followin8 new8rants fram tts General Fund.. Yamblo, South Sudan 41S$ 4,850 lapprox. £3.9501 Provln¢e de L'E811se An8lkane Coryo. £6.(KQ. E8lhe AnOkane du Rwanda- £3,5(KJ. The Awn thurth of Bwundl. £3.(th. Due to the Coronavirus the 2020 Lamth Conference was pwponed until at least the summer of 2022. The Jncil agreed that grants elther already ¥Nen or promlsed to the Lambeth Conference Company towards the costs of the confen¢t would be honoured. These 8rants will enable bishop4 unable to pay thelr own air fares or conference fees, the opportunityto partldpate in Lambeth 2022 as part ofthelrdevelopment and to 5UPPOrt thelr episcopal ministries. The agreement to SUPM certaln costs of English dioceses In relatlon to the Preiambeth Hospltallty Inltlatlve would also be honoured. These 8rants wère dlstributed in earty 2020 before the postponement was announced but wrih very specific conditions Set a5 to how tl morley could be used ie. for 5UPPOrtlng particular episcopal costs In relatton to the pre-Lambeth Hospitality Inttlati¥t.
THE OVERSEAS 815HOPRtCS FUND TRUSTE£S' REPORT FOR THE YEAR ENDED 31 DECEMBER 21)ZO (contlrmdJ Rallonallsatlon of the OBF funds FollowSng the declslon made in 2015 the OBF Councll continued the proce$5 of reducin8 in number the emlstlng 65 f(5nds. Work In 2020 has continued with agreement now reached with thecharity Commisslonthatthecapital from the OBF Eaypt Fund can be transferred to the Jerusalem and Mlddle East Churth AsSQCbation for them to administer for the same purposes as those of the OBF. Work Is contlnulng to seek permis%on from the arItyCOMMI551On to ratlonallsethe dlfferent funds relatlng to Chlna. the In(Jian SuontInent and those In the Provi1) of the Cthurch of North India in the followin8 manner.. OBF Chln¥ Fund- to ¢reate a xheme whwe all the Seftt Chlna Funds can be Incorporated into one fund and aled to all a¥5 o¥erseen bythe Chlna Chrlstlan Councll; OBF North Indla Fund- to rat*xolise all funds linked to irKlividual dir>ceses In the CNI Into a new sin8le Fund, in keeping wlth artual prartice ynce the Inception of the CNI. OBF Indla suc(ne Gefter•l Fund- to ratlonaltse all other Indla Funds Into th one fund. Chlna Atnds In 2017 the OBF received a summaryfrom the Chlna Christian Counal I"Cfl of how previous income payments from the OBF had been disbursed. All disbursements were seen to have been In keeping wlth the objects ofthe OBF. The Council therefore agreed In 2018 to recommence transferr5ng to the CCC the income accrue(I In the previou5 year on these funds. as part of the general disbursement round in February each year. Direct communication with ChSna to faolitate the transfer af thw fvnds and to ensure reportSng on their use was explored in 2019 butcommunKation diffKultie5 h#ve slowed downthe polnt at which the disbufsementofthese fvnds can re-commen¢e. It was hoped that a face-to-face meeting between senior leaders In the CCC and OBF trustees might have taken place on the fringes of the Larnbeth Confereno last year. The ptponement of the confenCe denled thIS opportunity. but it is hoped thismvdht happen atthe resctreduled Conference in 2022. Btshops¢wrt, W To, South Afrl During 2012 all the necessary arrangements were put in place to transfer ownership of Bishops¢ourt Ithe home and office of the Archbithop of Cape Town slnce the 1840sl to a simllaf trbJ5t in South Afrka. At its meetlng In November 2012 the Cotjncll of the OBF approved.. a draft Deed of Trust estsbllshlng the BishopsCQUrt Episcopal Trust. the prlndpal objects of whith are.to establlsh and maintain Anglbcan bishoprtcs withln the province of S(xrthern Afrtca. and In partiDJlar the Archbishopric of Cape Town-: and a draft Deed of Donation transferrinB to It the freehold of Blshopxourt and the aS%Klated funds. Thlstransfer is stillyet to take pla. malnlydue to the complexity of the re815tratlon process of the Blshopscourt Epls¢opal Trust In South Afrfca. The 08F Council has passed a resolution that when the transfer of the freehold takÈs place the Capital currently hehl In all other South African funds held presentty by the OBF will also be transferred to the Trust.. the Cape Town Engltsh Endowment Fijnd. the Cape Town sOh Africa Endowment Fund, the Bloemfonteln Fund, the George Fund. the Natal Fund and the Pretorla Fyn(l. Governance Matters me was spent at the Council meetings in 2020 exploring several governance issues and improved policies were drawn up for financial controls within the 08F. safe8uardirt8 5YeS within blshoprlcs that receive OBF income or 8rant5. diversity and inclLrsion wliues and a8reement for and reporting on grants that a awarded.
THE OVERSEAS BISHOPRICS FUND TRUSTEES, REPORT F<kR THE YEAR ENDED 31 DECEMBER 21JXllcontlnuqdl Future Pl•Ths As the OBF spfflfi¢al serves those leadlng the Anglican Cgmrnunlon- Its bishops- its own futurewlll be Ilnked to that of the Communlon. The Coronavirus not only caused the postpontment of the Lambeth Conference but challenged the mlsslon and administration of all the Churches in the Anglican Communion as they 9)ught to respond to the situations they faced. The Impart on the shape and viatrmlity of eptscopal mlnistry wlthln the Communlon Is Ilkely to be a factor in future applications that will come to the OBF. We wlll pay particular attention to any new marglnallsatlon whlch could result from a more pemmnent shfft to equlppln& resourclng and 5UPPOrtinB episcopal minlstry thrnu vlrtual channel& As a priority we wfill Continue to address another emer8in8 aTra of concern. that we are Uniq[lY placed to support, the desrre. in many aCeS across the Communion. to bulld up the capaclty of the blshops throLsgh tralnln& support. mentorln8 and retreat. Duri 2019 we had reviewed our priorf(ies in our grant 8n and the pro¢e55e5 of applying for these 8rant5. The new Inforniatior¢ Booklet oudlnln8these priorities and the new. more comprehensS¥eApplKatlon Form have been helpful is enabllng the trustees to be more Strateg in their8rant gw1. More generally. the OBF wlll contSnue to have caus on Its re50uTce5 to supp(Yt the effettive rninistry of blshops in areas of the Communh)n thallen8¢d by poverty, war. disease and famlne where the Church Is often the sole means of SVPp for many communitie& The present 8lobal flnan¢ial constraints will continue to make thls contribution even more Important. The OBF wlll contlnue to explore and establish Ilnks wlth other or8anisations with klndred alms. such as the Anglican Commurdon Fund and St AuBustin¥s Fwnd*lon. to ensure that avallable funding 15 targeted m05t effectivesy. Flnanclal ro¥lew The total net assets for which the OBF ha5 respbIlIty at the e1 of 2020 were £16.057,997 12019.. £I4.920591. ot these assets: Unre5trlcted fijnds 1.the General FU). whlch can be used lor the setting up and maintenance of blshoprics generally. were £43.70612019: £5.2161. R¢strlcted funds. whkh must be used for the sUPPtyt of bishoprks in spedfic named dloceses or reglons (particularly In the Indian sub<ontinenL Chlna. and South Afrfcal. were £862.62012019'. £742.6541. the remaining £15,151,67112019: £14.172.9891 were the pern)anent endowment funds of which £3.718.48412019.. E3.478.56918enerate5 income for general objects ar)d Ell.433.18712019: £10,694,420) generates Income restrlcted to specific dioceses or reglons. The capltal value of these funds, and the Income 8enerated by them. fluctuate accordi to market ¢ortdifion5. Investments are held wlthln Churth of Eryland Funds that are mana8ed by CCLA Ltd. The Council reviews investment performancedurin8theyear. on the bèsisof reports reeefved from CCLA Ltd. The funds are invested to maintaln capltal growth. whitst providin8 suitabk levels of income to provlde a reliable grant stream to the bishoprlcs. Durin8 the year the totsl value of the inve#ment funds increased by £1,017.836, made up entlre of galns on revaluatlon {2019= Increased by £2.484.782. made 4Jp of addlDn$ of £2rxi,ciJJ. di5P05als of £11,453 and a totsl Tevaluation galn of £2,296.2351. The amount of investment Income recei¥e(I was £450,18112019'. £435.7071.
THE OVERSEAS BISHOPRICS FUNO TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 Itonthbuedl R•serv•5 polkv Durin8 2017 the Council examlned the requirements of the OBF in accordance with 8uhlelines Issued by the Charity Commission. The Council believe that the level of free reserves from the unrestricted General Fund5 should be not less than £40.CW. in order to provide the sufficient working capttal and to deal wlth unforeseen requests for emergency fundln8. The Trustee5 have agreed to desl8nate an amount of the retalned reserves, as discussed elsewhere. In sUPPOrt of the upcoming Lambeth Conference, and will continuè to tonsider appropriate use of the reserves as needs arise. The value ofendowment fvnds held at 31 December 2020 was £15.151.671. Gol1¥ con¢em The Coundl hasconsidered specificallythe potential impart of the COVID 19 pandeml¢on Its operations and has assessed expected rash flows for 2021 and beyond. Income reNed untsl the date of approval of the financSal ststements is in Ilne wlth the truste prolertion& CCLA the Cncir5 Irwestment manager. have not communicated a change to the experted in*stment Income for 2021. The Fund has svfficient liquldlty to cover erant ¢ommltrnents already made and alated support co5 The cn¢11 will moderate the grant makln8 actiwty of the Charity as nece55ary to meet rts reser¥es policy as set on atrThe. Given thi5, the 8oln8 concern basls of accounting In preparing the annual reportand the financial thtements continue5to be adopted. r¢esponslbllhles of the tNstws The Council is required to prepare financial 5taternents for eath finandal year that 8i¥e a true and faor view of the state of affalrs of the 08F and of its incomin8 resources and application of t1 resources for the period in questlon. In preparin8 those financial statements. the Council is required to- select 5ultable accounting pollties and then apply them consistentlv: make judgements and estimate5 that we reasonable and prudenL' statè whether applkable accounting standard5 have been followed (subject to any materlal departures dlsclosed and explained in the financial statements),. and prepare the flnandal statements on the"goln8 concern" basls. unless tt Is Inappro&Ylate to presume that the Fund wlll contlnue In bu51ness. The Councll is responsible for keeping proper accountin8 retordswhich disclose with reasonable accuracyat any timè the financial position of the Fund and enable them to ensure that the finan¢lal statements are correctlv prepared. It is also responsible for safeguarding the assets of the OBF. and hence for taklng reasonable steps for the prevention and dete¢tlon of frèud and other irregularitle Approved by the Coundl on 9 June 2021 and si8ned on Its behalf: R•¥d. Canon Mark Othw Chairman of CouncH og.Id.£i
INDEPENDENT AUtXTOWS RE14JRTTO THE TIIL15TEES OFThE OVERSEAS BISHOPAICS, FUND Oplnlon oThthè flnandal ststements In our oplnlon, the fimndal stat•m•nt&' Ive a true and falr vlew of the state of the Chartys affairs as at 31 December 2020 and of Sts Incomln8 resource5 and appllcation of resources fow the year then ended: have been properfy prepared in accordance wlth United Klrydom Gemrally Accepted Atcountln8 Practlce: and have been prepared in accordano w•th the requkements ofthe Charfties Act 2011. We have audited the flnandal statements of The thrseas &shoprics Fund {"the CharWI fortheyearended 31 December 2020 which comprfse the statement offinaNlal artmtles. the balance sheet. the cash fiow5tatement and tteS to the fin3n¢ial statements. includin8 a summary of $4nificant accountln8 poll¢les. The financlal reportln8framework that has been applied [nthrpreparatson isapplicable lawand UnFted ngdOMA¢¢0ntlTh Stsndard5, inclvdlng Flnanclal Reportlngstsndard 102 The Fint7nciolReportingStondordopplkoble In the UKond Republlc of Ireland{Untted Kin¥dorn Generalty Arcepted Accounting Pra¢iicel. oplnlo We condurted our audft In accordance wbth Irrtemath)nal Standards on AudltlnB IUKI IIS45 (UK)) and appll¢able law. Our responsibtiitles under those Standards are further descrlbed In the Auditorfs responsibilities for the audit of the financial statements sertp)n of our report. We belle¥e that the audit evldence we have obtned is suffi¢lent and approprFate to provmle a basis for our opinion. IndependerKe We remain Independent of the tharlty in accordan¢e the ethtsl requlrements relevant to our audlt of the financlal statements in the UL indudlng the FRCS Ethical Stsndard. and we have fulfilled our other ethical responslbllftle5 In accordance wlth these reqU1Ment& Concluslons related to th COnM In auditing the flnaft¢ial statements. we have conduded that the Tru5tee< use of the concern basls of accountlng In the preparatlon ol the financial statements 15 appropriate. 8ased on the work we have performed. we hove not ntifIed any material uncertalnties relatln8 to events or onditlons thaf, Sndhwdualfy or collectbvety. may cast srKntficant d¢Jubt on the Charfty's aknllty to contlnue as a 8oln8 ¢on¢ern for • perlod of at ast tsvel¥e months from when the finand statenIS are authorlsed for Issue. Otsr responslbtlhles and the re5ponsibillties of the Twstees with re¥rt to golng concern are de5cr5bed In the relevant sertlons of this rep(rt Other Infolon The Trustees are resPible for the other InformatSon. The ather Infornwtion comprise5 the Informatlon Included in the Report 8nd Finandal Statements Other than the finandal ststements and our audltoes report thereon. The other Information comprises the Trustee5' Report. Chjr oplnlon on the finan¢ial statements does not cover the other informakntyi and, ewpt ta the extent otherwise explKitly stated in our Teport, we do not express any fomi of assurance ¢onclusion thereon. responstblllty is to read the other information and, in dolng $0, conslder whetherthe other informatlon Ls materlally inconsistent w5th the financlal statements or our knowledge obtalned In the audtt or OtheSe appears to be materlalty misstated. If we Identify such materlal inconsistencies or apparent matedal misstatemLmts. we are required to dètemirne whether there Is a material misstatement in the financlal statements or a material misstatement of the other informatii)n. If, based on the work we have performed. we conclude that there ts a material misstatement of thi5 Other Information. we are requlred to repon that fact. We have nothln8 to report In this regard. io
mterS on whlth we are requlr¢d to report by excèptlt)n We have nothing to report in respect ofthe follr)win8 matters In rellontowthlch theCharltiesAct 2011 reqylres us to report to you if, In our opinlon,. the information contalned In the financial statements Is Inconslstent in any material respect wlth the Tnsstees, AnnLtal Report.. or adequate accounting records ha4 not been kept: or the financial ststements are not in agreernent with the •ccountrn8 records and returns: or we have not received all the information and explanations we require for our audit. Ilesponslbllltles OtTrte•s A5 explained more fulty In the Responslbllltles of the Tntee5. statemen( the Trustees are responslble for the preparation of the finartcial statements and for bein8 satisfied that they 8fve a true and falr tAew. and for such Internal control a5 the Trustees detemiines is necessary to enable the preparatlon of fknancial statements that are free from materlal misstatement. whether due to fraud or ettor. In preparin8 the finandal 5tatemerhts, theTrustees are responsbble for assessing the CharIt5 abi15ty to continue as a going concern. dISdon& as applicable, matters related to golng cOnM and using the golng concern basls of accounting unless the Trustees either Sntend to liquldate the Charity or to cease operations. or have no feallstlc abtematlve to do so. Audltorfs POnsIbIlItIes1orth audft ofthe finandal ststsments We have been appolnted as audltor under settion 144 of the Charities Act 2011 and report In a¢¢ordance wbth the Act and relevant regulations made or havln8 effect thereunder. Our objectlves are to obtain reasonable assurance about whether the financlal statements as a whole are free from materSal mlsstatÈmen( whether due to fraud or error, and to 5s5ue an audltorfs report that indude5 our opinlon. Reasonable assurance 15 a hi8h level of assurance. bLrt Is not a guarantee that an audit conducted In accordance with ISAS IUKI 11 always detert a material mlsstatemènt when it exist5. Mi55tatemertts ¢an arise from fraud or error and are considered material rf. individually or in the aggregate. they could reasonably be expected to Influen¢e the economk declsions of users taken the basis of these finandal statemerhts. Extent to whkh the audti Kis¢opJble of detertlrtg irreguloritle4 Indudingfroud Irregularities. includinB fraud, are instae$ of non-compliancewith laws and regulations. We deslBn procedures In1Sne with our responslbilities, outlined above. to detect material misstatements In re5pe¢t of irregularltles, Includlng fraud. The extent to whkh our proodures are capable of detertin8 Irre8U1arIe$. Includlng fraud Is detailed below- We made enqulries of management. and the Board. includin8: how thty have identified. evaluated and Comled with Liws and regulations arml whether they were aware of any instsnces of norrfompliarKe: their prfxess fordetectlng and re¥ndIngtO the rtsks of fraud and 7hether they have knowledge of any actual, suspected or alleged fraud,. and which intemal wntrols have been established to miti8aterisks related to fraud or non-complSance with laws and regulations. We obtained an underst3rKlln8 of the legal and regulatory frameworks that are appllcable to the Chartty. These Include. but are not ltrmtted to, compliance wlth relevant CharitlÈs Acts in England and Wales. In addltlon. the Charity15 5ubjertto many other laws and regulatlons where the consequences of non- ¢ompllan¢e Could have a material effert on amounts or disclosures in the financval statements, for instance through the imposition of fines or Iltigatlon. WÈ identified the follown8 areas as those most Ilkely to have such an effect: regulation5 concerning the Internatnal transfer of money. Audlti standards limit the required audit procedures to identify non-compllance wlth these laws and
re8ulatiOnS to enqulry of Those Charged wlth Gorn and other marba8ement ard 5nspectlon of regulatory and le8al correspondence If anv. We considered mana8emenVs inntrS3nd opportunltiesforfraudulentmanipulatlon of the flnandal statements lincludlng revenue recognltk)n and the risk of 0%rrde of controls), and determined that the princlpal risks were related to posting Inapwowiate joumal entriesto manipulate finandal results. Audit response to iisks identffjed The Senlor Statutory Audttor has assewd and condu(led that the engagement team collecti¥Ely had the appropriate competence and Capabilities to i(lentify or recognise niMKompllance with laws and regulations.. We revlewed the fknandal stateThnt disdosures and tested to suPptIng documentatlon to assess complIan wlth relevant law5 and regulations dls¢ussed above: We made ewuirfes ofthe Board and management: We read mlnutes of meetlngs of those charged with governance: and In addressing the risk of fraud through mana8ement overrkle of controls. we tested the apprOprIaterSS of ioumJl entries arKI other adjustments: assessed whether the judgements made in maklng accountlng estimates are Indicatlve of a potential bias: cOndered completene55 of related partytransartlons; and evaluated the bnesSratlona1e ofanysignifKant tranSactn5that are unusual or Outside the norn)al course of buslness. Our audit procedures were deslgned to respond to rfsks of matefkl mlsstatement in the financSal statements, reco8nlsln8 that the rlsk of not detecting a material mi5Statement due to fraud is hiBher than the risk of not detectln8 one resultin8 from error. as fraud may invofve deliberate concealment by, for example, forgeryi misrepresentatKJns or throu8h collu51on. There are Inherent Ilmrtation5 trn the audlt prOdre$ perfomied and the furthef removed non-compllance with laws ¥hd re8ulation5 is from the eits and transactlons refierted In the financlal statements. the less Ilkety we are to become aware of it. A further dexription of our respon5tbilltles for the audlt of the fin¥Klal statements Is located at the Flnandal Reporting Councifs I"FRCs"I website at: htt www.frc.or -uk atjdi or5res nsibilities. Thts derIp fomts part of our auditorfs report. Use ofour rewt This report Is made solety to the Charit5 truste as a Ih)dy. In accorda wtth the Charitle5 Act 2011. Our audlt work has been undertaken 50 that we might state to the Charl5 trustèesthose matter5 we are requlred to state to them in an auditorfs report and for no rther purpose. To the fvlle5t extent permitted by law. we do not accept or assume responslbllity to anyone other than the Charlty aThJ the Charitrfs trustees as a body. for our audit worK for this rep. or forthe oplnlon5 we have formed. Do¢uSn•dty. 73D8B18FE9AC4C9 8DO LLP. statutory audltor London, UK Oate: 13 October 2021 8DO LLP Is dl8Sble for apwntment as auditorof the charlry by virtue of its elwblllty for appolntmtnt as audlt of a company under section 1212 of the CompanlesArt 26. 8DO LLP Is a Ilmited lIalIty parrnershlp rewstered In England and Wales Iwlth re85stered numberOC30S1271. 12
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEARS ENDED 31 DECEMBER 2020 AND 2019 urerIc¢¢ Rtstrleted Funds F•ttdA Endowment F•nds 2020 Totsl Intome frtsrn: Inveslmeiits 107291 341 450.181 Tota] in¢om¢ 107.291 3418 450.181 Expenditure on thiri¢•ble ¢tlvl¢les: Supp)rtof bisJk)ps 169.4161 (261.4631 {330,879} Totsj expenditure Total income lem expendltsre before galN on Inv¢slmeThts Gftin on investtrnnts (69.416) (261.463) {330.879) 37J75 8IA27 119J12 615 3&539 &682 1.017.836 Net Income lJ9966 .137.138 Net movm¢#t ID f•n 119J66 1.137,138 Tothl funds at l J.. TotAI fund$ It 31 Detemb 5216 741654 14.172.989 14.9x1.859 4&7fj6 86WO 16m7.997 Unre#rid¢d Funds Restrleted Funds Frdnds 2019 Totsl Illcome frowt: Investments 32&fAIS 435,707 435,707 Tothl inclnE I9)2 32&805 Exp¢ndlture ou chritsble •ctfvl¢it&' Swort of bi51b)ps Total expenditsre Total income le53 ¢xp¢ndlture before g4in iBvesimtnts Gain on inVestmts 1265.518) (265,518) 1162,461) (162,461) 110,4261 (10.426) 143&4051 143&405) IIW16) (IOA26) (208 59ffj67 2.236.568 U2&142 2.2235 2,291537 Net (expendltsr¢ylncomt Trnnsfers bthween fi]nd5 {IS616 841 rqet #boven¢ IM f¥#d• 23142 2.191537 Totsl funds l Jenyary.. T•tsl fvnd$ ¢ 31 Il¢vmber 163.916 Jlfi559 11,94A847 IW7J21 5316 14.In,989 14920J59 13
BALANCE SHEET AS AT 31 DECEMBER 21120 21YAO 2019 F•mth F•n Totsl Flxed 85ts Tible assrts Investhynts 7.615 598.555 15.151.671 15.757,841 14,740,IJ)S 7ffj15 IS15171 1S75741 14.7411.( Current •5sets Ch & ¢&sh quivalenty 51011 382299 434JlO 420,776 26.740 86.705 113,445 106.897 7&7S1 547.7S5 527h73 Llfftblllths OrdilOf3'. artwts f8llin8 du¢ within on¢ ye8r {42.6rf1) 121H.939) {247.5991 {331819) Nel ¢urre•l 30Q156 Creditors". anwjunts falling du¢ aft¢r one year (14,(} Totsl n•t As•ets 447•6 ISISlh71 The tunds of the ¢h*rlty Uorestri¢tcd fur¥J5. Cjcnernl 43,7(V) 43.706 5.216 R¢stri¢ial fvnd 861620 861620 741654 Endowment fimds 15.151.671 15.151.671 14,171989 Tol•l fund¥ 43.706 IS151h71 14.921L859 Approved 4nd auihorised for issu¢ by the Coun¢il on 9 June 2021 and sig1 its bebalf: Revd. Canon Mark Oxlww Chairman of Council 14
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020 2019 Retontili%tion of urt IA¢o•¢ t• vt Ilow fron operikng actfvitles Net Intome for th+ y•r {•$ per th¢ st•t¢wot of fln••tlal activities) Investment inrome 119.302 {2,698) 1450.1811 199.2201 {&548} (435,707} 182.524) 42.383 11.452 467.094) ItkcwcDse} in crcdito (IrttY decttAse in d¢btors Expendiwre on endownMt fund Net ush Ilow {ustd IA) optr•tini Aetivi¢k5 (436A7) Csb from1oves¢lD¥ •ctlvltks Investsn¢t)i inwme 450.I8I 435.707 {21KJ.0) of fixed &u¢t Ènvestment Dispos81 of fixed &sset inve51ml Net euh now provldld by iove5tiNK •cliviliu .452 247.159 181 Caih flows from Il•omcl8 aetivitks EX11¢ M endowmeDi fithd (11,452) cash Iltsw provided by l (wed i) fi••neini xtlvitlu 13.534 111.4521 Cash and ¢asb ¢quiv8knts It thc 5tsrt of the 420.776 651163 Cuh 4nd tayll equlvllellts •t ¢kn •fth¢ y¢•r 434JiO 420.776 Antysls of ea5b & ash eq11e•ts & th*o8eJ ln Det debt: AtlJ• 2020 C•5h Oth¢r eh•nges A131 2020 Cash at bank and in hond TOTAL 420.776 420.776 13.534 13.534 434Jl(I 434JlO 15
NOTES TO THE FINANCIAL ATEmENTs THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTllYG POLJCILS 1 Ststl The Overseas Bishowics, Fund fOBn is acharitsble tnts¢ foUTh in 1841 as'The Coknial Bishoprics Fu1,. regiered with the Clwxy Commiss)n (. 245334). BsL8 of PrepArntio FInla1 ReIrt8 Stsndwd Iff2: The Financial Rewtuig StaThknd 4)plicable in the UK and Repubiic of Irelattd C'FRS 102"). Accounting aThl Rewxtirtg by Chrities: SMeN of RecommeThled Prp£tice applicable to chari$ pr¢porirtg iher in accordance with th¢ FinaKtal Ryrting st 4)plicable in the UK ond R¢publi¢ of lfflond (FRS 102) (he SORW) Edition The OBF meets the thiiion of * Publtc Benefit Entty (-PBEJ &$ set in FRS li. aTMI therefore applie5 the PBE rrtfixed itt FRS 102. The financial Inform 14$ be PHwed ¢(& basis {exceFrt fw the Tevaluation of investments) on the Lrtsis. These finwKial Strtemts¢oP7$C all dOBF's wvestrKtdCsiyat4restrictedatrJcndOwl fimds drawn up to 31 De¢¢mbereh yar. A summary of th¢ xcoun¢ing poli¢ie¥ which have been applied consistently xross the group? is set out below. Going Conetrn The truslees have a re&wthle extctrtK that the OBF h&s resowres and cash flows to mttt spending commitments fvthe fimceobk fuuwe. In rehIng thi$ coTKlusion. the Council has considered specifically the Wia] i[npt of the COVIt>19 tMie ort its (qJuions and has assessed expected cash flows for 20218NI beyd. llwme received unthl the date of approval of the fjnancial statements is in line with ts7S, projections. The Fundhas sutTKient c&%h and cash equivalentsto provide liquidity to cover Current grant eommitmenty aThl supF costs to Inctsed for at least 2021 and 2022. Futsjre grant commitmenis will only b¢ ¢nitT¢d into if these do not jeoprdise the liquidity Posltion of the Fund. According]y. the ¢(mtinue to the going tern basis of accounting in preparing the With respect to the r¢xi repIng PffKMI the most signifKani are45 of ¢thainty that afftct the cwing value of assets h¢ld by the Chwity $ the kvel of investmeni ieium and the of investment markets. Funds Strnetsre Endowment fuTrts are capitsl fvnds where the Council no to spetMI the capttal bui where the in¢om¢ genernted from the invested ffiJTMts is available for ej11vrC. EdOMet fiknds fall into two categorie5: endowments for specific di(Keses or provinces: aThJ ¢ndowments foT the gener41 objects of charity. Income from endowm¢mts for specific dioceses or provinces is treated as restrithd income and income from en(bwmem for the general objects of the charity 15 treed as unrestrickd incorne. Ineome and Eipend5ture Divid¢nd5 and other interest are recogni on an &cEuais b3si& Grnnts IT¢ re¢o¥Disl 14 a liability when a firn) commitment to pay the grant is made. Imvestment ad G•lffj #Nd ow Investment Amets 16
InveSthntS are slated in the financial slatements at market value. Gairns or loss¢s on investrnents are disclosed in the Ststement of FinarKial ALtivilie& TAXATION The Fund is a re8i¢red ch¥ity and &$ such is exempt fmrn on its income and g4in$ to the exteni that they are applied to its ¢haritabl¢ puooses. IiYVEsfMENT INCOME uTrrestrl Restrktrd Edowfftent fvnds fllNds fuwds 2019 DivideN]$ Inter¢M on cash d d¢p)sit fvnds 105.960 342.883 431.501 1.331 lJ38 4206 107,291 342ffi1 45181 435,707 SUPPORT OF BISHOPS Support of bishops comprises grnnt5 awarded fft)m tire¢d fund5 at the discretion of the Coun¢il and payments of net income from rtrIcted funds. Support e05L% cornprssing of administration expenses of the FuThA plus Govern•¢ Costs h•we bttn allocaied to this a(aivity cost tegtsry. Unrestrlcted R¢strkt¢d Endowment fund$ fuDds 2020 2019 Grants committeil Grants written back Transfer province 5&984 226J86 283070 434.800 (39,147) 11,453 12.432 35.077 47 31.299 69A16 261463 330 879 438.405 Transfers th lool pyovinces from the etslowillent fund hav¢ been carri1 out under sethion 268 of the Chari¢i¢s Act 2011. following le881 advice. 2019 expenditu w&8 made up of £265.518 of Ww¢ed expenditure and £172,887 of restricted Governance COMS, in¢lud¢d within 5UPP)rt costy are made up 2020 2019 Auditors Temurmiion Legal Fees 7,2 12,600 19,8 6,192 6,192 17
PROPERTY The Fund is the ts1 of an histhricd h(rtwe. Bi$lww( in Cape TowL xled by the Ar¢hbishop of Cap¢ Town a maintenance fund consisting of a pwrfolio of 7nvesfmen15 held in respeci of the Ar¢hbishopri¢ of Cape Town. The maintenance of the house is financed ILKally and has been for over cenliiry. The Council last received a valuation as at 3151 May 2013 of £4.3 million for the prow and £942,(X)O for the investments. As the Fund control over or beneficial interest in the a55ets, they have been included nil value in the xcovnts. The Ccmjncil had originally hoped to transfer the title of these assets to a newly formed charitsbk trust Tn South Africa for the benefit of the Archbishopric of Cape T¢)wn, during the latter Imrt of 2013. There ha5 lweVer been no dHnge in 2019 or 2020 and it is hoped that matters will be concluded as soon as Fwible. INVESTMEiYTS Fumd Unrutri¢ted R¢rfr Edovnm¢n¢ Endowment Totsl fy•ds for getraI for speellle IDvestmuts objrfts dloeese Total investments 2020 2019 Investmet$ Balance I January Transfers between funds• Additions Di5p)sals Net $wplus on r¢Yaluatic 567.016 3.478J69 10.694,420 1£740,IW 12255,223 (7.(XKI 200.000 (11,453) 2,296,235 615 3&539 235,715 742,967 IA117W6 B818nc¢ gs w 31 7.615 59&555 3.714284 11.437.387 15.737J41 14,740,005 •A trartsferof£7.( inve5tmen¢ fund units w&% mbrfwe¢ntheGw8e reMri¢trd fund and th¢ general fjjnd. An OPPOSile transfer of deposit fund unitsto th¢r¢stri¢Eed fimd w&8 made in paymeni by the 8en¢ral fund. This was to wovide suffKient liqumlity w ¢nabk th¢ r¢5trithd fw¥l w mak¢ 8 ¢osh payn R¢Mrided En&YWThts for specific for general Totsl ltsve5tmts Tot81 InvesthMts 2019 2018 Investmeiils B&lath¢e l Janwy Transfers between 3(&376 2.W7.998 9.138.849 (126J66) 12255223 12.421 J78 Additions N¢t jlU$0n 2(Kl.iXIO (11.453) 35 19.511 (1.027) (10.426) YJ.667 $443)3 185.666 12.255223 Bthn¢e as at31 567.016 3,47&569 10.694,420 14.740.(X15 See no 5 in resr*rt of investments held in th¢ Bishowkn maint¢nan¢e fimd. 18
All invesfments are held within the CCLA CBF Church of England Investment Fund. DEBTORS 2020 2019 Awount falling dwe 1vithi o#e ye8r. Accrued incorne 113.445 113.445 106.897 106.897 CREDITOILS 2020 2019 Amount fall1 due wl¢hln oty¢ y¢4r. Grants payable Accrued expenditure 240,399 7,200 247,599 315.572 17.247 332.819 2020 2019 Amollnt f#lllnt due after one yur. Grants payabk I4,)0 14,000 CTeditOT balances consim of both divideThJ income due io the provin¢4 and 8¢n¢rnl fund wants awarded by the Trusi¢e5. EMPLOYEES AND ThANSAcfioNS WITH TRUSTEES There were no employees thwiDg thr yeJT. No remunerni has been pjid to Cou11 Members during the year. Reimbur5¢m¢nt oftrav¢l & Subsistence expenses paid io Council Member5 duringthe yearw&s £nil {2019: £333). Secretarial fe¢5 of£12,170 were paid to Barlow lrtterventions Lirniied dIng 2020 {2019.. £13.173) for services provided by Stephen Lyon, OBF Secretary. St¢phcn Lyon, along with his related partte5, 15 the sole owner of Barlow Interventions Limited. As at 31 Ikcember 220, £5,435 was owed io B#rlow 1nteThe(s Lirnited (2019: £6.155). There was no (rther remuneTrtion to key managernent SOnnel during eithtrthe ¢urr¢rtt or previous year 19
io. ANALYSIS OF FUNDS Md Fmld bal•n¢¢ brought forw7érd Expenditsre Trwnyftrj Gli$ Fuid 18nees earrled ronvanl 2020 2019 Unrestri¢¢ed Funds: General Fund Restricted Fwu]s Endowment Funds 5.216 742,654 14.1 r2.989 IW291 342.8 (69.416) {261.463) 615 43.706 3&539 862,620 978.682 IS131.671 To¢al of ¢h¢ ¢harlty 14,Y20,859 450.181 (330.879) 1.017.386 1&057,997 nd Fo•d Ine0•¢ ExdIre Tr•ArferJ G8ln8 Fund balances carrled forward 2019 brought forwlrd 2018 loms Unrwtri¢¢¢d Funds: General Fund Designated Fund Restricted Endowment Furtds 88,916 75.(KXI i(Y+.9Y2 {165.518) (25.084) (IIK).IKM)) 5216 516.559 11.946.847 328.805 (162.461) (10.426) 59.667 742,654 223&568 14.172.989 Totsl TndS of the charity 12.627,322 435.707 (43&405) 2296.235 14,920,859 EndowmeDt F•nds Endowmem investments are split based on whether there is a reStrIdiL in place the income which these assets generne. The OBF has a toul of 39 (2019: 39) panent endowment fimd¥ the largest now being th¢ recently amalgamated funds: OBF Wem Indies at £2238.(th (2018: £2.1)94.0(KI). OBF China Gen¢rnl Fund 41£1,826.000 (2019: £1.713.(M)O)and OBF IndiaGene4al Fundat£l J08.(W{2019: £1227.0). walued at 31 D¢¢ember2020. Restrkted Fund$ Thi5 fund is for use for the sutlMWt of bislKViC5 in spxifK named di(wes or re¥ion5 IpartKularly in the Indian SUni1nen( ChÈn4 and S(MJth Africa). Ther¢ tr¢ 3512019.. 35) restrided income fund4 the largest betng the OBF China General Fund valued at £610.OIY) at 31 De¢emLr 2020 (£513.(KM) at 31 tkcember 2019). Unresirlcted Fttnd$: G¢tt¢rnl This 15 for8eneral use in meeting the OBF'$ charikeObJeCtiv¢s ande fj¢M designated forspecifi¢ 20
UTrrestrleted Funds: Duign¥4ted Fund Thts fund ¢omFfiS¢S unrestri¢*d fimds which the OBF Council h85 deSiated to be sei aside foT 2020 lambeih Conference. RELATED PARTIES During 2020, secretarial fees of £12.170 w¢r¢ paid Barlow Jn¢erventions (2019: £13.173). See Note 9 for fiffther deiails. 21