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 CaTrterl￿ry Vkfrpresldents The Most Revd and Rt Hon the Lord Arthblshop ofyort The Mox Revd the Lord Archbishops ol Amiagh. t￿blIn 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 OP￿nted 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 I1￿0 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$15tlng of not more than twelve tfustees. New trustees rKelve an Inductton pack of relevant documents oudining all a5pect5 of the worklngs of the Fund. The 08F has no other related parties apart frI￿n Barlow Interventlons Llmited. a company run by the OBF Secretary. Barlow Interventions limited charges the OBF periodicalty for 5ecretarlal work and related expenses. The levd of rèmuneration for the OBF Secretary15 set by the OBF every th￿e years and It was agreed that from i. October 2018 a daily rate of £31KJ would be applied. AppolntmeTrt olTruslws The composition of the 08F. in accordan￿ wtth the updated 2019 rules of the Counol. conslsts of not more than twelve Membe￿ shall be the tnjstees of the Fund. as foll¢)ws: lal the Director of the Mi55ion and Public Affaws tAvIrA￿ of the Arch￿shop< Council or. in the event of that offlce no l¢)nger subsi5tin& the holder of the eqU￿alent Office In Suc￿ssIOn to IL by virtue of his or her office: Ibl two blshops appointed by the Arthblshop of Canterbury. fora maxlmum term of 12 year5: 1¢) representativesof bodiesactivein the support of thewoTldwKle churth Isocietyfor Promoting Christian KnO%￿edge ISPCKI. thè United ￿tty Partners in the Gospel IUSPGI. the Churth Mlsslon Society ICMSI and the Mothe￿, Unlon IMUII for a maximum term of 12 years: and Idl up to five other members appolnted bythe Coundl. for a maxlmum term of 12 years. Statement of publlc bernfft The OBF believes that the Christian faith 15 of benefft to ￿CletY and indNiduals a5 it brings a vision of trat)sformatSon for peace and social harmony. Thls is derived from the bellef of the thurch that the ultimate purgw)se of God 1$ 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 na￿tsn 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 aS￿l¥ted with the An81ican Communion. as detaI￿d In thlg report. When plannl Its aCtI￿tIeS 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(￿n*￿1￿dj Grant4M4kh18 polky The OBF make5 8Tants out of Its General Fund. to SUp￿eMentthe 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 PossR￿e 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 pr￿￿￿e 5UPPOrt for the senlor rkatlonal and regional ItadÈrshlp of the worldwide Church, and in particular forthe establishment and fflaintenan￿ of ￿$hOPri¢S Wlthin the An8ltcan Communion. And. prO￿￿e further8uldance that: In relatlon to any area ofthe Wofld outsldethe United Kingdom where there exists a thurch that Is part ofthe An8llcan Communlon or In communlon wthin the See of Canterbury, the Fvnd may.. provlde financlal a5515tance tow•r*Jsthe settin8 up ar￿ maintenance of the bishopflcs ot such a chur¢h: and hokl endowment funds forthe benefft of such bishoprlc5. In relation to any area of the world outside the United Klngdom, the Fund may. provlde financial a￿($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 Cornmun￿n in tha( ¥thilst It Is keen to work alongside other oryanlsatlons SLSPPOrtlng the wO￿tt￿lde Church more 8eneraly. Specific remit 15 to provlde assistance for the work of blshops throu8hout the Communlon out￿de 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 ep￿PaI endowment trust lunds on behalf of several dloceses and w0¥in￿5 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 ItonthM*d) 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 Mana￿meTht 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 dV￿rSthed 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 kl￿WIedBe 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 tyj￿Ined 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 dI0￿san account li.e. not 8 perSc￿41 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 $8nificant proportion of the amount of the bÈshops' stipends in the Church of North India, reco8nisirh8 that hiStor￿alty thls Chur¢h has attrarted the most Impoverlshed members of sodety, arKI to make considerable contrlbutlons to the other Churche5 that are beneftclaries of these Funds. In 2020 the OBF was ablt to make the followin8 new8rants fram tts General Fund.. Yamblo, South Sudan 41S$ 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 Lam￿th 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 confe￿n¢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 (contlrm￿dJ 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 Su￿ontInent 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 a￿led 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 su￿c(￿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 p￿tponement of the confe￿nCe 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 sO￿h 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 F19 t*￿Mie ort its (qJu*ions and has assessed expected cash flows for 20218NI bey￿d. llwme received unthl the date of approval of the fjnancial statements is in line with ts7￿￿S, projections. The Fundhas sutTKient c&%h and cash equivalentsto provide liquidity to cover Current grant eommitmenty aThl supF￿ costs to ￿ Incts￿ed 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 t￿￿ern basis of accounting in preparing the With respect to the r¢xi rep￿Ing PffKMI the most signifKani are45 of ￿¢thainty that afftct the cwing value of assets h¢ld by the Chwity $￿ the kvel of investmeni ieium and the of investment markets. Funds Strnetsre Endowment fuTrts are capitsl fvnds where the Council no to spetMI the capttal bui where the in¢om¢ genernted from the invested ffiJTMts is available for e￿￿j11vrC. E￿dO￿Me￿t fiknds fall into two categorie5: endowments for specific di(Keses or provinces: aThJ ¢ndowments foT the gener41 objects of charity. Income from endowm¢mts for specific dioceses or provinces is treated as restrithd income and income from en(bwmem for the general objects of the charity 15 tre*ed as unrestrickd incorne. Ineome and Eipend5ture Divid¢nd5 and other interest are recogni￿ on an &cEuais b3si& Grnnts IT¢ re¢o¥Dis￿l 14 a liability when a firn) commitment to pay the grant is made. Imvestment *ad G•lffj* #Nd ow Investment Amets 16 InveSth￿ntS are slated in the financial slatements at market value. Gairns or loss¢s on investrnents are disclosed in the Ststement of FinarKial ALtivilie& TAXATION The Fund is a re8i*¢red ch¥ity and &$ such is exempt fmrn on its income and g4in$ to the exteni that they are applied to its ¢haritabl¢ puooses. IiYVEsfMENT INCOME uTrrestrl￿ Restrktrd E*dowfftent 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 45￿181 435,707 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 r￿trIcted 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 carri￿1 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$lww( in Cape TowL ￿x￿led by the Ar¢hbishop of Cap¢ Town a maintenance fund consisting of a pwrfolio of 7nvesfmen15 held in respeci of the Ar¢hbishopri¢ of Cape Town. The maintenance of the house is financed ILKally and has been for over cenliiry. The Council last received a valuation as at 3151 May 2013 of £4.3 million for the prow and £942,(X)O for the investments. As the Fund control over or beneficial interest in the a55ets, they have been included ￿ nil value in the xcovnts. The Ccmjncil had originally hoped to transfer the title of these assets to a newly formed charitsbk trust Tn South Africa for the benefit of the Archbishopric of Cape T¢)wn, during the latter Imrt of 2013. There ha5 l￿weVer been no dHnge in 2019 or 2020 and it is hoped that matters will be concluded as soon as Fwible. INVESTMEiYTS Fumd Unrutri¢ted R¢rfr￿ E*dovnm¢n¢ Endowment Totsl fy•ds for ge￿traI for speellle IDvestmuts objrfts dloeese Total investments 2020 2019 Investme*t$ 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&% m*brfwe¢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 pay￿n￿ R¢Mrided En&YW￿Thts 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 ￿j￿lU$0n 2(Kl.iXIO (11.453) 35 19.511 (1.027) (10.426) YJ.667 $443)3 185.666 12.255223 Bthn¢e as at31 567.016 3,47&569 10.694,420 14.740.(X15 See no* 5 in resr*rt of investments held in th¢ Bishowkn maint¢nan¢e fimd. 18 All invesfments are held within the CCLA CBF Church of England Investment Fund. DEBTORS 2020 2019 Awount falling dwe 1vithi￿ o#e ye8r. Accrued incorne 113.445 113.445 106.897 106.897 CREDITOILS 2020 2019 Amount fall1￿ due wl¢hln oty¢ y¢4r. Grants payable Accrued expenditure 240,399 7,200 247,599 315.572 17.247 332.819 2020 2019 Amollnt f#lllnt due after one yur. Grants payabk I4,￿)0 14,000 CTeditOT balances consim of both divideThJ income due io the provin¢4 and 8¢n¢rnl fund wants awarded by the Trusi¢e5. EMPLOYEES AND ThANSAcfioNS WITH TRUSTEES There were no employees thwiDg thr yeJT. No remunerni￿ has been pjid to Cou￿11 Members during the year. Reimbur5¢m¢nt oftrav¢l & Subsistence expenses paid io Council Member5 duringthe yearw&s £nil {2019: £333). Secretarial fe¢5 of£12,170 were paid to Barlow lrtterventions Lirniied d￿Ing 2020 {2019.. £13.173) for services provided by Stephen Lyon, OBF Secretary. St¢phcn Lyon, along with his related partte5, 15 the sole owner of Barlow Interventions Limited. As at 31 Ikcember 2￿20, £5,435 was owed io B#rlow 1nteThe￿(￿s Lirnited (2019: £6.155). There was no (rther remuneTrtion to key managernent ￿SOnnel during eithtrthe ¢urr¢rtt or previous year 19 io. ANALYSIS OF FUNDS Md Fmld bal•n¢¢ brought forw7érd Expenditsre Trwnyftrj G*li$ 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•¢ Ex￿dI￿re 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 T￿ndS 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) p￿anent 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 SU￿ni1nen( 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¢emL￿r 2020 (£513.(KM) at 31 tkcember 2019). Unresirlcted Fttnd$: G¢tt¢rnl This 15 for8eneral use in meeting the OBF'$ charik￿eObJeCtiv¢s and*e fj¢M designated forspecifi¢ 20 UTrrestrleted Funds: Duign¥4ted Fund Thts fund ¢omFfiS¢S unrestri¢*d fimds which the OBF Council h85 deSi￿ated 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