2021-12-31-accounts

THE OVERSEAS BISHOPRICS, FUND REPORT AND FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Reglst¢r¢d Owrfty245334

REFERENCE ANDADMINISTRAMVE INFORMAMON TRUSTEES, REPORT FOR THE YEAR ENDEO I DECEMBER 202 INDEPENDENfAUDITOR'S REPORT TO THE TRUSTEES OF THE OVERSEAS BISHOPRICS, FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021 ALANCE SHEET AT 31 DECEMBER 2021 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021 14 15 17

REFf RE14CE AND AOMINISTrATNE IIIFORMATION The OvèTsÈas Bishoprics Fund 15 a tharitable trust. founded in 1841 as The Colonial Bishoprics Fund,. reglstèred with the Charity Commission Ino. 2453341. Church House. fyeat Smtth StreeL Westminster. London SWIP 3AZ PresSdent The Most Aevd and Rt Hon Lord Arthknshop ofcanterbury Vite-Piesidents The Most Revd and Rt Hon the Lord Archbishop of Yo The M05t Revd the Lord Archbishops of Arn)agh. DulAln and Wales The Primus of the Ep15￿1 Churth in Scotland Members of ihe Councl {truslees ofihe 08F) durk¥ 2011 Appolntedby theArchbtshopof Conterbury The Rt Revd Henry Scriven The Rt Revd Anthony Pog80 rhe Directorof the Mission ondPublicAffaI￿ Division of theArchbishops"Counol The Revd Malcolm Brown Irepresented at meeting5 UP to ￿ne 2021 by Ms Janlce Prlce, the Church of England World Mission Policy Adviser) Representative5 of bodie5 t7ctive in thE SUPPOrt of the *t7rhtside olurch Mr Sam Richardson ISPCKI The Revd Duncan Dornior IUSPGI Mr Robert Dawes (The Mothers. Unlon} Rev Andy Roberts ICMSI lapwnted in November 20211 Trustees oppolntedby the Covncll Revd Canon Mark oXbr￿ (Chaim￿n of the Council) Mr Richard Woods Mr Colin Bird Mi55 Sue Parks Mr Stephen Slack 0￿1(el$ Mr Stephen Lyon (Secretary) Mr Christopher Smbth (Clerk) Audiltys: Crowe U.K LLP 55 Ludgate Hlll London EC4M 7JW Uoyds Bartk pl¢ 25 Gresham Street London EC2V 7HN CCLA Investment Management Ltd Senator House 85 Queen Victorla Street London SWIE SJL

THE OVERSEAS 81SHOPRICS FUND TRUSTEES. REPORT FOR THE YEAR EIIDED 31 DECEMBER 20ZI The Trustees of the Overseas Bishoprics Fund I"OBfl present their report along with the financial statements for the year ended 31 December 2021. The financial statements have been prepared In accordantè with the accounting policies set out on page 17, and comply with the Charities Act 2011 and Accounting and Reporting by CharStSes'. Statementof Recommended Practice applicableto charities preparlngthelr accounts in accordance witt) the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) 1.the SORP"I. Strurtufei p¥emante, man4ement and remyneraiion The governing document of ihe OBF is The RulesAor the Adminotmtion of the Fund. Th5s define5 its object. the methods by which that may be athieved. the procedures forthe appointment of its Council and officers. and the means by whl¢h rts business may be iransarted. These Rules were thoroughty reviewed, revised and approved by the 08F Council in November in 2019 and subsequently sent to the Charity Commission. The Rules provide that all affairs of theO8F areto be controlled by its Council. consktlng of not more than twelve trustees. New trustee5 receive an induction pack of relevant documents oUt￿ning all aspects of the workin85 of the Fund. The 08F has r0 other rdated parties apart frorn Barlow Inler¥entions tirnited, a company run by the OBF Secretary. Barlow Inierventions Limited ¢har8es the OBF periodically for seuetarial work and related expense5. The level of remuneration for the OBF Secretary 15 Set by the OBF effjthree years and it was agreed that from I. October 2018 a daily rate of E3(K) would be applied. Appolnlmert of Trustees The composition of the OBF. In accordan￿ with the updated 2019 rules of the cr￿ntIl. consists of not mo than twelve members, who shall be the trustees of the Fund, as follows: (al thè threttor of the Mission and Public Aff•irs Division of the Arthbishops, Counol or. in the event of that office no lon8er subsisiin& the holder of the equNalent Offi￿ in 5ucce55ion to it. by virtue of his or her office,. Ibl two bishops appointed by theArthbishop of Canterbyry. for a maximum terni of 12 years.. Icl representative50f bodies activeinthe support of theworldwidechurch ISocietyforPromoting Christian Knowledge ISPCKI. the United Soclety Partners in the Gospel IuspGI. the Churth Mlsslon Society ICMSI and the Mothers. Union IMUII for a maximum term of 12 years.. and Idl up to five other members. appointed by the Council. for a maximum term of 12 years. Stement of publlc benefft The OBF believes that the Christlan faith is of benefit to society and indivTrduals as it brings a vi51on of transformation for peace and Social harmony. This is derived from the belief of the Church that the ultimate purpose of God is to bring all things into unity and perfection in Jesus Christ. The quality and Security of the leadership within the Church 5s crucial in ensurlng that this vlsion 55 reallsed. The OBF believes that the advancement of the Christian religion wéll be enhanced by the provlsion of "support for the senlor national and re￿onal leadership of the worldwide Church. and In partl¢ular forthe estsblishment and maintenance of bishoprics within Anglican Communion". The bishops whom the OBFsuppLYts. work in some of the neediest areas of the world. Their leadershlp benefits not only the Church but also the wider comrnunity and their nation and region. Their work often bullds reconciliation, bringing community cohesion and stsbility through education. development and capacity building. They also provide vital links with the Wbder communities bryond those they primar1￿ serve. The 08F seeks to demonstrate this benefft through the way It addresses the needs of those in ep15copal leadershlp wlthln or doseW assoclated wrth the Anglican Communion. as detailed in thls report. When planning its activities for the year the Counol has ¢onsidere<l the Charity Commission guidance on public benefit and, in particular, the specific 8uidance on charities for the advancement of religion.

THE OVERSEAS BISHOPRICS FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEM8ER 2021 Iconllnued) fjrant.maklng poll¢y The OBF makes grants out of its General Fund, to supplement the local funds of overseas blshoprlcs. In 2019 the Council reviewed its 8rant wving priortties and procedures producing a new set of Guldance Notes and common Applicatlon Form. Support for Inltlatl¥es that bumd EplKopal leadership capacity Is now a hh prlorlty. Grants a￿ usually made for an inthithal year but in some case5 rnultiwear commitments are made. Every applicant for fundin8 is strongly encouraged to pmMde: as much darity as possible as towhat other sources of suppttt a blshoprlc Is seekin8 or has received and the Iwel of local support from within a bishopric: eVIden￿ of the support of the Primate or Provinaal Secretary of the prOwn￿ In thich the applScant's blshopric is situated; and assurance5 that the Communion's own guidelines for the Ilnanang of dioceses have been foltowed. Income from each of the restricted fvnds Is paid to the trrtseas dio¢e5e or province to whith it relates. The income from each fvnd Is therefore generalty equal to the investment income less administration expenses for the year in question. Oblectlves and acthltles The Rules pr(wide thai thÈ core obiett of the 08F is as follows: iii The objert of the Fund shall be to prowde support for the senlor national and reglonal leadership of the wortdwide Church. and in partiojlar for the estsbllshment ard maintenance of blshoprics within the Art￿leaN Communlon. And, Provide fvrther 8uidwbce that: 121 In relation to any area of the world outside thè Untted Kingdom where there exists a church that is part of the An81ican Communion or in comrnunion within the See of Canterbury. the Fund may= provide financial assistance towards the settin8 up and Maintenan￿ of the blshoprlcs of such church,. and hold endowment fvnds for the bÈndtt of suth bishoprics. In relation to any area of the world outside the United Kingdom. the Fund may: provide financial assistance towards the settin8 up and malntenance of the bishoprics of any thurch whose relationship with the Church of England Is such that the Council of the Fund. having sought the advice of the Ar¢hbishop of Canterbury. judges it suitable that such assistance be wen; and hold endowment funds foi the benefit of such bishoprics. In ￿lation to any church in anyoftheabove categories or in relation to any partofsuch a thurch. where there Is not in place for the time being a system of Ep￿paI leadership. any reference in the above prowsions to a bishoprfc shall have Èffect as If it were to the office and work of a senior national or regional leader of 5talu5 equrialent to that of a bishop. {41 The OBF15 unlque in the Wican Communion In tha¢ whllst it is keen to work alongside other or8anisatlons supporting the worldwide Churth more generalty. rts spetlfK remit ts to provide a551stan￿ for the work of bishops throughout the Communion outside the UK. These bishops provide the leadership necessary to enable the delivery of the Vision that the Christian faith can bring about transformation for pea￿ and soclal hamlonv. The OBF 5eek5 to achieve this in ways. Firstly. it administers eplscopal endowment trust funds on behalf of several dioceses and prov1n￿ and transfers accumulated income to them. Secondly. It makes grant5 to blshoprics.

ThE OVERSEAS 815HOPRICS FUND TRUSTEES. REPORT FOR THE YEAR ENDED31 DECEMBER 1011 Ictyrtknued) Fwdraisin8 Sectlon 162a of the Charities Aci 2011 requires charities to make a statement re8ardin8 fundraisin8 artivities. The Council does not currently vndertake fundraising actmty of any nature, is not regrstered with a fundralsing regulator, has no Commercial participators, and has received no complaints relatin8 to fundraising during the year. Rlsk management The OBF's risk management pollcy oudines its approa¢h to risk managemenL and the respective roles and responsibilities of members and finance staff in mitigatin8 the identified risks. Rlsk area Single fund manager for investments may lead to poorer investment returns. and capital value not maintained. impacting on ability to provide stable and sustainable distributlons. Macr economic events le.g. Brexlt. COVI 191 mav impact rnvèstmeni performance and the sustainability of future distributions. -Fund mana8er invests in diversified portfolio -Funds are held in deposlt. Investment fund and property fund shares -Performance of fund manager compared to other fund managers -Attess to investment pÈrfombance report5 produced by Archbi5hop5' Council Inve5tmenl Committee -Regular meeting5 between the lund manager and the Council to discuss investment poliaes and performance Inadequate documentation of Fund detalls may lead to delay In payments and requlrements of funds are not fully cr)rnplied with. -Newstaff working on 08F matters are given an induction on purpose and work of the Fund -Files are held centraltyfor all key documents -Datab85e is maintained of all &"5hopric detai15 Grant allocatFon5 may not covw certain needy Bishoprics leading to OBF not seen as supporting the whole of ihe Communion -Mrssion agencies are in¥0￿ed to obtain knowledge of local area -Trustees and Council members who have knowled8e of the Bi5hopric5. and the areas in which they operate. are involved in grant allocation. Fund5 may be overspent in the UK and mlsapproprlated overseas -Two siBnatories for every payment over £SOO -Fund secretary hold5 latest record5 for admlnisterln8the funds to ensure payments ￿ath Intended ￿1plent$ -Admin thar8es deducted before income payments are made -Purposes of the Fund outllned to recipients each time an income payment 15 made -￿1 grants agreed by the Council as appropriate -Payments must be made to a proviTKial or diocesan account li.e. not a personal one) - Confirniation of receipt offunds are sent by the grantee to the secretary tothe OBF togetherwrth a slgned a8reÈment that the grant or income will onty be used for the Specific purpose5 Stated or in line with the objeclives of the OBF. In addition. a summary 15 requested of the way in whlch previous grants have been spent Poor succession planning knowledge management leads to disruption in the work of the 08F. -Put succession plan in pla -Sh¥re knovAed8e of working of the Fund across finance department -work collaboratNeW with other similar funding bodles

THE OVERSEAS BISHOPIUCS FUND TRusfEW REPORT FOR THE YEAR ENOED 31 DECEMBER 2021 l¢•htinued) Actlvftles of the 08$ Coul￿1 In the to 311)e¢•Th￿ 2021 2021 has been another challen&n8 year due to the global pandemic of the Coronavirus. For the OBF it meant that we met virtually for our June trustees. meetings but were able to meet face to face in November. The lon8er-temi effects of the wrus continue to innuence life auoss the Aft￿1¢3n Communion and will no doubt be a contributlng factor in some fulure grant applications. Grants In 2021 the OBF approved grants of £47.854 from its General Fund-£41.140 to be distributed in that year and the remainder promised for subsequent years. It atso granted £34.(KQ from Its Indla Funds to the Urmted Churches of the'lndian Sub<ontinenr. Due to the trustee5' desire to support a5 fully as possible the Lambeth Confereno. planned for 2020 but Postponed until 2022. the level of grants made In 2021 was B￿atlY reduced. M05t of the six new Brants were made to Afrlon kyovinces wifh one ¢o¥eringthree whdety geographically Spfead Brazilian d￿Cese5. So. in 2021 the OBF made the fdlowing new grants frorn ts General Fund: Bishopri¢ of North Mb•le, Ll8•nda-a 8rant of just (yrfer £S.INK) over three years towards the support of the bishop's stipend. Internal provin￿ of Ghan4 WestAfrita- total grant of £11,6(K) over three years towards the Cost of building new pro￿na31 office5 in Accra that will also support the work of its bishops by providing a base in the capltal uty. Pro¥lnte of Burundl- a on&off grant of £8.rx(J towards the repair costs of the VehIc￿ used by. and the other travel e¥penses of. the Archbishop enabling him to vislt across the Provin￿. Pro¥lndal Area 2 In the Pro4*Keof W-a one￿grant of £6.(￿ towards the travel cost5 of the I￿ShOpS in thi5 scattered area allowi￿ them to vislt the coTrAre8ation5 and dergy. Blshoprlc of Blharnmulo.T•u•nh- a one-off grant of £8.(KIO towards the cost of buildlt the bishop5 Offi￿. Blshoprlc of Gom4 DR Con80-a total grant of appTOL £10.250 over three years towards the purchase of a vehicle for the yet to be appointed rbvw bishop in thè diocese. The India Funds support the 0Tr8oing work of the bishoprkcs in India, Paklstan, Ban8lade5h and Srf Lanka. The Importan￿ of these grants can perhaps best be gauged by the fact that the OBF. from both these general funds and fvrther restrirted fund5. ￿ able to offer a signThcant proportion of the amount of bishops, stipends in the Churth of North India. andto enable considerable contributionstotheotherchurchesthat are benefic4aries of these Funds. Durlng 2021. following a due diligence exercise. trustee5 also reinstated our grant makin8 relationshlp with the Chur¢h of South India ICSII which had been suspended for$￿Tal years dueto a lack of accountablltty in relation to transferred monies. Following Emails and a Zoomed conversation with the leadership of the Church these issues have been resolved and grants from the India Funds were resumed. It 15 expected that in 2022 Income payments from the 08F Torunelveli and Dornakal fund tboth CSI b￿hOprI(S]. which were suspended forthe same reasons. will also be resumed. 2020 Lambdh Conf•rence Due to Covld-19 the residential component of the 2020 Lambeth C¢nferencewas Postponed ind ￿ now planr)ed to take place In the summer of 2022. The Counol a6reed that grants either already given or promlsÈd to the Lambeth Conference Company towards the costs of the Conferencewould be honoured. These8rants will afford bishops, unable to pay their own air fares or conference fees. the opporwnity io Come to Lambeth 2022 a5 part of thelr development and to support thelr eptscopal mlntstries.

THE OVERSEAS 815HOPRICS FUND TRUSfEES' IIEPORT FOR ThE YEAR ENDED 31 DECEMBER X121 Icontlnued) As it wa5 anlicipated that Covid might continue to be a factor in 2022, the Larnbeth Conference planning 8roup decided that the Pre-Lambeth Hospitslity Initiative, due to be offered by dioceses in EnBland, Wales, and Scotland, wlll no longer take pla￿. Participants in the Conference will now travel dirertty to Canterbury. The OBF grant5, agreed in 2019. to support certain costs incurred by these UK diocese5 would, therefore, be no longer required. The return of these Brants was requested in January 2022 and all monies transferred not used for these purposes have been retumed to the OBF. Ralkmwltsailon of the OBF funds Work still continues to seek pemission from the Charity Commission io rationalise the differeni funds relatin8 to China, the Indian Sub-continent and those in the Provin￿ of the Churth of North India in the followirvd manner.. OBF ChSna Fund- to create a scheme where all the present China Funds can be incorporated into one fvnd and appllÈd to all areas o¥Èrseen by thÈ Chlna Chrfistfian Council: 08F North Indla Fund-to r81ionalise all funds linked to individual di0￿e$ In the CNI into one new Fund. in keeping with practice since the inception of the CNI. OBF India SuKontinènt General Fund- to rationalrse all the India Funds Into thls one fund. ChSna Funds Trustees had hoped to discus5 the leadership of the China Christian Council the use and distribution of the OBF funds held in their name. It was antiapated that this might happen on the fringe5 of the 2020 Lambeth Conference. When the Conference was postponed planning these conversations was put on hold and it is hoped that. if the leadership come io the 2022 Conference. the conversations might happen then. Falllng that. a review of the use and rfislwrsement of the Chlna funds wim need to be dealt vAth In some other way. Jerusalem and Middle East Churth Ass￿latIon Following the resolution made in 2018 and subsequent permission from the Charity Commission, the assets of the Egypt fund h3ve now been trarisferred to the Jervsalem and Middle East Church Association IJMECAI. Thls transfer was made up of Investment assets totalling £412.856 and a cash balan￿ of £14.583. belng a total transfer of £427.439. BIshopscou￿ CapeTown. South Afrka During 2012 all the ne￿$sary arranBements were put in place to transfer ownership of Bishopscourt (the home and office of the Archbishop of Cape Town since the 1840sl to a similar trust in South Africa. At its meeting in November 2012 the Council of the OBF approved= draft Deed of Trust establishing the &shop%ourt Episcopal Trust, the principal obpcts of which are "to establish and maintain AnBlican bishoprics tMthtn the province of Southern Africa. and in partlcular the Archbishopric of Cape Yown": and a draft Deed of Donation transferring to it the freehold of Bishopscourt and the assodated Ivnds. This transfer contlnue5 to be delayed, due mainly to the complexity of the registratbon proce55 of the Bishopscourt Ep15copal TTUSt in South Africa. The 08F Council has pa55ed a re501ution that when the transfer of the freehold takes place the capital currently held in all other South African funds held presently by the OBF will also be transferred to the new Trust.. the Cape Town English Endowment Fund, the Cape Town South Africa Endowmertt Fund. the 8loemfonteln Fund. the George Fund. the Natal Fund and the Pretoria Fund. Governance Matters Trustees decided this year to give time at each Counal meeting to review an a5pett of tts 8overnance seekingto review issues and. where necessary. improve polioes. The aBreed pattem is.. Year I (June).. Governance Poliaes- Rules. Risk Reg￿ter and Conffict of Interest Register. Year I INovemberl= Charlty Purpose and objectives and consequent fvlure malor tasks (so allowlng high-lèvel dlscusslon every two years on how we feel God is talling us to steward the rèsponsibilities we hold).

THE OVER5EA5 BISHOPRICS FUND TRUSTEES. REIWAT FOR THE YEAR ENDED >1 OECEMBER ZOZI ((Mtlnued} Year 2 (Jvnel.. Managemeni Policie5 - Financial Contrds induding Reserves and Investment polkies Ilncludin8 a presentation by Ccwour fund managers).. DNerslty and Incluslon- and Risk Register Year 2 INovemberl- Strategic Partnerships- on some occasions thls could indude participation by key partner such as ACF or St. Augustlne's F¢)undaiion. In revie4¥ifvdthe Rules. in the light of Several than8es of personneland circumstanc4 ￿wa$agreed In November 2021 that we would change several Rules. mainly in relation to the composition of the Council. As part of the exerclse, we also amended the Rules to cover our Vlrtual meetings and revlewe(J the patronage list (Vice- Presidents) which was deemed to be 0￿dated. As a ￿Ult¢ftheSethtnge5, when they a￿ ratified in June 2022. there will be se¥eral changes In the trustee body: Bishop Henry Suiven, Rithard Woods. jani￿ Price and Sue Park% wlll stand41own as trustees and Blshop Gull Franas-Dehqni. Janice Proud. Edward Chaplin and Rana Khan will beuxne twstee5. The OBF ha5 always been well seThed by its trustees and valued the unÉque Contribution each one make5 to its work. We will miss thè wlsdom and Insi￿t$ offered by Henry. lknthard. jani￿ and Sue as wewdcome all thatour newtrustees will offer to the work. Future Plans As the OBF spetlfficalty serves those leadingtheAn81ican Communion- its bishops- its own future wlll be linked to that of the Communion. The Coronavirus not onlycaused the postponement of the Lambeth Conference but challen8ed the mi55ton and adrninlstration of all the Churches In the An￿lcan Communion a5 they sought to respond tothesituations they faced. Theeffects of thevirus are IlkÈtyto befxtors in applicatii)ns that will come to the OBF. It is hoped that at the rearranged Lambeth Conference In the summer Of 2022 the OBF will host a reception where trustees can meet face to face both blshops we alreaolf 5UPPOrt and explain whai the OBF might offer to those bishops unaware of the Fund's work. We will continue to address how we mlght support the de5iie. in many Pla￿ acr055 the Communlon. to bulld up the capacity of the blshops through trainin& support. mentorin8 and retreaL In 2021 the An81ican Communion inaugurated the new Pro¥ince of 19rEiaAnglffcorto de Mocombique e Angola- the Anglican Church of Mozambique andAnEola. Thiswasfornied bythe Anglican dTrocese5 in the two Lusophonè countrles that. untll that date. had been part of the An81ican thur(h of Southern Afrlca. In creatlng the new Provlnce. the Communlon also ueated 8 new dioceses. The QBF has already been approached to offer support to the new Provlnce in 2022 and beyond. More generally. the OBF will Continue to hwe calls on its resour￿ to support the owolng work of bi5hop5 in areas of the Communion challenged by poverty. war. disease and famine where the Church is often the sole mean5 of support for many communities. The present global finandal constraints will contlnue to make th contribution even more important. The OBF has continued its explorations in establishin8 links with other o￿an153t10￿5 With kindred aims, such as the Anglican Communion Fund and Si Augusune's Foundaiion. to ensure that available fijnding is targeted most effectlvely.

THE OVERSEAS BISHOPRICS FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 Icontlnued) Flnanclal revlew The total net 355ets for Twthith the OBF has responsibrlity at the end of 2021 were £18.111.161 12020: £16,057,997). Of these assets= Unrestricted funds 1.the General Funcfi. whith can be usedfor the Settl￿ up ond maintenance of bishoprics generally, were £107.00412020: £43,7061- Restricted funds. whSch must be used for the support of bishoprics in specific named dioceses or reglons Iparticularly In the Indlan sub-continent. China. and South Africa). were £1.109.76612020: £862.6201. the remaining £16A94.39112020: £15.151.6711 were the permanent endowment funds of which £4,248,35512020.. È3.718,4841 generates income for general objects and £12.646.03612020: EII.433,1871 generates income reStrI￿e￿ to spetÉffic dioceses or re8lons. The capltal value of ihese fvnds. and the Inc¢¥ne 8enLYated by them, fluctuate accordin8 to market condtloons. Investment power% polkyand perfomwn Investments are held wlthln Church of England Funds that are managed by CCLA Ltd. The Councll reviews Investment perfOrnian￿ during the year. on the basis of reports receNed from CCLA Ltd. Thefunds are Invested to maintain ¢apit81 growth, whilst providing suttablè lèvels of income to providè a reliable grant strèam to the bishoprics. During the year the total value of the investment funds in¢reased by £1,827,831, made up of gains on revaluation of £2.240,687 and di5tK15als of E412.85612020= increased by £1,017,836, made up entlie￿ of revaluation gains). The amount of investment income received was £456.75912020.' £450.1811. Resèrves pollcy Ouring 2020 the Council examined tTr￿ requlrements of the OBF In accordance with guldellnes Issued by the Charity Commission. The Council believe that the level of fr￿ re5erve5 from the unrestritted General Funds should be not less than £40,fJ)O, in order to provide 5ufFioent working capitsl and to deal wtth unforeseen requests for emergency funding. A5 at 31 Oecember 2021, a5 there are currentty no deslgnated funds, free feserves totalled £107.004. The trustees are considering further grants which will bring thi5 balance back down to lower levels in future. The value of endowment funds held at 31 Dttember 2021 was £16.894,391. Golng concern The Council has ¢onsidered specificalty the potential impact of thèCOVIO 19 pandemic on Its operatlons and has assessed expected cash flows for 2022 and beyond. Inwme receNed until the date of approval of the financial statemènts is in line with the truste￿ projections. CCL4 the Counafs investment manager, have not communicAted a thange to the expected investment incorne for 2022. The Fund ha5 5uffiuent liquldity to cover grant commitments alrea0* made and associated support Costs. The Council will r￿derate the grant making activity of the Charity as necessary to meet its reser¥e5 policy as set out on above. Gwen this. the Boing Con￿rn basis of a￿OUntIng in preparing the annual report and the finana31 statements continues to be adopted.

THE OVERSEAS BISHOPRICS FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 Icontlnued) Respon5TbllltS•s of the truste•s The Council is required to prepare finanaal statements for each finandal year that give a true and falr view of the state of affalrs of the OBF and of its incoming resources and application of those resources for the period in question. In preparing those finanaal statements. the Caun¢il is required to.. sdect sultable accouniin8 poliue5 and then appfy them consistently: make judgements and estimates that are reasonable and Prudent: State whether appli¢able accountin8 Standard5 have been followed (subject to any material departures disdosed and explained in the finanaal statements): and prepare ihe financial statements on the"Boing concern" basis. unless ￿1$ knapproprlate to presume that the Fund will continue in business. Thecouncll is responsible for keepin8 proper accounti￿ record5which disdosewith reasonable accuratyat any tlme the financial position of the Fund and enable them to ensure that the financial Statements are correct prepared. It 15 also respon5itAe for safeguarding the assets of the OBF. and hence for taknng reasonable steps for the prevention and detection of fraud and other irre8ularities. Approved by the Council on 9 June 2022 and signed on its behalfr. Revd. Canon Mark Oxbr Chairman of Council io

Independent Auditor’s Report to the Trustees of The Overseas Bishoprics’ Fund

Opinion

We have audited the financial statements of The Overseas Bishoprics’ Fund (‘the charity’) for the year ended 31 December 2021 which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charity’s affairs as at 31 December 2021 and of its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

11

• the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or

• sufficient and proper accounting records have not been kept by the charity; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 10, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. The laws and regulations we considered in this context for the UK operations were regulations concerning the international transfer of money.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Trustees about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those

12

charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP

Statutory Auditor

London

Date 6th October 2022

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

13

5TATEME]YT OF FINANCIAL A￿1VITIF5 FOR THE YEARS ENDED 31 DECEMBER 2021 AND 2020 Unregtrieted Fumds Restrletrd F￿lld$ 2021 Tot IAtome fro￿. 109.347 347.412 456.759 Tota] in¢orn¢ l(VJ.347 347.412 456.759 pwdil¥re o th•rltblt ctfvltl¢s: Suwort of b￿11(￿5 147,147) {184.279) {411856) {644.2821 Total CXPEnditurc Total s￿¢0￿¢ less t%￿￿1Mr¢ before gkn oth lovestm￿ts Gain on inves￿¢￿ts 147,147) {l84.2791 {411856} (6442821 16&133 141U56 {187J23) 84.013 1155J76 1.74L720 2.240,687 2J151164 Net ltteome 247.146 247,146 2J153,164 Total funds at l Jartuary.. Ttstal funds at 31 Detember 43.7( 861620 15.151.671 16,057.997 1,109,766 111 16194391 Unrestrlcted Restrieted Fumds F￿lld$ 2020 TotAI Notes IRt•mÈ froth: Inv¢5trnu 107291 341 45Q181 Total income 107,291 341 45Q181 EXpe0dlt￿re om ¢haritsble etlvltl SuFPXt of bishops Tolaj cxpcnditut Totl incom¢ leM expendlture before gain on investments GwTb on inveslments (69,416) {261.4631 1261.4631 (330.8791 (330,8791 (69,416) 37SJS 81A17 119J02 615 38J39 119.966 97&662 1,017J36 .137.138 Net ineorne 90 Transfers ktween fur¥Js Net rnoveTheDt i• fllmds 1,137,138 Tothj fi￿d$ dt l Jthuw.. Totsl *t31 Deeethber 5216 741654 14,171989 14920 ISISlth71 16W5?,997 14

BALANCE SHEET AS AT 31 DECEMBER 2021 Unrtstrkted F•xds Rejtrirted F#•41s EndowTreNt F*mds 2020 Total Totsl Flxed Assets TJngible assets Inv¢stsnents &713 16.894.391 17.585,673 15.757,841 &713 16J94J9A 175BS,673 1&7S7041 Current a55EIs Cash & cash cquivaknts 109.204 48&179 597.383 434.310 Debtors 27.757 87.141 114.898 13,445 S75J2• 712381 547.755 Cr¢diiof5- ￿0￿nts fallin8 due Iviihln otle year 131.9531 1148.123) (180.0761 (247.599) Net turr¢M¢ ass¢ts 10&008 427.197 532,205 300.156 Crediiors.. falling due Afterone year {&717} 1&7171 Tolal net assets 107A 1.109.706 1&111.161 10157.997 The fuAds of the tharity Unrestvicted funds- Getml 107.(MM I07.IYM 43.706 Restricted funds 1.109.7to i.l(V).766 862,620 Endowment funds I￿894.591 IA894,391 15.151.67l Totsl fbttds 1.109.766 16W4J91 18.111.161 16m7J97 Approved and auth(Kised for i5su¢ by the Council 9 Jwi¢ 2022 signed ￿ its behalf: R¢vd. Canon Mark Oxbrow Chainnan of Court¢il 15

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021 2020 R¢t•ncHllknN of intomt to Aet Ilow from oper•tkn¢ ¢tiviti Net income for the ytr (s ptr tk¢ sts¢¢N¢•¢ of fi•¢il aetivldp5) IThV¢stsn￿i in¢ome {187.523) 119.302 (456,739) {60.804) (1.453) 171V39) 1450.181) {99.220} 16.548) I￿6￿47) {De¢reasel in ErditOT5 {Incre&sel in debioTS Net euh flow th) •perlh8 divities Cuh 110￿ from iuvesti•z adivitiej 45fi759 450.181 DtSP05JJ of fI￿d as5Ct inve5tmcnls CAsh flow Provid￿ hy illvulilli •ctivits 412853 WJth12 450.181 Net cash tl•w prnvided by rthfltl 163.073 13.534 Cth and cash equiv￿¢￿ts at the stsrt oftheytar 434.310 420,776 Cash And eqxlvl•Dts at the ¢•d orth¢ y¢•r 597J83 434JlO Anatysts of eash & ush equfvxients & chatttos l tset 41ebtr. At I JAII 2021 C￿h Other ch*nges At31 Dee 2021 Cash at bank and in h￿d 434JlO 434JiO 163.073 163.073 597.383 597.383 TOTAL 16

NOTLS TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 ACCOUNTING POLICIFS Legal Ststus The Ovetseas Bish(qyrics' Fund fOBP) is a charitable trusL fouTrJed in 1841 as'The Colonial Bislwrics Fund.. registered with the Charity Commission (no. 245334). Basis of Preprtlon Financial Reptytnl8 Sthttdatd 102: The Financial Re￿Ill)s Standard applicable in the UK and Re￿bI of Ireland ("FRS 102). Accouniing and Reporthng by Chariiies.. Staiemeni of Recommended Practice applicable to charities Fryaring their xcounts in accordance with the Financial Repxting Standard applicable in the UK and Ryblic of I[e￿d {FRS IIY2) fthe SORW). The OBF meets the defmilion of a Public Benefti Entity fPBF') as Set out in FRS I(Kl. and therEforE a￿)ll¢S the PBE W¢f￿¢d PJTagT in FRS 102. The fmancial inforniatic) has been prepared on the historKal cost basis (except for the revaluation of investments) and on the aC¢n￿lS basis. These f￿ancial ststements comprise allthe OBF'sunYestricted. desI￿lat￿re5triC1uIand endowmentfimds drdwn up to 31 Decembereach y￿. A summary of the o¢¢wnting w)lici¢s. whi¢h h￿e l¢n applied consimently across the group. is sei out below. Going Ctkntern The Council h&%considered specificallythe prfential imw of the COVID 19 pandemic on its operatkMs and h&$ assessed expecttd cash flows for 2022 and beyond. Income tEceived until the dale of approval of the fmanciaj ststements is in line with the trustees. wojections. CCLA, the Council's investmenl manager. have not communicated a thange lo the expect￿ investment income for 2022. The Fund ha5 5uffici¢nt liquidity tocovergrdntcommitm¢ntsa]teady madeand asxKiedSUPFrfKlcosts. The Cwncil will m(Kl¢rai¢ the grdnt making activity of the ChaTity as necessary to meet its r¢5¢rye5 wTrlicy as 5¢t out on aixjve. Given thi& the going tA5is of •¢mirfing in pTepaTI￿ the annual rep)rt and the fmancial stakments ontinues to be ￿le(L Funds Stru¢tvre Endowment fim(is are rapital fimds where the Council h&8 no power th spend the capital but where the incorne generaieAI from the inV￿ted funds is available ftr expendiiure. Endowmeni funds fall inio two ¢ategories.' endowments for specific dioceses or provinces: and endowments foi the general objecis of the charity. Income from endowments for specific dioceses or F￿vInceS 15 treated as restricted income and income from endowment for the general objects of the charity is treated as unrestricted income. lThcome Expenditure Dividends and other interest are recogni5￿ on an acctuals iM5is. Grants Tecognised as a liability when a firm comrnilment to the grnt is made. 17

IDvestmeDt and Gims Dd IA￿ on Imvestmet knets Inveslmenls are stated in the fmancial stements ￿ tnarket w￿￿¢. Gains OT losses on investments are disclosed in the Ststement of Financial Auivities. TAXATION The Fund is a registered charity and as such is exempt ftrn) tsxation its inwm¢ and gainstothe extent that they are applied to its charitable purFX&S. INVESTMENT INCOME Umrestrkted Rtstrltted ElldowNent f•nds funds 2021 2020 Divtdends Interest on cth 8TMI deposit fi￿dS 109.198 347.411 149 150 1,338 109J47 347,412 456,759 4￿181 SUPPORT OF BISHOPS Support of bishops comprises grants awarded from unrthicted funds 41 th¢ discretion of the Council and payments of net income from restricted fiJnd8. Supp)rt costs ¢(Nnprising of admini5tralion expenses of the Fund plus Governance Costs have been allocated io this a¢tivity c05t ￿tegOry. Urestrkt¢d Ratrid¢d K￿d0￿¢￿t fll*ds Ddj 2020 GTant5 c(ThmTtted Grants written back 47,854 (7,(KK>) 160257 283J70 Trdnsfer lo JMECA 412.856 411856 Support ¢osts 6293 24.022 30J15 47,509 47.147 79 412056 6rf282 330 879 A tr•￿fer of the assets held in the Egypt w&4 in 2021 to the Jenth and the Mithlle East Church Association (JMECA). 2020 expenditure was rnr•Je up of £69.416 of wvestricted eX￿)ditUre and £261.463 of restrictoj expenditure. Gov¢rnan¢e cos1& inchulryj within suppcrt C￿1& are made w) of:. 2020 AudiloTS Temuneration Legal Fees 7.150 7.200 12.600 19J(Ml 7.150 18

PROPERTY The Fund is the trustee of an historical house. BishopscouTL in Cape Town. occupied by the Archbishop of Cape Town and a maintenance fund consisting of a portfolio of investments held in respect of the Archbishopric of Cape Town. The maintenance of the hou5¢ i5 fmanced I0￿1]Y and has been for over a ¢¢ntury. The Coun¢il1&st r¢¢¢ived # v¥luati¢m &5 at 314 May 2013 of £4.3 million for the proFwty and £942,0￿ fow the investsnents. As the Fwid Iw no ¢ontrol ov¢T or beneficial interest in th¢ assets, they hav¢ b¢¢n in¢luthd at nil value in th¢ ac¢ounts. Th¢ Coun¢il had originally hoped to transfer the title of these assets to a newly fornied charitable in South Africa for the benefit of th¢ Archbishopri¢ of Cape Town. during the latter part of 2013. There has however been no change in 2021 and it is hoped that matters wiu be concluded as S(￿)n as possible. INVESTMENTS Fund Unr¢s¢ri¢t¢d runds Rest￿¢￿ Kndowm¢nt EDdowment for tentral for spe£ir objeets diorese Total inw¢5tlli¢Dts Total inv¢slm¢nls 2021 2020 Inveslments Balance at I January Additions Distx)sa]s Net surplus on revaluation 7,615 598.555 3.714.284 11.437.387 1S757041 14,740,IY15 (412.856) (411856} 2340,687 1.098 84,013 534,071 1.621.505 1.017,836 Balance as at 31 DeCem￿r 8,713 682,569 4,248.355 12.646.036 17.58S673 15.757,841 Unrestricted Rttricttd EDdovrnitht for Endoww¢nt for funds funds gener1 objects spee1r￿ diocest Totsl IDvestthettt$ 2020 Investments Balan¢¢ * I January Transfers between funds, Additions Disposa 5UTplus on revaluation 567.016 3,478J69 10.694.420 14.740.(K15 (7.{K￿) 615 38.539 235.715 742.967 1.017.836 Balance as at 31 December 7.615 598.555 3.714284 11.437,387 15.757141 •A transfer of £7,Th)O inveslment fundwiits was made between the Georg¢restricted fund and ihe general fvnd. An op￿￿1t¢ trdnsferof deposil fund units to the Testrictd fimd w&5 made in payment by ihe general fund. This was to PTovide sufficient liquidity to ¢nable th¢ r¢stri(tsl fund to make a cash F4yment. See note 5 in respect of investtnents held in the Bishopscwrt maintrnance fund. 19

All inv¢51ments are held within the CCLA CBF ￿Urch of England Investment Fulld. DEBTORS 2021 2020 AmoM#t flliTh£ due within op¢ yur: Accrued incom¢ 114.898 114 113.445 CREDITORS 2020 Amolltht lalling dNe within oll¢ yur: Grants payable Accrued expenditure 168.064 12.013 18Q077 240,399 7200 247,599 2020 Amount falllng due after otte ytr. Grants payabl¢ 717 717 Creditorbal8nces t(￿1# ofiK)th dividend inciMn¢ due to the provinces. and general fimdgrnnts awarded by the TnL8tees. EMPLOYEES AND TRANsA￿lON5 WITH TRUSTEES There weye rm) employees during the year. No remw1uati(￿ has been paid to Council Mem1￿ during the year. Reimbursemerf of travel & subsi5tenc¢ expen5¢5 paid to Council Members during iheyear w&$ £nil (2020: £nil)- Secretsrial fees of £9.735 charged by Barlow Interventions Limiled were expensed during 2021 (2020.. £12.170) for services provided by Stephen LY0￿ OBF Secretary. Stephen Lyon. along with his r¢lat¢d partie4 is the sole owner of Barlow Int¢rv¢ntions Limited. A5 at 31 Decernber 2021, £4,863 was owed to Barknv Inierventions Limit￿ (21Y20: £5.435). There WLS no other remuneMi(m ￿ k¢y mryan¢nt person￿1 during either the current or ryevious 20

io. ANALYSIS OF FUNDS Fund FMTrd balance brought forward 2020 InroTh¢ ExpeThditure Tr•nsfers bal8n¢e5 ¢&Tried lorward 2021 Unrestricted Funds: General Fund Restricted Funds.. China Oiher Restrict￿1 Funds- tolal= Endowment Funds 43.7&5 109.347 (47.147) 1.098 107,004 1.944 260.676 862.620 67,417 279,9P5 347.412 (4, 767) (179,512) (184279) 55,003 28,410 84.013 7UJ97 319.509 1,109,766 15,151,671 (412.856) 2,155,576 16,894J91 Total funds of the eharity 16.057.997 456.759 (644282} 2.240.687 18,111.161 Fund Fund b*l4nc¢ bTought forward 2019 Income Expenditure Transfers GalTrs and Fund b4lan¢¢s arried forw3rd 2020 Unre5trictcd Funds: General Fund Restricted Funds.. China Ofher Restricted Funds- total.. Endowmeni Funds 5216 107291 {69.416) 615 43,706 J13.322 229.332 65.456 277.434 (5.021) Q56.442) (261.463) 2&187 10.352. 001.944 360,670 862.620 742.654 342.890 38.539 14.Ir2.989 978.682 1S151,671 Total funds of tbe eharity 14,920,859 450.181 (330.879) 1,017,386 1&057.997 Fund balances at 31 December 2020 Jre Tepres¢nt¢d by: fimds 2020 Fix¢d oss¢ts 7.615 598.555 15.151.671 IS757.841 Current assets 78.751 (42,660) 469,IKM (204,939) 547,755 (247,599) Current liabilities Total net assets 862,620 15 151671 16057997 21

Endowmtnt Fllods Endowinent investments are split b￿ed on wh¢th¢r there is a restriction in p]ace on the income whi th¢5¢ assets generate. Th¢ OBF has a total of 38 (2020: 39) pemi#n¢nt endowment funds, the largest now being the recently grtjalgamated fijnds: OBF West lrtdies ¥t£2,621.(￿ (2020: £2238,fy)O), OBF China General Fund t £2,136,(KJo (2020: £1.826.(KJO) ¥nd OBF IndiJGeneral Fund at £1,533,000 (2020: £1.308,1KKJ). valued 31 December 2￿£1. Restricted Funds These fvnds are for use for the support of bishopTi¢S in specific named dioceses or regions (particularty in the Indian Su￿¢ontinent. China. and South Afri¢a). There are 34 (21Y20.. 35) restricted InC￿e fillNl%. the14rg¢5t being the OBF Chitia General Fund, valued at £720.￿￿ at 31 December 2021 (£602.1rf)0 ￿ 31 De¢¢mber 2020). Unrestricted Funds: Gener*1 FIDd ThAs fimd is for general use in meetingthe OBF'$ ¢lwithbleobjectives and aTfnOtthsignat¢d forspeciflc purEM)ses. RELATED PARTILS [￿rIng 21r21. srfrelarial feesof£9.735 were chryed by Barlow Jnterveniioiis{2020.. £12.170). See Note 9 for funh¢r d¢tsiLs.