THE OVERSEAS BISHOPRICS, FUND
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Registered Charity 245334

CONTENTS
Page
REFERENCE AND ADMINISTRATIVE INF
RMATION
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE OVERSEAS BISHOPRICS. FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
BALANCE SHEET AT 31 DECEMBER 2022
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022
io
13
14
16

REFERENCE AND ADMINISTRATIVE INFORMATION
The Overseas Blshopflcs Fund is a charitable trust. founded in 1841 as The Colonlal Bishoprics Fund,, registered
with the Charity Commisslon Ino. 2453341.
Offlce
Church House, Great Smith Street, Westminster, London SWIP 3AZ
Presldent
The Most Revd and Rt Hon the Lord Archbishop of Canterbury
Members of the Councll (trustees of the 08FI durlng 2022
Appointed by theArchbishop of Conterbury
The Rt Revd Gull Francis-Dehqani
The Rt Revd Anthony Poggo
Represent(ytives of bodies artive tn the support of the worldwide church
Mr Sam Richardson ISPCKI
The Revd Duncan Dormor IUSPGI
Mr Robert Dawes IThe Mothers. Unlonl
Rev Andy Robert5 ICMSI
Trustees appointed by the Council
The Revd Canon Mark Oxbrow (Chair of the Council)
Mr Colin Bird
Mr Stephen Slack
Mr Edward Chaplin
Mrs janice Proud (appointed in June 20221
The Revd Rana Khan lappointed in June 20221
Officers
Mr Stephen Lyon Iseeretaryl
Mr Christopher Smith (Clerkl (until February 20231
Audltor:
8ankers:
Investment Managers:
Crowe U.K LLP
55 Ludgate Hill
London
EC4M 7JW
Lloyds Bank plc
25 Gie5ham Stfeet
London
EC2V 7HN
CCLA Investment Management Ltd
Senator House
85 Queen Victoria Street
London
SWIE 5JL

THE OVERSEAS BISHOPRICS FUND
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
The Trustees of the Overseas Bishoprics Fund I"OBF~I present their report along with the financial statements
for the year ended 31 December 2022. The financial statements have been prepared in accordance with the
accounting policies set out on page 17, and comply with the Charities Act 2011 and Accounting and Reporting
by Charities.. Statement of Recommended Practice applicable to charities preparin8 their accounts in accordance
with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 I'the SORP").
Structurei governance. mana4ement and remuneratlon
The governing document of the OBF is The Rulesfor the Administrotion of the Fund. This defines its object, the
methods by which that may be achieved, the procedures for the appointment of its Council and officers. and the
means by which its business may be transacted. These Rules were thoroughly reviewed. revised and approved
by the OBF Council in November in 2019 and subsequently sent to the Charity Comrnission.
The Rules providethat all affairs of the OBF are to be controlled by its Council, consisting of not more than twelve
trustees. New trustees receive an Induction pack of relevant docyments outlining all aspects of the workin85 of
the Fund.
The OBF has no other related partles apart from Barlow Interventions Limited, a company run by the 08F
Secretary. Barlow Interventions Limited charges the OBF perlodically for secretarial work and related expenses.
The level of remuneration for the OBF Secretary is set by the OBF every three years and it wa5 agreed that from
October 2018 a daily rate of £300 would be applied. This was uplifted in June 2022 to a daily rate of £350.
Appolntmèrtt of Trustèes
The compositlon ol thè OBF, in atcordance with the updated 2019 rules of the Council, consists of not more
than twelve members, who shall be the trustees of the Fund, as follows..
lal two bishops appointed by the Archbishop of Canterbury, for a maximum term of 12 years.
Ibl representatives of bodies active in thesupptsrtof the worldwide church (Society for Promotingchristian
Knowledge ISPCKI, the United Society Partners in the Gospel IUSPGI, the Church Mission Society ICMSI
and the Mothers. Union IMUII for a maximum term of 12 years,. and
Icl up to six other members, appointed by the Council. for a maximum term of 12 years.
Statement of publk benefit
The OBF believes that the Chrlstian faith is of benefit to Society and individuals as it brings a vision (>f
transformation for peace and social harrnony. This 15 derived from the belief of the Church that the ultimate
purpose of God is to bring all thing5 into unity and perfection in Jesus Christ.
The quality and security of the leadership within the Church is crucial in ensurlng that this vislon is reali5ed. The
OBF believes that the advancement of the Christian religion will be enhanced by the provision of -support for
the senior national and regional leadership of the worldwide Church. and in particular for the establishment and
maintenance of bishoprics within the Anglican Communlon~.
The bishops whom the OBF supports, work in some of the neediest areas of the world. Their leadership benefits
not only the Church but also the wider communlty and their nation and region. Their work often builds
reconciliation, bringing cornmunity cohesion and stability through education, development and ¢apacity
building. They also provide vital links with the wider communities beyond those they primarily serve.
The OBF Seeks to demonstrate this benefit through the way it addre5SèS the need5 of those in eplscopal
leadership within or closely associated wlth the Anglican Communion, as detailed in this re￿rt. When plannin8
its activitles for the year the Council has considered the Charity Commission guidance on public benefit and. in
particular. the speciflc guidance on charities for the advancement of reSigion.

THE OVERSEAS BISHOPRICS FUND
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Itontinuedl
Grant-maklng pollcy
rhe OBF makes grants out of its General Fund, to supplement the local funds of overseas bishoprics. In 2019 the
Council reviewed its grant giving priorities and procedures producing a new set of Guidance Notes and a
common Application F()rm. Support for initiatives that build Episcopal leadership capacity is now a high priority.
Grants are usually rnade for an individual year but in some cases multl-year commltments are made.
Every applicant for funding is strongly encouraged to provide..
as much clarity as posslble as to what other sources of support a bishopric is seeking or has recelved and
the 5evel of Ioc81 support from within a bi5hopric'
evidence of the support of the Primate or Provincial Secretary of the Province in which the applicant's
bishopric is situated,. and
assurances that the Communlon's own guldelines for the ff nancing of new dioceses have been followed.
Income from each of the restricted funds is paid to the overse35 diocese or province to which it relates. The
income from each fund is therefore 8enerally equal to the investment income less èdministratioft expenses for
the year in question.
Objectives and actlvltles
The Rules provide that the core object of the 08F 15 as follows:
The object of the Fund shall be to provide support for the senior national and regional leadership of
the worldwide Church, and in particular for the establishment and maintenance of bishoprics within
the Anglican Communion.
And, provide further guidance that..
In relation to any area of the world outside the United Kingdom whère there exists a church that is part
of the Anglican Communion or in communion withln the See of Canterbury. the Fund mav..
provide financial assSstance towards the setting up and maintenance of the bishoprics of such
a church,. and
hold endowrnent funds for the benefit ol such bishoprics.
In relation to any area of the world outside the United Kingdom. the Fund mav..
provide financial assistance towards the setting up and maintenance of the bishoprics of any
church whose relationship with the Church of England is such that the Council of thè Fund,
having sought the advicè of the Ai¢hbi5hop of Canterbury, judges it suitable that such
assistance be 8iven,' and
hold endowment funds for the benefit of such blshoprics.
In relation to any church in any of theabove categories or in felation to any part of such a church. where
there is not in place for the tirne being a 5y5tem of Episcopal leadership, any reference in the above
provi5i9n5 to a bishopric shall have effect as if it were to the office and work of a senior national or
re8ional leader of status equivalent to that of a bishop.
Ibl
Ibl
141
The 08F is unique in the Anglican Communion in that, whilst it is keen to work alon8side other organisations
supporting the worldwidè Church more generally, its specific remit is to provide assistance for the work of
bishops throughout the Communion outside the UK. These bishops provide the1eadership necessary to enable
the delivery of the vision that the Christian faith can bring about transformation for peace and social hafrnonv.
The 08F seeks to achieve this in two ways. Firstly, it administers episcopal endowment trust funds on behalf
of several dloceses and provlnces and transfers accumLtlated income to them. Secondly, it makes grants to
bishoprics.

THE OVERSEAS BISHOPRICS FVND
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Icontinuedl
Fundralsln8
Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities.
The Council does not currently undertake fundraising activity of any nature, 15 not registered with a fundraising
regulator. has no commercial participators, and has received no complaints relatin8 to fundraising durin8 the
vear.
Rlsk management
The OBF'S risk management process facilitate5 the Identification of threats io achieving it5 objectives and the
mitigation of these threats. The risk register is drawn up by the Secretary and reviewed by the OBF on a bi-
annual basis. The OBF has agreed that the risks below are those which are the main barrler to achieving its
objectives and are addressed through the mitigating stratègiès.
Risk are?
Key mltlgatlng Strategles
Single fund Manager for investrnents may
le8d to poorer investment returns, 8nd
capital value not maintained, irnpacting on
abillty to provide stable and sustainable
dlstrlbutions. Macro-economic event5 le.g.
Brexlt, COVID-191 may Impact Investment
performance and the sustainability of
future distributions.
-Fund manager Invests in diversified portfollo
-Funds are held in deposit, Investment fund and property fvnd shares
-Performance ol fund manager Compared to other fund managers
-Acce55 to investment performance report5 produced by Archbishop5' Councll
Investrnent Committee
-Regular meetings between the fund manager and the Councll to dlscu55
investment policies and performance
Inadequare documentstion of Fund details
may lead to delay in payments and
requirements of funds are not fully
complied with.
-New staff working on OBF matters are given an induction on purpose and work
of the Fund
-File5 are held centrallyfor all key documents
-Database Is rnaintsined of all Bishoprlc details
Grant allocations may not cover certain
needy Bishoprics leading to 08F not seen as
supporting the whole of the Communion
-Mi55ion agencles are involved to obtain knowledge of local area
-Trustees and Council members who have knowledge of the 8ishoprlc5, and the
areas in whlch they operate, ère involved in grant allocation.
Funds rnay be overspent in the UK and
misappropriated overseas
-Two signatorles for every payment over £5fK)
-Fund secretary holds latest records for administerin8 the funds to ensu
payments reach intended recipients
-Adrnin charges deducted before incorne payments are made
-Purposes of the Fund outlined to recipients each time an Income payment is
made
-A11 grants agreed by the Council as 4pproprlate
-payments rnu5t be mède to a provlncial or dioce54n accounr11.e. not a personal
one)
Confirmation of receipt of funds are gent by the grantee to the secretary to the
OBF together wlth a signed agreement that the grant or income will only be used
for the specrfie purposes stated or in line with the oblectNes of the 08F. In
addition, a summary ls ￿quested of the wèy in which previous grants have been
spent
Poor succession planning and knowledge
Management leads to disruptlon In the
work of the OBF.
-Put succession plan in place
-share knowledge of worklng of the Fund across finance department
-work collaborativeby with other similar fundlng bodies

THE OVERSEAS BISHOPRICS FUND
TRUSTEE5' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Icontlnuedl
Attivbtiès of the OBF Council in the year to 31 December 2022
2022 saw the UK coming out of the global pandemic of the Cortsnaviru5. For the OBF it meant that we werè able
to resume our faee-to-face meetings. The longer-term effects of the virus continued to influence life acr¢$5 the
Anglican Communion and is a contributing factor in some grant application5. During the year the global
turbulence of the war in Ukraine and domestic politlcal upheavals have affected the levels of income available
to us.
Grants
In 2022 the OBF approved grants of £123,700 from its General Fund- £90,700 to be distributed in that year and
the remainder promised for subsequent years. It also distributed £32,000 from its India Funds to the United
Churches of the'lndian Sub-coniinent,.
In June 2022 the 08F made the following new grants from its General Fund..
Blshopric of Yei. South Sudan- a one-off grant of £7,000 towards the building of the
bishop's house was agreed by Counci1.
Blshoprlc of Lweru, Tanzania~ a Brant of £16,000 over two years, with a report on progress
In May 2023. was agreed by Council towards the building of the bishop's house.
Province of IAMA- a gTant of £25.000 to the Province to be used, at the discretion of the
province, to support the stipends of the new bishops over the next three years. As there was
a delay in the election of their new Primate, who would be involved in the decisions as to
which bishoprics would receive support, the transfer of the grant was put on hold. With the
election completed in early 2023. the grant was transferred following a decislon at the June
2023 Council Meeting.
The postponed Lambeth Conference took place in the summer of 2022 and the OBF hosted a reception at the
conference to publicise the work of the Fund. Following that meetin8 we received several applications at our
November meetlng. At that meeting the following new grants were awarded from its General Funds..
8i5hopric of Rokon- Requested around £7,oryJ towards the stipend of the new bishop.
Trustees approved a Brant towards the additional 6 months of the first year as well as for the
second and third year. £3,500 imrnediately, then £5,000, £3,000 approved. Total Ell,500 in
addltlon to origlnal emergency grant.
Lusitanian Church, Portugal- a request for support for the overall travel and
accommodation costs of the bishop's rninistry. Trustees thought that giving a grant would be
a huge encouragement to a global north church with many characteristics of 8lobal south.
£12.000 total over three years- £5,0￿ IYr.11, £4.000 IYr.21 & £3,000 IYr.31 Approved.
Blshoprlc ol Kallma. DR Con80- Request for approx. £8,000 for a secure fence around the
bishop's residence, with a very detailed byd8et. Trustees considered it important to
contribute towards the whole fence bein8 built due to insecure context. Approved one off
grant of £7,000.
Bishopric of Sunyanb. Ghana- a grant towards completion of repairs to the bishop's
residence. The budget shows that the fundin8 IS to improve basics. not to make it luxurious
and that they are also contributing to the work. Grant of £5,000 approved.
Blshoprfc of SW Tanganylka. Tanzanla- a grant towards the repair of the bishop's car
following a bad accident as the list of work in the estimate outlined. As travel is essential in
this large diocese, trustees approved a one-off grant of £10,000, continent on other funds
bein8 in place.
8i5hopric of Toliara. Madaga5car- a grant towards support of the stipend and transportation
for the ministry of the bishop. The 8ishop recognises it will take time to build up the
resources he needs and tailored his applicètion accordingly. Trustees also rectsgnised that

THE OVERSEAS B15HOPRICS FUND
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Icontlnuedl
Madagascar needs support in their very challenging sltuation. Approved fund¥n8 of £4,500
IYr.11. £3000 IYr.21, £2000 IYr.31. Total £9,500
Bishoprics of SW, S and Pelotas. Brazil- a request for upgrading the bishL)p's houses. Due to
thi5 being a modest request supported by photographic evidence and the flrst request
received by the OBF from Brazil, trustees approved the full amount of £11,700.
8lshoprlc of Kèlo-Kell, ECSS- a grant over 3 years towards the renting of the bishop's house
in Moyo. West Nile, Uganda and towards thè costs ol the bishop's ministry among the
refugees settled in Uganda. Trustees approved £4,ocKJ IYr.11, £3,000 IYr.21, £2.000 IYr.31.
Total of £9,000.
The India Funds support the on-going work of the bishoprics in Indla. Paklstan. Bangladesh and Srl Lanka. The
importance of these grants can perhaps best be gauged by the fact that the OBF. from both these general funds
and further restricted funds, is able to offer a significant proportion of the amount of the bishops, stipends in
the Church of North India. and to make considerable contributions to the other Churches that ale beneficiaries
of these Funds.
Pogtponed 2020 Lambeth Conference
The Conference took place in the summer of 2022. The Council agreed that grants either already given or
promised to the Lambeth Conference Company towards the costs of the Conference would be honoured. These
grants enabled bishops, unable to pay their own air fares or ¢onferefflce fees, to come to Lambeth in 2022 as
pari of their development and to support thelr episcopal ministries.
As it wa5 anticipated that Covid Might continue to be a factor in 2022. the Lambeth conferen￿ planning group
decided that the Pre-Larnbeth H05Pltality Initiative, due to be offered by dioceses in Englarid, Wales, and
Scotland, wou5d no longer take place. Participants in the Conference travelled directly to Canterbury. The OBF
grants. agreed in 2019. to support certaln costs Incurred by these UK dioceses were no longer required. The
return of these grants was rèquested in january 2022 and all monies transferred have been returned to the OBF.
Rationalisation of the 08F funds
Work continues to seek permission from the Charity Commlsslon to rationalise the different fund5 relating to
China. the Indian Sub-continent and those in the Province of the Church of North India in the following mannef..
08F China Fund- tts create a scheme where all the present China Funds can be incorporated into one
fund and applied to all areas overseen by the China Chrlstlan Council,.
OBF North Indla Fund - to rationalise all funds linked to individual dioceses in the CNI into one new Fund,
in keeping with practice since the inception of the CNI.
OBF Indla Sub-contlnent General Fund- to ratlonallse all the India Funds into this one fund.
China Funds
Trustee5 had hoped to discuss with the leadership of the China Christian Council the use and distfibution of the
OBF funds held in their name. It was anticipated that this miBht happen on the fringes of the 2020 Lambeth
Conference. When the Conference was postponed planning these conversations was put on hold hoping that, if
the leadership come to the 2022 Conference, the conversations might happen then. Sadly, due to the ongoing
prevalèncè of Covid in China the delegation did not travel to the 2022 Conference. Therefore, a review of the
Use and disbursernent of the China fund5 will need to be dealt with in some other wav.
In 2022, In line wlth permlssion granted by the Charity Commission. income from the China funds was used to
support bishoprics where there wa5 a ministry to a significant Chinese population. The first 8rants of thi5 kind
were agreed at the November 2022 meeting and made to the 8ishoprics of Mandalay and Yan8on, both in
Myanmar.

THE OVERSEAS BISHOPRICS FUND
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Icontlnuedl
Blshopscourt, Cape Town, South Africa
During 2012 all the necessary arrangements were put in place to transfer ownership tsf 8ishopscourt (the home
and office of the Archbishop of Cape Town since the 1840sl to a similar trusi in South Africa. At its meeting in
November 2012 the Council of the OBF approved..
draft Deed of Trust establishing the Bishopscourt Episcopal Trust, thè principal objects of which are "to
establish and maintain Anglican bishoprics within the provincè of Southern Africa, and in particular the
Archbishopric of Cape Town" and
draft Deed of Donation transferring to it the freehold of Bishopscourt and the associated funds.
This transfer still continues to be delayed, due mainly to the complexity of the registration process of the
8ishopscourt Episcopal Trust in South Africa. The OBF Council has passed a resolution that when the transfer of
the freehold takes place the capital currently held in all other South African funds held presently by the 08F will
also be transferred to the new Trust.. the Cape Town English Endowment Fund, the Cape Town South Africa
Endowment Fund, the Bloemfontein Fund, the George Fund, the Natal Fund and the Pretoria Fund.
Governance Matters
Trustees decided this year to give time at each CoL¢ncil meeting to review an a5pe¢t of its governance seeking to
review issues and. where necessary. improve policies. The agreed pattern is..
Year I (Junel.. Governance Policies- Rules, Risk Register and Conflict of Interest Register.
Year I INovemberl= Charity Purpose and objectives and cc*nsequent future major ta5ks150 allowing a
high-level discussion every two years on how we feel God is calling us to steward the responsibilities
we holdl.
Year 2 (Junel.. Management Policies - Financial Controls including Reserves and Investment policies
Ilncluding a presentation by CCLAlour fund managersl,. Diversity and Inclusion,. and Risk Register
Year 2 INovemberl.' Strategic Partnerships on some occasions this could in¢lude participation by a
key partner su¢h as ACF or St. Augustine's Foundation.
The changes to the Rules outlined In last year's Annual Report were ratified at the June 2022 Council meeting.
These were mainly in relation to the composition of the Council. As part of the exercisè, we also amended the
Rules to cover our virtual mèetings and reviewed the patronage list IVice-Presidentsl which was deemed to be
outdated. As a result of these changes. when they were ratified in June 2022, there were several changes in the
trustee bodv..
Bishop Henry Scriven. Richard Woods, janice Price and Sue Parks stood-down as trustees and Bishop Gull Francis-
Dehqni. Janice Proud, Edward Chaplin and Rana Khan become trustees. The OBF has always been well served by
its trustees and valued the unique contribution each one makes to its work. We will rniss the wisdom and insights
offered by Henry, Richard. Janice and Sue as we welcome all that our new trustees will offer to the work.
Future Plans
As the 08F specifically 5ervÈs those leading the Anglican Communion- its bishops- its own future will be linked
to that of the Communion. The Coronavirus not only caL¢sed the postponement of the Lamberh Conference but
also continues to challenge the mission and administration of all the Churches in the Anglican Communion as
they seek to respond to the situations they face. The effects of the virus are likely to be factors in applications
that will come to the OBF. We saw this year that many of the applications were for basic repairs to bishops,
hou5in8 and stipends.
We will continue to address how we might support the desire, in many place5 acr05S the Communion. to build
up the capacity of the bishops through training, support, mentoring and retreat.

THE OVERSEAS BISHOPRICS FUND
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Icofttinuedl
In 2021 the Anglican Communion inaugurated the new Prtsvince of Igreja Anglicuno de Mocumbique e Angolo-
the Anglican Church of Mozambique and Angola IIAMAI. This wa5 forrned by the Anglican dI0￿Se5 in the two
LusDphone countries that, until that date, had been part csf the Anglican Church of Southern Africa. In creating
the new Province, the Communion also created 8 new dioceses. The OBF has already been approached to Offer
support to the new Province in 2022 and beyond. During the year we responded to the support reqtsested.
More genèrally, the OBF will continue to have calls on its resource5 to support the on-going work of blshops in
areas of the Communion ch3llen8ed by poverty, war, disease and famine where the Church is often the 501e
means of support for many comrnunities. The present global financial constraints will continue to rnake this
contribution even more important.
The OBF has continued its explorations in establishing links with other organisations with kindred aims. such a5
the Anglican Corrmunion Fund and St Augustine'5 Foundation, to ensure that available funding is targeted most
effectivelv.
Flnanclal review
The total net assets for which the OBF has responsibility at the end of 2022 were £16,076,727 12021..
£18.111,1611. Of these assets..
Unrestricted funds I'the General Fund"). which can be used for the settln& up and maintenance of
bishoprics generally, were £94,76512021.. £107,Ck)41.
Restricted funds, which must be used for the support of bishoprics in specific named dioceses or regions
Iparticularly in the Indian sub-continent, China, and South Africa), were £1,066.84812021.' £1,109.7661.
the remainlng £14,915.11412021-. £16,894,391> were the permanent endowment funds of which
£3.750,46012021: £4,248,355) generatès income for @eneral oblects and £11.164,64412021.. E12,646,0361
generates income restricted to specific dioceses or regions.
The capital value of these funds, and the income generated by thern, fluctuate according to market conditions.
Investment powèrs* pollcy and perforniance
Investments are held within Church of England Funds that are managed by CCLA Ltd. The Councll reviews
investment performance during the year, on the basis of reports received from CCLA Ltd. The funds are invested
to maintain capital growth, whilst providing suitable levels of incorne to prtsvide a reliable grant stream to the
bishoprics. Durin8 the year the total value of the investment funds decreased by £2,060,950, made up of losses
on revaluation12021: increased by £1.017,836, made up gains on revaluation of £2,240,687 and disposals of
£412,856). The amount of investment income received was £473.08812021: £456.7591.
Reserves policy
During 2020 the Council examined the requirements of the OBF in accordance with 8Ltidelines issued by the
Charity Commission. The Council believe that the level of free reserves from the unrestricted General Funds
should be not less than E40.000, in order to provide sufficient working capital and to deal with unforeseen
requests for emergency funding. As at 31 Decernber 2022. as there are currently no designated funds, free
reseNes ttstalled £94,765.
The value of endowment funds held at 310ecember 2022 was £14,915,114.
Golng concern
The Council h35 assessed experted cash flows for 2023 and the 12 months beyond the date of signing. Incorne
received until the date of approval of the financial statements is in line with the trustees, projections. CCLA, the
Council's investment manager, have not communicated a chan8e to the expected investment income for 2023,
despite challenging market conditions and continued 8eopolitical uncertsinty. The Fund has sufficient liquidity to
¢overgrant commitments already made and associated support Costs. The Council will moderate the grant making
activity of the Charity as necessary to meet its reserves policy a$ Set out on above. Given this, the going concern
basis of a¢counting in preparing the annual report and the financial statements continues io be adopted.

THE OVERSEAS BISHOPRICS FUND
TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Icontinuedl
Responslbilities of the trustees
The Council is required to prepare financi31 statements for eath financial year that give a true and fair view of
the state of affairs of the OBF and of its incomin8 re50urce5 and application of those resources for the period in
question. In preparing those financial statements, the Council is required to..
selètt suitable accounting policies and then apply them consistentlv,.
make judgernents and estimates that are reasonable and prudent..
state whether applicable accounting Standard5 have been followed (subject to any material departures
disclosed and explained in the financial statements),. and
prepare the financial statements on the "going concern. basls, unle5S It is inappropriatè to presume that
the Fund will continue in business.
The Council is responsible for keepin8 proper accounting records whlch disclosè with reasonable accuracy at any
time the financial position of the Fund and enable them to ensure that the financial statements are correctly
prepared. It is also responsible for safeguarding the assets of the 08F, and hence for taking reasonable steps
for the prevention and detection of fraud and other irregularities.
Approved by the Council on 15 September 2023 and si8ned on its behalf..
Revd. Canon Mark Oxbrow
Chair of the Council
io

Independent Auditorfs Report to the Trustees of The Overseas Bishoprics,
Fund
Opinion
We have audited the financial statements of The Overseas Bishoprics, Fund ('Ihe charity'l for the year
ended 31 December 2022 which comprise the Slalemenl of Financial Aclivilies, Balance Sheet, Cash
Flow Statement and notes lo 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 {Uniled Kingdom Generally Accepted
Accounting Praclicel.
In our opinion the financial statements..
give a true and fair view of the stale of the charity's affairs as al 31 December 2022 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 opinlon
We conducted our audit in accordance with International Standards on Auditing {UKI IISAS (UKI) and
applicable law. Our responsibilities under those standards are further described in the Auditor's
responsibilities for the audit of the financial slalemenls 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
slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance wilh 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 slatemenls, we have concluded that the trustee's use of the going concern
basis of accounting in the preparation of the financial slalemenls 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 doubl on the charity's ability
to continue as a going concern for a period of al least twelve months from when the financial
statements are authorised for issue.
Our rèsponsibilities 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 staled in our report, we do not
express any form of assurance conclusion thereon.
Our responsibility is lo 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 idenlrfy such material inconsistencies or
apparent material rnisstatemenls, we are required lo determine whether this gives rise to a material
misstalemenl in the financial slalemenls themselves. If, based on the work we have performed, we
conclude that there is a material misslatemenl of this other informatson, we are required to report that
fa¢l.
We have nothing lo report in this regard.
Matters on which we are required to report by exception
We have nothing lo report in respect of the followiNg mallers in relation lo which the Charities
(Accounts and Reports) Regulations 2008 requires us lo report lo you if, in our opinion..

the information gwen in the financial slalements is inconsislenl in any material respect with the
Iruslees. report,. or
sufficient and proper accounting record5 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 sel out on page 10, the Iruslees are
responsible for the preparation of the financial slalernents 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 slalemenls that are free from material misslalemenl. whether due lo fraud or
error.
In preparing the financial slalemenls, the trustees are responsible for assessing the charity's ability lo
continue as a going concern, disclosing, as applicablè, matters related lo going concern and using the
going concern basis of accounting unless the trustees either intend lo liquidate the charity or lo cease
operations, or have no realistic alternative bul lo do so.
Auditor's rg$pon$ibilitigs for the audit of the financlal statèmènt$
We have been appointed as auditor under section 151 of the Charities Act 2011 and report in
accordance with the Acts and relevant regulalions made or having effect Ihereunder.
Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement. whether due lo fraud or error, and lo issue an auditor's report
that includes our opinion. Reasonable assurance is a high level of assurance, but 15 not a guarantee
that an audit conducted in accordance with ISAS IUKI will always detect a material misstalemenl
when il exists. Misslalemenls can arise from fraud or error and are considered material rf, individually
or in the aggregate, they could reasonably be expected to influence tho economic decisions of users
taken on the basis of these financial slalemenls.
Details of the exlenl lo which the audit was considered capable of delecling irregularities, including
fiaud and nonrycompliance 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 al.. ww.frc.or
.ukJaudilorsres
onsibililies. This description
forms part of our auditor's report.
Extent to which the audit was consldered capable of d¢tOCting irregularltles. including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We
identified and assessed the risks of material misstslemenl of the financial slalemenls from
irregularities, whether due lo fraud or error, and discussed these between our audit team members.
We then designed and performed audit procedures responsive lo those risks. induding obtaining
audit evidence sufficient and appropriate lo provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the charity
operate5. focusing on those laws and regulations that have 8 direct effect on the determination of
material amounts and disclosures in Ihe financial stalemenls. 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 slalemenl items.
In addition, we considered provisions of other laws and regulations that do not have 8 dlrecl effect on
the financial slalemenls bul compliance with which might be fundamental lo the charity's ability to
operate or lo 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 lo identify non-compliance with these laws and
regulations lo enquiry of the Trustees and other management and inspeckn'on of regulatory and legal
corresponden¢e, if any.
We identified the grealesl risk of material impact on the financial statements from irregularities,
including fraud, lo be within the override of controls by management. Our audit procedures to respond
12

lo these risks included enquiries of management and the Trustees about their own idenltfication and
assessmenl of the risks of irregularities, sample lesling on the posting of journals, reviewing
accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission
and reading minutes of meetings of those charged with governance.
Owing lo the inherent limitations of an audit, there is an unavoidable risk that we may not have
detected some rnalerial misslalemenls in the financial stalemenls, even though we have properly
planned and performed our audit in accordance with auditing siandards. For example, the further
removed non-compliance with laws and regulations lirregul8rilies} is from the events and transactions
reflected in the financial stalemenls, the less likely the inherently limited prO￿dureS required by
auditing standards would identify it. In addition. as with any audit, there remained a higher risk of non-
deledion of irregularities, as these may involve collusion, forgery, intentional omissions,
misrepresenlalions, or the override of internal conlrols. We are not responsible for preventing non-
compliance and cannot be expected lo delect non-compliance with all laws and regulations.
Use of our rgPOrt
This report is made solely to the charity's Iruslees, as a body, in accordance with Part 4 of the
Charilies IAccounts and Reports) Regulations 2008. Our audit work has been undertaken so that we
might slate lo the charity's trustees those matters we ar8 required lo slate lo 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 lo 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.
sw LL.L. L&F
Crowe U.K. LLP
Slalulory Auditor
London
Dale 27 October 2023
CTDWtU.K. LLP iseligible foTappoinimenl as audiwrofthe charity by virtueof itseligibility for4pwll￿men1 asa￿ll0t0fa Company U￿ler
liort 1212 ofth¢ Compani¢s Act 2(I]6.
13

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEARS ENDED 31 DECEMBER 2022
Unre5tric¢ed
Restricted
Funds
Funds
Endowmellt
Funds
2022
Total
Notes
Ineome from:
Investmettis
351,940
473,088
Total income
Expeodliure o
charitable gctlvides:
Support of bishop$
{126,5671
{320,0051
1446,5721
Total ¢xp¢nditu
TotAI Income less expenditure
before gain on investments
Gain on investments
(5,4191
31.935
26516
18201
{I2391
(6,IXIOI
112,2391
180.8531
148,9181
6.iXJO
144918)
(1,979,277)
(1.979,2771
12.060,9501
12.034,4341
Net expenditure
TTansf¢rs b¢tw¢¢n fund5
Net movemellt ljk funds
(1,9792771
(2.034434}
Total funds ai l January..
Totsl funds xt JI December
107.1HJ4
,109.766
16,894J91
18,111,161
94,765
1,066,848
14,911114
IA07A727
Unrestr&cted
Funds
Restricted
Funds
Endowment
Funds
2021
Total
No¢¢$
Income from..
Inv¢strn¢nts
109.347
347.412
347,412
456,759
Toial income
109,347
450,759
Expenditure on
charitable activities:
Support of bishops
Toial ¢xrKndirur¢
Toi#l illcome less expendlture
before gaill on investments
Gain on inv¢smiMt$
147,1471
1184.2791
1412,8561
1412,8561
1644,282)
147.1471
1184,2791
1644.282)
62.2(rt)
163.133
1412,8501
1187,523)
1,098
84.013
2.155,576
2.240.687
Net income
63.298
247,146
1,742,720
2,053,164
Trdnsferg between fijnds
Net rnovement ID fvttds
63398
247.146
1.744720
4053,164
Total bjnds at l January..
Totsl funds •t 31 December
43,7(kS
862,620
16,Q57,997
107.(
1.109,766
16I94J91
14111,161
14

BALANCE SHEET AS AT 31 DECEMBER 2022
Unrestricted
Fund5
Restricted
Funds
Endowment
Funds
2022
2021
Toial
Total
Note5
Fixed assets
Tangible agsets
lftvestsnents
7,893
601.716
14,915.114
15.524.723
17.585,673
7193
601.716
14,915,114
15,524.723
17,$85,673
Current a55etS
Cash & cash equivalenis
150,004
581.593
731.597
597.383
Debtors
28J74
80,230
114.604
114,898
178J78
667.823
84(201
712,281
Liabilities
Crediior5.' amounts falling due
within one yeor
(80,5061
1202,6911
1283,1971
1180,0761
¢urrettt a$$et$
97,872
465,132
563,004
531205
Craliiors.. amounts falltng due
after one year
(i i,o(x)}
{11,0￿)
(6.7171
TotAI tt¢¢ Issets
94,765
1,066.848
14.915.114
16,076.727
18,111,161
Th¢ futtd$ of tb¢ ¢h#rlty
Unr¢sMct¢d funds- Generdl
94,765
94,765
107.004
Resththed funds
1,066,848
1,066,848
1,109,766
Endowneni funds
14,915.114
14.91&ll4
16.894,391
To¢*1 fuuds
94,76S
1,066.848
14,915.114
16.07fy727
18,111,161
AppToved and authorised for issue by the Council on 15 September 2023 and signed on its behalf..
Revd. Canon Mark Oxbrow
Chairnlan of Council
15

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022
Nol¢s
2022
2021
Re¢onciliation of net income to net cash flow from operating
Net Income for the year las per the 5tY4tement of flllaTrel&l
26,516
{187,5231
Inv¢smi¢nt incorne
1473,0881
107,404
294
1456,7591
160,8051
11,4531
{7O6,540}
Increa%¢ I ID¥T¢a%el in ¢redit(>TS
tkcrease I Ilncreasel in debtors
Net casb tlow (used Inl operatlng aetlyltles
1338.8741
C*$h flow$ from Investlthg 2etivl¢l¢$
Investment income
473,088
456.759
Disposal of fixed assei investments
Net cash flow provided by Inve5tlng aetlvltles
412.853
869,612
473,1)88
N¢t c4$h flow pryivlded by firyancing activitles
134,214
163,073
Cash and cash equivalents at the start of the year
597,383
434.310
Cash AJJd cash equlvalenis ai the ettd of lht y¢*r
731,597
597J83
Analysis of cash & Cash equlvalents & ehxnges iD Det debt:
AtlJan
2022
C3$h
floTrvs
Other
changes
At31
Dee
2022
Cash at bank and in hand
597.383
134,214
134,214
731,597
731,597
TOTAL
597,383
16

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEfvIBER 2022
ACCOUNTING POLICIES
Legal Statu5
The Overseas Bishoprics, Fund {"OBF'J is a Charl￿ble trust, founded in 1841 as'The Colonial BEshoprics
Fund,, registered with the Ctwity Commission {no. 2453341.
Basis of Preparation
The chaEity'S fsnancial information Iw been prepared in accordance with..
Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and
Republic of treland I'FRS 102,1.
AccountitJ8 and Reporting by Chariries.. Statement of Recommended Practice applicable to
Charities preparing their accounts in accordance with the Financial RekY)rting Standard applicable
in the UK a￿d Republic of treLand (FRS 1021 {"the SORP,).
The OBF meets the der￿lI10n of a Public Benefit Entity I'PBE,) as set out in FRS 100, and therefore
applies the PBE prefLxed para8raphs in FRS 102.
The fJnan¢ial imfomiation has been prepared oll the historical cost basis {except for the revaluation of
inv¢stmenrs) and on the accruals basis.
These f￿anCIal statements comprise all theOBF'sunrestricted, designated, reStriC￿daAd endgwment filnds
drawn up lo 31 De¢¢mber each year.
A SUTnmary of the accounting policies, which have been applied ¢onsistently acmss the group, is set out
below.
Going Concern
The Council has assessed expected cash flows for 2023 and 2024. Incom¢ r￿e1ved until tbe date of
approval of rhe finan¢ia15tatementS is in line with the ttusiees. projectiolls. CCLA, the Council's inVest￿ent
manager, have noi eomtnunicated a change to the expected investment income for 2023, The Fund h&g
sutTi¢ient liquidity to cover grant COlIlltiitrn¢nts already made and associated support costs. The Council
will moderate the grant tnaking activity of the Ciwity as necessary to meet its reserves policy as set out on
above. Given this. the going concern b&sis of accounting in preparing the aJJnual report and the fjnancial
statements continues to be adopted.
Funds Structure
Endowment funds are capital funds wher¢ th¢ Council has no power to spend the capiral but where the
income generated frotn the invested fund5 is available for expenditure. Endowment fvnds fall into two
Categories.. endowlnents for specific dioceses or provinces,. and elldowments for the general objects of
the charity. Income from endowments for SP￿lf1¢ dioceses or provinces is tr¢ated as restricted incotlle
and income from endowment for the general objects of the charity is treated as unrestri¢ied income.
ID¢ome and Expenditure
Dividends and other interest are recognised on an accruals basis, Grants are recognised as a liability
when a fjrm commitment to pay the grant 1$ mad¢.
17

Investment and Gains and L05se5 on Investment Assets
Investtnents are slated in the financial S￿rements at market value. Gains or losses on investments are
dis¢losed 2n ihe Statement of Financial Activities.
TAXATION
The Fund is a registered charity and as such is exempi from Wiion on its iucome and gains to the exteni
that they are applied to its clwitable pU￿0$es.
INVESTMENT INCOME
Unrestricted Restrleted Endowmtnt
funds
funds
fund$
2022
2021
Dividends
Interest on cash and
deposii funds
112,707
351,924
464,631
450,609
8.441
16
8,457
150
121,148
351,940
473,088
456,759
SUPPORT OF BISHOPS
Support of bishops comprises grants awarded from unrestricted funds at the discretion of the Council
and payments of net income from restricted ￿nds. Support costs comprisin8 of admtnistra¢ion expenbe5
of the Fund plus Governance Costs have been allo¢ated to this actLVity cost category.
Unrestricted Restrlcted Endowment
funds
funds
funds
2022
2021
Grants committed
Grants ￿Ti(ten back
Transfer to JMECA
135,552
{17,5101
282,613
418,165
(17,SlO>
208,111
(7,0001
412.856
Support costs
8.525
37,392
45,917
30J15
126,567
320.005
446,572
644,282
2021 expendittjre was made up of £47,147 of unrestricted expendi￿re and £184,279 of restricted
expenditure. Additionally, a tyansfer of the assets held in the Egypt fi￿d was made to the Jerusalem and
the Middle East Church Association IJMECA).
Governance costs, included within support costs, are made up
2022
2021
Auditors remuneration
Legal Fees
7,650
7,150
18

PROPERTY
The Fund is the trusiee of an historical house, Bishopscourt, in Cape T0￿ry), occupied by Ihe Ar¢hbishop
of Cape Town and a maintenance fund consisting of a portfolio of investm¢nL% held in respect of the
Archbi5hopri¢ of Cape Toivn. The rnainienance of the house is financed locally and has been for oyer a
century. The Council last received a valuation a5 at 31, May 2013 of £4.3 million for the property and
£942,000 for the investments. As the Fund has no ¢ontrol over or beneficial interest in the asseis, Ihey
have been included at nil value in the accounts. The Council had originally hoped to transfer ihe tille of
these assets to a newly fornied charitable trust in South Africa for the benefit of the Ar¢hbishopri¢ of
Cape Town, during the latter part of ?013. There has however been no change in 2022 and it 18 hoped
that matters will be concluded as soon as possible.
INVESTMENTS
Fund
Unrestrlcted Restrlcted Elldowment Endowment
Total
funds
funds
for general for specifie Investments
obje¢t$
diocese
Total
invesiments
2022
2021
Investments
Balance at I
January
Disposals
Net surplus on
revaluaiion
8,713
682,569
4.248,355
12,646.036
17,$85,673
15,757.841
{412,856)
(820} (80,8531
1497,885) {1,481,392) {2,060,950)
2.240.687
Balance as at 31
Decemb¢T
7,893
601,716
3.750,470
11,164,(A4
IS,524,723
17,585,673
Fund
Unrestricted Restrieted
fund5
funds
Endowment for Eudo￿]nent for
gen¢r41 objects
speeifie diocese
Total
investments
2021
Illve$tmellts
Balance at I
January
Additions
Disposals
Net surplus on
revaluation
7.615
598,555
3.714,284
11.437.387
J5,757,841
{412,856)
1.621.505
(412,856)
1,098
84.013
534,071
2,240,687
Balance as at 31
December
8,713
682,569
4,248,355
12,646.036
17,585.673
See note 5 in respeci of investments held in the Bishopscourt maintenance bJnd.
All investtnents are held within the CCLA CBF Church of England Investment FLmd.
19

DEBTORS
2022
2021
Atllouni falling due wiihin one year:
Accrued income
114,604
114604
114.898
114.898
CREDITORS
2022
2021
Amount falling due within on¢ year:
Grants payable
Accrued eKpenditure
64,762
218,435
283,197
168,064
12,013
180,077
2022
2021
Amount falllng due after one year:
Grants payable
11,000
6.717
i 1,000
6,717
Creditor balances consist of botlL dividend incom¢ due to the provinces. and generdl fund grants awarded
by the Trustees.
EMPLOYEES AND TRATr4SACTIONS WITH TR￿sTEEs
Th¢r¢ weTe no employees during the year. No remunerdtion be¢n paid to Council Members during
the year. Reimbursemeni of travel & subsistence expense$ paid to Council Members during the year was
£216 {2021.. £nill.
Secretarial fees of £1 1,686 clwged by Barlow Intetventions Lilniled were expensed dLfftng 2022
(2021.. £9,735) for services provided by Stephen Lyon, OBF Secretary. Stephen Lyon. along with hi$
r¢lat¢d parties, ts the sole owner of Barlow Intetvelltions Litnited. As ai 31 December 2022. £5.511
was owed to Barlow Inierventions Limited (2021: £4.863).
Ther¢ was no oth¢r remuneration to key management persoDnel during either the Current or previous
years.
20

There are 34 {2021.. 341 re.%tricted income funds, the largest being the OBF China General Fund, valued
at £708,000 al 3 1 De¢ember 2022 (£720,000 at 31 December 2021>.
Unrestricted Funds: General Fund
This fund is for general use in meeting the OBF'S clwitable objeciives and aTe not designated for specific
purposes.
ii.
RELATED PARTIES
During 2022, secretarial fees of £1 1,686 were charged by Barlow Interventions (2021.. £9,735). See Note
9 for further detail5.
22