THE OVERSEAS BISHOPRICS, FUND REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Re8lstered Charfty 245334
CONTENTS REFERENCE AND ADMINISTRATIVE INFORMATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OFTHE OVERSEAS BISHOPRICS, FUND BALANCE SHEET AS AT 31 DECEMBER 2024 CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 io 14 Is 16
REFERENCE AND ADMINISTRATIVE INFORMATION The Overseas Bishoprics Fund Is a charitable trusL founded in 1841 as The Colonial Bishoprics Fund., registered with the Charity Commisslon Ino. 245334). Office Church House, Great Smith StreeL Westminster, London SWIP 3AZ Presldent The Most Revd and Rt Hon the Lord Archbishop of Canterbury Members of the Coundl (trustees of the OBF) durlnz 2024 Appointed ty the Archbishop of Conterbury The Rt Revd Gull Francis-Dehqani The Rt Revd Anthony Po880 Representatives of bodies artive in the support of the wortdwide church The Revd Duncan Donnor IUSPG} Mr Robert Dawes IThe Mothers. Unionl- resi8ned September 2024 Rev Andy Roberts ICMS} Trustees oppointed by the Council The Revd Canon Mark Oxbrow (Chair of the Council) Mr Colin Bird Mr Stephen Slack Mr Edward Chaplin Mrs Janice Proud The Revd Canon Rana Khan Officers Mr Stephen Lyon ISecretsry} (to November 20241 Mrs Carolyn Gilmore Lyon ISKretsryl {frorn June 20241 Mr Ozan Gultekin (Clerk) Audttor. Bankers: Investn*nt Mana8ers: Crowe U.K. LLP 55 Lud8ate Hill London EC4M 7JW Uoyds Bank plc 25 Gresham Street London EC2V 7HN CCLI Investment Management Ltd Senator House 85 Queen Wictoria Street London SWIE 5JL
THE OVERSEA5 B15HOPRIC5 FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees of the Overseas Bishoprics Fund I"OBF"I present their report along with the financial statements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out on page 16, and compty with the Charities Act 2011 and Accounting and Reportin8 by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FR5 1021 {°the SORP"). Structure• governance, management and remunwatlon The governin8 document of the OBF is The Rules fvr the Administrntion of the Fund. This define5 tts 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 Rule5 were thorou8hly reviewed. revised and approved by the OBF Council in June 2022 and 5ubsequentlysent to the Charity Commission. The Rules providethat all affairs of the OBF are to te controlled by its Council, consisting of not more than twelve trustees. New trustees receive an induction pack of relevant documents outlining a51 aspects of the workin8s of the Fund. The OBF has no other related parties apart from Barlow Interventions Lsmited, a company run by the OBF Secretary. Until November 2024. when this arrangement ceased, Barlow Inteprfentions Limited charged the OBF periodically for secretarial work and related expenses. The current Secretary is self-employed and invoices the OBF periodically for work undertaken and related expenses. The level of remuneration for the OBF Secretary is set by the OBF every three years and the present daily rate {a8reed in June 20221 of £350. Appolntment of Trustees The composition of the OBF, in accordance with the updated 2019 rules of the Counol, consists of not more than twelve members, who shall be the trustees of the Fund. as foll0v. (a) two bishops appointed by the Archbishop of Canterbury, for a maximum term of 9 years; (bl representatives of bodie5 active in the support of the worldwde church Isocietyfor Promoting Christian Knowledge ISPCKI, the United Society Partners in the Gospel IUSPGI. the Church Mission Society ICMSI and the Mothers, Union IMU)) for a maximum term of 9 years: and (cl up to six other members, appointed by the Councll, for a maximum term of 9 years. Statement of publlc benefft The OBF believes that the Christian faith is of benefrt to society and indrviduals as it brin8s a vision of transformation for peace and social harmony. This is derlved from the belief of the Church that the ultimate purpose of God is to bring all thin8s into unity and perfection in Jesus ChrisL The quality and security of the leadership within the Church is crucial in ensuring that this vision 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 woddwide Church, and in particular for the establishment and maintenance of bishoprics within the An81ican Communion-. 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 communty and their nation and region. Their work often builds reconciliation, bringing community cohesion and stsbility through education. development and capacity building. They also provide vital links with the wider communities beyond those they primarily serve. The OBF seeks to demonstrate this benefrt through the way It addresses the needs of those in episcopal leadership within or closely associated with the Anglican Communion IAC), as detailed in this report. When planning its activities for the year the Council has considered the Charity Commission guidance on public benefit and, in particular. the speciflc 8uidance on charities for the advancement of religion.
THE OVERSEAS BISHOPRICS FUND TRUSTEES, REPORT FOR THE YEAR ENDEO 31 DECEMBER 2024 (contlnued) Grant-makln8 policy The 08F makes 8rants out of its General Fund. to supplement the local funds of overseas bishoprics. In 2019 the Council reviewed its grant 8iving priorities and procedures producin8 a new set of Guidance Notes and a common Application Form. Support for initiative5 that build Episcopal leadership capacity is now a hi8h priority. Grants are usually made for an indwidual year but in some cases multi-year commitments are made. Every applicant for funding is strongly encoura8ed to provide: as much clarity as possible as to what other source5 of support a bishopric is seeking or has reoived and the level of local support from within a bishopric: evidence of the 5UPPOrt of the Primate or Provincial Secretary of the Province in whith the applicanvs bishopric is situated; and auranceS that the Communion's own 8uidelines for the financing of new dioceses have been followed. Income from each of the restricted funds is paid to the overseas diocese or provlnce to which it relates. The income from each fund is therefore generally equal to the investment income less administration expenses for the year in question. Objectlves and artlvltles The Rules provide that the core object of the OBF s as follovts: (i) The object of the Fund shall be to provide 5UPPOrt for the senior national and regional leadership of the worldwide Church, and in particular for the estsblishment and maintenance of bishoprlcs wlthin the An81ican Communion. And, provide further 8uidance that: 121 In relation to any area of the world outside the United Kin8dom where there exists a church that is part ofthe Anglican Communion or in communion within the See of Canterbury. the Fund mav: (a) provide financial or other a55iStance towards the settin8 up and maintenance of the bishoprics of such a church; and provide financial or other assistsnce toward5 the maintenance of the bishoprics of such a church, including the training of bishops: and hold endowment funds for the benefit of such bishoprics. In relation to any area of the world outside the United Kingdom. the Fund may: 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 the Fund. havin8 sought the advice of the Archbishop of Canterbury. jud8e5 It suitable that suth a55iStance be given; hold endowment funds for the benefit of such bishoprics. n relation to any church in any of the above categories or in relation to any part of such a church, where there is not in place for the time bein8 a systern of Episcopal leadership. any reference in the above provisions to a bishopric shall have effect as if it were to the office and Vrk of a senior national or regional leader of status equivalent to that of a bishop. (b) 13) {b) 141 The OBF is unique in the Anglican Communion in that. whilst it Is keen to work alon8side other organisations supportin8 the worldwide Church more generally. its specific remit is to provide assistsnce for the work of bishops throu8h¢)Ut 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 transfomiation for peace, social harmony and human flourishing. The OBF seeks to achieve this in two ways. Firstty, it administers episcopal endowment trust funds on behalf of several dioceses and provinces and transfers accumulated income to them. Secondly, it makes grants to bishoprics,
THE OVERSEAS BISHOPRICS FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Icontlnued) Fundralsin8 Sectlon 1623 of the Charltles Act 2011 requires charities to make a statement regarding fundraisin8 artivities. The Council does not currently undertake fundraisin8 activty of any nature. is not registered with a fundraising re8ulator, has no commercial partlcip3tors. and has received no complaints relating to fundraising durin8 the year. Rlsk management The OBF'S risk mana8ement process facilitates the identification of threats to achieving its objectives and the mltlgatlon of these threats. The rlsk re8iSter is drawn up by the Secretsry and revlewed by the OBF on 3 bi- annual basis. The OBF has agreed that the risks below are those whith are the main barrier to achieving its objectives and are addressed through the mitigating Strategies. This was revlewed and the updated register a8reed in November 2024. In relatlon to Cyber-risks, as well as the annual recertification in Cyber Essential Plus. a new pan-NCI Cyber Steering Group was Introduced in 2023 and condurted approprlate testln8 of core systems. Mandatory Cyber Security trainin8 has been provided for all staff. Rlsk •rea Key mltl8atlnc strte8les Risk that investments do not prodetar$et returns. impacting on obility to provide stable and sustsinable distributions. Macro- economK events le.8. geopolitical Instabilkty, economlc downtums. infiatlonl may impart investment performance a1 the sustslnabllity of future distributions. Furvj mana8er Insts in (ilverslfied portfol50 FurKls ère held In depoyt. investment furKI and property fvnd shares Performance of fund mana8er1s re8ularty compared to other fund managers Acoss to investment performance reports produced by Archblshops. Coun¢ll Investment Committee Regular meetings between the fund mèna8er and the Councll to dlxuss Investment rdicles and perfomiarte Rlsk that funds may be mlsapproprfated overseas FurKI secretary holds latest records of benefi'ciaries. bank accounts and email addresses for admlni5terfn8 the furK15 to ensure payments reach intended reupients. Purwses of the Fund outlined to recipients each time an income payment 15 18rants agreed by the Coundl as appropriate and applications have to be en(bJrsed by the Primate of the province. A summary Is requested of the way in which kyevlous grarrts have been spent. ConfirmatK>n of reteipt of fvnd5 are sent by the grantee to the secretary to the OBF together with a signed agreement that the 8rant or income will only be used for the 5peufic purposes 5tsted or in line wlth the objertives of the OBF.
THE OVERSEAS BISHOPRIC5 FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2032 Icontlnued) Artlvltles of the OBF Coundl In the year to 31 December 2024 In 2024, the OBF continued its support for the ministry of bishops in many countries with increased interest from some blshops following their engagement with OBF at the 2022 Lambeth Conference. The impart of dimate related disaster and armed conflirt affecting life across the Anglican Communion is a contributin8 fartor in some grant applications. Grants In 2024 the 08F approved grants of £133.571 from its General Fund- £122.571 to be distributed in that year and the remainder committed for subsequent years. It also distributed £23,500 from its India Funds to the United Churches of the 'lndian Sub-continenf. In June 2024. the OBF made the followin8 new grants from its General Fund:63945 al Blshoprlc of Dunkwaworthn. Ghana- a grant of £7.125 towards the bishop's expenses (housing and living costs, travel. medicall bl Bolivla, South Amerlca- a grant of £14,0(K) over 3 years1£7.LK#). £4,IY)0, £3.(KWJl towards the bishop's stipend and travel costs. (This is the first indi8enou5 diocesan bishop in South America, and CMS no longer support bishop's stipends) cl Malwut. ECSS- a 8r3nt of £8.660 towards building the bishop's house and office. dl S. Nyan2a. Kenya- a further grant of £2.170 to complete buiSding the bishop's office due to Inflatlon increasing the costs. e} Muylnga, Burundl~ a 8fdnt of £7.875 tovrdrds the cost of replacin8 the bishop's car followin8 an accident Biharamulo. Tan2ania~ a grant of £7.940 to complete work on the bishop's house. 81 Merldlonal, BrJill- 3 grant of £8,175 toardS the purchase of a vehlcle for the bishop's use. h) Internatlonal An8lican Safe Churthes Commlsslon- a 8rant of £8.000 to enable certain bishops to attend this 5afeguardin8 trainin8 conference. In November 2024, the OBF made the following new grants from its General Fund: al Amazonla, Brazll- a grant of £8,000 towards the cost of a vehicle for the bishop's use. bl Parana, 8razll- A grant of £6,240 t¢)wards the cost of a vehicle for the bishop's use. cl Rutana, Burundl- a grant of £7.86S for the cost of materials to renovate the bishop's residence. the labour costs being supplied by the Diocese. dl Kalemle. DR Con80- a 8rant of £15.000 towards renovating a house for the new blshop. and travelling and liwng expenses. el Morobo, ECSS- a grant of £IO,O(Kl towards a Olocesan vehicle to replace one burned out by rebels. Tollara. Indian Ocean- a 8rant of £1.944 tovffirds the bishop's stipend and expenses due to the effects of two cyclones on the finances of the diocese. 8) Eswatlnl. South Afrla- a grant of £12,6Q) to fund a livestock project to provide a reliable and Sustainable livelihood for the bishop. h) 8om Pastor, IAMA IAngola)- a grant of £7.977 to expand. improve and furnish the bishop's office. The Indla Funds tontinued its support of the On-8n8 work of the bishoprics in Indla. Paklstan. Bangladesh and Srl Lanka. The importance of these grants can perhaps best be 8auged by the fart that the OBF, from both these general funds and further restricted fvnds. 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 Churthes that are beneficlaries of these Funds.
ThE OVERSEAS BISHOPRICS FUND TRUSTEES. REPORT FOR ThE YEAR ENDED 31 DECEMBER 20241contlnued) Process for the appolntment of a new OBF Secretsry Following Stephen Lyon's proposed resignation as Secretary to the OBF a process for appointing hls successor followed through and Carolyn Gilrnore was appotnted in March 2024. The changeover of Secretaries took place over 2024 with Stephen finally standing down following the November 2024 Council Meetin8. Chlna Funds A review of the use and disbursement of the China funds. outlined in the 2022 report, was undertaken during 2024 and Resolutions were passed to amend the trusts of the Endowment Fund forthe Bishopric of North China, the Bishopric of Shantung and the Bishopric of Szechuan East so that their income and property become part of the general purpose property of the OBF Meanwhile, in line with permission already granted by the Charity Commission, income from the China funds is being used to support bishoprics where there is a ministry to a significant Chinese population. The first grants of this kind were a8reed at the November 2022 meeting and made to the Bishoprics of Mandalay and Yan8on, both in Myanmar. Similar grants were made to these dioceses in 2024. Blshopscourt. Cape Town. South Africa During 2012 all the necessary arrangements 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 a draft Deed of Trust estsbli5hin8 the Bishopscourt Episcopal Trust, the principal objects of which are "to establish and maintain Anglican bishoprics Withln the province of Southern Africa, and in particular the Archbishopric of Cape Town" and a draft Deed of Donation transferrin8 to it the freehold of Bishopscourt and the associated funds. This transfer still continues to be delayed, due malnly to the comp5exity of the re8i5tration process of the Bishopscourt 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 OBF will also be transferred to the newTrust: the Cape Town En81ish Endowment Fund, the Cape Town South Africa Endowment Fund. the Bloemfonteln Fund, the George Fund. the Natal Fund and the Pretoria Fund. Governance Matters Trustees continue to gNe time at each Council meeting to review an aspect of its governance seeking to review issues and. where necessary, improve policies. The over pattern seeks to review the followin8 in a two-year cycle: Year I (June).. Govemance Policies- Rules. Risk Register and Conflict of Interest Re8iSter. Year I (November).. Charity Purpose and objectives and consequent future major tasks (so allowing a hlgh-level discussion every two years on how we feel God is calling us to steward the responsibilities we hold). Year 2 ljunel.. Management Policies - Financial Controls including Reseprfes and Investment policles Ilncluding a presentation by CCLA/our fund managers); Diversity and Inclusion- and Risk Re8iSter Year 2 INovember): Strategic Partnerships - on some occasions this wuld include participation by a key partner such as ACF or St. Augustine's Foundation.
THE OVERSEAS BISHOPRICS FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (contlnued) Future Plans As the OBF specificalty serves those leadin8 the An81ican Communion - its bishops- its own future will be linked to that of the Communion. The effects of climate disasters and armed conflict challenge the mission and administration of all the Churche5 in the Anglican Communion as they seek to respond to the situations they face. We again saw this year that many of the applications were for basic repairs to bishops, housing and stipend5, and 3150 vehicles for use in their ministries. Anglican ecclesiastical politics also have the capacity to impact the work of OBF and are closety monttored. We will continue to address how we might support the desire. in many places across the Communion, to build up the capacity of the bishops through trainin& support, mentorin8 and retreat. We welcomed a new Secretary in 2024 and expect undertake work on issues that the new Charity Act will help us to deal wtth more effectivelv. nanclal revlew The total net assets for which the OBF has responsibility at the end of 2024 were £18,148,673 12023: £17.612.6901. Ofthese assets: Unrestricted funds 1.the General Fun(r), whith can be used for the setting up and maintenance of bishoprics generally, were £156.99612023- £150.1591. Restricted funds, which must be used for the support of bishoprics in specffic named dioceses or regions Iparticularly in the Indian Sub-continent, China, and South Africa). were £1,277,251 (2023: £1,131.1771. the remaining £16,714.42612023'. £16.331.3541 were the permanent endowment fvnds ofwhich £4.192,50612023: £4.107.141) 8enerates income for general objects and £12.521,92012023: £12,224,213) generates income restricted to specific dioceses or regions. The capital value of these funds, and the income 8enerated by them, flurtuate according to market conditions. Investment powers. poliry and perforniance Investments are held within Church of England Funds that are managed by CCLA Ltd. The Councll revlews Investment performance durin8 the year, on the basis of reports received from CCLA Ltd. The funds are invested to malntain capital grovrth. whilst providin8 Suitable levels of Income to provide a reliable Brant stream to the bishoprlcs. Durin8 the year the total value of the investment funds increased by £398.526, solely made up of gain5 on revaluation12023: increased by £1,473,375, made up gains on revaluatlon). The amount of Investment income received was £514.00212023: £498,998). Reserves pollcy Total funds at 31 December 2024 were £18,148.673 {2023: £17.612.6901 of which £156,996 were unrestricted (2023: £150,159). £1.277,2SI were restricted 12023- £1.131,177) and £16,714.426 were endowment funds 12023: £16,331,354). The Council believe that the level of free reserves from the unrestricted General Funds should be not less than 12 months operational expendtture. in order to provide sufficient workin8 capital and to deal with unforeseen requests for emer8ency funding. As at 31 December 2024. as there are currently no designated funds, free reseples totalled £156,996 (2023: £150.1591 whid) is above the targeted level. The trustees are content with the level of reserves as at 31 December 2024. The reserves policy has been reviewed and updated in 2025. Goln8 concern The Council has assessed expected cash flovts for 2025 and the 12 months beyond the date of signing. Income received until the date of approval of the financial statements is in line with the trustees, projections. CCLA, the Council's investment manager, have indicated that there will be a positive change to the experted investment Income for 2025. desplte challenging market conditions and continued geopolltical uncertainty. The Fund has sufficient liquidity to cover grant commitments already made and associated support costs. The Council wlll moderate the grant makin8 activlty of the Charity as necessary to meet its reserves policy as set out above. Given this, the 80in8 concern basis of accounting in preparing the annual report and the financial statements Continues to be adopted.
THE OVERSEAS BISHOPRICS FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (contlnued) Responslbllltles of the trustees The Council is required to prepare financial statements for each financlal year that 8lve a true and fair view of the state of affairs of the OBF and of its incomin8 resources and application of those resources for the period in question. In preparin8 those financlal ststements, the Counal is required to: select suitsble accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent, state whether applicable accountin8 standards have been followed (subject to any material departures disclosed and explained in the financial statementsl- and prepare the financial statements on the "goin8 concern" basis. unless it is inappropriate to presume that the Fund will continue in busine55. The Coundl is responsible for keeping proper accounting records which disdose wtth reasonable accuracy at any tiffle the financial position of the Fund and enable them to ensure that the financial statements are correctly prepared. It is also responsible for safe8uarding the assets of the 08F. and hence for takin8 reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Council on 17 June 2025 and signed on Its behalf: Revd. Canon Mark Oxbrow Chair of the Council Date:
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE OVERSEAS BISHOPRICS. FUND Oplnlon We have audited the financial Statements of The Overseas Bishoprics. Fund I'the chariv) for the year ended 31 December 2024 which comprise the Ststement of Financial Activities, Balan Sheet. Cash Flow Statement and notes to the financial statements. includin8 Significant accounting policies. The financial reportin8 framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, Including Financial Reporting Standard 102 The Flnanclal Reportin8 Standard applicable in the UK and Republic of Ireland {United Klngdom Generally Accepted Accounting pract1). In our opinion the financial statements". give a true and fair view of the state of the charivs affairs as at 31 Deomber 2024 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 requlrements of the charit Act 2011. Basls for oplnlon We condutted our audit in accordance with International Standards on Auditing IUK) IISAS IUK}l and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. Wè are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. includin8 the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit ewdence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng CoeM In auditing the financial ststements, we have concluded that the trustee's use of the 80ing concern basls 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 relatin8 to events or conditions that, individually or collectively. may cast significant doubt on the charity's ability to continue as a 80in8 concern for a period of at least twelve months from when the financial ststements are authorised for Issue, Our responsibilitles and the responsibilitie5 of the trustees with respect to going concern are described In the relevant sections of this report. Other Inforniatlon The trustees are responsible for the other Information contsined withln the annual report. The other Information comprises the information included in the annual report. other than the financial statements and our audito¢s report thereon. Our opinion on the financial statements does not cover the other information and. except to the extent otherwlse explicitly stated in our report we do not express any form of assurance concluslon thereon. Our responsibility is to read the other infomiation and, in doing so, consider whether the other information is materially inconsistent with the financial Statements or our knovAed8e obtained in the audit or otherwise appears to be materially misststed. If we identify such material inconsistencies or apparent material mlsstatements, we are required to determine whether this gives rise to a material misststement in the financial statements themselves. If. based on the work we have performed, we condude that there is a material misstatement of this other information, we are required to report that fact. We have nothin8 to report in this regard. 10
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE5 OF THE OVERSEAS BISHOPRICS, FUND Matters on whlth we are requlred to report by exceptlon We have nothin8 to report In respect of the folloviing matters In relation to whlch the Charities (Accounts and Reports) Regulatlons 2CK18 requires us to report to you if, In our opinion: the information 8iven in the financial ststements is incon5iStent in any material respect wlth the trustees, report; or sufficient and proper accountlng 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 audiL Responsibllities of trustees As explained more fully in the trustees, responsibilities statement set out on page 9. the trustees are responsible for the preparation of the financial statements and for bein8 satisfied that they give a true and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misststemenL whether due to fraud or error. In preparing the financial ststements, the trustees are responsible for assessing the charity's ability to continue as a going concem, disclosin& as applicable, matters related to goin8 concem and using the goin8 concern basis of accounting unless the trustees elther Intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. AudStorfs responslbllltles for the audlt of the finanelal statements We have been appointed as auditor under Section 151 of the Charitie5 Act 2011 and report in accordance with the Acts and relevant re8ulations made or havin8 effect thereunder. Our objectives are to obtatn reasonable assurance about vthether the financlal statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditorfs 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) wlll always detect a material misstatement when it exists. Misststements can arise from fraud or error and are considered materlal If. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financlal statements. Details of the extent to which the audit was considered capable of detecting irre8ularities, includin8 fraud and non-compliance with lav and regulations are set out below. A further descriptlon of our responsibillties for the audit of the financlal statements is located on the Financial Reporting Council's website at: www.frc.o auditorsres onsibilitie . This description forms part of our auditor's report. Extent to whlth the audlt considered capable of detertlnz lrre8ularitles. Indudln8 fraud Irregularities. includlng fraud. are instances of non-compliance with lav*S and regulatlons. We Identifled 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 resp¢)nsive to those rtsks, Including oblalning audit evidence suffident and approprlate to provide a basis for our opinion. We obtained an understanding of the legal and re8ulatory frameworks within which the charity operates, focusing on those laws and regulations that have a dirert effect on the determination of material amounts and disclosures in the financial statements. The laws and re8ulations we considered in this context were the Charities Act 2011 together with the Charities SORP {FRS 1021. We assessed the required compliance with these laws and regulations as part of our audit predureS on the related financial ststement items. In addition, we consldered provisions of other laws and regulatlons that do not have a direct effect on the financial statements but compllance with which might be fundamental to the chariVs ability to operate or to avoid a material penalty. We also considered the opportunities and incentlves that may exist wlthin 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.
INDEPENDENT AUDITOR'S REPCIiT TO THE TRUSTEES OF THE OVERSEAS BISHOPRICS. FUNO Ext•nt to whlth thg audft was eonsldered capable of detertlns Irre8ularltles, Includln8 fraud (eontlnued) Auditln8 Standards Ilmit the requlred audlt procedures to Identlfy non-compliance with these laws and regulations to enquiry of the Trustees and other man4ement and inspertion of regulatory and legal correspondence, if any. We identified the 8reatest risk of material impact on the financial statements from irregularities. including fraud, to be within the override of controls by management. Our audit proodures to respond to these risks Included enquirle5 of mana8ernt and the Trustees about their own identi Ication and assessmLmt of the risks of irregularities. sample testing on the postin8 of journals, reviewing accountin8 estimates for biases. reviewing regulatory correspondence with the Charity Commission and reading mlnutes of meetings of those char8ed wlth governance. Owin8 to the inherent limitation5 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 planneé and performed our audit in accordance with auditin8 Standards. For example. the further removed non-compliance with laws and regulations {irregLlaritles) Is from the events and transaction5 reflected In the financial Statements, the less likely the inherently Simited procedures required by audlting standards would identify It. In additlon, as with any audit. there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery. intentDnal omissions, misrepresentations, or the override of internal controls. We are not responsible for preventipg non-compliance and cannot be expetted to detert non<ompliance with all laws and re8ulatiOn5. Use of our report This report is made 501ely to the charitys trustees. as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2(Th. Our audit Vrk has been undertaken so that we might state to the charivs trustees those matters we are required to stète to them in an audtorfs report and for no other purpose. To the fullest extent permitted by law. we do not accept or assum? responsibility to anyone other than the charity and the charitys trustees as a body, for our audit work, forthi5 report, or for the opinlons we have formed. Crowe U.K. LLP ststutory Auditor London Date 22 July 2025 Crowe U.K. LLP Is ellgible for apwintmert as altOrOf thÈtharity ty %4rtue of Its eliwbdlty forapptjlntment as auditorof a company unthr sectbon 1212 of the CompanlesAa 2(X6. 12
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEARS ENDED 31 DECEMBER 2024 Unrestrlcted Funds Restrlcted Funds Endowment Funds 2024 2023 Totsl Income from: Investments 146,698 367,304 514.CK)2 498,998 Total income 146,698 367.304 514,IyJ2 498,998 ndIre on th•rltable actlvllles: Support of bishop5 Totsl expenditure Total Income less expendlture before Baln ¢n Investments Gain on investments 1139.8611 1139,8611 1236.6841 1236,6841 1376.5451 1376.5451 1436,4101 1436,4101 130,620 137A57 62W8 15.454 383,072 398,526 1,473,375 Net expendlture Transfers between turS 67 146.074 383,072 535,983 I35.963 Net moYpJnent kn funds 146.074 383W72 53S,983 535,963 Totsl funds at i January: 150.159 1,131.177 16.331.3S4 17,612, 16,076,727 Totsl funds at 31 December 1277.251 1&714A26 18.Iq673 17.612.690 13
8ALANCE SHEET AS AT 31 DECEMBER 2024 Unrestrlcted nd5 2024 2023 Fund5 Fynds Totsl Totsl N(rtes Hxad ass•ts Investments 7,893 1.039.324 16.714.426 17,761,643 16,998,098 I19.324 16,714A26 17,761.643 16.9*098 Current ass•ts Cash & cash equivalents 211,120 461.748 672.868 846326 Debtors 34,715 93.272 127,987 127,954 24535 555mO B(KI5 974,280 Credltors., amounts falling due wlthln one year 193,7321 1317.0931 1410,825) 1337,688) N•t rrInt ass•ts 103 237J27 390.030 636.592 Creditors: amounts falllng due after one year {3,¢YJ)I 13,IXM)) 122.IKX)I Totsl net assets 7251 14714026 I483 17.611690 The lufftds of the th•rlty Unrestrlcted funds- General li 156.996 156,996 150,159 ftestrlcted funds li 1,277,251 1,2TI.251 1.131,177 Endowment fvrKIs li 16.714.426 16.714.426 16,331.354 funth L2TI,251 1&714A26 18,148.673 I712. Revd. Canon Mark Oxbrow Chairman of Council Date: 17 202< 14
CASH FLOW STATEMEiif FOR THE YEAR ENDED 31 DECEMBER 2024 Notes 2023 fteconcHlatlcn of net kb¢ome to net cash Ikw frtyn aperatlng artl¥ltlÉs Netlnc¢xneftyiheyear lasperth4 stateffl offinandjl •thlUes) Investment Inco 137,457 1514,IX121 S4,137 1331 132Wi) 62,588 1498.998 65.491 {13.350) {384.2691 Increase / (Decrease) in uedltors {Increasel / Decrease In debtors Net cash (used In) operth8 artlvl Cash fl¢Jws from Inveslln8 •Ctl¥ltl•s Investment Income 514.CX)2 1365,0191 498.998 Purchase of flxed asset Investments Net osh fl(w pIdEd by Invesdn8 *¢lhlil¢s 148,983 498,998 Chinse In ush and ush •qulvalents In the year 1173.4581 114,729 Cash and cash equivalents at the #art of the ffar 846,326 731,597 C•sh and cash oqulv•l•fits at th• •nd ot the y 672,868 846326 Analysts of cash & cash eqalents & than8es In net debt: Atljan 2024 Other dMn8es At31 De¢ 2024 Cash fiows Short term deposlts Cash at bank and In hand TOTAL (354282) I8414 1173858) 185,968 672,868 846326 15
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING pouaES Legal Status The Overseas Bishoprics, Fund ("OBfl Is a tharitable trust, founded In 1841 as The Colonial 8ishoprics Fund,, registered wlth the Charity Commission Ino. 245334). Basls of Preparntlon The charitys financl31 information has been prepared In accordance wlth: finanoal Reporting Standard 102: The Flnanaal Reportin8 Stsndard applicable in the UK and Republic of Ireland I"FRS 102"): Accounting and Reporting by Charlties: Statement of Recommended Prnrtlce applicable to tharlties preparing their accounts in accordance with the Finanaal Reportln8 Standard applicable in the UK and Republic of Ireland IFRS 1021 l-the SORV). The 08F meets the definition of a Public Benefft Entity I"PBE") as set out In FRS 100, and therefore applies the PBE prefixed para8raphs In FRS 102. The financial information has been prepared on the historical cost basls {except for the revaluation of investments) and on the accruals basis. These finanaal statements comprise all the OBF'S unrestrict, desl8nated, restrirted and endowment funds drawn up to 31 December eath year. A summary of the accountln8 policles. whlch have been applied conslstently across the group, Is set out below. Golng Concern The Council has assessed expected cash fiows for 2025 and the 12 months btyond the date of signing. Income received until the date of approval of the financial ststements is in line with the trustees, projertions. cc the Coundl's investment mana8er. have indicated that there will be a positive than8e to the experted investment income for 2025, desplte challenging market condition5 and continued 8eopolitical uncertainty. The Fund has sufficient Ibquidity to cover grant commitments already made and associated support costs. The Council will rnoderate the grant making activity of the Charity as necessary to meet its reseryes pollry as set out above. GNen this. the 80ing concem basis of accounting in preparing the annual report and the financial ststements ct>ntinues to be adopted. Funds Strurture Unre5trirtedfunds General Funds are funds which can be used for its general chariLible objects to coordlnate, promote, ald and further the work and mi55ion of the lknseas Bishoprics Fund. Restrlrtedfunds Restrirted Funds are subjert to speofic condltions imposed by the donor, these conditions belng legally bindin8 upon the Fund. Endowmentfunds Endowment funds a capital fund5 where the Council has no power to spend the capital but where the income 8enerated from the invested fund5 is available for expenditure. Endovnnent funds fall into two categories.. endowments for specific dioceses or provinces; and endowments for the 8eneral objects of the charity. Income from endowments for specific dioceses or provinces is treated as restricted income and income from endowment for the general objects of the charity is treated as unrestrirted income. 16
Income and Expendtture Dividends and other interest are reco8nised on an accruals basis. Grants are reco8nlsed as a liability when a firm commitment to pay the 8rant is made. Investment and Galns and Losses on Investment Assets Investments are stated in the financial statements at market value. Gains or losses on investments are disclosed in the Statement of Financial Activities. TAXATION The Fund 15 a registered charity and is exempt from taxation on its income and gains falling within Part 11 of the Corporation Tax Act 2010 or sertion 256 of the Taxation of Char8eable G3ins Act 1992 to the extent that they are applied to their charttable purposes. INVESTMENT INCOME Unrertrirted Restricted Endowment fuMIs fund5 funds 2024 2023 Dividends Interest on cash and deposlt funds 114,498 367,135 481.633 464,631 32,200 169 32369 34.367 146,698 367304 514.002 498,998 SUPPORT OF BISHOPS Support of bishop5 comprises grants awarded from unrestricted funds at the discretion of the Council and payments of net income from restrirted funds. Support costs comprising of adminlstration expenses of the Fund plus Governance Costs have been allocated to this attivity cost category. Grants were awarded from unrestrirted funds at the discretion of the Council. to 16 recipients totalling £128.961. Unrestrlrted Restricted Endowment funds funds funds 2024 2023 Grants committed 128.961 io. 247,556 29.778 {40.650) 236.684 376.517 40.678 140.6501 376,545 396,532 39.878 Support costs Grants written back 139.861 436,410 2023 expenditure ds made up of £84,147 of unrestricted expenditure and £312.385 of restrlcted expenditure. Govemance costs, included within support costs, are made up of.._ 2024 2023 Auditors remuneration 9,801 901 9,023 9,023 17
COMPARATIVE STATEMENT OF FINANCIAL ACTivmES Unrestrlcted Funds Restrirted Funds Endowment Funds 2023 Tot Investments 146,761 352.237 498,998 Total income 146,761 352.237 498,998 E¥pendlture on charitsble actIvie$. Support of iM5hop5 Totsl expenthture Net (expendlture)Ilncome before Baln on Investments Gain on investments 191,36 {345.043 {345.0431 1436.410 1436,4101 191,3671 7,194 62588 57.135 1.416.240 1.473,375 Net Income 55394 64JZ9 IN16,240 1,535,963 Transfers between funds Net mov•Mt In fvnd5 55394 64329 IN16,240 I35.963 Totsl fvnds at l January.. 94,765 1.066.848 14.915,114 16,076.727 Totsl funds It 31 Defnber 150.159 1,131,ITI 16331,354 17,612,960 PROPERTY The Fund is the trustee of an historical house. Btshopscourt, In Cape Town. occupied by the Archbishop of Cape Town and 3 maintenance fund consisting of a portfolio of investments held in respect of the Archbishopric of Cape Town. The maintenance of the house is flnanced locally and has been for over a century. The Council last received a valuation as at 31" May 2013 of £4.3 million for the property and £942.CiYI for the investments. As the Fund has no control t)ver or beneficial interest in the assets. they have been Included at nil value in the accounts. The Council had orl8inally hoped to transfer the title of these assets to a newly formed charttable trust in South Africa for the benefit of the Archbishopric ofCapeTown, durin8 the latter part of 2013. There has however been no change in 2024and it is hoped that matters will be concluded as soon as possible. 18
INVESTMENTS Endowment Unrestrlcted Restrlcted for general funds funds obhects Endowment for specffi¢ Totsl dlocw Investments 2024 Total investments 2023 Fund Investments Balance at l January Additions Net 8alnlllossl on revaluation Balan as at 31 December 7,893 658.851 365.019 15.454 7.893 1.039.324 4,107.141 12,224,213 16,998,098 365.019 398,S26 17.761.643 15,524,724 85,365 4,192.506 297.707 12.521.920 1.473,374 16,998.098 Endowment Unrestrlrted Restricted for 8eneral funds objects Endowment for specific Total dlocese Investments 2013 Fund Investments Balance at l January Net 8ain on revaluation Balance as at 31 December 7,893 601,716 57.135 658,851 3.750.471 356,670 4,107,141 11,164,644 1.059.569 12.224,213 IS.524.724 1.473374 16,998,098 7.893 See note 6 In respect of investments held In the Blshopscourt maintenance fund. All investments are held within the CCLA CBF Churth of En8land Investment Fund. DEBTORS 2024 2023 Amount falllng due wlthln one year. Accrued income 127,987 127.987 127,954 127,954 19
CREDITORS 2024 2023 Amount fallln8 due wlthln one year. Grants payable Accrued expenditure 395.998 14.827 410.825 324.604 13.084 337,688 2024 2023 Amount fallln8 due after one year. Grants payable 22,000 22,000 Creditor balances consist of both dmdend Income due to the provlnces. and general fund 8rants awarded by the Trustees. io. EMPLOYEES AND TRANSACTIONS WITH TRUSTEES There were no employees during the year. No remuneration has been paid to Council Members durin8 the year. Reimbursement of travel & subsistence expenses paid to Council Members durin8 the year was £26812023: £2341. In June 2024. Stephen Lyon retired as 08F secretsry and was replaced by Carolyn Gilmore. The perlod from June 2024 to November 2024 served as a handover period for the role and hence, secretarial fees for both Stephen Lyon and Carotyn Gilmore were payable. Secretarial fees of £7,140, charged by Barlow Interrfentions Llmited. were expensed during 2024 12023: £8.2951 for servlces provided by Stephen Lyon. OBF Secretary. Stephen Lyon is the sole owner of 8arlow Intenrfentions Limited. As at 31 December 2024, £1,626 was owed to Barlow Interventions Limited12023: £3,794). Secretarial fees of £7.025 were expensed during 202412023- £nil} for services provided by Carolyn Gilmore, OBF Secretary. As at 31 December 2024. £513 was owed to Carolyn Gilmore (2023: £nill. There was no other remuneratlon to key management personnel during either the current or prevlous years. 20
ii. ANALYSIS OF FUNDS Fund balance brou8ht forward Income Expendlture Transfers 2024 Fund balances carrled forward 2024 Galns and losses Fund Unrestricted Funds: General Fund Restricted Funds: Chino Other Restricted Funds - total Endowment Funds 150.159 146,698 1139.861) 156.996 789.681 341.496 77.228 290.076 (7.288) 1229.396) 9.792 869,413 407.838 1,131,177 367304 (236,684) 15A54 1,277.251 16.331.354 383.072 16,714A26 Total funds of the charlty 17,612,690 514.LK12 (376,5451 398,526 18.148,673 Fund balance brought forward Income Experbdlture Trnnsfers 2023 Fund balances carrled forward 2023 Galns and Fund Unrestricted Funds: General Fund Restricted Funds: China Other Restrirted Funds- total Endowment Funds 94,765 146.761 191,367) 150.159 708.258 69.521 282.716 125.924J (319.1191 37.826 19.309 789,681 341,496 352237 1345W) 57.135 1.131,177 14,915,114 1,416,240 16,331,354 Total funds of the charity 16.076,727 498.998 1436,410) 1.473.375 17,612,690 Endowment Funds Endowment Investments are spllt based whether there is a $trrtIon in place on the Income which these assets generate. The OBF has a totsl of 37 {2023: 371 permanent endowment funds, the lar8est now being the amalgamated funds: OBF West Indies FurKI at £2.531.0c(2o23: £2.474.0001, 08F China General Fund at £2.470,(m12023: £2.104,000) and OBF India General Fund at £1,483.00012023: £1,445.0(X)l. valued at 31 December 2024. 21
ii. ANALYSIS OF FUNDS Icontlnued) Restrlcted Funds These funds are for use for the support of bishoprics in specific named dioceses or re8lons (particularly in the Indian sub<ontinent, China. and South Africa). There are 3412023.. 34) restricted income funds, the largest being the OBF China General Fund, valued at £850,000 at 31 December 20241£790,(KQ at 310ecember 20231. Unrestricted Funds: General Fund This fund is for general use in meeting the OBF'S charitable objectlves and are not designated for purposes. 12. COMPARATIVE ANALYSIS OF NET ASSETS BEfwEEN FUNDS Unrestricted funds Restrirted funds Endowment funds 2023 Group Fixed assets Current assets Current liabilities Non-current liabilities ToLIl net assets 7.893 196.482 132.216) 22,IXK)} 150.159 658,851 777,798 (305,4721 16.331,354 16,998.098 974,280 1337,6881 22.0001 17.612,690 1,131,177 16,331,354 Net assets between fund5 for the current year can be seen on the Balance Sheet ststement on page 14. 13. RELATED PARTIES During 2024, secretarial fees of £7,140 were charged by Barlow Interventions {2023.' £8,295) and secretarial fees of £7,025 were tharged by Carolyn Gilmore12023: nill. See Note 10 for further details. 22