THE OVERSEAS BISHOPRICS, FUND REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Regtsstered Charity 245334
CONTENTS Page REFERENCE AND ADMINISTRATIVE INFORMATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE5 OF THE OVERSEAS BISHOPAICS. FUND BALANCE SHEET AS AT 31 DECEMBER 2025 CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025 NOTES TO THE FINANCIAL STATEMENTS FOR TklE YEAR ENDED 31 DECEMBER 2025 li 15 16 17
REFERENCE AND ADMINISTRATIVE INFORMATION The Overseas BishoprScs Fund is a charitable trust. founded in 1841 as The Colonial Bishoprics Fund., re8lStered with the Charity Cornmission Ino. 2453341. Office Church House, Great Smith Street, Westminster, London SWIP 3AZ Prtsident The Most Reverend and Right Honourable Dame Sarah Mullally DBE. Lord Archbishop of Canterbury Members of thÈ Council Itrystees of the OBFI durlng 2025 Appoirtted by theArchbi5hop of Cjnterbury The Rt Revd Gull Francis-Dehqani The Rt Revd Anthony Po880 Repre5enturives of bodie5 active in the support of the wt7rldwide church The Revd Duncan Dormor IUSPGI Iresi8ned july 20251 The Revd David50n Solanki IUSPGI lappolnred July 20251 Rev Andy Roberts ICMSI Mrs Sarah Newnham (Mother5 Union) (appointed June 20251 Dr Sanjeevani Perera ISPCKI lappointed March 20251 rrustees oppolnted by the Council The Revd Canon Mark Oxbrow (Chair ol the Council) Mr Colin Bird Mr Stephen Slack Mr Edward Ch3plin Mrs Janice Proud The Revd Canon Rana Khan Offlcers Mr5 Carolyn Gilmore {SeCtary) Mr Ozan Gultekln (Clerk) Auditors.. Bankers: Invèstment Managers: Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Lloyds Bank plc 25 Gresham Street London EC2V 7HN CCLA Investrnent Mana8ement Ltd Senator House 85 Queen Victoria Street London SWIE 51L
THE OVERSEAS BISHOPRICS FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Trustees of the Overseas Bishoprics Fund I'OBF'I present their feport alon8 Wlth the financial statements for the year ended 31 December 2025. The financial statements have been prepafed in accordance with the accounting policie5 set out on page 17, and comply with the Charities Act 20113nd Accounting and Reporting by Charities.. Ststement of Recommended Practice applicable to charities preparing their accounts accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 I'the SORP"). Structure. governance, management and rèmuneration The governing docurnent of the OBF is The Rulesfor the Administrotion of the Fund. This defines its objett, the methods by which that may be achieved, the procedures forthe appointment of its Council and officer5, and the means by which its busines5 may be transacted. These Rules were thorou8hly revieweil. revised and approved by the OBF Council in June 2022 and subsequently sent to the Charity Commission. The Rules provide that all affair5 01 the OBF are to be controlled by its Council, consistin8 of not more than twelve trustees. New trustees receive an induction pack ol relevant documents outlining all aspects of the workings of the Fund. The OBF has no other related panies apart from Carolyn Gilmore (current OBF Secretary). The current Secretary is 5elf-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 daily rate was increased by 8% to £378, applicable from l July 2025. Appointment of Trustees The composition ol the OBF. in accordance with the updated 2019 rules ol the Council, consists of not more than twelve members, who shall be the trustees ol the Fund. as follow5.. lal two bishops appointed by the Archbishop of Canterbury, for a maximum term 019 years.. Ibl representatives of bodies active in the support ol theworldwide church Isocietyfor 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 9 years,. and Icl up to six other members, appointed by the Council. for a maximum term of 9 years. Statement of publit beneflt The OBF believes that the Christian faith is of benefit io society and individuals as it brin85 a vision of transformation for peace and social harmony. This is derived frorn the belief of the Church that the ultimate purpose ol God 15 to bring all thing5 into unity and perfection in Jesus Christ. The quality and security of the leadership within the Church is crucial in ensuring that this vlsSon is realised. The OBF believes that the advancernent of the Christian religion wi15 be enhanced by the provision of "5UPPOrt for the senior national and regional leadership of the worldwide Church, and in particular forthe establishment and maintenance ol bishoprics within the Anglican Communion.. The bishops whom the OBF 5UPPOrts, work in 50rne of the neediest areas ol the world. Their leadership benefit5 not only the Church but also the wider £ommunity ènd their nation and region. Their work often builds reconciliation, brln8in8 community cohesion and stability 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 benefit through the way it addresses the needs of those in episcopal leadership within or closely associared with the Anglican Communion IACI, as detailed in this report. When planning its activities forthe yearthe Council hès Considered the Chèrity Commission guidance on public benefit and, in particular, the specific guidance on charitie5 for the advancement of reli8ion.
THE OVERSEAS BISHOPRICS FUND TRUSTEES. REPORT FOR THE YEAR ENDED 310ECEMBER 2025 Icontlnuedl Grant-making policy The 08F mèkes grants out of its General Fund, to supplement the local funds ol overseas bishopric5. In 2019 the Countil reviewed it5 grant giving prioritles and procedures producing a new set of Guidarlce Notes and a common Application Form. Support lor initiatives that build Ep5scopal le3der5hip capacity 15 now a high priority. Grants are usually made for an individual year but in some cases multi-year commitment5 are made. Every applicant for funding 15 51rongly encouraged to provide.. as much clarity as possible a5 to what other sourtes of support a bishopric is seeking or has received and the level of local support from within a bishopric.. 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 Communion'5 own guideline5 for the financing of new diocese5 have been followed. Income from each of the restrtcted funds is paid to the overseas dlocese or province to wh4ch it relates. The income from each fund is therefore generally equal to the investment intome less administration expenses for the year in questlon. Qbiecilves and ¥tivltles The Rules provide that the core object of the OBF is as follows.. The object of the Fund shall be to provide support for the senior national and regional leadeT5hip of the worldwide Church, and in particular for the establishment and maintenance of bishoprics Wlthin the Anglican Communion. And. provide further guidance that.. 121 In relation to 3ny area.of the world outside the United Kingdom where there exists a church that is part of the Angliean Communion Or in communion within the See of Canterbury. the Fund mav.. provide financial or other assistance towards the Setting up and maintenance of the bishoprits ol such a church,. and provlde financial or other 35S15tance towards the maintenance of the bishoprics of such a church, Including the trainin8 of bishops,. hold endowment funds for the benefit ol such bishoprics. In relation to any area of the world outside the United Kin8dom. the Fund may.. provide financial assistance tOWaTds the setting up and maintenance ol the bishoprits of any church whose relationshsp with the Church of England 15 such that the Counc1 ol the Fund, having sought the advice of the Archbishop of Canterburyi jud8es it suitable that such a5SlStance be given.. hold endowment funds for the benefit of such bishoprics. In relation to any church in any of the above categories or in relation to any part ol such a church, where there is not in place for the time being è system of Eplscopal leadership, any reference in the above provisions to a bishopric shall have effect as if it were to the office and work of a senior national or regional leader tsf status equNalent to that of a bishop. The OBF is unique in the Anglican Communion in that, whi15t it is keen to work èlongsiiSe other or8anisations supporting the worldwide Church more 8enerally. its specific remit 15 to provide 85515tance for the work of bishops throughout the Cornmunion 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 hurnan flourishing. The OBF seeks to achieve this in two ways. Firstly, 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 2025 Icontinuedl Fundraising Section 162a of the Charities Act 2011 reouires charities to make a ststement regarding fundraising activities. The Council does not currently undertake fundraising acrivity of any nature, is not registered with a fundraising regulator. has no commercial participators, and ha5 received rTro tomplaints relating to lundrai5ing during the year. Risk management The OBF'S risk m3nagement process facilit3te5 the identific3tion of threats to achieving its objectives and the mitl8ation of these threats. The risk register is drawn up by the Secretary and reviewed by the Council on a bi- annual basis. The Council has agreed that the risks below are those which are the main barrier to aihieving its objectives and are addressed through the mitiBatin8 Strategies. This was reviewed and the updated register agreed in November 2024. The register is due to be reviewed again in 2026. In relation to Cyber-risks. 85 well as the annual recertification in Cyber Essential Plus, a pan-NCI Cyber Steering Group 15 in place which conducts appropriate testing of core systems. Mandatory Cyber Security training is provided lor all staff on a regular basis. Risk area Key mitigating strategies Risk that investments do not produce target returns, impactin8 on ability to provide Stable and 5UStainable di5tribution5. Macro- economic events le.E. Instabillty, economic downturns, inflationl may impact inve5trnent performance and Fund manager Invest5 in diversified portfolio Funds are held in deposit. investment fund and property fund shares Pertormance of fund monager 15 regularly cornpared to other fund managers Acce5$ to invesirnent performance reports produced by Archbishops. Council Investment Committee Regular meetinE5 benween the fund manager and the Council to discuss investment policie5 and performance Risk that funds may be rnisappropriated overseas Fund secretary holds latÈst records of bÈnefitiariÈs' bank accounts and ernail ddresses for administering the funds to ensure pèyments reach intended recipients. Purp05e5 of the Fund outlined to recipient5 each time an income paymefit is mède. All grants a8reed by the Council as appropriate and applications have to be endorsed bythe Primate of the province. A 5urnmary is requested of the way in which prevK>U5 grants have been Spent. Confirmation of receipt of funds are sent by the grantee to the 5eiretary to the OBF together with a signèd a¥reetnent that the Brant or income will onlv be used for the specific purposÈs stated or in line with the objective5 of the OBF.
THE OVERSEAS B15HOPRICS FUND TRUSTEES, REPORT FOR THE YEAR ENDED 310ECEMBER 2025 Itontlnuedl Aalvftles ofthe OBF Councll In thÈ yearto 31 Oecember 2025 In 2025, the OBF continued its SUPPOrt for the ministry of bishops in many countries. The impact of climate related disaster and armed conflict affecting life across the Anglican Communion 15 a contributin£ factor in some grant applications. In addition, the OBF has contributed with an increased focus on equipping bishops for their ministry in supportin8 training. policy development Isafe8U3rding in particularl and relationship building across bishoprics and provinces. Grants In 2025 the OBF approved grants of £152,905 from its General Ftjnd. It also awarded £52.000 from its India Fund5 to the Unlted Churches of the 'lndian Sub-¢ontinenV. In June 2025 the OBF made the followin8 new 8rants from its General Fund- l. Gambella- A grant of £10,000 towards the cost of a vehicle for the bishop's use, not to be sent until the rest of the necessary funds have been obtained. 2. Brasllla- A grant of £4.000 towards the c05t of a vehicle for the bi5hop- to be sent when total remaining cost obtained. Burundl-A grant 01 £4.000 towarils the archbishop's expenses. Buhb8a- A grant of £10,000 toward5 urgent repairs to the roof of the historit bishop's Te5idencè. Torbt- A grant of £8.OLK) towards the purchase of è vehicle for the bishop's use Kotoridua-A 8rant of £4.000 to fund the drillin8 of a borehole to provide a reliable source of clean water for the bishop's residence. 7. Ghana-Safe8uarding-A grant of 2,0(K) to implement a comprehensive Safe8uardin8 trainin8 programme for all dioceses In Ghana. Nlas5a- A grant of £5,000 towards repairs to the bishop's residence. Zambezla- A grant of £4,0(X) towards the cost of finishing the bishop's Intsw the archbishop's) residence. 10. Toamaslna-A 8rant of £10,000 towards the cost of a vehicle for pastoral vi5its- to be paid once all the funds are available. 11. Hyderabad-A 8rant of £3,500 for funding towards the bishop's travelling eKpen5es and office equipment. 12. Klteto- A grant of £5,000 towards urgent renovation and restoration of the bishop's residence. 13. Kondoa- A grant of £8.000 to purchase a vehScle for the blshop's ministry. 14. Mara- A grant of £3,500 foT repairs to the bishop's house, roof. electrics and plumbing. 15. Tabora- A grant of £8,000 towards the purchase of a vehicle for the bishop's use. 16. Francophone 8i5hops- A grant of £IO.000 towards the travel costs of bishops from DRC and the Indian Ocean to attend a 83thering of Francophone bishops in Kenya.
THE OVERSEAS BISHOPRICS FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 Icontinuedl In November 2025 the OBF made the followin8 new grant5 from its General Fund.. IAMA.. A grant of £5,000 towards the costs of the archbishop's travel lor pastoral visits. Kalemie, Con80'. A grant ol £10.875 towards the bishop's living expenses and a vehicle for the bishop 5 use. 3. Pelotas. Brazll.. A Erant of £9,800 towards the purchase of a vehicle for the bishop to travel across the very large. rural diocese. Kapengurla, Kenya: A grant 01 £5.270 to support the bishop's studie5 for an MA in Tran5form8tional Leadership. Mombasa, Kenya: A grant of £6,960 for renovation of the bishop's office and equipment. Gambèlla. Alexandria: A grant of £8,000. Thi5 replaces the grant for a vehicle awarded in June 2025. Argentina, South America: A grant of £8,000 towards the purchase of a vehicle for the bishop's use. 8. Cantefbury Cathedral, New Bishops Course: A 8rant gf £10,000 to support travel costs for those bishop5 needing support in order to attend the new bishop's course. The India Funds continued its support of the on-going work of the bishoprics in Indla, Paklstsn, Bangladesh and Sri Lanka. The importance ol these 8rants can perhaps best be gauged by the fact that the OBF, from both these general lund5 and further restricted fund5. is able to offer a significant proportion ol the amount of the bishops. stipends the Church of North India, and to make considerable tontributions to the other Churches that are benef1ciaries ol these Funds. In 2025 the OBF was able to reTiew conract with several of these dioceses, particularly In Pakistan, and distribute accumulated income from previous year5 durin8 and after the year end. Chlna Funds A review of the use and disbursemeni of the China funds, outlined in the 2022 report, was undertaken during 2024 and resolutions were passed to amend the trusts ol the Endowrnent Fund for the Bishopric ol North Chinè, the Bishopric ol Shantun8 and the Bishopric of Szechuan East so that their income and property become part of the general purpose property of the OBF. The Charity Commission has 8iven approval to the request for these changes, 311owing the Council, in November 2025, to vote in favour of the resolutions. Further detail can be seen in note 11 of these accounts. Meanwhile. in line with permission already 8ranted by the Charity Commission. intome from the China funds is being used to support bishoprics where there is a ministry to a significant Chinese population. The first 8rants of this kind were agreed at the November 2022 meeting and mède to the Bishoprics of Mandalay and Yangon, both in Myanmar. Similar grant5 were made to these dioceses in 2025.
THE OVERSEAS BISHOPRICS FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 Icontlnuedl Blshopstourt. Cape Town, South Africa Durin8 2012 all the necessary arrangernents were put in place to transfer ownership of Blshopscourt (the home and office of the Archbishop of Cape Town since the 1840s1 to a similar trust in South Africa. At its meeting in November 2012 the Council of the OBF approved a draft Deed of Trust e5tablishin8 the Bishopscourt Episcopal Trust, the principal objects ol which are "to establish and maintain Anglican bishoprics within the province ol Southern Africa, and in particular the Archbishopric tsf Cape Town" and a draft Deed ol Donation transferrin8 to it the freehold of Bishopscourt and the associated funds. Work to affect this transferto a suitable body in South Africa has continued durin8 2025 but has required further investigation into the power5 under which these funds are currently held by OBF. Governance Matters Trustees continue to 8ive time at each Council meeting to review an aspect of its 8overnance 5eekin8 to vIeW issues and, where necessary, improve poltties. The over pattern seeks to review the following in a two-year rycle.. Year I ljunel.. Governance Policie5- Rules, Risk Register and Conflict ol Interest Register. Year I (Novemberl.. Charity Purpose and objertives and consequent future major tasks Iso allowing a high-level discussion every two years on how we feel God is calling us to steward the responsibilities we hold). Year 2 ljunel: Management Policies - Financièl Controls including Reserves and Investment policie5 Ilncluding a presentation by CCLA/our fund managers)., Diversity and Inclusion.. and Risk Register Year 2 (Novemberl.. Strategic Partnerships- on stsme occasions thi5 could include participation by a kev partner such as ACF or St. Augustine's Foundation. Fre Plan5 As the OBF specifically Serves those leading the Arnglican CommL*nion- its bishops- its own future will be linked to that of the Communion. The effects of climate disa5tets and armed conflict challenge the rni5sion and administration of all the Churches in the Anglican Communlon as they seek to respond to the situations they face. We again saw this year that many of the applications were lor basic repairs to bishops. housing and stipends. and a150 vehicles lor use in thelr ministries. Anglican ecclesiastical polit+cs also have the tapacity to impact the work of OBF and are closely monitored. We will continue to address how we might support the desire, in many places across the Communion, to build up the capacity ol the bishops through training. support, mentorin8 and retreat. In November 2025, the Council undertook a review of Strategy and Funding priorities, agreeing to assign a percenta8e ol available funds to each of 3 priorities.. Establishing and sustaining episcop31 rninistries., Trainin8 and ministry enablement lor bishops,. General application (vehicles. houses, etcl.
THE OVERSEAS BISHOPRICS FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 Icontlnuedl Flnanclal revlew The total net assets lor which the OBF has responsibility at the end of 2025 were £17.501,920 12024.. £18,148.6731. Of these a55ets.' Unrestricteil funds I'the Gener31 Fund"), which c8n be used for the setting up and maintenance of bishopric5 generally, were £133,44812024.. £156.9961. Restricted lund5. which must be used for the support of bishoprics in speCifC named dioceses or re8ion5 Iparticulèrly in the Indian sub-continent, China, and South Africa), were £821,71812024.. £1,277,251). the remainln8 E16,546,75412024.. £16.714.4261 were the perrnanent endowment funds of £14,955,479 12024.. £16,714,426> and expendable endowment funds of £1,591.27512024.. £nill. The capital value of these funds, and the income generated by them. fluttuate according to mèrket conditions. Investment powers. poliry and pertormance Investments are held within Church ol England Funds that are rnanaged by CCLA Ltd. The Council reviews investment performènce durin8 the year, on the basis of reports received from CCLA Ltd. The funds are invested to maintain capital growth, whi15t providing suitable levels of income to provide a reliable Brant stream to the bishoprics. During the year the total value of the investment funds decreased by £710,076, solely made up ol losses on fevaluation12024'. increased by £398.526, made up gains on revaluationl. The amount ol investment income received was £525,71112024.. £514.0021. Reserve5 policy Total funds at 31 December 2025 were £17,501.92012024.. £18,148,673) of which £133.448 were unrestricted 12024.. £156,996), £821.718 were restricted12024'. £1,277,251) and £16,546,754 were endowment funds12024.. £16,714.4261. The Council believe that the level of free reserves from the unrestricted General Funds should be not less than 12 months operational expenditure. in order to provide Sufficient workin8 capital and to deal with unforeseen request5 lor emergency funding, which equates to £37,856 in 8t the end of 202512024.. £40,678). As at 31 December 2025, a5 there are curfently no designated funcjs, free reseNes totalled £133,44812024.. £156,9961 which is above the targeted level. The trustees are content with the level of reserves as at 31 December 2025. The reserves policy was reviewed and updated in 2025. Going concern The Council has assessed expected cash flows for 2026 and the 12 months beyond the date ol signing. Income received until the date ol apprtsvèl of the financial staremenrs is in line with the trustees, prOjecton5. CCLA, the Council's investment manager. have indicated that there will be a positive chan8e to the experted investment income for 2026, despite challenging market condition5 and COTltinued 8eopolitical uncertainty. The Fund has sufficient liquidity to cover grant commitments already made and associated sUPPOrt COSt5. The Council will moderate the grant making activity of the Charity as necessaryto meet its reserves policy as set out above. Given this, the going 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 2025 Icontlnuedl Responsibilities of the try5tees The Council 15 required to prepare financial statements for each financial year that give a true and lair view of the state of affairs of the OBF and of it5 incoming resources and application of those resources for the period in question. In preparing those financial statements. the Council is required to.. selert suitable accounting policies and ther¢ apply them consistentlv.. make judgements and estimate5 that are reasonable and prudent,. state whether applicable accounting standards have bttn followed15ubject to any material departures disclosed and explained in the financial statementsl.. and prepare the financial Statements on the "going contern~ basis, unle5S It is inappropriate to presume that the Fund will continue in busines5. The Council 15 responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial positlon of the Fund and enable them to ensure that the financial statements are correctly prepared. It is also responsible for safe8uardln8 the assets of the OBF, and hence lor taking reasonable steps for the prevention and detection of fraud and other Irregularitie5. Approved by the Council on 9 June 2026 and si8ned on its behalf: Revd. Canon Mark Oxbrow Chalr of the Council 10
THE OVERSEAS B15HOPRICS FUND INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE OVERSEAS BISHOPRICS. FUND Opinion We have audited the financial statements of the Overseas Bishoprics. Fund for the year ended 31 December 2025 which comprise the Statement ol Financial Activitie5, 8alance Sheet, Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable lèw and United Kingdom Accountin8 Standards, includin8 Flnancial Reportin8 Standard 102 The Financial Reporting Standard applicable in the UK ènd Republic of Ireland (United Kingdom Generally Accepted Accountin8 Practice). In our opinion the financial statements.. give a true and fair view ol the state of the Charity's affairs as at 31 December 2025 and of its incoming resources and application of resources, including its income and expenditure lor the year then ended. have beer) properly prepared in accordance wlth United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011, Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those 5tandard5 are further described in the Auditorf5 re5pon5ibilities for the audit ol the financial statements section of our report. We are independent of the charity in accordance with the ethical requirement5 that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard. and we have lullilled our other ethical responsibilitie5 accordance with these requirernents. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide basis lor our opinion. Conclusions relating to 804n8 toncern In auditing the financial statements. we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have nor identified any material uncerrainties relating to events or conditions that, individually or collectively. rnay cast significant doubt on the charity's ability tts continue as a going concern for a period of at least twelve months from when the financial statement5 are authorised lor issue. Our responsibilities and the respon5ibilitie5 of the trustees with respect to 80Sng concern are destrtsed in the relevant sections of this report. Other inlormation The tru5tee5 are responsible lor the other information contaned within the annual report. The other information comprises the inlorrnation included in the annual report, other than the financial statements and our auditorfs reptsrt thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance Conclusion thereon. Our responsibility 15 to read the other inforrnation and. in doing $0, consider whether the other information is materially Inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appear5 to be materially misstèted. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rlse to a material misstatement the financial statements themselve5. If, b35ed on the work we have performed, we conclude that there is material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
THE OVERSEAS BISHOPRICS FUND INDEPENDENT AUDITOR'5 REPORT TO THE TRUSTEES OF THE OVERSEAS BISHOPRICS, FUND Matters on whith we are requirÈd to report by excèption We have nothin8 to report in respect of the followin8 matters in relation to which the Charities IAccounts and Reports) Regulations 2008 require us to report to you il, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the trustees, report.. or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records and retums.. or we have not received all the information and explanations we require for our audit Rèsponslbllltles of trustees A5 explained rnore fully tn the trustees, responsibilities statement 9, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control a5 the trustees detemine Ss necessary to enable the preparation ol financial statements that are free from material rnisstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the chariws ability to continue as a goin8 concern, disclosing, as applicable, matters related to going concern and using the goin8 concern basis ol accounting unless the trustees either intend to liquidate the charity or to cease operètions, or have no realistic alternative but to do so. Auditorfs rtsponsibilltres for the audit of the finantlal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objertives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fr3ud or error, and t? 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 IUKI will always detect a material misstatement when it exists. Misststements can arise from fraud or error and are cgnsidered material if. individually or in the a88re8ate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with law5 and regulations are set out below. A further description of our responsibilities for the audit of the fin8ntial statements is located on the Financial Reporting Council'5 website at.. b¥ww.frc.ory.uklauditorsresponsibilities. This description forms part of our auditorfs report. Extent to whlch the audit was consldered capable of detertinÈ Srregularftles. Intludlnefraud Irre8ularities. including fraud. are instances of non-cornpliance with laws and re8ulations. We Identified and 355e5sed the risks ol material misstatement of the fin3ncial Statements from irregularities, whether due to fraud or error, and discussed these between our audit tearn members. We then designed and performed audit procedure5 responsive to those risks, including obtainin8 audit evidence sufficient and appropriate to provide a basis for our opinion. 12
THE OVERSEAS BISHOPRICS FUND INDEPENDENT AUDITOR'5 REPORY TO THE TRUSTEES OF THE OVERSEAS BISHOPRICS. FUND We obtained 3n understanding of the legal and regulatory framework5 Wlthin which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material arnounts and disclosures in the financial statements, includin8 financial reporting legislation and the Charities SORP IFRS 1021. We assessed the required compliance with these laws and regulation5 a5 part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be necessary to the charity's ability to operate or to avoid a material penalty. Auditing standards limit the required audit prOdureS to identify non-compliance with these laws and re8ulations to enquiry ol the Trustee5 and other management and inspection of re8ulatory and legal correspondence, Sf any. We also considered the opportunities and incentives that may exist within the charity ltsr fraud. We identified the greatest risk of rnaterial impact on the financial statements from irre8ularities, including Ifaud, to be within the override of controls by management. Our audit procedure5 to respond to these risks included enquiries of management and the Trustees about their own identification and assessment of the risks of irregu18rities, sample testing on the posting of journals, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetirigs of those charged with governanee. Owin8 to the inherent lirnitations ol an audit. there is an unavoidable risk that we may not have detected some material misstatements in the financial Statements. even though we have properly planned and perforrned tsur audit in accordance with auditing standard5. For example, the fvrther removed non-compliance with law5 and regulations lirregularitiesl is from the events and transactions reflected in the financial stètements, rhe less likely the inherently limited procedures reouirei* by auditing standards would identify it. In addition, as with any audit. there remained a highef risk of non-detertion ol irregularities, a5 these rnay involve collusion. forgery, intentional omissions, misrepresentation5, or the override of internal controls. We are not responsible lor preventing non-compliance and cannot be experted to detect non-compliance with èll law5 and regulations. Use of our report This report is made solely to the charity's trustees, as a body. in 3ccordènce with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity'5 trustees those matters we are required to State to them in an auditor's report and lor no other purpose. To the lulle5t extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity'5 tru5tee5 as a bodyi for our audit work, for this report, or lor the opinions we have lorrned. LL.. LkP Crowe U.K. LLP Statutory Auditor London Date. 16 July 2028 Crowe U.K. LLP is eligiblefor oppointment Q5 ouditor of the chority by virtue of its eligibilityfor uppointment os c¢uditor of o cornpony undersettion 1212 0[the Componies Act 2006. 13
STATEMENT OF FINANCIAL ACFIVITIES FOR THE YEARS ENDED 31 DECEMBER 2025 Unre5trlctèd Funds Restrirted Funds Endowment Funds 2025 2024 Total Notes Intome from.. Investments 144.888 380,823 525.711 514.002 Total income 144.888 380.823 525,711 514,002 ExpEnditure on charitable aLtivbties: Support of bishops Total expenditurè Total income less expenlure before galn ori Itwestments IL05sll8aSn on investments (Expemdlturellincorne Tron5fErs between funds 1168,436 1293,9521 1462,3881 1462,3881 1376,5451 1168.4361 1293,9521 1376.5451 123.5481 86*71 142.1101 63323 1710,0761 1646,7531 137.457 1667,9661 1667,9661 500.294 398.526 113,5481 44,761 535.983 1SfKJ,2941 1455.5331 Net movement In fund5 123.5481 1167.6721 1646.7531 535,983 Total funds at l January., 156,996 1,277,251 16,714,426 18,148,673 17.612.690 To18lluAd5 at31 December 133048 821.718 1fj46,754 17.501.920 18,148,673 14
BALANCE SHEET AS AT 31 DECEMBER 2025 Unresiricied Funds Restrirted Funds Endtwimefit Funds 2025 2024 Tot•1 Total Notes Flxed assets Investments 7.893 496.920 16,546,754 17,051,567 17,761,643 7.893 496.920 16,546,754 17,051,567 17,761,643 Current assets Cash & cash Equivalents 168,711 579.501 748.212 672,868 Debtors 35.894 97.200 133,094 127,987 204.605 676.701 881,306 8,855 Llabllltles Creditors.. •mount5 falllng due within one year 179,0501 1351,9031 1430,9531 1410,8251 Nei current assets 125,555 324,798 450.353 ag0.030 Creditor5'. arnount5 fallin8 due after one year 13,0001 Tot1 net $5eis 133.448 821,718 I66,754 17,501,920 18,148,673 The funds of the charity Unrestricted funds- General li 133.448 133,448 156,996 Restricted funds li 821.718 821.718 1.277.251 Endowment funds 16,546,754 16,546.754 16,714.426 Tothl funds 133,448 82L718 16.546.754 I7OL910 18.148.573 The financial statements were approved by the Trustees on 9 June 2026 and signed on its behalf bv.. Rèvd. Canon Mark Oxbrow Chairman of Council The notes on pages 17 to 23 form part of these financial statement5.
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025 Note5 2025 2024 fleconciliation of net Irh¢ome io net $h Ilow from operatln8 artltllties Net in¢omefcrftheyearl#$perthellatem¢mtoffinanclal actlvitiesl Investment income 63,323 1525.7111 17.128 137.457 1514,OD21 54,137 Increase I IDecTeasÈl in £redltor5 Ilncreasel / Decrease in debtor5 Net tash flow Iu5ed Ihl ¢peratlng actlblltles 15,1071 1450,3671 1322A411 Cash flow5 fr¢)m inveSElnE activities Investment income 525,711 514,002 1365.0191 148.983 Purchase of fixed asset investments Net (ash Ilow provided by inve5tinB artiwties 525,711 Change In $h and ¢ash equlvalents In the year 75.344 1173,4581 Cash and cash equwalents atthe start of the ye•r 672.868 846,326 Cash and cash e4ul¥alents at the end of theyear 748.212 672,868 Analysls of cash & tash equlvalents & chan8es in net dèbt: Atljan 2025 Other hanges At 31 Oe¢ 2025 Cash flows Short term deposits Cash at bank and in hand TOTAL 486,900 185,968 672,868 167,295 191,9511 75,344 654,195 94,017 748,212 The notes on pages 17 to 23 form part of these financial statements. 16
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES Legal Status The Overseas Bishoprics, Fund l-OBF"l is a charitable trust, founded in 1841 as The Colonial Bishoprics Fund,, registered with the Charity Commission Ino. 2453341. Basls of eparatIon The charity's financial information has been prepared in accordance with.. Financial Reportine Standard 102.. The Financial Reporting Standard applicable in the UK and Republic ol Ireland I'FRS 102"1,- Accounting and Reporting by Charities. Statement of Recommended Practice applicable to charities preparin8their accounts in aciordance with the Financial Reportingstandard applicable in the UK and Republic ol Ireland IFRS 1021 I'the SORP"). The 08F meets the definition of a Publit Benefit Entity I"P8E"l as set out in FRS 100. and therefore applies the P8E prefixed paragraph5 in FRS 102. The financial information has been prepared on the historical cost basi5 lexcept for the revaluation of Investments) and on the accrua15 basis. These financial ststements comprise all the OBF'S unrestricted, designated, restiicted and endowment funds drawn up to 31 December each year. A Summary of the accountin8 policies, which have been applied consistently aeross the group. is Set out below. Goin8 Concern The Council has assessed expected cash flows for 2026 and the 12 month5 beyond the date of signing. Inctsme received until the date ol approval of the financial 5tètements is in line with the trustees. projectlOn5. CCLA, the Council's investment manager. have indicated th3t there will be a positive change to the expected investment income for 2026, despite challen8ing market conditions and continued geopolitical uncertainty. The Fund has sufficient liquidity to cover grant commitments already made and associated 5UPPOrt Costs. The Council will moderate the grant making attivity of the Charity as necessary to meet its reserves policy as set out above. Given this, the goine concern basis of accounting in preparing the annual report and the financial statements continue5 to be adopted. Fund5 Structure Unrestrictedfunds General Funds are funds which tèn be used for its general charitable objects to coordinate. promote, aid and further the work and mission ol the Overseas Bishoprics Fund. Restrictedfurtds Restricted Funds are 5ubjecL to specific conditions imposed by the donor, these conditions beln8 le8ally binding upon the Fund. Endowmentfund5 Endowment funds are capital funds where the Council ha5 no power to spend the capital but where the income generated from the Invested funds is available for expenditure. Endowment funds fall into two categories.. endowrnents for specific diocese5 or provinces,. and endowments lor the general objects of the charity. Income from endowments for speofic dioceses or provinces is treated as restricted income and income frorn endowment for the general objects of the charity 15 treated a5 unrestricted income. 17
Income and Empenditure Dividends and other interest are recogni5ed on an accrua15 basis. Grants are recognised as a liabilitv when a firm commitment to pay the grant is made. Investment and Gain5 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 è registered charity and Ss exempt frorn taxation on it5 income and gains falling within Part 11 of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that they are applied to their charitable purp05es. INVESTMENT INCOME Unre5tritted Restiirted Endowment fvnds funds lunds 2025 2024 Dividends Interest on cash and deposit funds 117.931 380.751 498.682 481,633 26,957 72 27.029 32.369 144,888 380.823 525.711 514,002 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 funds. Support costs comprisin8 of administration expenses of the Fund p1u5 Governance Costs have been allocated to this activity cost eate80ry. Grants were awarded from unrestrirted funds at the discretion of the Council, to 25 recipients totalling £160,358. Unrestrlcted Restricted Endowment funds funds funds 2025 2024 Grants committed 160.358 8.078 264,174 29.778 424.532 37A56 376.517 40,678 140,6501 376.545 Support costs Grants written back 168,436 293.952 462,388 2024 expenditure was made up of £139,861 gf unrestrirted expenditure and £236.684 of restricted expenditLtre. Governance costs. included withln support costs, are made up of.. 2025 2024 Auditor remuneration 8,095 8.095 9,801 9,801 18
COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES Unrestrirted Funds Restrlrted Funds Endowment Funds 2024 Yotal Income from- Investments 146,698 367,304 514,fK12 Total income 146.698 367,304 514,OD2 Expendsture on tharitable activltles.. Support of bi5hop5 1139.8611 1236,6841 1376,545 1376,YSI Totsl expendlture Net lexpenditurellincoffle before 8aln on Investments Gain on investment5 1139.8611 1236,6841 6.837 130,620 137,457 15,454 383,072 398,526 Net incornÈ 6.837 146,074 383.072 535.983 Trènsfers between funds Net movement In funds 637 146.074 383,072 535,983 Total funds at l Janu3ry'. 150.159 1.131.177 16,Y31.354 17.612.690 To1 funds at 31 Dember 156.996 1,277,251 16,714.426 18,148,673 PROPERTY The Fund is the trustee of an historical house. Bishopscourt, in Cape Town, occupied by the Archbishop of Cape Town anil a maintenance fund consisting ol a portfolio of investments held in respect of the Archbishopric of Cape Town. The maintenance of the house is financed locblly and has been for over century. The Council last received a valuation as at 31, May 2013 of £4.3 million for the property and £942,000 for the investments. As the OBF has no control over or beneficial interest in the assets, they have been included at nil value in the accounts. The Trustee5 had originally hoped to transfer the title ol these a55ets to a newly formed charitable trust in South Africa for the benelit of the Archbishopric of Cape Town. during the latter part of 2013. Work to affect this transfer to a 5Ultable body in South Afric8 has continued during 2025 but h35 required further investl8ation into the powers under which these funds are currently held by OBF. 19
INVESTMENTS Endowment Unrestrltted Restrlrted for general funds funds objects Endowment for speclfic diocese Toial Inve5tmeTrts 2025 Total investment5 Fund 2024 Investments Balance at l January Transfer between funds Additions 7,893 1,039,324 1500,2941 4,192,506 500.294 12,521.920 17,761,643 16.998,098 365,019 398,526 17,761,643 Net gèinlllossl on revaluation Balance as at 31 December 142,1101 496,920 1167,9241 4,524,876 1500,0421 12.021,878 1710.0761 17,051,567 7.893 Endowment Unrestrlcted Restrlrted for general funds funds objècts Endowment lor specifit diocese Totsl Investments 2024 Fund Invèstments Balance at l January Addltions 7.893 658,851 365,019 15.454 7.893 1.039.324 4.107.141 12,224,213 16.998.098 365,019 398.526 17,761,643 Net gain on rev31uation 8alance as at 310eeembe 85,365 4,192,506 297,707 12.521,920 See note 6 in respect of investments held in the Bishopscourt maintenance fund. l investments are held within the CCLA CBF Church of England Investment Fund. DEBTORS 2025 2024 Amount fallln8 due wmhin one yèar.. Accrued incorne 133.094 127,987 133,094 127.987 20
CREOITORS 2025 2024 Amount falllng due wlthln one year: Grants payable Accrued expenditure 418,975 11,978 430,953 395.998 14,827 410,825 2025 2024 Amount falllng due after one year: Grant5 payable 3,000 3,000 Creditor balances consist ol dividend income due to the provinces. general expenditure accruals and general fund grants awarded by the Trustees. io. EMPLOYEES ANO TRANSACTIONS WITH TRUSTEES There were no employees during the year. No remuneration has been pad to Council Members during the year. Reimbursement of travel & subsistence expenses paid to Council Members during the year was £42312024.. £2681. In June 2024, Stephen Lyon retired a$ 08F Secretary and was replaced by Carolyn Gilmore, The period from June 2024 to November 2024 served a5 a handover period lor the role and hence, secretsrial lees for both Stephen Lyon and Carolyn Gilmore were payable. No secretarial fees were charged by Barlow Interventions Limited during 202512024.. £7,1401 lor services provided by Stephen Lyon, OBF Secretary (to Novernber 20241. Stephen Lyon 15 the sole owner of Barlow Interventions Limited. As at 31 December 2025, £nil was owed to Barlow Interventions LimSted12024,' £1,626). Secretarial fees of £10,540 were expensed durin8 202512024.. £7,025) for setvices provided bv Carolyn Gilmore, OBF Secretary. As at 31 December 2025, £529 was owed to Carolyn Gilmore12024.. £5131. There was no other remuneration to key management personnel during either the current or previous vears. 21
ii. ANALYS OF FUNDS Fund balante brou8ht forward 2025 Fund balances carrled forward 2025 Galns and losses Fund Incomè Expenditure Transfers Unrestricted Funds.. General Fund Restricted Funds.. Chino Other Restricted Funds- total 156.996 144.888 1168,4361 133,448 869.413 407.838 1.277251 81,670 299,153 380.823 16,4421 1287,5101 {293,9521 15002941 1500,2941 (18,1731 (23,937) 142.1101 426.174 395,544 821.718 Expendable Endowment Fund5 Permanent Endowment Funds 1.591,275 1.591,275 11,090,981) 1667,9661 14.955.479 16.714A26 Total funds of the charmy 1710,0761 17,501,920 18,148,673 525.711 1462,3881 Endowment Funds Endowment investments are split based on whetherthere is a restriction in place on the Income which these assets 8enerate. The OBF has 3 total of 3712024.. 371 permanent endowment funds. the largest now being the amalgamated funds.. OBF West Indies Fund at £2.525,(M)012024.. £2.531,0001. OBF China General Fund at £1,875,ofJO12024.. £2,470.0001 and OBF India General Fund at £1,535,000 12024-. I.483,01, valued at 31 December 2025. The OBF has 312024.. nil) expendable endowment funds, being OBF Szechwan East £413,00012024.. £nill, OBF North China £678,000 12024.. £nill and OBF Shantun8 £501.00012024.. £nill valued at 31 December 2025. A review of the use and disbursement of the Chlna funds was undertaken during 2024, and Re501utions 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 $0 that their income and property become part of the general purpose property of the OBF. The Charity Commission has given approval to the request for these changes, allowing the Council, in November 2025. to vote In lavour of the resolutions. A transler from Permanent Endowment to Expendable Endowment is reflected in the table above. RÈstrlcted Fund5 These funds are for use for the support of bishoprics in specific named diocese5 or regions Iparticularly in the Indian sub-continent, Chin3. and South Africa). There are 2912024.. 291 restricted income funds, the lar8est being the OBF China General Fund, valued at £426,000 at 31 December 20251£870,000 at 310ecembeT 20241. Unrestrlcted Funds: General Fund This fund is lor general use in meeting the OBF'S charitable objectives and are not designated for Specific purposes. 22
ii. ANALY51S OF FUNDS Icontinuedl Comparative analysis of funds.. Fund balance brought forward 2024 Fund balances carrièd forward Gains and losses Fund Incomt Expenditure Transfers 2024 Unrestricted Funds.. General Fund Restricted Fund5'. China Other Restricted Funds 150,159 146,698 1139,8611 156,996 789,681 341,496 77,228 290.076 f7,2881 (229.3961 9,792 5,662 869,413 407.838 1.131.177 367,304 1236.6841 15,454 1.277,251 Endowment Funds 16,331,354 383.072 16,714,426 Total funds of the charity 17,612,690 514,002 1376,5451 398.526 18.148.673 12. COMPARATIVE ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted fund5 Restricted funds Endowment funds 2024 Group Fixed assets Current assets 7.893 245,835 193,7321 13.0001 156,996 1.039,324 555.020 1317,0931 16,714,426 17.761,643 800,855 1410,8251 13,0001 18.148,673 Totsl net assets 1.277.251 16,714,426 Net assets between funds for the current year can be seen on the 8alance Sheet statement on page 13. RELATED PARTIES During 2025. setretarial fees of £nl were charged by Barlow Intervention5 12024.. £7,140) and seiretarial lees of £10,540 were charged by Cèrolyn Gilmore12024.' £7,025). See Note 10 for further details. 23