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 {SeC￿tary)
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 Counc￿1 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.
F￿￿re 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 speCif￿C 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, prOject￿on5. 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 destr￿tsed in the
relevant sections of this report.
Other inlormation
The tru5tee5 are responsible lor the other information conta￿ned 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 prO￿dureS 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
expen￿lure 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
1fj￿46,754
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
Tot*1 net *$5eis
133.448
821,718
I6￿6,754
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
I7￿OL910
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
6￿37
146.074
383,072
535,983
Total funds at l Janu3ry'.
150.159
1.131.177
16,Y31.354
17.612.690
To￿1 funds at 31 De￿mber
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 pa￿d 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.483,0￿1, 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 £n￿l 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