DIOCESE OF IRAN TRUST FUND REPORT AND ACCOUNTS the year ended 31 March 2024 Registered Charity No. 299104
Diocese of Iran Trust Fund Registered Charity No. 299104 REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS Legal Status The Diocese of Iran Trust Fund Is constituted under a DÉelaration of Trust Deed dated 9 March 1988 and Is a registered charity, No 299104. Trustees of the Diocese of Iran Trust Fund Mr J M Clark Ichairl Rt Revd Dr G Francis-Dehqani Rt Revd P Mounstephen Canon I Stewart Revd P Simpson Mr C Walker (Appointed 6 December 20221 IResignÈd 6 December 20231 Prlncipal Office Addre55 Diocese of Iran Trust Fund clo Church Mi55ion Societv Watlington Road Oxford OX4 6BZ Investment managers UBS Wealth Management UBS AG, London Branch l FinsbuTy Avenue London EC2M 2AN Independent Examiner Andrew Churchill Stone- FCA DChA Mercer Lewin Ltd, Chartered Accountants 6-7 Citibase, New Barclay House 234 Botley Rd Oxford OX2 OHP
Diocese of Iran Trust Fund Registered Charlty No. 299104 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Thè Trustees present their report, along Wlth the financial 5taterrents of the charity, for the year ended 31 March 2024. Structure, Governance and Management The Diocese of Iran Trust Fund 15 constltuted under a Declaration of Trust Deed dated 9 March 1988 and Is a re815tered charlty, No 299104. The Trustees of the Ditscese of Iran Trust Fund are shown on page l. According to the Trust Deed, the power of appointln8 new Trustees is vested in the Trustee5. Thè Trustees review their membership at their annual meetings and consider possible new Trustee5 to replace those who rÈslÈn or otherwise leave the Board. New Trustees are briefed on the purpose and history of the fund. At the ènnual Trustees, meeting, the Trustees agree the broad strategy and areas of activity for the Trust, including consideratlon of grant m8king, investment, reserves and risk management policies and performance. During the financial year the fund wa5 administered on behalf of the Trustees by the Church Mission Soclety. Oblectlves. actlVLtle5, athlevements and performan The object of the Trust a5 set out in its Dec13ration of Trust is as follows.. To promote such religious, educational and other charitable purposes within or in connection with the Anglican Diocese of Iran as the Truistees may in their absolute discretion determine,. The Trustees have taken account of thè Charity Commission's guSdance on public benefit in considering the activities th3t the charity should undertake. During the year the Trustee5 were In touch with the Anglican Diocese of Iran through the Archbishop of Cyprus and the Gulf, who, in the absence of a Bishop in Iran is the principal contact for the Trustees and who cairie5 responsibility for the oversight of the life and ministry of the Anglican comrnunity in Iran. The Trustees have been requested to continue their policy of investing surplus funds until they can be effectively used for the work of the Dlocese of Iran and to deli er public benefit. The Trustees consider that the grants made during the year have been made to further the purposes of the charity and are for the public benefit. Rlsk management The Trustee5 continue to meet on an annual basis to receive account5 and to review the position of the Trust. At their meeting5 the Trustee5 corisider the major Tlsks to which the charity is exposed and review the systems and procedures in place to rnanage those risks. For example, the financial asset5 are in the care of a highly respected firm of investment managers whts have been given clear investment policy instructions. Flnanclal review and reserves policy The attèehed financial 5tatement5 show the state of the Trusvs finances and accounting policies being followed as at the end of March 2024. The Trustee5' reserves policy 15 to ensure that they hold suff1cient funds to meet foreseeable requests from the Diocese for its work and minlstry. Investment policy and performance The Trustees have the authorlty to invest the monies of the Diocesè of Iran Trust Fund not immediately requiFed,1n such investments as they think fit.
Diocese of Iran Trust Fund Registered Charity No. 299104 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Icontlnuedl The Trusteès have delegated the day-to-day management of the Dlocese of Iran Trust Fund's investment portfolio to UBS AG, London Branch. The investment managerf5 deleg3tÈd authority is operated In accordance with a Statement of Investment Principles, whith Includes details of the ethical investment pollcy and states that no investments are knowingly to be made in brewlnE, armaments, tobacco, garring or companies deallng In pornography. The legal tltle of the investments is hèld on behalf of the Trust by the Custodian. For UK registered investments the Custodlan is UBS Private Banking Nominees Limited. Overseas investments are held in custody by agent5 3broad, arranged through UBS Zurich. The Trustees, instructions to the Advisers are that the fund5 should be held In a well- balanced portfolio encompassing most Sectors, but excluding companies whose activities run contrary to the aims and objectives of the Tru5tee5. The performance of the investment portfolio15 m()nlttsred against a benchmark that has been set for the Trust's investment5. As at 31 March 2024, the Diocese of Iian Trust Fund had investments of £ 3.27m 12023.. £3.02ml. Further details of invèstments can be found in note 7 of the accounts. Statement of Trustee< responslbllltles In relation to the financial Statèments The Trustees are responsible for preoaring the Trustees, Report and the financial staternent5 in aci:ordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charitles in England & Wales require5 the Trustees to prepare fTnancial statements for each financial year which give a true and fair view of the state of affairs of the ch3rity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statement5, the Trustees are required to.. select sultable accounting policies and then apply them consistentlv,. observe the rnethods and principles in the Charities SORP,. make judgment5 and estimates that are reasonable and prudent,. State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,. prepare the financial statements on the going conrn basis unless It is inapproprlate to presume that the charity will continue in busine5S. The Trustees are responslble for keeping proper accountine records that disclose with reasonable accur3Cy at any tlme the financial positlon of the charity and enable them to ensure that the financial statements comply with the Charitles Act 2011, the Charity IAccounts and Report51 Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for takng reasonable steps for the prevention and detection of fraud and other irregularities. Approval This report was approved by the Trustees on 19 December 2024 and signed on their behalf by Mr I Clark. Mr J Clark- Chalr of Trustees
Diocese of Iran Trust Fund Registered Charlty No. 299104 STATEMENT OF FINANCIAL AcfiviTIES for the year ended 31 Marth 2024 Yearended 31 March 2024 Year ended 31 March Z023 Note Vnre51ritted Funds Restrlcted Funds Total Funds Unrestrlcted Restrlcted Funds Funds Total Funds Income from.. Investments Other Income 82,369 13,320 95,689 76.462 12,348 88.810 13 Total Income 82.369 13,320 95.689 76.462 12.348 88,810 Expenditure on: Ralslng fund5 IDvestmentmana6ement Costs 24,732 4,000 28,732 24,144 3,899 28,043 Charitable attivltles Gr3nts Support and governance costs 3,600 3,738 ?,738 3,600 3,600 3,738 3,738 Total expenditure 28,332 4,000 3Z,332 27M2 3,899 31,781 Net IncomellexpÈndlturel before gains and losses on Investments 54,037 9,320 63,357 48,580 8,449 57,029 Net galns I Ilossesl on Investments Net Incomellexpendlturel 160,807 26,005 186,812 175,0381 112,1181 187,1561 214,844 35.325 250,169 126A581 13,6691 130,1271 Transfers between funds Net funds movement In 214,844 35,3ZS 250,169 126,4581 13.6691 130,1271 Total funds forward Total fund5 carrled forward brouÉht 2,623,609 424,275 3,047,884 2.650,067 427,944 3,078.011 io 2,838,453 459,600 3,298,053 Z.623,609 424.275 3,047,884 The accompanying notes are an integral part of thls Statement of Financial Activities. All gains and1055es arising in the year relate to continuing activities.
Diocese of Iran Trust Fund Registered Charlty No. 299104 BALANCE SHEET As at 31 March 2024 Note 2024 2023 Flxed a$5ets Investments 3,268,683 3,001,936 3,268,683 3,001,936 Current assets Debtors 37,375 53,643 37,375 53,643 Creditors.. amount5 falling due withln one year 18,0051 17,6951 Net current assets 29,370 45,948 Net assets 3,298,053 3,047,884 The funds of the charity.. Unrestricted funds Rèstrlcted funds 2,838,453 459,600 2,623,609 424.275 li Total charity funds io 3,298,053 3,047,884 The accompanying notes are an integral part of this Balance Sheet. The financlal statements on page5 4 to lo were approved bythe Trustees on 19 December 2024 and signed on the1r behalf by= Mr J C13Tk- Chair of Trustees
Diocese of Iran Trust Fund Registered Charity No. 299104 NOTES TO THE ACCOUNTS At 31 March 2024 ORGANISATION The Diocese of Iran Trust Fund is a reglstered charity (registered number 2991041. The financial statements represent activities of Diocese tsf Iran Trust Fund for the year ended 31 March 2024. ACCOUNTING POLICIES Basls of preparation The financial statements have been prepzred under the historical Cost convention with the exception of investrnents that are included at a current market value where this is available. The financial statements Fiave been prepared in accordance with the Financial Report5ng Standard applicable in the UK and Republic of Ireland IFRS 1021, with the Statement of Recommended Practice"Accounting and Reporting by Charities applicable to charitie5 preparing accounts accordance with FRS 102 leffective l January 20151 and with the Charities Act 2011. The Diocese of Iran Trust Fund constltutes a public beneflt entity as defined by FRS 102. Assessment of Boing concern Having reviewed the financial position including the impact of the Covid-19 on Investment performance, the Trustees have a reasonable expertatiori that the charity has adequate resourc@sto contSnue its activities for the foreseeable future. Accordingly, they continue to adopt a going concern basi5 in preparing the finaricial statements. Fund accounting and the allocation of income and expenditure by fund Income and Expenditure are allocated to two categories of fund5'. Unrestricted Funds and Re5trlcted Fund5. Unrestricted funds are available for use tofuTther the CharitV'5 general purposes and objectlves. All income and expenditure associated with the general operation of the Charity has been dealt within the Unrestricted Funds, Including incomewhere the donor attache5 no specific conditions, Restricted funds represent Income and donation5, the use of which ha5 been Specified by the donor. Restricted funds are donated for a particuSar purp05e, the use of which is restricted to that purpose. Investmet)ts and investment Income Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently tlleasured at their fair value at the balance sheet date, using the quoted market price. Gains and 105ses arising on the revaluation of investments and disposa15 during the year are shown in the Statement of Financial Activities. The income from investments is accounted for on an accrua15 basis. The cost of managing investments is charged against investment capital, reflecting the total retUTn approach to investment management. Any cost5 associated with the sale or purchase of investments are accounted for as part of the Sale or purchase price of the investments. Flnanclal Instruments The Charity only has financial assets and liabilities of a kind that qualify as basic financial Instruments. The accountSng policy for investments Is stated above. Other basic flnancial instrument5 are initially recognised at transaction value and subsequently measured at their settlement value Iwhich is also the amortised costl.
Diocese of Iran Trust Fund Registered Charity No. 299104 NOTES TO THE ACCOUNTS At 31 March 2024 ACCOUNTING POLICIES Icontlnuedl Resources expended Expenditure is recogni5ed once there is a legal or constructive obligation committing the charity to that expendituie, it is probable that settlement will be requiréd and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis. A liability is recognised when a legal or constructive commitment is entered into by the Charity and so a liability exists. All expenses, ineludlng support costs and governance cost5, are classified to the applicable expenditure headlngs In the statement of financial activities. Costs of raising funds are those costs incurred in the management of the Charity's investrnents. Governance cost5 are the costs associated with the governance arrangements of the Charity, including costs associated with the strategic a5 OPP05ed to the day-to-day management of the Charitys activities. GTants payable are recognlsed durlng the year in which the Charity enters into a binding comrnltment to make a grant. Expenditure ori grants is recorded once the Trust ha5 made an unconditional commitment to pay the grant and this is communicated to the beneficiary or the Erant has been paid. whichever is the earlier. The Trust has not made amy grant commitments of more than one year. Irrecoverable VAT is charged to expenditure as incurred. Accountlng estimates and judgements The preparation of the financial staternents in accordance with FRS 102 requires the trustees to make judgernents, estimates and assumptions that can affect the reported amounts In the financial statements. The most significant area of uncertainty that could affect the carrying value of the investments in the next Teporting perlod relates to the level of invèstment Feturn and the performance of investment markets in the next financial year. statement of Cash Flows The Charlty Is Classified as a smaller charity and 15 therefore exernpt from the requlrement to Include a Statement of Cash Flows In Its flnancial statements. The trustees have taken advantage of this exemptlon In FRS 102 and 50RP Update Bulletin l and have not presented a Statement of Cash Flows in these financial statements. INVESTMENT INCOME Unrestrlcted Funds Restrlcted Funds Total 2024 Total 2023 Income from investments Ilsted on a recognised stock exchange Interest on cash balances 82,118 13,279 95,397 88,365 251 41 292 445 82,369 13,320 95,689 88.810
Diocese of Iran Trust Fund Registered Charity No. 299104 NOTES TO THE ACCOUNTS At 31 March 2024 COSTS OF CHARITABLE ACTIVITIES The charity did not undertake any activity directly but rnet its charitable purposes by maklng grant5. The total amount of grants lanalysed between instltutional grants and grants to Individuals) In relation to each activity group was as follows.. 2023 2024 Contribution work associated with the Diocese of Iran SUPPORT AND GOVERNANCE COSTS 2024 2023 Independent examiner's fee Adrnini5tration charge payable to Church Mission Society Trustee meetings and expenses other costs 600 3,000 660 3,000 60 78 3,600 3.738 EMPLOYEES. KEY MANAGEMENT PERSONNE¥ TRUSTEES AND RELATED PARTY TRANSACTIONS The Charity had no employees during the year12023'. none) 3nd accordingly there were no staff costs or employeÈ benefits incurred duringthe year and no employee5 whose emoluments were equal to or greater than £60,000 per annum 12023.. none). The total amount of employee benefits received by key management personnel for their servlces during the year is £n11 12023.. £nill. None of the Trustees were paid any remuneration by the charity during the year12023.. £n111. Tru5tees' expense5 in the Year totaled £nil12023.. £nill with three trustee5 relmbursed travel and meetinE expenses of £nil12023.. £nill. There were no other related party transaction5 during the year that require disclosure.
Diocese of Iran Trust Fund Registered Charity No. 299104 NOTES TO THE ACCOUNTS At 31 March 2024 INVESTMENTS Analysls of Movement In Investments Llsted bond Investmertts Listed equity Investments Alternatlves Held as tash Total 2024 Total 2023 Market Value or Cost At l April Additions to investments at cost Proceeds from dispos315 Net movement in investments held as cash Net gains investments At 31 March 546,851 108,508 1107.6581 2,236,794 558,142 1441,3791 185,943 32,348 3,001,936 666,650 1549,0371 137,6781 137,6781 3,045,819 908,963 1662.5591 1203,1321 and 105ses on 17,9081 197,139 112,2191 9,800 186,812 187,1551 539.793 2,550,696 173,724 4,470 3.268,683 3,001.936 Investments by Geographlcal Location 2024 2023 UK Oversea5 2,120,859 1,147,824 1,993,694 1,008,242 At 31 March 3,268,683 3.001,936 DEBTORS 2024 2023 Amount due from Church Mission Societv 37,375 53,643 37.375 53,643 CREDITORS 2024 2023 Accruals 8,005 7,695 8,005 7,695
Diocese of Iran Trust Fund Registered Charity No. 299104 NOTES TO THE ACCOUNTS At 31 March 2024 io NET ASSEfs BY FUND Unrestrlcted Restricted Total Investrnent5 Current assets Less.. Current liabSllties 2,809,083 37,375 18,0051 459,600 3,268,683 37,375 18,0051 Net Assets 2024 2.838,453 459,600 3,298,053 Net Assets 2023 2.623,609 424,275 3,047,884 li RESTRICTED FUNDS At l April Incomlng 2023 Resources Outgolng Rèsources Net gains and losse5 on investments At31 March 2024 Iran Episcopal Fulld for the Iran Bishopric Pegg Legacy for medical work in Iran Sohrab Books Fund- Education and Literature 318,167 73,999 32,109 9,989 2,323 1,008 12,9991 16981 13021 19,501 4,535 1,968 344,658 80,159 34,783 424,275 13,320 13,9991 26,004 459.600 12 FINANCIAL INSTRUMENTS 2024 2023 Basic financial as5et5 measured at fair value Basic financial assets rneasured at settlement value (also the amortised costl Basic financial liabilities measured at settlement value (also the amortised costl 3.268,683 37,375 8,005 3,001,936 53,643 7,695 Basic financial assets are all investment5 and debtors, excluding any prepayments. Basic financial liabilities are all creditors due in le55 than one year Ilncluding accrualsl. The entity's incorre, expense, gains and losses in respect of finèncial instrurnents are 5urrmarised below.. 2024 2023 Incorne for basic financial assets measured at fair value Total gainslllossesl in respect of basic financial assets measured at fair value Income for basic financial assets measured at settlement value Expense for baslc financial Ilabilitle5 mè85ured at settlement value 95,689 186,812 88,810 187,1561 io
DSoce5e of Iran Trust Fund Registered Charlty No. 299104 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DIOCESE OF IRAN TRU5f FUND I report to thetrustees on my examlnatlon ofthe accounts of the Diocese Df Irsn Trust Fund (the frustl for the year ended 31 March 2024 Resp0Tr5ibllitlES and basls of report As the charltytrustees of the Trustj you are responslblÈ forthe preparatlon of the accounts In aCcOrd3n wlth the requlrements of the Charltles Act 20111'the A¢t'l. I report In rp5pect of my eKamlnation of the Trust's accounts carrled out undersectlon 145 of the 2011 Act ind In carrying out my exaMinatlDn I have followed all the appllcable Dlrectlons glven by the Charlty Commisslon under sectlon 14515llbl of the Act. Independentexamlner's5tatement I have comp12tÈd rny examlnatlon. I conflrm th3t no materlal matters have come to my 2ttention in conne¢tlon wlth the examination glvinE me cause to believe that In any materlal respect.. accountlng record5 IAiere not kept In respect of the Trust as requlred by sertlon 130 of the Act,. or the ?t¢ounts do not accord wlth those records,. or the accounts do not comply wlth the appllcable requirements concernlng the fortn and content of accounts set out In the Charltle5 (Accounts and Reports) Rpgulations 2008 other than any requirementthat the accounts Ive 8 'true and f3irvlew' whlch Is not a m3tt2r con51dered Es part Of an Independent examlnatlon. I have no contrrn5 and have come across no other matters In connectlon with the exarnlnatlon to whlch attentlon should be drawn In thls report In order to enable a proper understandlng of the accounts to be reached. Andrew Churchlll Stone- FCA DChA Mercer Lewln 6-7 Cltibase, NEW Barclay House 234 Botley Rd Oxford OX2 OHP Dète 21 2S li
Diocese of Iran Trust Fund Registerèd Charity No. 299104 STATEMENT OF FINANCIAL ACTIVITIES- FIVE YEAR TREND COMPARATIVES At 31 March 2024 This page 15 addltlonal management Information and does not form part of the report and accounts of the Diocese of Iran Trust Fund for the year ended 31 March 2024. 2024 2023 2022 2021 2020 Intome from: Investment income Other income 95,689 88,810 68,501 40 74,276 34,876 74,476 194 Total Income 95,689 88,810 68,541 109,152 74,670 Expendltuye un.. Raising funds 28,732 28,043 28,356 23,892 26,553 Charitable Hctivlties Grants Support and governance 6,000 3,738 9,738 7,972 3,745 11,717 3,600 3,600 3,738 3,738 3.678 3,678 Total expendSture 132,3321 131,7811 38,094 27,660 38,270 Net incomèllexpendlturel before galns and losses on investments 63.357 57.029 30,447 81.492 36.400 Net gains Illossesl on investments 186,81? 187,1561 234,528 500,646 1320,2111 Net incomellexpendlturel 250,169 130,1271 264,975 582,138 1283.8111 12