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 con￿rn 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 tak￿ng 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