DIOCESE OF IRAN TRUST FUND REPORT AND ACCOUNTS the year ended 31 March 2025 Reglstered Charity No. 299104
Dlocese of Iran Trust Fund Reglstered Charity No. 299104 REFERENCE ANDADMIN15TrATIVE DETAILS OFTHE CHARITY, ITSTrUSTEES AND ADVISERS Lepl Status The Diocese of Iran Trust Fund 15 con5tltuted under a Declaration of Trust Deed dated 9 March 1988 and Is a Ye8lstered charity, No 299104. Trustees of the Dlo¢ese of Iran Trust Fund Mrj M Clark Ichairl Rt Revd Dr G FrancSs-Dehqanl Rt Revd P Mounstephen Canon J Stewart Revd P Slmpson IAppolnted 6 December 20221 Prlnclpal Office Addre Diocese of Iran Trust Fund c/0 Church MissSon Soclety Watllngton Road Oxford OX4 6BZ Investment managers UBS Wealth Manag&ment UBS AG, London Branch l Fln5bury Avenue London EC2M 2AN Independent Examlner Andrew Churchill Stone- FCA DChA Mercer Lèwln Ltd. Chartered Accountants 6-7 Citibase, New Barclay House 234 Botley Rd Oxford OX2 OHP
Diocese of Iran Trust Fund Registered Charity No. 299104 REPORT OF THETRuEEs FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present thelr report, along wlth the finantial stalements of the charity, for the year ended 31 fvTarch 2025. strurture. Governan and Management The Dlocese of Iran Trust Fund is CDn5tituted undei a Declaration of Trust Deed dated 9 March 1988 and is a reglstered charity, No 299104. The Trn5tees of ihe Dloce5e of Iran Trust Fund are shown on page l. Accordin8 to the Trust Deed, the power of appointlng new Trustees is vested In the Trustees. The frustees review thelr. mernbershlp at their annual meetlngs and conslder p0551ble new Trustee5 to replace those who reslÉn or otherwlse leave the Board. New Trustees are brlefed on the purpose and hlstory of the fund. At the annual Trustees, meeting, the Trustees agree the broad stratesy and arèas of aetlvlty forthe Trust, includlng consideration of grant makln& investrnent, ieserves and risk management policies and performance. DrIng the financial year the fund wa5 adrnlnlstered on behalf of the Trustees by the Church Mlsslon Soclety. Oblerte5. a¢tlvltles, achlevements and perlorman The object of the Trust as set out in its Declaration of Trust is as follows'.'To promote such religiou5. educaOnal and other charitable purposes wlthin or In connection with the Anglican Diocese of Iran a5 the Trustees May in their absolute discretion determine,. The Trustees have taken account of the Charity Commission'5 guidance on public beneflt in considering the activities that the charlty should undertake. Durlng the year the Trustees were in touch wlth the Angltcan Diocede Oi" Iran through" the Archblshop of Cypru5 and the Gulf, who, in the absence of a Bishop in Iran Is the principal contact for the Trustee5 and who carries responsibilityfor the overslght of the life and ministry ol the Anglican cornmunity in Iran. Th& Trustees have been requested to contlnue their policy of investing surplus fund5 until they can be effectively used for the work of the Diocese of Iran and to deliver public benefit. The Trustees consider that the grants made durln8 the year have been made to further the purposes of the charity ènd are for the public benefit. Rlsk management The Trustees continue to meet on an annual basis to receive accounts and to revlew the positlon of the Trust. At thelr meetings the Trustees consider the malor risks to which the charlty is exposed and review the systerns and procedures In place tts manage those risks. For example. the financlal a55Et5 ale In the care of a highly re5peded firm of investment managers who have been 8lven clear investrnent policy instructions. Finan¢lal review and resetves poll¢y The attached financlal Statements show the state of the Trust's finances and accountlng policies belng followed as at the end of March 2025. The TruslEes' reserves pollcy Is to ensure that they hold sufflclent funds to meet foreseeable requests from the Diocese for its work and mlnlstry. Investment pollcy and performance The Trustees have the authorlty to Invest the monles of the DSocese of lian Trust Fund not immediately requlred, In such investments as they think fit.
Diocese of Iran TIu5t Fund Registered Charity No. 299104 REPORT OF THE TRUSTEES FOR THE YÈAR ENDED 31 MARCH 2025 Icontlnuedl TheTrust have delegated the day-to4ay management of the Dlocese of Iran Trust Fun(Vs Investmentportfollo to UBS AG, London Branch. The Investment manager's delegated authorlty Ss operated In accordance with a 5tstement of Invèstment Principle5, which includes details of the ethlcal investment pollcy and states that no lTrvestment5 are knowlngly to be made in brewin& armaments, tobacco, gamirig or companles dealing In pornographv. The legal title of the Investments is held on behalf of the Trust by the Custodian. For UK regSstered investments the Custodlan is UBS Pilvate eanklng Nominees Lirnited. Overseas Investment5 are held In custody by agents abroad, arrdnged through UBS Zurlch. The Tru5tees' instrurtlons to the Advlser5 are that thefunds should be held In a welk b31anced portfolio encompassing most sectors, but excludlng companles whose activities run contrary to the alms and oblectwes of the Trustees. The Perf0rrnan of the Investment PDrtfollo15 monltored agalnst a benchmark that has been 5etfor the Trusys Investments. As at 31 March 2025, the Dlocese of Iran Trust Fund had Investmer>ts of £ 3.57m12024= £3.27ml. Further detalls of investmènts can be found In note 7 of ihe accounts. Statement of Trustee< r•sponslbllltles In relatlon to the ftnanrlal atements The Trustees are re5ponslble for preparlng the Trustees, Report and the financlal statements In accordance wlth appllcable law and United Klngdom Accounting Standards (Ljnlted Klngdorn Generally Accepted Accounting Practlcel. The law 3pplicable to charltles in England & Wales requlres the Trustees to prepare financial staternents for each financlal vear which give a true and falr vlew of the st3te of affalrs of the charity and of the incoming resources and applltation of resource5 of the charity for that period. In preparin8 these financial statements, theTrustee5 are required to: select sultable ?ccountlng pollaes and then apply them conslstently,. obsetve thè methods and PTinaples In the Charities SORP,. make judgments and estimates that are re35onable and prudent: state whether applicable accountlngstandards have been followed. 5ubjectto any material departure5 di5dosed and explalned in the flnanclal statements,. prepare thèfinanclal statements on the golng tt)ntern basls unless it is Inappropri3teto presume that the charltv will <ontlnue In business. The Trustees are responsible for keeplng proper accountlng records that disclose wlth reasonable accurncy at any time the flnancial posltlon of the charlty and enable them to ensure that the financial statetnent5 comply wlth the Charltle5 Act 2011, the Charlty (Accounts and Reports) Regulations 2008 and the provlslon5 of the trust deed. They are also responslble for safeguardln8 the a55ets of the eharity and hence for taking reasonable steps for the preventlon and detection of fraud and othei Irregularltles. Approval Thls report wa5 approved by the Trustees on 6 November 2025 and slgned on their behalf by Mr J Clark. Mrj aark- Chair of Trustees
Dlocese of Iran Trust Fund Registered Charity No. 299104 STATEMENTOF FINANCIAL ACTIVITIES for theyear ended 31 March 2025 Yearended 31 March 2025 Year ended 3IMarth 2024 Note Llnre$irirted Funds RÈstrirted Funds Total Funds Unrèstrlded Restrlcted Funds Funds Total Funds Income from: Investments other Income 86,582 14,020 1fy)fi02 82,369 13.320 95.689 Total income 8&582 14,020 100.602 82369 13320 95,689 Expenditure on: Ralslng fund5 Investment management costs 28,050 4.543 32,593 24.732 4,oriJ 28,73Z Charftable acii¥Stles Grants Supp)rt ènd go¥ernan costs 6,98D 6,980 3.&JO 3fi00 6,980 6.980 3,fA)O Total expendlture 35,030 4,543 39,5n 28,332 4,QQQ 32332 51.5S2 9A77 61m9 54,017 9320 63357 IncornEllexPEndltuj befor• gains and lossès on investments Net 84lns I Ik5ses1 on investments Net Incomellexpendlturel 207,422 33,585 241,007 160,807 26,005 Is613 258,974 43,062 302,036 214 5515 250.169 Transfers between fvd5 Net Movement In funds 258.974 43,062 302,036 214.8H 3S,325 250.169 Total funds brought forward Total fvnds rarried forward 2038,453 4159.600 3,298,053 1623,609 424275 3,047,884 io 3,097.427 502,663 3,60089 I838A53 459.600 3,298,053 The 3ccompanylng notes are an Integral part of thls Statement of Flnancial Actlvities. All gains and10$5es arfsing In the year relate to contlnulng actlvlties.
Dlocese of Iran Trust Fund Registered Charity No. 299104 BALANCE SHEET AS ai 31 March 2025 Note 2025 2024 Flxed assets Investments 3,568.351 3.268,683 3,568,351 3,268.683 Current zssets Debtors 41,455 37,375 41,455 37.375 Uabllltles Credltor5: amounts falllng due wlthlrn one year 19,7171 18,0051 Net current 355ets 31,738 29.370 Net assets 3,600,089 3.298,053 The funds of the tharlty: Unrestricted funds Restrlcted funds 3,097.426 502,663 2,838,453 459,600 li Total charltyfvnds io 3.600,089 3,298.053 The atcompanwng notes are an Integral part of thb Balance Sheet. The financlal statements on page5 4 to lowere approved by therrustees on 6 November 2025 and siBned on thelr behalf by: Mr J Clark-chalr of Trustees
Diocese of Iran Trust Fund Registered Charlty No. 299104 NOTES TO THE ACCOUNTS At 31 March 2024 ORGANISATION The Diocese of Iran Trust Fund 15 a reglstered charity Ireg15teied number 2991041. The financlal statements represent activities of Diocese of Iran Trust Fund for the year ended 31 March 2025. ACCOUNTING POLICIES Basls of preparatlon The flnancial statements have been prepared underthe histor11 cost conventlon wlth the exception of inve5tmentsthat are included at a current market value where thi5 15 available. The financlal statements have been prepared in accordance with the Flnanclal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, with the Statement of Recommended Practic& Accounting and Reporting by Charitie5 applicable to charltles preparing accounts In accordance with FRS 102" (effective l January 20151 and wlth the Charities Act 20JI. The Diocese of Iran Trust Fund constttutes a publlc benefit entty as defined by FRS 102. Assessment of golng cortern Havlng revlewed the finanoal posltlon, the Trustees have a reasonable eKpectation that the charity has adequate resources to continue Its activitie5 for the foreseeaèle future. Accordlngly. they continue to adopt a 80in8 concern basts h) preparlng thèflnancial statements. Fund accountlng and the allo¢atlon of Intome and expenditure by fund Income and Expendlture are allocated to two cate8orie5 of funds.. Unrestricted Funds and Restricted Funds. Unrestricted funds are avallableforu5e tofurther the Charity's general purp05e5 and objectives. All income and expenditure assoclated wh thegeneral operation of the Charlty has been dealtwithin the Unrestricted Fund5. includin8 Incomewhere the donor attaches no specific conditions. Restrlcted funds représent incorne and donations, the use of which ha5 been specified by the donor. Restricted fund5 are donated for a particular purpose, the use of whlch Ss restricted to that purpose. Investments and Investment income Listed investment5 are a form of baslc fin3nclal Instrument and are initially reco8nlsed at thelr transaction value and subsequently measured at their fair value at the balance sheet date, using the quoted market price. Gain5 and1055e5 arising on the revaluation of investment5 and disposals durin8 the Veèr are shown in the Statement of Nnanclal Activitles. The income from Investments 15 accounted for on an accrua15 ba515. The c05t of rnan8ging investments is charged against investment capltal, reflectlng the total return approach to InvÈstmÈnt management. Any c05t5 associated wlth the sale or purchase of investments are accounted for as part of the sale or purchase price of the investments. Flnanctal Instruments The Charlty only has financial assets and liablllties of a klnd that quallfy a5 ba5Ic finandal Instruments. Ihe accounting policy fDr inve5trnents is stated above. Other baslc finandal Instruments are Inltially recognlsed at transactlon value and subsequently measured at thelr settlemeni value (which is also the amortlsed costl.
DI0se of Iran Trust Fund Reglstered Charity No. 299104 NOTES TO THE ACCOUNTS At 31 March 2025 ACCOUNTING POIICIES Icontlnuedl Re50urce5 expended Eypendlturels recDgnised once there is a legal or constructlve obligation committin8 the charlty to that expendlture, it is probable that settlement will be required and the amount of the obllgatlon can be measured reliably. Expenditure Is accounted foi on an accwals bas15. A liabllity is recognised when a legal or con5tructlve commltment is entered Into by the Charity and so a liabllity exlst5. All expenses, including support C05tr and govetnance costs, are classlfied to the applicable expenditure headln8s In the statement of financlal activities. Costs of ralslng funds are those costs Incurred in the management of the Charity's Investments. Governance costs are the costs assodated with the governance arrangements of the Charkty. includingc05ts associated with the strategic as opposed to the day-to-day management of the Charitls activities. Grant5 payable are recognised during the year in which the Charity enters Into a bindin8 comrnitment to make a grant. Expenditure on 8rants is recorded once the Trust has made an unconditional commitment to pay the 8rant and thls Is communicated to the beneficlary or the grant has been paid, whichever 15 the earlier. The Trust has not made any 8rant commltments of more than one year. Irrecoverable VAT is charged to expendlture as Incurred. Accountlng estimates and judgements The preparation of the flnanci31 statements in accordance with FRS 102 requlres the trustees to make judgements,. estimate5 and assumptlon5 that can affect the reported amounts1n the financial staternents. The most significant area of uncertainty that could affect the cairying value of the investments in the next reportin8 period relates to the level of investment return and the performance of investment Markets the next financial year. Statement ofCa5h Flows The Charlty is classlfied as a smaller charity and is therefore exempt from the requlrement to Include a Statement of Qsh Flows In Its fln8nclal starements. The trustees have taken advantage of this exemption In FRS 102 and SORP Update Bulletin l and have not presented a Statemertrt of Cash Flows In these financial staternernts. INVESTMENT INCOME Unrestrlcted Funds RestrfctÈd Funds Total 2025 Total 2024 Incorne from Investments Ii5Eed on recognised stock exchange Interest on cash balances 86,205 13,958 100,163 95,397 377 62 439 292 86,S82 14A120 100,602 95.689
Dlocese of Iran Trust Fund Reglstered Charlty No. 299104 NOTES TO THE ACCOUNTS At 31 March 2025 COSTS OF CHARITABLE AcllviTIES The charlty dld not undertake any artNity diréctly, nor dld rt make any grants In the yèars 2023124 and 2024125. SUPPORT AND GOVERNANCE COSTS 2025 2024 Independent eyaminerfs fee Administration charge payable to Church Misslon Scciety Trustee meetings and expenses other costs 1.260 s,oc 600 3.000 720 60 6.980 3.600 EMPLOYEES, KEY MANAGEMENT PEASONNEL, TRUSTEES AND RELATED PARTY TRANSACTION5 The Charlty had no employees during the yeaT12024'. nonel and accordin8ly there were no staff costs or employee. beneflts Incurred durin8theyearand no employees whose emoluments were equal to or8reaterthan £60,000 per annum 2024- none). The total amount of employee beneflts recelved by key managernent personnel for their services during the year Is £nll 12024: Enlll. None of theTrustees were pald any remuneratlon by thè chaTlty durlng the year12024'. Enlll. Trustees, expenses In the year totaled £nll12024.. £nill with three trusteès relmbursed travel and meetln8 expenses of £nll12024: £nill. There were no other related party transactions during the year that require dtsclosure.
Diocese of Iran Trust Fund e8iSteied Charity No. 299104 NOTES TOTHE ACCOUNTS At 31 March 2025 INVEsfMENTS Analysis of Movement In Investments Usted bond Investments Llsted equity investments Alternat5 Held as ¢a5h Total 2025 Total 2014 Market Value or C95t At l Aprll Additions to investments at C05t Proceeds from dlsp05als Netmovement in investments held as cash Net galn5 investments At 31 March 539,794 151,340 1171,9731 2,550,696 1,002,993 1911,8161 173,723 4,470 3,268,683 1,154,333 11,083,789) 111,8841 3,001,936 666,650 1549,0371 137,6781 111,8841 and losses on 110.5761 236.819 3,818 10,947 241.008 186,812 508,585 1878.692 177.541 3,533 3,568,351 3.268.683 Investments by Geographlcal Locatlon 2025 2024 UK 2.304,462 1,263,889 2.120,859 1,147,824 Overseas At 31 March 3,568.351 3.268.683 DEBfoR5 2025 2024 Amount due from Church Mission Society 41.455 37,375 41A55 37.375 CREDITORS 2025 2024 Accruals 9,717 8,005 9.717 8,005
Dlocese of Iran Trust Fund Registered Charity No. 299104 NOTES TO THE ACCOUNTS At 31 March 2025 io NAsSET5 BY FUND Unrestricted Restricted Totsl Investmènts Current assets Les5: Current Ilabilities 3,065,688 41,455 19,7171 502,663 3.568,3SI 41,455 19,7171 Net Assets 202S 3,097,426 502,663 3,600,089 Net Assets 2024 2,838,453 459.600 3.298,053 li RESTrICTED FUNDS At l Aprll 2024 Incomln8 Resources Outgol Net gaons Resource5 and losse5 on investments At31 March 2025 Iran Episcopal Fund forthe Irat) Blshoprtc Pegg L2gacy for medlcal work In Iran 5ohrab Books Fund- Education and Llterature 344,658 80,159 34,783 10,514 2.445 1.061 13,4071 17921 13441 25,186 5,8S8 2,542 376,951 87,670 38,042 459,600 14,020 {4,5431 338fj 502.663 12 FINANCIAL INSTRUMENrs 2025 2024 Basic financia1 assets measured at fairvalue Baslc finèncial assets measured at Settlement value (also the amortised costl Basic financial liabilities measured at 5ÈttlÈment value la150 the amortised costl 3,568,3SI 41,456 9,717 3,268,683 37,375 8,005 Basic fit)ancial 3sset5 are all inve5tment5 and debtors, excludlng any prepayments. Baslc financ131 liabilities are all credltors due in les5 than one year lincluding accrualsl. The entitVs Incorne, expense. g3ins and losses in respect of financial instruments are 5ummarlsed below.. 2025 2024 Income for b85ic financlal a55ets measured at falr value Total gainslllossesl In respect of baslcflnanclal a55els measured at falr value Income for basic ftnancial assets measured at settlement value Expense for basic financial liablllties measured at settlementvalue 100.602 241,007 95,689 186,812 io
Diocesè of Iran Trust Fund Re8lrtered Charity No. 299104 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DIOCESE OF IRAN TRUST FUND I report to the trustees on my examinatlon of the accounts of the Ditscese of Iran Trust Fund ItheTrustl for the year ended 31 March 2025 Rèsponsibllltles and basls of report As the charlty trustees of theTrust. you are responslble for the preparation of the accounts In accordance with the requirements of the Charlties Act 20111'the Actrl. I report in respect of my examlnatlon of the Trust's accounts carried out under section 145 of the 2011 Act and In carryin8 Out rny examinatlon I have followed all the appllcable Directions 8lven by the Charity Comrnission under sectlon 14515llbl of the Act. Independent examlner's Statement I have completed my examlnation. I confirm that no material matters have come to my attention In connection with the èxamlnatlDn giving me cause to believe that in any material respect-. accounting records were not kept In ie5pert of the Trust a5 requlred by Section 130 of the Art; or the accounts do not accord with those records,. or the accounts do not wmply wlth the appllcable requlrements concemin8 the form and content of accounis set out In the Charitles (Accounts and Reports) Regulations 2008 other ih8n any requirement that the accounts glve a 'true and falr viev/ whlch Is not a matter considered as part of an independent examination. I have no Cohcerns and have come across no other matters in connection with the examination to whlch attentlon hould be drawn In this report In order to enable a proper understanding of the actounts to be reached. Andrew Churthill Stone- FCA DChA Mercer Lewin 6-7 Citibase, New Barclay House 234 Botley Rd Oxford OX20HP Date 13 li
Dlocese of Iran Trust Fund Registered Charity No. 299104 STATEMENT OF FINANCIAL AcnviTIES- FIVE YEAR TREND COMPARATIVES At 31 March 2025 Thls page Is addltional manag2rnent Informatlon and does notform part of the report and accounts of the Diocese of Iran Trust Fund for the year ended 31 March 2025. 2025 2024 2023 Income from: Investrnent Incomè Other Income ICKI.602 95,689 88,810 Total Income 100,602 95,689 88,810 Expqndlture on: Rai5Ing funds 32.592 28,732 28.043 Charitable actlvltles Grants Support and governan 6.980 6,980 3.600 3,600 3,738 3,738 Total expendlturé 139,5721 132,3321 131.7811 Net incomellexpendlttsrel before8alns and 1055es on Investments 63,357 57,029 Net gain5 Illosse51 on Investments 241,007 186.812 187,1561 Net incomellexpenditure) 302.037 2SO,169 {30,1271 12