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 THETRu￿EEs 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. D￿rIng the financial year the fund wa5 adrnlnlstered on behalf of the Trustees by the Church Mlsslon Soclety. Oblert￿e5. 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. educa￿Onal 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