THE ARCHBISHOP OF CAP4TERBURY'S CHARITABLE FOUNDATION AUDITED FINANCIALSTATEMENTS FOR THE YEAR ENDED JI DECEMBER 2022 Registered Charity Number 1139299 Regl$lered CoThpaTry Number 7453039
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 INDEX Page TTUStees' Reporf Auditors, Report 8-10 Statement of Financial Activities Balance She¢t 12 Notes io the Financial Statements 13-21
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED31 DECEMBER 2022 On l January 2012. The AT¢hbishop of Cante1.$ Ch8rstsble Foundation was fonned a5 a resuli of the transfer of the net assels and operations of Th¢ Archbishop ofcanterbury's Charitsble T51. The Davidson Beque51 TNsi' The Holiday CaTnps & Caravan Sites Mission and The Delmar Trusi. In 2019 it wa5 gifted the nel a55et5 of the Archbishop of Canterbury's Discr¢tionary Fund. The Foundation is controlled by its Memorandum and Articles of Associaiion. It was in¢orp)rnted on 26th November 2012 Icompany Number 7453039) and consiiiutes a limid company, limited by guarantee. as d¢fJned by the Companies Act 2006, and it is also a regisiered charity (Chariry Number 1139299). Th¢ Trustees are pleased io present rheir annual rert and the financial sia(emenis for th¢ year ¢nded 31 December 2022. The financial siatemenis have been prepared underthe accounting policies set oui in notes io the accounts and comply with the Charity's goveming documeni. the Charities Act 201 l and Stsiemeni of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FR5 102) (Second Ediiion. effeciive l January 2019). The latter also ¢omplies wilh the Charity's governing document. REFERENCE AND ADMINISTRATIVE DETAILS Registered Compwny Number 7453039 Registered Ch¥Tity Nymber 1139299 Prin¢ip¥l nd Registered Office l The San¢tuary Westhiinsier London SWI P 3JT TTU$tees Th¢ Most R¢v. the Lord Archbishop of Canierbury Justin W¢lby Andrew Britton (r¢signed l January 2022) Sandra De Lord Ri. Worshipful Morag Ellis KC The Revd. ljeoma Ajibade (appointed 13 January 2023) Canon David Porter (resigned 13 January 2022) The Revd. Jesutosin Oladipo Tomilayo Toluhi (appointed 24 April 2023) Seerelary H.J. tkllar Banker5 National Wesiminsier Bank plc Argyll House, 24&250 Regeni Street London WIB 3BN Solleliorg Lee Bolton Monier-williams l The Sanctuary Wesiminster London SWIP3JTA Auditors Haysmacintyre LLP 10 Queen Street Plac¢ London EC4R IAG Investment Advisor5 CCLA Inve5tmeni Management Ltd Senator House 85 Queen Victoria Street London EC4V 4ET
THE ARCHBISHOP OF CANTERBURY'SCHARrrABLE FOUNDATION TRUSTEES, REPORT (continued) FOR THE YEAR ENDED JI DECEMBER2022 STRUCTURE. MANAGEMENT AND 0ECTIVEs The first Trustees after incorporaiion were the pre-exisiing Tntsiees of The Archbishop of Canterbury's Charitabl¢ Trust. The David50n Bequest TNst: The Holiday Camps & Caravan Sites Mission and The Delrnar TTU5t. New Trustees are appointed by the Archbishop of Canierbury based on ttcommendation5 made by existing Trustees. Wh¢n a new member joins the Board of Trustees they are provKded with infomation regarding finances, govemance and chariiable objectives. Trustees are encouraged to attend appropriate extemal trairting eYent¥ which faciliiate the understanding of their role. The Trustees meet as required. In the year of review thrtt of Ihem were based ai Lambeth Palac¢. The Trustees agree ihe strdiegy of the Foundation. including consideration of grants. investments, reserves and risk rnanogement policies and perforn)aTrce. The Trusltts are not remunerated for their service. The day to day running of the Foundation is in the hands of the Finance Officer at Lambeth Palace. RISK REVIEW The Truste¢5 ore rnpon5ible for the rnanagem¢nt of the risks faced by the Charity and conduct an annual risk assessment. Thi5 involv¢s the ideniificaiion of risks and agreeing any e¢¢5$ary actions to manage or mitigate them. The Trusiees have carefully Considered th¢ k¢y risk5 to ih¢ Foundation and their iTnpact on future p5an5. Key risks to th¢ Foundation aTe'. Loss of financial sustainability due io Tnarket volatility affrfling the investment base of the charity and reducing th¢ ability to fund Ihe desired l¢vel of grant making progrprnme. This is particularly significant when considering the current volatility in finan¢io1 mark¢is worldwide, together with changing demands for funding from the Foundation as a result of incr¢asing ¢conomi¢ and so¢ial hardship CUTrenily affecting much of the world. To mitigate against rhis risk as far as is 1le. given ihar siock market movements are beyond the control of the Trustees. they utilise specialist charity investhient mana8ers who manage the investment portfolio on a day io day basis on the Foundation's behalf. The fund managers regularly meet with the Trustees lo discu55 rnark¢t Irends, portfolio diversity and risk profiling. ethical investm¢nt ¢onsid¢rations and performance against Éndu5try benchmarks and have been reporting regularly io the Trusiees on the perfomiance of the Foundation's portfolio during 2022 and have coniinued io do so post year end. The Trustees have a low appetite for risk. and thi5 is reflecied in the investment wjrtfolio held whi¢h is highly risk averse and focuses on mainthining regular incorne streams. iogeiher with long iemi portfolio sustainability. The invesimeni portfolio had decreased in value by £1,511.660 from ihe December 202110 2022 financial year end, reflecting a sale of inveslments of £ I,(100,O(N) and reali5ed and unrealised losse5 of £511,660 in 2022. Post year-end, the investments have risen by 60/y, how¢v¢r at the date of signing the account5 there remains much volatility in global markets, whirh may further reduce th¢ capital b&se of the Charity in the year ahead. The Foundation erIts from a low cost-ba%e. given that it has no staff costs and minimal and predictable ov¢rh¢ads. Moreover, its grani making programme is digcreiionary which means the Trustee5 are in a strong FX)Sition io direct grani making ro where it is needed most in a lime of crisis. The investtnent portfolio is highty liquid allowing the Trusiees io react quickly io requesis by realising investments whenever necessary. Having iaken advice from their invesiment advisers the TTU51ees are 5ati5fied rhai they have strong rerves. and they should rherefore continue ro focus on long temi su5tainabiliry, holding a balanced low risk ponfolio ihat will miiigaie as much as possible 8gainsl continuing downturns in financial market5. They will look io maintain stsble investment reiurn$. miniTnising th¢ risk that financial consttaints would limit anticipated grant making in the year ahead.
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDATION TRUSTEES. REPORT (¢onlinued) FOR THE YEAR ENDED31 DECEMBER 2022 RISK REVIEW (¢ontinued) Grant recipients misuse fund5 received. To mitigate against this risk the grant applicanrs are subjecr ro ¢ar¢ful r¢view before being awarded fijnding and are required to report back on the use of iheir funds. RetM)rts on a¢tivity undertaken and outcomes achieved by grani recipienis are considered in upjates provided at ea¢h Trustee board meeting. Other key optrgtlon81 ¢ontrols pl#ce Inelude: fonnal agendas and regular meetings between the Tntstees and administrative staff acting for the Foundation. fon¥ard planning and budgeiing. with regular management account5 and quarterly reviews of finances. investment perforn)ance and granr programming: internal controls over the movement of fvnds and inve$tments. The Trusiees are satisfied rhat these atTangements enable the major risks to be identified and appropriate steps taken for their mitigation, alihough it is recognised lh SYemS can only provide re&wnabl¢. n£X absolute. as5uranc¢ in this regard. 0EcTs The obje¢t5 of the Charity a5 per its Articles of Association are- l ) to advan(¢ the Christian religion 2) to advanc¢ Christian education and in particular to promote education in the faith and practices of the Church of England 3) to promote the religious and other ¢haritoble work of the Church anywhere in the world including through.. a) Relief of poverty and sickness b) Training for the Ministry c) Support io ministers artd famtlies d) Provision of faciliiies for public worship 4) to make grants. provide goods, services and facilities for the charitable purpose5 not inconsistent with objects (l) 10 (3) as the Trusiees may decide from time io time, provided such charitable purpos¢5 are within the meaning of Ihe Charities Acts. PUBLIC BENEFIT The Trustees confim th81 thai ihey have complied wilh the duty in section 17 of the Charities Act 2011 to hav¢ due regard io public benefit in deierniining ihe aciiviiies undertaken by the Charity. The Chariry has and ¢ontinues to demonsiraie a numberof area5 of public Eenefit within its core charilable objecrives ofthe advancement of Ihe Christian religion. Christian education and relief of poverty by awarding 8rant5 as delailed in Me 4 lo the financial sthtemenis. GRANT MAKING POLICY The Foundation receive5 a number of enquirie5 for grants which are dealt with initially by th¢ Finance Officer at Lambeth Palace. If the enquiry tneet5 the grant ¢riierion, the requeM is put io the Tnjsiees who will then con$id¢r and approve (hos¢ grant requests which med the objeciives of the Foundaiion.
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDATION TRUSTEES. REPORT (eontlTrued) FOR THE YEAR ENDED31 DECEMBER 2022 RESERVES POLICY AND ASSET COVER FOR Fuf4DS The Charity'5 reserves and the element of them comwi5ed by fixed asset invesknenis ai 31 December 2022 are summarised below. Full details are set out in Ttote 9. Other Rewrves Filed Asset Investments Total Reserves Unrestrkted Fund8 20.618 3.119294 3.139.912 31 Deeember 2022 20.618 3.119294 3,139.912 31 Deeernber 2021 (100,521) 4,630,954 4,530.433 The Trustees have absolute discretion as io when investments can and should be realis¢d to support th¢ir granl making programme. All of the funds held and uiilised by the Foundaiion are unrestricted. Funds held in fixed a$5¢t investments are considered necessary in order io produce sufficient income so thai the Foundaiion can continue its grant making programme to meet the Charity's obligations. Funds are also maintained ai a level sU1¢ient to manage siock market volatility by taking a total return view of Ihe invesimeni portfolio over the medium longer terni. The administrative expendire of the Foundation 1$ minimal and predictable given thai administrative SUPFX)rt is provided by iambeih Pala¢e and the Foundalion employs no staff of its own. The Trusiees are satisfied ihai the Foundation has sufficieni resetves to mtti ongoing regular grani payments where rhey remain relevant and io con5ideroihergrdnr requests asand when ihey arise. provided they fulfil the Charity's key objtttives. As rhe invesiment portfolio is held only in unrestricied funds it is considered more imponani to have a flexible approach io funding worthwhile causes than to mainlnIng reserve5 at a specific level at any given time. The fixed asset invesimenis are more ihan sufficient to meet anticipated $pendiDg given that investments ¢an be realised at any time to augment this when considereddesirable. The current level of reserves i5considered adequale and appropriaie for the Foundation's needs.
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDATION TRUSTEES, REPORT(continued) FOR THE YEAR ENDED 31 DECEMBER 2022 IT4VESTMENT POLICY AND POWERS The Trustees are authorised to invest in any investment (whether authorised by statute for trust monies or not) a5 if they were absolutely and beneficially enlitled. The Foundation hold5 100% of its inveslments in a managed fund. the CBF Church of England Fund. managed by CCLA Inve51ment Managemeni Ltd and Sei up by ihe Church Funds Investtnent Measure 1958. The inveslments are held with a view to providing a reasonable total rewrn for the Foundation in the medium iemi, whilst allowing for an averaging of interim fluctuations and volatility of the markets in the Shorter ierni. The TTUStee5 are satisfied ihat by adopting a risk averse approach to inves(meni and by iaking a medium io longer te view on the total return of ihe invesuneni w)rtfolio. its invesiment base. together with the income g¢nerated from IL will remain sufficient 10 5UPPOrt the future aciiviiie5 of the Foundation. CCLA works with the Church's Ethical Investment Advisory Group and fully reflect their eihical policies in th¢ Foundaiion'5 investment holdings. ACHIEVEMENTS AND PERFORMANCE The Foundation's principal filnding source 15 th¢ in¢om¢ generdted from ils inv¢stm¢nt wjrtfolio. togetheT With a limited amounl of royalty in¢om¢. Whi151 nol actively seeking donations, it does also receive th¢5e frorn time to time in support of it5 charitable prioritl¢5. The Trustee5 are 1ndful thai ther¢ is a balance to be had between Teali5ing invesiments to fund grant paym¢nts and maintainin8 a l¢v¢l of inv1¢t that will 8¢n¢rdt¢ 5uffLGieTlt future income lo meet Tegular anticipaied grpnt commitments. During the year a ioial of 47 (2021.. 40) grants iotslling £1.369.945 (net= £1.212.192 as described below) (2021.. £620,060, net.. £607,660) were made by ihe Foundation which mei Ihe Foundation's grani criteria, as detailed irt note 4 to the finan¢ial statemenis. Of these, 22 grants {2021'.21) ioialling £1.267249 {2021.' £490,600) were made to advance the Christian Religion: I I grants (2021.. 6) iotalling £5,788 {2021.' £8,0(X)) io advance Christian Education; I I grant512021- 12) totalling £68,258 {2021.. £121,060) io promote the religious and other charitsble work of the Church. and 3 grants {2021:1) of £28,650 (2021: £1.000) for charitable purposes under Objea 4. A grant of £157.753 made in 2021 to The Church Commissioners for work on The Archbishops. Policy Commissions was reiumed in 2022 as the cosis for this project are now being borne by The Archbishops. Council. The net total of grants is therefore £1.212.192. Grants totalling £368,360 {2021- £10,O(X)) were made io the Archbishops. Council in 2022 to support the Archbishops. Policy Commissions. which are helping to Shape the Church's response lo aspecis of life in the UK ioday. The Policy Commissions aTe reporting on issues SUOund1ng families #nd hou5¢holds, Social care, and racial justice. encouraging the Church to consider the role thal it should play for the benefil of SIety in England. Grants totalling £495,0(K) (2021= £388.000) w¢re made io the Church Commissioners in 2022 for the planning and delivery of various aspe¢t5 Qf ihe Ar¢hbishop of Canterbury's evangelism ministry and reconciliaiion ministry. Notsbly. this included 5UPPQrt for ihe Difference Course which explores Chrisiian faiih in a complex and divided world and encourages relationship building. li also included supprt for ihe new Culwral Witness Cenire. which launched in September 2022 and works with th¢ologian$ and contempordry thinkers to make the Christian faith beller undetstood in the public arena. A number of smaller grants are committed io annually where a r1plent is considered deseTving of funding over several years. In addition. the TTU51ees also comrnit large one-off graDls where they believe that thi5 delivers significant publi benefit in advancing the Christian religion. Christian ¢dutiOn or th¢ relief of poverty. The TTUStee5 are 5alisfied that they have continued io allocaie grants consistertt with th¢ir key objectives and which deliver significant rALblic bert¢fit. Gsven the level of unrestriaed reserves available to the Foundation ai the year end, the Charity 15 well placed to continue delivering its mission in fijiure years.
THE ARCHBISHOP OF CANTERBUR Y'S CHARITABLE FOUNDATION TRUSTEES. REPORT (continued) FOR THE YEAR Ef4DED 31 DECEMBER 2022 RELATED PARTY TRANSAcfioNS The majoriry of Tru5tee5 on the Foundation's board are eonneded to the Archbishop of Canierbury through their roles as senior members of the Ar¢hbishop'$ staff or by their asso¢iation with other organisations established to 5UPPOrt the wo of the Church of England. The Arrhbishop of Canterbury's Chariiable Foundotion, the Ar¢hbi$hops' Cowi¢il, the Anglican Consultative Council, and the Ahbl3h9P of Canterbury's Angli¢an Cotnrnunion Fund ¢ommon aims to promote the Christian fairh. The AT¢hbishops' Council is a charity. sei up in law io Co-ordinate. promote. aid and further the work and mi5SlOD of the Chur¢h of England. It has responsibilities regarding the Synodical govemance and business of the Churrh of England. The Archbishop of Canierbury is Joint Presideni of the Archbishops, Coun¢il (along with the Ar¢hbishop of York) by virtue of his Offi¢¢, but there are no other Trustee$ in common with the Ar¢hbishop's Charitable Foundalion. In 2022. 2 grants (2021- 1) totalling £368,360 were made (2021.. £10.1Th))- The Angli¢an Consuliative Coun¢il 1$ a ¢harity, s¢1 up in law io support the Angli¢an Church worldwide. The AhbISh9P of Cant¢rbury is President of the An81ican Consultative Council and a Trustee of the ¢harity by virtue of his Office. but ther¢ are no other trust¢es in common. A grani of £5.IKKI was made in 2022 (2021: nil). The AhblShop of Canterbury'5 Anglican Communion Fund is a charity set up in law EO help the churches and provinces ¢Jf th¢ Angli¢an Communion in times of crisis. The Archbishop of Canrerbury is Chair of the Trustees by vimie of his Offi¢¢, but there are no other trusiees in common. A grant of £5.(XX) was made in 2022 (2021.. nil). In making grants to ihe Archbishops, Council, the Angli7 Consultative Council. and ihe Anglican Communion Fund for SrifIC wrposes. the Trustees of ihe Foundation are satisfied ihat this clearly supports its primary objective to promote the Christian faith and 10 sirengthen ihe Minis of the Church by ensuring thai key areas of work and ministy worldwide are supported financially to rnaximise their irnpact. 7 granis (2021: 11) totalling £495.000 (2021.. £388.000) were mjde in 2022 by the Ar¢hbi5htsp of CanteTbury's Charitable Foundaiion 10 the Church CommissioneTS io SUPPOrt areas of ministry in which the Archbishop of Canterbury 15 involved. Both the Archbishop of CanterEry's Charithble Foundation and the Church C(Trmmi55ioners share common aims to promore the Christian Faith. The Church Commissioners ore a sl4tutory orgonisation and a charity r¢gisiered in law to promote the mission and minisrry of the Church of England. The chUh Commissioners are responsible for resourcing Church of England bishops and archbishops in their mini51ry. The Ar¢hbi$hop of Cant¢rbury is Chair of ihe Board of Governors by vimie of his Office and Morag Ellis KC is a150 a Chur¢h Commi5sion¢r. Ther¢ ar¢ no other irnstees in common with the Archbishop of Canterbury'$ Charitabl¢ Foundation. In making grnnTS to the Church Commissioners for specific pU4N) the Tnjsitts of ihe Foundation are satisfied that they are promoiing the Chri51iaTh faith by ffsour¢ing and strengihening the Minis of Ihe Church of England. Fif4ANCIAL REVIEW The income of the Foundation has been distrbi uied in accordance with the terms and objects of the Charity durÉng the rinancial year. The TTUStees consider ihai the Charitsble Foundation's affairs were sati5fa¢tory during the course of. and at the end of the year. The Truste¢s ore confident that sufficient funds will be availabk to meet the future nttds of the Chariry. The Siatemeni of Financial Activities for th¢ year ended 31 December 2022 is set out on page I l and 5how5 total net outgoing resources for the year of £1 J90,521 (2021.. incoming resources £221.320). The Del Outgoing resourees inelude realised losses on inveslments of £97,566 end unrealised losses on investmen15 of £414.094 12021.. unrealised g¥ins £582,169). The Trustees are satisfied with the net financial position as at 31 December 2022 of £3,139,912 (2021: £4,530.433). The charity does not engage external fundrni5ing Sery1¢ and no mplairtts were received in respeci of its fundraising activities.
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDATION TRUSTEES REPORT (eontlnued) FOR THE YEAR ENDED 31 DECEMBER 2022 GOING CONCERN The Trusiees are satisfied thai the Foundation ha5 Sufficient re5erve5 to mainiain budgded spending levels and the flexibility to increase grant spending where desired by utilising its liquid investment base and strong cash reserves. The Foundation is a going concern and will remain so for the foreseeable futtsre. PLANS FOR THE FUTURE For ihe f¢)reseeable fuiure the TNstees ar¢ Committed to ¢Olltinuing a regular grani making programme where such programmes continue to merit funding, but at the 5pme time remain flexible and open lo making further specific donations where theTe is a need and provided the grant will 5uppon 5ignifi¢ant public benefit and charitable value th ouiweighs any potential depletion in the inveslmeni base of ihe Foundation. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees, who are also dir¢ctor5 of th¢ ¢haritabl¢ company, ar¢ responsible for pr¢paring the Tn]stees' Annual Report and the financial siatements in a¢¢ordan¢e wilh oppli¢abl¢ law and regulations. Company law requires the dire¢ti)rs to prepare financial $w¢m¢nts for financial y¢aT. Under thai law ihe dire¢iors have elected io prepare the fin8T5rial slatements in #c¢ordan¢e with United Kingdom Generally A¢cepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must noi approve the financial statements unless they are satisfied th Ihey give a Ne and fair view of the srate of affairs of the company and of the profit or loss of the company for thai year. In preparing these financial statements. the directors are required to.. s¢lect suitable accourtting 5K)licies and then apply them consisienily. observe the method5 and principles in the Chariti¢s SOIiP- make judgmenis and accounting estimates that are rea50nabl¢ #Dd prud¢rtt' • state whether applicable UK Accouniing Standard5 have been followe¢ 5ubje¢t to any material departures disclosed and explained in the financial slatemenl5; prepare the financial siarements on rhe going concern basis unless il is inappropriaie to presume thai the company will coniinue in business. The directors are reswTrn5ible for keepingadequ¢ o¢¢owilingre¢ords thai are sufficieni to show and explain the company's transaciion5 and disclose with reasonable ac¢urn¢y ai any lim¢ the financial p)sition of ihe company and enable them to ensure rhar the financial statement5 ¢omply with the Companies A¢t 2006. They are also responsible for safeguarding the assds of ihe company and hence foT taking r¢asonabl¢ steps for ihe prevention and deIOn of fraud and other irregularities. In so far as the Tws(trs are aware.. there is no relcvant audit inforniation of which the charitable company's auditor is unaware and the Trustee5 have taken all steps that they ought to have taken to make themselves aware of any relevant audit inforniation and to estsblish that th¢ auditor is aware of that infomiaiion. In preparing this report, the Tru51e¢5 have taken advantage of the small companies, exemptions provided by section 4158 of the Companies Act 2006. Signed on behalf of the Trusttts on 6 September 2023 Tstee DA Trustee T eEVO. f£ So IP)
AUDITOR'S REPORT TO THE TRUSTEES OF THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDA TION Opinion We have audit¢d the financial stat¢m¢nts of The Archbishop of Canterbury's Charitable Foundation for the year end¢d 31 December 2022 which compris¢ ihe Staternent of Financial ActlViTie5. the Balance Sheet and notes to the financial 5t8tements, including a summary of 5ignifi¢ant accounting polici¢5. The financial reponing framework that has been applied in their preparatiort is applioble law and United Kingdom Accounling Standard5, including Financial Reporting Standard 102 The Finonciol Reporling Siandardappli¢able in ihe UK and Repwblic oflreland (United Kingdom Generdlly A¢¢ept¢d A¢¢ounting Pra¢ii¢¢). In our opinion, the finon¢ial stat¢ments'. give a true and fair view of the stale of the charitable company's affairs as at 31 December 2022 and of the charitable company'5 net movement in fund5, including ihe income and expenditure. for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practiee. #nd have been prepared in accordance with the requirements of the Companies A¢t 2006. Basls for oplnlon We conducted our audit in accordance wilh International Stsndards on Auditing IUK) (ISAS IUK)) and applicable law. Our responsibilities underthose siandards aTe further deSCrid in the Auditor's resrrfjnsibililies for the auditof the financial $tat¢ment$ seeiion of our report. W¢ are independent of the Charity in accordanee with the ethieal requirements that are rel¢vant io our audit of the financial siatemenis in ihe UK. including the FRC'S Ethical Siandard. and we have fulfilled our oth¢r eihical resnSibIlItieS in accordance with rhese requirements. We believe thai ihe audii evidence we hav¢ obtained is suffi¢ieni and appropriate to provide a basis for our opinion. Coneluslons relating to going concern In audiiing the financial siacemenis. we have concluded that ihe Trustees. use of the going concern basis of accounting in Ihe prepardtion of the financial statements 15 appropriate. Based on the work we have perfornied. we have not ideniified any merial uncertaintie5 relating to events or conditions thai. individually or colleciively. May cast significani doubi on the Charlble companls ability to continue as a going concern for a period of ai least twelve months from when the financial sratements are auihorised for issue. Our responsibilities and the re$ponsibililies of the tru$tees with respe¢t ¢0 going ¢on¢em are de$¢ribed in the relevani sections of this Teport. Other information The Trustees are responsible for ihe other infoTrnation. The other infonnation rompri5e5 the informalion includ¢d in the Tru51ees' Annual Report. Our opinion on the finan¢ial 5tai¢ffleniS does noi cover th¢ other inforniaison and, ¢xcept to the extent otherwise explicitly stated in our report. w¢ do not express any forni of assurance conclusion thereon. In connection wilh our audit of the financial statements, ourresponsibiliry is to read ihe other inforn)aiion and. in doing 50, consider whether the other infomiation is maierially inconsisieni with the financial statements. or our knowledge obtained in the audit or otherwise appears to be materially misstared. If we identify such material inconsistencies or apparent rnaterial Tfii$5tatemenis, we are required to deiemiine whether there is a material misstatement in the financial statements or a mat¢rial misstatement of the other infomaiion. If. based on the work we have peTforned, we conclude that there is 4 mot¢ri#l misstatement of this her inforniation. we are required to rewTrrtthat fact. We have nothing to rewrt in this regard. Opinions on other matters prescribed by the CoThp4ni¢s Art 2006 In our opirtion. based on the work undenaken in the course of ihe audit= the infomiaiion given in the Trusiees, Annual Report (which includes the strat¢gic reEX)rt and the directors. report prepared for the purposes of company law) for ihe finan¢ial year for which th¢ financial statements are prepared 1$ consisient with the flnancial staternents- and Ihe Strategic rep)rt and the directors, report included within the Tru5t¢e5' Arjnual R¢tKTrrt have be¢n prepared in accordance with applicable legal r4uir¢ment5.
AUDITOR'S REPORT TO THE TRUSTEES OF THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDATION (continued) M&tters on whleh we are requlred to T¢PQrt by ¢i¢¢ptio In the lighi of the knowledge and understanding of the charitable ¢ompony and its environment obtained in the course of Ihe audit, we have not identified material rnissiat¢m¢nt$ in the Tn¢¢5, Annual Report (which incotporates the strategic r¢port and the directors. report). We have noihing to Tepon in respeci of the following mattets in relation io which the Companies A¢t 2006 requires us to report ro you if. in our opinion.. adequate accouniing records have noi been kepi by the charitable company. or the chariiable company financial siatemenis are not in agreement with the aontIng ordS and returns. or ¢ertain dis¢losure$ of truste¢s' rernunerJtion specified bylow are nol Mc. or we have not received all the infonnalion and explanations we require for our audit. or the irustees were not entitled to prepare the financial siaremenis in accordance with th¢ small ¢ompanie5' regime and take advantage of the small companies. exemptions in pwaring the trnsi¢¢s' r¢port and from the requiremeni io prepare a strategic report. Respon5ibili¢ie$ oftrustees for lh¢ finan¢ial 5t8l¢m¢Dts As explaiD¢d more fully in the trustees, responsibili¢i¢s Statement set wt on page 7. the Irustee5 (who are also ihe direciors of the charitable company for the purwse5 of company law) are re5pon5ible for the preparation of the financial siatemenis and for being 5atisfi¢d that they give a trye and fair view. and for5uch internal control as Ihe rrusiees dererniine is necessary ¢0 enable th¢ preparation of fanla1 5tat¢ments that are free from material mi55tatement. wheiher due to fraud or etTOr. In preparing the finan¢ial siaiements. the twsiees are ponSIble for we55ing the charilable company's ability to continue 85 a going con¢¢rn, di5c195in8. a5 applicabl¢, matter5 related to going con¢eTn and using the going concern basis of accounting unl¢55 the trusie¢$ eiiher intend ¢0 liquidat¢ the ¢harit#ble rompany or ¢0 ¢e#5e operalions. or have no realistic alternative but lo do 50. Auditor's responsiblllt5es for (he audit of the finaneial statements Our objeciives are ro obtain reasonable assurance about whether the financial sthrements as a whole are free from material misstatement, wheiher due to fraud or error. and io issue an auditor's report lha¢ includes our opinion. Reasonable assurance is a high level of assurance bui is noi a guaraniee thai an audit conducted in accordance with ISAS (UK) will always deteci a material missiaiemeni when it exists. Misstatements can arise from fvaud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. [egUlarItieS, including fraud. are in5tan¢¢5 of non-¢ompliance with laws and regu14tions. We design procedures in line with our responsibilities. outlined above. io deieci material misstsiements in respeci of itTegulariiies. including fraud. The extent io which our procedures are capable of delecling irregulariti including fraud 15 delailed below: Based on our understanding of the charitsble company and the environment in which il operates, we identified tha¢ the principal Ti$ks of non-compliance with laws and regulations relared io Charity Law. and we considered the exienr (o which non.compliance might have a material effed ¢)n the financial 5taiements. We also considered those law5 and regulations that have a dired impa¢t on the preparation of the financial statements sueh as the Companies Act 2006 and the Charities Aci2011. We evaluated management's incentives andopportunitie5 forfraudulentmanipulathon of the financial statements (including the risk of oveIde of controls). and d¢ternin¢d that the principal risks wer¢ r¢lat¢d to irnproper r¢¢ognition of revenue and manag¢ment bias in certain accouniing estirnates and judgements. Audit procedure5 perforned by the engagement team included.. Di5CU5sions with managemeni including consideration of known suspected insw)¢es of non-wmpliance wilh laws and regulation and fraud-
AUDITOR'S REPORT TO THE TRUSTEES OF THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDATION (contlnued) Evaluating management's controls designed io prevent and deie¢t irregularities- Identifying and testing journals. and Challenging assurnptions and judgemenls made by management in their criti¢al a¢couniing esiimate5 and challenges to ihe underlying as$umptions. Because of the inherent limilations of an audiL th¢rt 15 a risk that we will noi detect all itTegularities. including those leading to a material missiatemeni in ihe financial stsiements or non-complian¢¢ with regulation. Thi5 risk increases (he more thai complianc¢ with o law or regulation 15 removed from the events and transactions reflecied in the finan¢ial statemenis. as we will be less likely to become aware of instances o( non-complianc¢. The risk 15 also greater regarding irregularitie5 o¢¢urring due to fraud rather than ernK, as fraud involves intentional concealment, forgery, collusion. omission or misrepresentation. A further des¢ription of our re5ponsibililies for the audit of the financial SteMen[S is locaied on ihe Finartcial Reporting Coun¢il'5 web$iie at- www ilities. This de5CriPtion fom)s part of our auditor's reTK>rt. Use of our report Thi5 report 15 made solely to the ¢harit4ble company's rnembers. as a body, in accordance with Chapter 3 of Part 16 of the CoTnpanies Act 2(M)6. Our audil work has ¢¢n und¢rtyk¢n so that we might state io the charitable company's members Ihose matters we are required io slat¢ to theln in ¥n Audilovs rrpoTt and for no other PUTP05e. To ihe fijllesi exieni perniitted by law, we do not acttpi or assume responsibility to anyone other than the charitsble company and the charitable company's m¢mber$, as a body, for our audit worl for this report. or the opinion5 we have f¢)rnied. Adam Halsey (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP. Ststutory Audiior l O Queen Sireei Place London EC4R IAG Date.. 20 September 2023 10
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIFS INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022 Genernl Unrestricted Fund Total Funds 2022 Tot41 Fund5 2021 Notes In¢ome from: Donali(pn5 & Legoei¢f Donalions received 222.705 222.705 128,398 Oiher trading acfivilies Royalties 8,657 8.657 3,734 Jnveslmenls Interest received Income from asseis 26 117,301 26 117.301 67 17,681 Total 348.689 348,689 249,880 Expendlture on: Charitable activities 1227.550 1227.550 610.729 Total 1227.550 1227.550 610.729 Realised investments Unrealised Ilosses)Igains on investments losses (97.566) (97,566) (414.094) (414.094) 582.169 Ner 1105se5)18ain5 investments 1511.660) (511,660) 582,169 Net {ExFenditure}Ancome (1.390,521) (1,390,521) 221,320 Net rnov¢ment in funds Reconciliation of funds: Income funds blf {1,390.521) (1.390.521) 221.320 4.530.433 4.530.433 2.249.683 Capital funds blf 2.059,430 Funds ¢arried forward 10 £3.139,912 £3.139,912 £4,$30,433 All transactions are derived from continuing acrivities. All gains and losse5 recogni5ed in the year are included in ihe Statement of Financial Activities. The compardrive figures for the comparative p¢rithl have been presented under SORP (FRS102) in Noie 12 The noies on pages 13 to 21 foTm part of th¢se fthancial sthiements.
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOU]YDATION BALANCE SHEET AS AT 31 DECEMBER2022 COMPANY NUMBER 7453039 2022 2021 Note5 FIXED ASSETS Invesiments 3.119294 4.630,954 CURRENT ASSETS Cash ai Bank Debiors 527.318 188,148 527.318 188,148 LIABILITIES Creditor5'. Amounts fullillg du¢ wiihi one year (506.700) (288,669) NET CURRENT ASSET{LIABlLvTlES) 20.618 (100.521) TOTAL NET ASSETS £3.139.912 £4,530,433 FUNDS 9.10 Unrestricted fund5 General 3.139.912 4,530.433 TOTALCHARITY FUNDS £3.139.912 £4,530,433 These financial stai¢menis are prepared in accordance with the special provision5 of Part 15 of the Companies A¢1 2006 relating to small ¢ompani¢s. The financial sratement5 were approved and authorised for issue by the Boord of th¢ TnE¢e5, and sign¢d below on its behalf on 6, September 2023 by-. Twa¢¢ LE Loe4) rustee The nores on pages 13 19 21 fonn an integral part of these financial statements 12
THE ARCHBJSHOP OF CANTERBURY'S CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 ACCOUNTING POLICIES General Infornation and basis of preparatlon Th¢ Archbishop of Canterbury's Charitable Foundation is a company limited by guwantee and is registered with the Charity Commissioners (Charity Registered Number 1139299) and Registrar of Companies (Company Regsstraiion Number 7453039) in England and Wales. The Chariry is a company limited by guaranttt and has no share capital. In the ¢v¢nt of the Charity being wound up. the liability in respeci of ihe guarantee is limited io £ I per member of the Charity. The address of the registered otTice is given in ihe Chariry infomiaiion on page l of these financial statements. The financial staiemenis have been prepared in accordance with Accounting and Reporting by Charities.. Staternent of Recommended Practice applicable io chariiies preparingtheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {Chariiie5 SORP Second EdiTion, effective I January 2019), the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Aci 2006. The Archbishop of Canierbury's Charilable Foundation meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical c05t or transaction value unless oiherwise slated in the relevant accounting policy notes. Going Con¢ern In light of the available reserves and highly liquid invesknent pirtfolio. as detailed elsewhere in these accounts. rhe Trusiees consider there are no maierial un¢effainties al1 the Charity's ability io continue as a going concern. Judgements and e51im8t¢s Judgements made by ihe TTUStee$ im the appli¢8tion of these accounting policies that have significani effect on Ihe financial stateTnents and estimates with a significant risk of material adjusllnent in the nexT year are deemed io be in relaiion to the valuaiion of inv¢stsnents and are discussed below. Incorne Re¢ognition IncoJne represents inv¢siment income. grants & donations and other sundry income. All income is recognised once the charity has eniitlemeni io income: it is probable thai income will be received. and the omount of in¢om¢ re¢¢ivable ¢an be measured reliably. Expendlture Expenditure is accounted foron an accwals basisand has been classified underh¢adin8s Ihai a88regaie all cost related to the caiegory. Charitable Activitie5 Direct charitable expendire represents grants for th¢ rth¢)Ce of the objects of the charity. Grants are recogni5¢d in the accouTris when awarded by the Trust¢es and the offets are conveyed to the recipients. The grdnts are awarded at the discretion of the Trust¢¢s within the objects of the charity. Govern4n¢e Co$t$ Governan¢¢ ¢ost% romprise all costs ideniified as wholly or mainly altributable to ensuring the public ae¢ountability of the ¢harity and its Compliance wilh regulation. Governance costs are now 8p[lOned to the charitable activities. Investments Investmenrs are included in the financial slatements ai market value ai the balance sherf date. Realised and unre?li5ed gains and losses on revaluation and di5P0541s o¢¢urring in the year are reponed in the Stsiement of Finan¢ial Activities. 13
THE ARCHBISHOP OF CANTERBURY'S CHARJTABLE FOUNDATION NOTES TO THE FINANCIAL sfATEMENTS {¢ontinued) FOR THE YEAR ENDED 31 DECEMBER 2022 ACCOUNTING POLICIES (eontithued) Realised galns and losses All gains and losses are iaken io the statement of financial activities as they arise. Realised gains and losses on invesrments are calculated a5 the difference between sale proceeds and opening market value {purchase dale if later). Unrealised gains and losses are calculaled as the difference between the market value at the year end and opening market value (purchase date if later). Funds General Unrestricted Funds are unrestricted funds which are available for use at the discretion of the TnJ5tees in furtherance of the generdl objectives of ihe charity and which hav¢ noi b¢¢n d¢sigDJt¢d for other putP05es. Unresiricied Designated Funds comprise unrestricted fvnds that have been Set aside by the Trustees for particular purposes. The Foundation held no Designaled funds in ihe CUTrent year of review. Financial instruments Basic financial insThuments are initially re¢ognised at transaction value and subsequently measured at arnorti5ed cost with the exception of investment5 which are held at fair value. Finan¢ial ossets held at amorti5ed ¢ost ¢ompri5e cash at bank and in hand. logether wilh trade and other debtors. A spe¢ifi¢ provision is Tnade for debts foT which recoverability is in doubt. Cash at bank and in hond is defined 0$ all rash held in instant a¢ce5s bank o¢¢ount5 and used as working capital. Financial liabilitie5 held wnortised CO ¢ompris¢ all Creditors except w¢ial se¢uriry and other taxes. Cash at bank In h¥nd Cash at bank and cash in hand in¢ludes $h and short terni highly liquid invesnnents. Credltor5 and provisions Cr¢ditors and provisions are recognised where Ihe charity has a present obligation resulting from a past event ihat will probably result in rhe iransfer of fijnds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nomially recognised at iheir settlement amount after allowin8 for any trade discounts due. TAXATIO As a regisiered chariry. the Foundation is potenlialty exempt from taxation on its incomE and gain5 falling within s505 Income & Corporation Taxes Act 1988 md $256 Taxation of Chargeable G#ins Act 1992 to th¢ extent that ih¢se are applied io its chariiable purpose5. No tax charge aris¢n in the year. L)ONATIONS & LEGACIES 2022 2021 Donations from charitable org¥ni5atLolls Other donations 161,050 61.655 105.000 23.398 Total £222,705 £128,398 14
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS l¢otttinufd) FOR THE YEAR ENDED JI DECEMBER 2022 GRANTS The Foundation does not run any chariiable project of its own. Instead, it supports a number of ¢haTities which are actively engaged in furtherance of objects similar io those of th¢ Foundation by grant funding. A detailed analysis of these grants, the re¢ipients and the ¢auses that were fvnded during the year is included below: Unre5tri¢t¢d 2022 Unrolricted 2021 To advance the Chrisiian religion (Object l) To advance Christian education (Object 2) To promote the religious & other charitable work of the Church (Objeci 3) Charitable Purposes {Je¢t 4) 1.109,496 5,788 488,100 8,000 68,258 28,650 500 Total granis Charitable Support Costs (Noie 5) 1.212.192 15.358 607.660 3,069 £1.227.550 £610,729 Further deiails of ihe charitable aciivilies supported by the grants made in the year are given in the Trustees, Rep)rt. 15
THE ARCHBISHOP OF CANfERBURY'S CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THE YEAR ENDED 31 DECEMBER 2022 4. GRANTS {¢ontlnued) The following charilable institutions were Suprte{l by the above grants= 2022 21)22 To odw7nce ihe Chrlsil¢Tn rellzion fObJ.l) To adwnce Chrlsllan educailon fobj. 2) The Archbishops, Council Anglican Centre in Rome Chemin Neuf Community 368.360 47.000 27.889 Grants under £5.000 5,788 Total £5,788 Internal Province of Ghana Church Pastoral Aid 10.0 To promoie ¢he religious ondoiher chariiable work Dllhe Churc (Obj.3) Anglican Church of Bunjndi Barnabas Fund Church Commi55ioners Diocese of Colombo The Archbishop of Canterbury's Anglican Communion Fund Anglican Church Mozambique Anglican Consultative Council Gran15 under £S.000 All Saints Peshawar ChuTch Commissioner5 Coventry Diocese Episcopal Diocese of Ayod Ministry in Sub Sahardn Africa 5.000 475.000 30.000 10,000 22,000 10.000 5.000 20.000 10,000 5.000 The Lambeih Conference Faith in Later Life Diocese of Central Tanganyika 250,000 10,0 5.000 5,000 8,258 2021 Church Commrs grant returned (157.753) Total 11 £68,258 Totsl 22 £1,109,496 Ch&ni&ble Purposo (Obh4) Near Neighbours Grants under £5,000 25,000 3,650 Totsl £28,650 Total Grants 47 £1,212,192 Of the grdnts under Object 2, 10, ioialling £3.788. We paid io individuals. 16
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {e0nt1ned) FOR THE YEAR ENDED 31 DECEMBER 2022 GRANTS (continued) COMPARATIVE 2021 The following Charitable institutions were sUPP)rted by the above grants.. 2021 2021 Tt? 4dwiice the Chrislian relizion (Obfvlj ro adwiice Chrlsilttn eduetsilon (Obl 2) The Arehbi5hops' Council Anglican Centre in Rome Chemin Neufcommunity Religion Media Cenlre Diocese in Europe Church Pasioral Aid ACC - UN Observer The Church Commissioners 10,0 47,0(Kl 27,6(Kl s.oc) S.OLKI 7.OLKI 15.0(X) 317, Grants Under £5.000 8.000 Total £8.OiKI Topronwleihe religlous oiidolher cliarilfjble work olihe Church {ObJ. J) Coventry Diocese Diocese of Centrdl Tanganyika Ministry in Sub Saharan Africa Sou(hwark Eco Church Grdnt5 Under £5,000 10.0 10.0 20,000 15,000 2,000 The Church Commissioners Bishop Ezekiel Feeding Britain Diocese of Beni Episcopal Church South Sudan Amos Trust Grants Under £5,0 71,000 5,000 15,000 6,000 10,000 10,000 4,060 2020 Grant written back (2,5(KJ) Total 21 £488,100 2020 Grant written ba¢k (10.000) Total 12 £111,060 Charltable Purposes {ObS. 4) Grdnis Under £5.000 2020 Grani written back l.O(K) (500) Total £soo Toi*l Grants 40 £607,660 The Six grdnts under object 2 were made individuals. 17
THE ARCHBISHOP OF CAlERBURY.s CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {¢ontinucd) FOR THE YEAR ENDED JI DECEMBER2022 CHARITABLE SUPPORT COSTS 2022 2021 Other Support costs Governance cosis.. Auditors. remuneration Independent Examiner's remuneration Prior year over provision (credited back) A¢courttancy fees 745 489 12,000 ,560 11,680) 2,700 2.613 £15,358 £3,069 STAFF COSTS Th¢ Charity does noi hav¢ any ¢mploy¢es. INVESTMENTS IN CHARITABLE FUNDS Listed rnanaged Funds Total 2022 Total 2021 Market value at l January 2022 Disposal proceeds realised loss on disposal unrealised (lossygain on revaluion as at 31 December 2022 £4.630,954 11.{,000) (97,566) £4,630,934 11,000.000) (97,566) £4.048,785 (414.094) (414.094) 582.169 Markei value as ai 31 December 2022 £3,119.294 £3,119,294 £4,630,954 Hi5torieal Cost as a(31 December 2022 £1 J08284 £IJ08,284 £1,649?80 The Foundation's unlisted investments are holdin8s in the CCLA CBF Church of England Investtnents and Fixed Interest Securilies Funds Income Shares. They are shown at their published bid market value based on the market values of the Funds. assets. CREDITORS: Amounts dut within one yer 2022 2021 GTani ¢rediiors A¢¢Ned exp¢nses 492,(MH) 14,700 284,409 4.260 £506.700 £288.669 18
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDATION NOTESTO THE FINANCIALSTATEMENTS (contlnued) FOR THE YEAR ENDED 31 DECEMBER 2022 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricfedl Unrestrictedl Total Funds Total Funds 21122 2021 Represented by: Investments Current assets Current liabilities 3.119.294 527,318 1506.7CKII 4.630,954 188,148 {288,6691 Fund balances 8131 December 2022 £3,139.912 £4,530,433 UNRESTRICTED FUNDS Balant¢ lnet 31 l Jiuary 2022 Dttemb¢r Expend. InYestm¢nts 2022 Gtntrgl Fund 4.330.433 34&689 {1227.5501 1511.6601 3.139.912 Totgl unres¢rbrted fund5 £4J30A33 £348,689 1£1327J501 {£511ffj601 £3,139,912 Each year a budget is drawn up of th¢ annual commim)enr5 (grants). The Trusttts aim to keep the regular Committed expenditure within the expeued incom¢. Any other larger or one-off additional grants are paid from the accurnulat¢d unspent general fund. 19
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {con¢inued) FOR THE YEAR ENDED 31 DECEMBER2022 10. FUIYDS l¢ontinu¢d) COMPARATIVE 2021 BAIAAce l Jsnury 2021 Glin on Investments 31 December 2021 In¢0¢ Exptrtd. Trinrf¢rs GtneTI Furtd 1249,683 249.880 1610.729) 2,039.430 582.169 4.530.433 D¢$lg••ted fu4d$ Capital fund 2.059,430 12.059.430 Tot#1 uDrestrid¢d fvn £4J09.113 £249M) £161Q7291 £S82.169 £4J30.433 In 2021 the Trustees resolved (o remov¢ the designation of the ¢apital fund and io rel¢w this back io the gen¢ral fut)d. This is refle¢ied in lh¢ funds irnnsf¢r itKve. I I. TRANSACTIONS WITH TRUSTEES AND THE CHARITY Any connections beiween ihe Foundaiion and cenain specified donors and grant recipien(s are explained in detail in the Trusttts. Rew)rt on page 6 (Relaied Party Trdnsaciions). The TNstee5 are sarisfied th Ehe connected entities have charitable aims in common with ihe FoUndlOn and there are no conflicts of interesr arising from ihese ¢onn¢ciions ihai prevent ihe Foundaiion from providing public benefii and fulfilling its chariiable pUose$. There were no payments io or receipts from Trustees of the Foundion. nor have the TThslees received any remuneration or reimbursement of expenses in the CUTrent or previou5 year. 20
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDATION NOTES TO THE FIIYANCIAL STATEMENTS (Cothtlnued) FOR THE YEAR ENDED31 DECEMBER 2022 12. COMPARATIVE SOFA (CHARITJES SORP) General Unre51ricted Total Unr¢$tri¢ied Designated Funds Funds Funds 2021 Not¢5 Income from: Donaiion5 & LegacieJ Donations re¢eived 128.398 128.398 Oiher irading o¢livilieJ Royalties 3.734 3.734 ljvvesimenls Interest r¢c¢ived Income from Ossets 67 117,681 67 117,681 Tol31 249.880 249.880 ExpeNditre on: Charitable activities 610.729 610.729 Total 610.729 610.729 Realised invesiments Unrealised gains on inv¢stm¢nis gains 582.169 582.169 Net gain5 on investments 582.169 582.169 Net Income 221,320 221.320 Transfer of Fund$ 10 2,059.430 (2.059,430) Net movement funds Re¢on¢illatlon of funds: 2.280.750 (2.059,430) 221.320 Income funds blf Capital funds r 2,249,683 2249,683 2.059,430 2,059.430 Funds carried forward 10 £4JJO,433 £4J30.433 21