THE ARCHBISHOP OF CA%TERBLRY'S CHARITABLE FOLNDATIO AUDITED FlINNcIAL STATEMENTS FOR THE YEAR EI*DED 31 DECEMBER 2023 Registered c1ty l¥umber 1139299 egistered CoMpY Nmber 7453039
THE ARCHBISHOP OF CANTERBLRY'S CHARJTABLE FOUNDATION FIIYANCIAL STATEMENTS FOR THE YEAR ENDED31 DECEMBER 2023 INDEX Page Trustees, RqM)rt Auditors, Ryrt 9-11 12 Statement of Financial Activities Balance Sheet 13 Notes to the FItwl3] Ststeme]S 14-22
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDA TION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 On l January 2012, The Archbishop of Canknbur¥'s Charitable Founda¢ion was formd a5 a result of the trdllsfer of the net ats and operations of The Archbislx>p of Canitrt)urJ s Charitsble TrusL The DaNidy)n Bequest Trust: The Holiday Catnp5 & Caravan Sites Mission and The Dclmar TnL. In 2019 li WLS the nrt assets of th¢ Ar¢hbishtsp of Cartterbury's Discretionary Fund. The Foundation is contmlled by its Me]Th)randum and ATticle5 of Association. It Wds incoTpof2ted on 26 November 2012 {Company Number 7453039) and ¢onstitutes a limited rornpany. limited by guardntee. as defjned by the Companies A 2(K)6. and it is also a re8JStered charity (Charily Number 113929)). The Trustees are plea%cd to present their annual repm togoher with the fin0CIal statements for the ytar ended 31 December 2023. which are also prepared io meet the requirements for a dir¢dors' r¢FK)rt and accounts for Cornpanie5 Hous¢ PUTPOKS. The financial 5tatetrthts have been prwred under the aceouniing polities set out in notes to the a¢¢ounts and cornply with the Charity'5 governing documenu the Chariiies ACL 201 l atjd S¢¢¢ of Rerommended Pta¢ti¢¢ ISORP} "Accounting and ReFK>rting by Charitit5" IFR5 1021 IS¢cond Ediuon. efleaive l January 2019). The latter also conwlies with the Chariiy-s gov¢rning doaun¢n¢. REFERENCE AND ADMIYISTRATIVE DETAIts Registered Company Yumber 7453039 Registered Charity l%umbtr 1139299 PrÈn¢ipal and Registered Office l The Sanauary WestNunster London SWIP 3JT Trll$tees The Most Rev. the IA)rd Archbishop of Canierbury Justin Welby Santha De Lord Iresignoj 6 September 20231 Ri. Worshipfu] MoTag Ellis KC The Revd. ljeoma Ajibade (app)intd 13 January 2023) The Revd. Jeo$in Oladipo Tomilayo Toluhj" lappointrd 24 April 20231 S¢¢r¢tiry HJ. tkllar Bankers N*10T westm1Ter Bank plc Argyll Hou54 24&250 Regcnt Strcct London WIB3BN Solicitors Lee BolLOrt Monitr-WilliaTrts l The Sanctuary Weslminster London SWIP31fA Auditor¥ Rothmans Audit LLP Chilworth Point I Chilworth Road Southampton S016 7JQ InvestmeDt Advisors CCLA Investmeni Managemen¢ L Senator House 85 Queen Vicioria Stre London EC4V 4ET
THE ARCHBISHOP OF CAP4TERBURY'S CHARITABLE FOUNDA TION
TRUSTEES, REPORT (contlllued)
FOR THE YEAR ENDEDJI DECEMBER 11123
STRUCTURE, MAP4AGEMENT AP*D OBJEcfivES
The first TNsttts afier incorpordtion wtte the pre
THE ARCHBISHOP OF CANTERBURY'S CHAIUTABLE FOUNDATION TRUSTEES, REPORT Icotttirtlled) FOR THE YEAR ENDED 31 DECEMBER21123 RISK REVIEW {cotttlttued) Grant rwipienis misuse funds receiv&t To mitigate against this risk the grdnt appli(8ttts art subject to carefvl revtew before being awarded fimding and are required lo rwrt back on the use of their fimds. Reports on activity undenaken and outcomes achieved by recipients are con5idcred in update5 provided cach Tn FKJard mttting. Other key operational controls in place include: forn1 agendas and rtgulaT Tneetings betwttn the Trustees arld adrninistrdtive staff acting for the Foundation: forward planning and budgeting, 1th regular managernent aceounts and quarterly rlewS of finances. invettmtt)t performanee and grarti progTammin& internal rontro15 over the rnovernent of fimds and invcs1men The Trustees are sattsfied that these arrangerncnts enablt the tnajor risks to be identificd and appropriate steps taken for their mitigation. alihollgh li is recwised that systetns ¢aD only provide reasonable, not ablute. assurdnce in this regard. OBJECTS The objects of the Charity per its Articles ofAssc¢i*ion aTe." l) to advance the Christian religion 2) io advance Christian cducalion and in particular to prOK)te education in the faith and prathces of the Church of Eng]and 3) io promote the rtligiou5 and charitable Work of the Church anywhere in the world including through: a} Relief of poverty and rknesS b} Training for the Ministry cl Support io miniS[S and families dl Provision of facilities for public worship 41 to make grdnis, provide good& services and facilities for the charitable purp0%5 not inconsistent with objects111 10 {31 a5 the Tru¢¢5 May decide from time to ume. provided such charitable pury)oses are within the meaning of the Charit1¢5 Art5. PUBLIC BENEFIT The Trustees confirn) thai that they haye complicd with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit in determitting the artiwti¢s undLTtaken by thc Charity. The Chari(y h&$ and eontinues io demonstrate a numberof areasof publtcbenefit thin its core ch•ritablt obj¢ctivtsoftheadvancement ofthechristianreligioE4 Christian education and relief of poverty by awarding wÈsas dthailed in Th)tc 4 to the fiTll(la1 statemen CRAIST MAKII%G POLICY Th¢ Foundation receives a number of cnquiries for glS which are dealt with initially by the ikputy Chief of Staff at Lamb¢th Palace. If the enquiry meds the grant ¢nriOtt. the rquest is put ¢0 the Tntsttts who will then consider and approve those grant rcque5ts which meffl thc objtaives ofthe FoLthdation.
THE ARCHBISHOP OF CANTERBURY'SCHARJTABLE FOUI%DATION TRUSTEES, REPORT (tontined) FOR THE YEAR ENDED31 DECEMBER 2023 RESERVES POLICY AND ASSET COVER FOR FLYDS Thc Chari[} s rLseTVLS dnd the ¢l¢tnent ofthejn cornprised by fixed &ssd investments at 31 December2023 are sumnwised below. Full details are set oul irt rtote 9. Other Reserv Fixed Asset InwestEnents Tot*1 Reserves Restricted Funds Unre5trirted Funds 11 14.581) 3.152.273 3.037.692 31 Dtt¢ttther 2023 1114581) 3.152.273 3.037.692 31 D¢t¢mber 2022 44.218 3.119.294 3.163.512 The negaiive 'other reserves. o1£114,581 * 31 Deeembu 2023 refletts O nutnber of large grants commitments included in ¢rtdiiors at the yw end. Invcstm¢nis will need io bt sold to rtalise the cash requirtd when these wants are called on. The Trnstees have absolute di5cr¢lion as to whcn investments and should be rea]ised to wpport their grant Tnaking programme. Funds held in fjxed asset inv¢51Jnents are considercd necessary in order io prU¢e suffjctent income so that the Foundation can continue its grdnt making progtatnm¢ to tN¢et the Charity's obligationk Funds are also maintained ai a level sufTicient to manage stwk marka volatility by kIng a tota] Teturn view of the investment portfolio over the medium lo longer tem. The administrative ¢xpendiiur¢ of the Foundation is mll)Imai and predi¢tablr gtven that adtThinistraiive support is provided by Lambeth Palace and the Foundaiion employs no SL2fFof its own. The Trustees arc satisfied that thc Foundation h&s yJfficien( reservts to m¢# ongoing Irgular rn payments where they remain relevantandto con5id¢rothergrant requests and when thryarise. providedthry fu]fil the ChaTity'S key objectives. As the invesimtni portfolio is held ottly in uTw¢stricted fund5 it is considerd more imixjrtant to have a flexible approach to funding worthwhile causes than to tnaintainingr¢%rve5at aspccific level atany given time. The fixed assei investments are more than sutTicient to mttt anticipated spending given that investments can be realised at any time to aUent this when considered desirable. Th¢turrent leyel of reserve5 iS(J)nsidertd adequateand appropriate forthe Foundation's needs. INVESTMENT POLICY AND POWERS The Trustees are auth0ri5ed to invest in atky invethent (WIer authoris¢d by for tNst Tnonies or TLOt) a5 if they wwe abbolutely and beneficially eniiiled. The Foundation holds 100% of tts inve5trnetts in a managed fun¢ the CBF Church of England Fun Tnanaged by CCLA Investment Management and sct up by the Church Futyjs Inve5trnent Me&sure 1958. The investments are held with a tW to proding a rea%mable total return for the Foundation in the mlM temi whilst allowTrng for an averagittg of interim flurtuations and volatility of the markets in the shorter tenn. The Trustees are satisfied that by adopting a risk ave approach to invexrnent and by taking a medium to longer term view on the total return of the investment p)rtfolio. its inve#ment base, together with the iThcome generated from it, will remain suificient to 5UPPOrt the fuillre actLVities of the Foundation. CCLA work5 With thc Church's Ethical Investment Advig)ry GrOTr and filY reflect their ethical policies in the Fourtdatiott's invest]nent holdings.
THE ARCHBISHOP OF CANTERBITRY'S CHARITABLE FOLNDATION TRUSTEES. REPORT 1totttiDed) FOR THE YEAR ENDED31 DECEMBER 2023 ACHIEVEMENTS AIID PERFORMANCE The Foundation's principal funding source is rhe i)Me generatrd from trs InveMent portfolio, Logether with a limit amount of intome from donations. Whilst not a¢iively s¢ekiDg donations it d(s aJ50 receive these from time to time in support of its charitable priorities. The Trus¢ees are milldfvl that the is abalance to be had between realising investments to fund grant payments and maintaining a level of investmeni th will generate Sufficient future income to meet regular anticipated grant commiiments. During the year, a dO[lI0n of £57,0(MI12022.. £57.(M)O) was re£¢ived from The Sequoia Charitable Trust and two donations totalling £41.21212022.' n211 were Teceived from The Sir Hallej sWart Tru. Both donaiioThs were restricted fund$ for the 5p¢rific purpo% of the projects of The Centre for Culturdl Wimess. DuTing the year a total of 36 {2022: 47) grdnts totajling £763.437 It. £759.082 as descriw below) {2022: £1.379.945, rtet.. £1,222,192) were tnade by the Foundation which met the Foundaiion's grdni eritrri4 as detailed in note 4 to the financial statements. Of these, 16 gTants12022- 22) totalling £669.395 12022.. £1277.2491 were made to advance the Christian Religiort.. 9 wi$12022= 11) lotslling £6.309 {2022= £5.7881 to advance Christian Education- 8 grants12022.. 111 iotallin8 £82,93312022.. £68.2581 to promote the religiou$ and other clwitablc work of the Church" and 3 LtS {2022: 31 of £4,800 12022.. £28.650) for charitable purposes under Objert 4. A grant of £25.IXK) made in 2021 to Southwark Dicese for the Eco Church w¥ ]wi needed irt full, thertfore £3,917 has been written back in 2023. A grant of£215,IX)O made in 2022 the Archbishops, Council u7s a]so not ne¢d¢d in full 3nd £438 has been witten back in 2023. The net total of grdnts 15 thcsefore £759.082. In 2022 grdnts totallirtg £368 J60 wv¢ made to the Archbishops Council w suprxTrrt the Archbishops. Policy Commissions, which are helping ¢0 shape the Church'5 f¢sFrf)nse to &spects of life in the UKt(yJay. The Policy Commissions art reporting on issues surrounding families and household& xKiaJ rare. and raci justice, encouraging the Chureh to consider the role thai it should play for the benefjt of sttiety England. wtrc Jnade in 2023. Grants totalling E313,90012022.. £485,(} were made io the Church Commissioners in 2023 forth¢ planning and delivcry of N'arious aspects of the Archbishop of Canicrbuo's evangeltsm ministry. and reconciliation tnini5try. Notably, this included support for the Difference Course which explores Chriian f"th in a complex and divided world and en¢ouTages relationship building. Irt 2023, grants tothlling £148.212 12022.. £157.0) wrre made to the C¢ntre for Culturdl Wimess which launched in September 2022 artd WOTks wth ¢heolowan5 and conteMp)rary thinkers to tnake the Christian faith better understood the public aren& A number of smaller grants are committed to annua]ly where a r¢¢ipient is ron&derry] de5eTvsng of funding over Kveral yW5. In addition, the Trustees also commii large one-off grants where they believe that this delivers gnificant public b¢nefIt in advaneing the Christian religioJL Chri&tan education 01 the relief of poveTty. The TTUSt¢cs are satisfied that thcy h8ve eonitnLl io a]loc*e grants cot)&#ettt with their key objectives and which deliver significant public benefit. Given the level of Unreided reserves available to the Foundation at the yeaT end, the ChaTity is well placd to continue delivfflng its mission in fuDJre years.
THE ARCHBISHOP OF CANTERBLRY'S CHARITABLE FOUNDATION TRUSTEES, REPORT (¢otttinu¢d) FOR THE YEAR ENDED31 D£CEMBER2023 RELATED PARTY TRA•4SACTIO•4S The tnajority of Trustees on the Foundion's board are connecled to th¢ Ar¢hbishop of Canterbury through their rolc5 a5 5ellior m¢mbeT5 of the Archbishop's staff or by their &ssociaLion with other orgArtisabOllS established to 5UPPOrt the work of the Church of England. The Archbishop of Canterbury's Charitable FoundatioTL the Archbishops Council. the Anglican Consultative Council, the ArLhbishop ol'Canterbury'5 ATsglican Cotnmunion Fund. and the Centre for Cuiiural Witness share common aims to promote the Chri&ian faith. The Archbishops, Council is a charity. set up in law ¢0 ctrordioate. promote. aid and fiher the work and mission of the Church of England. It has responsibilities regarding the SYnJ7ca1 governance and business of the Church of England. The Archbishop of Canterbury is Joini President of the Arehbishop5 Cwncil {08 with the Archbishop of York} by virtue of his Office. but there are no thr TDIs in common with the Archbishop's ChaTitable Foundation. In 2023. no grants wert tnade12022= 2 totalling£368,3601. The Ang]ican Con$ultative Council is a charity. set up in law to support the Anglican Church worldwide. Th¢ Archbishop of CanteTbury 15 President of the Anglican CoThsulwive Council and a Tret of the cha]ity by virtue of his Office. but there are no other trusw in ¢QTnmon. No Wdnts tre madc in 202312022.. £5.(M)01. The Archbishop of Canttrbury-s Angli4 Communion Fund is a charity set up in la. w help the churches and pro1n¢t5 of the Anglican Communion in times ofcrisis. The Ar¢hbÈshop of Cantcrbury is Chair of the Trustees by virtue of his OtTic¢, but there are no other irustccs in common. No wts wert made in 202312022". £5.0001. The Centr¢ forCuItLa1 witn is a charity set up in law to work with theologians ond wntrmp)Tary th5nker5 to make the Christian faith better und¢r5tood in the public arena. The Revd. Ije4)ma Ajibade is a trustee by virtue of her Tole as Chief of SiatTat Lambeth Palate. In 2023. 4 grants tre made [alling £1482l212022.. £157.0(X)l. The comparatiwe figure was paid to the Churth Commissioners. detailed lOW. In making lIS to the Centre for Cu]turn] Witness for 5pccific purp05e5. the Trustees of the Foundation are satisfied that they are promoting the Christian faith by providing resoutce5 to enable the Centre for Cultural Witnes5 to pronx)te public understanding of the ChrisEian faith and enhance the Churth"s ¢ontTibution to public life and dx%ourK. In 2023, 4 grant5 (2022= 71 totalling £3[3.9l2022.. £495.(MM)) were made by the knhbi5hop of Canterbw's Charitable Foundation to the Church Commissioners to support areas of ministry in which the Ar¢hbishop of Canterbury is involved. Both the Archbishop of Canterbutys Charitable FoLmdaÉÈon and the Chw¢h Commissi¢)nets share ¢OTnrno ain lo promote the Christiart Faith. The Church Commissioners are a #utory organisation and a chartty regi#ered in law to promote the mission and ministry of the Church of Englartd. The Church Comrnissionff5 are responsible for resourcing Church of Eng]and bishops and archbishops in their ministry. The Ar¢hbi5hop of Canterbury is Chair of the Board of Governors by virtue of his Office and Morag Ellis QC is a]so a Church Co[nmi0ncr. There are no other tru51ees in common with the Arrhbi5hop of Canterbury's Charitable Foundation. In Tnaking grants to the Church COnJmi)0ners srttific purposffj the Tn¢¢$ of the FoLEndatÈon are satisfid that they are PTOrnOting the Christian faith by rtwJwctn8 and strengthening the ministry of the Church of England. During the year the charity received donations from the House ofLords Jn lieu of 3ttendance ajlowances waived by The Archbishop of Cartterbury) totalling £7,(Y)212022.. £1.6l51. During the }ear the eharity reeeived donations of£4,974 {2022.. £5,808) from the IIBC and the Guardian in lieu of fees for wious publications and appearances waived by The Archbishop of Canterbvry. Durin8 the year donaitons were re¢eived frotn the S(Kiety for Promoting Christian Knowlcd8e of £10.31112022= £2,849}, in respect of royalties owed to the Ar¢hbishop of Canierbw. The Archbishop ofcaThterbury is the President of the Society for Promoting Christian Knowledge. During the year donations wffe receiv from Columbia Threadneedle Investhiet)ts of £15.IM)012022: £20.0(K)I, an entity. for which the Ar¢hbishop of Cantcrbury Wds the Prcsideni of the Responsible Inve&ment Advisory Coutt¢il of dwing part of the year.
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUlDA TION TRUSTEES. REPORT ItontiDued> FOR THE YEAR ENDED 31 DECEMBER 2023 FIIYknYCIAL REVIEW Th¢ intome of th¢ Fow]dation has been distributd in accordance with the t¢rtns and ObJts of the Charity duTing the finartcial ye¥. The Trusoes consider thai th¢ Charitabl¢ Found10,$ affairs satssfactory during th¢ wwse of, and a¢ the end of th¢ The Trustee5 are confident that sufficient fvnds will be aTrrdilable to mcet the filturc needs of the Charity. The Statement of FITncial AcliMtie5 for year ended 31 December 2023 is set out on page 12 and shows total net outgoing r¢st>urces for (he }'ear of £125.82012022.. £1.397.1781. The nei outgoing resourees include realised gains on In¢strents of £9,74412022= r¢ali5ed losse5 £97.5661 and unrea]i5ed gain5 on inNe5tment5 of £273.23512022.' unreali5 losses £414,094). The Tnjstees a SisfJed with th¢ net fi]wi¢ia] p)siiioo as * 31 De¢anber 2023 of£3,037,69212022.. £3,163,512). The eharity does noi engage externa] fith"sittg suvi¢es and N) ¢omplaints wert e1v irt resprtt of its fifftdraisirtg activitics. GOING CONCERN The TTU5te¢s are satisfied that the Foundation has sufficient reserves to maintain budgeted spending levels and the flexibility to ITTea grant 5p¢nding where d¢Ted by utilising it5 liquid inve5ttTLent base and strong cash Teserves. The Fourtdation is a going concern and wll remain so for thc fore5¢eable future. PLANS FOR THE FUTURE For the foresttable future the Trustees are comm5tted to crnitinuing a reglllar wi making programme there sllch programmes continue to merit fidin bui at the same lime remait) flexible and open to making futther specifje donations where there is a need and provided the grdni will support signifjeani public benefit and charitable value that outweighs any potential depletion in the investmeni base of the Foundation. STATEMEIYT OF TRUSTEES, RESPONSIBILITIES The Trustees who are a150 dire¢tQTS of the rtwitable company, are rcsPOn5iblc for prq)aTing the Trustee5' Annual Report and the finart¢iai statements in a¢¢ordan¢e wth applithle law and regulatKon5. Company law teq¥iTes the dire¢toTs to PTepare fijancial staternts for financial y. Ur5der that law the dir¢ctOT5 have elected to prepare the financial atementS in acconlattce with United Kingdom Generally Accepted Accounting Practic¢ (bnited Kingdom Aecounting Standards and applicable law). Under company law the direttors must not approve the financial statements unless they are satisfied thai they gjve a rrue and fair view of the state of afraS of the company and of the profit or loss of the company for that year. In preparing these fJnan¢ia] ststements, the diredors are required to.. select suitable accounting policies and then apply them conSient]Y- observe the methods and principles in the Charilies SORP: make judgments and accounting estim&es that art re89)nable and PTudtht.' state whetheT applicable LIK At¢ounting Stsndard5 havr been followed SUbji to any rNateTial departure$ disclosed and explained in the fJn3nciai statemen prepare the financial statements ott the going ¢on¢em basis unless it is inappropriate to presume that the company will continue in business. The direetorsare responsible for keeping adequaleaceojIig reeordsth* are$uffitieniW show and explairt the Company's transactions and disclose with rdnable atcuraey at any time the finaneia] position of the tompany 2nd ertable them to ensure that the financial statemenis comply with the Companies Aa 2006. They are also responsible for safegllarding the a&sets of the company and henc£ for tsking re&wnable Sleps for the prevention and deieciion of fraud and other irregularities.
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDATION TRUSTEES. REPORT leontinued) FOR THE YEAR ENDED 31 DECEMBER 2023 In 50 far a5 the Tnjstees are awarc.. there is no relevani audit infomJion of thidJ the charitable company's aUdIr is unaware a the TNstees have taken all &eps that they ought to have tsken to make thetrLfelves awart of any relevant audit irtftsrrnation and to e*abli5h that the audits)r is aware of thai infornwion. In preparing thi5 rep)¢ the have taken adYaNa8e ofthe sma]I companies exemptsoD5 prowded by section 415a of the Companies Act 2. Signed on beha]f of the Tnjstees on 5 of Sq)tember 2024 The Revd. ljeotty Ajibade Trnsiee The Revd. Jesutositt Oladipo Tn]et
INDEPENDEP4T AUDITOR'S REPORT TO THE TRLISTEES OF THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDATiof4 Opinion We hai'e auditrd Lhe financia] ststrments of Th¢ Arthbishop of Cantwbury's Chari¢abl¢ Foundation I"th¢ charitsble company'l for Lhe year ended 31 DeLemlr 2023 which cotnpri5e the staent of Financial Acti3'iti¢s Balance Sheet and note5 to the financi815(aiements. including significant aceoutttirtg tM)licies. The financial reFX)rting frameM.k that has b¢¢n applid in their prepardiion 15 applicable la and United Kingdom AccounLing Standar(ts, intluding FR$ 102 The FirIal RertIng S13ndard aFplicable in the DK and Republic of Ireland {tsnitrd Kin8dom Gcncrally Ac£epod Accounting PrattiLe). In OUT opinion. the financial sthLements= give a true and fair vieii. of the statr of the charitsbl¢ wnFVtLy'S affairs as at 31 December 2023 and of its incoming resources and applILion orrer¢ts r(x the year then ende¢. have been properly prepared in acconlance with Unitrd Kingdom Gene[Y Atteed Accounling Practice- and have been prer4red in aceordance with the requiremertts of the Comwies Art 26. Basis for opinio We conducted our audit in accordanee with Intrmational Statrds on Auditing K) (ISA5 (UKII applicable laTh. Our r¢sry)nsibiliLies under those sLandards arc furthcr deScrid in the Audilor s resFx)nsibiliti¢5 for the audil of the financial statements section of our report. We are indendent ofthe chlb]e comparty irt acturdance with Lhe ¢thi¢a] r¢quir¢tn¢nts that are relevant (o ow audit ofthe finaneial SLgments in Lhe UK. ineludin8 the FRC'S Ethiea] Stsndard and e have fuifill¢d our oth¢r ¢thiul r¢srM)nsibilitie5 in aOrdanCe with these requirements. We lIeVe thai the audit evidence w'e have obtained is s1¢i¢t and 3ppfopTiate ¢0 proN'ide a basis for our opinion. Conclusion5 r¢l8ting to goiDg concern In auditing the financial 5taternen 'e have concluded thai the vustrcs, use of the going Concern basis ofa¢¢outJting in the preparation of the financial 5tatrments is aptKowia. Based on Lhe M'ot we hai'e li'e have nol identifi¢d anv rnaicrial uncertainties relating to events OT condiuon5 thaL individually or colleciiN'ely. may cast significant the chaTitV'5 abililv to continue as a going concern for a period of at le&st 12 months from whert Lhe finaneial Ststrrnetjts ar¢ 3uth0ri5ed for i55U¢. OUT responsibilities and Lhe reSt)nsIbIlitieS of the 5e5 with re4Xd LO goirtg COTLtern are in th¢ relevant sections of thi5 r¢tK>rL Ernpha5i5 of matter We dra. attention to noie 13 LO the fLiiontial staments whidj explain5 a nurnbu of prior year adjustments made. Our opinion is not modifLed in rcspeei ofthis matter. Other Informtion The uther infortnation cotllPri5cs the infornation included in the annual rerrf)o including the trustees. repn other than the financi statetnenis and vur 3uditor's r¢1 th¢r¢on. The trustres are r¢s[LS1b[¢ for the other infomiation conthin¢d Ivithin the annual rep)rt. Our opittiort the fin3n¢ial 5tstrm¢nts d(r5 no¢ cover the other information and. except to the exLent othcjm'ise cxpliLttly stskd in our rrwrl "¢ do not ex1¢55 any r(Th ofassurance conclusion thereon. Our responsibiliry is io read the (xher InformlOn an(L in doing 50. con5id¢r Mth¢ther the (Kher inforrnation 15 materially incon5istrnt with the flnancial sthtements or our know'ledge obtsirted in the course of th¢ wdiL or oth¢rw75e app¢ar5 to rnaterially mi55tated. If ive idenLify such material incortsisicncits or apparertt mateTiai mi5StstrmeniS, are requiT¢d d¢Tlr h¢ther this givas rise u) a material miss(atrmeni in the financia] SGqLements LheMSel.es. 11. based on the knvrk ve hav¢ perf0rrnC we conclude that thue is a matrrial missLatrmenL of this other information. w'e are rcqutrcd to repori thai fact. We have nothing io rep)rt in this Opinifjng on oiher matter5 pre5CTibed by tbe Companies Act 2006 In OUT opinion. based on Ihe 'Ork undertaken in the course of thc audiL the infomiaiion gii'en in the [nlets. rem ii.hich includes the diieclors, rel1 PPared for the purpose5 of COTllFHny law. for the financial yvar for which the fLnanCi ststements are prepra1 is consistent with the financial 5tat£ments' artd th¢ director5, included within the tr[¢¢5. re[ h&s been wepared in accor&wce with applicable leg21 requireTnents.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEL% OF THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDATION (tontinycdl M#tttrs on ivhich Y4e Tequirtd to rtport by esception In th¢ lighi of th¢ knowledge and und¢r5tanding of the eompany and its environmefft obtained in the course of Lhe audi4 ¥e hawe nol id¢n¢ified rnaterial mi55tat¢rnents in the direcLors' T¢rt included within the uustres, repm. Wc have nothing io reFX)rt in respert of th¢ followThg maltvs in relation to which the Companies Act 2006 require us to report to you if. in our opinion.. adequate and prOr accounting records have noi Fen kepi or rtturns ad¢4al¢ for ow audit have not IK¢n received from branchcs not visited by us: or the financial SLatements are noL in a8reement with the aceounung CordS and or eerrin disclosurcs ofuustrcs" remuneraiion spetifitd bv la ate not Tnade: or li'e have not received all the infi>rniaLion and explanations reqllire rot our audi4 or the tNSttts were noL en(Ltled ts) prcparc the fjnancial stsiements in accordance 1th the small compani¢5 regirne and take advantage of Ihe small companies. excmyions in preyaring the truses' artd fr(Krt th¢ quir¢Try1 ts) Prepare a stratrgic reFrf)fL Responslblllties of tru5ttts for tht fiD•nrial stateThewts A5 explained more fullv in Ihe trusitts respTrnsibilities ststrmeni sei oui ort p4e 7, the trusL¢¢5 I410 are a150 the direci5 of the Charlble company for (he pUTSe5 ofc(mpany law'l are re4x)nsible for the weparation of the finan¢ial statements and f(Jr being sati5fi¢d thai ¢h¢v gi1¢ a trn¢ and fair view, and such iniernal control as the LTUStees detcmiine is necessary ¢0 enable th¢ paration orrinancial 5ta(ern¢nts that are free from matrrial missramenL whether due to frdud or error. In preparing the financial sthtemtnw the tsijstres res]x)rtsible as5¢55ing th¢ company'5 ability to continue a5 a going concern. disclosin& as arvlicable, mallers relatcd ts) 80ing concern and the going conr¢rn b3515 Or accounting unless the truSLees either intend Lo liquidate the eomparty or io tease uFratiotLS. or have no realis¢i oliemative bu¢ to do so. Auditor's responsibilities for the audit of tbe financial statements Our objectives are (o obtsin reasonable 3S5urJn¢¢ 31pJul h¢ther the firwicial statements as a whole are free frorn material rnisstatemeni. whcLhcr duc io Iraud or eTror, and issue an audiior's rtFKrt thal includes our opiDion. R¢a50nabl¢ assurance is a high level of llanCe, bui is guaranLee thatan akndil ¢IMdu¢ itj arcwdanc¢ with ISAS IIJK) Ivill always d¢¢¢cl a Materi Tni5slatemeni then it exists. Misststements can arise from fraud or error 3nd are considered rna¢erial if. individually or in the aggregate. they could reasonably bc expected ts) irtfluenLe the etOllOTlliC dKi5ion5 ofu5¢rs taken on the basis of these financial 5talern¢nts. Irregularitie5. includin8 frau are instsnces oltjon-compliance i%ith laws and r¢gulation5. We design proCedUS in line with our re5pon5LbiliLies. outlined atrf>ve. io detect Materi MisSements tn rtsptci of irregularilies, including fraud. The ext¢nt to which our procedure5 are Lxpable of deteaing irregularitie5. includin8 fraud is de¢ailed below". Our approach was as folltskns.. Ertquiring ofmanagem¢nL including otrtaining and remewing supp(rting dUmentiOt concernin8 the Iici¢5 and prwedurts relating ¢0= idtttiifyirt& evaluating ar2d cornplying law5 and r¢gulation5 and whether they were aware of any insLances of non-compliartee. and dcteciing and resrN)nding LO the risks of fraud and hether they have knowlge of any acwal, su5ed or alle8ed fraud; and the intrrnal controls estsblished ts) mitl8atr risks relaLed to fraud or non-compliart¢¢ with laws and regulation5. Di5CU55ing among the cngagcment tvdm hijw and w'here frdud might I1r in the Financial Staments and any puLertlial indirator5 of frdud Obtasning an understanding of the Itgal and regulatory frameOrkS that the Chlty operates in focusing on those laws and regulation5 thai had a dir1 effcct on the FIn(la1 Staternents or thaL had a fundamental etTee( on operaiions. W¢ identified the gr¢ate5( risk of marial impacL on the financial ststrments fr(xn irre8ulariiies, itjcludittg frau4 to be vithirt the T¢cognition of income and the o1.ride of controls by management. To address the risk of fraud in thcse are&% ve.. Revia4'ed income documentation to ¢rify any obligions ar r¢5triclions which may apply. Pcrfornied analyiital pr(Kedur¢5 to idcnuf). unusual or uneXptsJ relaiionship5. Testcd joumal entries ts) id¢n¢ify tran5artions ii.hich TTe not in the usual course of busine5S. AssessLd whethei jlldgem¢nts arLd uMptIonS made in d¢t¢mining the accouniing estiTnates were indicative of poniial bi&s. 10
INDEPENDENT AUDITOR'S REPORT TO THE TRLISTEES OF THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDA TVON (Cont1lled1 Investigated the rationale behind gnifiran¢ or unusual transaction& There aTe inherent IiTnitation5 iB our audit procedurcs described aErf)ve. The more removed that laws and regulations are frorn financial transactions the le&s likely tt is that we would bttome aware of non-eOtnplian¢¢. Auditing standards alsts limit the audit procedures required th idenlify nort-tompliante 7th laws and regulions to enquiry of the directors and other management and the inspection of Ttgul*ory and le8al correspondence. ifany. Material misstaiemenis thai arise due io fraud can be harder to detect than those thai arise from erroT as they may involve deliberate concealment or collusion. A further description of our r¢5pon5ibililie5 15 availablc on the FinaTral Rqx>rting Couneil's wrbsite aL- www.frc.or .ukJaudito Oll5ibiliti&4. This d¢scriptlOD forrns part of our auditor'5 fqKbrL Use of our rewjrt This report is made solely io the eharitsble ts)mpathy"s memlw &$ a ix)dy. in actordan¢¢ with Chapter 3 of Part 16 of the Companies Ac(2006. Our audit wDrk has beert undertsken y) thal e mighi 5t3t¢ ty the charitable wmpany'5 members (hose maLters we are required LO StaLe ts) them in an alldithr's rwrt and for tso utheT purwse. To the fullest extent permitted by law. we do not accept or &wJme resw)nsibiliiy io anyone other than the charitsble company and the charitable compan)'s meMr5 &s a y. for our audii worL for this rqx)o or Cor the opiniorts we have formed. Lisa Wilson FCA {Senior StatUry ditor) For and on behalf of Rothmans Audit LLP. Ststutory Auditor Chilworth Point I Chilworth Road Southampton S016 7JQ Date.. ..2.4...S.e.p.t¢)nb¢r.. 2 02 4
THE ARCHBISHOP OF CANTERBURY'S CHARrrABLE FOUNDATIOI STATEMENT OF FINANCIAL ACTIVITIES INCORPORATINC THE INCOME AND EXPENDITLTRE ACCOblYT FOR THE YEAR ENDED31 DECEMBER 2023 CeTreral Unrestrieted Fund T•t FuDds 2023 Tot Funds 2022 Fud Notes Income from: DonGtiOFt% & Legacies Donations received 98.212 180219 278.431 241.362 InVmIe Interest received Incomc from aS 26 110,644 89.721 89.721 Total 98.212 270.IMH 368.216 352,032 Expenditsre on: Charitable actliLies 148.212 628.803 777.015 1237.550 Total 148212 628,803 777.015 1237.550 Realld gain{lOsses} investments Unrtralis¢d gain (lo&ses)on investm•Jt$ 9.744 9.744 197,566) 273.235 273.235 {414.1)94} Net gaJnsl{lossesl investments 282.979 282,979 1511.6601 Net IExp¢nditurel (50.IXM)) (75.8201 (125,8201 11,397.1781 TTansfcr between Fund5 50.IKK) 150.(KM)) Net rnovernent in funds R¢¢oncili4tion of funds: Incon fun blf {125.820) {125.8201 {1.397.178) 3.163.512 3.163.512 4J60.6 Funds carried fonvard £3.037,692 £3.037.692 £7,163512 All transactions are derived from cominlling acLivitie> All gains and losses rOlSed in the year are intlud¢d the Statement of Financial Activities. The comparative figures for the eompardiive period have been presentd under SORP (FRS1021 in Note 14 The notes on pages 14 to 22 forni part of these finart¢iai swetmlts. 12
THE ARCHBISHOP OF CANTERBURY'S CHARfTABLE FOL.NDATION BALANCE SHEET AS AT31 DECEMBER2017 COMPANY NUMBER7453039 2023 2022 l¥ot¢s FIXED ASSETS Investmet 3.152273 3,119,294 CURRENT ASSETS C&sh at Bank Debtors 262.759 31.782 527.318 33,6(X) 294.541 560.918 LIABILITIES Creditors.. Arnounts falling due within one year {409.1221 (SI6.7) IYET CURRENT (LIABILITIESYASSETS {114.5811 44,218 TOTAL NET ASSETS £3.037.692 £3.163,512 FUNDS 10,11 Restrttted Ftsttd$ Unrestricted fulldx 3,037.692 3,163.512 TOTAL CHARITY FUNDS £3.037.692 £3.163.512 These financia] statements art prepared in aceordan¢e with the wla] provision5 of Part 15 of the C4>mpanies Act 21K)6 relatirtg to small companics. The fin2n¢ial stat¢mcnts We approved and autltoriscd isyje by the BcArd of the Trustees, artd signed below on its behalf on i S¢pternber 2024 by.. The R¢vd. ljcoma Ajibadc Tru5te¢ The Rcvd. Jesutosin Oladipo Trustee The note5 on pagcs 14 to 22 fonn an integral part of these finan¢ial swernents 13
THE ARCHBISHOP OF CAp<fERBURY'S CHARITABLE FOUNDATION
NOTES TO THE VINAYCIAL STATEMEIYTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ACCOUNTING POLICIES
General InfortMt&ort b¥is of prepration
The Archbishop of Canterbury'5 Charitable Foundation is a LUm)P8ny limid bj" guarJnl¢¢ and is regis¢ered with the
Charity Commissiontrs (Charity RegiSr] Number l 139299) and Registrar of Companies (Company Registratio
Number 7453039} irt England and Wa]e5. The Charity 15 a company limited by guarantee and has no shaTe capitsl.
In the event of the Ch2tity being wound up. the liabillty in resrKci ofthe 8iiardnLce ts limited to £1 per member of the
Charity. The address of the regi&ered office ts givcn in Charity information on page l of these financial
statements.
The financial staterncnis havc been prepared in accordan
THE ARCHBISHOP OF CATr4TERBLRY'S CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMEiYfs {continued) FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTIi¥G POLICIES Icontillued) Realised yitt8 and ios All gains and 105ses are taken to the statement of fulancial activities as they arise. Realised gains and losses on investments are ca]rulated as the difference bween sale proceeds and opening market value (purchase date if later). Unrea]ised gains artd losw ca]culated as the difference between the market value at the ycar end and openirtg marke¢ va]ue (purch date ifiateTI. Fund5 General Unrestricted Fwids are wJrestri¢ted fvnds which are available ftsr use at the discretion of the Tru5te¢5 ill filrthcrance of the gcnera] objectives of the chartty and which have not been designed for other PUTPOSCS. Unrestricted Designated Funds comprise wueskncied [IdS that have been set aside by the Trustees for parti¢ulaT purposes. The Foundation held Designaitd funds in the CLrnt year ofreview. Restrict Funds are fund5 Subject to specific re5trirtive conditions imposed by the donors or by the purpose of the appeal. Financial instrnrnents Basic financial instrnments are initia]ly rwised at transaction va]ue and 5ub5equently measured at amorti5ed cost with the exceptiotj of invert¢$ which are held fair value. Fi1cIal assets held at arnortised cost comprise cash at bank and in hand. together rrade and other debiors. A spetific provisiort is made for debts foT which recoverability is in doubt. Cash ai bank and in hand is defined as a]1 tash held in instant access bank a¢¢ounts and Used a5 working capital. Financial liabilities held at amortised cost comprise all erediiors except soci81 security and other taxes. Cash t bAnk and in band Cash at bank and cash it) hand in¢ludes Cath aThJ thort tcrm highly liquid investments. Cr¢ditor5 provisions Creditors and psionS are reeognised where the ¢haYity ha5 a present obliwdtion resulting frotn a past event that will probably result in the trartsfer of to a third party aT the amount due to Settle the ob12gation can be measured or estimated reliably. Creditors artd proviston$ art nornwlly TgnISed at their settletnent aT[Unt afteT allowing for any trade discounts due. TAXATIOY As a rewstered ChltY. the Found&ion is potentially exempi from taxation on its income 2nd gains falling within s505 Income & Coryh)Tation Taxes Act 1988 and 5256 T&Kation of Chugeable Gain5 Act 1992 to the extent that these aff applied to its ¢haritsbl¢ purpose5. No t&5 charge has ariscn in the ye4r. DONATIONS & LEGACIES 21)23 2022 RestAtt¢d Futhd$ Donations from charitable organisatiot)s Unrestritted Fund$ Donations from charitable organisaiions Other donation5 98.212 57,(KKI 102.(MM) 78.219 104.050 80.312 Total £278.43 1 £241.362 15
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDA TION NOTES TO THE FII%ANCIAL STATEMENTS {¢onliD¢d) FOR THE YEAR ENDED 31 DECEMBER 2023 GRANTS The Foundation docs not run any charitable project ofits own. Instead it supp)rt5 a number of charitie5 which are actively engaged in filrtherdnce of objeas similar io those of the Foundation by wt funding. A detailed analysis of these grants the riplents and the useS that were filnded during the year is included below.. Restricted 1023 Unrestricted Tot 21123 Re5trirtwJ Unrestricted 2022 2022 Total 2022 2023 To advanec the Christian reliOn (Object 11 148212 520,745 668.957 157.W) 962.496 1,119.496 To advance Cknstian education 6J09 6,309 5.788 5.788 (Object 21 To proTnote the relIouS & other eharitable work of the Church {Object 3) Charitable Puose5 Iobjcct 41 79,016 79.016 68258 68.258 4.8 4.800 28,650 28.650 Total grants Ch2rit2ble Support Costs (Noie 5) 148,212 610.870 17.933 759.082 17.933 157.IKX) 1.065.192 15.358 1.222,192 15,358 £148,212 £628,803 £777.015 £157.( £1.080.550 £1.237.550 Further details of the charitable a1vIlieS suppmied by the grnjts madc in the year are given in the Tn]stee5' Rq)ort. 16
THE ARCHBISHOP OF CANTERBL'RY'S CHARITABLE FOUNDATION NOTES TO THE FINAYCIAL STATEMENTS (eoutintd) FOR THE YEAR ENDED 31 DECEMBER 2023 4. GBANTS (eontinued) The following charitable instituuons were by the above wts: 2023 2023 To thlvomce the Christwi reh8ioh (Ob}l) To chr11 edwcalioll (Obj. 2) Grdnt under £5.0(Kl 6,309 Anglican Centre in Rome Chemin Neuf Corntnuni¢y The Centre for Culiura] Witness Internal Province of Ghana Church Commissioners 47.(KM) 29.283 148.212 50.(KXI 298.9(M) £6J09 Topromrfe rherthgious omdother (ObiJ) Southwark DI 21,083 Episcopal Dioc¢ of South Sudan Coventry Dioc Ministry irt Sub Saharan Africa 46,1MM) 30.OIK) ChLErch Commissioners 20, Phillipine Independent Church Diocese of Kajo Keji Church Pastoral Aid Grants uThJer £5.0(K) 15,IM)O 25,000 7.000 7,000 7.850 2022 Grant partially WTitten bxk IAr£hbi5hops' Council) {438) 2021 GTant partially written back {sth3rk Diocese) (3.9171 To1 £79.016 Toi A6 £668957 Cknif&ble Purposes (Obfy4) Grants under £5.OC 4,800 Tot] £4 JOO T¥Ai Gr*nts 36 £759082 Of th¢ grants under Objeet 2. 7 totslling £5309. were paid to iDdividuxls. 17
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMETr4TS (continued) FOR THE YEAR ENDED31 DECEMBER2023 GRAIITS (¢Olltillyed} COMPARATIVE 2022 The follo8 charitable institutions were Suprted by the above grants: 2022 2022 To 4dv4nce the Chri51ian rehgiom (Obfyl) To ChTrisfi& Édut&tit>n (Obj. 2) The Archbishops, Ctsuntil Anglican Centre in Rome Chemin Neuf Communiiy Internal Province of Ghana Church Pastordl Aid All Saint5 Peshawar Chur¢h CotllTni5sioncr5 Coventy Dioccscs 368,360 47.(MX> 27,889 10.000 Grants Under £5.(KK) 5,788 Total li £S788 485,(KK) 30.(XM) Topromortethe religiou5 andother ¢h4ritqble ofthe Church (Obj. 3) Epis¢opal Dio¢e% of Ayj Ministy in Sub Sahatart Afri¢a Th¢ Lambah Conference Faith in Later Life Diocese of Central Tanwdttyika 10.(MxJ 22.(M)) 250.( io,(xM) 5.0(K> Anglican Chth of B4]rundi BaTnaDa5 Furxl Church Commi&sioncT5 iO.(XK) 5.0(K> 20.0(K) Dio¢ese of ColoTnbo Anglican Communion Fftd Anglican Church Mozambique An8]icart Consultstve Coun¢il Grants UndLY £5,0(KI 10.0 5.000 5,000 2021 Church Commrs grant returned (157.7531 5,000 8,258 Total 22 £1.119.496 Tot £68258 Charitble Pttrp)ses (Obj. 4) Neighlx>urs Gtattts under £5.0 25,000 3,650 Total £28ffj50 Total Grallts 47 £1222.192 Of the grants under objeet 2. 10 grants t•tslliDg £3.788 were pld to kndlwsdl& 18
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE Fouf4DATtoN NOTES TO THE FINANCIAL STATEMEPTS (ContiTredl FOR THE YEAR ENDED 31 DECEMBER2023 CHARITABLE SUPPORT COSTS 2023 2022 Other Sllpport costs Governance costs.. Auditors. remuneraiion Auditors. remunerdtion fornon-audii servi¢es Aceountancy fees 870 745 12,083 2.280 2.700 12.¢X)O 2.613 £17.933 £15.358 Charitable support cost5 are all(ukd againsl the grani making acLiVity of the Charity. STAFF COSTS The Charity does not hav¢ arty employees. INVESTMENTS IN CHARITABLE FL.NDS Listed mallged FuDds Total 2023 Tot#1 2022 Market value at l January 2023 Disposal prtteeds Net realised gal([0$8) on di5P)5al Net unrea]ised gn1{losS) on revaluation a5 at 31 December 2023 £3.119.294 1250.(MK>I 9.744 £3.119.294 £4,630,954 (250.000) 11,000,000) 9.744 197,566) 273.235 273235 1414.0941 Market value as at 31 Dcctmber 2023 £3.152.273 £3,152.273 £3.119,294 Historic81 Cost 8s *t 31 Det¢mber 2023 £1.223.706 £1.223,7116 £1 J08284 The Foundation's unlisted investments are holdings in the CCLA CBF Chyr¢h of England Investments and Fixed Interest Stturities Funds Inwrlle Shares. They are shown ai their published bid value bd on the market values of the Funds. assets. DEBTORS- xmounts due within one yur 2023 2022 3 1.782 33,600 £31.782 £33.61M) CREDITORS: aDwunts due within one ye 2023 2022 Grant creditors 392.322 16.8(K 502.000 14,700 £409.122 £5 16,700 19
THE ARCHBISHOP OF CAP4TERBURY'S CHARITABLE FOUNDATION NOTES TO THE FINYc1AL STATEMENTS (coTrtillued) FOR THE YEAR ETr4DED 31 DECEMBER 2013 io. ANALYSIS OF NET ASS£TS BETWEEN FUNDS Restricted Fuuds UDre5tricted Funds 2023 UnrestrittedfTotal Funds 2011 2022 ReproseDted by: Investments 3.152373 294541 3,119294 560.918 Curr¢nt liabilitLes (409.122) 1516,7001 Fund balances at 31 DeMber 2023 £3,037.692 £3.163.512 FUNDS Transfer Bilallct ¢e I JAllU•ry ID¢Omt 2023 IDVUtwiits FuDth DecernlKr 2023 Restsl¢ted F#od 98212 Il48,2121 50.¢ UDrestrl¢ted Fuxd GeDer*l Fthd 3.163.512 270.1IM {628.8031 281979 I50,(} 3,037,692 funds £3.16JJii £JW16 {£Tno15) £W.979 £3,OJ7,692 Ea¢h year abudget isdrawn upofthe alal commiimeTits (wt51. The Tru5tttsaim tokttptheregulareommitted expenditure 1th1n the expeaed income. Any other la or one-off additioThaJ Lis arc paid from th¢ a¢¢umulated Un5nt g¢ncraJ filnd. The restricted fund wa5 for the pur5¢ of Lis io The Centre for Cultural Witsjess with Specific conditions a5 imposed by the donoT or by the purpose of the appea]. In the year, gtants were rnade to the Centre for Cultural Withess totalling £148.212. Of thi5 arTh)uni £98,212 arose from donations 2nd the ba]an¢e of £50.000 wa5 covered by the Foundation by means of 4 transfer from general unresrrithed fund& 20
THE ARCHBISHOP OF CANTERBURV'S CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (contined) FOR THE YEAR ENDED 31 DECEMBER 2011 FUNDS {tontinuedl COMPARATIVE 2022 BlaAet l Jattu Transfer Balance JI DEeetnber 2022 Expewl t•S Investmen 2012 fuD Restricted I07.(KK) 1157,(m) 50,1 L1#rerIcted FuDd G¢n¢ral Fu)bJ 4.5.6) 245.032 11.080,550} 1511.6601 (50,(KM)I 3.163.512 Totsl fuDth £4J00 £352.032 £ (1337550) Ll.163512 12. TRANSACTIONS WITH TRUSTEES AND THE CHARITY Any connections between the Foundation and certain specified donors and grani recipients are explained in detail in the Trustees, Report on page 6 (Related Party Trdnsafflions). The Tr$15 are satisfied that the comiecied entities have thatitable aims in corNTry)H with the Foundation and that there are no conflias of Interest arising from these ¢otme¢tsons that preyellt the Foundation frotn providing public benefit and fulfilling its charitable purposes. There were payments to or receipts from Tru5tCe5 of the Foundation. nor have the Tru5tee5 received any remuneNion or reimbursement of expe$ the ¢uttent or prtvious yw. 13. PRIOR YEAR ADJUSTMENT Prior ycar adjustments have been made in respect of the following.. It was ttottd that incoTrK in respect of The Centre for Culiurdl Witn$ {CCWI w&$ reslricted. and that this and the asso¢iat¢d expenditu Should thercfore be rccogni5ed as such. An amount of£97,IK>O h&s been reallocaied as resiricted income and an aTnount of £147,(KK) has been realloÉed a5 restricted eXpditUTe. In order to maintain adequate reserves. a tr•fer 01£50,(X)O ho5 made to the re5tTiftcd fund. The balance of the restricted rund at the year end was £nil, $0 further adju5¢mts wcre required. It was noted thal invement Irt¢0 was ]wt being for when Such amoutts which related to the year were reeeived after the year end. As suefv an adjustmeni was made to reco)iSt intome tn the torre¢t perithl by re£ognising 2n acCnl income &ssei for £23,61M). irtcrtrasing gett fun(ts b) £30,257 and decreasing investJnent income by £6,657. A5 described in the relaLed patry transaciions sediott of the Truge¢s' reF¥ th¢ charity receives donations from sotne external organi5atxons in licu of payrnent5 due to the Archbishop of Canierbury. Prtviously these amounts wwe showTr as royajty ineorne. whereas they are aaually do[lOnS to the Charily. Royalty income has been de¢rea5ed by £8,657 and th)naliot15 re]ved incrtased by the Same. Following t yrar-end an a]nount of gitl aid was rcceived relating to a dotwtion made in 2022. which Should have bern in¢lud¢d in that period. An adJLMent wa5 mwje to increase accrued income as at 3 1 t)ecember 2022 by £10,000 and increase tnwme by the same. 21
THE ARCHBISHOP OF CANTERBL'RV'S CHARITABLE FOUNDATION NOTES TO THE FIYANCIAL STATEMENTS {Continoed) FOR THE YEAR ENDED 31 DECEMBER 2023 14. COMPARATIVE SOFA (CHARITIES SORPI Ceneral U#r¢strirted Futtds Total TotAI Fund5 2021 Fund 2022 Notes Income frorn: Donarions & Legocies Donations received 107.(KXI 134.362 241 J62 128.398 Inveslmenls Interest receiv lrt¢ome from awts 26 110.644 67 117.681 110.644 Total 107.0(Kl 245.032 352,032 249.880 Expellditsre oll- Charitable activitie5 157.0(Kl 1,080,550 1237.550 610.729 Total 157,IXM) 1.080.550 1,237,550 610,729 Rea]ised investments Unrealised gain4110$) on Investments 10&se5 (97.5661 (97,566) (414.094) (414.094} 582,169 Net (10SY8ajftsj on investrnents 1511.660) 151 I.(0) 582.169 Net {Exp¢rtditurel/tncorr (50.¢KKJ) {1.347.178 (1.397,178) 221 J20 Transfer between fiulds 50.(KX) (50.(WI l¥et movement th fund$ RerontiliatioD of funds: {1 J97.178) 11 J97,178} 221.320 In¢ome fund5 blf Capital funds blf 4J60.6 4J60,6 2279.940 2,059.430 Funds carried forward 10 U.163512 £3.l&lJ12 £4560.69) All transactions are derived froTD continuing activities. All gains and losses reCOlSed the yrar are includtd in the St3terneTht ofFinancial Activiries. The comparative figures for the ¢QTnpaTativr period have been presented under SORP (FRS1021 in note 12 The notes on page 13 10 21 fonn part of these financial s%*ments. 22