THE ARCHBISHOP OF CANTERBURY'S CHARJTABLE FOUNDATION AUDITED FINAINCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Regbstered Charity INumber 1139299 Registered Company Number 7453039
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 INDEX Page Trustees, Report Auditors, Report 9-11 12 Statement of Financial Aclivilies Balance Sheet 13 Notes to the Financial Statements 14-22
THE ARCHBISHOP OF CANTERBURY'S CHI¥RITABLE FOUNDATION REPORT OF THE TRUSTEES (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 On l January 2012, The Archbishop of Canterbury's Charitable Foundation was fornied as a resuli of the transfer of the net assets and operations of The Archbishop of Canterbury's Charitsble Tru8t; The Davidson Bequest Trust" The Holiday Camps & Caravan Sites Mission and The Delmar Trust. In 2019 il was gifted the net ass¢ts of the Archbishop of Canterbury's Discretionary Fund. The Foundalion is controlled by its Memorandum and Articles of Association. It was incorporated on 26 November 2012 {Company Number 7453039) and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006, and it is also a registered charity (Charity Number 1139299). The Trustees are pleased to present their annual report together with the financial statements for the year ended 31 December 2024, which are al80 prepared to meet the requirements for a directors, report and accounts for Companies House purposes. The financial 8tstements have been prepared under the accounting policies out in noles to the accounts and comply with the Charily's governing document, the Charities Act 2011 and Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FR5 102) (Second Edition, effective l January 2019). The latter also complies with the Charity's governing document. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company Number 7453039 Registered Charity Number 1139299 Prineipal and Registered Office l Th¢ Sanctuary Weslminster London SWIP 3JT Trustees Th¢ Most Rev. the Lord Archbishop of Canterbury Justin Welby (resigned 7 January 2025} Julian John Adams (appointed 31 January 2025) Andrew James Clifford (appointed 31 January 2025) Rt. Worshipful Mordg Ellis KC The Revd. ljeoma Ajibade The Revd. Jesutosin Oladipo Tomilayo Toluhi Seerelary H.J. Dellar Bankers National Westn]inster Bank pl¢ Argyll House. 246-250 Regent Street London WIB 3BN Solicitors Lee Bolton Monier-williams l The Sanctuary Westminster London SWIP 3 Auditors Rothmans Audit LLP Chilworth Point I Chilworth Road Southampton SOI 6 7JQ Investmenl Advisors CCLA Investment Management Ltd Senator House 85 Queen Victoria Street London EC4V 4ET
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDATION REPORT OF THE TRUSTEES (IINCLUDING DIRECTORS, REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The first Trustees after incorporalion were th¢ pre-existing Trust¢es of The Archbishop of Canterbury s Charitable TSt. The Davidson Bequest TNst' Th¢ Holiday Camps & Caravan Sites Mission and Th¢ Delmar Twst. New Trustees are appointed based upon their skills and compelence and the requirements of the Charity. New Trustees are appointed by existing Trustees after any appropriate consultalion with the Archbishop. When a new member joins the Board of Trustees they are provided with inforniation regarding finances, governance and charitable objectives. Tru%tee8 are encouraged to attend appropriate external training events, which facilitate the understanding of their role. The Trustees meet as required. In the year of review four of them were based at Lambeth Palace. The Ttustees agree the Strdtegy of the Foundation, including consideralion of grants, investmenls, reserves and risk management policies and perfonnance. The Trustees are not remunerated for their service. The day to day running of the Foundation is in the hand8 of the Deputy Chief of Staff ai Lambeth Palace. RISK REVIEW The Trustees are responsible for the management of the ri.sks fac¢d by the Charity and conduct an annual risk assessment. This involves the identification of risks and agreeing any necessary actions to manage or mitigate them. The Trustees have carefully considered the key risks to the Foundation and their impact on filture plans. Key risks to the Foundation are.. LDSS of financial sustainabilily due to market volatility affecting the inveslment base of the charity and reducing the ability lo fund the desired level of grant making programme. Thi% 1% particularly significant when considering the current volatility in financial markets worldwide, iogether with changFing demands for funding from the Foundation as a result of increasing economic and social hardship Currently affecting much of the world. To mitigate against this risk as far as is possible, given that stock market movements are beyond the control of the Trustees, they utilise specialist charity investment managers who manage the investment Portfolio on a day to day basis on the Foundation's behalf. The fund managers regularly meel with the Trustees to discuss mark¢t trends, portfolio diversity and risk profiling, ethical investment considerations and perforniance against industry benchmarks and have been reporting regularly to the Trnstees on the perforniance of the Foundation's portfolio during 2024 and have conlinued to do so post year end. The Tslee5 have a low appetite for risk, and this is reflected in the investmenl portfolio held which is highly risk aveTre and focuses on maintaining regFular income streams, together with long term portfolio sustainability. The investmenl portfolio had decrea.%ed in value by £127,497 from the December 2023 10 2024 financial year end, reflecting a sale of invesiment&* of £200,000 and realised and unrealised gains of £72,503 in 2024. The Foundation benefiLs from a low cost-base, given ihat it has no stsff costs and minimal and predictable overheads. Moreover, its grani making programme is discretionary which means the Trustees are in a strong position to direct grant making to where it is ne¢ded most in a time of crisiq. The inv¢4tsneni portfolio is highly liquid allowing the Tru.stees to react quickly to r¢quests by realising investments whenever necessary Having taken advice from their investmenl advisers the Trustees ar¢ satisfi¢d that Ihey have strong reserves, and they should therefore continue to focus on long terni sustainability, holding a balanced low risk portfolio that will mitigate as much as possibl¢ against continuing downturns in financial markets. They will look io maintain stable investment returns, minimising the risk that financial Constraints would limit anticipated grant making in the year ahead.
THE ARCHBISHOP OF CANTERBURY'S CHAIUTABLE FOUNDA TION REPORT OF THE TRUSTEES (INCLUDING DIRECTORS, REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 RISK REVIEW (contlnued) Grant recipients misuse funds received. To mitigate against this risk the grant applicants are subjecl to careful review before being awarded funding and are required to report back on the use of their funds. Reports on activity undertaken and outcomes achieved by grant recipients are considered in updates provided at each Trustee board meeting. Reputational or other compromise following the resignation of The Archbishop of Cant¢rbury. The charity is a&8ociated with the office of The Archbishop of Canterbury. and Ihe incumbent has a role on its Board of Trustee8. On 12 November 2024, Justin Welby resigned from that office, to b¢ effective from 7 January 2025, following th¢ Makin Review, which assessed the Church's handling of the horrendous abuses of th¢ late John Smyth QC - a serial abuser, who was actively involved in Christian Tninisty for many years. The concerns expressed in public debate, the sensitivities of th¢ matters involved, and the delays whilst a new incumbent is selected and appointed have meant that the Charity is operating in an atmosphere oluncertainty. The risks to ihe charity are in ternis of reputstional compromise by association, its relationship with potential donors, grantees, and the drain on management capacity in d¢aling with these matters. Other key operational controls in place include: forn]al ag¢ndas and regular meetings between the Trustees and administrative staff acting for the Foundation" fonvard planning and budgeting, with regular management accounts and quarterly reviews of finances, investment perfonnance and grant programming; inlernal controls over the movement of fiinds and investments. The Trustees are satisfied that these arrangements enable the major risks to be identified and appropriate steps tsken for their mitigation, although it is r¢cognised that systems can only provide r¢asonable, not absolute, aqsuranc¢ in this regard. 0ECTIVEs AIYD ACTIVITIES Th¢ objects of the Charity as per its Articles of Association are: l) to advance the ChTiStian religion 2) to advance Christian education and in particular to promote education in th¢ faith and practices of the Church of England 3) lo promote the religious and other charitable work of the Church anywhere in the world including through: a) Relief of poverty and sickness b) Training for ihe Ministry c) Support lo minist¢rs and famili¢s d) Provision of facilities for public worship 4) to make grants, provide goods, services and factlities for the charitable purposes not inconsislenl with objects ( l } 10 (3) as the Trustees may decid¢ from time to time, provided such charitable purposes are within the meaning of the Charities Acts. PUBLIC BENEFIT The Ttustee4 confirni that that they have complied with the duly in section 17 of the Charities Act 2011 to have due regard to public benefit in detern]ining the activities undertaken by the Charity. The Charity has and continues to demonstrate a number of areas of public benefit within its core charitsble objectives of the advancement of the Christian religion, Christian education and relief of poverty by awarding grants as detailed in note 4 to the financial statements. GRAIYT MAKING POLICY The Foundation receives a number of enquiries for grants which are deali with initially by the Deputy Chief of Staff at Lambeth Palace. If the enquiry meets the grant criterion, the request is pul to the Trustees who will then consid¢r and approve those grant requests which me¢t the objecliv¢s of the Foundation.
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDATION REPORT OF THE TRUSTEES (INCLUDING DIRECTORS, REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 RESERVES POLICY AND ASSET COITER FOR FUNDS The Charity's reserves and the element of them comprised by fixed asset investmenls at 31 December 2024 are summarised below. Full delails are set out in note 9. Other Reserves Fixed Asset Investment5 Total Reserves Restricted Funds Unreslricted Funds 190,206 3,024,776 3,214,982 31 December 2024 190,206 3,024,776 3,214,982 31 December 2023 (114,581) 3,152.273 3.037,692 Funds held in fixed assel investments are considered nece%sary in order to produce sufficient income so that the Foundation can continue its grant making programmc to meet the Charity's obligations. Funds are also maintained at a level sufficient to manage stock market volatility by takin¥ a total return view of the investment portfolio over the medium lo longer term. The administrative expenditure of the Foundation is minimal and predictsble given thal athninistrdtive support is provided by Lambeth Palace and the Foundation employs no %tatTof its 0. The Trustees are satisfied that the Foundation has sufficienl reserves to meet ongoing regular granl payments where ihey remain relevant and io con8id¢r other grant requests as and when they arise, provided they fulfil the Charity's key objectives. As the investment portfolio is held only in unrestricled funds il is considered more imponant lo have a flexible approach lo funding worthwhile causes than to maintaining reserves at a specific level at any gFiven time. The fixed aiset investment% are more than 8uffieient to meet anticipated spending given ihat inveslments can be realised al any lime to augment this when considered desirable. The current level of reserves is considered adequate and appropriate for the Foundation'8 needs. INVESTMENT POLICY AND POWERS The Trustees are authorised to invest in any investmenl (whether authorised by statute for trust monies or not} as if they were absolutely and beneficially entiiled. The Foundation holds IOOO/o of its investments in a managed fijnd. the CBF Church of England Fund, managed by CCLA Inveslment Management Ltd and set up by the Church Funds Investment Measure 1958. The investments are held with a view io providing a reasonable totsl return for the Foundation in the medium terni, whilst allowing for an averaging of interim fluctuations and volatility of the markets in the shorter tenn. The Tru51ees are tiSfIed that by adopting a risk averse approach to investment and by taking a medium to longer tern) view on the total retum ot. the investment portfolio, its investment base, together with the income gyeneraled from it, will remain suffi¢icnt to support the future activities of the Foundalion. CCLA works with th¢ Church's Ethical Investment Advisory Group and fully reflect their ethical policies in the Foundation's investment holdings.
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDATIO REPORT OF THE TRUSTEES (INCLUDING DIRECTORS, REPORT (continued) FOR THE YEAR EIYDED 31 DECEMBER 2024 ACHIEVEMENTS AND PERFORMANCE The Foundation has two funding sources, being income donations and income generated from its investment portfolio. Whilst not actively seeking donations, it does also receive these from time to time in support of its charitable priorities. The Trustees are mindful that there is a balance to be had between realising investsnents to fund grant payments and maintaining a level of investment that will generate sufficient future income to meet regular anticipated grant commitments. During the year a toLql of 22 (2023: 36} grants totalling £194,486 (net.. £80.451 as described below) (2023.. £763,437, net: £759,082} were made by the Foundation which mel the Foundation's grant crit¢ria, as delailed in note 4 to the financial statements. Of these, 3 graDLs (2023=16) lotalling £90,455 (2023: £669,395) were made to advance the Christian Religion. 6 grants (2023: 9) totalling £17,531 (2023: £6,309) to advance Christian Education- 9 grants (2023.. 10) totalling £63,500 (2023: £79,016) to promote the religious and other charitable work of the Church. and 4 grants (2023.3) of £23,000 (2023.. £4,800) for charitable purposes under Object 4. A grant of £140,000 made in 2023 to the chUh Commissioners for Ministry Consultsncy was not needed in full, therefore £114.035 has been written back in 2024. The net total of grants is therefore £80,451. In 2023 granls totalling £313,900 were made to the Church Commissioners for the planning and delivery of various aspects of the Archbishop of Canterbury's evangelism ministry and reconciliation ministry. Notably, this included support for the Diff¢rence Course which explor¢s Christian faith in a complex and divided world and encourages relationship building. No grants wer¢ made in 2024. In 2024, a grant of £50,000 {2023: £148,212) was made to the Centre for Cultural Witness, which launch¢d in September 2022 and worLs with theologians and contemporary thinkers to make th¢ Christian faith better understood in the public arena. A number of smaller grants are committed to annually where a recipient is considered deserving of lldIng over several y¢ars. In addition, the Trustees also commit large one-off grants where they believe that this delivers significant public b¢nefit in advancing the Christian religion, Christian education or the relief of poverty. The Trustees are satisfied that they have continued to allocate grants consistent with th¢ir key objectives and which deliver significant public benefit. Given th¢ level of unrestricted reserves available to the Foundation at th¢ year end, the Charity is w¢ll placed to Continue delivering its miè*sion in future years.
THE ARCHBISHOP OF CANTERBURY'S CHAIUTABLE FOUNDATIOIY REPORT OF THE TRUSTEES (INCLUDING DIRECTORS. REPORT {eontinued) FOR THE YEAR ENDED 31 DECEMBER 2024 RELATED PARTY TRANSACTIONS The majority of Trustees on the Foundalion'q board are connected to the Archbiqhop of Canterbury through their roles as senior members of the Archbishop's staff or by their association with other organisalion4 esiablished to support the work of the Church of England. The Archbishop of Canlerbury's Charitable Foundation, the Archbishops, Council, the Anglican Consultative Council, th¢ Archbishop of Canterbury's AngFlican Communion Fund, and the Centre for Culturnl Witness share common aims to promote ihe Christian failh. The Archbishops, Council iq a charity, set up in law Io co-ordinate, promote, aid and rther the work and mission of the Church of England. li ha% responsibilities regarding the Synodical governance and business of the Church of England. The Archbishop of Canterbury is Joint President of the Archbishops, Council (along with the Archbishop of York) by virtue of his Office, but ther¢ are no other Trustees in common with ihe Archbishop's Charitable Foundation. In 2024, no grants were made (2023: nil). The Anglican Consultative Council is a charity, set up in law to support the Anglican Church worldwide. The Archbi%hop of Canterbury is President of the Anglican Consultative Council and a Trustee of the charity by virtue of hRs Office, but ther¢ are no other trustees in common. In 2024 two grants were made, lotalling £25,000 (2023: nil). The Archbishop of CanteA)ury's Anglican Communion Fund is a charity set up in law to help the churches and provinces of the Anglican Communion in times of crisis. The Archbishop of Canterbury 15 Chair of the TnJstee8 by virtue of his olce, but there are no other truslees in common. No grants were made in 2024 {2023.' nil). The Centre for Culiural Witness 18 a charily sel up in law to work with theologiians and contemporary thinkers to make the Christian faiih betler understood in the public arena. The Revd. ljeoma Ajibade is a trustee by virtue of her role as Chief of Staff at Lambeth Palace. In 2024, 1 granl of £50,000 was made (2023: £148.212). In making grants lo the Centre for Cultural Wilness for specific Purposes. the Trustees of the Foundation are satisfied that they are promoling the Christian faith by providing resources to enable the Centre for Cultural Witness to promole public understanding of the Chrisiian faith and enhance the Church's contribution to public life and discourse. In 2023, 4 grants lotslling £313,900 were made by the Archbi%hop of Canterbury's Charithble Foundation to the Church Coinmissioners to Support areas of ministry in which the Archbishop of Canterbury is involved. Both the Archbishop of Canlerbury's Charitable Foundation and the Church Commiknioners share common aims lo promote the Christian Failh. No grant&+ were mad¢ in 2024. The Church Commlssioners are a statutory organi.sation and a charity registered in law to promote the mi88ion and ministy of the Church of England. The Church Conunissioners are responsible for resourcing Church of England bishops and archbishops in iheir ministry. The Archbishop of Canterbury is Chair of the Board of Governors by virtue of his Office and Morag Ellis KC is also a Church Commissioner. There are no other trustees in common with the Archbishop of Canterbury's Charitable Foundation. In making grants to the Church Commissioners for specific puOseS, the Trustees of the Foundation are satisfied that they are promoling the Christian faith by resourcing and strengthening the ministy of the Church of England. During ihe year the charily received donations from the House of Lords in lieu of attendance allowances waived by The Archbishop of Canterbury. lot211ing £5,966 (2023.. £7,092). During the year the charity received donations of £6,049 from Bloomsbury Publishing and Hymns Ancient & Modern (2023.. £4,974 from the BBC and The Guardian) in lieu of fees for various publications and appearances waived by The Archbishop of Canterbury. In 2024, a donation of £3,350 was received from the Society for Promoting Christian Knowledge (2023.. £10,311 }, in respecl of royalties owed to The Archbishop of Canterbury. The Archbishop of Canterbury is ihe President of the Society for Promoting Christian Knowledge.
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDATION REPORT OF THE TRUSTEES (INCLUDING DIRECTORS, REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW The income of the Foundation has been distributed in accordance with the tern]s and objects of the Charity during the fmancial year. The Trustees consider that the Charitable Foundation's affairs were satisfactory during the course of, and at the end of the year. The Twstees are confident that sufficieni funds will be available to meet the futur¢ needs of the Charity. The Statement of Financial Aclivities for the year ended 31 December 2024 is set out on page 12 and shows total net incoming resources for the year of £177,290 (2023: outgoing £125,820). The net incoming resources include realised gains on investments of £4,820 {2023- £9,744) and unrealis¢d gains on investments of £67,683 {2023.' £273,235). The Trnstees are satisfied with th¢ net fmancial position as al 31 December 2024 of £3,214,982 {2023- £3,037,692). The charity does not engage in external fundraising services, and no complaints were received in respecl of its fundrai.sing activities. GOING CONCERN The Trustees are satisfied that the Foundation has suffici¢nt reserves io maintain budgeted spending levels and the flexibility lo 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 future. PLANS FOR THE FUTURE For the foreseeable tUre the Trustees are committed to continuing a regular grant making programme where such programmes continue to merit fvnding, but at the same time remain flexible and open to making further specific donations where there is a need and provided the grant will support significant public benefit and charitable value that outweighs any potential depletion in the investment base of the Foundation. STATEMENT OF TRUSTEES, RESPONSIBILITIES Th¢ Trustees, who are also directors of the charitable company, are responsible for preparing the Trustees. Annual Report and the fmancial statement*4 in accordance with applicable law and regyulations. The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies. Company law requires the charity trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of r¢sources, including the income and exp¢nditLwe, of the charitable company for that p¢riod. Under that law th¢ charity trustees hav¢ elected to prq)are the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the charity trnstees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for thal year. In preparing theqe fmancial statements, the charity trustees ar¢ required to.. select suitable accounting policies and th¢n apply them consistently; obs¢rve the methods and principles in the Charities SORP; make judgments and accounting estimates that are reasonable and prud¢nt' late whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and ¢xplained in Ihe financial statements; prepare the fmancial Statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The charity trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any lime the financial position of ihe company and enable them to ensure that ihe financial statements comply with the Companies Act 2006. They are also Tesponsibl¢ for safeguarding the assets of the company and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities.
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDATION REPORT OF THE TRUSTEES (IIYCLUDING DIRECTORS, REPORT (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 In so far as the Trusiees are awar¢: there is no relevant audit inforniation of which the charitable company's auditor is unaware and the Trustees have taken all steps thai they ought to have taken to make themselves aware of any levant audit inforn]ation and to establish that ihe auditor is aware of that infonnation. In preparing thi% report, the Trustees have tsken advantage of the small companies, exemptions provided by section 415a of Ihe Companies Act 2006. Signed on behalf of the Trustees on 4th of July 2025 Julian John Adams Trustee The Revd. Jesutosin Oladipo Trustee
AUDITOR'S REPORT TO THE TRUSTEES OF THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDATION Opinion We have audited the financial staiements of The Archbishop of Canterbury's Charitable Foundation {'the charitsble Company.) for the year ended 31 December 2024 whi¢h comprise the Statement of Financial Activities, Balance Sheet and notes lo the financial statements, including significant accounting policies. The fmancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial stalements.. give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of r¢sources for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepied Accounling Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Audiling (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standard8 are further described in the Auditor's responsibilities for the audit of the financial statements seclion of our report. We are independent of the charitable company in accordance with the ethical requiremenis that are relevant to our audit of the financial statemenLs in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requir¢ments. We believe that the audit evidence we have obtained is sutTicient and appropriate to provide a basis for our opinion. Conclusions relating to going eoncern In auditing the fmancial statements, we have concluded that the tTUSte¢s' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may casl significant doubt on the Charity's ability to continue as a going concern for a period of at least 12 months from when the financial statemenls are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The oiher inforn]ation comprises the infornlation included in the annual report, including the trustees, report, other than the financial statement8 and our auditor's report thereon. The trustees are responsible for the other inforn)ation contain¢d within th¢ annual report. Our opinion on the financial slatemenis does not cover the other inforniation and, except io th¢ extent otherwise explicitly stated in our report, we do not express any fonn of assurance conclusion thereon. Our responsibility is to read the other inforn)ation and, in doing so, consider whether the other inforn]ation is materially inconslstenl wilh the fmancial statements or our knowledge obiained in the course of the audit, or otherwise appears to be materially misstated. If we ideniify such material inconsistencies or apparent material misstat¢ments, we are required to deternjine whether ihis gives rise ¢0 a material misslatemenl in the financial statemenls themselves. If, based on the work we have perfomed, we conclude that there is a material misstatement of this other inforniation, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the CompAnies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trnstees, report, which includes the directors, report prepared for the purposes of company law. for the financial year for which the financial statemenis are prepared is consistent with the financial statements. and Ihe directors, report included within the trustees, report has been prepared in accordance with applicable legal requirements.
AUDITOR'S REPORT TO THE TRUSTEES OF THE ARCHBISHOP OF CAIYTERBURY'S CHARITABLE FOUNDATION (continued) Matlers on Ivhich Ive are required lo report by exception In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included within the trnstees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require us to rq)ort to you if, in our opinion: adequate and proper accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us; the financial statements are not in agreemenl with the accouniing records and returns- certain disclosures of trustees, remuneration specified by law are not made. we have not received all the information and explanations we require for OUT audit- or the trustees were nol entitled to prepare the fmancial statements in accordance with the small companies regime and take advanLqge of the small companies, exemptions in preparing the trustees, report. Responsibilities of trustees As explained more fully in the trustees, responsibilities statemenl set oul on pagFe 7, the trustees (who are also the directors of the charitable company for the purposes of company law) are r¢sponsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control a8 the trustee detennine is necessary to enable the preparaiion of financial statemenLs that are free from material misstatement, whether due to fraud or eOr. In preparing the financial staiemenLs, the trustee% are re%pon8ible for assessing the company'8 ability to ¢ontinue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objeclives are lo obthin reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee thal an audit conducted in accordance with ISAS (UK} will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered malerial if, individually or in the aggregate, they could reasonably be expected io influence the economic decisions of u%ers taken on the basis of these financial stalements. Irregularitie8, including fraud, are instances of non-compliance with laws and regulations. We design procedures in lin¢ with our responsibilities, outlined above, to delect malerial missiatements in respect of irregularities, including fraud. The exlent to which our procedures are capable of dei¢¢ting irregularities, including fraud is detailed below. Our approach was a.s follows.. Enquiring of managemenl, including obtaining and reviewing supporting documentation, concerning the policies and procedures relating lo.. identifying, evaluating and complying with laws and Tegulalions and whether they were aware of any instances of non-compliance- detecting and responding 10 the risks of fraud and whether they have knowledge of any actual, u%pected or alleged fraud. and the internal control% e4tablished lo mitigate risks related to fraud or non-compliance with laws and regulations. Discussing among the engagement team how and where frdud mighi occur in the Financial Stsiements and any potential indicators of fraud. Obthining an understanding of the legal and regulatory frameworks that the Lharily operat¢8 in focusing on those laws and regulations that had a direct effect on the Financial Statements or thai had a tundamental effect on operations. 10
AUDITOR'S REPORT TO THE TRUSTEES OF THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDA TION (continued) We identified the greatest risk of material impact on th¢ financial statements from irregularities, including fraud, to be within the r¢cognition of income and the override of controls by management. To address the risk of fraud in these areas, w¢: Reviewed income documentation to verify any obligations and restrictions which may apply. Perfornied analytical procedures to identify unusual or unexpected relationships. Tested journal entries to identify transactions which were not in the usual course of business. Assessed whether judgements and assumptions made in detennining th¢ accounting ¢stimates were indicative of potential bias. Investigated the rationale behind significanl or unusual transactions. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from fmancial transactions, the less likely it is that we would become aware of non-compliance. Auditing sLqndards also limit the audit procedures required io identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatemenls that arise due to fraud can be harder to detect than those that arise from error as they may involv¢ deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's webstte at.. www.frc.or .uklaudit0reS onsibilitie%. This description fonns part of our auditor's report. Use of our report Thts report is made sol¢ly to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Aci 2006. Our audit work has been undertaken so that we might state to ihe charithble company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent perniitted by law, we do noi accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Lisa Wilson FCA (Senior Statutory Auditor) For and on behalf of Rothmans Audit LLP, Statutory Auditor Chilworth Point I Chilworth Road Southampton S016 7JQ Dat¢.. 3Q.July.2.025..........
THE ARCHBISHOP OF CAIYTERBURY'S CHARITABLE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCORPORATIIYG THE INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Restrficted General Unrestricted Fund Total Funds 2024 Tolal Funds 2023 Fund Notes Income from: Donaiiorts & Legacies Donations received 117,364 117.364 278.431 Investments Interest received Income from assets 535 83,801 535 83,801 89,721 Tolal 201,700 201,700 368,216 Expenditure on.. Charitsble activities 96,913 96,913 777,015 Total 96,913 96,913 777,015 Realised gains/(losses) on investments Unrealised gains/ (losses)on investments 4.820 4.820 9,744 67,683 67,683 273,235 Net gains on investments 72,503 72,503 282,979 Nel Incomel(Expenditure) 177,290 177,290 {125,820) Nel movement in fund$ Reconciliation of funds: Income fundts b/f 177,290 177,290 (125,820) 3,037,692 3,037,692 3,163,512 Funds carried fonvard £3,214,982 £3,214,982 £3,037,692 All transactions are derived from continuing activities. All gains and losses recognised in the year are included in the Statement of Ftnancial Aclivilies. The comparalive figures for the comparative period have been presented under SORP (FRS102) in Note 12. The notes on pages 14 to 22 fonn part of these fmancial slatements. 12
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDATION BALANCE SHEET COMPANY NUMBER 7453039 CHARITY NUMBER 1139299 AS AT 31 DECEMBER 2024 2024 2023 Note5 FIXED ASSETS Investments 3.024,776 3,152,273 CURRENT ASSETS Cash at Bank Debtors 204,577 20,799 262,759 31,782 225,376 294,541 LIABILITIES Creditor8: Amounts falling due within one year {35,170) (409.122) NET CURRENT ASSETSIILIABILITIES) 190,206 (114,581) TOTAL NET ASSETS £3,214,982 £3,037,692 FUNDS 10,1 i Restricted Funds Unrestrieted funds General 3,214.982 3,037.692 TOTAL CHAIUTY FUNDS £3,214,982 £3,037,692 These financial slatements are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. The financial statements were approved and authorised for issue by the Board of the Twstees. and signed below on its behalf on 4th July 2025 by: ohn Adams Trust¢e The Revd. Jesutosin Ttustee adipo The notes on pages 14 to 22 fonn an integral part of these financial ststements. 13
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDATION IYOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES General Information and basis of preparation The Archbishop of Canterbury's Charitable Foundation is a company limiled by guarantee and is registered with the Charity Commissioners (Charity Registered Number 1139299) and Registrar of Companies (Company Registration Number 7453039) in England and Wales. The Charity is a company limited by guarantee and has no share capital. In the event of the Charity being wound up, the liability in respect of the giuarantee is limited to £ I per member of the Charity. The address of the registered office is given in the Charity infoTmation on page l of these financial slatements. The financial statement% have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to chariti¢¥ preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP Second Edition, effective I January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. The financial sLqlements are prepared in Sterling, which is the functional and presentation currency of the Charity. The financial statements are prepared to the nearest pound. The Archbishop of Canterbury's Charitable Foundation meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless othenvise stated in the relevant accounting policy notes. GoRng Concern In light of the available reserves and highly liquid investment portfolio, as detailed elsewhere in these accounts, the Trustees consider there are no material uncertainties about the Charity's ability to continue as a going concern. Judgements and estimates Judgemenis made by the Tnjstees in the applicalion of these accounting policie&* that have significanl effecl on the financial %tatements and eqtimate% with a significant ri%k of maierial adjusiment ihe next year are deemed to be in relaiion to the valualion of inve4tsnenls and are discus%ed below. Income Recognition Income represents investment incom¢, grants & donations and other sundry income. All income is recognised once the charity has entitlemenl io income. il is probable that income will be received; and th¢ amount of income receivable can be measured reliably. Expenditure Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Charitable Activities Direcl charitable expenditure represents grants for the furtherance of the objects of the charity. Grants ar¢ recognised in the accounts when awarded by the Trustees and the offers are conveyed io the recipients. The grants are awarded at the discretion of the Trustees within the objects of the charity. Governance Costs Governance costs comprise all costs idenlified as wholly or mainly attributsble to ensuring the public accountability of ihe charity and ils compliance with regulation. Governance costs are now apportioned to the charitable activities. Investmenls Inveslments are included in the financial slalements at market value at the balance sheet date. Realised and unrealised gains and losses on revalualion and disposals occUlg in the year are reported in the Statement of Financial Aclivitie5. 14
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STA TEMENTS (continued) FOR THE YEAR ENDED 3] DECEMBER 2024 ACCOUNTING POLICIES (continued) Realised gains and losse5 All gFain8 and losses are taken to the slatement of financial activities as they arise. Realised gains and losses on investments are calculaled as the difference between sal¢ proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (purchase dale if later). Funds General Unrestricted Funds are unrestricted funds which are availabl¢ for use at the discretion of the Trusttts in furtherance of the general objeclives of ihe charity and which have not been designated for other purposes. Unrestricted Designated Funds comprise unresiricted funds that have been set aside by the Trustees for particular pury)os¢s. The Foundation held no Designated funds in the Current year of review. Restricted Funds are funds subject to specifi¢ restrictive conditions imposed by the donors or by the Purpose of the appeal. Financial instruments Basic financial instruments are initially recogni8ed al transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debiors. A specific provi&*ion is made for debts for which recoverability Is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabiliti¢s h¢ld at amortised cost comprise all creditors except social security and other taxes. Cash at bank and in hand Cash at bank and cash in hand includes cash and short terni highly liquid investments. Creditors and provisions Creditors and provisions are recogni8¢d where the charity has a presenl obligation resulting from a past event that will probably result in the iransfer of funds to a third party and the amount due to %ettle the obligation can be measured or estimated reliably. Creditors and provisions are nonnally recognised al their settlement amounl after Ilowing for any trade discounts due. TAXATION As a registered chariiy, the Foundation is potentially exempt from taxation on its income and gains falling within s505 Income & Corporation Taxes Act 1988 and s256 Taxation of Chargeable Gains Act 1992 10 the extent that these are applied to its charitable purposes. No tax charge has arisen in the y¢ar. DONATJONS & LEGACIES 2024 2023 Restricted Funds Donations from Charitable organisations Unrestricted Funds Donations from charitable organisalions Other donations 98,212 102,000 15,364 102,(K)O 78,219 Total £117,364 £278.431 15
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDA TION NOTES TO THE FINAINCIAL STATEMENTS (continued) FOR THE YEAR EIYDED 31 DECEMBER 2024 GRANTS The Foundation does not wn any chariLqble project of its own. Instead, it supports a number of charities which are a¢tiv¢ly engaged in furtherance of objects similar to those of the Foundation by grant funding. A detailed analysis of these grants, the recipients and the causes thal were funded during the year is included below: Restricted 2024 Unrestricted 2024 Total 2024 Restricted Unrestricted 2023 2023 Total 2023 To advance the Christian religion (Object (23,580) (23,580) 148.212 520,745 668,957 To advance Christian education 17,531 17,531 6,309 6,309 (Object 2) To promote the religious & other charitable work of the Church (Object 3) Charitable Purposes (Object 4) 63,500 63,500 79,016 79,016 23,000 23,000 4,800 4.800 Total grants Charitable Support Costs (Note 5) 80,451 16,462 80,451 16,462 148,212 610,870 17,933 759.082 17.933 £96,913 £96,913 £148,212 £628,803 £777,015 Further details of the charitable activities supported by the grants made in ihe year are given in the Trustees, Report. 16
THE ARCHBISHOP OF CANTERBURYYS CHARJTABLE FOUNDATION NOTES TO THE FINAIYCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 4. GRANTS (continued) The following charitable institutions were supported by the above grants: 2024 2024 To advance Éhe Christian religion (Obj.l) To advance Chrislian education (Obj. 2) Chemin Neuf Community The Cenire for Cultural Witness Ministry in Sub Saharan Africa 30,455 50,000 10,000 Kaduna Centre Grant under £5,000 10,000 7,531 Total £17,531 Topromole ¢he religious and other charitable w()rk of ihe Church (Obj.3) Church Assocn. Sudan 10,000 Anglican Church of Tanzania Anglican Consultative Council i 0,000 25,000 Church Pastordl Aid Grants under £5,000 7.000 11,500 2023 Grant partially written back (Church Commission¢rs Ministry Consultancy) (114,035) Total £63,$00 Total (£23,580) Charilable Purposes (Obj.4) Council of Christians & Jews Grdnts under £5,000 20,000 3,000 Total £23,000 Total Grants 22 £80,451 Of the grants under Object 2, 3 grants, totalling £4,531, were paid lo individuals. 17
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUIYDATION NOTES TO THE FIIYAIYCIAL STATEMENTS (Continued) FOR THE YEAR EIYDED 31 DECEMBER 2024 GRANTS {eontinued) COMPARATIVE 2023 The following charitsble instithtions were supported by the above grants: 2023 2023 To advance ihe Christian religion (Obj.l) To advance Chris¢ian eduealion (Obj. 2) Anglican Centre in Rome Chemin Neuf Community The Centre for Cultural Witness Internal Province of Ghana 47,0(KJ 29,283 148,212 50,000 Grants Under £5,000 6,309 Total £6,309 Church Commissioners Ept0paI Church of South Sudan 298,900 46,000 To promote the reliRious and oiher charilable work of the Church (Obj. 3) Coventry Di(e8C Ministry in Sub Saharan Africa 30.000 20,000 Southwark Diocese ChurLh Commi%sion¢rs Phillipine Independent Church 21,083 15,000 25,000 7,000 7,000 2022 Grant partially written back (Archbishops, Council) {438) Church Pastoral Aid Total 16 £668,957 Grants Under £5,000 2021 Grant partially written back (Southwark Diocese) Total 7,850 (3,917) £79,016 Charitable Purposes (Obj. 4) Grants under £5,000 4,800 Total £4,800 Total Grants 36 £759,082 Of the grants under object 2, 7 grants totalling £5.209 Ivere paid to individuals. 18
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 CHARITABLE SUPPORT COSTS 2024 2023 Other Support costs Governance costs: Auditors, remuneration Auditors. remuneration for non-audit services Accountsncy fees 672 870 12,025 900 2,866 12,083 2,280 2,700 £16.463 £17,933 Charitable support cosls are allocated against the grant making activity of the Charity. STAFF COSTS The Charity does not have any employees. INVESTMENTS IN CHARITABLE FUNDS Lisled managed Funds Total Total 2024 2023 Market value at l January 2024 Disposal proceeds Net realised gain on disposal Net unrealised gain on revaluation as ai 31 December 2024 £3,152,273 (200,000) 4,820 3,152,273 (200,000) 4,820 £3,119.294 (250,000) 9,744 67,683 67,683 273,235 Market valu¢ as at 31 December 2024 £3,024,776 £3,024,776 £3,152,273 Hislori¢al Cost Yds at 31 December 2024 £1,160,953 £1,160,953 £1,223,706 The Foundation's unlisted investments are holdings in the CCLA CBF Church of England Investments and Fixed Interest Securities Funds Income Shares. They are shown at their published bid value based on the market values of the Funds, ass¢ts. DEBTORS: amounts due within one year 2024 2023 Accrued income 20.799 31,782 £20,799 £31,782 CREDITORS: amounts due wlthin one year 2024 2023 Grant creditors Accrued expenses 19,750 15,420 392.322 16.800 £35,170 £409,122 19
THE ARCHBISHOP OF CANTERBURY*S CHARITABLE FOUINDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 io. ANALYSIS OF NET ASSETS BETWEEN FUNDS Restricted Funds Unrestricted Funds Unreslri¢tedlTotal Funds 2024 2024 2023 Represented by: Investments Currenl assets 3,024,776 225.376 3.152,273 294,541 Current liabilities (35,170) (409,122) Fund balances at 31 December 2024 £3,214,982 £3.037,692 FUNDS Balance Balance 31 December on TraD5fer between Funds I JAnuary 2024 Income Expend. Investments 2024 Restricted Fund Unrestricted Fund General Fund 3,037,692 201,700 {96,913) 72,503 3,214,982 Total funds £3,037,092 £201,700 {£96,913) £3,214,982 Each year a budgel is drawn up of the annual commitmenLs (granls}. The Trustees aim to keep the regular commitled expenditure within ihe ¢xp¢cted in¢ome. Any other larger or one-otT additional grants are paid from the accumulated unspent general fund. 20
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDA TION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 3] DECEMBER 2024 11. FUNDS (continued) COMPARATIVE 2023 Balance Galn on l January 2023 Transfer between funds 31 December 2023 Income Expend. Investments Reslricted Fund 98,212 (148,212) 50,000 UDrestrl¢ted Fund Genwal Fund 3.163,512 270,(K)4 (628,803) 282,979 (50,0(M)) 3,037,692 Total funds £3,163,512 £368,216 £ (777,015) £282,979 £3,037,692 12. LIFIKED CHARITIES All of the income and expenditur¢ of the charity and linked charities during the year relate to the primary charity, The Archbishop of Canterbury's Charitable Foundation. The linked charities, as detsiled in the trustees. report, a donnant. 13. TRANSACTIONS WITH TRUSTEES AND THE CHARITY Any connections between th¢ Foundation and certain specified donors and grant recipients are explained in detail in the Trustees, Report on page 6 (Related Party Transactions). The Tru.stees are satisfied that the connected entiti¢s have charitable aims in common with the Foundation and that there are no conflicts of interest arising from thes¢ connections that prevent the Foundation from providing public benefii and fulfilling its Charitable purposeq. There were no payments to or receipts from Tnistees of the Foundation. nor have the Trustees received any remuneralion or reimbursement of expenses in the curreni or previous year. 21
THE ARCHBISHOP OF CANTERBURY'S CHARITABLE FOUNDATION NOTES TO THE FINAINCIAL STATEMENTS {Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 14. COMPARATIVE SOFA (CHARITIES SORP) Restricted General Unrestricled Funds Total Total Funds 2022 Fund 2023 Notes Income from: Donations Legacie.s Donations received 98,212 180,219 278,431 241,362 Inve.f¢menl. Inlerest received Income from assets 64 89,721 26 110,644 89,721 Tolal 98,212 270,004 368,216 352,032 Expendilure on: Charitsble activities 148,212 628,803 777,015 1,237,550 Total 148,212 628,803 777,015 1,237,550 Realised gain%l(losses) investments Unrealised gainsl(losses} InvestmenLs 9,744 9,744 (97,566) on 273,235 273,235 {414,094) on Nei gainsl(losse8) on investments 282,979 282.979 (511,660) Net (Exp¢nditure)/lncome Tran%fer between funds (50,000) (75.820) {125,820} {1,397,178) 50,000 (50,000) Net movement in funds Reconciliation funds: Income funds blf (125,820) (125,820) (1,397,178) 3,163,512 3,163,512 4,560,690 Funds carried fonvard 10 £3,037,692 £3,037,692 £3,163.512 All transactions are derived from continuing activities. All gains and losses recognised in the year are included in the Siatement of Financial Aclivities. The comparative figures for the comparative period have been presented under SORP (FRS102} in note 12. The noles on page 14 10 22 fonn part of these financial statements. 22