2022-12-31-accounts

	2022	2021
AllFunds
	£m	£m
Operating Deficit	(2.1)	(1.7)
Pension deticit movements	0.4	0.6
Sub-total	(1.7)	(1.1)
Other recognised galns and losses:
Net gains/flosses) on investments	(5.0)	6,5
Unrealised gains on tangible fixed assets	(5.3)	14.6
Realised gains on tangible fixed assets	3,0	8.8
Net movementinfundsfortheyear	O.o)	28.8

	2022	2021
	£m	£m
OperatingDeficit	(2.1)	(1.7)
Pension deficit movements	0.4	0,6
Sub-total	(1.7)	(1.1)
Other recognised gains and losses:
Net gains/flosses) on investments	(5.0)	6.5
Unreslised gains on tangible fixed assets	(5.31	14.6
Realised gains on tangible fixed assets Netmovement 'infundsfortheyear	3.0 (9.0)	8.8 28.8
Balances as at 1stJanuary	516.0	487.2
Balances as at 31st December	507.0	516.0

Fund categories	2022£m	2021£m
General	7.5	8.1
Designated	143.9	170.6
Restricted	31.0	30
Endowment	324.6	307.3

LDF	ExclusionsandRequirements	Investmenttype/requirement
		Arms
		Pornography
LDF	excludes investmentinthefollowmg sectors:	Tobacco Gambling
		Fossil Fuel Extraction
		High Interest Lending
LDF	requirementofFund Managers	Beslgnatories to UNPRI and/or UKStewardship
		Code

				2022	2021	2020	2019	2018	2017
				%	%	%	%	%	%
Historical	gains/(losses)	on	LDF investments	(9.8)	14.9	1.3	19.9	(11.2)	7.5
Historical	gains/flosses)	on	FTSE all-share index	(4.1)	14.5	(12.5)	14.0	(12.3)	7.7

		UnrestrictedFunds	UnrestrictedFunds	Restricted	Endowment	Total	Total
		General	Designated	Funds	Funds	2022	2021
		£m	£m	£m	£m	£m	£m
Incomeandendowmentsfrom	Notes
Donations, legacies^-grants
CommonFund		22.7				22.7	21.6
Parishreimbursements forclergycosts		3.8		0.3		4.1	4.1
Donations and legacies		0.8	0.1	2.2		3.1	1.5
ChurchCommissioners				6.4		6.4	5.6
CltyChurch Fund		2.6				2.6	4.7
Charitable activities
Operationalproperty rentalincome		3.9		0.1		4.0	3.2
Parochial fees		0.4				0.4	0.4
Investment Income
Dividends and interest receivable	lla	2.3		0.3		2.6	1.7
Investmenlproperty rentals	l.l1?	4.8		0.4		5.2	4.3
Othermcome		0.1	0.5	0.3		0.9	0.7
Totalincotfie		41.4	0.6	10.0		52.0	47.8
Expenditureon
Raisingfunds
Investmentmanagementcosts
Rentalportfoliocosts-agent fees		0.5				0.5	0.4
Investmentpropertyrepairsandmaintenance		0.5	0.2	0.1	0.1	0.9	1.8
Charitable activitses
Ministry		26.5	0.3	5.3		32.1	31.0
Education andoutreach		1.1				1.1	0.8
ParishandAreasupport services		1.9		0.4		2.3	2.2
Clergyhousingandpropertycosts		9.9	1.0	0.6	0.2	11.7	7.9
NationalChurch		1.8				1.8	3.0
Grants to parishes and overseas		0.2	0.6	2.4		3.2	1.9
Otherexpenditure			0.1	0.4		0.5	0.5
Totalexpenditiire	5	42.4	2.2	9.2	0.3	54.1	49.5
Net income/(expenditure) before investment	gains	(1.0)	(1.6)	0.8	(0.3)	2.1)	1.7)
Realised gainson tangible fixed assets			0.8	0.6	1.6	3.0
Netgains/(losses) oninvestments	8			0.7)	(4.3)	5.0)	6.5
Netincomingresourcesfortheyear		1.0)	(0.8)	0.7	(3.0)	4.1)	13.6
Transfersbetween funds	13d	0.4	( 14.5)	0.6	13.5
Otherrecognised(losses)/gains
Pensiondeficilmovement			0.4			0.4	0.6
Unrealised (losses)/gainsonlangible fixed a&sets	7a&7b		(11.8)	(0.3)	6.8	(5.3)	14.6
Netmovement in fundsfor theyear		0.6)	26.7)	1.0	17.3	(9.0)	28.8
Reconciliationoffunds:
Fundsat 1 January2022		8.1	170.6	30.0	307.3	516.0	487.2
Fundsat 31 December2022		7.5	143.9	31.0	324.6	507.0	516.0

London Diocesan Fund; Financi	al Statem	ents forthe yearended 31 December	ents forthe yearended 31 December	ents forthe yearended 31 December	2022
BalanceSheet-asat31 December2022		Companynumber: 150856
		UnrestrictedFunds		Restricted	Endowment	Total	Total
		General	Dcsignated	Funds	Funds	2022	2021
		£m	£m	£m	£m	£m	£m
	Notes
FixedAssets
Operationalproperty	?a		86.9	2.4	245.9	335.2	328.2
Investmentproperty	7b		82.0	9.3	30.5	121.8	126.3
Non-propertyinvestments			0,4	8.1	37.7	46.2	51.4
Fixturesandfittings		0.1				0.1	0.2
		0.1	169.3	19.8	314.1	503.3	506.1
CurrentAssets
Debtors	lOa	3.0	1.8	2.4		7.2	4.8
Cashatbank		9.0	16.7)	9.6	10.5	12.4	21.5
		la.o	( 14.9)	12.0	10.5	19.6	26.3
Creditors
Amounts fallingduewithinoneyear	12	4.6)	(1.0)	(0.8)	(0.1)	(6.5)	(6.5)
NetCurrentAssets		7.4	( 15.9)	11.2	10.4	13.1	19.8
Totalassetslesscurrentliabilities		7.5	153.3	31.0	324.6	516.4	525.9
Creditors-amountsfallingdueafter
oneyear
Pensionschemeliabillties	1S						(1.0)
Othercreditors	12		(9.4)			(9.4)	(8.9)
Net Assets		7.5	143.9	31.0	324.6	507.0	516.0
Funds
General		7.S				7.5	8.1
Designated	13a		143.9			143.9	170.6
Restricted	13b			31.0		31.0	30
Endowment	13c				324.6	324.6	307.3
TotalFunds		7.5	143.9	31.0	324.6	507.0	516.0

ummary income and expenditure account-forthe yeart	o 31 December 2022
	zflzz	2021
	£m	£m
Income	52.0	47.8
Expenditure	( 54.1)	49.5)
Net (expenditure) before investment gains	(2.1)	1.7)
Net (losses)/gains on investments	(5.0)	6.5
Realised gains on property assets	3.0	8.8
Net (expenditure)/income for the year	(4.1)	13.6
Other comprehensive income:
Unrealised (losses)/gains on property assets	(5.3)	14.6
Net movement on defined benefit pension schemes	0.4	0.6
Total comprehensive (expenditure}/income	(9.0)	28.8

		2022	2021
		£m	£m
	Notes
Net cash (outflow) from operating activities	14a	16.7)	(0.5)
Net cash inflows from Investing activities	14b	7.6	3.9
(Reduction)/increase in cash in the year		9.1)	3.4
Cash and cash equivalents
As at 1 January		21.4	18.0
As at 31 December		12.3	21.4

Income	Explanation
Donations, legades and grants
Common Fund	Contributions paid bythe churches in the Diocese of London to the LDF
Parish reimbursements for clergy	Amounts received in respect of clergy involved in largely local initiatives,
costs	financed directly by parishes or other institutions
Donations	Gifts from external organisations and individuals
Church Commissioners	Grant income from the Church Commissioners
CityChurchFund	Grant income from the City Church Fund
Charitable Activities
Operational property rental	Operational property is usually held to house clergy. Where property is not
income	used for this purpose in the short-term, it is let out at market rates to
	generate additional income. Designated and glebe operational rental income
	is receivable within general funds.
Parochialfees	Parochial fees are statutory chargesforweddings and funerals, ofwhich part
	is due to the local PCC, and part is due to the LDF. The LDF element is used to
	help fund the overall stipends bill.
Investment Income
Dividends and interest	Income arising is credited to the relevant funds on a receipts basis for
receivable	dividends, and on an accruals basisfor interest income.
Investment property rental	Investment property is let out at the market rate. Designated and glebe
income	investment rental income is receivsble within general funds.
Expenditure	Explanation

London Diocesan Fund: Financial	Statementsfor theyearended 31 December2022
Charitable activities
Ministry	Ministry primarily includes the paymentofdergy stipends, national insurance
	and pension contributions.
Education and outreach	Annual cash grant to the London Diocesan Board for Schools plus direct costs
	related to chifdren's ministry, community ministry and social justice.
Parish and area support services	Costs associated with the areas inc!uding office costs, senior clergy expenses
	and the costs of advisers.
Clergy housing and property	Clergy housing and property costs represents the repairs, maintenance, and
costs	other property costs associated with the operational property portfolio, and
	the relevant costs of the Diocesan Advisory Committee and property
	department. In accordancewith the implementation of FRS 102, annual
	depreciation is no longer charged on benefice and operational freehold
	properties.
National Church	The LDF's contribution to the National Church's costs.
Grants to panshes and overseas	Grants made to London parishes and overseas Dioceses.

Benefice Houses	150 years
Otherfreehold properties	50 years
Leasehold properties	Lease term

The net incoming resources for the financial year is stated after charging	2022	2021
	£'000	£'000
Depreciation- fixtures, fittlngs and equipment	106	46
	106	46
Auditors Remuneration (including VAT)
Statutory audit	34	29
Non-Audit Services:
• Tax advice	4	12
• Non-statutory review of Custodian Trusts	2	2
	40	43

Costs of iay staff	2022	2021
	£'000	£'000
Wages and Salaries	4,164	3,510
Employer's National Insurance	447	350
Employer s Pension contributions	923	822
	5,534	4,682
Charge to pension deficit (Lay staffpension scheme)
5ee note 15(a)		609
	5,534	5,291

he number of employees whose emoluments fo	r the year exceeded £60,000are as	follows
	2022	2021
	No	N0
£120,001- £130,000	1
£110,001-£120,000	1
£100,001- £110,000
£90,001- £100,000	1
£80,001-£90,000	1
£70,001- £80,000	2
£60,001- £70,000	2

London Diocesan Fund: Financial Statements for the year ended	31 December	2022
4. Staff and Clergy Costs (continued)
Ciergy hoiding parochial or archidiaconal posts
(including Common Fund clergy, off-Common Fund clergy and	Z022	2021
chaplains.)
	£'000	£'000
Gross stipends	15,369	14,919
Employer's National Insurance contributions	1,104	1,219
Employer's pension contributions	5,174	5,494
	21,647	21,632
Average numberoftotal stipendiary clergy posts	533	539
Numberoftotal stipendiary clergy posts at 31 December	533	538

				2022	2021
				£'000	£'000
Support costs (allocated below)
Salary and employment costs				2,195	2,370
Office costs				1,063	419
Governance costs				448	594
				3,706	3,383
			Before
Resources Expended			allocation of support	Support	Total	Total
			costs	costs	2022	2021
			£'000	£'000	£'000	£'000
Raisingfunds
Investment management costs
Rental portfolio costs- agents fees			476		476	401
Investment property maintenance	repairs	and	902	84	986	1,696
Fundraising
			1,378	84	1,462	2,097
Charitable activities
Ministry			30,884	1,202	32,086	30,893
Education and outreach			773	297	1,070	771
Parish and area support services			1,089	1,214	2,303	2,185
Clergy housing and property costs			10,871	804	11,675	7,883
National Church			1,807		1,807	3,037
Grants to parishes and overseas			3,018	105	3,123	1,900
Other expenditure			495		495	583
			50,315	3,706	54,021	49,349

Fundingsource:	General funds	Designated funds	Restricted funds	Endowment funds	Total 2022	Total 2021
Grants to Parishesfrom:	£'000	£'000	£'000	£'000	£'000	£'000
Archbishops' Council			1,527		1,527
Core funds			388		288	315
Area pastoral funds	74	375			449	313
Bishop of London's Mission Fund		12			12	110
Funds held for parish benefit		170	254		424	905
	74	557	2,169		2,800	1,643
Overseas:
Angola and Mozambique (ALMA) and Lent projects	2		216		218	162
Grant administration allocation	105				105	96
	181	557	2,385		3,123	1,901

		Designated	Funds		Restricted Funds		Endowment	Funds
		Long				Leasehold	Freehold
	Freehold	Leasehold			Closed	Benefice	Benefice	Glebe		Grand
	Property	Property		Sub-total	Churches	Houses	Houses	Property	Sub-total	Total
	£'000	£•000		£'000	£'000	£'000	£'000	£'000	£•000	£'000
Atcostorvaluation
At Uanua^2022	83,789	5,157		88,946	2,234	2,890	232,430	30,648	265,968	357,146
Additions	5,913			5,913	318		1,781	31	1,812	8,043
Transfers	863			863			(358)	(505)	(863]
Disposals	(406)			(406)	(201)		(610)	(•156)	(1,066)	(1,673)
Revaluation	451			451						451
At 31st December 2022	90,610	5,157		95,766	2,351	2,890	233,243	29,718	265,850	363,968
Depreciation
At Uanuary2022	8,534		349	8,883		426	17,031	2,595	20,052	28,935
Charge forthe year
Additions
Transfers	63			63			41	(104)	(63)
Disposals	(69)			(69)			(48)	(17)	(65)	(134)
Revaluation
At 31st December 2022	8,528		349	8,877		426	17,024	2,474	19,924	28,801
Net Book Value
At 31st December 2022	82,081	4,808		86,889	2,351	2,464	216,218	27,244	245,925	335,166
Net BookValue
At31December2021	75,254	4,808		80,062	2,234	2,464	215,399	28,053	245,915	328,211

b. Fixed Assets- Invest	ment Property	ment Property	ment Property
	Designated Funds			Restricted Funds	Expendable Endowment Funds
		Long
	Freehold	Leasehold		Closed	Glebe	Grand
	Property	Property	Sub-Total	Churches	Property	Total
	£'000	£'000	£'000	£'000	£'000	t'OOO
Atcostorvaluation
AtlJanuary2022	73,572	6,900	80,472	11,189	34,566	126,227
Additions	13,263		13,263		M7	13,370
Transfers
Disposals				(1,550)	(10,927)	(12,477)
Revaluation	(11,301)	(475)	(11,776)	(308)	6,772	(5,312)
At 31st December 2022	75,534	6,425	81,959	9,331	30,518	121,810
FairValue
At 31st December 2022	75,534	6,425	81,959	9,331	30,519	121,809
FairValue
At 31 December 2021	73,572	6,900	80,472	11,189	34,566	126,227

	General	Designated	Restricted	Endowment	Total	Total
	funds	funds	funds	funds	2022	2021
	£'000	£'000	£'000	£'000	£'000	£'000
Marketvalueatljanuary2022	20,345	8,532	8,802	13,762	51,441	45,151
Additions (at cost)			7		7
Transfers	(20,345)	(7,948)	41	28,252
Disposals		(154)	(42)		(196)	(304)
Net (losses) on revaluations		(42)	(731)	(4,280)	(5,053)	6,594
Market value at 31 December 2022		388	8,077	37,734	46,199	51,441
Non-property investments are represented by:
			2022	2021
			£'000	£'000
M&G Charifund		20,643		21,815
CBF Global Equity Income Fund		16,561		19,265
CBF Investment Fund			8,995	10,361
		46,199		51,441

Oa. Debtors
	General	Designated	Restricted	Endowment	Total	Total
	funds	funds	funds	funds	2022	2021
	£'000	£'000	£'000	£'000	£'000	£'000
Contributions to the Common
Fund
Rent receivable		6	425		1,519	704
Prepayments and accrued income	288	79	856		1,223	308
	1,376	85	1,281		2,741	1,012
Loans to Parishes
Diocesan Bishop's Council awarded		716			716	843
Area Council awarded		687			687	688
		1,403			1,403	1,531
Loans to individuals		3B1			301	346
Other debtors	1,610	3	1,136		2,749	1,927
	2,987	1,792	2,417		7,136	4,816

Movements in Loans to Parishes	2022	2021
	£'000	£'000
AsatlJanuary2022	1,531	1,105
Additions (new loans and interest)	431	828
Repayments	(559)	(402)
Asat31 December2022	1,403	1,531

ffice space and provision of house services includin stimated value ofsuch services is:	g reception, cleaning, utiliti	es, IT and
	2022	2021
	£'000	£'000
Accommodation - rent	131	131
House services and meeting rooms	236	208
	367	339

he Bishop's Council (2021: 21 members; full time equivale	nt: 14).
	2022	2021
	£'000	£'000
Gross Stipends	421	446
Employer's National Insurancecontributions	35	38
Employer's pension contribution	132	156
	588	640

	General	Designated	Restricted	Endowment	Total	Total
	funds	funds	funds	funds	2022	2021
	£'000	£'000	£'000	£'000	£'000	£'000
Dividends	1,646	13	253		1,912	1,748
Cash and deposit interest	226	1	6		233	10
Loan interest	438				438	13
	2,310	14	259		2,583	1,771

			General	Deslgnated	Restricted	Endowment	Total	Tota!
			funds	funds	funds	funds
							2022	2021
			£'000	£'000	£'000	£'000	£'000	£'000
Investment	property	rentals	4,796		414		5,217	4,319

	General	Designated	Restricted	Endowment	Total	Total
	funds	funds	funds	funds
					2022	2020
	£'000	£'000	£'000	£'000	£'000	£'000
Amounts falling due within one year:
Parish Loans Payable		262			262	575
Grants Payable		649	120		769	686
Other Creditors	836	71	542	11	1,460	635
Accruals and deferred income	3,778	78	112	18	3,986	4,585
	4,614	1,060	774	29	6,477	6,481
Amountsfalling due after one year:
Church Commissioners Value
Linked Loans		9,394			9,394	8,943

							At 31
		'""""'^^
13a(i) Designated Funds		2022	Income* Expenditure /.,./.,,,-___''_t •"—•-—r-——- Qains/(Losses)			Transfers	December
		£'000	£'000	£'000	£'000	£'000	£'000
CapitalVision2020		81		67)		(15)	(1)
Richard Chartres Fund London	for	s					5
Housing Capital Strategy Fund		2,162		893)		(75)	1,194
LDF Property		148,007	113	291)	11,776)	800	136,853
Parsonage Reserve		14,333				14,333)
Inspection and Maintenance Funds		1,147				(811)	336
Designated Trusts		634		170)	(42)		426
Mrssion Opportunity		424		(79)			345
Bishop of London'5 Mission Fund		208	60	168)			100
ClergyTraining and Support		337	2	(12)		13	340
Area Pastoral Funds		1,725	7	301)			1,431
Area BankAccounts		9S	44	(35|			102
Diocesan Loan Capital		2,154					2,154
Strategic Development Reserve		291		(99)		15)	177
Clergy Pension Deficit Reserve		(968)			:as7	581
St Edmunds Course (Lay Ministry)			27	10)		2	19
Parish Property Capital Strategy Funds			1,129	77)		672)	380
Total Designated Funds		170,633	1,386	( 2,202)	11,431)	(14,525)	143,861
*lncome includes realised
gains/flosses)					Notelld

13a(ii) Designated Funds	Fixed Asset Tangible	Investments	Current Assets	Creditors	Net Assets
	£'000	£'000	£'000	£'000	£'000
Capital Vision 2020
Richard Chartres Fund for London
Housing Capital Strategy Fund			1,233	(39)	1,194
LDFProperty	168,848		( 22,664)	9,333)	136,851
Parsonage Resen/e
[nspection and Maintenance Funds			336		336
Designated Trusts		388	38		426
Mission Opportunity			400	(55)	34S
Bishop of London's Mission Fund			428	329)	99
ClergyTraining and Support			340		340
Area Pastoral Funds			1,951	519)	1,432
Area BankAccounts			102		102
Diocesan Loan Capital			2,217	(64)	2,153
Strategic Development Reserve			178:		178
Clergy Pension Deficit Reserve
St Edmunds Course (Lay Ministry)			19		19
Parish Property Capital Strategy Funds			381		381
Total Designated Funds	168,848	388	15,036)	10,339)	143,861

	Atl					At31
13b(i). Funds Restricted	January 2022	Income *	Expenditure	Unrealised Gains/(Losses)	Transfers	December 2022
	£'000	£'000	£'000	£'000	£'000	£'000
Sole Trust Expendable Funds (inc.ALMA)	8,279	305	(470)	(574)	42	7,582
Closed Church Buildings Fund	20,020	631	(398)	(465)	78	19,866
Area Church Building Fund	1,180		(193)		593	1,580
Diocesan Church Building Fund		414	(139)			275
Strategic Development funds	90	1,788	1,784)		(78)	16
Projects restricted fund	525	7,066	5,930)		23	1,684
Bishops' secretaries fund	(126)	349	(225)			(21
Total Restricted Funds	29,968	10,553	9,139)	1,039)	658	31,001
^lncome mcludesreaiisedgains.					Note 13d
13b[ii). Restricted Funds		Fixed Asset Tangible	Investments	Current Assets	Creditors	NetAssets
		£'000	£'000	£'000	£'000	£'000
Sole Trust Expendable Funds ALMA)	(inc,		6,899	6S4		7,583
Closed Church Buildings Fund		11,682	1,178	7,470	466)	19,864
Area Church Building Fund				1,701	120)	1,581
Diocesan Church Building Fund				345	(69)	276
Strategic Development funds				15		15
Projects restricted fund				1,802	118)	1,684
Bishops' secretaries fund				(2)		(2)
Total Restricted Funds		11,682	8,077	12,015	773)	31,001

13c(i). Endowment Funds	Atl January 2022	Income *		Unrealised Gains/(Losses)	Transfers ••----	At31 December "~"^^
	£'000	£'000	£'000	£'000	£'000	£'000
Expendable Endowment
Glebe property	83,169	238	(157)	2,979	(401)	85,828
ParsonageHouse Fund	217,862	1,391	(126)		13,934	233,061
Permanent Endowment
SoleTrustPermanent Endowment	6,239			487)	(41)	5,711
Total Endowment Funds	307,270	1,629	(283)	2,492	13,491	324,598
*/ncome indudesrealised	ains				Note 13d

13c(ii). Endowment Funds	Fixed Asset Tangible	Investments	Current Assets	Creditors	Net Assets
	£'000	£'000	£'000	£'000	£'000
Expendable Endowment
Gfebe property	57,860	32,023	( 4,028)	(30)	85,825
Parsonage House Fund	218,585		14,514	(38)	233,061
Permanent Endowment
Sole Trust Permanent Endowment		5,711			5,711
Total Endowment Funds	276,445	37,734	10,486	68)	324,598

	General	Designated	Restricted	Endowment	Total	Reference
	£'000	£'000	£'000	£'000	£'000
Parsonage additions		735		(735)
Parsonage Reservetransferfrom Designated to Endowment Fund		14,333)		14,333
Transferof budgeted items in the
General Fund from various	1,222	( 1,222)
designatedfunds
Clergy Pension Deficit Repayment	(581)	581				IV
Distribution of proceeds from the sale of Christ Church Hayes		(672)	672
Nettransfers (to)/from designated funds at year-end	(336)	336
Nettransfers (to)/from restricted fundsatyear-end	70		70)
Nettransfers (to)/from endowment fundsatyear-end		50	56	106)		VIII
	375	14,525)	658	13,492
		Note 13a	Note 13b	Wote 13c

	2022	2021
	Total	Total
	£'000	£'000
14a. Reconciliation of operating {deficit] to operating cash
flows
Operating (deficit)	(2,062)	(1,705)
Depreciation release	106	46
(lncrease)/decrease in debtors	(2,380)	8,284
(Decrease)/increase in creditors	071)	1,791
Non-cash movement in pension liability	387	330
Investment and rental Jncome	(11,800)	(9,210)
	(16,720)	(464)
	2022	2021
	Total	Total
14b. Gross cash flows	£'000	£'000
Cashflows from investing activities
Dividends and Interest received	2,583	1,735
Rental Income	9,217	7,476
Sale ofproperty	17,013	3,610
Purchase ofproperty	(21,413)	(15,233)
Other fixed asset purchases	(22)	(58)
Sale ofinvestments	196	496
Purchase of investments	(7)	(156)
	7,567	3,870

	At31			At31
	January	Cash		December
	2022	flows	Other	2022
Funds	£'000	£'000	£'000	£'000
Cash at bank and in hand	21,480	(9,153)		12,327
Value linked loans due afteroneyear	(8,943)		(451)	(9,394)
	12,537	(9,153)	(451)	2,933

alculations by a multiple, as set out in the Scheme	's rules.
%of pensionable stipends	January 2018 to	January 2021to
	December 2020	December 2022
Deficit repaircontributions	11.9%	7.1%

hetable below.
	2022	2021
	£'000	£'000
Balance sheet liability at 1 January	968	1,941
Deficit contribution paid	(581)	(979)
Interest cost (recognised in SOFA)		3
Remaining charge to the balance sheet liability*	(387)	3
Balance sheet liability at 31 December		968
^comprises change in agreed deficit recovery ptan and change in discount; rate between yearends.

	December 2022	December2021	December
			2020
Discount rate	n/a	0.0% pa	0.2% pa
Price inflation	n/a	n/a	3.1% pa
Increase to total pensionable payroll	n/a	-1.5% pa	1.6% pa

StatementofFinancialActivities-	forthey	earto 31December2021	earto 31December2021
		Unrestrkted Funds		Restricted	Endowment	Total	Total
		General	Designated	Funds	Puiids	2021	2020
		£ni	£111	£m	£m	£m	£m
Income andendowments from	Notes
Donations, legacies 6-grants
Common Fund		iie				21.6	22.6
Parish reimburseinents forclergycosts		4,1				4.1	4.2
Donations andlegacies		a.s	0.1	0.8		1.5	1.3
Church CommLssioners				5.6		5.6	5.1
CityChurch Fund		4.7				4.7	2.1
Charitable activities
Operationalpropertyrenlal incomc		3.1		0.1		3.2	2.9
Parochial fees		0.4				0.4	0.3
InvestmentIncome
Dividends and interestreceivable	1 1a	1.5		0.2		1.7	1.5
Investmentpropertyrentals	11b	4.3				4.3	3.9
Otherincome			0.1	0.6		0.7	0.7
Totalincome		40.3	0.2	7.3		47.8	44.4
Expenditure on
Raisingfunds
Investmentmanagementcosts
Rental portfolio costs-agent fees		0.4				0.4	0.4
Investmentpropertyrepairsand niainlenance		0.6	0.1	1.0	0.1	1.8	1.9
Charitableactivities
Ministry		25.1	0.4	5.5		31.0	29.4
Education and outreach						0.8	0.7
Parish and Areasupportservices			0.1	0.3		2.2	1.9
Clergyhousingand property costs		7.3	0.2	0.4		7.9	7.6
NationalChurch		3.0				3.0	3.1
Grants to parishes and overseas	6	0.3	0.8	0.8		1.9	1.6
Otherexpenditure			0.4	0.1		0.5	0.6
Totalexpendtture	5	39.3	2.0	8.1	0.1	49.5	47.2
Netincome/(expenditure)beforeinvestment gains		1.0	(1.8)	(0.8)	(0.1)	(1.7)	(2.8)
Realisedgains on tangiblc fixed assets			2.0	0.9	5.9	8.8	16.7
Netgains/(losscs) oninvestments	8	2.7	1.1	1.1	1.6	6.5	(0.5)
Netincomingresources fortheyear		3.7	1.3	1.2	7.4	13.6	13.4
Transfersbetweenfunds	13d	(0.7)	0.6	(0.1)	0.2
Otherrecognised(losses)/gains
Pension deficitmovement			0.6			0.6	(0.1)
Unrealised (Iosses)/gains on tangiblc	7as;7b		7.2	1.2	6.2	14.6	1.1
fixed assets
Net movement in fundsfor theyear		3.0	9.7	2.3	13.8	28.;	14.4
Reconciliationoffunds:
Funds at 1 January2021		5.1	160.9	27.7	293.5	487.2	472.8
Fundsat31 December2021		8.1	170.6	30.0	307.3	516.0	487.2

Balance Sheet- asat 31 December2021	Balance Sheet- asat 31 December2021				Companynuniber:	Companynuniber:	150856
		Unrestrkted Funds		Restricted	Endowinent	Total	Total
		General	Designated	Funds	Funds	2021	2020
		fcm	£m	£m	£m	£m	£in
	Notes
FLiedAssets
Operationalproperty	7»		80.1	2.2	245.9	328.2	323.7
Investmentproperty	7b		80.5	11.2	34.6	126.3	104.2
Non-propertyinvestments		20.3	8.5	8.8	13.8	51.4	45.1
Fbitures and flttings		0.2				0.2	0.2
		20.5	169.1	22.2	294.3	506.1	473.2
Current Assets
Debtors	lOa	2.6	2.0	0.2		4.8	13.2
Cash atbank		(10.4)	10.7	8.2	13.0	21.5	18.0
		(7.8)	12.7	8.4	13.0	26.3	31.2
Creditors
Amounts fallingduewilhin one
year	12	(4.6)	(1.3)	(0.6)		(6.5)	(5.7)
NetCurrentAssets		(12.4)	11.4	7.8	13.0	19.8	25.5
Total assetslesscurrent liabilities			180.5	30.0	307.3	525.9	498.7
Creditors-amounts fallingdue
afteroneyear
Pension scheme liabilitles	15		(1.0)			(1.0)	(2.6)
Othercreditors	12		(8.9)			(8.9)	(8.9)
NetAssets			170.6	30.0	307.3	516.0	487.2
Funds
General						8.1	5.1
Designated	13a		170.6			170.6	160.9
Restricted	13b			30.0		30.0	27.7
Endowment	13c				307.3	307.3	293.5
TotalFunds			170.6	30.0	307.3	516.0	487.2

c). Governance Costs and the allocation ofSupport C	osts between Charitable	Activities
	2021	2020
	£'COO	£'000
Support costs (ailocated below)
Salary and employment costs	2,370	2,076
Office costs	419	519
Governance costs	594	367
	3,383	2,962
Resources Expended	Before
	allocation of
	support costs	Support	Total
		costs	2021
	£'000	£'000	£'000
Raisingfunds
Investment managementcosts
Rental portfolio costs - agents fees	401		401
[nvestment property repairs and maintenance	1,620	76	1,696
Fundraising
	2,021	76	2,097
Charitable activities
Ministry	29,797	1,096	30,893
Education and outreach	499	272	771
Parish and area support services	1,076	1,109	2,185
Clergy housing and property costs	7,149	734	7,883
National Church	3,037		3,037
Grants to parishes and overseas	1,804	98	1,900
Other expenditure	583		583
	45,966	3,383	49,349

(d). Grantsto Parishes and Overseas
Funding source:	General	Designated	Restricted	Endowment	Total
	funds	funds	funds	funds	2021
Grants to Parishesfrom:	£'000	£'000	£'000	£'000	£'000
Core funds	204	70	41		315
Area pastoral funds		313			313
Bishop of London's Mission Fund		110			110
Funds held for parish benefit		259	646		905
	204	752	687		1,643
Oi/erseos;
Angola and Mozambique (ALMA) and			162		162
Lent projects
Grant administration allocation	95				96
	299	752	849		1,901

17. Prior year comparatives (continued) (e). Debtors
	General	Designated	Restricted	Endowment	Total
	funds	funds	funds	funds	2021
	£'000	£'000	£'000	£'000	£'000
Contributions to the Common Fund
Rent receivable	588		116		704
Prepayments and accrued income	112	79	117		308
	700	79	233		1,012
Loans to Parishes
Diocesan Bishop's Council awarded		843			843
Area Council awarded		688			688
		1,531			1,531
Loans to individuals		346			346
Other debtors	1,927				1,927
	2,627	1,956	233		4,816

(f). Dividendsand Interest Receivable
	General	Designated	Restricted	Endowment	Total
	funds	funds	funds	funds	2021
	£'000	£'000	£'000	£'000	£'000
Dividends	1.462	19	267		1,748
Cash and deposit interest	2	5	3		10
Loan interest	13				13
	1,477	24	270		1,771
(g). Investment Property Rentals
	General	Designated	Restricted	Endowment	Total
	funds	funds	funds	funds	2021
	£'000	£'000	£'000	£'000	£'000
Investment property rentals	4,309		10		4,319
(h). Creditors
	Generat	Designated	Restricted	Endowment	Total
	funds	funds	funds	funds	2021
	£'000	£'000	£'000	£'000	£'000
Amountsfalling due within one year:
Parish Loans Payable		575			575
Grants Payable		686			686
Other Creditors	160	22	454	(I)	635
Accruals and deferred income	4,478		107		4,585
	4,638	1,283	561	(1)	6,481
Amounts falling due after one year;
Church Commissioners Value
Linked Loans		8,943			8,943

7. Prioryearcomparatives i). Designated funds	(continued)
Designated Funds	At 1	Income*	Expenditure	Unrealised	Transfers	At31
	January			Gains/(Losses)		December
	2021					2021
	£'000	£'000	£'000	£'000	£'000	£'000
CapitaiVision2020	421	15	(355)			Sl
Richard Chartres Fund for	19	56	(70)			5
London
Capital StrategyFund	1,420		(303)	1,045		2,162
LDF Property Fund Parsonage Reserve	1'10,574 12,940	354 1,622	(76)w	7,154	(201)	148,006 14,333
Inspection and	1,147					1,147
Maintenance Funds
Designated Trusts	789	30	(259)	74		634
Mission Opportunity	500		(76)			424
Bishop of London's Mission	266	52	(110)			2B8
Fund
ClergyTraining and Support	374	6	(43)			337
Area Pastoral Funds	1,647	11	(313)		380	1,725
Area BankAccounts	132	41	(80)			93
Diocesan Loan Capital	2,154					2,154
Strategic Development	500		(216)		7	291
Reserve
Clergy Pension Deficit	(1,941)			(6)	979	(968)
Reserve
LayChurchWorkers	(23)			609	(586)
Pension Fund Deficit
Reserve
Total Designated Funds	160,919	2,187	(1,929)	8,876	579	170,632

Designated Funds	Fixed Asset	Fixed Asset	Investments	CurrentAssets	Creditors	Creditors	Net Assets	Net Assets
	Tangible
		£•000	£'000	£'000	£'000			£'000
Capita[Vision2020				81				81
Richard Chartres Fund for				5				5
London
Capital Strategy Fund			7,947	(5,785)				2,162
LDF PropertyFund		80,471		(6,620)				73,851
Parsonage Reserve				14,333				14,333
Inspection and				1,147				1,147
Maintenance Funds
Designated Trusts			584	50				634
Mission Opportunity				424				424
Bishop of London's Mission				537	(329)			208
Fund
ClergyTrainingand				337				337
Support
Area Pastoral Funds				2,280	(555)			1,725
Area BankAccounts				93				93
Diocesan Loan Capital				2,531	(377)			2,154
Strategic Development				291				291
Reserve
Clergy Pension Deficit					(968)			(968)
Reserve
LayChurchWorkers
Pension Fund Deficit
Reserve
Total Designated Funds		160,533	8,531	12,762	(11,194)			170,632
(j). Restricted Funds Restricted Funds		Atl	Income *	Expenditure	Unrealised	Transfers		At31
		January		Cains/(Losses)				December
		2021						2021
		£'000	£'000	£'000	£'000		£'000	£'000
SoleTrust Expendable Funds (inc.	ALMA)	7,605	691	(847)	S4S		(115)	8,279
Closed Church Buildings Fund		19,087	1468	-1352	1407		(590)	20,020
Area Church Building Fund		590					590	1,180
Strategic Development funds		101	2,764	(2,775)					90
Projects restricted fund		297	3,099	(2,864)			(7)		525
Bishops' secretaries fund			138	(264)				(126)
Total Restricted Funds		27,680	8,160	(8,102)	2,352		(122)	29,968

Restricted Funds	Fixed	Investments	Current	Creditors	Net Assets
	Asset		Assets
	Tangible
	£'000	£'000	£'000	£'000	£'000
Sole Trust Expendable Funds (inc, ALMA)		7,467	812		8,279
Closed Church Buildings Fund	13,424	O	3,540	o	16,964
Area Church Building Fund			1,180		1,180
Strategic Development funds			90		90
Projects restricted fund			525		525
Bishops' secretariesfund			(126)		(126)
Total Restricted Funds	13,424	8,802	8,302	(560)	29,968

k). Endowment Funds
	Atl	Income*	Expenditure		Unrealised		Transfers		At31
	January				Gains/(Losses)				December
	2021								2021
	£'000	£'000		£'000		£'000		£'000	£'000
Expendable Endowment
Glebe Operational Property
Fund	70,342	5,770		(57)		7,114			83,169
Parsonage House Capital	217,661							201	217,862
Permanent Endowment
Sole Trust Permanent	5,486					753			6,239
Endowment
Total Endowment Funds	293,489	5,770		(57)		7,887		201	307,270
	Fixed Asset	Investments		Current		Creditors		Net Assets
	Tangible				Assets
	£'000		£'000		£'000		£'000		£'000
Expendable Endowment
GlebeOperational Property Fund	62620		7524		13,025				83,169
Parsonage House Capital	217,862								217,862
Permanent Endowment
SoleTrust Permanent			6,239						6,239
Endowment
Total Endowment Funds	280,482	13,763			13,025				307,270

Contents	Page
Report ofthe Custodian Trustee	63
Non-Statutory Financial Statements	M
Notesto the Custodian Trusts Financial Statements	65
Independent Auditors' Reporttothe Custodian Trustee ofthe Funds	68

	Permanent	Restricted	Restricted	Total	Total
	Endowment	Capital	Unexpended	2022	2021
	Fund	Fund	Income
	£m	£m	£m	£m	£m
Income and endowmentsfrom:
Investment income			0.1	0.1	0.1
Income direct to beneficiaries			0.4	0.4	0.4
Total income			0.5	0.5	0.5
Expenditureon:
Income paid to beneficiaries			(0.4)	(0.4)	(0.4)
Objects ofthe trusts	(0.9)	(0.1)	(0.1)	(1.1)	(0.7)
Total expenditure	(09)^	(0.1)	(0.5)	(1.5)	_(l,l)
Net (expenditure) before investment gains	(0.9)	(0.1)		(1.0)	(0.6)
Net (losses}/gains on investment assets	(1.5)	(0.2)		(1.7)	2.1
Net (resources expended)/incoming resources	(2.4)	(0.3)		(2.7)	1.5
for the year
Transfers between funds
Additional new resources					0.1
Net movement in funds for the year	(2.4)	(0.3)		(2.7)	l.6
Reconclliation offunds;
Funds at1January 2022	17.1	2.7	0.9	20.7	19.1
Funds at 31 December 2022	M.7	2.4	0.9	18.0	20.7
Custodian Trusts Balance Sheet- as at 31 December 2022
		Total		Total
	Note5	2022		2021
Assets		£m			£m
Fixed Asset Investments	2	17.1		ig.s
Current Asset Investments	3	0.9			0.9
Net Assets		18.0		20.7
Funds
Permanent Endowment		14.7		17.1
Restricted -Capital		2.4			2.7
Restricted- Unexpended Income		0.9			0.9
		18.0		20.7

					OtherAsset/
	1				Liability	31
	January			Unrealised	Movements	December
	2022	Additions	Disposals	Gains/(Losses)	andTransfers	2022
	£'000	£'000	£'000	£'000	£'000	£'000
M&G Charifund	4,078		(468)	(246)		3,364
Investments held by
CCLA:
CBF Fixed Interest	18			(2)		16
CBF Investment Fund	10,743			(1,265)		9,478
CBF Property Fund	131			(15)		116
CBF Deposit Fund	2,158		(380)			1,778
Other Assets/(Liabilities)
	17,128		(848)	(1,528)		14,752
Fixed Asset Investments	represented by Expendable		Capital
M&G Charifund	249			(14)		235
Investments held by
CCLA:
CBF Fixed Interest	157			(21)		136
CBF Investment Fund	1,613		(11)	(189)		1,413
CBF Deposit Fund	654		(90)			564
	2,673		(101)	(224)		2,348
Total Fixed Assets	19,801		(949)	^1,752)		17,100

					OtherAsset/
	1				Liability	31
	January			Unrealised	Movements	December
	2022	Additions	Disposals	Gains/(Losses)	and Transfers	2022
	£'000	£'000	£'000	£'000	£'000	£'000
Investments held by
CCLA:
CBF Investment Fund	277	4		(33)		248
CBFDepositFund	621	130	(125)		(2)	624
	898	134	(125)	(33)		872

					OtherAsset/
	1				Liability	31
	January			Unrealised	Movements	December
	2022	Additions	Dlsposals	Gains/fLosses)	and Transfers	2022
	£'000	£'000	£'000	£'000	£'000	£'000
Investments held by
CCLA:
CBF Investment Fund	2					2
CBFDepositFund	26	14	(14)			28
	28	14	(14)			30
OtherAssets/(Liabilities)
Total CurrentAssets	928	148	(139)	(33)		904
TOTAL	20,729	148	(1,088)	(1,785)		18,004