2022-12-31-accounts

		~	A strong governance framework will be embedded, meeting
			the required standards for charities with a connected
Cl			non-charitable subsidiary; continuing to comply with the revised Charity Governance Code; operating within risk appetite; being appropriately advised by knowledgeable
			and competent advisers, and assessing the adequacy ofthe
			rate ofreturn received from the subsidiary.
Providing	solid	~	The Trust will continue to have strong overslqht of Its
foundations			subsidiary and will support its continued development as
			a surcessful financial services group.
		~	Impact practice will be embedded in all of our grants
			proqrammes, prowding a framework by which the success
			of individual grants programmes can be judged and
			outcomes can be utilised to inForm the Trusts strategic
			planning, including the development ofnew and adapted
			open and recurrent qrants programmes that respond to
			changing beneficiary needs.
		~	Impact measurement and analysis will be used to
			continually improve the Trust's beneficiary offer and to
Enabling	greater		evidence the Trust's own impact to key stakeholders.
impact		~	The Trust will take a leading role in sharing its learning un impar. t practir. e with other Christian funders and its
			beneficiaries, with the aim of enabling and celebrating
			the Chnstian charitable sector's increasinqlq positive and
			transformative impact on communities.
			The Trust will play an increasinqly prominent role in
			Christian Networks. A joint grants programme and/or
			campaign will be explored with one or more Christian
			funders that will enhance the Christian sector's reputation
			for responding tothe needs of its beneficiaries and havinq
			a transformative impact on communities.
			New and deeper connections will be formed that generate
			an increasing percentage and enhanced quality of
Building Strategic Partnerships			applications from denominations outside the Church of Fngland and from rharities. The Trust will grow an ambassadorial network and increase
			awareness ofthe I rust's purpose and mission to the wider
			Christian sector.

		The Trust will be the 'go to' for both funding support and
		advice for Christian charities and churches, offering a suite
		ofguidance and tools for beneficiaries in a range offormats
		that help equip them to meet changing needs and build
		resilience in both their organisation and their community.
		Gaps in beneficiary skills, kiiowledge and provision will
		be identified through needs analysis surveys and a sector
		mapping exercise, and the Trust will look to develop its own
		expertise in the areas identified.
Adding	Value	Outreach to selected partners will inform planning, exploring the potential for joint resource development
		and campaigns where both partners can add expertise and
		value through networks, media, influencers, etc.
		The Trust's deepening expertise will be shared through its
		own and partner channels and events.
		The operating model ofthe Trust, inrluding its technological
		needs, will be efficient and effective but also resilient and
		robust to respond to the challenge ofchange.
		Be increasingly IT self-sufficient, whilst balani. ing the
		economic, resource, risk and data protection benefits of
		using shared group resource, to maintain the Trust's agility
		particularly in relation to digital services.
Investing	in our	Future sustainability will be considered in fulfillinq the Trust's plans, including the impact on the environment and
Future		climate change.
		The Trust's staff and trustees will also be better equipped
		and more confident to act as spokespeople and/or
		ambassadors for the Trust.
		Significantly enhance its reputation as a champion ofthe
		Christian charitable sector.
		Opportunities ansing from the repositioning under a co-
		shared brand name with the Group, Benefact Trust and
		Benefact Group, will be rnaximised to increase awareness
		and extend rearli and engagement, while protecting
		reputation and ensunng compliance with charity law and
		regulations.
Growing		As part ofdevelopment ofthe Trust's next strategic chapter
reputation		plan in 2023, consideration will include giving focus to forming the Trust's Thought Leadership position in the
		Christian charitable sector.

Strategic	Goal		Strategic initiatives
			Strenr2then the Trusty operational resilience
			and develop a realistic resilience plan which is
			tested.
			Undertake a review ofour advisers.
Providing	solid
foundations
			Undertake an informed and oblective review of
			the adequacy ofthe return received/targeted
			from the Group when weighed against the risk.
			Impact framework Establish and implement
			an impact approach for the Trust in line with
			the new grants programmes.
Enabling	greater		Grants review implementation - implement
impact		Oo	the new grants prograrnmes as outlined in the grants review.
			Build existing relationships with key Christian
			sector stakeholders to deepen insight of the
			needs and opportunities to inform the Trust's
			strategic planning.
			Grow denominational network to help grow
			awareness of the Trust's grant-giving and
			increase the charity's presence to enable
Building Strategic			greater denominational reach.
Partnerships
			Explore joint campaigns with Christian
		F5	funders. Engage with key sector bodies and 'think tanks' to Identify trends, challenges and opportunities

K~	K~		Deepen and share expertise. Extend the effect of our resources across all our marketing channels
GRR			and including more thought leadership and expert opinion.
Adding	Value
			Continue to build capacity and expertise of
			trustees and staff and support and develop
			a flexible workforce in a post Covid-19
			environment.
Investing	in our		Grants management system upgrade.
Future		Oogo	Reviewing and identifying the most appropriate grants system to support the Trust's changing needs.
		0	Maxlmise the new Benefact Trust brand to raise the Trust's profile and to extend reach
			and engagement with beneficiaries and
			audience.
Growing			Establish an ambassador network lo raise lhe
reputation			profile of Benefact Trust by extending reach.

Our objectives for 2022	What we achieved
Strengthen the Trust's risk	A Working Committee was established to consider the
management through	development ofa risk management policy and a defined risk
the adoption ofa risk	appetite. The draft risk management policy and risk appetite
management policy and a	was considered by the Audit 8 Risk Committee at its meeting
defined risk appetite.	in November and was approved by the Board in December.
Undertake an informed	Due lo Lhe volatility in Lhe Stock Markets in 2022, it was agreed
and objective review ofthe	to delay this initiative until 2023.
adequacy ofthe return
received/targeted from
Benefact c'roup when
weighed against the risk.
Undertake a review of	A Grants Review, undertaken by the Grants Committee,
the Trust's grant-making	was completed in 2022 and aqreed by the Board in Q3.
to ensure the charity's	Implementation of the Grants Review's recommendations
grant giving responds to	and changes to the Trust's qrants proqramme was made in
beneficiary need and is	early 2023.
aligned with strategy and
areas offunding focus.
Continue to embed impact	Impact isvery difhcult to measure, and it isrecognised that the
practice inLo Lhe TrusL's	grants system and application processes need to be upgraded
grants prograrnmes to	to generate more sophisticated reporting to help embed
assess their success and	impact practice into the Trust's grant making prograrnrnes.
inform strategic planning	Improvements were made to the reporting processes for
ofthe charity's grant giving.	Recurrent Grantsthis year and Impart surveys wei'P conducted
	durinq the year forthe Trust's main grant programmes.
Deepen understanding	Further connections and relationships were made and
ofthe sector and	developed with key denominational stakeholders in 2022.
increase connections	Active participation ofthe Christian Funders Forum has helped
and relationships with	our understanding ofchallenges and opportunities across the
key denominational	sec.lor.
stakeholders.

Grow denominational	Work in this area resulted in more grant applications being
network to help grow	received from a broader range ofdenominations durinq 2022
awareness ofthe Trust's	and the Trust aims to continue to broaden its reach.
grant giving and increase
the charity's presence
to enable greater
denominational reach.
Build existing relationships	Relationships with key Christian stakeholders, including
with key Christian sector	significant charities and other Christian funders, continued
stakeholders to deepen	to be nurtured and developed during 2022. Attending
Insight ofthe needs and	conferences and being able to meet with existing and potential
opportunities to inform the	beneficiaries once again has helped build the Trust's awareness
Trust's strategic planning.	ofthe most pressing needs and issues facing the voluntary
	and faith sectors. This resulted in a Crisis Response Grants
	programme to help Ukrainian refugees in Ukraine and in the UK
	and Ireland, a Cost of Living Grants programme to support the
	most vulnerable in our communities. The Trust also launched
	a Brighter Lives Grants Programme in response to the impact
	ofthe pandemicwhich caused a huge increase in the number
	ofpeople struggling with their mental health.
Engage with key sector	Engagement with a broad range of other funders and
bodies and 'think tanks' to	membership ofthe Christian Funders Forum and Association
identify trends, challenges	of Charitable Foundations has helped broaden the Trust's
and opportunities.	understanding of trends, challenges, and opportunities.
	Attendances at key faith and voluntary sector conferences
	and meetinqs has also contributed tothe Trust's unde rstandinq
	ofsector specific issues.
Align the Trust and Group	In March 2022,tlie Trust repositioned under a co-shared brand
under a new co-brand.	name with the Group it owns —Benefact Trust and Benefact
	Group. The rebrand had been planned for a number ofyears
	and was a significant project for the Trust and the Group.
	The rebrand was launched successfully and received positive
	feedback from many stakeholders.
Establish an ambassador	The Trust will consider how to effectively build an ambassadorial
network to raise the profile	network to raise the Trust's profile in 2023.
of Benefact Trust.

Implement and embed the	The Trust's ambition is to become a value added funder and
Rpsolil'cp Nppcls Strategy	In 2022 developed new resources for its existing and potential as'Benefits
to position the Trust as a	beneficiarie. Articles, advice, and support on areas ofinterest
value adding funder and lay	such oCommunity Businesses in Places ofWorship'
the foundation for further	and 'Church and Community Working Together'have been well
thought leadership activity.	received. Further development will take place in 2023. The
	Trust will broaden itsoffe by introducing further guidance and
	tools for beneficiaries that will help them to meet changing
	needs and build resilience in both their organisation and their
	community.
Continue to build capacity	An Interim Trust Director was appointed at the start of 2022
and expertise ul trustees	and a permanent Trust Director joined the Trust on 2nd May
and staff and su p port	2023. A new trustee from a legal and regulatory background
and develup a flexible	was recruited during the year. The Board stayed abreast of
workforce in a post Covid-19	key developments which impacted on its subsidiaries. Away
environment.	Day sessions were held at both trustee and management level
	during the year. New ways ofworking were established in 2021
	and continued in 2022to reflect the post Covid-19 environment.
Review the Trust's	A full review ofthe technology and software systems used by
technology and software	the Trust took place in 2021,with a particular focus on a high-
systems to ensure systems	level evaluation of alternative grants management systems.
are efficient and meet	During the year, a new Head of Grants was appointed, and
requirements and build	the trustees agreed to delay the implementation ofthe new
staff skills to ensure	version ofthe grants management system to enable the new
maximum benefit is	Trust Director and Head of Grants to assess the needs ofthe
derived from system use.	Trust with the benefit oftheir experience.
Maximise the new Benefact	The new Benefact Trust brand has been very well received and
trust brand to raise the	the Trust further aims to grow its awareness and reach among
Trust's profile and to extend	key stakeholder audiences in 2023.Over the next year the Trust
reach and engagement with	will continue to raise brand profile and reach by evolwng the
beneficiaries and audience.	marketing approach. Raising the profile ofthe Trust will be a
	major focus ofthe next Strategic Chapter 2024 2026.
Evolve the new Report and	Following the re-design ofthe 2021 Report ItAccounts reflecting
Accounts to reflect the new	the new Benefact Trust brand, further work was undertaken
Benefact Trust brand with	in 1022 to demonstrate the Irust's evolved grant-giving
a modern and professional	work under the new brand. In addition, work commenced on
design as well as the Trust's	developing an Impact Report for 2023.
impactful grant-giving.

Grant						KPI
Programme		KPI		Target	Result	met?
Hope	%	nf beneficiaries reporting that		At least	97%of	Yes
Beyond'	at	least one ofthe following		80%of	respondents
	programme outcomes has been			respondents
	achieved:
	~	delivering new suppvrl. vr
		activities to meet needs arising
		from the Coronavirus pandemic
	~	adopted new ways ofworking
		to meet needs arising from	the
		Coronavirus pandemic
Methodist	~	%ofbeneficiaries reporting	that	At least	87%of	Yes
		at least one ofthe following		80%of	respondents
		programme outcomes has	been	respondents
		achieved:
	~	a significant increase in commu-
		nity enqagcmcnt
	~	a significant improvement	in
		art essibility nf their building(s)
	~	a significant increase in church
		growth
General		%ofbeneficiaries reporting	that	At least	93%of	Yes
Grants		at least one ofthe following		80%nf	respondents
		programme outcomes has	been	respondents
		achieved as a result oftheir
		grant:
		Enabled rhurrh growth
		Helped address social
		challenges
		Enabled continued use or wider
		iommunity use ofrhurrh
		facilities
		Protected or promoted hentage
Transform-	~	%nfapplications submitted		Ai least 60%	82%of	Yes
ational		by either Christian charities		of appli	applications
		or denominations outside of		cations	submitted
		t hurch ofEngland		submitted

Grant					KPI
Prograrnrne		KPI	Target	Result	met?
Transform	~	%of beneficiaries reporting that	At least	100%of	Yes
ational		at least one ofthe followinq	80%of	respondents
		programme outcomes has been	respondents
		achieved:
	~	Oryanisal. ional reach extended
		Lo agreater number ofpeople
		and/or over a wider geographical
		area
	~	Significant progress in realising
		organisational vision and/or
		strategic aims
	~	Organisational growth or
		step-change
	~	Benefit beyond the immediate
		organisation (e.g.for partner
		organisations orthe wider
		community)

ur total net	exp	endit	ure in the ye	ar was	f12.6m	(restated	2021:net in	come f20.2m	).
								Rc*otcd'
					2022			202I
			Unri stn«ted	En dow	men t		bnrestncted	Endowment
			funds		funds	Totalfunds	funds	funds	Total funds
			EOOO		EOOO	EOOO	EOOO	EOOO	EOOO
Total income			15/27		8,945	24472	24,847	3,810	28,657
Total expenditure			(24,172)		(356)	(24,528)	(20372)	(370)	(20,742)
Net O oases)/gains invesments	on			(12,198)		(12,198)		12,332	12032
Taxation					(112)	(112)		(82)	(82i
Net (expenditure)/income In the gear			(8,845)	(3,721)		(12,566)		15,690	20,165
Tldl life i lo el 1iluwirie funds		iI	(2,000)		2,000		(4,000)	4,000
Transfers to unrestricted funds			3,550	(3,550)			7,952	(7,952)
Net movement in	funds		(7395)	(5,271)		(12,566)	8,427	11,738	20,165

Target	2022	2021	2020
c 7.5%	5.9%	5.4%	4 3%

		UK		Non-UK	Non-UK		Total
	2021		2022	2021	2022	2021		2022
Scope 1			143		23	103		166
Scope 2 - Lo«ation based	383		584	97	92	480		676
Scope 2- Market based	68		82	97	92	165		174
Scope 3	172		734	22	217	194		951
Tota I'			959	125	332	462		1291

									Restated'
				Nntes		2022			2021
					Linrestricted	Endowment	Total	Unrestricted	Endowment	Total
					funds	funds	funds	funds	lunds	funds
					EOOD	EOOD	f000	f000	f000	E000
Income and endowments			from:
Donations					269		269	3,841		3,841
Investments
Gift oid from subsidiary
undcrtohing					15,000	5,000	20,000	11,000		21,000
Dividenrl ond Interest Income				4	58	3,945	4,003	6	3,810	3,816
Totalincome					15,327	8,945	24+72	24,847	3,810	28,657
Expenditure on:
Raising funds						(356)	(356)		(370)	(370)
Charitable activities
Charitable giving	—grants				(22,821)		(22,821)	(19,329)		(19,329)
Other expeodirure		on
choritoble onivities					(1,351)		(1,351)	(1,043)		(1,043)
Total expenditure					(24,172)	(356)	(24,528)	(20,372)	(370)	(20,742)
~el (lusses)&gains	on investmeins			12		(12,198)	(12,198)		12332	12,332
Taxation						(112)	(112)		(82)	(82)
Nei (expenditure)/income gear			in the		(8,845)	(3,721)	(12,566)	4,475	15,690	20,165
Transfers between		funds
Gross transfers to	the endowment
fund				16	(2,000)	2,000		(4,000)	4,000
Gross transters to	the unrestncted
f&irid				16	3,550	(3,550)		7,952	(7,952)
Net movement in	funds				(7,295)	(5271)	(12,566)	8,427	11,738	20,16i
Total funds brought		forward			20,958	115,827	136,785	12,531	104,089	116,620
Total funds carried		forward			13,663	110,556	124319	20,958	11 &,827	136781

							Restated
			Notes		2022		2021
				Unrestricted	Endowment	Total	Total
				funds	funds	funds	funds
				EOOO	EOOO	f000	EOOD
Fixed assets
Investments				50	109,615	109,665	109,952
Total fixed assets				50	109,615	109,665	109,952
Current assets
Debtors			13		309	317	409
Cash at bank and in	hand		14	19+46	679	20425	30,767
Total current assets				(9+54	988	20,542	31,176
Liabilities
Creditors: amounts	falling	due within one year	15	(3,747)		(3,794)	(3,078)
Net current assets				15,807		16,748	28,098
Total assets less current		liabilities		15,857	110,556	126,413	138,050
Creditors amounts	falling	due after one year	15	(2,194)		(2,194)	(1465)
Total net assets				13,663	(10556	(24+19	136,785
1he funds ofthe charity.
Unrestricted funds
General funds			16	11,681		11,681	14,612
Designated funds			16	1,982		1,982	6,346
				13,663		13,663	20,958
Restricted funds
Endowment funds			16		110,556	110,556	115,827
Total funds				13,663	110,556	)24+19	136,785

										Restated'
								Notes	2022	2021
									6000	(000
Net (expenditure)/income forthe reporting				period					(12,566)	20,165
Adjustments for:
Gift aid from subsidiary undertaking	received			in specie					(5,000)
Losses/(gains) on investments									12,198	(12,337)
Dividend and Interest income from investments									(4,003)	(5,816)
Decrease/(increase) in debtors									172	(174)
Increase in creditors									1,641	443
1axaLiun paid									112	82
Net cash (used in)/provided by operating		activities							(7,446)	4,368
Cash flows from investing activities:
Dividend and interest income from investments									3,823	3,798
Proceeds from the sale ofinvestments									10,713	20,718
purr hase ofinvestments									(17,624)	(13,175)
Net cash (used in)/provided by investing		a«tlvlties							(3,088)	11,341
Change in «ash and cash equivalents	in the			reporting		period			(10,534)	15,709
Analysis ofchanges in net debt
Cash and cash equivalents at the beginning			ofthe reporting				period		30,767	15,079
Change in cash and cash equivalents	in the reporting				period				(10,534)	15,709
Change in cash and cash equivalents	due to		exchange			rate movements			(8)	(21)
Cash and cash equivalents at the end ofthe				reporting		period		14	20325	30,767

		2022			2021
	Unrestricted	Endowment	Total	Unrestricted	Endowment	Total
	funds	funds	funds	funds	funds	funds
	EOOD	EOOD	EOOD	EODO	1000	EOOD
Income from financial assets at
fair value
Equity ser.urities
- listed		3,330	3,330		3,292	3?92
Debt securities
lisled		586	586		527	527
Income from frnan«ial assets at
amortised cost
-cash at bank and in hand and
cash deposits, net
ofexchange movements	58	29	87		ly)	(3)
	58	3,945	4,003	6	3,810	3,816

		Grants lo	Shared	Support.
		institutions	costs	COStS	Total
2022		1000	EOOD	EOOD	EOOD
National	projects	2,401	30	159	2,590
l.ngland		18/Ot		159	18,632
Ireland		1,153	32	159	I/44
Scotland			28	159	728
Wales		485	27	159	668
Other		40		159	210
		?2,821	397	954	24,172
2021
National	projects	2,592	23	105	2,720
England		14,698		105	15,047
Ireland		1,022	58	105	1,185
Scotland		402	35	105
Wales		575	31	105	711
Other		40	22	105	167
		19,329		630	20,372

										2022
										f000
National projects Baby Basics UK, Sheffield, South Yorkshire			'							92
QEST (Queen Elizabeth Scholarship	Trustj,		london
Rose Castle Foundation. Carlisle, Cumbna										200
Safe Spaces England and Wales, London										250
Sanctuary Foundation, london										162
Spurgeons, Rushden, Northamptonshire										260
Street Connect, Glasgow										150
The Ecumenical Council for Corporate Responsibility							(ECCRI, Krngton,	Herefordshrre		165
The ssethodist Church rn Great Bntarn,		London								150
Through the Roof, Morden, Surrey										150
vouthscape, Luton, Bedfordshire'										30
England
ACET UK, 1 hester, Cheshire										120
Ashbourne Methodist Church, Ashbourne,			Derbyshlre							100
Babg Basics UK, Sheffietd, South Yorkshire										50
Brltfsh Red Cross, London										150
Church ofthe Holg Famllg, Oxford,	Oxfordshire									130
Church Revitallsatlon Trust, London										140
Chart. h Urban Fund, London										280
Depoul intemoliunal, London										150
Depoul LK, Lundun										100
Giange Meliiudist Chun. lx Grange	uver-Sorxls,				Cumbno					100
Innervatiun Trust Ltd, Tewkesbury,	Glour.eslerstiire									160
LifeLine Church. Dagenham, Essex										171
Linking Uves UK, Earley, Berksirire										145
Methodist Connexion, London										1,450
Nafferton Metlrodist Ctiurcir, NolTerton,		Norlii			Humberside					100
NAYBA, Bagshot, Surrey										210
Newquay Ilethodist Church, Newquay,		Cornway								150
Premier Christian 'vledia Trust, London										375
Ouakers in Britain (Britain Yearlg Meeting			of	The Religious Society of				Friends), London		200
Restored, Teddington, lliddlesex										120
Sanctuary Foundation, London '										20
Sanctuary Mental Health Society (DBA		Sanctuary				Mental Health Ministriesj,			London	150
Shefffield Cathedral										159
Sportily, Gloucester, Cloucesters hire										100
Tewkesbury Methodist Church, Tewkesbury,				Gloucestershire						120
The Branch Trust, Chippinq Norton,	Oxfordshire									100
The Diocese of Bath and Wells										121
The Diocese of Birmingham										192
The Diocese of Blackburn										165
The Diocese of Bristol										139
Subtotal carried onlo page 63										5,667

							2022
							EODO
England (continued)
Subtotal from page 62							5,667
The Diocese	ofCanterbury						129
The Diocese	ofChelmsford						295
The Diocese	ofChester						172
The Diocese	ofChichester						174
Tire Diocese	ofCoventry						118
The Diocese	ofDerby						136
The Diocese	ofDurham						179
The Diocese	of Ely						103
The Diocese	ofExeter						147
The Diocese	ofGuildford						110
The Diocese	of Leeds						268
The Diocese	ofLeicester						136
The Diocese	of Lichfield
The Diocese	of Lincoln						141
The Diocese	of Liverpool						188
The Diocese	of London
The Diocese	ofManchester						235
The Diocese	of Newcastle						121
The Diocese	of Norwich						127
The Diocese	ofOxford						219
The Diocese	of Peterborough						121
The Diocese	of Portsmouth						112
The Diocese	of Rochester						146
The Diocese	ofSalisbury						119
The Diocese	ofSheffield						166
Tlie Diocese	ofSouthwark						258
The Diocese	ot Southwey	and Nottingham					147
The Diocese	ofSt Albans						188
The Diocese	ofTruro
The Diocese	ofWinchester						138
The Diocese	ofWorcester
The Diocese	ofYork						168
The Family Works, Owlerton,			South Yorkshire				250
The Good Faith Foundation,			Ascot, Berkshire				100
The Liverpnnl	Diocesan Bnard of Finance, Uverpool, Merseyside						202
The Salvation	Army, London						150
The Trussea Trust, saysbury,			Wiltshire				100
Windsor Leadership, Windsor							150
Yorkshire North and East Methodist					District, Acomb,	North Yorkshire	102
Youth Ministry in Communion				(St Andrew' s, Fulhaml,		Fulham, London	100
Youthscape,	Luton, Bedfordshire						375
							12,575

									2022
									f000
Ireland
Ilelping	I lands Community		Outreach project, portadoivn,				County	Armarlh	122
Tile Representative		Body ofthe church			of Ireland				179
Trustees ofthe Methodist			Church	in Ireland, Belfast					100
									401
Wales
The Representative		Body ofthe C.hurch			in Wales				182
									192
Total material grants									14,911
Total oi grants that are not			individually		material	in aggregate:
National	projects
I=nqland									5,626
Ireland									752
Scotland
Wales									303
OlIier									70
									7,970
Total grants									22,921

													2021
													EOOD
National projects
A Rnrha UK, Brentford, london													150
British Youth for Christ, Halesowen,						West	Midlands
Churcii Urban Fund, London													750
Feeding Britain, Westminster,				London									150
Growing Hope, Landon													258
Kicx, tiiCnmOnd, Surrey
Parish Niirsing Ministries		LIK, Peterborough,						Cambridgeshire					125
The National	Society (operating				as	the Church of Lngland			Education		Office), Westminster,	London
The Prince's	Foundation, London												300
													2,558
England
Bolton YMCA, Bolton, Greater				Manchester									100
Exeter Cathedral													117
Greyfriars Church, Reading,			Berkshire
Lighthouse	London Church		(Holy		Trinity		Swiss Cottage),		Camden,	London			100
Methodist Connexion, London													1380
One YMCA,	Wafford, Hertfordshire												136
Salisbury Diorese Board ofEducation, Salisbury, Wiltshire													200
St Paul's Cathedral													225
The Diocese	ofBath and Wells												126
The Diocese	ofBirmingham												178
The Diocese	ofBlackburn
The Diocese	ofBristal												118
The Diocese	ofCanterbury												127
The Diocese	ofChelmsford												286
The Diocese	ofChester												169
The Diocese	ofChichester
The Diocese	ofCoventry
The Diocese	ofDerby												137
The Diocese	ofDurham
The Diocese	of Ely												103
The Diocese	ofExeter												158
The Diocese	ofGuildford												107
The Diocese	ofLeeds												285
The Diocese	ofLeicester
The Diocese	of Lichfield
The Diocese	ofLincoln												147
The Diocese	of Liverpool												180
The Diocese	ofLondon												385
The Diocese	ofManchester												231
The Diocese	ofNewcastle												121
The Diocese	of Norwich												140
The Diocese	ofOxford												232
The Diocese	ofPeterborougii												120
Subtotal carried onto page		66											6,919

							2021
							FOOD
England (continued)
Subtotal from page 65							6,919
Ihe Diocese of	portsmouth						102
The Diocese of	Rochester
The Dlnrese nf	Sall shunt						130
The Diocese of	Sheffield						160
The Diocese of	Southwark						258
The Diocese of	Southwell		and Nottingham				145
The Dioce e of	St Albans						178
The Diocese of	Sl Ednmndsbui9			arid Ipswich			103
I he Diocese of	Truro						102
The Diocese of	Winchester						135
The Dkxese of	Worcester						117
The Diocese of	York
Truro Methodist	Church,	Truro,		Comwall			180
							8,850
Ireland
The Big Ikiuse Oreland),		Limavady, County Londonderry					170
							170
Wales
Tive Representative Sudy			oFl lie	Churcii	irr 'VVales		182
							182
Total material grants							11,760
Total ofgrants that are not			individually		material	in aggregate:
~ational proiects
England							5,848
Ireland							852
Scotland							402
VVales							393
Oilwr							40
							7469
total grants							19,\29

				National
				proiects	England	Ireland	Basis		ofagocatlon
2022				EOOO	EOOO	EOOO
Shared costs				30		32	Number ofgrants
Support costs'
Governance	costs			65	65	65	Equal		allocation
Finance						6	Equal		allocation
Information	technology			10	10	10	Equal		allocation
Buildings				10	10	10	Equal		allocation
Corporate						9	Equal		allocation
Other				59	59	59	Equal		allocation
				159	159	159
Other expenditure		on charitable	activities	189	437	191
				Scotland	Wales	Other	Basis		ofallocation
2022				EOOO	EOOO	f000
Shared costs				28		11	number ofgrants
Support costs.
Governance	costs			65	65	65	Equal		allocation
Finance						6	Equal		allocation
lnformalion	leclinology			10	10	10	Equa	I	allocation
Buildings				10	10	10	Equal		allocation
Corporate							Equal		allocation
Other				59	59	59	Equal		allocation
				159	159	159
Other expenditure		on charitable	activities	187	183	170

				National
				pi'oil.cts	England	Ireland	Basis ofallo«ation
2021				f000	EOOO	EOOO
Shared costs				23		58	lime spent
Support costs.
governance	costs			19	19	19	Equal allocation
Flnanr. e				12	12	12	Equal allocatiun
Informatlonte«hnologg						11	Equal allur. ation
Buildings				14	14	14	Equal allocation
Corporate						n	Equal allocation
Other				38		38	Equal allocation
				105	105	105
Other expenditure		on chantable	activities	128	349	163
				Scotland	Wales	Other	Basis ofallocation
2021				EOOO	EOOO	1000
Shared costs				35	31	22	Time spent
Support costs.
Cxovemance	costs			19	19	19	Equal allocation
Finance				12	12	12	Euual 48ocation
information	technolng9					11	Equal allocation
8ul irl lngs					14	14	Equal all ocat lan
1 orporate						11	Fquai aflnratinn
Other						38	Equal allocation
				105	105	105
Other expcndilure		uri chantahle	aclivilies		136	127

		2022	2021
		EOOD	EOOD
)cages and salaries		620	413
Social security costs
Pension costs - defined contrihution	plans		33
			400

							Restated'
				2022			2021
			Unrestricted	Endowment	Tote I	Unrestricted	Enduwment	Total
			funds	funds	funds	funds	funds	funds
			f000	f000	EOOD	EOOO	EOOO	(000
I1nanciel	assets at	fair value
Egulty seciirltles
fisted				100,099	100,099		100,726	I00,726
Debt securities
- listed				9@(6	9416		o,rrf	9,176
Total investments		at fair value		109,615	109,615		roa,go?	iog,oo?
Financial	assets at	historic cost
investment	in subsidiary		50		50	50		50
Total Investments		at historic cost	50		50			50
Tutal investments			50	109,615	109,665	50	109,902	109,O52

						Unrestricted	Unrestricted	Endowment	Endowment	Total
							funds		funds	funds
2022					At	historic cost		At	fair value
							Eood		Eooo	Eood
At I )anuary							50		109,902	109,952
inft aid from subsidiary		undertamng	received	in spede					5,000	5,000
Additions	at cost								17,624	17,624
Sale pioceeds									(10,713)	(I0,713)
Fair value	losses								(12,198)	(12,198)
At 31December							50		109,615	109,665
							Restated'
					Unrestricted			Endowment		Total
					luiids				funds	funds
2021					At historic	At	amartlsed		At fair
					Cos't		r.osl		value
					EOOO		EOOO		EOOO	EOOO
At 1 lanuary					50		2,00li		103,113	10),163
Adclitloris	at cost						1,016		12,159	13175
Sale proceeds							(3,016)		(17,702)	(20,718)
Fair value	gains								I?,33?	12,332
At 3I December					50				109,902	109,952

				2022			2021
			Unrestricted	Endowment	Total	Unrestricted	Endowment	Tnt aI
			funds	funds	funds	funds	funds	funds
			EOOO	f000	EOOO	EOOO	EOOO	EOOO
Otherdebtors						172		172
Prepayments	and	accrued
income				309	314		237	237
				309	317		237	409

Ca	sh at bank and	in hand
			2022			2021
		Unrestricted	Endowment	Total	Unrestricted	Endowment	Total
		funds	funds	funds	funds	funds	funds
		f000	f000	f000	EOOO	f000	EOOO
Short	term deposits	19sdto	679	19,959	20,658	5,690	26,348
Cash	at bank and in hand	266		266	4,419		4,419
		19,546	679	20425	25,077	5,690	30,767

			2022			2021
		Unrestricted	Endowment	Total	Unrestncted	Endowment	Total
		funds	funds	funds	funds	funds	funds
		EOOO	f000	EOOO	EOOO	EOOO	EOOO
Amounts	falling due within
one year.
Accruals	for grants payable	3,608		3,608	2,972		2,972
Amounts	due to related parties
Other creditors		133	47	180	103		105
		3,747	47	3,794	3,076	2	3,078
Amounts	falling due after one
year
Accruals	for grants payable	2,194		2,194	1/65		1265
		2,194		2,194	1465		t?65

				Unrestricted	funds
				General	Designated	Endowment
				funds	funds	funds	Tota I
				EOOO	EOOD	EOOO	EOOD
Fund balance at 1)anuary 2022				14,612	6,346	115,827	136,785
Income				15,313	14	8,945	24272
Expenditure				(2($50)	(2,622)	(356I	(24528)
Taxa Linn						(112)	(112)
Fair value losses on investments						(12,198)	(12,198)
Gross transfers	to endowment		funds		(2,000)	2,000
Gross transfers	to unrestricted		funds	3/17	233	~50)
Gross transfers	to designated	funds		(11)
Fund balance at 31December			2022	11,681	1,982	110,556	124219
I und balance at I lanuarq 2021			lrestated)'	5,585	6,946	104,089	116,620
Income				21,343	3$04	3,810	28,657
Expenditure				(18,136)	(2236)	(370)	(20,742)
Taxation						(82)	(82)
Fair value gains on investments						12+32	12,332
Gross transfers	to endowment		funds	(2,000)	(2,000)	4,000
Gross transfers	to unrestricted		funds	7,828	124	(7,952)
Gross transfers	to designated	funds		(8)
Fund balance at 31December		2021(restated)		14,612	6,346	115,827	I36,785

			2022	2021
			f000	EOOO
Gift aid received			20,000	21,000
Expenses	recharged		768
Investment	management	fees paid	182	221
Amounts	due to related	parties

		As reported	Restatement	As restated	As reported	As restated
		Unrestricted		Unrestricted	Endowment	Total
2021		ftatds		funds	funds	funds
		f000	f000	EOOO	EOOO	EOOO
Total income		24,847		24,8r7	3,810	28,657
Total expenditure		(20,372)		(20,372)	(370)	(20,742)
Net gains on investments		68,445	(68,445)		12332	12,3 2
Taxation					(82)	(82)
Net (expenditure)/Income	In the year	72,920	(68,445)		15,690	20,165

				Llnrestncted	Endowment	Restatement	As n'srrteci
					funds		Total
							funds
				2021	2021		2021
				I.UUU	tUUO	Eorm	Ennn
Fixed assets
Investmertls				521517,	109,902	(521,464)	109.952
Total fixed assets				521.514	109,902	f521,464)	109,952
Total current assets				25249			31,176
Creditors: amounts			falling due within one gear	(3,076)	(2)		(3.078)
i(et current	assets			22,173	5,925		28,098
Total assets	less	current liabilities		573,687	115,827	(521,464)	138,050
Creditors. amounts			falling duc after onc year	((265)			(1265)
Total net assets					115,827	(521,464)	136,785
The funds ofthe		r herilg:
Unrestricted	funds
Genera( funds				(4,612			14,612
Designated	funds			6346			6346
Revaluatron	reserve			521,464		(52(,464)
				542422		(521,464)	20958
Restricted funds
Endowment	funds				11,827		115,827
Totalfunds				542,422	115,827	(521,464)	136,785

										Restored
					Notes		2022			2021
						Unrestricted	Endowment	Total	Unrestn«ted	Endowment	Total
						funds	funds	funds	funds	funds	funds
						EOOD	(000	f000	(000	(000	COOO
Income from:
Donations									3,500		3,500
Gift aid from	subsidiary
undertal ing							5,000	5,000
Other trading	activities
Income arising from trodi ng
actrvrties					21	428,487		428,487	385,342		385342
Investments
Dividend, interest		and rental
income					22	33,409	3,945	37,354	33,065	3,810	36,875
Total Income						461,896	8,945	470,841	r,21907	3,810	425,717
Expenditure	on:
Raising funds							(356)	(356)		(370)	(370)
Charitable activnies
Gronts						(22,821)		(22,821)	(19529)		(19,329)
Other expenditure			an charitable
activities						(1,081)		(1,081)	(702)		(702)
Odier
Charitable donations paid				by
trading subsidiaries						(2,730)		(2,730)	(2548)		(2,548)
Expenditure	eris inq fiom tradinq
activities						(424,678)		(424,678)	(404217)		(404217)
Total expenditure						(451,310)	(356)	(451,666)	(426,796)	(370)	(427,166)
Net (losses)/gains		on investments			23	(50,379)	(12,198)	(62,577)	71,915	12,332	84247
Gain on dispmal		uf	suLsidiary		29	34,944		34,944
Taxation					24	4,957	(112)	I,845	(15,r 82)	(82)	(I5,564)
						108	(3,721)	(3,613)	51,544	15,690	67234
Net income/(expenditure)				In the
year
o.arising from the			charity			(23,845)	(3,721)	(27,566)	(16,526)	15,690	(836)
b.o rising from Irodrng activities					25	23,953		23,953	68,070		68,070
						108	(3,721)	(3,613)	51,544	15,690	67234

							Restated'
		Notes		2022			2021
			Unrestricted	Endowment	Total	Unrestricted	Endowment	Total
			fUncls	Iuiicls	funds	funds	fti i»el 5	funds
			5000	1000	EOOO	EOOO	(000	EOOO
Transfer between	funds
Gross transfers to	endowment
funds		42	(2,000)	2,000		(4,000)	4,000
Gross transfers ro	unrestricted
fund»		42	3,550	(3,550)		7,952	(7,952)
Other recognised	(lasses)/gains
Actuarial (losses)/gains an
retirement benefits		41	(6,876)		(6,876)			41260
Other gains/llossesl
Currency tronslotion differences		43	5,410		5,410	(2,357)		(2357)
(Lossesl/gain»on	net investment
hedges		43	(4,514)		(4+14)	1,912		1+12
Tax attrlbutabfe ta nther
recognised (losses)/gains		24	2,545		2,545	(8,551)		(8551)
Minonty interests			(8,782)		(8;782)	(8,782)		(8,782)
Net movement in minority Interests	funds excluding		(I0559)	(5,271)	(15,830)	78,978	11,738	90,716
Total funds brought forward		42	545,022	115,827	660,849	466,044	104,089	570,133
Total funds carried forward			534,463	110,556	645,019	545,022	115,827	660,549

								Restated'
						~otes	2022	2021
							Total	Tata I
							funds	funds
							EOOO	f000
Fixed assets
Intangible assets						30	32,316	33,627
Tangible assets						31	14,764	14,613
Investment property						32	140,846	163,55s
Investments						33	(,559,574	1229,029
Investment in associate						35	12,611	12,148
Total fixed assets							1.760.051	1.452,772
Current assets
Debtors						36	575.586	488,305
Cash at bank and in	hand					37	166,096	174,779
Total current assets							741,682	663,084
Uabllities
Creditors: amounts	falling		due within		one year	38	(170,062)	(146,467)
Net current assets							571,620	516,617
Total assets less current			liabilities				2,331,671	1,969,389
Creditors amounts	falling		due after one year			38	(3,544)	(2,477)
Provisions for liabilities						39	((565,853)	(1,197,336)
Subordinated liabilities						40	(252)18)	(24,433)
Net assets excluding		retirement		benefit obligations			736,456	745,143
Net pension asset						41	75338	24,579
Other retirement benefit			obligations			41	(4,960)	(7,058)
Total net assets including			retirement		benebt obligations		746,834	762,664
The funds ofthe charity:
Unrestricted funds
Gcnera I funds						42	11,681	14,612
Designated funds						42	1,982	6,346
Revaluation reserve						42		268
Non charitable trading		reserves				42	50(316	506,256
Translation and hedging			reserve			43	19262	17,540
							534,463	54S,O22
Restricted funds
Endowment funds						42	110,556	115,827
Total funds (excluding		minority		interests)			64S,019	660,849
Minonty interests							101,815	101,815
Total funds							746,834	762,664

									Restated'
							Notes	2022	2021
								f000	EOOO
Net (expenditure)/income for the reporting			period					0,6U)
Ad)ustments fnr:
Depreciation ofproperty, plant and equipment								3,483
Gain on disposal ofpropeny, plant and equipment								(28)	(41)
Amortisation and impairment ofintangible		assets						5,907	3,783
Loss on disposal ofintangible assets									4,765
Share ofprofit ofassociate								(1,463)	(2 27/ )
Tax (income)/expense								(I,845)	15,564
Profit on disposal ofgroup undertaking								(34,944)
Lusses/(gains) ori fin~ncial investrrien(s ancf		Investment			pmperly			I10,175	(69,783)
Dividend and Intr resl income from Investments								(27,889)	(27,395)
Finance costs								1,705	1,444
increase in debtors								(82,'I59)	(64,186)
Increase in creditors								26,511	8,533
Increase in provisions								340,415	97,559
Ad/ustment for pension Funding								265	1,151
Increase/(dccrcasc) in rctircment bcncfit obiiqation arne								2	(115)
Proceeds from the sale ofinvestment property				by trading		subsidiaries		IBOO
Proceeds from the sale oFfinancial investments				bg trading		subsidiaries		\8\2)46	175,794
Purchase ofFinancial investments by trading			subsidiaries					(506,944)	(217,021)
Dividends received by trading subsidiaries								8,757	8,676
Interest received bg trading subsidiaries								17,785	15,340
Tax paid by trading subsidianec								(6,616)	(3,515)
Net cash provided by operating activities								29,650	18,939
Cash flows from investing activities:
Pu retie sea ofproperty, p lani and equi	nl							(3,752)	13,845)
Procewls from the sale ofprupeny, plaiil and			equipment					40	559
Purchases orintangible assets								(4,179)	13,942)
Purchase otinvestments								(17,624)	(13,175)
Proceeds trom the sale ofinvestments								10,713	20,718
Acquisition ofbusiness, net ofcash acquired									(5258)
Acquisition oFsubsidiary, nct oFcash acquired								(1,417)
Disposal ofsubsidiary, net ofcash disposed								36+55
Divlderxl and intere~t income from pareril	charity investments							3,823	3,798
Loan issued to associate undertaking								(55,345)
Repagment nf loan by assnciate underraklng								686
Net cash used in investing activities								(30,700)	(1,145)

									Restated'
							Notes	2022	2021
								EOOD	EOOO
Cash flows from financing activities:
Interest	paid by tradmg subsidiaries							(1,705)	(1,444)
Payment	offinance lease liabilities							(172)	(217)
Proceeds	from other hnrrowings								25,014
Dividends paid to non-controlling interests			ofsubsidiaries					(8,782)	(8,782)
Net cash (used in)/provided by financing			activities					(10,659)	14,571
Change	in cash and cash equwalents	in the reporting			period			(11,709)	32,365
Analysis	ofchangea in net debt
Cash and cash equivalents at the beginning			ofthe reporting			period		174,779	144,675
Change	in cash and cash equivalents	in the	reporting	period				(11,709)	32,365
Change	in cash and cash equivalents	due to exchange			rate movements			3,026	(2,261)
Cash and cash equivalents atthe end ofthe reporting					period		37	166,096	174,779

							2022	2021
							EOOO	(000
United Kingdom and	ireland						407,583	354,763
Australia							99,698	93,365
Canada							108,762	91,610
							616,043	539,738
kecnnrili*r inn nf turnover		to income		from trading		subsidiaries
1umover							616,043	539,738
Outward reinsurance	premium						(238,069)	(198,601)
Net change ln provision for			unearned	premium			(16,505)	(14,620)
Other Fee and commission			income not included		in	turnover	65454	56651
Share ofprofit ofassociate							1,464	2274
incnmr ansing frnm	trading		activities				428,487	385,342

											2022	2021
											EOOD	EOOD
General insurance		business									558,544	486220
Life insurance business											63	(2)
Investment managemenl											16r(31	14,878
Broklng and advisory											41,005	38,642
											616,043	539,738
An analysis of hte		insurance		business		gross written		premiums is set out below:
											2022	2021
											EOOD	E GOO
Single premiums											56	(8)
Regular premiums												6
											63	(2)
Results oftrading		subsidiaries			engaged		in insurance	business
												Restated'
									2022			2021
								Ecclesiastical	Ansvar
								Insurance	Insurance	Ecclesiastical
								Office pic	Limited	Life Limited	Tota I	Total
								EOOD	EOOO	EOOO	EOOD	EOOD
profit and loss account
Turnover								461,592	99,699		561498	499343
Dividend and interest			income					30,044	3,043	3,670	36,757	32,627
Otherincome								(122,866)	(48,754)		(171,620)	(I by,b95)
Totalincome								368,770	53,988	3,677	426,435	362,175
Net incurred claims								(123,410)	(21,433)	(4+31)	(149,174)	(145,811)
Charitable donations								(2,546)	(141)		(2,687)	(2,422)
Other expenditure								(193,124)	(32,674)	(670)	(226FI68)	(204,965)
Total expenditure								(319,080)	(54448)	(5,001)	(378,329)	(353,198)
Net (losses)/gains	on investments							(28,326)	801	(2814)	(29,839)	75,428
laxation								6458	(345)	1,158	7,071	(14,537)
Gift aid paid to parent			charity					(20,000)			(20,000)	(21,000)
Other comprehensive changes in equity			(expense)/income				and	(15,880)	1,503		(14+77)	19,459
(Loss)/profit retained and transferred						to	reserves	(8258)	1,699	(2,480)	(9,039)	68,327
Balance sheet
Total assets								7821,668	324,423	167,188	1,913,279	1,823,121
Equity								544,769	5T,696	53,766	656231	659,190
Liabilities								876,899	266,727	113,422	1457,048	1,163,931
Total equitg and liabilities								1,421,668	324,423	167,188	1,913479	1,823,121

					2022			2021
			Ecclesiastical	EdenTree	5EI8
			Planning	Investment	Insurance	Lytatts
			Services	htanagement	Brokers	Holdings
			Limited	Umlted	limited'	Limited	Total	Turn I
			&000	f000	EOOO	EOOO	EOOD	EOOO
Profit and loss account
Iu i fiovs I'			5,879	9,349	12+10	25,602	53,340	58,211
Dividend and intermt		income	13	(22)	832	127		1,056
Total income			5,892	9,327	13,342	25,729
Chantablc donations				&2)	&25)	(&7)	(44)	(127)
Otlrer expendiluie			(6408)	(12432)	(10,924)	(22,616)	(52280)	i57,103)
total expenditure			(BMB)	(12/34)	(10,9rg)	(22,633)	&52824)	&57430)
Taxation					(1,054)	(719)	(1,094)	(509)
Ottrer corriprehensive
(expense)hncomc	and	chanqcs
in equity					(4,500)	2,471	(2,029)	(170)
(Loss)&profit retained transferred to reserves		and	&542)	&2+02)	(3,161)		(1,157)	1,358
Balance sheet
Tola I asset~			592vt60	Ir,040		30WT	636,647	327,117
Equity			5,082	3,947		14,634	23,663	33,075
Liabilities			587,178	10,093		15.713	612,984	294,042
Total equity and	liabilities		592r)60	14,040		30,347	636,647	327,117

			2022			2021
		Unrestricted	Endowment	Total	Unrestricted	Endowment	Tota I
		funds	funds	funds	fundc	fundc	fun dc
		f000	f000	f000	EOOO	EOOO	f000
Income from financial assets at
fair value through profit or loss
Equity securities
I I st ed		6,472	3/330	9,802	b,t)12	3492	9,304
-unlisted		874		874	2,003		2,003
Delvi securifies
government	bonds	323		323	488		488
listed		10,749	586	11,335	11,635	527	12,162
Income from financial assets at
amortised cost
a.cash at bank	and in hand
and cash deposits net of
exchange qains and losses		~09	29	2/38	576	(9)	567
b.other income received		3,763		3,763	3,272		3,272
Otherincome
c.rentalincome		9,019		9,019	9,079		9,079
		33,409	3,945	37/54	33,065	3,810	36,875

Net (losses	)/gains on	investment	s
						Restated'
			2022			2021
		Unrestricted	Endowment	Total	Unrestricted	Endowment	Tata	I
		funds	funds	funds	funds	funds	Funds
		EOOO	EOOO	EOOO	EOOO	1'000	EOOO
Net (losses)/gains	on investments	(76,768)	(12,198)	(88,966)	37/16	12,332	49,548
Net (losses)/gains	on investment
praperty		(21+09)		(21,209)	20235		20,235
Impact ofdiscount	rate change
an Insurance contract liabilities		47498		47,598	14,464
		(50~9)	(12,198)	(62,577)	71,915	12,332	84247

Tax (credited)/cha	rg	ed to net income/(ex	penditure) forthe year
					Restated'
				2022	7021
				EOOD	EOOO
Current tax on	net income/(expenditure)		forthe year
UK corporation	tax			1/27	8,468
Double tax relief				2251	1,457
				3,678	9,925
Fnreign lax				(16)
Adjustments in	respect oi prior years
UK corporation		tax		(315)	536
Foreign tax				16	930
				(299)	1A66
Total current tax				3/63	11,416
Deferred tax
Origination and	reversal oftiminq differences			(11,098)	(r,168)
Effect ofchange		in tax rate an opemng	liability		9,203
Adjustment m respect of prior years				2,890	(887)
Total deferred tax				(8308)	r,148
Total tax on net		income/(expenditure)	forthe year	(4,845)	15,564

				Restated'
			2022	2021
			5000	EOOD
'let (expenditure)/income before		tax	(B,r 58)	82,798
lax calculated at the UK standard		rate oftax of19%(2021 19'7)	(1,607)	15,732
Facturs a/fee iirry (crau'ill/charge for the year.
Expenses not deductible fortax	purposes		(2,715)	(533)
Nun taxable income			(5,314)	(3,015)
Lonq-term insurance and other tax paid at non-UK rates			2,404	470
Tax paid at non standard UK rates			2,999	t3221)
Double tax relief			(2,251)	( 1,457)
impact ofdifferential between current and deferred tax rate			(952)	822
Utilisation oftax losses for which		no deferred tax asset has been recognised		(451)
Deferred tax asset for tax losses	not previously recoqnised			(2,565)
Impact nf redur linn m deferred	tax ratr			9203
Adjustments to tax (credit)/charge		in respect ot prior periods	2,591	579
1otal tax (credit)/expense			(4,845)	15,5( II

					2022	2021
					EOOD	EOOO
Current tax (credited)/charged		on:
I air value movements	on hedge	derivativec			(341)	313
Deferred tax (credited)/charged		on:
Fair value movements	on owner-occupied		property			18
Actuarial movements	on retirement benefit plane				(1,719)	B,s50
lair value movements	on hedge	derivatives			(485)	(130)
Total tax (credited)/charged to		other recognised		(losses)/gains	(2,545)	8,551

Net income/(ex	p	enditure	) in th	e gear
					2022		2021
					Unrestricted	Endowment	Unrestricted	Endowment
					funds	funds	funds	funds
Net in«orna/(expenditure)		for the year	has been arrived at after		EOOD	EOOO	EOOD	EOOO
charging/(crediting)
Net foreign exchange losses/(gains)					1,383	(6)	(592)	19
Depreciation oftangible	fixed assets				3,483		3,426
Amortisation ofgoodwill					1,093		1,676
Amortisatiun uf irdangible		assets					2,107
Operating lease rentals					5,817		6,193
Fair value losses/(ga inc)	on	investments	decignated	at fair value
through profit and loss					76,768	12,198	(37,216)	(12,332)
Fair value losses/(gains)	on	investment	property		21+09		(20,238)

Auditol's	remun	eration
				2022	2021
				EOOD	EOOD
Fees paga b le to	the charity's auditor for the audit ofthe charity's annua		Iaccounts		31
Fees payable to	the charity's auditor and its associates for other services:
- The audit ofthe	charity's	subsidiaries		tpt2	1,187
Total audit fees				1362	1218
- Audit rein led assurance		services		332	291
- Other assurance	services			87
Total non audit fees				419	291
Total auditofs remuneration				1,781	1,509

				2022	2011
				No.	No
United	rtlngdom	and	Ireland	1,411	1,358
Australia				137	110
Canada				79
				1,627	1,546

			2022	2021
			5000	f000
Wages and salaries			TOBvt95	97,848
Social secunty costs			10,625	9,433
Pension costs - defined	contribution	plans	8,358	7,451
Pension costs defined	benefit plans		872	1,982
Other post-employment	benefits		132	83
			128~2	116,798
Capftafised staff costs			(502)	i1,446)
			127,980	1i5,352

				2022	2021
				EOOO	EOOO
Chris Moulder				78	75
Sir Stephen Lamport				71	59
Total emoluments paid to trustees subsidiary undertakings	In their capamty	as non-executIve	drrectors of	149

			2022	2021
			EOOD	EOOO
Consideration received or receivable			45,197
Carrying	amount	of net assets sold	(10,253)
Gain on	disposal	before and aRer tax

	2022	2021
	EOOO	EOOD
Goodwill and other intangibles	1,809
Propertg, plant and equIpment	370
Other assets	7,496
Cash and cash equivalents	8,842
Total assets	18,517
ProvIsions forother liabilities	(51)
Current tax liabilities	(1,010)
Deferred income	(362)
Other liabilities	(6,841)
Total liabilities	(8+64)
Net assets	(0/53

				Other
			Computer	intangible
		Goodwill	software	assets	Total
		EOOO	EOOO	EOOD	f000
Cost
At I lanuary 2022		51,980	46,13'7	192)50	H7,967
Additions		2,120	4,179		6v)99
Disposals		(22,600)		(5,789)	(28,389)
I=xchange	movements			10	264
At 31December 2022		31,500	50,570	14,071	96,141
Accumulated amortisatlon
At I )a n us	ry 2022	48,733	18,673	16,934	84,340
Provided	in the year	1,093	3,353	1,461	5,907
Disposal&		(21,303)		(5n77)	(26,580)
Exchange	movements		151	7	158
At 31December 2022		28,523	22,177	13,125	63,825
Net book	value
At 31December 2021		3,247	27,464	2,916	33,627
At 31December 2022			28393		32/16

Tangible assets
	Land and	Computer	Motor
	buildings	equipment	vehicles	equipment	Total
	EOOD	EOOD	EOOD	EOOD	EOOD
Cost orvaluation
At llanuary 2022	1,465	9,988		16,782	29,960
Additions		3,135	374	573	4,082
Disposals		(654)	(624)	(tp(2)	(2,490)
Exchange movements		57		150	207
At 31December 2022	1,465	12,526	tx(75	16/93	31,759
Accumulated depreciation
At I lanuary 2022		7.631	700	7,016	15,347
Charge for the year		1,943	198	1,342	3r483
Disposals		(473)	(390)	(1,075)	(1,938)
Exchange movements				59	103
At 31December 2022		9,145	508	7,3I,2	16,995
Net book value
At 31December 2021	1,465	2357	1,025	9,766	14,613
At 31December 2022	1,465	3~1		8,951	14,764

investment propert(I
	2022	2021
	6000	(000
Fair value at Ilanuani	763835	142,142
Transfers from tangible assets		o73
Dlspose la	(1,300)
Fair value Ilossesi/gains	(27409)	20238
Fair value at 31December	140,846	163356

					2022	2021
					6000	EOOO
Financial assets at		fair value through	profit or loss
Equity securities
listed					368,879	382,408
unlisted					99,870	80,144
Deist 'spl ill'itips
government bonds					206394	204,072
listed					262,842	322,470
-unlisted						34
Structured	notes				56,137	14,649
investment	contract assets				485+t3	199,181
Derivative	financial	instruments:
- forwards
options					100
					1,479,435	1403vty4
Financial assets at		fair value through	other recognised	gains/(losses)
Denvative	financial	instruments:
forwards					655	414
					655	414
Financial assets at		amortlsed cost
Otherloans					79,424	25,321
					79,424	25,321
Totalinvestments					1+59,514	1&9,029

										Endowment
						Unrestricted		funds			Total funds
						At fair	value
					At fair value	through	other			At fair value
					through	recognised			At amortised	through
					profit orloss	(losses)/gains			coal	profit or loss
					EOOD		EOOO		EOOD	EOOO	EOOD
2022
Fair value	at	1 lanuary			1,093,391			414	25,322	109,902	1429,029
Additions	at	cost			506,946				55344	17,624	579,914
Gift aid trom		subsidiarg	to Endowment	fund	(5,000)					5,000
Disposal	proceeds				(159,333)			4,134		(10,713)	(165,912)
Iair value	losses				(51,8'70)		(3893)			(12,198)	(67,961)
Redemption		and repayments			(27,036)				((442)		(28278)
Exchange	gains				12,722						12,722
Fair value	at	31December			(3692)20			655	79,424	109,615	1,559,514
2021
Fair value	at	1)anuary			1,020,637			401	17,728	103,113	1,141,879
Additions	at	cost			206,337				11,700	12,159	230,196
Disposal	proceed~				(156,047)			(655)	(3,016)	(17,702)	(177,420)
Fair value	gains				44,827					)2+32	57,827
Redemptions		and repayments			(17,350)				(1,090)		(18,440)
Exchange	losses				l5,013)						15,013)
Fair value	at	31December			1,093,391			414	25,322	109,902	1229,029

				2022			2021
			Contract/			Contract/
			notional	Fair value	Fair value	notional	Fair value	Fair value
			amount	asset	liability	amount"	asset	liability
			f000	EOOO	EOOO	EOOO	EOOO	EOOO
Non-hedge derivatives
Equity/Index contracts
Options			100	100				296
Foreign	exchonge contracts
Forwardslfuro)			93,712		2,475	99,369		35
I-ledge derivatives
Fore/gn	exchange controcts
I-orwards	(Australian	dollar)	55,742		759	40,512	145
Forwards	(Canadian	dollar)	48,442	655		37,609	269
			197,996	755	3234	212,185	750	331

			Share ofnet
			assets	Goodwill	Tola I
			EOOD	EOOD	f000
Atl)anuary 2021			623	5,073	S,ege
ACqulred	In the year			4,528	5257
Share of	net incornej(erpeialiture)	for tlie period	2374		2,274
Dividends	received		(1,079)		(1,079)
At 31December 2021			2,57 7	9,601	12,148
Share ul	nel incomef (expenditure)	forthe period	1,463		1,463
Dividends	received		(1,000)		(1,000i
At 31December 2022			3,010	9,601	12,611

		2022	2021
		EOOD	E000
Benefact Trust group ofcompanies	40K share of:
Revenue		11,602	10,049
Assets		48311	2r, 815
Liab iI it ies		(45,301)	(22/68)
Share of net assets		3,010	2,547

					Restated
				2022	2021
				EOOO	f000
(a) Amounts	falling	due within one year
Trade debtors				163,734	141,327
Otherdebtors				19,922	20,382
Amounts due	from	related parties		1,790
Reinsurers' share of		technical	provisions	206,339	167398
Acciued reiil	arid irileresl			4,436	4,166
Deferred acquisition		costs		52526	46,027
Current tax recoverable				4,412	525
Other prepayments		and accrued income		8,486	8,550
				461,645	388,375
(b) Amounts	falling	due after	one year
Trade debtors				2,147	2,140
Otherdebtors					68
Reinsurers' share of		technical	provisions	100,623	86,038
Deferred tax	assets			8,689	9,605
Other prepayments		and accrued income		2,405	2,079
				113,941	99,930
Total debtors				575,586	488,305

Ca	sh at ba	nk and	in hand
				2022			2021
			Dnrestrlcted	Endowment		Linrestricted	Endowment
			funds	funds	Total	funds	funds	Tata I
			f000	EOOD	f000	EOOO	f000	f000
Short	term deposits		67,939	679	68,618	58,712	5,690	6I,402
Cash	at bank and	in hand	97,478		97,478	110,377		110,377
			165,417	679	166,096	169,089	5,690	174,779

ash calls from reinsurer Creditors	s, and (13380000(2026EI60780001ofrestricted	cash held on an agency basis.
		2022	2(121
		EOOD	EOO0
(a)Amounts falling due within one year
Trade creditors		54,073	38,103
Othor creditors		36,559	39,673
Derivative liabilities		3434	331
Amounts due to related parties
Corporation ta»			1,236
Acciuals and deferred	inrume	75,754	67.100
		170,062	146,467
(b) Amounts falling due after one gear
Otht r crediiors		1+50	1212
Accrual s and defe rred	income	2,194	1,265
			2,477

				Restated'
			2022	2021
			6000	6000
Provisions	for liabiliues		4,883	5,678
Deferred tax liabilities			38,803	50,358
Tcrhnical	provisions		925,395	865,160
Life business technical		provisions	502	19/ 34
Investment	contract habilities		596cl70	256,706
			1865,853	1,197,336

		Regulatory
		and legal	Other
		provisions	provisions	Tote I
		6000	EOOD	6000
At I l an ua ry	2022	2,619	3,059	5,678
Additional provisions		1,783	247	2,030
Used durinq	qear	i1,825)	(I)	(1,826)
Not utilised		(157)	(796)	(953)
Disposal of	business		(52)	(52)
Cxchange differences			6	6
At 31December 2022		2,420	2,'63	4,883
Current		2,420	1,766	4,186
Non current			697	697

											Restated'
										2022	2021
										(000	EOOO
At 1)anuaru										40,753	28,231
Credited to net income/(expenditure)										(Bw08)	(5,055)
Charged to net income/(expenditurel		- resulting			fiom		reduction	in tax	rate		9,203
(Credited)/charged to ellier recugr iised ga iris/(losses						l				(2wn04)	10,137
Credited to other recognised gains/(losses)			-	resulting			from reduction		in tax rate		(1,899)
Transfer on acquisition/ disposal of		subsidiani								61
Exchange differences										(288)	136
At 31December										30,114	40,753
											Rcstotril'
										2022	2021
										EOOD	EOOO
Deferred tax assets in«luded in	debtors									8,689	9,bu5
Deferred tax liabilities included	in provisions			for	liabilities					(382)03)	(50,s58)
het provision for deferred tax										(30,114)	140,753)
Deferrerl tax Is provided acfollows
Unreallsed investment gams										(37,065)	(45,5/l)
Retirement benefit obligations										(2,600)	(4,386)
Depreciation in excess ofcapital ayowances										(563)	715
Other tfmmg difference										10,114	8489
Nel provisiun foi deferred tax										(30,114)	(40,7 3)

				2022	2021
				EDOO	(000
Invest	ment	contract	liabilities	59IA270	256,706
				596470	256,706

						2022	2021
						FOOD	E000
6.	144'll,	LUR	30m	subordinated	debt	25,818	24,433
						25,818	24,433

							2022	202I
							5000	F000
The amounts	recognised	in	the balance	sheet are determined	as follows:
Presen( value	offunded	o bi	igni ior 6				(238,191)	(393,689)
Fair value of	plan assets						311736	435,736
							73,045	42,077
Restrlitions	on asset recognised						(57,707)	(17,468)
Net asset in	the balance	sheet					15/38	24,579
The following	Is the analysis		ofthe net	pen sir n axxetf(de flut)	(ur fin are ial repoi ling	purposes
Net pension	asset						15,338	28,304
Net pension	liability							(5,725)
							15338	24,579

									2022	2021
									EOOD	EOOO
The amounts recognised in the consolidated				statement		offinancial		activities are as follows:
Current service cost									573	853
Administration cost									768	918
Interestincome on plan assets									(8,150)	(5+02)
Interest expense on scheme liabilities									7,349	5,413
Effect ofinterest on asset ceiling									332
Total, included in expenditure arising		from		trading	activities				872	1,982
The amounts recognised in actuarial		gains/(losses)			on	retirr	mr nt benefits are as follows.
Return on plan assets, excluding	interest		income						(119,180)	35,136
Experience losses on liabilities									(12,025)	(1,021)
Gains from changes in demographic		assumptions							?,993	3,913
Gains from changes in fiinanrial	assumptions								159.143	21343
Change in asset restriction									(39,907)	(17,J68)
									(8,976)	ri1,903

The	movements in	the fair	the fair	value of	plan	assets and the present value ofthe defined	benefit obligations	over the year are as	follows.
								2022	2021
								EOOD	EOOD
	Plan assets
	At I Ianuary							435,736	rl06,605
	Interest income							8,150	5,202
	Return on plan	assets,		excluding	interest income			(119,180)	35,136
	Pension benefits paid and payablc							(13,966)	(11,977)
	Cunlribulions paid							607	831
	Employee contributions							3	29
	Administrative	expenses						(114)	(90)
	At 31December							377336	435,736
	Defined benefit obligation
	At I lanuary							393,689	422,778
	Current service	cost							853
	Administration	cost						654
				financial
	Interest cost							7/49	5,413
	Pension benefits paid and payable							(13,966)	(11,977)
	Emploiyee contributions							3	2rl
	Experience losses on		liabilities					12,025	1,021
	Gains from changes		fn	demographic		assumptions		(2,993)	(3,913)
	Gains from changes		in		assumption			(159,143)	(21,343)
	At 31December							238,191	393,689
	Asset ceiling
	At I Ianuary							17,468
	Effect oFinterest on		thc asset ceiling					332
	Change in asset	ceiling						39,907	17,468
	At 31December							57,707	17,468

								2022	2021
								ts
Discount rate									1.90
Inflation (RPII								3.30	3.40
inflation (CPII								2.79	2.98
Future salary increases								4.09	4 42
Future increase	in pensions		in	defei ment				387	3.55
Future average pension		increases			(RPli			3.05	3.19
Future average pensiun		incmases			(CPII			2.10	2.20
Mortality rate								2022	2021
The average file	expectant		y irl	years ofa pensioner		retinng	at age 65,al Lite bafaixe slice( dale, isas
follows:
Male								22.8	227
Female								24.1	24.0
The average life	expectancy		In	gears ofa pensioner		retiring	at age 65,20 gears after rhr' balance
sheet date, is as	foyows.
Male								23.5	25.5
Female								25.3	25.2
Plan assets are as followsi								2022	2021
								EOOD	1000
Cash and other'								37468	41,185
Equity instruments
UK quoted								47,651	84,626
(IK unqunred									34
Overseas quoted								45,773	95361
								93,424	180,021
Liability driven investments			- unquoted					46,988	60,482
Debt instruments
UK public sector quoted			fixed		interest				227
LiK non-public	secror	quoted		- fixed interesr				69,651	78,780
UK quoted index linked								2fv'I4(	24,806
								90,892	10',813
Derivative financiaf instruments					-unquoted			(588I	851
Property								71,984	47,663
cd her								1+68	1,719
								3(1+36	435,73b

											2022	2021
											f000	f000
Present value		ofunfunded		obligations		and net	obligations	in the	balance sheet		4,960	7,058
Movements	in the net obligations				recognised		in the balance sheet are asfollows:
At I lanuary											7,058	6,530
Total expense		charged lo	net Income((expenditure)								132
Net actuarial		(gains)/losses,		recognised		in actuarial gains/(losses)			on retirement	benefits	(2,100)	643
Benefits paid											(130)	(198)
At 31December											4,960	7,058
The amounts		recognised	through		net	(expenditure)/income		are	as follows:
Interest cost											132	83
Total, included		in employee		beriefits expense							132	83

The principal	The principal	actuarial	assumptions	were as follows:	2022	2021
					5'
Discount	rate					1.90
Medical	cost	inflation			7.30	7.40

Summar	Ij o	freserve m	ovements
		Unrestricted	funds				Translation
		General	Designated	Endowment	Revaluation	Non-charitable	and hedging
		fund	fund	fund	reserve	trading reserve	reserve	Tota I
		4000	EOOO	t000	EOOO	EOOO	4000	4000
I-und balance	at
I lanuary 2022		1/,612	6,346	115,827	26$	506,256	17,5/0	660,849
Income		313	14	3,945		466869		470,841
Gift aid paid	to
charity parent		15,000		5,000		(20,000)
Expenditure		(21,550)	(2,622)	(356)		(427,138)		(/51,666)
Fair value
losses on
Investments				(12,198)		(50+79)		(62477)
Gain on
disposal uf
subsidiary								34,944
Taxatlon						4,957		4,845
Net reserve
transfers		3,306	(1,756)	(($50)	(46)	/6
Currciiry
tran s Iat ion
differences							5,410	5,410
Losses on net
investment
hedges							(/,514)	(4574)
Art ua rial
losses on
retirement
benegt
obligations						(6,876)		(6,876)
Tax
anributable	to
other
recognlsecl
(lossesl/gains						1,719	826	2.545
Minority
interests						(8,782)		(8,782)
Fund balance
at 31 necember		11,681	1.982	110,556	222	501,316	79262	645,019
2022

	Unrestricted	funds					Translation
	General	Designated	Endowment	Revaluation	Non chantable		and hedgin9
	fund	fund	fund	reserve	tradinq	reserve	reserve	Total
	f000	f000	f000	6000		f000	f000	f000
Fund balance at 1
lanuary 2021
(restated)'	5,585	6,946	104,089	624		434,720	18,169	570,133
Income		3,504	3,810			418,060		425,717
Gift aid paid to
charity parent	21,000					(21,000)
Expenditure	(18,136)	(2,236)	(370)			(406,424)		(427.166)
Fair value gains
on investments			12,332			71,915		84,247
Taxation			(82)			(15,482)		(15,564)
Net reserve
transfers	5,820	(1,868)	(3,952)	(338)		338
Currency
translation
differences							(2,357)	(2,357)
( ains on net
investment
hedges							1,912	1,912
Actuarial gains
on retirement
benefit
0b I IcJd00Iis						4tv)60		41,260
Tax attributable
to other
recognised
(losses)/ga)ns				(18)		(8349)	(184)	(8,551)
Minority
interests						(8,782)		(8,782i
Fund balance at
31December	14,612	6.346	115,827	2bx		506456	17,540	660,849
2021(restated)'

				Translation	Hedging
				reserve	reserve	Total
				EOOD	EOOD	EOOD
At Ilanuary 2022				13,134	47(06
Gains on currency	translation		differences	5,410
Losses an net investment		hedges			(7pta)	(7,514)
Attributable tax					826	826
At 31Dcccmbcr 2022				18544	718	19/62
At I lanuarg 2021				15,491	2,678	18,169
Losses on currency	translation		differences	(2357)		(2,357)
Gains on net investment		hedges			1,912	1,912
Attnbutable tax					(184)	(184)
Al 31Dei.ember 2021				13,134	4,406	17,540

			2022	2021
			EOOO	E000
Within	1	year	8,124	7,879
Between		185i)ears	24397	25,718
After 5	years		16,554	20217
			48,975	53,814

				2022	2021
				f000	E000
Wfthm	Iyear			4375	6,156
Between		1 )S 5 years		11,164	14,755
After 5	years			17+52	19,118
				32,791	40,029
Operating		lease rentals charged to net income/(expenditure)	in the period	5,817	6,193

46Related undertakings	46Related undertakings	46Related undertakings
The charitg's interest in related undertakings			at 31	December 2022 is as		follows.
					company			Holdlngof
					Registration	Share		shares by
Company					Number	Capital		Charity	Subsidiarg	Actirity
Subsldlarg undertakings
incorporated in the United Kingdom
Benefact Group pic					171819G	Ordinarg		100%		In~estment holding		company
Benefact Broking 8 Advisory Holdings	Limited '				14493617	Ordinary			100%	Investment	holdinq	company
Benetact Manaqement Services Limited					1811698	Ordinary			100%,	Dormant company
Ecclesiastical insurance Office pic '					24869	Ordmary			1004	Insurance
						Preference
Ecclesiaslkal Life Limited '					027310	O dii ariJ			1007	Life msuram. e
Fccles asl al Financial Ad isu 9cerv	es	Hmiteil		*"	2046087	Ordniary			100%	independent finannal advisoi9
Ecclesiastical Group Healthcare Tiustees		Limited"			1098812i	Ordinary			100%	Trustee company
Ecclesiastical Planning Services Limited	'				02G448GO	Ordinary			100%	iuneral plan admrnistmtion
Ecclesiastical Vnderwrit in q Ilane gement ident ree Asset Manaqement Limited '			Limited	'	02368571 1192396C	Ordinary Drdmary			100'4, 100%	Insurance Investment	manaqernent services management
IdenTree Holdings Limited '					ltm96067	Ordinary			lou%	investment	holding	company
EdenTree investment hlanagement Dmited'					2519319	Ordinary			100'Y	Investment	management
'
F I O Trustees Limited					0941199	Ordinary			100%	Trusl en iompany
Farme 8 Mercandle insurame 8 oken		I	miled"		0314271r	O dine	g		100%	In uranrc	agents anil broke
G.D.Andersnn 8 Co Limited					00776446	Ordinary			100%	Insurance	agents and brokers
Lgcett, Browne Swmburne 8 Douglass	Limited				007060C2	Ordinary			100'Y.	Insurance	agents and brokers
Lycctts Finanoal Services Limited" Lycetts Holdings Limited " Lycetts ~isk hlanagement services Limited "					02057977 05866203 10906990	Ordinary Ordmary Ordinary			100% 100% 1007	Insuranceaqcntsandbrol ere Investment holdmg company Risk management servires
Robertson Mclsaac LImited					03544899	Omlnary			100%	Insurance	agents and brokers
Incorpurated in Australia
Anhvar insnrance limited					007216506	Oniinari1			ulo'Y.	Imurance
Ansvar Risk Manage mani services Ply	Limited				&23&95054	Ordeiary			100%	Rl k management		serwces
An\var I~surance Services Pty Limited					8 26i228G	Ordinanl			100'Y.	Dormant	company
Associated undertakings
Incorporated in the United Kingdom
Ileyd 8 Wiiyte &ro up I imbed					01141899	ordinary			40'4	I~surance	agents and brokers

er relate emes	d p	arties of the	Benefact 1r	ust g	roup of companies include associated u	ndertakings and the trading sub	sidiaries' pe
							Restated'
						2022	2021
						EOOD	F000
Income	from	transactions	with other related		parties	6,361	4,738
Expenditure		arismg from	transactions	with	other related parties	55~5	10,500
Amounts	owed by other		related parties			81,107	25,010
Amounts	due to other related parties						24

Analysis offair value measurement	bases		Fair value measurement	Fair value measurement	atthe
			end ofthe reporting period		based	on
			Level I	Level 2		Level3	Total
			f000	EOOD		EOOO	f000
At 31December 2021
FInancial assets at lair value through	profit orloss
Fin 4ncI4I mve sIments
Equity securities			281,169	186		80,471	361,Bib
Debt securities			515,955	I/i12			517,400
Structured Notes				14.649			14,649
Funeral plan Investments				I')9,181			19'),181
Derivatives				336			336
			797,124	215,764		80,504	1,093,392
Financial assets at fair value through	other recognised
gains/(losses)
Derivatives				414			414
							4I4
Total financial assets at fair value throuqh		profit or loss	797,124	216,178		80,504	1,0'13,806

				Potential (decrease)/	Potential (decrease)/
				increase	in net	Potentialchanges
				Income/(expenditure)		in funds
					Restated'		Restated'
Variable		Changein		2022	2021	2022	2021
		variable		8000	FOOO	f000	FOOO
Interest	rate risk	100basis points		(4,618)	(11,765)	(8)
		+100basis points		5,648	9,475	7	(48)
Currency	risk		108	3,466	5,192	13,123	10,845
			+108	(2,836)	(4248)	(10,737)	(8,873)
Equity price risk		+/	IOX	29,848	29,308

			Restated'
	2022		2021
	$000		$000
Aus |71,584	Aus $	64,071
Euro	41246	Euro	22,570
Can $	74,188	Can $	46,087
LISD 5	2,399	USD 3	2,001
HKD 3	15	HKD S	172

use ofderivative	use ofderivative	contracts from time t	o time which wo	uld limit losses in the event o	fa fall in equity mar	kets.
The concentration		ofequity pnce risk	by geographical	kstlng, before the mitigating	effect ofderivatives	to which the trading	subsidiaries	are
exposed	is as follows:
			2022			2021
			EOOO			EOOO
		UK	269,117		LIK	281,792
		Europe			Eui'ope	79,848
		Hong Kong			Hong Koiig	186
		Total	368,492		Total	361,826

									Ufe
						General	insurance		insurance
							Miscellaneous
							finandal
					Property	U ability	loss	Other	Whole-of-life	Tote I
Territory					f000	1000	1000	6000	('000	f000
2022
tlnlted		Kingdom	and Ireland	Gross	255v418	71~5	20,006	3,096	65	350,150
				Net	1192I47	68,128	10,259	100	65	198,399
Aust	ra Iia			Gross	55366	42,978	918	536		99,698
				Net	5,886	36,037	868	101		42,892
Canada				Gross	73,779	34,982				108,761
				Net	47535	31,914				79449
Tot a	I			Gross	384,463	149,535	20,924	3,622	65	558,609
				Net	173,068	136,079	11,127	201	65	320,540
2021
United		Kingdom	and Ireland	Gross	217,961	61.949	16,941		(1)	301243
				Net	109242	60,060	82I63	3i6	(2)	li8,559
Australia				Gioss	54,229	37,106	1,790	740		93+65
				Net	5,891	31,733	1238	140		39,002
Canada				Gross	64,086	27,524				91,610
				~et	44.750	15,306				70,056
Total				Gross	336,276	127,579	18,231		(2)	486218
				Net	159,885	II7099	IO,f21	516	(2)	187,6I7

							General	Life
							insurance	insurance	Total
							EOOO	1000	EOOO
Forthe	year ended 31December 2022
Gross written premiums							558,544	65	558,609
Outward	reinsurance premiums						(238,069)		(238,069)
Net written premiums							320,475	65	320,540
Change	in the gross provision for unearned		premiums				(30,619)		(30,619)
Change	in the provision for unearned	premiums		reinsurer	'	herc	14,114		14,114
Change	in the net provision for unearned		premiums				(16,505)		(16,505)
Earned	premiums, net ofreinsurance						303,970	65	304,035
Forthe	year ended 31December 2021
Gross written premiums							486,220	(2)	486218
Outward	reinsurance premiums unearned						(198,b01)		(198,b01)
Net written premiums							287,619	(2)	287,617
Ciiange	ln the gross provision for unearned		premiums				(24,504)		(24,504)
Change	in the provision for	premiums,		reinsurers'		share	9,884		9,884
Change	in the net provision for unearned		premiums				(14,620)		(14,620)
Earned	premiums, net ofreinsurance						272,999	(2)	272,997

					2022	2021
					EOOD	f000
FeEs paid					1,608	2,361
Commission paid					83,888	72,149
Charige in deferred		acquisition	costs		(5,349)	(4,376)
Other acquisition	costs				28426	26,805
Fees, commissions		and other	acquisillon	costs	108,573	96,939

	2022	202 I
	EOOO	EOOO
At 1 lanuani	46,027	41,989
Increase in the pcnod	52,539	46,122
Release in thc period	ll?,190)	(41,746)
Exchanqe differences	1,150	(338)
At 31December	52,526	46,027

				Restated'
			2022	2021
			f000	EOOO
Gross
Claims outstanding			635,944	612,00?
Unearned premiums			289,451	253,158
Total qross msurance	liabilities		925@95	865,160
Recoverable from reinsurers
Claims outstanding			203,(48	165,347
Unearned premiums			103,817	88,089
Tulal reinsurers' share o(insurarv		e liabililies	306,962	253,436
Net
Claims autstandmq			432,796	446,655
Unearned premiums			'I&5,637	16S,069
Tatal net insurance	liabilities		618,433	611, 24
Gross Insurance liabilities
Culrelil			505,773	440,373
Nun-current			419,622	4?4,78 r
Reinsurance assets
Current			206839	167898
lvoti-cuivent			100,625	86,038

				Mean term ofdiscounted	Mean term ofdiscounted
		Discount	rate	Babilities (gears)
			Restated'		Restoted'
Geographical	territory	2022	2021	2022	2021
UK and Ireland		3.6%to 5.4%	-0.5%tu 2.1%	7.5	8.2
Canada		4.5%to 5.2%	L24to 2.)%	4.3
Australia		3.8%		3.9

(vg Claims developme	nt tab(	nt tab(	es
Ttw nature ofliabiBtg	classes		of business	isthat claims may		take a number ofgears to settle				and before	the final	llabilitg	is	known. The	tables below
show the development		ofthe	un discounted estimate ofultimate gross					and net claims cost forthese classes across an terri					tones.
Estimate ofgross	ultimate		deims
			2013	2014	2015		2016	2017	2018	2019	2020	2021		2022	total
			EOOD	EOOD	EOOO		f000	EOOD	f000	f000	EOOO	EOOO		E'000	EOOO
At end ofqeur			81,725	61,901	46/64		51238	50,736	r8,759	4794	50,13r	602b7		51,969
Oni yr ar later			A0,027	505 I	4'(,582	46,073		46,88	40,4GI	42,467	42,044	58,774
Two gears later		69,860		48227	40237		41,041	41,883	34,680	39,859	r1,655
Tiuet gearvlaiei			66.192	45,495	33,804	38468		38 GI,B	33262	41,600
I-our years later			60,174	37,064	29436	37,044		70,177	34,355
Foegears later			56,912	34,606	28211	34,649		39,801
Six years later			54,901	57,962	31,i38		35261
Seven gears later			55.516	36,195	31,322
Eight iyears later			55,252	37,091
Nine years later			56,777
Current estimate	ot
ultimate claims			56,777	3,091	31222		35261	39801	3rs355	41,boo	41,655	58,774		51,989	428,625
Curnulatwe
Payment ~ Iodate		(48759)		(292I19)	(21,970)	(23,914)		(21,679)	(156991	(14187l	(9,642)	(4,832)		(1,402)	(191,903)
Outstandmg Babigty			8,018	72i2	9352		11,(47	18122	18.656	27/13	32,013	53,942		50,58,	23G.722
Effect ofdiscounting															(37,571)
Present value															199,151
Discounted liabilitq		m respect of earlier gears													151,717
Total discounted	gross gaby in) (for Babnltg classes) Inrluded in provisiuns in th» balance									sheet
Estimate ofnet ultimate			claims
			2013	2014	2015		2016	2017	2018	2019	2020	2021		2022	Total
			f000	f000	f000		EOOO	f000	f000	f000	EOOO	f000		f000	fooo
Al arid o(year			76,729	59,633	42,739		47,402	45,920	44,053	44230	45/59	4 289		77,559
One year later			66,475	47,690	r0,397		41,*31	41,706	37,4 SO	39,842	37,509	47,t02
Two gears later			60,07	47,428	37, 40		37.740	37,797	32,867	372!3	36,193
Three gears later			55,710	41,494	32297		36,33i	34,818	31,647	39,164
Four years later			51.482	3 .164	28,506		33,217	36,431	32,884
Tive gears later			49,196	33233	2,418		32,993	36,550
Six gears later			47+18	33,309	30,544		3',896
Seveii year lair'r			47,443	34245	30,296
Eight gears later			47,338	35233
Nme years later			48,374
Current estimate	of
ultimate claims			48,'574	35,233	tn296		'\3,896	36950	32,88'	39,164	3G,193	47,102		77,559	387,251
Cumulative payments
to date			(41,072)	(28,448)	(21,472)	123543)		(21288)	(15G89)	i14130)	19,5PO)	(4804)		(1,371)	(181667)
Outstendmg lrabihty			7,302	6, 85	8,827		10253	14,962	1,195	25,034	26,643	42298		sb,188	105,584
ttfect of discounting															(35,352)
Resent value															170232
Discounted liabinty		m respect ofearner years													128,61
Total riiscuuritvd	nei liabihtg (for liability classevi mr luded						in provisions in the balance sheet								298,847

			2022	2021
			f000	EOOO
Gross life business		prowsion	502	19,434
Net life business	provision		502	19,434
Gross life business		provision
Current			r5	430
Non-current			457	19,004

			2022	2021
			f000	f000
UK and overseas government	bonds: non-linked
UK and overseas government	bonds: index	linked	O.tgk,	2.71%
Corporate debt instruments:	Index linked		I.OO'I	228v

									Potential increase/	Potential increase/
								Change ln	(decrease) In net income/
								variable	(expenditure)
									2022	2021
	variable								1000	EOOO
	Detenoration in annuitant		mortality					+to'r	!0	1,3(io
	Improvement in annuitant		mortality					-I 0'v	(50)	(1500)
	Increase in fixed interest/cash			yields				~1%pd	(400)
	Decrease in fixed interest/cash			yields				1%pa	400	(400)
	Worsening ofbase renewal		expense		level			i IOY	(300)	(200)
	Improvement in base renewal			expense		level		-10%	300	200
	Inw ease in expense inflation							i1%pa	(200)	(600)
	Decrease iii expense infldtiun							1%pa	200	500
C	Movements in insurance	liabilitie~ and				ieinsuiance	assets
								Gross	Reinsurance	Net
								EOOD	EOOD	1000
	Claims outstandirig
	At I lanuanl 2022							612,002	(165,347)	446,655
	t.ash (paid)/received for	claims		settled		in the year		(214,032)	93,073	(120,959)
	Change in liabilities/reinsurance			assets				223,563	(126,319)	97,244
	Exchange differences							14,411	(4455)	9,856
	At 31December 2022							635,944	(203,148)	432,796
	Provision for unearned	premiums
	At I january 2022							253,158	(88,089)	165,069
	Increase in the period							289,404	(103,664)	185,740
	Release in the period							(258,785)	89,550	(169,235)
	Exchange differences							5,674	(1,611)	4,063
	At 3 I December 2022							289,451	(103,814)	185,637
	Ufe business provision
	At I lanuaru 2022							19,434		19,434
	Effect ofclaims during the		year					2+33		2433
	Clidnges in dssumptioiis							(2,885)		(2,885)
	Change ln inlercompany	provision"						(8,944)		(8,944)
	Other mnvementc							(9836)		(9,336)
	At 31December 2022							502		502
4	transfer ofI lie p row siun	iu	BG	Gruup

					Restored
				uroup	Reinsurance	Net
				8000	8000	f000
Claims outstanding
Attlanuanl2021				560~55	(129,157)	431,098
Cash (paid),'received for	daims settled		in the year	(191,685)	83435	(108,450)
Change In lla bill ties/reinsure		rx eassets		250,770	(121,913)	128,857
tx«ha»go differences				(7338)	2,488	(4,850)
At 31December 2021				612,002	(165,347)	446,655
Provision fnr»nearned	premium-
At I )anuary 2021				230,800	(79,394)	151,406
Increase in the period				253,759	(88464)	165295
Release in the Period				(229,255)	78580	(150,675)
Exchange differences				(2,146)	1,189	(957l
At 31December 2021				253,158	(88,089)	165,069
Life business provision
At I lanuary 2021				19,434		19,434
Effect ofclaims during the		year		(264)		(264)
Changes ln assumptions				118		118
Change In discount rate				147		147
Other movements
At 31December 2021				19,434		19,434

			As reported	Restatement	As restated	As reported	As restated
			Unrestricted		Unrestricted	Endowment	Total
2021			funds		funds	funds	funds
			3000	EOOO	f000	f000	f000
Income from:
Donations			3,500		3+00		3,500
Other trading activities
Income onsing from trading activities			385,342		385,342		385,342
Investments
Dividend, interest	ond rental
mcome			13065		55,065	3810	36,875
7otal income			r41,907		421,907	3810	425,7I7
expenditure on:
Raising funds						(3701	(370)
Chantable activities
Grouts			(19,329)		(Iq,129)		(19,379)
Other expenditure	on choiito hie ocxivrties		(702)		(702)		(702)
Utheir
Charitable donations paid by
crnriing subsid/aries			(2,5UI)		(2,548)		l2,548)
Expenditure or!sing	from rroding	ocr ivities	1404217)		(404217)		(404,217)
Total experidlture			(r26,796)		(426,796)	(370)	(427,166)
~et losses on investments			69,315	ZAOO	71,915	12.332	84/47
Taxation			(14,988)	(494)	(15.482)	(82)	l15864)
			49,7 38	2,106	51,544	15,690	6 234
Net income/(expendffure) in the
year
o arising from the	choritu		116,526)		(16,526)	15,690	(836)
6 odslng from rioding ocrivirier			65,964	2,1!16	68,070		68,070
			49 / 38	Z,iob	51,5rm	15,690	67~

						As reported	Restatement	As restated
						Total	Tul el	Total
						funds	funds	funds
						2021		2021
						f000	f000	(000
fixed assets
Intangible assets						33,627		33,627
Tangible assets						14,613		14,613
Investment property						163,355		163,355
Investments						1229,029		1229,029
Investment in associate						12,148		12,148
Tota Ifbied assets						1,452,772		1,452,772
Current assets
Debtors						489,318	(1,013)	488,305
Investmpnts
Cash at bank and in	hand					174,779		174,779
Total current assets						664,097	(1,013)	663,084
Liabilities
Creditors. amounts	falling due within				one year	(146,467)		(146,467)
Net current assets						517,630	(1,013)	516,617
Total assets less current			liabilities			1,970,402	(1,013)	1,969,389
Creditors: amounts	faylng		due after one year			(2,477)		(2,477)
Provisions for liabilities						(1,200,949)	3,613	(1,197,3 6)
Subordinated liabihties						(24,433)		(24,433)
Net assets excluding		retirement		benefit obligations		742,543	2,600	745,143
Net pension deficit						24,579		24,579
Other retirement benefit			obligations			(7,058)		(7,058)
Total net assets including			retirement		benefit obligations	760,064	2,600	762,664
The funds ofthe charity
Unrestricted funds
General funds						14,612		14,612
Designated funds						6,346		6,346
Revaluation reserve						268		268
Non-charitable trading		reserves				503,656	2,600	506,256
1ranslation and hedging			reserve			17,540		17,540
						542,422	2,600	545,022
Restricted funds
Endowment funds						115,827		115,827
Total funds (exduding		minority		interests)		658249	2,600	660,849
Maioiity Interests						101,815		101,815
Total funds						760,064	2,600	762.664

Board oftrustees	Board oftrustees	Board oftrustees			limothy Carroll, BA, MBA,	limothy Carroll, BA, MBA,	limothy Carroll, BA, MBA,	FCII	FCII		Choir
					Carohnc Banszky, BA, FCA
					Revd Paul Davis, BA
					The Very Revd lane Hedges,				BA
					Stephen C Hudson BA		(Hons),			FCA
					SirStephen Lamport,	GCVO			DL
					The Venerable Karen	Lund, BA				(Honsl
					Chris Moulder, MA, FCA
					David Paterson, BA
Company	Secretary				Mrs Ra«haei l. Hall FCIS
Registered	and Head			Office	Bene(act House,
					2000 Ihoneer Avenue,
					Glouccstcr Business	Park,
					BIockwonh,
					Gloucester GL3 4AW
Company	Registration			Number	1043742
Charity Registration			Number		263960
Independent		Auditor			Pricewaterhousecoopers			LLP,
					2 Class Wharf,
					Bristol,
					Avon,
					BS2OFR
Bankers					National Westminster		Bank		pic,
					21Eastgate Street,
					Gloucester GLI INH
Solicitors					I-arrer &Co,
					66 Lint oint hm Fields,		London
					WC2A 3LH
Investment		Managers			FdenTree Asset Management					Limited,
					24 klonument Street
					Londnn,
					F('3R BAI
					Rathbones Investment		Management				Limited,
					8 Finsbury Circus,
					London,
					EC2M 7A2