The Board of Governors of the Church Commissioners and the Archbishops’ Council each agreed, last August, to make available to the Lambeth Conference Company up to £600,000 as required to enable the Company to honour its commitments while fundraising efforts continued. Both bodies regarded these amounts as interest free loan facilities. Of the £388,000 actually borrowed by the Company, £124,000 has now been repaid, leaving £132,000 owing to each organisation as fundraising continues.
By the end of 2008, the review reports, the projected deficit had reduced from an estimate of over £1 million in August 2008 to £288,000, in part as a result of further fundraising efforts and in part due to actual costs proving lower than had been cautiously projected earlier in the year. The total cost of the event was £5.2million, as against the budget of £6.1million.
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