The financial year of the Commissioners shall commence on the first day of F1January F2or on such other date as the Commissioners may in general meeting determine.

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As from the appointed day, the Commissioners shall keep a general fund to which shall be transferred on the appointed day any balances on income account from the common fund of the Ecclesiastical Commissioners and from the corporate fund of Queen Anne’s Bounty.

Any trust or other fund previously maintained by either of the constituent authorities as a separate fund shall be continued and maintained as a separate fund by the Commissioners: provided that funds maintained by the two constituent authorities for the same objects or purposes may be amalgamated.

Subject to the last preceding subsection, the Commissioners shall carry all income received in respect of property and funds held by them into their general fund, and F4, subject to F5sections 31(4) and 39(6) F6of the Church of England Pensions Measure 2018 (which relate to the use of capital funds) shall discharge thereout all trusts and commitments to which that income or any part thereof is subject and all expenses and obligations falling upon the Commissioners in the due discharge of their functions, and the balance from time to time thereafter remaining in the said fund shall be available for any purpose for which, but for this Measure, any surplus of the common fund of the Ecclesiastical Commissioners or of the corporate fund of Queen Anne’s Bounty would have been available.