Judging from the vertical stain pattern on the wood, it looks like it's probably coming in from the chainplate strap that cuts through the deck, and then down the chainplate to the wood, and saturating the bottom of the bulkhead. It's a common but fixable issue, and that's likely the source.
If you lower the mast, unbolt the chainplate from the bulkhead, and pull it out. Try eyeballing and putting an angled pick into the chainplate deck hole, and see if there is any black rot or crumbling plywood in the plywood deck laminate under the deck fiberglass. The bigger fix is if there is serious rot in the plywood deck laminate - but it's still fixable. I was lucky and mine was still okay, so it's not necessarily a given there is rot there. If you do this, be sure to close up the chainplate slot in the deck with some butyl tape and good duct tape in the meantime. You don't want any rain or moisture getting in there while you're deciding what to do. That chainplate strap carries a lot of load, and basically is the biggest factor in keeping the mast up, so it's structural. It's all fixable though, and this is a well traveled path. C22's are good boats, but this is a common issue if there has been leakage over the years, coming through the chainplate deck slot. Good luck, and post-up what you find when you get a chance.