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||<br>west of england<br>ba|pti|st network|||
|---|---|---|---|---|---|
|Contents|Page|||||
|Trustees'|report|||||
|Objectives|and activities|||||
|Achievements<br>and performance||||||
|Financial|review,<br>investment|performance||and||
|principal<br>financial<br>management|||policies|||
|Reference|and administrative||information|||
|Structure,|Governance<br>and|Management||||
|Statement|oftrustees'<br>responsibilities||||13|
|Independent<br>examiner's<br>report|||||14|
|Statement|offinancial<br>activities||||16|
|Cash flow|statement||||18|
|Balance sheet|||||19|
|Notes to financial statements|||||20|
|Statement|offunds||||31|





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||||||||Page 16|
|---|---|---|---|---|---|---|---|
|Statement offinancial activities||||||||
|For the year ended|31 December 2020|||||||
|||Notes|Unrestricted|Restricted|Endowment|Total|Total|
||||Funds|Funds|Funds|2020|2019|
||||6|E|E|E|f|
|INCOME FROM:||||||||
|Donations||2|300,820||141,785|442,605|397,399|
|Investments||3|19,442|||19,442|22,997|
|Charitable<br>activities||4|61,905|||61,905|78,939|
|Total income|||382,167||141,785|523,952|499,335|
|EXPENDITURE ON.'||||||||
|Charitable<br>activities||5|430,479|15,020||445,499|556,261|
|Fees on sale of property|||||2,836|2,836||
|Total Expenditure|||430,479|15,020|2,836|448 335|556261|
|Investment<br>gains/(losses)|||(1,079)||(14,009)|(15,088)|75,579|
|Net income/expenditure|||(49,391)|(15,020)|124,940|60,529|18,653|
|Transfers between|funds||(30,000)||30,000|||
|Pension<br>liability movements|||38,088|||38,088|(4,940)|
|Net Movement<br>in|Funds||(41,303)|(15,020)|154,940|98,617|13,713|
|Reconciliation<br>of Funds||||||||
|Total funds brought forward 1January 2020|||1,230,972|52,681|813,457|2,097,110|2,083,397|
|TotalFunds at 31December 2020||18|1,189,669|37,661|968,397|2,195,727|2,097,110|





## 


|year ended 31 Decembe|r 2020|||
|---|---|---|---|
|||Total|Tota<br>I|
|||2020|2019|
|||E|f|
|Total Income||382,167|499,335|
|Total Expenditure||(445,499)|(556,261)|
|Investment<br>gains||(1,079)|4,088|
|Pension<br>liability movements||38,088|(4,940)|
|Transfers to endowment|funds|(30,000)||
|Net income/(expenditure)|for the year|(56,323)|(57,778)|





## 


|West of England<br>Baptist Association|)te|net||
|---|---|---|---|
||||Page 18|
|Cash Flow Statement||||
|Forthe year ended 31 December 2020||||
|||2020|2019|
||Notes|6|f|
|Net cash inflow from operating<br>activities|17A|102,168|(49,047)|
|Non-operational<br>cashflows||||
|Cash flows from investing<br>activities<br>-Investment<br>income||19,428|22,997|
|- Payments for tangible<br>fixed assets<br>-Payments for investments<br>acquired<br>- Receipts from sale of investments<br>-Payments to pension deficit fund||(1,888)<br>(48,697)<br>48,177<br>(10,167)|(65,924)<br>88,428<br>(13,263)|
|Net cash inflow/(outflow)<br>forthe year|178|109,021|(16,809)|



## 




## 

|West of England|Ba|ptist Association|QQ~|en||
|---|---|---|---|---|---|
||||||Page 19|
|Balance Sheet||||||
|As at 31December 2020||||||
|||||Total|Total|
|||||2020|2019|
|||||6|E|
|Fixed assets<br>Tangible assets<br>Investments<br>Programme-related||investments|Note<br>11a<br>12<br>13|489,580<br>738,312<br>795,569|489,295<br>736,799<br>839,686|
|||||2,023,461|2,065,780|
|Current assets<br>Debtors<br>Cash at bank|and|in hand|14<br>15|16,022<br>259,967|18,071<br>167,013|
|||||275,989|185,084|
|Creditors: amounts|falling due within one year||16|(33,534)|(38,406)|
|Net current assets||||242,455|146,678|
|Total assets less current||liabilities||2,265,916|2,212,458|
|Creditors: amounts<br>falling due within one year<br>Pension deficit liability||||(70,189)|(115,348)|
|Net Assets||||2,195,727|2,097,110|
|The funds ofthe charity:||||||
|Unrestricted<br>funds:<br>General<br>Designated|||18<br>18|53,456<br>1,136,213<br>1,189,669|12,252<br>1,218,720<br>1,230,972|
|Restricted|||18|37,661|52,681|
|Endowment|||18|968,397|813,457|
|Total funds||||2,195,727|2,097,110|





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|The following<br>donations,<br>legacies and grants were receivable<br>during the year:—||Total|Total|
|---|---|---|---|
|Unrestricted<br>Restricted|Endowment|2020|2019|
|E<br>E|E|E|E|
|Home Mission<br>Funding<br>Donations<br>Partnership<br>for Mission<br>Other grants<br>yyeBox Appeal<br>Seventy-two<br>Share ofproceeds on sale of Blakeney chapel<br>Share of proceeds on sale ofTattershall,<br>URC<br>195,581<br>19,366<br>31,742<br>30,000<br>24,131|141,785|195,581<br>19,366<br>31,742<br>30,000<br>24,131<br>141,785|215,838<br>22,266<br>16,706<br>20,787<br>15,824<br>105,978|
|300,820|141,785|442,605|397,399|



## 

|Income from Investments||||||
|---|---|---|---|---|---|
|||||Total|Total|
||Unrestricted|Restricted|Endowment|2020|2019|
||E|E|E|E|E|
|Income from investments<br>Bankinterest|19,437<br>5|||19,437<br>5|22,063<br>934|
||19,442|||19,442|22,997|



## 

|Income from charitable<br>activiti|es||||||
|---|---|---|---|---|---|---|
||||||Total|Tata<br>I|
|||Unrestricted|Restricted|Endowment|2020|2019|
|||E|E|E|E|E|
|Church income re Regional<br>Ministers||1,153|||1,153|2,997|
|Management<br>charges<br>—Payroll <br>Companies<br>Programme<br>related investment<br>Ministers Conference<br>Committees<br>lk conferences|and Trust<br>income|16,200<br>31,942<br>11,579<br>1,031<br>61,905|||16,200<br>31,942<br>11,579<br>1,031<br>61,905|16,200<br>31,753<br>12,023<br>15,966<br>78,939|





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## 

|Assemblies,<br>Conferences|Assemblies,<br>Conferences|&Events|&Events|
|---|---|---|---|
|Employees (see note 7)||||
|Home Mission and|other|grants (see note 6)||
|Hospitality||||
|Management<br>&administration||||
|Depreciation||||
|Property costs||||
|Subscriptions||||
|WeBox||||
|Independent<br>examination||||
|Legal &professional|fees|||
|Trustees expenses|(included||in note 7)|



|Total|Total|
|---|---|
|2020|2019|
|E|E|
||Restated|
|17,256|26,108|
|246,264|319,616|
|124,797|85,592|
|847|812|
|15,214|18,299|
|1,603|1,188|
|13,630|80,895|
|724|707|
|19,236|14,854|
|3,240|2,766|
|2,688|4,376|
||1,048|
|445,499|556,261|



## 

|Analysis ofgrants|||
|---|---|---|
||Total|Tota<br>I|
||2020|2019|
||f|E|
|Home Mission grants:<br>The Stowe|6,000|8,004|
|Knowie West Baptist Church<br>Stapleton<br>Baptist Church|14,604|14,604<br>996|
|Worle Baptist Church|15,996|7,296|
|Bristol Llniversity<br>Chaplain|4,116|4,116|
|Chew Magna Baptist Church|5,004|5,004|
|City Road Baptist Church|19,004|5,004|
|Stonehouse<br>Baptist Church (grant repaid)<br>Welton Baptist Church|6,996|(1,356)<br>6,996|
|St Marks Baptist Church|6,000|6,996|
|Cheddar Baptist Church|5,004|6,996|
|Nailsworth<br>Baptist Church|4,167||
|Brunswick<br>Baptist Church|2,640||
|Hillfields<br>Baptist Church|1,000||
|aussage|7,300||
|Portishead,<br>Mission Catalyst|7,300|6,000|
||105,131|70,656|
|Other grants;|||
|English Churches Together|1,542|1,600|
|Tilshead<br>Fund -studentfees|2,720||
|Contribution<br>to schools chaplaincy|1,400||
|Partnership<br>for Mission|||
|- Melksham<br>Baptist Church|14,004|9,336|
|-StGeorge Baptist Church|19,666|4,000<br>14,936|
||124,797|85,592|





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|||||Page 24|
|---|---|---|---|---|
|7|Staff costs and Trustee expenses||||
||||2020|2019|
||||E|E|
||RegionalMinisters'<br>remuneration;-|||Restated|
||Revd. Nigel Coles - Trustee||39,510|36,014|
||Social Security costs (trustees)||3,787|3,887|
||Trustee Pension costs (see note|below)|8,485|9,192|
||Total Trustees'<br>remuneration||51,782|49,093|
||Staff Salaries||134,978|137,502|
||Social Security costs (staff)||8,478|8,205|
||Other Staff Pension costs (see note below)||8,421|54,883|
||Housing costs||18,193|28,190|
||Training<br>-courses, conferences,<br>Council tax, water, telephone|assemblies|1,801<br>11,406|2,227<br>9,576|
||Expenses and other costs||11,205<br>246,264|29,940<br>319,616|



|Pension Costs to SOFA||||||||2020|2019|
|---|---|---|---|---|---|---|---|---|---|
|Regional<br>Ministers'<br>pension contributions:-<br>Revd. Nigel Coles - Trustee<br>Staff||Baptist Pension Scheme<br>Baptist Pension Scheme||||||E<br>8,485<br>8,421|E<br>9,192<br>4,883|
|Balance ofdeficit contributions|payable for|BU|Scheme||||||50,000|
|||||||||16,906|64,075|
|Staff numbers<br>and key management<br>personnel||||||||2019|2018|
|The average number of full-time|equivalent|employees||(including||part-time|staff)|||
|during the year as follows:<br>Regional<br>Ministers<br>Office Administrative<br>Manager|&Trust Officer|||||||3.0<br>1.0|3.0<br>1.0|
|Administration<br>staff||||||||1.5|1.5|
|Payroll staff||||||||0.9|0.9|
|Other Ministerial<br>staff (including|yyichelstowe||& part-time||project|staff)||0.3|0.3|
|||||||||6.7|6.7|
|The actual number ofstaff during the year||was|8(2019-8)|||||||



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|Type offinancial<br>assumption|%pa|
|---|---|
|RPI price inflation<br>assumption|3.20|
|CPI price inflation<br>assumption|2.70|
|Minimum<br>Pensionable<br>Income increases||
|(RPI)|3.20|
|Assumed<br>investment<br>returns||
|Pre-retirement|2.95|
|Post retirement|1.70|
|Deferred pension increases||
|Pre-April 2009|3.20|
|Post April 2009|2.50|
|Pension increases||
|Main scheme pension|2.70|



## 

## 

|Section 28.11A of FRS102 requires<br>agreed<br>provision<br>is set out in the table below;|deficit recov|ery<br>payments<br>to be rec|ognised<br>as a liability.<br>The mo|vement<br>in the|
|---|---|---|---|---|
|Accounting<br>date (year ending):<br>Balance sheet liability at year start<br>Minus deficiency contributions<br>paid<br>Interest cost (recognised<br>in SoFA)<br>Remaining<br>change to balance sheet Rabilityv|(recognised|in SoFA)|31/12/2020<br>128,611<br>(10,167)<br>2,100<br>(40,188)|31/12/2019<br>136,934<br>(13,263)<br>3,130<br>1,810|
|Balance sheet liability at year end|||80,356|128,611|



|*Comprises<br>any change<br>in agreed deficit|*Comprises<br>any change<br>in agreed deficit|recovery<br>plan and change<br>in assumptions<br>be|tween year-ends.||
|---|---|---|---|---|
|The year -end creditor has been included||in the accounts as follows:|||
|Creditors (amounts|falling due within one|year)|10,167|13,263|
|Creditors (amounts|falling due after more|than one year)|70,189|115,348|
||||80,356|128,611|





## 


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## 

|Accounting<br>date|||31/12/2020|31/12/2019|31/12/2018|
|---|---|---|---|---|---|
|Discount rate|||0.40%|1.70%|2.40%|
|Future increases to Minimum|Pensionable|Income|3.00%|3.20%|3.30%|
|||||2020|2019|
|Total pension cost||||E|f|
||||||Restated|
|BPS||||16,906|14,075|
|Deficit contributions|||||50,000|
|||||16,906|64,075|



## 

|||Unrestricted|Restricted|Endowment|Total|
|---|---|---|---|---|---|
||||||2019|
||||||E|
|INCOME FROM:||||||
|Donations||381,575|15,824||397,399|
|Investments||22,997|||22,997|
|Charitable<br>activities||78,939|||78,939|
|Total Income||483,511|15,824||499,335|
|EXPENDITURE ON:||||||
|Charitable<br>activities||537,856|18,405||556,261|
|Total Expenditure||537,856|18,405||556,261|
|Investment<br>gains/(losses)||4,088||71,491|75,579|
|Pension<br>liability movements||(4,940)|||(4,940)|
|Net Income/(expenditure)|and net|||||
|Movement<br>in Funds||(55,197)|(2,581)|71,491|13,713|
|Reconciliation<br>of Funds||||||
|Total funds brought forward<br>1January 2019<br>Total Funds at 31December 2019||1,286,169<br>1,230,972|55,262<br>52,681|741,966<br>813,457|2,083,397<br>2,097,110|





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|Net income f|or the year||||||
|---|---|---|---|---|---|---|
||||||2020|2019|
|This is stated|after charging:||||E|E|
|Independent|Examiner's|fees:|||||
|Accounts<br>preparation|||||1,800|1,650|
|Independent|examination|-current|year||1,200|1,128|
||||-under/(over)provided|in prior year|240|(12)|
|Depreciation|||||1,603|1,188|



## 

## 

||The movement<br>in the year|was as follows;—||||
|---|---|---|---|---|---|
||||Freehold|Office||
||||Property|Equipment|Total|
||Cost||E|E|f|
||Beginning ofthe year||488,631|17,412|506,043|
||Additions|||1,888|1,888|
||||488,631|19,300|507,931|
||Depreciation|||||
||Beginning ofyear||1,221|15,527|16,748|
||Charge for the period|||1,603|1,603|
||End ofyear||1,221|17,130|18,351|
||Net book value|||||
||31December 2020||487,410|2,170|489,580|
||31December 2019||487,410|1,885|489,295|
|b)|Association<br>Property|||2020|2019|
|||||E|E|
||Land at Emersons Green|||176,490|176,490|
||Manse at 3The Hawthorns,|Bussage,||300,270|300,270|
||Stockwood<br>Church|||10,650|10,650|
|||||487,410|487,410|





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|Investments|||Page 29|
|---|---|---|---|
|||2020|2019|
|||E|E|
|Market value at beginning|ofyear|736,799|749,396|
|Acquisitions<br>at cost||48,697|65,924|
|Sale proceeds from disposals||(48,177)|(88,428)|
|Gains in the period||||
|—Realised gains||15,727|8,423|
|—Net unrealised<br>gains||(30,815)|67,156|
|Increase<br>in cash balances||16,081|(65,672)|
|Market value as at 31December||738,312|736,799|
|Investments<br>at market value comprise:—||2020|2019|
|||E|E|
|UK equities||157,654|192,321|
|UK fixed interest securities||102,982|90,899|
|UK other investments||132,795|120,525|
|Overseas equities||243,463|247,703|
|Cash balances - WEBTC||(28,087)|55,312|
|Cash balances<br>—Charles Stanley||129,504|30,038|
|Wholly Owned<br>Trading Subsidiary||738,312|736,799|
|Historical cost at31December||593,278|539,160|





## 


|st|of England<br>Bap|tist Association|we|net||
|---|---|---|---|---|---|
||||||Page 29|
|13|Programme-related|investments||||
||||Support|||
||||Loans|Properties|Total|
||||6|f|f|
||Balance at 1January|2020|171,038|668,648|839,686|
||Loan repayments||(44,117)||(44,117)|
||Balance at 31December 2020||126,921|668,648|795,569|



|14|Debtors|||2020|2019|
|---|---|---|---|---|---|
|||||f|6|
||Prepayments|||1,000|1,000|
||Amounts<br>due from Subsidiary||undertakings|15,022|17,071|
|||||16,022|18,071|
|15|Cash at bank and in hand|||2020|2019|
|||||6|f|
||HSBC Bank|||13,216|18,099|
||CAF Cash/Gold|||232,390|134,603|
||COIF Charity Fund|||14,285|14,285|
||Petty cash|||76|26|
|||||259,967|167,013|
|16|Creditors|||2020|2019|
||Amounts<br>falling due within one year|||E|E|
||Other Creditors|||383|6,688|
||Accruals and deferred|income||22,984|18,455|
||Pension deficit liability|||10,167|13,263|
|||||33,534|38,406|





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## 

|A.|Reconciliation<br>of net movement|Reconciliation<br>of net movement|Reconciliation<br>of net movement|in funds to net|cash inflow|from operating|activities||||
|---|---|---|---|---|---|---|---|---|---|---|
||||||||||2020|2019|
||||||||||6|6|
||Statement of Financial||Activities:|Net movement|in funds||||98,617|13,713|
||Investment<br>income||||||||(19,442)|(22,997)|
||Depreciation||||||||1,603|1,188|
||Realised movement|on|investments||||||(15,727)|(8,423)|
||Unrealised<br>movement||on investments||||||30,815|(67,156)|
||(Decrease)/Increase|in|creditors||||||(1,776)|12,746|
||(Increase)/Decrease|in|debtors||||||2,049|19,342|
||(Increase)/Decrease|in|programme|related investments|||||44,117|(2,400)|
||Changes to valuation|of pension fund liability|||||||(38,088)|4,940|
||Net cash outflow from||operating|activities|||||102,168|(49,047)|
|8.|Analysis ofchanges|in|cash flow|during the year||||2020<br>6|2019f|Change<br>f|
||Cash at bank and in|hand||||||259,967|167,013|92,954|
||Cash in Investment|Portfolio||||Note 12||101,417|85,350|16,067|
||Cash &cash equivalents|||||||361,384|252,363|109,021|
|||||||||2019|2018|Change|
|||||||||6|6|f|
||Cash at bank and<br>in|hand||||||167,013|118,150|48,863|
||Cash in Investment|Portfolio||||||85,350|151,022|(65,672)|
||Cash &cash equivalents|||||||252,363|269,172|(16,809)|





## 

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|||||||||Page 31||
|---|---|---|---|---|---|---|---|---|---|
|18|Statement<br>of Funds|||||||||
||Current Year|||||||||
|||||||Other||At 31||
||||At 1January|||Movements||December||
||||2020|Income|Expenditure|&Transfers||2020||
||Unrestricted|||||||||
||General fund||12,252|350,425|(411,807)|102,586||53,456||
||Designated|||||||||
||Fixed assets||302,355||||285|302,640||
||Programme-related|investments|839,686|||(44,117)||795,569||
||Painswick||14,943|||||14,943||
||Partnership<br>for Mission||76,789|31,742|(18,672)|||89,859||
||Tilshead<br>Fund||113,558|||(100,000)||13,558||
||Pension deficit fund||(128,611)|||48|255|(80,356|)|
||Total unrestricted|funds|1,230,972|382,167|(430,479)|7,009||1,189,669||
||Restricted|||||||||
||Seventy-two||25,269||(15,020)|||10,249||
||Leighterton<br>Ik Culkerton||16,762|||||16,762||
||Stockwood<br>Church||10,650|||||10,650||
||Total restricted<br>funds||52,681||(15,020)|||37,661||
||Expendable<br>endowment|||||||||
||Income fund||637,167|141,785|(2,836)|15,991||792,107||
||||637,167|141,785|(2,836)|15,991||792,107||
||Permanent<br>endowment|||||||||
||Avening<br>Fund||176,290|||||176,290||
||Total Endowment||176,290|||||176,290||
||Tota I Endowment||813,457|141,785|(2,836)|15,991||968,397||
||TOTAL FUNDS|||||||||





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## 

## 

|Prior Year||||||||
|---|---|---|---|---|---|---|---|
|||||||Other|At 31|
||||At 1January|||Movements|December|
||||2019|Income|Expenditure|&Transfers|2019|
|Unrestricted||||||||
|General fund|||32,833|466,805|(476,999)|(10,387)|12,252|
|Designated||||||||
|Fixed assets|||303,543|||(1,188)|302,355|
|Programme-related||investments|837,286|||2,400|839,686|
|Painswick|||15,690||(747)||14,943|
|Partnership<br>for Mission|||68,751|16,706|(8,668)||76,789|
|BU Pension<br>Deficit||Fund|50,000||(50,000)|||
|Tilshead<br>Fund|||115,000||(1,442)||113,558|
|Pension deficit|fund||(136,934)|||8,323|(128,611)|
|Total unrestricted|||1,286,169|483,511|(537,856)|(852)|1,230,972|
|Restricted||||||||
|Home Mission|&.Other Causes||654||(654)|||
|Seventy-two|||27,196|15,824|(17,751)||25,269|
|Leighterton<br>& Culkerton|||16,762||||16,762|
|Stockwood<br>Church|||10,650||||10,650|
|Total restricted|||55,262|15,824|(18,405)||52,681|
|Expendable<br>endowment||||||||
|Income fund|||565,676|||71,491|637,167|
||||565,676|||71,491|637,167|
|Permanent<br>endowment||||||||
|Avening<br>Fund|||176,290||||176,290|
|Total Endowment|||176,290||||176,290|
|Total Endowment|||741,966|||71,491|813,457|
|TOTAL FUNDS||||||||





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|Current Year||||||||
|---|---|---|---|---|---|---|---|
|||||Unrestricted|Restricted|Endowment|Tota I 2020|
|||||6|6|E|6|
|Tangible<br>Fixed assets<br>Programme-related<br>Investments|investments|||302,640<br>795,569<br>16,320|10,650<br>3,985|176,290<br>718,007|489,580<br>795,569<br>738,312|
|Net current assets||||145,329|23,026|74,100|242,455|
|Creditors of more than||one year||(70,189)<br>1,189,669|37,661|968,397|(70,189)<br>2,195,727|
|Unrestricted:<br>analysed||between|funds|||||
|||||General|Designated|Total||
|||||6|E|6||
|Tangible<br>Fixed assets|||||302,640|302,640||
|Programme-related|investments||||795,569|795,569||
|Investments||||36,410|(20,090)|16,320||
|Net current assets||||17,046|128,283|145,329||
|Creditors ofmore than||one year|||(70,189)|(70,189)||
|||||53,456|1,136,213|1,189,669||
|Prior Year||||||||
|||||Unrestricted|Restricted|Endowment|Total 2019|
|||||6|E|E|E|
|Tangible<br>Fixed assets<br>Programme-related<br>investments||||302,355<br>839,686|10,650|176,290|489,295<br>839,686|
|Investments||||99,527|3,985|633,287|736,799|
|Net current assets||||108,451|38,227||146,678|
|Creditors ofmore than||one year||(115,348)<br>1,234,671|52,862|809,577|(115,348)<br>2,097,110|





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|Unrestricted:<br>analysed|Unrestricted:<br>analysed|between|funds||||
|---|---|---|---|---|---|---|
|||||General|Designated|Total|
|||||E|E|E|
|Tangible<br>Fixed assets<br>Programme-related|investments||||302,355<br>839,686|302,355<br>839,686|
|Investments||||36,218|63,309|99,527|
|Net current assets||||(23,966)|132,417|108,451|
|Creditors of more than||one year||12,252|(115,348)<br>1,222,419|(115,348)<br>1,234,671|



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