2021-04-05-accounts

CHARITY REGISTRATION NUMBER: 1109330

Bethel Presbyterian Church (Reformed) Unaudited Financial Statements

5 April 2021

GORDON DOWN & COMPANY LIMITED

Accountants and business advisors 144

Walter Road Swansea SA1 5RW

Bethel Presbyterian Church (Reformed)

Financial Statements

Year ended 5 April 2021

Page

Trustees' annual report 1 Independent examiner's report to the trustees 7 Statement of financial activities 8 Statement of financial position 9 Notes to the financial statements 10

Bethel Presbyterian Church (Reformed)

Trustees' Annual Report

Year ended 5 April 2021

The trustees present their report and the unaudited financial statements of the charity for the year ended 5 April 2021.

Reference and administrative details

Registered charity name Bethel Presbyterian Church (Reformed)

Charity registration number 1109330

Principal office Michaelston Road Ely Cardiff CF5 4SX

The trustees

Mr I Hepburn (Elder) Mr A Liddington (Elder) Mr J Hepburn (Elder) Mr P Young (Elder)

Independent examiner Mark Williams FCA of Gordon Down & Company Limited 144 Walter Road Swansea SA1 5RW

1

Bethel Presbyterian Church (Reformed)

Trustees' Annual Report (continued)

Year ended 5 April 2021

Structure, governance and management

Governing document

Bethel Presbyterian Church (Reformed) is constituted under a Trust Deed dated 10 April 2005 and a Constitution dated 14 October 2003. The registered charity number is 1109330.

Organisational structure

The trustees who have served during the year and since the year-end are set out on page 1 together with other legal and administrative information. The church is ruled by its ordained elders. The "trustee", so called, is a custodial trustee for property only.

Appointment and induction of new trustees

The trustees are elected by the Elders' session. The trustees are responsible for the induction of any new trustee. This involves making them aware of a trustee's responsibilities and of the nature of the governing document and administrative procedures. A new trustee would receive a copy of the charity's Trust Deed together with a copy of the charity's latest Annual Report and Accounts.

Key management remuneration

The board of trustees and the Elders' session are considered to be the key management personnel of the charity. Details of trustee remuneration or other benefits are disclosed at note 12. Details of trustee expenses and related party transactions are disclosed in notes 12 and 19 respectively. Payments to other key management personnel are given at note 11.

Risk management

The trustees have conducted a review of the major risks to which the charity is exposed. Where

appropriate, systems or procedures have been established to mitigate the risk the charity faces. These procedures are periodically reviewed to ensure they continue to meet the needs of the charity.

2 Bethel Presbyterian Church (Reformed)

Trustees' Annual Report (continued)

Year ended 5 April 2021

Objectives and activities

Objectives and aims

The object of Bethel Presbyterian Church (Reformed) hereinafter called 'the Church' is to advance the Christian Religion in accordance with the doctrinal standards of the church.

Aims and powers

In furtherance of the above object the church shall:

(a) establish and build up itself as a Christian church in functioning as custodian, disciple of and witness to the truth of Holy Scripture;

(b) declare the whole counsel of God as revealed in holy Scripture and summarised in the Subordinate Standards of the Church;

(c) express the Christian life within and outside the fellowship of the Church;

(d) erect or acquire, maintain and, if necessary, dispose of such land and buildings as are necessary to accomplish the object, and for no other purposes than those consistent with charitable status;

(e) engage one or more persons in paid employment

(f) seek visible union with other churches, having the same, or a closely compatible, confessional basis and form of government;

(g) seek association, i.e., fraternal or sister-church relations, with other Reformed or Presbyterian churches subscribing to the Westminster Confession of Faith or the Three Forms of Unity (i.e., the Belgic Confession, the Heidelberg Catechism and the Canons of Dort) or a compatible Reformed confession;

(h) co-operate wherever possible, on a Biblical basis appropriate to each category, with other Christian churches and organisations;

(i) establish and maintain, according to the providence of God, such institutions and structures as will provide for: Christian education; theological training; care of the old and infirm; good works to be done to all men and especially those of the household of faith, and

(j) undertake the task of church extension and foundation as the persuasion of Scripture, providence and the Holy Spirit direct and constrain.

Volunteers

While employing one member of staff the charity also has numerous volunteer helpers who are responsible for the support of many activities in the church. It is not possible to place a monetary value on the contributions made by volunteers nor are figures available that show how many hours of service they provide.

3 Bethel Presbyterian Church (Reformed)

Trustees' Annual Report (continued)

Year ended 5 April 2021

Achievements and performance

Bethel Church promotes the Christian religion primarily but not exclusively within the districts of Michaelston and Ely in the City of Cardiff. When considering our activities for the year the Church has considered the Commission`s guidance on public benefit and in particular the specific guidance on charities for the advancement of religion.

We seek to enable ordinary people to live out their faith as part of our community through:

• Worship and prayer; learning and understanding the whole counsel of God as found in the Bible and -- developing their relationship with and trust in the Lord Jesus Christ

• Provision of pastoral care for people within our community and

• Missionary and outreach work.

To assist this work it is important that we maintain and as funds permit develop the facilities within the Church building. Whilst adequate for the Church`s present need, due to pressure of increased numbers in the congregation, the need for additional space and in particular parking remains a matter for concern. The Church has benefitted from the use of a School Car Park on Sundays which continued until the school commenced demolition and the situation was further complicated by the outbreak of

Covid-19 which also closed the adjacent Children and Adult centres and the use of their car park. The trustees continue to canvass Local Councillors with a view to purchasing land adjacent to the Church which is owned by the local Authority. The outcome will depend upon the future redevelopment of the local school and how the land is finally disposed of.

The period 6th April 2020 to 5th April 2021 has seen progress in the life of the church as indicated below.

Development of Christian Life

As part of the churchs commitment to declare the whole counsel of God as revealed in Holy Scripture and in its commitment to enable as many people as possible to worship at our church and to become part of the Christian Community gathered at Bethel, regular meetings of worship and teaching have been maintained mainly through the medium of Zoom due to the prolonged period of lockdown due to Covid-19. Our services are publicised on a notice board outside the church building and it is emphasised that all are welcome to attend and during this strange period we were able to help Christians from other parts of the world by our online facility. Sermons are also published freely on the churchs website.

Until the outbreak of Covid-19 and the consequent lock down in March 2020 the church building was available by arrangement for people to use for prayer and private devotion.

Sadly, due to the pandemic the building was in lock down from March 2020 onward and so our regular children’s ministries and community events were put on hold.

The women’s work has seen sustained activity this year using the medium of Zoom, with a monthly bible study on Tuesday evenings. The study of particular books to help in understanding how to live as Christian women in today’s society continues to be a central feature of these meetings.

Regular Bible studies, public prayer and fellowship occasions were maintained during the year using again the medium of Zoom.

A programme of pastoral visitation and counselling was undertaken by the elders of the church during the year using online and telephone communication to help and encourage the church community.

The Church building remains available for use as a polling station for elections but again elections were postponed for the year.

4

Bethel Presbyterian Church (Reformed)

Trustees' Annual Report (continued)

Year ended 5 April 2021

The Church building remains available for use by the local branch of the Women`s Institute for their monthly meetings when they are able to recommence activities once more.

Ely has been identified as containing a large number of underprivileged people and within its resources the church seeks to reach out to help families or individuals in their difficulties.

As part of our concern to help in the wider community, one of our members serves as a Governor in a local school.

In February 2021 our Minister returned to Ireland to take up his ministry there and so the process of seeking a replacement began with a number of Ministers known to us taking up the Ministry supply in this period. Following a successful search, a new Minister was appointed and took up his appointment on 1[st] August 2021.

The church’s annual business meeting took place on 16[th] June 2021 when the budget proposed for the

year was presented. Once again this has only been made possible by the generosity of giving in the church.

A number of worthy causes were supported during the year as detailed in the notes of the accounts.

Elders of the church attended the regular meetings of the Presbytery of the Evangelical Presbyterian Church of England and Wales during the year as and when it was made possible due to Covid-19 restrictions.

5 Bethel Presbyterian Church (Reformed)

Trustees' Annual Report (continued)

Year ended 5 April 2021

Financial review

Going concern

Having considered budget and cash flow projections for the next twelve months, and the consequences of Covid-19 and other events and conditions, the trustees are confident that the Trust will continue to meet its liabilities as they fall due for the foreseeable future and consider that there are no material uncertainties about the Trust's ability to continue as a going concern. It is therefore considered appropriate by the trustees to prepare the financial statements on a going concern basis.

The accounts comply with the current statutory requirements and the charity's governing documents.

Total incoming resources for the year of £94,185 consist of donations received of £81,402, associated tax refunds of £12,485, £250 for room hire and £48 of interest. A significant proportion of the total expenditure of £81,823 relates to salaries and ministry support.

Incoming resources exceeded resources expended by £12,362 (2020 incoming resources were exceeded by resources expended by £15,535).

Reserves policy

The Elders have examined the level of reserves held at the year end in light of the main risks facing the organisation. A policy has been established to maintain free reserves equivalent to three months' operating costs. This is estimated to be approximately £12,000.

The free reserves of a charity represent the funds that are freely available to spend. In calculating the free reserves the Elders have deducted from the total of unrestricted funds any funds designated at the year end and the net book value of all tangible fixed assets as detailed in the accounts after adjusting for associated borrowing. This leaves a surplus of free reserves at 5 April 2021 of £78,864 which is above the target set by the Elders. The policy is reviewed by the trustees on an ongoing basis.

Unrestricted funds designated at the year end totalled £800.

The trustees' annual report was approved on 16 December 2021 and signed on behalf of the board of trustees by:

Mr I Hepburn (Elder) Trustee

6 Bethel Presbyterian Church (Reformed)

Independent Examiner's Report to the Trustees of Bethel Presbyterian Church (Reformed)

Year ended 5 April 2021

I report to the trustees on my examination of the financial statements of Bethel Presbyterian Church (Reformed) ('the charity') for the year ended 5 April 2021.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

2. the financial statements do not accord with those records; or

3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Independent Examiner

Mark Williams FCA of Gordon Down & Company Limited 144 Walter Road Swansea SA1 5RW

12 January 2022

7 Bethel Presbyterian Church

(Reformed) Statement of Financial

Activities

Year ended 5 April 2021

2021 2020 Unrestricted funds funds Total funds Total Restricted funds Note £ £ £ £

Income and endowments

Donations and legacies 4 93,887 - 93,887 78,395 Investment income 5 298 - 298 328 ──────── ──── ──────── ──────── Total income 94,185 - 94,185 78,723 ════════ ════════════ ════════

Expenditure on charitable activities 6,7 81,823 - 81,823 94,258 ──────── ─────── ──────── ──────── Total expenditure 81,823 - 81,823 94,258 ═══════════════ ════════ ════════

Expenditure

──────── ─────── ──────── ────────

Net income/(expenditure) and net

movement in funds 12,362 - 12,362 (15,535) ═══════════════ ════════ ════════

Reconciliation of funds

Total funds brought forward 365,117 - 365,117 380,652 ───────── ─────── ───────── ───────── Total funds carried forward 377,479 - 377,479 365,117 ═════════ ═══════ ═════════ ═════════

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 10 to 17 form part of these financial

statements. 8

Bethel Presbyterian Church (Reformed)

Statement of Financial Position

5 April 2021

2021 2020 Note £ £

Fixed assets

Tangible fixed assets 13 297,815 305,962

Current assets

Debtors 14 13,089 11,469 Cash at bank and in hand 68,755 50,896 ──────── ────────

81,844 62,365

Creditors: amounts falling due within one year 15 2,180 3,210 ──────── ──────── Net current assets 79,664 59,115 ───────── ─────────

Total assets less current liabilities 377,479 365,117 ═════════ ═════════

Funds of the charity

Restricted funds - - Unrestricted funds 377,479 365,117 ───────── ───────── Total charity funds 17 377,479 365,117 ═════════ ═════════

These financial statements were approved by the board of trustees and authorised for issue on

16 December 2021, and are signed on behalf of the board by:

Mr A Liddington (Elder) Trustee

The notes on pages 10 to 17 form part of these financial

statements. 9

Bethel Presbyterian Church (Reformed)

Notes to the Financial Statements Year ended 5 April 2021

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Michaelston Road, Ely, Cardiff, CF5 4SX.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities

SORP (FRS 102)) and the Charities Act 2011.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

Having considered the consequences of Covid-19 and other events and conditions, the trustees are confident that the charity will continue to meet its liabilities as they fall due and consider that there are no material uncertainties that impact on the going concern basis being used to prepare these financial statements.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

• (a) No cash flow statement has been presented for the charity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

• Significant judgements - There are currently no key judgements that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.

• Key sources of estimation uncertainty - There are currently no key assumptions or other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Income tax

The charity is exempt from tax on its charitable activities.

10

Bethel Presbyterian Church (Reformed)

Notes to the Financial Statements (continued)

Year ended 5 April 2021

3. Accounting policies (continued)

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

• income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

• legacy income is recognised when receipt is probable and entitlement is established.

• income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

• income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

11 Bethel Presbyterian Church (Reformed)

Notes to the Financial Statements (continued)

Year ended 5 April 2021

3. Accounting policies (continued)

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

• expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.

• expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

• other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property - 2% straight line Fixtures and fittings - 20% straight line Improvements to property - 2% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

12 Bethel Presbyterian Church (Reformed)

Notes to the Financial Statements (continued)

Year ended 5 April 2021

3. Accounting policies (continued)

Financial instruments

The Church only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which would be subsequently measured at the carrying value plus accrued interest less repayments.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

4. Donations and legacies

	Fun	Unrestrict	Total Funds
Unrestricted	ds	ed	2020
Funds	202	Fun
Total	1	ds
			£ £ £

Donations

Offerings 81,402 81,402 67,529 67,529 Gift Aid 12,485 12,485 10,866 10,866

Grants

Grants receivable - - - - ──────── ──────── ────────────────

93,887 93,887 78,395 78,395

════════ ════════ ════════ ════════

5. Investment income

	Fun	ted	Total Funds
Unrestricted	ds	Fu	2020
Funds	2021	nd
Total	Unrestric	s

£ £ £ £

Bank interest receivable 12 12 21 21 Other interest receivable 36 36 57 57 Rent receivable 250

250 250 250 ──── ──── ──── ────

298 298 328 328

════ ════ ════ ════

13 Bethel Presbyterian Church (Reformed)

Notes to the Financial Statements (continued)

Year ended 5 April 2021

6. Expenditure on charitable activities by fund type

Restricted Total Funds Unrestricted Funds 2021 Funds

£ £ £

Ministerial and pastoral activities 65,648 - 65,648 Relationships with other churches - - - Theological training activities - - - Bible club and outreach 694 - 694 Support costs 15,481 -

15,481 ──────── ─────── ──────── 81,823 - 81,823 ════════ ═══════ ════════ Restricted Total Funds Unrestricted Funds 2020 Funds

£ £ £

Ministerial and pastoral activities 71,448 381 71,829 Relationships with other churches 3,000 - 3,000 Theological training activities 20 - 20 Bible club and outreach 1,180 - 1,180 Support costs

18,229 - 18,229 ──────── ─────── ──────── 93,877 381 94,258 ════════ ═══════ ════════

7. Expenditure on charitable activities by activity type

Activities undertaken Grant funding Support costs 2021 directly of activities Total funds Total fund 2020 £ £ £ £ £

Ministerial and pastoral activities 60,787 4,861 13,939 79,587 88,619 Relationships with other churches - - - - 3,000 Theological training

activities - - - - 20 Bible club and outreach 694 - 162 856 1,180 Governance costs - - 1,380 1,380

1,439 ──────── ─────── ──────── ──────── ──────── 61,481 4,861 15,481 81,823 94,258 ════════ ═══════ ════════ ════════ ════════

14 Bethel Presbyterian Church (Reformed)

Notes to the Financial Statements (continued)

Year ended 5 April 2021

8. Analysis of grants

Grants to institutions

Christian Institute 500 500 EMF 1,000 500 Christian Witness to Israel 500 500 North East India - 500 Nepal mission cause 1,855 1,500 Romanian ministries - - ─────── ───────

3,855 3,500

Grants to individuals

Various 1,006 4,877 ─────── ─────── Total grants 4,861 8,377 ═══════ ═══════

Included within grants to individuals is a grant of £500 towards ministry support for Matt Faux.

9. Net income/(expenditure)

Net income/(expenditure) is stated after charging/(crediting):

2021 2020 £ £

Depreciation of tangible fixed assets 8,147 8,604 ═══════ ═══════

10. Independent examination fees

2021 2020 £ £

Fees payable to the independent examiner for: Independent examination of the financial statements 414 429 Other financial services 967 1,010

─────── ─────── 1,381 1,439 ═══════ ═══════

11. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

2021 2020

£ £

Wages and salaries 36,050 36,360 Social security costs - 1,241 Employer contributions to pension plans 6,000 6,000 ──────── ──────── 42,050 43,601 ════════ ════════

The charity employed one person during the year, the Minister. The total employee benefits of the charity's key management personnel were £42,050 (2020 - £42,360).

The average head count of employees during the year was 1 (2020: 1).

15 Bethel Presbyterian Church (Reformed)

Notes to the Financial Statements (continued)

Year ended 5 April 2021

11. Staff costs (continued)

No employee received employee benefits of more than £60,000 during the year (2020: Nil).

12. Trustee remuneration and expenses

No trustees received any remuneration or other benefits during the year ended 5 April 2021.

There were no trustees' expenses paid for the year ended 5 April 2021.

13. Tangible fixed assets

Fixtures and Improvement Freehold fittings to property Total property

£ £ £ £

Cost

At 6 April 2020 338,719 21,864 76,700 437,283 Additions - - - - ───────── ──────── ──────── ───────── At 5 April 2021 338,719 21,864 76,700 437,283 ═════════════════ ════════ ═════════

Depreciation

──────── At 6 April 2020 96,544 21,144 13,633 131,321 Charge for the year 6,275 338 1,534 8,147

──────── ─────────

At 5 April 2021 102,819 21,482 15,167 139,468 ═════════════════ ════════ ═════════ Carrying amount

At 5 April 2021 235,900 382 61,533 297,815 ═════════════════ ════════ ═════════ At 5 April 2020 242,175 720 63,067 305,962 ═════════════════ ════════ ═════════

14. Debtors

2021 2020 £ £

Other debtors 13,089 11,469 ════════ ════════

15. Creditors: amounts falling due within one year

2021 2020 £ £

Other creditors 2,180 3,210 ═══════ ═══════

16. Pensions and other post-retirement benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £6,000 (2020: £6,000).

Bethel Presbyterian Church (Reformed)

16 6 April 2020 Income Expenditure At 5 April 2021

Notes to the Financial Statements (continued)

Year ended 5 April 2021

17. Analysis of charitable funds

Unrestricted funds

At

£ £ £ £

General funds 365,117 94,185 (81,823) 377,479 ═════════ ════════ ════════ ═════════

Designated funds

Designated funds are part of the charity's total unrestricted funds noted above and represent amounts earmarked by the Elders to be used for particular purposes in the future. The Elders have the power to re-designate such funds within unrestricted funds. Designated funds are not disclosed separately on the charity's Statement of Financial Activities nor on its Balance Sheet.

The total of funds designated at the year end was £800.

18. Analysis of net assets between funds

	Restricted	Total Funds	Total Funds
Unrestricted	Funds	2021	2020
Funds

£ £ £ £

Tangible fixed assets 297,815 – 297,815 305,962 Current assets 81,844 – 81,844 62,365 Creditors less than 1 year (2,180) – (2,180) (3,210) ───────── ─────── ───────── ───────── Net assets 377,479 – 377,479 365,117 ═════════ ════════════════ ═════════

19. Related parties

The aggregate value of unconditional donations made by the trustees in the year to 5 April 2021 was £22,270 (2020 - £22,485.

17