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2022-12-31-accounts

LOUGHBOROUGH BAPTIST CHURCH

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2022

REGISTERED CHARITY NUMBER: 1131055

Cound & Co LLP Chartered Accountants

1 Princes Court Royal Way Loughborough Leics LE11 5XR Tel: 01509 214163

LOUGHBOROUGH BAPTIST CHURCH

CONTENTS


Report of the Trustees
Independent Examiner’s Report
Statement of Financial Activities
Balance Sheet
Notes to the Accounts		 Page No

1 – 3
4
5
6
7 – 15

- 1 -

LOUGHBOROUGH BAPTIST CHURCH

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees present their report together with the financial statement for the year ended 31 December 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Church’s governing documents, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014.

OBJECTIVES OF THE CHARITY

The principle purpose of the Church is the advancement of the Christian faith according to the principles of the Baptist denomination; the Church may also advance education and carry out other charitable activities in the United Kingdom and other parts of the world.

PUBLIC BENEFIT

The Trustees have referred to the Charity Commission’s general guidance on public benefit when reviewing the Church’s aims and objectives and in planning its future activities. In particular, the Trustees considered how planned activities will contribute to the aims and objectives they have set.

ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE

The activities of the Church have included:

During 2022 the Church actively searched for a minister; the Search Team meeting regularly in order to find a suitable person who would help the church to grow and witness to their faith. In June 2022 Rev Dr Michael Peat contacted the church and subsequently he and his family came to meet the Search Team and Michael stayed to lead the Sunday worship. Following a meeting with the church Michael came to preach with a view to the pastorate of Loughborough Baptist Church on Sunday 18th September. A special Church Meeting was held on Sunday 25th September after the morning service. This meeting was very well attended and the vote to call Rev Michael Peat to ministry at the church was overwhelming. Mike began his ministry with us on 1st January 2023.

Bible Study Groups are held regularly led by members of the church.

The Pastoral worker has continued with her work and is regularly visiting those members of our congregation who are alone or in need. The Forget-Me-Not group is now meeting once a fortnight on Saturday mornings and a Men's Meal is held bi monthly.

Our Family Worker left us in August to move nearer home. The work is being maintained by church members and we are actively looking for someone to carry out and perhaps expand this work.

- 2 -

LOUGHBOROUGH BAPTIST CHURCH

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE (continued)

The church cafe is open three days a week for snacks and lunches. Every Tuesday lunch is taken out to those who find it difficult to come into town and once a fortnight lunch is also served at the church. Saturday Coffee mornings are held each week. These are organised by various groups and raise money for many charities.

The atmosphere at the church is positive with many people contributing to the work.

PROPERTY

65, Belvoir Drive has been totally refurbished and both flat roof areas have been re boarded and new membrane laid. It is now a manse for our new minister.

22, Patterdale Drive continues as a long term let.

At the church several flat roof areas have been re boarded and new membranes fitted. The same has been done at 11A Baxter Gate.

The Millennium kitchen has been re decorated.

The Millennium kitchen has had a new cooker and the main kitchen has had a new fridge.

FINANCIAL REVIEW & RESERVES POLICY

The reserves are in a healthy state partly due to a generous legacy from one of our former members.

We have set aside £90,000 for ministry for the next three years as well as £50,000 suggested by the Charity Commissioners in case of need.

We had notice of the closing of the East Midlands Trust Fund in December 2022. The Finance Team will look into the reinvesting of the money we have in this fund which is in the region of £240,000.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity is an unincorporated association governed by a constitution dated 20[th] March 2008 and known as Loughborough Baptist Church. The Church is a member of the Baptist Union of Great Britain.

The Church buildings are held in trust by the East Midlands Baptist Association Trust. The charity Trustees are appointed by the Church meeting and comprise seven deacons, two of which are the Church Secretary and the Church Treasurer. Trustees are advised of their obligations under charity law, the contents of the constitution, and the process of decision making in the Church.

The Trustees meet monthly and make recommendations to the monthly Church Meeting. The conduct of all meetings is governed by the requirements of the constitution.

-3 -

LOUGHBOROUGH BAPTIST CHURCH

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

REFERENCE AND ADMINISTRATIVE DETAILS

Charity Number: 1131055 Church Address: 9 – 10 Baxter Gate, Loughborough, Leicestershire, LE11 1TG Bankers Lloyds TSB plc, 37-38 High Street, Loughborough, Leicestershire, LE11 2QG Baptist Trust Co, 83 Sheepwalk Lane, Ravenshead, Nottingham, NG15 9FD Solicitors: Moss Solicitors, 80-81 Woodgate, Loughborough, Leicestershire, LE11 2XE Accountants: Cound & Co LLP, 1 Princes Court, Royal Way, Loughborough, Leicestershire, LE11 5XR

Trustees:

The Trustees during the year were:

Mr D Beresford (Resigned April 2022) Mrs S Bowler Mrs R Green Mrs E Grimley Mrs D Hall (Resigned April 2022) Mr S Ogunkolade Mrs M Thirlwell Mrs G Butcher (Appointed April 2022) Mrs V Edwards (Appointed April 2022) Mr A Mammon (Appointed April 2022 and resigned September 2022)

Approved by the Trustees on 23 April 2023 and signed on their behalf by: -

…………………………..

Mrs Margaret Thirlwell Church Secretary

- 4 -

INDEPENDENT EXAMINER’S REPORT

TO THE TRUSTEES OF LOUGHBOROUGH BAPTIST CHURCH

I report on the accounts of the Charity for the year ended 31 December 2022 which are set out on pages 5 to 15.

Respective Responsibilities of Trustees and Examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner’s statement

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

  1. which gives me reasonable cause to believe that, in any material respect, the requirements:

  2. to keep proper accounting records in accordance with section 130 of the Charities Act; and

  3. to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or

  4. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

D R Gradon MA FCA Cound & Co LLP Chartered Accountants 1 Princes Court Royal Way Loughborough Leics LE11 5XR 23 April 2023

- 5 -

LOUGHBOROUGH BAPTIST CHURCH

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

INCOME AND ENDOWMENTS FROM:
Donations and legacies
Investments
Charitable activities
TOTAL INCOME
EXPENDITURE ON:
Raising funds
Charitable activities
TOTAL EXPENDITURE
NET EXPENDITURE AND NET MOVEMENT
IN FUNDS BEFORE GAINS AND LOSSES
ON INVESTMENTS/FIXED ASSETS
Gain on revaluation of investment properties
Transfer between Funds
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
TOTAL FUNDS BROUGHT FORWARD
TOTAL FUNDS CARRIED FORWARD		 Notes
2
3
4
5
6
16
16		 2022
Unrestricted
113424
91809
10758
__
215991
_
15757
139670

155427

60564
_
-
-
_
60564
1330068
_
1390632
____		 2022
Restricted
-
-
-
_
-

-
1466

1466
_
(1466)

-
-

(1466)
7597
_
6131
___		 2022
2021
Total
Total
113424
92212
91809
75653
10758
8013
__
_
215991
£175878


15757
12569
141136
101203


156893
£113772


59098
62106
_
_
-
63500
-
-
_
_
59098
125606
1337665
1212059
_
_
1396763
£1337665
_
____		 2021
Total

- 6 -

LOUGHBOROUGH BAPTIST CHURCH

BALANCE SHEET AS AT 31 DECEMBER 2022


FIXED ASSETS
Tangible Assets
Investments
CURRENT ASSETS
Debtors
Cash at Bank
CREDITORS – Amounts falling due within one year
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
CHARITABLE FUNDS
Unrestricted
Designated
Restricted		 Notes
11 (a)
11 (b)
12
13
14
16
16
16		 2022
316212
828500
_
1144712
20686
249211
__
269897
_
17846
__
252051
_
1396763
_
£1396763
_
1390632
-
6131
_
£1396763
_		 2021
82896
1068500
_
1151396
24305
178365
__
202670
_
16401
__
186269
_
1337665
_
£1337665
_
1330068
-
7597
_
£1337665
_

Approved by the Trustees on 23 April 2023 and signed on their behalf by:

………………………………..

Mrs M Thirlwell (Church Secretary and Trustee)

The notes on pages 7 to 15 form part of these accounts

- 7 -

LOUGHBOROUGH BAPTIST CHURCH

NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 DECEMBER 2022

1 ACCOUNTING POLICIES

a) Basis of Preparation

These financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Charities Act 2011under the historical cost convention, with the exception that investments are included at market value. The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2005) and applicable UK Accounting Standards and the Charities Act 2011.

The Church constitutes a public benefit entity as defined by FRS102.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest pound.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

b) Funds

Unrestricted funds are funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Church.

Designated funds are funds which the Trustees have designated to be used for a particular purpose, rather than in furtherance of the general objectives of the Church.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the funding provider.

c) Income recognition

All incoming resources are included in the Statement of Financial Activities (SOFA) when the Church is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

No amount is included in the financial statements for volunteer time in line with SORP (FRS102).

For donations to be recognised the charity will have been notified of the amounts and the settlement dates.

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised.

Investment income is earned through holding assets for investment purposes such as property and shares. Interest is recognised when entitled and rent income is recognised as the Church’s right to receive payment is established.

- 8 -

LOUGHBOROUGH BAPTIST CHURCH

NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 DECEMBER 2022

1 ACCOUNTING POLICIES (continued)

d) Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Church to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis.

Grants payable are made by the Church to other organisations whose charitable objects complement their work. This is accrued once the recipient has been notified of the grant award.

e) Governance Costs

This represents direct expenditure on the governance of the Church. Most of the management is carried out without charge by volunteers. This intangible cost is not included in the Statement of Financial Activities since there is no measurable cost to the Church for their service.

f) Fixed Assets

The Church buildings and the Manse are included in the balance sheet at original cost or fair value at 31 December 2018 which becomes the “deemed cost” under the FRS 102 transition rules.

g) Depreciation

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses.

Depreciation is provided on all tangible fixed assets at a rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold buildings: 2% on “deemed” cost on a straight line basis

h) Investment Assets

Investment properties for which fair values can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value being recognised in net gains (losses) in investments in the SOFA.

i) Pension Costs

The Church pays contributions for its ministers to the Baptist Ministers Pension Trust Limited. This is a final salary multi-employer defined benefits scheme, the assets of which are held separately from the Church. The Church is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reliable basis and therefore, as required by Financial Reporting Standard 17 ‘Retirement benefits’, accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the Statement of Financial Activities represents the contributions payable to the scheme in respect of the accounting period.

- 9 -

LOUGHBOROUGH BAPTIST CHURCH

NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 DECEMBER 2022

2 VOLUNTARY INCOME

Offerings
Gift Aid tax refunds
Donations
Legacies		 2022
Unrestricted
57398
13900
10126
32000
__
113424
____		 2022
2022
2021
Restricted
Total
Total
-
57398
56502
-
13900
16509
-
10126
6691
-
32000
12510
_
_

-
£113424
£92212
_
_

3 INVESTMENT INCOME

Interest received
Rent received
INCOME FROM CHARITABLE ACTIVITIES
Trading income
RAISING FUNDS
Fundraising trading costs		 2022
Unrestricted
7097
84712
_
91809

2022
Unrestricted
10758
__
10758
_
2022
Unrestricted
15757
___		 2022
Restricted
-
-
_
-

2022
Restricted
-
__
-
_
2022
Restricted
-
___		 2022
Total
7097
84712
__
£91809
_
2022
Total
10758
__
£10758
_
2022
Total
£15757
___		 2021
Total
5174
70479
__
£75653
_
2021
Total
8013
__
£8013
_
2021
Total
£12569
___

4 INCOME FROM CHARITABLE ACTIVITIES

5 RAISING FUNDS

- 10 -

LOUGHBOROUGH BAPTIST CHURCH

NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 DECEMBER 2022

6 COST OF CHARITABLE ACTIVITIES

Ministry costs
Mission costs (see note 7)
Establishment costs
Depreciation
Admin Support Costs (see note 8)
Professional Fees
Cound & Co LLP
- Independent Examination Fee
- Accounting and payroll support		 2022
Unrestricted
56715
8162
55856
6684
8915
-
1500
1838
__
139670
____		 2022
Restricted
-
1466
-
-
-
-
-
-
_
1466
___		 2022
Total
56715
9628
55856
6684
8915
-
1500
1838
__
£141136
_____		 2021
Total
46921
7204
31608
1884
8716
2050
1500
1320
__
£101203
_____

7 MISSION COSTS

Grants paid to: -
BUGB Home Mission
BMS World Mission
Other
ADMIN SUPPORT COSTS
Staff Training
Computer Software
Office Consumables
Postage
Kitchen Upgrade		 2022
Unrestricted
3000
3000
2162
__
8162
_
2022
Unrestricted
144
806
7001
18
946
__
8915
_____		 2022
Restricted
-
-
1466
_
1466

2022
Restricted
-
-
-
-
-
__
-
_____

8 ADMIN SUPPORT COSTS

- 11 -

LOUGHBOROUGH BAPTIST CHURCH

NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 DECEMBER 2022

9 STAFF COSTS, KEY MANAGEMENT PERSONNEL AND TRUSTEE EXPENSES

Salaries
Pension Costs
JRS Grants Received		 2022
42622
2966
-
__
£45588
____		 2021
42966
5083
(3457)
__
£44592
____

The average number of employees during the year was 6 (2021: 7).

No employee received emoluments in excess of £60000 during the year (2021: none).

The highest paid employee received a salary of £9182.

All Trustees give freely of their time and expertise without any form of remuneration or other benefit in cash or kind (2021: all).

No Trustees received reimbursement for expenses paid for on behalf of the Church (2021: None).

The total unrestricted donations made by the Trustees in the year was £8620.

10 PENSION COSTS

The Church is an employer participating in a pension scheme known as the Baptist Pension Scheme (“the Scheme”). The Scheme is a separate legal entity which is administered by the Pension Trustee (Baptist Pension Trust Limited).

From January 2012, pension provision is being made through the Defined Contribution (DC) Plan within the Scheme. In general Members pay 8% of their Pensionable Income and employers pay 6% of members’ Pensionable Income into individual pension accounts which are operated and managed on behalf of the Pension Trustee by Legal and General Life Assurance Society Limited. In addition, the employer pays a further 4% of Pensionable Income to cover Death in Service Benefits, administration costs and an associated insurance policy which provides income protection for Scheme members in the event that they are unable to work due to long-term incapacity. The income protection policy has been insured by the Baptist Union of Great Britain with Unum Limited. Members of the Basic Section pay reduced contributions of 5% of Pensionable Income, and their employers also pay a total of 5%.

Benefits in respect of service prior to 1 January 2012 are provided through the Defined Benefit (DB) Plan within the Scheme. The main benefits for pre 2012 service were a defined benefit pension of one eightieth of Final Minimum Pensionable Income for each year of Pensionable Service, together with additional pension in respect of premiums paid on Pensionable Income in excess of Minimum Pensionable Income. The Scheme, previously known as the Baptist Ministers’ Pension Fund, started in 1925, but was closed to future accrual of defined benefits on 31 December 2011.

A formal valuation of the Ministers’ Fund was performed at 31 December 2013 by a professionally qualified Actuary using the Projected Unit Method. The market value of the DB Plan assets at the valuation date was £162 million.

The valuation of the DB Plan revealed a deficit of assets compared with the value of liabilities of £84 million (equivalent to a past service funding level of 66%). As a result of the valuation, in addition to the contributions to the DC Plan set out above, it has been agreed to increase the standard rate of deficiency contributions from Churches and other employers involved in the DB Plan from 11% of Pensionable Income/Minimum Pensionable income to 12% from 1 January 2017. The contributions will be based on each Church’s or other employer’s position at March 2017. Some Churches and other employers that were only involved in the DB Plan for a short period will pay less than 12%. As at 31 December 2018 the estimated deficit on a technical provision basis has reduced to around £50m. The Recovery Plan envisages deficiency contributions continuing until December 2028.

- 12 -

LOUGHBOROUGH BAPTIST CHURCH

NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 DECEMBER 2022

10 PENSION COSTS (continued)

The key financial assumptions underlying the valuations were as follows:

Type of assumption % pa
RPI price inflation assumption 3.60
CPI price inflation assumption 2.85
Minimum Pensionable Income Increases (CPI plus 1.0% pa) 3.85
Assumed investment returns
- Pre retirement 5.10
- Post retirement 3.95
Deferred pension increases
- Pre April 2009 3.60
- Post April 2009 2.50
Pension increases
- Main Scheme pension Pre April 2006 3.40
- Main Scheme pension Post April 2006 2.30

As there is a large number of contributing employers participating in the Scheme, the Church is unable to identify its share of the underlying assets and liabilities of the Scheme. Accordingly, due to the nature of the Scheme, the profit and loss charge for the period represents the employer contributions payable. The total pensions cost for the Church is £2966 (2021: £5083).

Under the current Recovery Plan signed in September 2020, deficiency contributions are payable until June 2026. These contributions are broadly based on the employer’s membership at 31 December 2014 and increase annually in line with increases to Minimum Pensionable Income as defined in the Rules.

At the end of June 2022, the Baptist Pension Scheme signed an agreement with the insurance company Just Group (‘Just’) to secure members’ pension benefits under the DB Plan. This agreement is referred to as a ‘buy-in policy’. It follows a similar agreement with Just in 2019 that covered most pensions in payment at that time. The combined agreements mean that Just are now providing financial backing for all DB pensions provided through the Scheme’s DB Plan.

The cost of such policies is largely driven by financial markets and these have moved substantially in the Scheme’s favour, particularly over the course of the last few months. As a result, this transaction takes the Scheme out of a shortfall position for the first time in two decades. Although risks remain, the Baptist Union and the Trustee of the Scheme have agreed that deficit contributions from each participating employer in the DB Plan will reduce to just £1 per month from August 2022.

- 13 -

LOUGHBOROUGH BAPTIST CHURCH

NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 DECEMBER 2022

11 FIXED ASSETS

(a)
(b)		 Tangible Assets
Cost
At 1 January 2022
Transfer from investment properties
As at 31 December 2022
Depreciation
At 1 January 2022
Charge for the year
As at 31 December 2022
Net Book Value at 31 December 2022
Net Book Value at 31 December 2021
Investments
Investment Properties
Market Value brought forward at 1 January 2022
Gain on revaluation
Transfer to Fixed Assets
Market Value as at 31 December 2022
Investment properties comprise:
11 Baxter Gate
7-8 Baxter Gate
27 Patterdale Drive
65 Belvoir Drive		 Manse
-
240000
__
240000
_
-
4800

4800

235200

-
___		 Church
Premises
Total
94200
94200
-
240000
__
_
94200
334200


11304
11304
1884
6684

__
13188
17988
__
_
81012
316212


82896
£82896


2022
2021
1068500
1005000
-
63500
(240000)
-
_
_
828500
1068500
_
_
380000
380000
250000
250000
198500
198500
-
240000
_
_
828500
£1068500
_
____		 Total
94200
240000
__
334200
_
11304
6684
__
17988
__
316212
_
£82896

2021
1005000
63500
-
_
1068500
____		 Total
94200
240000
__
334200
____		 Total
11304
6684
_
17988
____
316212
______
£82896
______
2021

The commercial properties at 11 and 7-8 Baxter Gate were valued by Mather Jamie, Chartered Surveyors in January 2016. The residential property at Patterdale Drive was valued by the Trustees, based on local property prices as at 31 December 2022.

Previously properties were valued on an insurance basis by the Baptist Union as at 27 April 2010.

- 14 -

LOUGHBOROUGH BAPTIST CHURCH

NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 DECEMBER 2022

12 DEBTORS

2022 2021
Gift Aid 546 2291
Prepayments and other debtors 20140 22014
_____ _____
£20686
_____		 £24305
_____

13 BANK AND CASH BALANCES

2022 2021
Lloyds TSB plc 14882 6133
Baptist Trust 234329 172232
______ ______
£249211
______		 £178365
______

14 CREDITORS – AMOUNTS FALLING DUE WITHIN ONE YEAR

2022 2021
Trade Creditors 1283 401
Accruals 3000 3600
PAYE and NIC 430 438
Collections held for other organisations 5070 4275
Rent Deposit 8063 7687
_____ _____
£17846
_____		 £16401
_____

15 RELATED PARTIES

The custodian Trustee of the Church is the Baptist Union Corporation Limited which is charity number 249635, and which is controlled by the Baptist Union Council. The Church is also a member of the Baptist Union of Great Britain.

The Church made a donation to the Baptist Union Mission Scheme as set out in note 7.

- 15 -

LOUGHBOROUGH BAPTIST CHURCH

NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 DECEMBER 2022

16 ANALYSIS OF NET ASSETS BETWEEN FUNDS

(a)
(b)		 Unrestricted
Restricted
31 December 2022
Funds
Funds
Fixed Assets: Tangible Assets
316212
-
: Investments
828500
-
Current Assets
263766
6131
Creditors due within one year
(17846)
-
_
_
1390632
6131
_

Unrestricted
Restricted
31 December 2021
Funds
Funds
Fixed Assets: Tangible Assets
82896
-
: Investments
1068500
-
Current Assets
197073
7597
Creditors due within one year
(16401)
-
_
__
1330068
7597
_
______		 Total
316212
828500
269897
(17846)
_
1396763
_
Total
82896
1068500
202670
(16401)
_
£133665
_

Restricted funds

The restricted fund is the Thornton and Hickling Fund, which is to relieve hardship in the Loughborough area.

17 MOVEMENT IN FUNDS

As at
1 January
2022
Unrestricted Funds
1330068
Restricted Funds
7597
_
£1337665
_		 Income
215991
-
__
215991
____		 Expenditure
(155427)
(1466)
__
(156893)
____		 As at
31 December
Revaluation
2022
-
1390632
-
6131
_
_
-
£1396763

____