**The Parish of St Mary Magdalene with St John the Evangelist, Hucknall Annual Report**
**and Financial Statements**
**of the Parochial Church Council for the year ended 31 December 2023**
**Clayton & Brewill Statutory Auditors and Chartered Accountants Cawley House 149-155 Canal Street Nottingham**
**Charity Commission Registered Number: 1132272**
**Page 1**
**Independent Examiners Report to the Trustees of**
## **The Parish of St Mary Magdalene with St John the Evangelist, Hucknall**
## **Independent examiner’s report to the trustees of The Parish of St Mary Magdalene with St John the Evangelist, Hucknall**
I report to the charity trustees on my examination of the accounts of the church for the year ended 31 December 2023 which are set out on pages 2 to 12.
## **Responsibilities and basis of report**
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no 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 accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and contents 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 the 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.
Neil South BA FCA Date Clayton & Brewill Statutory Auditors and Chartered Accountants Cawley House 149-155 Canal Street Nottingham NG1 7HR
**Page 2**
**The Parish of St Mary Magdalene with St John the Evangelist, Hucknall**
## **Statement of Financial Activities**
## **for the year ended 31 December 2023**
|**Note**
**Income and endowments**
**2**
Donations and legacies
2(a)
Other trading activities
2(b)
Income from investments
2(c)
Other income
2(d)
Total income and endowments
**Expenditure**
**3**
Expenditure on raising funds
3(a)
Expended on charitable activities
3(b)
Total expenditure
Net gains on investments
Gains on the revaluation of fxed assets
**Net income/(expenditure)**
Transfers between funds
**Net movement in funds for year**
Balances brought forward at 1 January 2023
Exiting church reserves
Removal of investment property
Prior year adjustment
**Balances carried forward at 31 December 2023**|**Unrestricted**
**Funds**
**£**
96,857
196,965
1,800
11,048|**Restricted**
**Funds**
**£**
7,500
-
221
80
7,801
-
1,402
1,402
393
-
6,792
1,097
7,889
478,930
-
-
-
486,818|**Endowment**
**Funds**
**£**
-
-
1,775
-
1,775
-
-
-
5,920
-
7,694
(1,775)
5,919
64,282
-
-
-
70,201|**Revaluation**
**Reserve**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
55,000
-
-
55,000|**Total Funds**
**Total Funds**
**2023**
**2022**
**£**
**£**
104,357
84,970
196,965
162,112
3,795
2,679
11,128
10,783
316,245
260,543
3,198
1,125
311,924
246,305
315,122
247,430
8,201
11,108
-
-
-
9,327
2,008
-
-
9,327
2,008
748,336
822,191
-
-
-
(75,862)
-
-
757,663
748,337|
|---|---|---|---|---|---|
||306,670|||||
||3,198
310,522|||||
||313,720|||||
||1,889
-|||||
||(5,160)
678|||||
||(4,482)
150,125|||||
||-
-|||||
||-
145,643|||||
**Page 3**
## **The Parish of St Mary Magdalene with St John the Evangelist, Hucknall**
## **Balance Sheet at 31 December 2023**
|**Notes**
**Fixed assets**
Tangible fxed assets
7
Investment assets
8
**Total fxed assets**
**Current assets**
Stock
Debtors
9
Cash at bank and in hand
**Total current assets**
**Current liabilities**
10
**Net current assets**
**Net assets**
**Funds**
Unrestricted
11
Restricted
11
Endowment
11
Revaluation Reserve
11
**Total funds**|-
24,008
122,709
146,717
(16,244)|**2023**
**2022**
**£**
**£**
512,398
510,000
114,791
106,589
627,189
616,589
450
8,989
137,416
146,855
(15,107)
130,473
131,748
757,662
748,337
145,643
150,125
486,818
478,930
70,201
64,282
55,000
55,000
757,662
748,337|
|---|---|---|
Approved by the Parochial Church Council on 21 April 2024
Trustee – P R Aldred Trustee – J Haywood
The notes on pages 4 to 12 form part of these accounts
**Page 4**
**The Parish of St Mary Magdalene with St John the Evangelist, Hucknall**
## **Notes to the Financial Statements**
## **for the year ended 31 December 2023**
## **1 Accounting Policies**
The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 together with the Charities SORP 2019 (FRS 102): ‘Accounting and Reporting by Charities, Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)’ , FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (effective October 2019) and the Charities Act 2011.
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities.
The church constitutes a public benefit entity as defined by FRS 102.
The financial statements have been prepared under the historical cost convention except for the valuation of the land and buildings (included within tangible fixed assets) and investment assets, which are all shown at market value.
The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body, nor those that are informal gatherings of church members.
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.
## **Funds**
General funds represent the funds of the Parish Church Council and are available for application on the general purposes of the PCC. These include funds designated for a particular purpose by the PCC.
Restricted funds are those funds that must be spent on restricted purposes. Endowment funds are where the capital must be retained. Details of the funds held are provided in note 9 and 1
The closing fund balances have been agreed for the year ended 31 December 2023.
**Page 5**
## **The Parish of St Mary Magdalene with St John the Evangelist, Hucknall**
## **Notes to the Financial Statements (Cont’d)**
## **for the year ended 31 December 2023**
## **Incoming Resources**
## **Voluntary income and capital resources**
Collections are recognised when received by or on behalf of the PCC. Planned giving receivable under covenant or gift aid is recognised only when received. Tax recoverable on covenanted or gift aid donations is recognised when the donation is recognised. Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt by the PCC is reasonably certain. Funds raised by fetes, garden parties and similar events are accounted for gross. Sales of books and magazines from the church bookstall are accounted for gross.
## **Other Income**
Rental income from the letting of church premises is recognised when the rental is due.
Parochial fees due to the PCC for weddings, funerals etc are accounted for on an event by event basis.
## **Income from Investment**
Dividends are accounted for when due and payable, and interest entitlements are accounted for as they accrue. Tax recoverable on such income is recognised in the same accounting year.
## **Income from legacies**
Legacies are recognised only when received.
## **Income from Grants**
Grant income is recognised when received, or rewarded if that reward creates a binding obligation to the PCC
## **Gains and losses on investments**
Realised gains or losses are recognised when investments are sold. Unrealised gains or losses are accounted for on revaluation of investments at 31 December.
## **Resources expended**
## **Grants**
Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC.
## **Activities directly related to the work of the Church**
The diocesan parish share is accounted for when due. Any parish share unpaid at 31 December is provided for in these financial statements as an operational (though not a legal) liability and is shown as a creditor in the Balance Sheet.
**.**
**Page 6**
**The Parish of St Mary Magdalene with St John the Evangelist, Hucknall**
**Notes to the Financial Statements (Cont’d)**
## **for the year ended 31 December 2023**
## **Fixed Assets**
## **Consecrated property and movable church furnishings**
Consecrated and beneficed property of any kind is excluded from the financial statements by S 96(2) (a) of the Charities Act 2011.
Moveable church furnishing held by the vicar and churchwardens on special trust for the PCC and which require a faculty for disposal are accounted for as inalienable property unless consecrated. All expenditure incurred during the year on consecrated or beneficed buildings, individual items under £2,000 or on repair of movable church furnishings is written off.
## **Other Land and Buildings**
Other land and buildings held on behalf of the PCC for its own purposes is valued at market value. No depreciation is charged against such properties, but any expenditure on maintenance or improvement is written off as incurred.
## **Other Fixtures, Fittings and Office Equipment**
Equipment used within the church premises is depreciated on a straight line basis over its estimated life. Individual items of equipment with a purchase price of £2,000 or less are written off when the asset is acquired.
## **Investments**
Investments are stated at market value at the balance sheet date. The statement of financial activities includes the net gains or losses arising in the revaluation and disposals throughout the year.
## **Current assets**
Amounts owing to the PCC at 31 December in respect of fees, rents or other income are shown as debtors less provision for amounts that they prove uncollectable.
## **Stock**
Stock is valued on a FIFO basis at the lower of cost and net realisable value.
## **Taxation**
The charity is exempt from tax on its charitable activities.
**Page 7**
## **The Parish of St Mary Magdalene with St John the Evangelist, Hucknall**
## **Notes to the Financial Statements (Cont’d)**
## **for the year ended 31 December 2023**
|2(a) Donations and legacies
Planned giving:
Convenants
Income tax recoverable on convenants
Unconvenanted
Collections (open plate) at all services
Sundry donations
Grants
Donations / appeals
Total donations and legacies
2(b) Other trading activities
Fund raising events
Bookstall
Memorabilia
Church hall lettings etc.
Fees
Total other trading activities
2(c)
Income from investments
Dividends and interest
Total income from investments
2(d) Other income
Other
Total other income
**Total income**|**Unrestricted**
**Funds**
**£**
53,039
12,364
-
3,807
14,242
-
13,405
96,857
40,854
-
-
127,279
28,832
196,965
1,800
1,800
11,048
11,048
306,670|**Restricted**
**Funds**
**£**
-
-
-
-
7,500
-
-
7,500
-
-
-
-
-
-
221
221
80
80
7,801|**Endowment**
**Funds**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,775
1,775
-
-
1,775|**Total Funds**
**Total Funds**
**2023**
**2022**
**£**
**£**
53,039
48,822
12,364
11,725
-
-
3,807
2,760
21,742
13,340
-
-
13,405
8,323
104,357
84,970
40,854
27,864
-
-
-
36
127,279
109,236
28,832
24,976
196,965
162,112
3,795
2,679
3,795
2,679
11,128
10,783
11,128
10,783
316,245
260,543|
|---|---|---|---|---|
**Page 8 The Parish of St Mary Magdalene with St John the Evangelist, Hucknall**
**Notes to the Financial Statements (Cont’d)**
**for the year ended 31 December 2023**
|3(a)
Expenditure on raising funds
Grants overseas
Grants home
Fundraising and publicity
Total expenditure on raising funds
3(b) Expenditure on charitable activities
Ministry: Parish share
Clergy expenses
Assigned fees
Church running expenses
Church maintenance
Training
Youth work
Giving programme
Upkeep of churchyard
Church hall running costs
Organist Fees
Other
Administration
Depreciation
Bank charges and loan interest
Independent examination fee
Total expenditure on charitable activities
**Total expenditure**|**Unrestricted**
**Funds**
**£**
-
3,198
-
3,198
59,280
2,136
9,237
27,421
26,861
-
-
-
10
166,987
5,530
589
8,512
600
275
3,084
310,522
313,720|**Restricted**
**Funds**
**£**
-
-
-
-
-
240
-
-
-
-
1,162
-
-
-
-
-
-
-
-
-
1,402
1,402|**Endowment**
**Funds**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|**Total Funds**
**Total Funds**
**2023**
**2022**
**£**
**£**
-
1,000
3,198
125
-
-
3,198
1,125
59,280
57,000
2,376
3,207
9,237
9,389
27,421
22,895
26,861
1,334
-
239
1,162
346
-
-
10
492
166,987
132,633
5,530
6,345
589
1,686
8,512
7,616
600
-
275
255
3,084
2,868
311,924
246,305
315,122
247,430|
|---|---|---|---|---|
**Page 9**
**The Parish of St Mary Magdalene with St John the Evangelist, Hucknall**
**Notes to the Financial Statements**
**for the year ended 31 December 2023**
## **4 Trustee remuneration and expenses**
Two trustees receieved remuneration totalling £28,120during theyear for work performed at the Churches (2022: £10,630), and no trustees were paid any expenses during the year (2022: £nil).
## **5 Staff expenses**
|Wages and salaries
National insurance contributions
Pension contributions
Average number of staf|**2023**
**2022**
121,555
98,490
6,869
5,166
1,914
1,130
130,339
104,786
13 (2022: 12)|
|---|---|
No employee received total employee benefits of more than £60,000 (2022: none).
## **6 Accountancy Fees**
|**Accountancy Fees**|||
|---|---|---|
||**2023**|**2022**|
|Independent Examination fee|3,084|2,868|
## **Page 10**
## **The Parish of St Mary Magdalene with St John the Evangelist, Hucknall**
**Notes to the Financial Statements for the year ended 31 December 2023**
**7 Fixed assets for use by the PCC**
|**Gross book value**
At 01/ 01/ 23
Additions
Disposals
Revaluations
At 31/ 12/ 23
**Depreciation**
At 01/ 01/ 23
Charge
Eliminated on disposal
At 31/ 12/ 23
**Net book value**
At 31/ 12/ 23
At 31/ 12/ 22|**Freehold**
**land and**
**buildings**
**£**
510,000
-
-
-
510,000
-
-
-
-
510,000
510,000|**Other**
**Total**
**£**
**£**
11,835
521,835
2,998
2,998
8,929
8,929
-
-
5,904
515,904
11,835
11,835
600
600
8,929
8,929
3,506
3,506
2,398
512,398
-
510,000|
|---|---|---|
The freehold land and buildings comprise the Godber Memorial Hall (valued at £330,000) and the St John’s Church Hall (valued at £180,000). These are valued at their open market value. A formal valuation was performed on St Johns Hall in January 2013 and The Godber Memorial Hall in January 2019 by Littlewood & Company, Chartered Surveyors. The trustees believe that this valaution is still appropraite and an accurate reflection of the market valuation of the freehold land and buildings as at 31 December 2023.
**Page 11**
**The Parish of St Mary Magdalene with St John the Evangelist, Hucknall Notes to the Financial Statements**
**for the year ended 31 December 2023**
**£**
## **8 Investments**
|Market value at 1 January 2023
Disposal at carrying value
Purchases at cost
Removal of investment property
Revaluation gain/ (loss)
Market value at 31 December 2023|106,589
-
-
-
8,202|
|---|---|
||114,791|
Shares and investment in the CBF's investment fund - historical cost £31,671 The market value at 31 December 2023 represents investments for:
|Unrestricted funds
Restricted funds
Endowment funds|36,520
8,070
70,201|
|---|---|
||114,791|
|**9**
**Debtors**
Trade debtors
Prepayments
**10 Liabilities**
Trade creditors
Parish share
Accruals and deferred income|**2023**
**2022**
21,041
7,709
2,967
1,280
24,008
8,989
**2023**
**2022**
-
2,285
-
-
16,244
12,822
16,244
15,107|
|---|---|
**Page 12**
**The Parish of St Mary Magdalene with St John the Evangelist, Hucknall Notes to the Financial Statements for the year ended 31 December 2023**
## **11 Analysis of net assets by fund**
|Fixed assets
Fixed asset investments
Current assets
Current liabilities|**Unrestricted**
**funds**
**£**
2,398
36,520
122,969
(16,244)|**Restricted**
**funds**
**£**
455,000
8,070
23,748
-|**Endowment**
**funds**
**£**
-
70,201
-
-|**Revaluation**
**Reserve**
**£**
55,000
-
-
-|**2023**
**2022**
512,398
510,000
114,791
106,589
146,717
146,855
(16,244)
(15,107)
757,662
748,337|
|---|---|---|---|---|---|
||145,643|486,818|70,201|55,000||
## **12 Fund details**
The restricted funds comprise the Godber Memorial Hall, St John’s Church Hall, along with various small funds.
The endowment fund comprises of several bequests for specific activities within the church. These are permanent endowments, which require the income to be spent on these specific activities.
The general funds consist of the funds of the Parish Church Council. These are available for application on the general purpose of the PCC.
## **13 Related Party Transactions**
There were no related party transactions (2022: none).
## **Charity Commission Report 2023**
**St Mary Magdalene with St Johns the Evangelist, Hucknall Annual Report and Financial Statements**
**of the Parochial Church Council for the year ending 31[st] December 2023. Charity Commission Registered Number: 1132272**
The Parochial Church Council of The Ecclesiastical Parish of Hucknall Torkard (PCC) under the leadership of the Incumbent and the Parish Wardens are responsible for the Parish Church of St Mary Magdalene and the associated Church of St John the Evangelist. The PCC are also responsible for the community halls.
## **Objectives and Activities**
- To serve the community of Hucknall by providing opportunities and facilities for education, worship, civic events and social activities.
- To promote the wellbeing and growth of groups and individuals within our community through the use of our facilities
- To provide quiet spaces and places for living worship where people can find time to meet with God
1. Both churches provide sacred spaces for personal prayer and contemplation. St Mary Magdalene’s Church on the Market Place in the centre of Hucknall is open and stewarded through most of the week to provide a place of quiet for prayer and contemplation. St John the Evangelist Church is open for regular publicised services on Sunday and at other times as advertised or upon request.
2. The churches also provide venues for concerts and other events, continuing the tradition of the church as being a centre for community gathering and celebration.
3. Pastoral support to anyone in need in Hucknall including visiting the sick and bereaved by ordained clergy, lay ministers and members of the congregation.
4. Teaching about Christianity through sermons, courses and discussion groups.
5. Offering support to all of the schools in the parish and contributing to the pastoral care and support of the pupils and staff.
6. Promotion of Christianity through local events and meetings as well as through the distribution of literature.
7. Supporting local and national charities in the UK and overseas. The churches aim to donate some of their of income to local, national and international charities after essential running costs have been met.
8. Promoting the mission of the Church through the provision of activities for the elderly, parents and
toddlers and other groups with special needs, both churches providing space for community groups and run social events open to both church and community.
The PCC reviews all decisions in the light of the responsibilities of individual members as charity trustees and of the duty of the organisation as a whole to provide public benefit.
## **Outreach into the local Community**
The John Godber Centre linked to St Mary Magdalene provides the main town centre outreach of the Church into the community both by supporting vulnerable groups and by providing a focus for leisure/social activity for all ages.
The Centre is a large venue in the heart of Hucknall town centre with several rooms for hire and offers packages for entertainment, décor, catering, refreshments and AV equipment. The Centre organises a number of social events during the year for fundraising and is open 7 days per week and is well utilised during the evenings and weekends for local life events. The Portland Hall, the Centres largest space is able to hold up to 200 people with a number of smaller spaces on the ground floor including a dedicated children’s activity room hired by a local preschool.
In recent years the Centre has invested in the building and a 5 year refurbishment was in place pre pandemic. Sadly, plans were paused whilst funding was sought to continue the programme of works in response to the financial and operational challenges of running a community space and instead the need to focus on other maintenance priorities for the building. During 2023 the Centre redecorated the ground floor corridor, installed 2 new fire doors to the rear of the building, upgraded its IT and photocopying systems. It is hoped to source funding to further improve the exterior of the building and further flooring works in the coming years.
Although there is a small core of paid staff a number of activities are supported by volunteers from the Church and local community.
The PCC is also responsible for the smaller Community Hall of St John the Evangelist providing similarly important point of Church outreach into the community and is managed by volunteers from the Church. A number of the Churches community activities take place in St Johns Community Hall to reach the community in the local area including its Play and Praise toddler sessions and Food, Family and Friends.
The church website informs online visitors of the scope of the Churches activities and mission, and regular enquiries for occasional offices are now received through this channel. There are a number of regular social,
learning and support groups that meet as part of the Church life and mission in all 4 of its buildings.
Recruitment and retention of stewards for welcoming and assisting visitors continues to be a challenge but a core volunteer group of dedicated stewards continue to ensure St Mary Magdalene’s Church is open for much of the week except Sundays, when there are worship services and Tuesday when there is a worship service at 10.15am.
Relationships with history and heritage experts and societies, established during the restoration project, continue to support the church in its heritage activities. The church continues its membership of promotional tourism and history organisations to promote it as an important small visitor attraction. A programme of events over the coming years still seeks to establish St Mary Magdalene Church as a Heritage Hub within Nottinghamshire. The ongoing success of this venture depends on both the Church and the community working together to plan and run events that strengthen personal relationships and preserve this essential historic building right in the centre of the community. Hopes for the future include further exploration of development for the North Transept of the building and funding streams to further enhance the visitor’s experience.
The biggest challenge to St John the Evangelist church continues to be the low numbers of regular worshippers. The Church is open for services at 9.30am on Sundays and continues to host weddings and funerals.
## **Achievements and Performance**
Opportunities for worship, faith development and pastoral care are continually improving in our Churches.
St Mary Magdalene Church is accessed by local schools on a more regular basis and has closer connections thanks to the work of the Children’s Worker recruited in 2022 to support the growing of a younger, wider and deeper congregation. New holiday clubs took place during the year and sessions were led in school and in Church building those relationships with families and school children.
The Church held its Annual Christmas Tree Festival and continues to be visited by people from all over the world who have an interest in the poet Lord Byron, and his mathematician daughter Ada Lovelace – regarded as the ‘mother of computing’ also hosting many concerts including lunch time recitals on a monthly basis with local group Torkard Ensemble. The Renewal Wellbeing session continues to be well attended and provide help and support for many with a growing number of volunteers.
At St John the Evangelist’s community halls, hosted social activities and fayres, for the community and as part of its regular fundraising activities. 2023 saw a number of new regular groups and an increase in
weekend parties. St John’s halls have regular bookings from Hey Days Day Centre for the elderly, Brownies, Rainbows and Guides, fitness and children’s activities and hosted 46 parties and celebrations during the year.
The John Godber Centre appeals to both community and business users for regular and ad-hoc bookings. It is home to over 60 groups and on average, 1,000 people pass through its doors each week to use the Centre for Celebration, Business and Community events and activities. In 2023, the Centre hosted over 135 celebratory and social events, including birthdays (all age ranges), christenings, funerals, wedding receptions and anniversaries. It is also used by the church for social and business meetings and a number of local groups for socials and events.
## **Structure, governance and management**
The PCC works according to the Parochial Church Council Powers Measure (1956) as amended and Church Representation Rules of the Church of England.
We are a Parish with 2 churches – each with a Community Hall which is administered by the PCC.
The John Godber Centre employs a full time manager to oversee the day to day operations of the venue, who reports directly to the PCC with support from an Operating Board, a subgroup of the PCC. St Johns Community Hall has a small and dedicated group of volunteers and employs a cleaner and caretaker to oversee the operation of the hall.
St Mary Magdalene Church employees a cleaner and administrator and a children’s worker post is funded by the Diocese of Southwell and Nottingham but employed by the PCC.
A voluntary PSO (Parish Safeguarding Officer) has been appointed to ensure our policies are in place and we are keeping everyone as safe as possible. Regular training is undertaking by the PCC and the Churches volunteers by the PSO who receives regular updates from the Diocese and feeds back to the PCC on a monthly basis at its meetings.
The halls provide education, recreation and leisure facilities for the local community.
The PCC is the governing body of the charity. Members of the PCC are elected at the Annual PCC meeting. All clergy are ex-officio but all other trustees are elected or are elected to posts which automatically belong to the PCC such as the Deanery Synod representative or Reader representative. New trustees are encouraged to attend training events organized by the Diocese of Southwell and Nottingham.
The Churches finances, fabric and mission objectives are reviewed and discussed at the PCC’s regular meetings.
## **Reserves policy**
The PCC has a reserve policy which covers two months running costs of the Church and one month of salaries of the John Godber Centre and St Johns Community Hall staff for which it is responsible. In addition, the John Godber Centre has its own reserve policy (3 months running costs) St Johns Hall has reserves which covers three months running costs. None of our funds is in deficit.