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2020-12-31-accounts

Charity Registration No. 1133488

MEMORIAL COMMUNITY CHURCH

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

MEMORIAL COMMUNITY CHURCH

LEGAL AND ADMINISTRATIVE INFORMATION

Deacons Hilary Colston
Kemi Ajose
Lotanna Aranotu
Ruth Clewett
Clive Furness
Val Donnelly
Jeremy Middleton
Sylvia Owen
Pat Wiggins
Anne Kasibante (Appointed 27 October
2020)
Deborah Sewell (Appointed 27 October
2020)
Brian Dexter (Appointed 27 October
2020)
Charity number 1133488
Principal address 395 Barking Road
Plaistow
London
E13 8AL
Independent examiner Richard F Hopper
Chinthurst
30 St Stephens Hill
Launceston
Cornwall
PL15 8HN

MEMORIAL COMMUNITY CHURCH

CONTENTS

Page
Deacons' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 16

MEMORIAL COMMUNITY CHURCH

DEACONS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

The deacons present their report and financial statements for the year ended 31 December 2020.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the church's constitution , the Charities Act 2011 and "Accounting and Reporting by Charities: 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) (effective 1 January 2019)".

Objectives and activities

The church's objects are to proclaim the Christian faith and to serve the local community through its work and witness. The policies adopted in furtherance of these objects are the running of the various activities of the church. During 2020 the deacons approved an update to the data protection policy, and additional social media guidelines.

The deacons have paid due regard to guidance issued by the Charity Commission in deciding what activities the church should undertake.

Achievements and performance

Memorial Community Church has continued to hold regular services and to seek to serve the local neighbourhood throughout 2020.

The church has continued with a pastoral vacancy throughout 2020.. The day-to-day governance of the church has been managed by the deacons and elders.

The church profile was completed by the end of November and sent to the Baptist Union, national settlement. So far the church has invited three candidates to 'preach with a peep', by Zoom; one withdrew as her circumstances changed, and the church is currently in touch with two other candidates, who are either visiting or have visited the area in person.

The church began 2020 with heating failures in the main church building and also is the Swift Centre. These had occurred in 2019, but there were problems with identifying the causes and funding the necessary repairs. The causes were the corrosion of the century-old pipework embedded in the church foundations, and similar corrosion of the original pipework in the Swift Centre. The work was funded by a 70% loan from the LBA, together with generous gifts from within the church body and a legacy.

However 2020 began with services being held in the South Hall to facilitate heating.

Shortly after the first lockdown in March 2020 a homeless woman was murdered on the church forecourt. The woman was well known to Bridges and the church has sought to be a support to those who knew her. The police were able to trace the perpetrator, through CCTV; he too, sadly, was also known to the church.

With Covid-19 and lockdown in March 2020 services in the church ceased and did not restart during 2020. The church swiftly moved to running services by Zoom, and also facilitated those without internet being able to join services by phone. Church members have been generous in their expertise to enable the range of services and the media used.

The church partially reopened in June 2021, running hybrid services, i.e. in person and by Zoom. Church attendance by Zoom has been similar to face-to-face attendance.

MEMORIAL COMMUNITY CHURCH

DEACONS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

In April 2020 the church also established a Covid-19 working group; responsible to the deacons, the working group could respond quickly to rapidly changing situations and met throughout 2020. The church was aware of families with inadequate access and was able to make some additional equipment available for some families. A Covid fund was established which has made some hardship payments and given craft materials to families.

The church established a new pastoral team, in particular to stay in touch with vulnerable people known to the church, and subsequently established a WhatsApp confidential prayer network to pray for specific requests for members and others known to us.

The church has also run a mid-week prayer and bible study by Zoom.

All lettings ceased during the lockdown; the building manager worked with tenants to identify what reduced rents they should pay, for instance for the security of the buildings and the safe storage of tenants' equipment.

In June one pastoral worker left, to become the director of Newham Youth for Christ. The other pastoral worker and the buildings manager have remained in post, both part-time, neither were furloughed. The church also employs a caretaker and a cleaner; the cleaner was furloughed between April and December 2020.

Financial review

The financial transactions of the church during the year and the financial position at the end of the year are summarised in the attached accounts.

During 2019 the church's heating systems failed in both the main building and the Swift Centre. After lengthy investigations it was agreed that the only way forward was to replace these systems at a significant cost of £149,000 and this work was carried out during 2019 and into 2020. The funding was mainly through a loan of £84,000 from the London Baptist Property Board (LBPB) in November 2019 augmented by donations from members. The loan from LBPB is repayable over the period to 2030.

It is the policy of the church that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The deacons considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the church’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. Should the level of these reserves fall below the recommended level for a sustained period then the church could augment these reserves by disposal of its investment properties. Accordingly the deacons consider the financial position for 2020 and subsequently to be challenging but satisfactory recognizing that the church has underlying fixed assets which could be realized to meet cashflow requirements if necessary.

The deacons have assessed the major risks to which the church is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The church is part of the Baptist denomination of churches in the UK.

The deacons who served during the year and up to the date of signature of the financial statements were: Hilary Colston Kemi Ajose Lotanna Aranotu Peter Bailey (Resigned 31 August 2021) Gloria Barrett (Resigned 27 October 2020) Ruth Clewett Clive Furness Val Donnelly Edwin Kwakye (Resigned 27 October 2020)

MEMORIAL COMMUNITY CHURCH

DEACONS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Jeremy Middleton Sylvia Owen Pat Wiggins Lydia Yeboah (Resigned 8 August 2020) Anne Kasibante (Appointed 27 October 2020) Deborah Sewell (Appointed 27 October 2020) Brian Dexter (Appointed 27 October 2020)

The deacons are appointed by the members of the church in general meeting.

The day-to-day running of the church is dealt with by the minister, elders and deacons.

The deacons' r eport was approved by the Board of Deacons.

Hilary Colston Church Secretary Dated: 19 September 2021

MEMORIAL COMMUNITY CHURCH

INDEPENDENT EXAMINER'S REPORT TO THE DEACONS OF MEMORIAL COMMUNITY CHURCH

I report to the deacons on my examination of the financial statements of Memorial Community Church (the church) for the year ended 31 December 2020.

Responsibilities and basis of report

As the deacons of the church you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

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

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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:

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 financial statements to be reached.

Richard F Hopper

Chartered Accountant Chinthurst 30 St Stephens Hill Launceston Cornwall PL15 8HN

Dated: 27 September 2021

MEMORIAL COMMUNITY CHURCH

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020

Unrestricted
Restricted
funds
funds
2020
2020
Notes
£
£
Income from:
Donations and legacies
3
66,003
4,977
Charitable activities
4
50,198
-
Investments
5
27,503
-
Total income
143,704
4,977
Expenditure on:
Charitable activities
6
117,619
5,209
Net gains/(losses) on
investments
11
51,900
-
Net income/(expenditure)
for the year/
Net movement in funds
77,985
(232)
Fund balances at 1
January 2020
3,190,234
26,304
Fund balances at 31
December 2020
3,268,219
26,072		 TotalUnrestricted
funds
2020
2019
£
£
70,980
61,022
50,198
69,342
27,503
15,124
148,681
145,488
122,828
206,459
51,900
366,425
77,753
305,454
3,216,538
2,884,780
3,294,291
3,190,234		 Restricted
funds
2019
£
47,327
-
-
47,327
48,750
-
(1,423)
27,727
26,304		 Total
2019
£
108,349
69,342
15,124
192,815
255,209
366,425
304,031
2,912,507
3,216,538

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

MEMORIAL COMMUNITY CHURCH

BALANCE SHEET

AS AT 31 DECEMBER 2020

Notes
Fixed assets
Tangible assets
12
Investment properties
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
17
Net assets
Income funds
Restricted funds
18
Unrestricted funds
General unrestricted funds
Revaluation reserve		 2020
£
£
2,499,979
850,000
3,349,979
10,720
68,898
79,618
(31,306)
48,312
3,398,291
(104,000)
3,294,291
26,072
2,686,994
581,225
3,268,219
3,294,291		 2019
£
£
2,465,338
798,100
3,263,438
9,365
74,135
83,500
(24,218)
59,282
3,322,720
(106,182)
3,216,538
26,304
2,975,434
214,800
3,190,234
3,216,538

The financial statements were approved by the Deacons on 19 September 2021

Hilary Colston Trustee

Clive Furness Trustee

MEMORIAL COMMUNITY CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

Charity information

Memorial Community Church is an independent unincorporated church affiliated to the Baptist denomination of churches.

1.1 Accounting convention

The financial statements have been prepared in accordance with the church's constitution, the Charities Act 2011 and "Accounting and Reporting by Charities: 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) (effective 1 January 2019)". The church is a Public Benefit Entity as defined by FRS 102.

The church has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling , which is the functional currency of the church. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the deacons have a reasonable expectation that the church has adequate resources to continue in operational existence for the foreseeable future. Thus the deacons continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the deacons in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Incoming resources

Income is recognised when the church is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the church has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the church has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

MEMORIAL COMMUNITY CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.5 Resources expended

Expenditure is recognised in the accounts at the time when an obligation to make payment is incurred. Until the obligation is paid the balance is carried in current liabilities.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings 0% p.a. Leasehold improvements 0% p.a. Fixtures, fittings & equipment 5% - 25% p.a. on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

No depreciation is provided on the freehold property or the organ because, in the opinion of the deacons, their residual value is no less than their original cost.

1.7 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.8 Impairment of fixed assets

At each reporting end date, the church reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The church has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the church's balance sheet when the church becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

MEMORIAL COMMUNITY CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the church’s contractual obligations expire or are discharged or cancelled.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the church’s accounting policies, the deacons are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

MEMORIAL COMMUNITY CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

3 Donations and legacies

Unrestricted
Restricted
funds
funds
£
£
Donations and gifts
62,759
4,977
Grant income
3,244
-
For the year ended 31 December 2020
66,003
4,977
For the year ended 31 December 2019
61,022
47,327
Charitable activities
2020
£
Charitable rental income
49,028
Other income
1,170
50,198		 Total
2020
£
67,736
3,244
70,980		 Total
2019
£
108,349
-
108,349
108,349
2019
£
68,872
470
69,342

4 Charitable activities

5 Investments

Unrestricted Unrestricted
funds funds
2020 2019
£ £
Rental income 27,470 15,000
Interest receivable 33 124
27,503 15,124

MEMORIAL COMMUNITY CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

6 Charitable activities

Church Church
activities activities
2020 2019
£ £
Staff costs 32,931 40,688
Church activities 2,747 3,807
35,678 44,495
Grant funding of activities (see note 7) 2,976 2,131
Share of support costs (see note 8) 82,812 207,383
Share of governance costs (see note 8) 1,362 1,200
122,828 255,209
Analysis by fund
Unrestricted funds 117,619 206,459
Restricted funds 5,209 48,750
122,828 255,209
7 Grants payable
Church Church
activities activities
2020 2019
£ £
Grants to institutions:
Other 1,656 1,656
Grants to individuals 1,320 475
2,976 2,131

MEMORIAL COMMUNITY CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

8
Support costs
Support
costs
Governance
costs
£
£
Staff costs
13,706
-
Depreciation
9,828
-
Premises expenses
54,752
-
Administration expenses
4,526
-
Accountancy
-
1,362
82,812
1,362
Analysed between
Charitable activities
82,812
1,362		 2020
£
13,706
9,828
54,752
4,526
1,362
84,174
84,174		 Support
costs
Governance
costs
£
£
32,041
-
5,647
-
161,622
-
8,073
-
-
1,200
207,383
1,200
207,383
1,200		 2019
£
32,041
5,647
161,622
8,073
1,200
208,583
208,583

Governance costs includes payments to the independent examiner of £1,200 (2019- £1,362) for independent examination and accountancy fees.

9 Deacons

None of the deacons (or any persons connected with them) received any remuneration during the year. Small reimbursements of normal church expenses were made to some of them.

10 Employees

The average monthly number of employees during the year was:

Church activities
Premises
Total
Employment costs
Wages and salaries
Other pension costs		 2020
Number
2
2
4
2020
£
43,488
3,149
46,637		 2019
Number
3
2
5
2019
£
66,199
6,530
72,729

There were no employees whose annual remuneration was £60,000 or more.

MEMORIAL COMMUNITY CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

11 Net gains/(losses) on investments

Revaluation of investment properties
12
Tangible fixed assets
Cost
At 1 January 2020
Additions
At 31 December 2020
Depreciation and impairment
At 1 January 2020
Depreciation charged in the year
At 31 December 2020
Carrying amount
At 31 December 2020
At 31 December 2019
13
Investment property
Fair value
At 1 January 2020
Net gains or losses through fair value adjustments
At 31 December 2020		 UnrestrictedUnrestricted
funds
funds
2020
2019
£
£
51,900
366,425
Land and
buildings
Leasehold
improvements
Fixtures,
fittings &
equipment
Total
£
£
£
£
2,413,000
27,945
50,969
2,491,914
-
43,734
735
44,469
2,413,000
71,679
51,704
2,536,383
-
11,170
15,406
26,576
-
6,510
3,318
9,828
-
17,680
18,724
36,404
2,413,000
53,999
32,980
2,499,979
2,413,000
16,775
35,563
2,465,338
2020
£
798,100
51,900
850,000

Investment properties comprise two private dwelling houses located not far from the church. The valuations were made by the trustees on an open market value basis by reference to market evidence of transaction prices for similar properties in the same street, indexed according to the government house prices indices for London, and with reference to a local estate agent.

MEMORIAL COMMUNITY CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

14
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
15
Loans and overdrafts
Bank loans
Payable within one year
Payable after one year
16
Creditors: amounts falling due within one year
Notes
Bank loans
15
Other creditors
Accruals and deferred income
17
Creditors: amounts falling due after more than one year
Notes
Bank loans
15		 2020
£
10,217
503
10,720
2020
£
128,443
24,443
104,000
2020
£
24,443
3,289
3,574
31,306
2020
£
104,000		 2019
£
8,302
1,063
9,365
2019
£
124,682
18,500
106,182
2019
£
18,500
2,733
2,985
24,218
2019
£
106,182

MEMORIAL COMMUNITY CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

18 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 January 2019 resources expended
1		 January 2020 resources expended 31 December
2020
£ £ £ £ £ £ £
Building
development
fund 8,938 47,129 (48,212)
7,855		 3,114 (4,197)
6,772
East Tower
fund 631 - (66)
565		 - (66)
499
Other
restricted
funds 18,158 198 (472)
17,884		 638 (846)
17,676
Covid relief - - - - 1,225 (100)
1,125
27,727 47,327 (48,750)
26,304		 4,977 (5,209)
26,072

The Bridges Fund represents funds given for the church's work among homeless people in Newham. During the previous year the majority of these funds were transferred into a separate new charity now carrying on this work.

The East Tower fund contains funds raised in 2011 for the restoration of the East Tower and the historic bells.

The Building development fund contains funds raised by the church through fundraising events, donations and grants towards the development of the building. In 2013 it included funding from English Heritage, Historic Churches Preservation Trust, Garfield Weston Foundation and Big Lottery.

The new Big Lottery Fund grant went towards the community survey which took place during 2015.

Equipment funds represent assets bought with specific donations or gifts.

O ther restricted funds include the following, together with sums collected through special offerings for overseas aid and support to individuals:

Victoria Dock Mission Fund - entrusted to the church for development of christian mission in the area of the River Thames east of Tower Bridge. It was not the intention that the church would carry out this mission itself; it is intended to gift this over a period of time by way of grants to organisations and individuals to support new and existing ministries in the Thames Gateway area.

12th West Ham Scouts Fund - originally connected with a scout group, but as this no longer exists the deacons intend to use this fund for similar youth work such as camping.

MEMORIAL COMMUNITY CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

19
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2020
2020
£
£
Fund balances at 31
December 2020 are
represented by:
Tangible assets
2,499,261
718
Investment properties
850,000
-
Current assets/
(liabilities)
22,958
25,354
Long term liabilities
(104,000)
-
3,268,219
26,072		 TotalUnrestricted
funds
2020
2019
£
£
2,499,979
2,463,537
850,000
798,100
48,312
34,779
(104,000)
(106,182)
3,294,291
3,190,234		 Restricted
funds
2019
£
1,801
-
24,503
-
26,304		 Total
2019
£
2,465,338
798,100
59,282
(106,182)
3,216,538

20 Related party transactions

There were no disclosable related party transactions during the year ( 2019 - none).