-PLEAse SIGN n RETURN NEWPORT NORTH WEST MINISTRY AREA Report and Financial Statements for the year ended 31 December 2023 CHARITY NO. 1137115
INEWPORT NORTH WEST MINISTRY AREA FINANCIAL STATEMEN'TS FOR THE YEAR ENDED 31 DECEMBER 2023 Contents Contejjts.. Report of the Trustees for the Year ended 31st December 2023 ....... Independent Examiners, Report to the Trustees of Newport North West Ministry Area . Statement of Financial Activities Balance Sheet (Summary)..................... Analysis of income and expenditure.... .10 Accounting Policies .14
EWPORT NORTH WEST MINISTRY AREA FINANCIAL STATEMENTS FOR THE YEAR EINDED 31 DECEMBER 2023 NEWPORT NORTH WEST MINISTRY AREA Report of the Trustees for the Year ended 31st December 2023 THE TRUSTEES PRESENT THEIR REPORT TOGETHER WITH THE FINANCIAL STATEMENTS OF THE CHARITY FOR THE ST YEAR ENDED 31 DECEMBER 2023. THE FINANCIAL STATEMENTS HAVE BEEN PREPARED IN ACCORDANCE WITH THE ACCOUNTING POLICIES SET OUT IN THE NOTES AND COMPLY WITH THE CHARJTY'S CONSTITUTION AND APPLICABLE LAW Legal and administrative information Charity Registration Number: 1137115 Address The Vicarage, Llanover Close, Malpas, Newport, NP20 6GQ Trustees: Trevor ewman (Chair), Revd Rebecca Stevens, Revd Justin Groves, Paul Phillips, Gareth Woodman, Revd Elizabeth Houghton, Susan Ball, Revd Matthew Sellers, John Lipscomb, Nicola Gibbons, Lucy Groves, Susan O'Brian, David Slocombe, Mary Lovell, Rachel Mitchell, Rose Tate, Louise Jenkins Secretary: Rebecca Gibbons Independellt Examiner Guilfoyle Sage LLP Chartered Accountants 21 GoId Tops Newport South Wales NP20 4PG
NEWPORT NORTH WEST MINISTRY AREA FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Structure, Governance and Management Governing Document: Constitution adopted by the Church in Wales on 31 March 1920 as amended on 23 January 2022 Recruitment and appointment of new trustees In line with the constitution of the Church in Wales trustees are elected on an annual basis in the Annual Vestry Meeting from amongst the five congregations having due regard to their individual skills. Organisational structure A ministry team has been appointed to operate and adrninister the new Ministry Area. The members of the team for 2023 were as follows: Revd Rebecca Stevens (Ministy Area Leader), Revd Justin Groves (Team Vicar), Revd Matt Sellers (Non Stipendiary Minister), Revd Elizabeth Houghton (Team Vicar), Revd Dawn Lindsay (Associate Curate), John Lipscomb (Licensed Lay Minister), Trevor Newqnan (Chair), Rachel Mitchell (MA Vicar's Warden), Nicola Gibbons (MA People's Warden), Revd Frances Jones (Permission to Officiate), Revd Chris Watkins (Permission to Officiate), Revd Henry Davies (Pennission to ofjriciate) and Revd Richard Mulcahy (Associate Priest). Each individual Church has its own local wardens, a treasurer and safeguarding officer together with other members who constitute five local church sub-groups. Worship in the five churches is led by one of the Ministry team assisted by a variety of lay people who also assist with administration and the various groups and activities organised in the Ministry Area and who serve on various sub-committees. The Ministy Area employs two people in the capacities of Administrative Assistants. The Trustees are grateful to the Ministry Team, the local church officials and to all the lay people who contribute their time and talents so generously. Related parties The MinÉstry Area, while being a separate registered Charity, is part of the Diocese of Monmouth within the Church in Wales. Risk management and review The Trnstees regularly review the risks identified and put policies and measures in place to mitÉgate these risks. The safeguarding policy is rev Aewed and renewed annually at the AGM.
NEWPORT NORTH WEST MINISTRY AREA FINANCIAL STATEMENTS FOR TFIE YEAR ENDED 31 DECEMBER 2023 Objects and Activities The objects of the Charit! are the promotion of ihe M,hole mission of the Church, pastoral, evangelistic, soLial and ecumenical: in the Ministy Area. In all their decisions regarding the ivork of the Charity, the Trustees have complied with their duty to have due regard to the Chaiiti, Commission's public benefit guidance when exercising any powers or duties to which the guidance is relevant. The main activities undertaken for the public benefit are as follows.. Regular services of worship hcld in each Church Regular services held on Zoom. Bible Study Groups Discipleship Groups Various regular services, assemblies, pastoral and outreach activities with several local schools, both primary Id secondary. Monthly All Age services also involving pupils from schools. In support of mission, the Charity has supported the local foodbank, established swap shops at St Stephen's and St Mary's to encourage sustainability and reflect the cost-of-living crisis. Worldwide and local charities have been supported through fundraising and donations. All Saints,, St David's, St imark's and St Mary's have continued to develop their link with churches in the Highveld Diocese. St David's has developed a satellite service once a quarter held in Millbrook Care Home. A Dementia cafe is run at St Mary's. A hospicc service is held in St Mary's weekly for those who have lost loved ones to cancer. St Stephen's delivered bags of hope to Pill at Christmas. All Saint's, St Davld's, St Mark's and St Mary's delivered Christmas presents to families in need. There has been work done by volunteers in order to nurture and preserve the environment in order to work towards becoming an Eco Ministy Area. With All Saint's, St David's, St Mary's and St Stephen's gaining the silver award and St Mark:s gaining the bronze award.
'EWPORT NORTH WEST MINISTRY AREA FINANCIAL STATEMENTS FOR THE YEAR ENDID 31 DECEMBER 2023 Achievements and performance I"he activities of the Ministry Area, desci'ibed above, have been robustly and successfully sustained throughout the period and continue to develop and respond to local needs. The activities in the period I'eflect the on-going recovery from the adverse effects of the Covid-19 pandemic. While all Sunday and mid-week services have resumed, we will continue to explore virtual church services, blended worship: and physical services. However, what is certain is that we will need to rebuild and recentre as we go forwards. The financial statements show that congregations have been generous with fundraising ]d financial giving in order to keep the local churches solvent and to pay the share to the Diocese and to give generously to charities, both local and worldwide, in fulfilment of mission. This has been hard to honour at times and so heartfelt thanks go to all who have generously supported all these activities. The Trustees extend grateful thanks to all who have helped on the journey of faith in this Ministry Area, and to those who use their gifts and time to support the ongoing work. Risk management and revieiv The Trustees regularly revieThT the risks identified and put policies and measures in place to mitigate these risks. Financial Review The Ministy Area's operation during the year showed an excess of expenditure over income of £73,349 which was mitigated by gains on investment assets of £14,418 so that reserves were depleted by £58,930 overall. The total funds on 31" December 2023 stood at £418,942. Reserves Policy Our policy is to keep a reserve sufficient to cover costs for a period of between 12 and 18 months in order to be able to sustain the work Of the Charity. Approved by the Trustees of Newport North West MinÉstry Area and signed on their behalf by.. Revd Rebecca Stevens (Ministry Area Leader) Dated.. 16 April 2024 Trevor Newman (Chair) Dated: 16 April 2024
TEWPORT NORTH WEST MINISTRY AREA FINANCIAL STATEMENTS FOR THE YEAR EINIDED 31 DECEMBER 2023 Independent Examiners, Report to the Trustees of Nem'port North West Ministry Area We report on the accounts of the Charity (number 1137115) for the year ended 31 st Deccmber 2023 set out on pages 7 to 17. Respective responsibilities of Trustees and Examiners The Charity's Trustees are responsible for th¢ 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 201 l Act) and that an independent examination is needed. It is our responsibilitv to.. examine the accounts under section 145 of the 201 l Act. foIlow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and state whether particular matters have come to our attention. Basis of independent examiners, statement Our 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 És 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 examiners, statement In connection with our examination, no matter has come to our attention: which gives us reasonable cause to believe that, in any matcrial respect, th¢ requirements.. to keep accounting records in accordance with section 130 of the 201 l Act. and to prepare accounts which accord with the accounting records and comply with the accounting requiretnents of the 201 l Act. have not been met. or 2. to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reachcd. YLE SAGE LLP Chartered Accountants 21 Gold Tops, Newport, NP20 4PG Date: 16 April 2024
NEWPORT NORTH NVEST MINISTRY AREA FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Statement of Financial Activities Unrestricted Restricted funds funds Total Prior J'ear funds total funds Income and endowments from: Donations and legacies Income from charitable activities Other trading activities Investments 163:119.36 27,046.71 190,166.07 209,491.58 13,520.00 200.00 13,720.00 11,931.44 36,474.51 196.93 36,671.44 34,174.67 7,535.55 7,535.55 6.431.25 Total income 220,649.42 27,443.64 248,093.06 262,028.94 Expenditure on: Raising funds Expenditure on charitable activities 25.99 25.99 280,392.83 41,022.93 321,415.76 345,047.26 Total expenditure 280,418.82 41,022.93 321,441.75 345,047,26 Net income / (expenditure) resources before transfer (59,769.40) (13,579.29) (73,348.69) (83,018.32) Transfers Gross transfers betwcen funds - in Gross transfers between funds - out Other recognised gains / losses Gainsllosses on investment assets 31,300.62 9,701.78 41,002.40 38,442.81 (29,754.19) (11,248.21) (41,002.40) (38,442.81) 13,768.33 650.29 14,418.62 23,087.18 Net movement in fullds (44,454.64) (14,475.43) (58,930.07) (59,931.14} Total funds brought forward 416,420.89 61,451.53 477,872.42 537,803.56 Total funds carried forward 371,966.25 46,976.10 418,942.35 477,872.42
NF.WPORT NORTH WE4 ST MINISTRY AREA FINANCIAL STATEMF.NI TS FOR THE YEAR ENDED 31 DECLMBER 2023 Balance Sheet (Summary) Asat 3111212023 Asat 3111212022 Current assets Debtors Investments Cash At Bank And In Hand 10,903.52 263,172.65 183.390.47 7,713.04 268,754.03 239,094.64 457,466.64 515,561.71 Liabilities Creditors: Amowits Falling Due In One Year 38,524.29 37,689.29 38,524.29 37,689.29 Net current assets less current liabilities 418,942.35 477,872.42 Total assets less current liabilities 418,942.35 477,872.42
,NEWPORT.NORTH WEST Mlh'ISTRY AREA FINANCIAL STATEMEINTS FOR THE YEAR ENDED 31 DECEMBER 2023 Represented by Unrestricted Unrestricted - General Funds Designated Designated - Church Maintenalice Fuiid Designated - St David's Common Investment Fund Designated - St Mary's Capital Investment Fund Designated - St Mary's Common Investment Fund Designated - St Paul's & St Stephen's Refurbishment Fund Restricted Restricted - All Saints Building & MaÉntenance Fund Restricted - All Saints Churchyard Fund Restricted - All Saints In Memorium Fund Restricted - All Saints Legacy Restricted - Chancel Repair Fund Restricted - Church Mission Fund Restricted - St David's Community Fund Restricted - St Mary's Chancel Repair Fund Restricted - St Mary's Mission Fund Restricted - St Paul's & St Stephen's Community Blessing Fund Restricted - St Paul's & St Stephen's Foundry Restricted - St Paul's & St Stephen's Pastoral Emergency Fund Restricted - St Paul's & St Stephen's Refurbishment Fund 82,670.11 115,313.08 20,179.02 20,179.02 96,908.50 91,892.06 14,587.00 14,587.00 157,621.62 168,869.7) 5,580.00 2,371.38 2,458.10 3,628.70 1,856.49 7,858.76 8,132.45 7,847.56 723.80 4,741.35 1,221.82 1,589.11 167.91 4,378.67 2,313.97 2.458.10 3,628.70 7,575.70 7,325.39 9,589.64 606.88 140.00 1,281.82 1,589.11 75.11 24,867.11 Fund Totals 418,942.35 477,872.42
'EIVPORT NORTH WEST MINISTRY AREA FINANCIAL STATFMENTS FOR THE YEAR E,DED 31 DECEMBER 2023 Analysis of income and expenditure Total Unrestricted Designated Restricted This year Last vear INCOME AND ENDOWMENTS FROM: Donations and legacies Standing Order Planned Giving Occasional Giving via Bank Gift Aid Envelopes - Occasional Gift Direct Other planned giving Weekly envelope planned giving Special Service Giving Envelopes Loose plate offering Offerings - Weddings Offerings - Baptisms Offerings - Funerals Gift day receipts Wall safe / box donations One off Gift Aid donations Donations appeals etc Contactless Donations Mission Boxes Other collectionslinission appeals Recovered HMRC Gift Aid receipts Recovered HMRC GASDS receipts Recov¢red Gift Direct Gift Aid Legacies Non-recurring one-off grants 57,215.00 1,723.71 174.40 11,451.83 95.00 20,079.06 107.00 10,107.45 59.62 350.19 1,437.09 397.00 325.00 57,540.00 52,686.00 350.00 2,073.71 3,877.53 174.40 130.00 48.55 11.520.36 11.677.87 95.00 1,172.00 20,079.06 21,424.19 107.00 10,107.45 7,363.17 59.62 501.02 350.19 432.94 1,437.09 2.070.37 397.00 2.81 10.46 750.00 750.00 1,000.00 14,374.32 35,584.85 28,303.05 62.93 5,502.68 2,536.92 15,00 284.12 3,956.98 27,792.42 27,277.31 3,263.15 2,460.04 944.25 2,403.41 26,100.32 11,033.59 12,100.91 14,093.00 19.98 2.81 21,210.53 5,439.75 284.12 27,792.42 3,160.83 944.25 102.32 1,067.32 Donations and legacies Totals 163,099.38 19.98 27,046.71 190,166.07 209,491.58
NEWPORT NORTH WEST MIINISTRY AREA FIIN'ANCIAL STATEMENTS FOR THE Yll AR ENDED 31 DECEMBER 2023 Income from charitable activities Wedding fee Funeral fee Burial fee Memorial fee 1,970.00 10.724.00 176.00 650.00 1,970.00 2,234.44 10:724.00 7;648.00 176.00 1.142.00 850.00 907.00 200.00 Income from charitable activities lotals 13,520.00 200.00 13,720.00 11,931.44 Other trading activities Fund raising Hall Rental Income Magazine/other publication sales Sundry incoine 7,738.52 20,751.50 181.00 7,919.52 2,896.78 5,00 20,756.50 15,757.62 6.00 707.74 119.28 10.93 130.21 Church Building Rental MAIParish share rebate 1,064.50 6,800.71 1,064,50 6,800.71 14,806.53 Other trading activities Totals Investments Dividendslinvestment income Bank and building society interest Rent from investment land or buildings Investments Totals 36,474.51 196.93 36,671.44 34,174.67 6,357.04 928.51 250.00 6,357.04 5,276.96 928.51 654.29 500.00 250.00 7,535.55 7,535.55 6,431.25 Income and endowments Grand totals 220,629.44 19.98 27,443.64 248,093.06 262,028.94
NEWPORT NORTH WEST MINISTRY AREA FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 EXPENDITURE ON: Raising funds Costs of fund raising 25.99 25.99 Raising funds Totals 25.99 25.99 Expenditure on charitable activities Flowers Diocesan share Clergy expenses Professional development & training cost Maintenance of services Costs of vergers, organists and choir Music & perfomiance expenses Music Instrument Tuninglmaintenance Costs of digital services Costs of Copyright License Costs of meetings Bank and Credit Card Charges Cost of printing, post, and stationery MA - telephone/mobile/internet Office and general expenditure Admin/Staff Salary Leasing and Hire purchase charges Professional Fees IE/Audit and accountancy fees Gifts to indÉviduals Admin/Staff Expenses Adminlstaff Equipment MA/LMA central costs Church operating costs - insurance Church operating costs - electricity Church operating costs - gas Church operating costs - water Church operating costs - other Church repairs and maintenance Church Cleaning Church operating costs - telephonelinternet Church operating costs- fire & alaTm equip. Churchyard management costs 545.87 135,517.46 10,367.37 12.00 545.87 488.11 135,517.46 173,127.64 10:367.37 9,227.28 12.00 1,840.93 1,410.59 2,614.40 3,482.74 529.74 1,429.26 558.00 693.84 666.85 597.30 579.31 1,049.14 755.10 608.10 695.00 2,136.52 1,337.43 374.82 985.66 1,226.04 790.13 16,976,79 16,669.01 744.87 993.16 2,721.00 1,652.00 2,984.00 1,200.00 275.00 1,069.99 4,32 118.80 587.74 3,747.59 6,874.78 6,249.29 17,352.89 7,754.19 8,236.72 6,252.69 322.38 393.37 1,120.30 1,325.11 21,767.08 19,764.97 5,241.08 5,801.45 1,720.34 1,508.54 525.00 71.68 5,500.00 14,676.93 10,417.99 1,840.93 2,614.40 529.74 558.00 693.84 597.30 1,049.14 608.10 2,136.52 374.82 1,226.04 16,976.79 744.87 2,451.00 2,984.00 275.00 270.00 587.74 6,874.78 17,352.89 8,236.72 322.38 1,120.30 21,767.08 5,241.08 1,720.34 525.00 9,176.93 12
NEWPORT I¥ORTH WEST MINISTRY AREA FIINANCJAL sTATfME.TS FOR THE YEAR EINDED 31 DECENIBER 2021 Church hall operating costs - other Church hall operating costs - electric Church haIl operating costs - gas Chui'ch hall opeiating costs - insurance Church hall costs - repairs/maintenance C.liurLh hall operating costs - water ChurLh hall - equipment repair & renewal Church hall operating costs - cleaning Other propety repairslmaintenance Churchyard grass cutting Churchyard memorial costs Major buildiiig repairs and renovations Children & young people activity costs Cost of church publications Cost of mission & evangelism Other costs of parish mission work Support of diocesan projects Support of churLh charities & projects Support of UK charities Support of international mission & projects Expenditure OD charitable activities 274,792.85 5,599.98 41,022.93 321,415.76 345,047.26 Expenditure Grand totals 0.20 3,294.84 0.20 156.93 3,294.84 1.333.55 2,52 1.940.27 1,741.06 1:358.63 32,694.81 -341.83 117.71 21.00 60.00 3,513.99 2,195.06 815.97 1,149.60 1,463.23 76.90 1,940.27 1,358.63 341.83 21.00 3,513.99 815.97 1,149.60 1,110.00 5,599.98 22,488.44 29,198.42 347.03 347.03 565.67 59.29 725.28 500.92 1,267.82 13.34 8,838.82 10,106.64 13.34 192.91 747.81 192.91 2,781.87 7,997.17 2,725.85 8,232.66 2,814.94 7,155.25 2,034.06 40.00 1,851.61 2,685.85 963.33 274,818.84 5,599.98 41,022.93 321,441.75 345,047.26 13
NEWPORT N'ORTH WEST MINI ISTRY AREA FINANCIAL STATEMENTS FOR THI YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity, whicli is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charitles: Statement of Recommended Pi"actice applicable to charities preparing their accounts in accordance with the financial Reporting Standard applicable in the UK and Republic of Ircland (F'RS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the c.harities Act 2011. The financial statements have been prepared under the historical Gost convention. Income Recognition of incoming resources These are included in the Statement of Financial Activities (SOFA) when: The charity becomes entitled to the resources. The trustees are virtually certain they will receive the resources. and The monetary value can be measured with sufficient reliability. Grants and donations Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources. Tax reclalms donations and gifts Incoming resources frorn tax reclaims are included in the SOFA at the same time as the gift to which they relate. Investment income This is included in the accounts when receivable. Investment gains and losses This includes any gain or loss on the sale of investinents and any gain or loss resulting from revaluing investments to market value at the end of the year. 14
NEWPORT INORTH WEST IIIIINISTRY AREA FIfs:ANCIAL STATENqENTS FOR TIIE YEAR ENDED 31 DECEM.BER 2023 Expenditui'e Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation Lommitting the charity to that cxpenditure, it IS PTobabl¢ tbat a transfer ol- economic benefits will be required in settlement and ihe amount of tlie obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified undcr headings that aggregate all costs related to the category. WheTe costs Ciannot be directly attributed to particular Iieadings, they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets The church buildings, their contents and the Lhurchyards within the Ministry Area are vested in the Representative Body of the Church in Wales and do not form part of the assets of the Ministry Area. Paid employees Staff Costs 2023 2022 Gross wages, salaries and benefits in kind Employer s National Insurance costs Employer's Peiision costs Total staff costs 24.138.36 0.00 225.24 24.057.03 28.75 85.80 24,363.60 24,171.58 Included in the above figures are the wages of cleaners which have been included in the accounts in church and church hall cleaning headings. Administrative wages (net of Ministry Area grants) have becn shown in Adminlstaff salaries. The average number of full-time equivalent employees in the period was 2. 15
IYFWPORT NORTH WEST MINISTRY AREA FJNANCIAL STATEMENTS FOR THE YEAR E,DED 31 DECE,MBER 2023 Investmellt assets Current assets investments 2023 2022 Carrying value {2022 - cost) at beginiiing of period Add items omitted froin 2022 accounts in en"or'. St Mary's Common Inv. Fund - RBCIW Chancel Repair Fund St Mary's Reed bequest- RBCIW 268,087.18 245,000.00 606.88 59.97 268,754.03 245,000.00 Less.. disposals at carrying value 20,000.00 0.00 248,754.03 245,000.00 Addl(deduct).' net gain/(loss) on revaluation 14,418.62 23,087.18 Carrying (market) value at end of period 263,172.65 268,087.18 The current asset investments consist of amounts placed into the churcli in Wales Common Investment Fund and their market value at the end of the period is as follows: 2023 2022 St Mary's Common Inv. Fund - RBCIW St David's Common Inv. Fund - RBCIW Chancel Repair Fund St David's Common Inv. Fund - RBCIW St Mary's Common Inv. Fund - RBCiW Chancel Repair Fund St Mary's Reed bequest - RBCIW Total 157,621.62 168,869.73 7,858.76 7,325.39 96,908.50 91,892.06 723.80 59.97 263,172.65 268,087.18 Debtors and prepayments 2023 2022 Gift aid claiins arising during the y¢aT received in 2024 Ministry area rebate relating to the yeai. received in 2024 Total 9,209.55 1,693.97 5,929.91 1,783.13 10,903.52 7713.04 16
NEIVPORT INORTH WEST MINISTRY AREA FINANCIAL STATEMENTS FOR'fHE YEAR ENDED 31 DECEMBER 2023 Creditors and accruals 2023 2022 Clergy expenses relating to the period paid after 31 December 2023 Ministry area share relating to the year paid after 31 December 2023 Independent Examiner's fees Balance of Ministry Area grant carried forward Total 498.48 33,879.39 1,800.00 2,346.42 826.79 35,662.50 1,200.00 38,524.29 37,689.29 Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Designated funds have been set aside by the trustees out of general funds for particular purposes. They may be withdrawn from designated funds at the discretion of the trustees to be used in the general charitable objectives of the trust. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Details of the nature and pUoSe of each fund is included in their nomenclature in the financial statements. 17