NEWPORT NORTH WEST MINISTRY AREA Report and Financial Statements for the year ended 31 December 2024 CHARITY NO. 1137115
NEWPORT IYORTH WEST MINISTRY AREA FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Contents Contents . Report of the Trustees for the Year ended 31st December 2024....... Independent Examiners, Report to the Trustees of Newport North West MiDlStry Area ..................... Statement of Financial Activities....................... Balance Sheet (Summary) ...................... ...... ... . . Analysis of income and expenditure.................................. .10 Accounting Policies....... .14
NEWPORT NORTH WEST MINISTRY AREA INANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 NEWPORT NORTH WEST mlSTRy AREA Report of the Trllstees for the Year ended 31st December 2024 THE TRUSTEES PRESENT THEIR RBPORT TOGETHER WITH TFtE FfNANCIAL STATEfvIENTS OF THE CHARITY FOR THE ST YEAR ENDED 31 DEcE[BER 2024. THE FtNANCIAL sTATENTs HAVE BEEN PREPARED tN ACCORDANCE WITH THE ACCOUNTING POLICIES SET OUT IN THE NOTES AND CONfPLY WITH THE CFL4RiTY'S CONSTITLrrioN AND APPLICABLE LAW Legal and administrative information Charity Registration Number: 1137115 Address The Vicarage, Llanover Close, Malpas, Newport, NP20 6GQ st Trustees: Trevor Nemrynan (Chair), Revd Rebecca Stevens (retired 31 December 2024), Revd Kevin Hasler (from 24 JLine 2024), Revd Jiistin Groves, Revd Elizabeth Houghton, Revd Richard Mlilcahy, Paiil Phillips, Liicy Groves, Susan O'Brian, Siisan Ball, Rose Tate, Gareth Woodman, David Slocombe, Rachel Mitchell, st Jobn Lipscomb, Nicola Gibbons, , Mary Lovell, Louise Jenkins, Sarah Miilcahy (from 21 May 2024), Administrator.. Rebecca Gibbons Independent Examiner Guilfoyle Sage LLP Chartered Accoimtants 21 Gold Tops Newport South Wales NP20 4PG
NEWPORT NORTH NVEST MINISTRY AREA FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Strtscture, Governance and Management Governing Document- Constitution adopted by the Church in Wales on 31 March 1920 as amended on 23 January 2022 Recru'itment and appoirAtment 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 froni amongst the five congregations having due regard to their individual skills. Organisational structure A minÉstry team has been appointed to operate and administer the new Ministry Area. The members of the team for 2024 were as follows: Revd Rebecca Stevens (Ministry Area LeadeT), Revd Justin Groves (Team Vicar), Revd Elizabeth Houghton (Team Vicar), Revd Dawn Lindsay (Associate Curate), John Lipscomb (Licensed Lay Minister), Trevor Newman (Chair), Rachel Mitchell (MA Vicar's Ward¢n), Nicola Gibbons (MA People's Warden), Revd Frances Jones (Pennission to Officiate), Revd Chris Watkins (Perrnission to Officiate) and Revd Kevin Hasler (from 24 June 2024). Each individual Church has its own local wardens, a treasurer and safeguarding officer together with other members who constitute five local church sub-groiips. 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 s¢rve on various sub-committees. The Ministry Area etnploys 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 contribiite their time and talents so generously. Related partie$ The Ministy Area, while being a separate registered Charity, is part of the Diocese of Monmouth within the ChLirch in Wales. Risk management and review The Trustees regiilarly review the risks identified and put policies and measiires in place to mitigate these risks. The safeguarding policy is reviewed and renewed annually at the AGM.
NEWPORT NORTH WEST MINISTRY AREA FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Objects and Activities The objects of the Clwity are the promotion of the whole mission of the Church, pastoral, evangelistic, social and ecutnenical, in the Ministy Area. In all their decisions regarding the work of the Charity, the Trustees have complied with their duty to bave due regard to the Charity Commission's public benefit guidance when exercisÈng any powers or duties to which the guidance is relevant. The main activities undertaken for the public benefit are as follows: Regidar services of worship held in each Church Bible Study Groups Discipleship Groups Various regular services, assemblies. pastoral and outreach activities with several local schools, both primary and secondary. In support of mission, the Charity has siipported the local foodbank, established swap shops at St Stephen's and St Mary's to encourage siistainability and reflect the cost-of-living crisis. Worldwide and Iocal charities have been supported through fiindraising and donations. All Saints,, St David's, St Mark's and St Mary's have continued to develop their link with chlirches in the Highveld Diocese. St David's has developed a satellite service once a quarter held in Millbrook Care Home. A Dementia café is run at St Mary's. A hospice 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 and siipports asyliim-seekers, refugees and the homeless with food and equipment, and provides community events to foster unity. All Saint's, St David's, St Mark's and St M&ry's delivered Christmas presents to families in need. There has been work which has continiied to be done by vollteerS in order to nurture and preserve the ¢nviroDment in order to work towards becoming an Eco Ministry 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.
NEWPORT NORTH WEST MINISTRY AREA FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance The activities of the Ministry Area, described above, have been robustly and successfully sustained throughout the period and continue to develop and respond to local needs. Church congregations continue to show recovery since the impact of the Covid-19 pandemic but have not reached pre-covid levels. However, all Sunday and mid-week services have resumed, we will continue to rebuild and recentre as we go forwards. The financial statements show that congregations have been generous with ndraISing and financial giving in order to keep the local churches solvent and to pay the Ministy Area 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 tharLks 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 revie The Trustees regularly review the risks identified and put policies and measures in place to mitigate these risks. Financial Review The Ministry Area's operation during the year showed an excess of exp¢nditure over income of £25,927 which was mitigated by gains on investment assets of £14,693 so that reserves were depleted by £11,234 overall. The total flinds on 31 December 2024 stood at £407,708. 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 Sustsin the work of the Charity. Approved by the Trustees of Neyort and signed on their ehalf by: rth West Ministry Area Revd Keven Hasler ( Acting Ministy Area Leader) Datcd: Trevor Newman (Chair) Date
NEWPO TNO WEST MIP41STRY AREA FINIINCIAL STATEMENTS FOR T YEAR ENDE 31 DECE BER 2024 Independellt Ex Ministry Area ort to the Trustees of Newport Nort est We rep)rt on the aexounts of the Charity (number 1137115) for the year ended 31 sl December 2024 set out on pages 7 to 17, Respective responsibilities of Trustees and Exallniners The Charity's TrLlStees are responsible for the preparation of the accounts. The charity's tnLStees consider that an audit is not reqiiired for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an iudependent examillation is needed. It is our responsibility to: examine the accoimts under section 145 of the 201 l Act; follow the procedures laid down in the General Directions given by the Charity Commission lder section 145(5)(b) of the 2011 Act. and stste whether particular matters have come to our attention. Basis of independent examDDers' statement Our examination Was carried oiit in accordance with the General Directions given by the Charity Commission. An examination includes a rcview ot. the accounting records kept by the Charity and a comparison of th¢ acc4)unts presented with those rec()rds. It also includ¢s consideration of any UllUsi1 items or disclosures in the accounts and strking explanations from you as TnL8tees conceming any such matters. The procediires Imdertaken do not provide all the evidence that would be required in an aiidiL and consequently no opinion 13 given as to whether the accounts present a 'true and fair view, and the report is litllited to those n]atters s¢t out in the statement below. Independellt examiners, stateellt In connection with our examination, no matter has come to our attention.. which gives us reasonable cawe to believe thaL in anj material respect, Ibe requirements". to keep accoimting 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 requirements of the 2011 Act; have not been met. or 2. to which, in our Opinio attention should be drawn in order to enable a proper understanding of the accounts to be reachLa GLIILFOYLE SA Chartered Accountants 21 Gold Tops, Newport, NP20 4PG
NEWPORT NORTH WEST MI ANCIAL STATEMENTS FO IST Y AREA THE YEAR ENDED 31 DECEMBER 2024 Statement of Financial Activities Unrestricted nds estricted flllnds TotaR Prllor year funds total fvnds Income and endowmellts from: Donations and legacies Income from charitable activities Other trading activities Investhients 197,501.49 14,326.00 39,259.59 7,292.65 8,483.24 205,984.73 190,166.07 14,326.00 13,720.00 36,671.44 44,676.59 7,535.55 7,427.58 5,417.00 134.93 T4)tal iDcome 258 J79.73 14,035.17 272,414.90 248,093.06 Expenditure on: Raising fiLnds Expenditure on ¢haTitable activities diture 25.99 20,600.93 298,342.30 321,415.76 20,600.93 298,342.30 321,441.75 277,741.37 Totsl expe 277,741.37 Net iDcome J (expeDdRturc) resources before (19,361.64) (6,565.70 (25927.40) (73 J48.69) Transfers Gross transfers between fimds - in Gross transfers between funds - out Other reco ised garills l Rosses Gainsnosses on investsnent assets 10,000.00 (16,915.00) 6,915.00 16,915.00 41,002.40 (16,915.00) (41,002.40) l4,193.19 500.20 14,693.39 14,418.62 Net movenuent flldS (12,083.45) 849.44 (11,234.01) (58,930.07) Total bro t forward 371,966.25 46976.10 418,942.35 477,872.42 Total funds ¢arried forward 359,8 2.80 25.54 407,7Q 34 418,942.35
EWPO ORT WEST MINISTRY ADICIAL STATEMENTS FO THE YE Ef¥DE 31 ECEMBER 2024 alance S eet (Summary) Asat 31112/2024 Asat 31/1212023 Cllrrent assets Debtors Investments Cash At Bank Alld In Hand 13,535.51 267,866.04 162,150.03 10,903.52 263,172.65 183,390.47 Liabilities Creditors: Amounts Falling Due In One Year 443,551.58 457,466.64 35,743.24 38,524.29 35,743.24 38,524.29 Net current assets less currellt liabilities 407,708.34 418,942.35 Total assets less current liabiRllties 407,70 .34 418,942.35
rrfEWPO FINANCIAL STATE ST NIST ENfs FO THI YEAR E 2024 DED 31 DECEM Asat 3111212 Asat 3111212023 Represented by Ilnrestricted Unrestricted - General Funds Designated Desiated - Church Maintenance Fund Designated - si David's Common Investment Fund Designated - St Mary's Capital Investm¢nt Fund Designated - St Mary's Common tnvesiment Fund DeSIled - St Paul's & St Stephen's Refurbishment Fund Designated - St Mary's Mission Fund R&*trlcted Restrict - All Saints Building & Maintenance Fund Restiicted - All Saints Churcbyard Fund Restricted - All Saillts In Meroorium Fund Restrlcted - 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 Fimd Restricted - St Paul's & St Stephen's Conllnwiity Blessing Fund Restsicted - St Paul's & St StepheD'S Foundry Restsicted - St Paul's & St Stephen's Pastoral Emergency Fund Restricted - St Paul's & Si Stephen's Refurbishment Fund Fund Totals 82,670.11 63,997.38 20,179.02 96,908.50 14,587.00 157,621.62 19,205.11 102,772.62 17,916.00 156,450.89 141.00 2,506.31 2,458.10 3,628.70 1,856.49 7,858.76 8,132.45 7,847.56 723.80 4,765.68 921.82 1,589.11 660.36 4,376.20 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 4,378.67 407,708.34 418,942.35
WEST MI TSF ISTRY AREA THE YE FINAN TATE ED31 ECEMBE 2024 Analysls of i ea enditure Total Unrestricted esignated Restrllcted This year Last year INCOME AE4ID END Donatiolls and legaeies Standing Order Planned Giving Occasional Giving via Bank Gift Aid Envelopes - Occasional Gift Direct Other planned givino 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 Dollations Mission Boxes Other coIlectionslrnission appeals Recovered HMRC Gift Aid receipts Recovered HMRC GASDS receipts Recovered Gift Direct Gift Aid Legacies Non-reciirring one-off grants WMENTS FROM: 55,128.00 11,377.69 145.00 10,541.77 100.00 55,228.00 57,540.00 5,200.00 16,577.69 2,073.71 145.00 174.40 10,921.10 11.520.36 95.00 22,208.02 20,079.06 107.00 10,582.94 10,107.45 93.83 59.62 587.77 350.19 854.69 1,437.09 3,686.78 397.00 15.00 2.81 20.00 750.00 14,174.70 35,584.85 1,489.85 5,502.68 130.26 1,685.00 284.12 22,665.94 27,792.42 3,228.14 3,263.15 8,190.02 944.25 10,500.00 23,000.00 12,100.91 379.33 22,208.02 10,452.94 93.83 587.77 854.69 3,686.78 15.00 130.00 20.00 1,181.00 1,961.65 11,032.05 1,489.85 130.26 62.00 1,623.00 22,665.94 3,228.14 8,190.02 10,000.00 1,000.00 22,000.00 500.00 DonatioDs and lle¢yaclles Totals 174,320.49 23,181.00 8,483.24 205,984.73 190,1 Io
NEWPO TH WEST MINIST Y AREA FINANCIAL STATEME TSFO THE YE ENDED 31 DECEMBER 2024 In¢ome from ¢haritable activities Wedding fee Publication of Banns Funeral fee Burial fee Memorial fee 2,845.00 85.00 10,642.00 544.00 210.00 2,845.00 85.00 10,642.00 544.00 210.00 1,970.00 10,724.00 176.00 850.00 Income fr(pm cbaritable 14,326.00 14,326.0 13,72q).lJO Other trading activRties Fund raising Hall Rental Income Other funds Magazinelother publication sales 8,610.70 21,247.90 15.62 42.00 5,417.00 l4,027.70 21,247.90 15.62 42.00 7,919.52 20,756.50 1.00 1,279.44 Sundry income 1,278.44 130.21 Church Building rent Ministy share rebate 810.00 7,253.93 810.00 7,253.93 1,064.50 6,800.71 Otber trading 39,258.59 1.00 5,417.00 44,676.59 36,671.44 lllllvestmellts Dividends/investment Bank and building Rent from invest land 6,410.54 609.11 273.00 6,410.54 744.04 273.00 6,357.04 928.51 250.00 134.93 Investments Totsls 7,292.65 134.93 7,427.58 7,535.55 Illconie totals 235,197.73 23,182.00 14,035.17 272,414.90 ,093.06
NEWPORT NO IITST MIF41STRY AREA FINIlTrlCL4L STATEMENTS FOR T E YEAR EDIDED 31 DECEMBER 2024 EXPENDITlnlE ON: Raising funds Costs of lld raising 25.99 Raisillg funds Totals Expellditure OD cbaritable activities Flowers Diocesan slwe Clergy expenses Professional development & training Maintenance of services Costs of vergers, organists and choir Music & perforniance expenses Music InstrLiment Timing/Maintenance 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 Adminlstaff Salary Leasing and Hire piuchase charges Professional Fees IE/Audit and accountancy fees Gifts to individuals Adminlstaff Expenses Adtnin/Staff EquipLllent fvL41LThLI celltral costs Church operating costs - insurance chich operating costs - electricity Chiwch operating costs - gas Church operatino costs - Trvater Chitrch operating costs - other Chiwch repairs and maintenance Church Clealling chich operating costs - Church operating costs - fire & alam Chichyard management costs 25.99 19 127,037.92 9,735.63 19 127,037.92 9,735.63 545.87 135,517.46 10,367,37 12.00 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 2,721.00 2,984.00 275.00 2,970.12 2,492.47 270.00 558.00 1,469.53 1,154.12 821.40 566.97 888.26 896.97 3.036.41 18,311.28 I,l95.87 1,171.06 1,980.00 267.38 2,970.12 2,492.47 270.00 558.00 1,469.53 1,154.12 821.40 566.97 888.26 896.97 3,036.41 18,311.28 1,195.87 1,171.06 1,980.00 1,046.88 1.314.26 34.61 34.61 587.74 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 14,676.93 8,980.81 12,134.80 7,554.61 588.46 1,172.59 7,398.51 22,645.91 5,881.53 5,513.54 709.74 945.00 8,980.81 12,134.80 7,554.61 588.46 1,172.59 30,044.42 5,881.53 5,513.54 709.74 7,145.00 8,090.00 12
RTN CL ST TH WEST MINISTRY AREA ENTS FO THE YEAR ENDED 31 DEC 2024 Chiwch hall operating costs - Other Church FMII operating costs - electric chich hall operating costs - gas Church hall operating costs - InSianCe Church hall costs - repairslmaintenance Church lllll operating costs - water Church hall - equipment repair & Church hall operating costs - cleaning Other property repairs/maintenance Other property - water Churchyard grass cutting Churchyard memorial costs Major building repairs and renovations Children & young people activity costs Cost of church publications Cost of mission & evangelism Cost of maintaining websites, socials Other costs of parish mission work Support of diocesan projects Support of church charities & projects Support of UK charities Support of inteni'l mission & projects xpetoditure ollll cbaritable activities 247,055.46 30,6 EipeJLditure Gralld totals 247,055.46 30,6 0.20 3,294.84 4,971.60 4,971.60 1,479.75 3,812.67 153.56 1,479.75 3,812.67 153.56 I,940.27 1,358.63 341.83 21.00 3,513.99 815.97 3,527.02 120.00 133.66 1,140.00 3,527.02 120.00 133.66 1.140.00 1,149.60 6,389.72 6,389.72 207.55 29,198.42 347.03 207.55 4,373.43 8.040.00 202.33 12,615.76 414.63 414.63 10,106.64 13.34 192.91 2,781.87 2,725.85 2,814.94 950.1)0 15.00 300.00 1,250.00 5,517.00 5,532.00 5.91 20,6(D0.93 29 5,91 20,6fjMb.93 298,342.30 J42.30 321,415.76 321,441.75 13
NEWPORT ORT WEST NIST FINANCLAL STATEMENTS FO YAREA EYEA 31 DECE 2024 ACCOUNTING P LICIES Baslls of preparing the fiDaysciaJ statenkents The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reportino by Charities: Statement of Recollllnended Practi¢e applicable to cl]arities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effcctive l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard appliLable in the UK and Republic of Ireland, and the Clwities Act 2011. The financial statements have been prepared imder the historic cost conventioll. IllcoRklle e¢ognitllOll of lnco1nllg resollr¢es These are included in the Statement of Financial Activities (SOFA) when: The charity becomes entitled to the resourc¢s' The trustees are virtually certain they will receive the resources. and The monetary value can b¢ measured with siifficient reliability. Grants aod donations Grants and donations are only included in the SOFA when the charity has unconditional ¢ntitlemeni to the resources. Tax reclaims on dollatllojjs alllld gifts Incoming resourc from tax reclaims are incliided in the SOFA at the same time &5 the gift to which they relate. vestDient illcome This is incliided in the accOltS when receivable. Investment gains and Hos8es This includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market valiie at the end of the year. 14
NEWPO T NORT FINANCIAL STATE WEST TSFO STRY AREA THEY ENDED 31 ECE BER 2024 Expenditure Liabilities are recognised a5 expenditure as soon as there is a legal or consttl]ctive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be r¢quired in settlement and the amount of the obligation can be me&sured reliably. Expendiwre is accounted for on an arualS basis and has been cl&%sified under h¢adings thal aggregate all cosis related to the category. We costs Wulot be direcdy attributrd to particular headings. they bav¢ Iwi allocated to activiti¢s on a bas7s CLinsistent with the se of resources. Tangible red assets The church buildings, their contents and the churchyards witbin the Ministy Area are vested in the Representative Body of the Church in Wales and do not forni part of the assets of the Ministy Are& Palld employees Staff Costs 2024 2023 Gross wages, salaries and b¢nefitS ID kind Employer's Flational Lllsurance costs Employer's Pension costs Total staff costs 25,938.00 0.00 262.08 24,138.36 0.00 225.24 26,200.08 24,363.60 Sncluded in the above figure5 are the wages of cleaners which have been included in the accounts in church and church hall cleaning headings. Administrative wages (net of Mit]istry Area grants) have been shown in AdmiDlstaff salaries. The average nurnber of full-time eqiiivalent employees in the period was 2 (2023 - 2) 15
NEW TNO IITST STRY A ANCIAL STATEMENTS FOR THE YE 31 DECE BER 2024 Investment assets Current assets investn]ellts 2024 2023 caIng valiie at beginning of period Add items omitted from 2022 accoiujts in error: St Mary's Common Inv. Fund - RBCIW Chancel Repair Fund St Mary's Reed bequest - RBCIW 262,388.88 268,087.18 723.80 59.97 606.88 59.97 263,172.65 268,754.03 Less.. disposals at canying valiie 10,000.00 20,000.00 253,172.65 248,754.03 Add/(dediict).' net gat(losS) on revaluation 14,693.39 14,418.62 Carrying (market) valiie at end of period 267,866.04 263,172.65 The current asset investments consist of amoiints placed into the ChiCh in Wales Common Luvestment Fund alld their market value at the end of tbe period is as follows: 2024 2023 St Mary's CorEunon Lnv. Fia - RBCIW St David's Common Inv. Fiind - RBCIW Chancel Repair Flind St David's Con]mon Inv. Fiind - RBCIW St Mary's Commoll Inv, Fimd - RBCIW Chancel Repair Fund St Mary's Reed bequest - RBCIW Total 156,450.89 157,621.62 7,858.76 7,858.76 102,772.62 96,908.5 723.80 723.80 59.97 59.97 267,866.04 263,172.65 ebtors prepayments 2024 2023 Gift aid claims arising during the year received in 2025 Ministry are& rebate relati40 to the year received ill 2025 Other debtors 11,744.73 1,587.98 202.80 9,209.55 1,693.97 Total 13,535.51 10,903.52 16
NEWPORT NORTH WEST MINISTRY A ANCIAL STATEMENfs FO THE YE ENDED 31 DECEM ER 2024 CredRtors and accruals 2024 2023 Clergy expenses relating to the period paid after 31 December 2024 Ministy area sbare relating to the year pd after 31 December 2024 Accruals Balance of Ministy Area grant ¢Tled foThvard Totsl 623.26 31,759.13 2,030.96 1,329.89 35,743.24 498.48 33,879.39 1,800.00 2,346.42 38,524.29 Fund accollERting Unrestricted funds can be used iJ] accordance with the ckwitable objectives at the discretion of the trustees. Designated funds have been set aside by the trustees out of general llds for particular piirposes. They may be withdrawn from designated ndS at the discretion of the trustees to be ied in the general Chitable 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 ar¢ raised for particul restricted purposes. Details of the nature and purpose of each fund is included in their nomenclatyre in the financial statements. 17