AMBITION LAWRENCE WESTON FINANCIAL STATEMENTS FOR THE YEAR ENDED 31"DECEMBER 2024 Charity Number 1152237 Company Registration Number 08179331 AMBITION LAWRENCE WESTON FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 CONTENTS PAGE Legal and Administrative Information Trustees Annual Report Independent Examinerfs Report Statement of Financial Activities 10 Balan￿ Sheet 11 statement of Cash Flows 12 Notes to the Financial Statements 13-26 AMBITION LAWRENCE WESTON REFERENCE AND ADMINISTRATIVE INFORMATION YEAR ENDED 31 DECEMBER 2024 status Ambition Lawrence Weston is a company limited by guarantee (registration number 08179331) and granted charitable status by the Charity Commission registration number 1152237. Trustees (also known as Directors) Norman Routledge Waltraud Pospischil Stephen Hall Jamie Siggers Katrina Booker Jackie Crouch Birgit Thornhill Jordan Hudd Norman Laity Daphne Chikwere (appointed 19 April 2024) Timothy Leaman (resigned 29 August 2023) Kyle Perkins (appointed 30 October 2024) Jake Morgan (appointed 30 October 2024) Company Secretary Mark Pepper Chief Executive Officer Mark Pepper Registered Address Ambition Lawrence Weston Ambition House 2 Stile Acres Lawrence Weston BS11 OPZ Bankers Unity Trust Bank Nine Brindleyplace Birmingham B12HB Independent Examiner Joshua Kingston BSC, ACA Burton Sweet Limrted The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1 UR AMBITION LAWRENCE WESTON TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2024 The trustees present their report and the unaudited financial statements for the year ended 31 December 2024. Structure. Governance and Management The charity is constituted as a company limited by guarantee. incorporated on 141h August 2012, registered under the Companies Act (registration number 08179331) and its governing document is a Memorandum of Articles of Association. It was granted a charitable status on 31, May 2013 by the Charity Commission under registration number 1152237. At present the charty is over seen by 12 truSt￿S. with a majority of these being local residents. We recruit new trustees as and when the charty's needs and demands require. We do this through advertising in our local newsletter. via our social media platforms and website, and through third paty VCS organisations, such as "Voscur" and "Locality" and via our city wide business links. We then interview candidates to ensure they hold the correct skills, knowledge and experience to bring value to the board and the charity's overall aims. With a board of 12 trustees that formally meet bi monthly, with an annual AGM, and the ability to call extraordinary meetings as and when required to receive staff reports and updates on progress. The trustees receive and consider recommendalions from staff and then issue staff with directions, strategies, and agree priorities. They make decisions on all spends over £2k and make decisions on all major issueslprojects. Many of the trustees take more responsibilities and act as lead for different projects, and feedback to the full board with their recommendations during scheduled board meetings or by calling extraordinary meetings With some trustees being hands on with service deliveries and activities when skills and experience meet the need. The personnel group, made up of 4 trustees. meet every 6 months to deal with HR issues, staff supervision and staff performance levels, and report back with recommendations to the full board for final decision making. With the day-today management of the charity decisions being delegated to the CEO, with all major decisions and strategies being made by the trustees, including all expenditure in excess of £2,000. All trustees are subject to recruitment pro￿sseS including a formal application submission and personal interviewls. Following successful recruitment, they are provided with a trustee handbook and are inducted by fellow trustees. All staff pay and renumeralion is recommended by the charity's personnel and HR sub group, and set by the full board of trustees. The criteria used in setting the pay is made by comparisons of other charities and organisations with similar workloads, staff experience and responsibilities. AMBITION LAWRENCE WESTON TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2024 ALW has a relationship with Ambition Communty Energy Cic. (ACE). ALW being a corporate director of ACE and with ACE cooperating with ALW in the pursuit of ALWS charitable aims, with all surplus profits generated by ACE being donated to ALW. Trustees Ambition Lawrence Weston is an incorporated charty and therefore the Directors of the Company are also the Charity Trustees for the purposes of charty law. The trustees are listed on page 1. Board meetings are held one every eight weeks. Policies The trustees have agreed policies covering the following areas: Register of Trustees Interests Trustee Code of Conduct Safeguarding vulnerable adults Child protection Finance.. Purchasing and procurement Expenses Revenue ReseNes Card transactions Bank, receipts, and reconcilialions Fixed assets Fraud Recruitment Employment Capability Equalities and diversity Risk assessment Grievance Data protectionl general data protection regulation Objectives The promotion of urban regeneration in areas of social and economic deprivation for public benefit, and in particular in the area of Lawrence Weslon and the surrounding neighbourhoods in the City of Bristol, by all or any of the following means., the relief of povety and financial hardship the maintenance improvement of provision of public amenities the protection or conservation of the environment the promotion of public safety and the prevention of crime the creation of training and employment opportunities by the provision of workspace, buildings, andlor land for use on favourable terms the provision of public health facilities and childcare and the promotion of health of local inhabitants for the public benefrt. {iv) {v} (vi) AMBITION LAWRENCE WESTON TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2024 Public benefit In shaping the objectives for the year and planning activities, the trustees have considered the Charity Commission's guidan￿ on public benefrt. including the guidance 'public benefit: running a charity {PB2)'. Volunteers There are no volunteers whose contribution is significant for the charty's ability to undertake any activities. Fundraising The material fundraising activities far exceeded our objectives set, including Irading seniices, room hire income and granl funding applications. Activities and achievements Over the past twelve months since our last report and financial statements were filed. This relates to continuing of face-to-face delivery. group actrvities and other works. Delivery There have been two major events: a) The energy and cost of living crisis, with costs increasing to unmanageable levels for some if not most of our financially vulnerable residents. b) High levels of inflation and interest rates not only impacted on our residents but also our own organisations core costs and project delivery costs. including capital costs for our built infrastructure projects. As a result of the above we have placed more focus on supporting residents with their increased costs of living, whilst also seeking additional funding for our own core and project costs, as well as our main delivery and seniices as directed by our residents written community and developmenl plan. Some of the focused delivery has included". Providing residents with low energy use household applIan￿S Delivering education and activities though our "Grow, Cook and Ear project. To manage and be accountable for various private companies, local authority and government grants lo deliver financial support to vulnerable residents. As part ofthe IcrAI authorities Warm Spaces, program, we serve as a Community Hub. In addition to our cost-of-living initiatives mentioned earlier. we've achieved the following= Progressed our Communty Led Housing project, with identifying funding. Continued to operate the Community Owned Wind Turbine project. Redesign and secured funding for a new standalone Community Hub, Relocated to this new building in October 2024. Delivered Holiday Hungerlfamily Irips scheme. Commissioned several contractors and consultants with the relevant skills and experience to support us in our work. Continued to produ￿ and maintain our own website knNw.ambrtionlw.org" and social media profiles. Raised additional funding for various projectslwork. Facilitated the ALW Ne￿Ork Group, a meeting that links all Servi￿ providers together to infom them of our resident's needs and wants and encouraged a joined AMBITION LAWRENCE WESTON TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2024 up approach to service delivery. Continued to Influence many developmenls through the facilrtation of the Lawrence Weston Planning Forum via the Lawrence Weston Neighbourhi)od Development Plan. Some of the charity's work delivered in 2024 includes: Continuation of providing financial support to vulnerable residents during the cost-of- living crisis. We continue lo provide low energy consuming household equipment to aid lower fuel bills Facilitating debl advice to residents, The above helps to meet the charity's objective.. (i) the relief of poverty and financial hardship. Completed construction of our communty building project. Ambition House. The above helps to meet the Charity's objective.. (li) the maintenance impmvement or provision of public amenities Many elements of the residents Climate action plan have been delivered, such as the improvements of a community allotmenl, communty planters, and gorilla gardening in the local area. Created a new community orchard, and received a Britain in Bloom Award" Outstanding" for the 6th year running. The above helps to meet the Charity's objective.. (iii) the protection or consetvation of the Environment We continue to deliver the monthly Planning Forum where planning issues are considered alongside community issues such as safety and policing issues. The above helps to meet the Charity's objective.. (iv) the promotion of public safety and prevention of crime. We continue to facilitate training and employment support, job fairs and CV clinics for our local residents from our charity's venue. The above helps to meet the Charity's objective.. (v) the creation of training and employment opportunities.... We continue to deliver the 'Grow cook and eat" project, walking groups, arm chair exercise, Circuit training, martial arts and several other health improvement activities as well as child focused school holiday activities based on healthy living. The above helps to meet the Charity's objective.. (vi) The provision of public health facilities and Childca￿, and the promotion of health of local inhabitants for the public benefit. Financial review The result for the period shows an unrestricted surplus of £35,306, compared with an unrestricted surplus of £279,038 in the prior year. Restricted surplus of £1,972,332 (2023.. deficit of £178,680). Restricted surplus excludes capital expenditure of £1,962,365 {2023: £266,488) which have been incurred in the year and are represented as tangible fixed assets. The principal reason for this improvement is Ihe completion of a major capital project-the new Community Hub, the build slarted late in 2023 and completed in late 2024. AMBITION LAWRENCE WESTON TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2024 The charity's principal funding SoUr￿S during the reporting period were grant income and donations. supplemented by income generated through room hire and other services. These resources were applied directly to support the charity's key objectives of promoting community wellbeing, providing inclusive spaces, and delivering services and programmes that meet local needs. A number of significant events have affected financial performance and position during the year. The most notable was the completion and opening of the Community Hub, which not only marked the conclusion of a major capital investment but also established a new income stream through increased capacity and demand for room hire and Services. Additionally, the charity continued to experience Ihe wider economic impacts of increasing utility and staffing costs, which pla￿d pressure on operating margins. Despite these challenges, the strong level of communty support, staff commitment and external grant funding has enabled the charity to strengthen its financial position at year-end. Reserves Policy and Position To maintain the effective operation of the organisation, the Board has agreed to hold financial resenies equivalent to three months of operating costs, currently estimated at £52,000. This level of reserves ensures that staff would have sufficient time to secure new funding or, if required, to reduce ServI￿S in a planned way that supports Servi￿ users through any transition. Looking ahead, the Board has set a longer-term objective of building reserves equivalent to six months of operating costs. This is considered a prudent level in the event of a major business intemjption, based on the charty's assessment of risks. At the year-end, total resenies stood at £2.585.797. comprising: £136,250 in unrestricted free reserves" and £220,694 in restricted income reserves,. and £2,228,853 in restricted asset reseNes The current level of unrestricted free reserves is therefore significantly above the immediate policy tsrget of £52,000, and a 6 month target of £104,000. This higher balance reflects the timing of income received and the truslees. prudent approach to managing the financial risks associated with the opening phase of the new Community Hub. The trustees anticipate that a portion of these reserves will be drawn upon in the coming years to support: the development of new community programmes and servi￿5 within the Hub, through the delivery of the community plans aspirations. investment in staffing and infrastructure to ensure sustainability, and contingencies to manage rising operating costs and potential funding gaps. Trustees recognise that the current level of reseNes may exceed the short-term policy target. However, given the scale of planned activities and the need to ensure stability during a period of growth and change, the Board considers the reserves held to be appropriate at this stage. The policy will be kept under review. and if longer-temi operating commitments confirm a higher baseline requirement, the reserves target will be adjusted accordingly. AMBITION LAWRENCE WESTON TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2024 Factors Likely to Affect Financial Performance As a semi-reliant organisation on income from the ACE Community Wind Turbine, future financial performance may fluctuate depending on energy prices and wind conditions, which could have either a positive or negative impact. Other key factors include the success of grant applications and the level of demand for room hire at the Community Hub. Going Concern- Key Risks and Challenges Like all charities, we face a number of risks that we monrtor closety and plan for.. Funding: A significant portion of our income comes from grants and fundraising, which can vary year to year. To redu￿ this risk, we are actively working to grow income generated through the Community Hub, including room hire and other services. Rising Costs: Energy, staffing. and operalional costs continue lo increase. We manage this risk by closely monitoring expenditure and using reserves prudently. Meeting Demand: Growing numbers of people are turning to us for support. We prioritise services that deliver the greatest impact and work wrth partner organisations to reach as many people as possible. Governance and Oversight: Trustees and staff remain commrtted to strong governance, seeking professional advice when needed to ensure we stay on track. Plans for the Future Our new Community Hub provides a solid foundation to expand and strengthen our work. Over the coming years, we plan to: Expand Programmes: Offer more activities and services that enhance health, wellbeing, and opportunities for local residents. Build Financial Resilience: Develop sustainable income streams through the Hub and cultivate long-term partnerships with funders and supporters. Invest in Our Team: Support staff and volunteers to ensure high-quality servi delivery. Enhance Collaboration: Strengthen partnerships with local organisations to increase our reach and Gommunity impact. Our overarching goal is to remain resilient, responsive, and deeply connected to the Lawrence Weston community, ensuring that the new Community Hub senies as a lasting, valuable resource for everyone. AMBITION LAWRENCE WESTON TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2024 ststement of trustees, responsibilities The trustees (who are also directors of Ambition Lawren￿ Weston for the purposes of company law) are responsible for preparing the Trustees, Report (incorporating the strategic report and directors, report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure, of the charitable company for that perii)d. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently" observe the methods and principles in the Charities SORP., make judgments and accounting eslimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charrtable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and deteclion of fraud and other irregularities. Signed on behalf of the charity's trusteesldirectors on 6 October 2025. Norman Routledge (Trustee) AMBITION LAWRENCE WESTON INDEPENDENT EXAMINER'S REPORT YEAR ENDED 31 DECEMBER 2024 Independent examiner's report to the trustees of Ambition Lawrence Weston ('the Company.) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2024. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (Ihe 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 {'the 2011 Act,). 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 Since the Company s gross income exceeded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 Acl. I confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. 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: accounting records were not kept in respect of the Company as required by section 386 of the 2006 Acl. or the accounts do not accord with those records" or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination" or the accounts have not been prepared in accordan￿ with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)- 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. Josh Kingston ACA Burton Sweet Limrted The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1 UR Date: 6° October 2025 AMBITION LAWRENCE WESTON STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 DECEMBER 2024 Unrestricted Funds Restricted Funds Total Fund5 2024 Total Funds 2023 Note Income from: (Restated) Donations and grants Other trading activities 37.819 26.638 2,246,899 2,284,718 26,638 427,028 24,192 Total income 64,457 2,246,899 2,311,356 451,220 Expenditure on: Chantable acb'vilies 56.774 246.944 303.718 350,862 Total expenditure 56.774 246.944 303.718 350,862 Net incomellexpenditure) 7.683 1,999,955 2,007,638 100,358 Transfers befv￿en funds 14 27.623 {27,6231 Net movement in funds 35.306 1.972,332 2,007,638 100,358 Total funds at the start of year { as previously sLitedl 100.944 210,727 311,671 477,801 Prior year adjustment 266,488 266,488 Total fund5 at start of year 14 100.944 477,215 578,159 477,801 Total fund5 at end of year 14 136,250 2,449,547 2,585,797 578,159 The Charty has no recognised gains or losses other than the resuts for the year as set oul above. All of the activrties of the charity are dassed as continuing. The notss on pages 13 to 26 fonn part of these financial ststements. See nots 10 for fund a¢¢ounting comparative figures. 10 AMBITION LAWRENCE WESTON BALANCE SHEET AS AT 31 DECEMBER 2024 Company number: 08179331 2024 2023 Note (Restated) Fixed assets Tangible fixed assets 2,228,853 2,228,853 266,488 266,488 Current assets Debtors Cash al bank and in hand 12 4,928 362,764 121,993 217,845 367,692 339,838 Liabilities Credttors '. amounts falling due within one year 13 {10.7481 128.1671 Net current assets 356.944 311,671 Net assets 2.585.797 578,159 FUNDS Unrestricted funds Restricted income funds Restricted asset reserve 15 15 15 136,250 220,694 2,228,853 100,944 210,727 266,488 Total fund5 2,585,797 578,159 For the year in question, the charitable company was entrtled to exemption from audit under section 477 of the Companies Act 2006 ￿lating to small companies. Directors. responsibilities., The members have not reqUI￿d the charitable company to obtain an audit of its accounts for the year in question in accordance with section 476. The directors acknowledge their ￿SponSIbl1rtles for complying with the ￿Ul￿ments of the Companies Act 2006 wlh respect lo accounting records and the preparalion of accounts. These accounts have been prepared in accordance wth the provisions applicable to companies subject lo the small companies regime. These financial slalernents were approved by the trustees on 6th October 2025 and are signed on their behaff by.. /q7Ae& #all Nomian Roulledge (Trusteel Stephen Hall rustee) The notss on pages 13 to 26 fonn part of these financial ststements. AMBITION LAWRENCE WESTON CASHFLOW STATEMENT YEAR ENDED 31 DECEMBER 2024 2024 2023 Net cash inflowllouthowl from operating activities 2,107,284 2,578 Nonryoperational cash flows.. Investing activities Purchase of tangible fixed assets {1,962,365} 11,962,365) 1266,4881 1266,4881 Net cash inflowllouthowl for the year 144,919 263,910 Cashflow Reslriclions Charity law prohibits the use of net cash inflows on any endov*d or other restricted fvnd lo offset net cash oufflows on any fund outside ils own objeds. except on special authorty. In practi￿. this restriction has not had any effect on cash flows for the year. A Reconciliation of net movement in funds to net cash inflow frorn operating activities 2024 2023 statement of Financial Activities.. Nel movemenl in funds Decrease in operational credf(ors.' current liabilities Decrease in operational debtors 2,007,638 117,4191 117,065 100,358 19,621 1117,4011 Net cash inflowllouffiowl from operating activities 2,107,284 2,578 B Analysis of changes in cash during the year 2024 2023 Change Cash at bank and in hand 362.764 217,845 144,919 2023 2022 Change Cash at bank and in hand 217,845 481,755 263,910 The notes on pages 13 to 26 forni part of these financial statements. 12 AMBITION LAWRENCE WESTON NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 1 Accounting policies Accounting convention The financial statements have been prepared in accordan￿ wrth the historical cost convention lexcept where otherwise slated in the accounting policy note) and in accordance with the Slalement of Re￿mmended Practice." Accounting and Reporting by Charities preparing their accounts in a￿rdance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) issued in October 2019, and the Financial Reporbng Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, and the Companies Act 2006. The charity is a public benefft entity as defined under FRS102. The trustees conskler that there are no material Un￿rtaIntieS affecting the abilty of the charity to continue as a going con￿rn. Income Income from donations is included in income when these are re￿1Vable. eX￿pt as follows-. l. When donors specify that donations given to the charity must be used in fulure accounting periods, the income is deferred until those periods., 11. When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred until the pre-condrtions have been met. Legacies a￿ included on a receivable basis where charity is entitled to the income, it can be measured reliably and receipt is probable. Where legacies have been nolffied to the Charity. or the Chanty is aware of the granting of probate, and the criteria for income recognition have not been met, then the kgacy is not included in income but is treated as a contingent asset and disclosed rf material. Investment income is included on a receNable basis. Donations in kind comprise donated services where the costs are measurable and the ServI￿S would otherwise have to be paid for to maintain operational effectiveness. Expenditure Expenditure is recognised in the period in which rt is incurred. Expenditure indudes attributable VAT which cannot be recovered. Charitable Activities Grants awarded are allocated to charrtable activities. Grants awarded are treated as expenditure and a liability in the a¢￿Unts as soon as they become legal or constructive obligations. In the case of multi-year grant awards, the funding for all years is immediately recognised unless there are conditions which need to be mel by the Tecipient to enable the release of subsequent years, funding. 13 AMBITION LAWRENCE WESTON NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 1 Accounting policies Icontinuedl Govemance costs Govemance costs include those costs associated wth meeting the constilulional and statutory requirements of the charty and include the audit fees and costs linked to the strategic management of the charity- Governance costs are included within support costs. Taxation The charity is exempl from corporation lax on rts charrtable ath"vities. Tangible fixed assets Tangible assets are initially measured al cost and subsequentty measured at cost. net of depreciation and any impairnienl losses. Depreciation is calculated to write off the cost or valuation of tangible frAed assets, less rts estimated ultimate residual value over the useful lrfe of that asset as follows-. Leasehold building improvements - over the remainder of the lease agreement Trade and other debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered . Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand. demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statements of financial position, bank overdrafts are shown wrthin borrowngs or current liabilrtEs. Trade and other creditor5 Short lem creditors are measured at the transaction pri￿. Other creditors and provisions are recognised where the charity has a present obligation resutting from a past event that will probably result in the transfer of funds lo a third party and the amount due to settle the obligation can be measured or estimated reliably. Credf(ors and provisions are normally recognised al their settlement amount after allowng for any trade discounts due. Pension costs The charity operates a defined contribution plan for rts employees. A defined contribub.on plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the Contributions have been paid the company has no further payment obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balan￿ sheet. The assets of Ihe plan are held separately from the company in independently administered funds. Fund accounting Unrestricted funds can be used in accordance wth the chantable objects at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes wrthin the objecls of the charity. Restriclions arise when specffied by the donor or when funds are raised for parb"cular restrided purposes. Designated funds fomi part of un￿StriCte