Charity number.. 253387 CHRIST CHURCH LANDS CHARITY UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
CHRIST CHURCH LANDS CHARITY CONTENTS Page Roference and Admlnlstrntive Oetsils of the Charity, its Trustees and Advisers Trustées. Report Independent Examinerfs Report Statement of Financial Activit5es Balance Sheet Notes to the Flnancial Ststements 8-19
CHRIST CHURCH LANDS CHARITY REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Mr J D R Price, Chufchw8rden1 Mrs M Dymond. Churchwarden Iresigned 25 September 2023)1 Mr R C Melcawe. Churchwardenl Mr A Griffilhs2 Mr M Bracey2 Prof J R Kerridge, Chairman2 Mr R Hobbs3 Mr F Payne3 Mr J D R Price, Director of Music3 Ex-officio Nominated Trustees C¢>opted Trustees Charity reglstered number 253387 Princlpal office 1 All Saints Court Bristol BSI 1JN C5erk to the Trustees MT D Davies Accountants Mazars LLP Charteied Accountants 90 Victoria Street Bristol 8S1 6DP Bankers Natwest Bank PIC 32 Corn Street 8rislol 8S99 7UG Sollcltors Richard Gore Gregg Latchams Ltd 7 Queen Square Bristol BS14JE Stockbroker5 Investec Wealth & Investment Lirnited 2 Gresham Street London EC2V 7QN Property Advlsers Burslon Cook Assoctales Lewins House Lewins Mead Bristol BS21 2NN Page 1
CHRIST CHURCH LANDS CHARITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report together with the financial slalemenls of Christ Church Lands Charity for the year 1 January 2023 10 31 Dember 2023. The Trustees confim that the Annual Report and financi81 slalemenls of the Charity comply with the current slatulory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice ISORPI, applicable lo charities prepanng their 8ccounls in accordance with the Financial Reporting Standard applicable in the UK and Ropublic of Ireland IFRS 1021. Oble¢tivas and activities a. Policies and objectives The objects of the Charity are.. Firstly lo support persons in the parrish in need, hardship or distress and to support the Christ Church Exhibrtion Fund {3251241. The charity aims to Provide help lo Ir8nsienl persons living in the parish through provision of food, clothing etc. via the Community of the Sisters of the Church. Secondly lo support the parish of Christ Church in the City of Bristol by paying towards the stipend of the Curate and Incumbent of the benefice, by paying clergy or licensed lay workers lo conduct services In the parish, for other 11910$ or charitable work of the Church of Englantl in the parish or the Archdeaconry of Bristol. The charity aims to support the clergy associated wi(h the parish in the provision of regular worship at Christ Church. Thirdly, for the repair, maintenance and Insuran of the fabric of Christ Church. The charity aims to ensure that funds are available lo the Parochial Church Council. The Trustees, main objective for 2023 wa5 to look after the propety and investments in the light of the purposes for which the Trust was established. The Trustees are confident that the insurance cover on the properties is sufficient. The Trustees have ¢onlinued lo consider the market value of the properties and intend to perfomi a full revaluation in the year endecl 31 December 2024. In setting objectives and planning for activit$, the Trustees have given due consideration lo general guidance published by the Chanty Commission relating to public benefit, including the guidance 'Public benefit." running a charity IP821' Achievements and perfomiance Review of actlvitie$ The Trustees, main aim this year was to continue to make decisions placed before them based on their familiarity with the properties and investments. A propety sub-committee meets regularfy to assist with this. b. Investment policy and perforniance The investments held al the end of the year are as sel out in the attached accout)Is. The funds aim al steady income and capital appreciatson lo provide long-term protection from inflation. These objects are reviewed annually with the stockbrokers. Page 2
CHRIST CHURCH LANDS CHARITY TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Flnanclal revlew a. Flnanclal revlow Totsl income for the year amounted lo £155,492 12022.. £150,324> and lolal expenditure amounted lo £137,230 {2022". £154.4691 leaving a nel surplus, before revaluations and investment gains, of £24,262 12022.. 1088 of £4.1451. Investment gains amounted lo £59,56312022.' losses of £200,4091. b. RoseNes pollcy The Trustees are making an annual Pfovisitsn for the Church Fabric and for the iepairs to properties. Tol81 fund8 amounted lo £2,745,256 {2022'. £2,661.4311 of which £2,186,786 12022.. £2,127,203) related lo endowment funds. £558,490 12022. £534.2281 relaled lo reslricled funds and £Nil 12022. £Nill related to the unreslricled 8nd property repair fund8. G. Golng concern After making appropri8le enquiri88, the Iruslees have a reasonable expectation that the Charity ha5 adequate resources lo continue in operational existence for the foreseeable future. For this reason they continue lo adopt the going concern basis in preparing the financial slalements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. Structure. governance and management Constllutlon Christ Church Land8 Charty is a registered charity, number 253387, and is consliluted under a Tfu$I deed. b. Methods of appolntment or elecllon of Trustees The Trustees of the Charity are appointed in accordance wrth the Charity Commission Scheme dated 15 September 2005 under Charity number 253387. c. Organ5satlon¥l Structure and decl$lonamaklng pollclg8 The Trustees have supervised the adminislr8tion of the Charity in 8ccordance with the prov*sion$ of the Charity Commission Scheme, and applied the income in accordance with those provisions. In selling objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating lo public benefft, including the guidance 'Public benefit.. running a charty IP821'. The TrLsslees' investment policy objeclwes are lo obtain the maximum income by investing prudently and cautiously in a portfolio comprised of real property, equities, f1xed income stock and cash. The portfolio is managed on a discretionary basis by the appointed stockbrokers and professionally qualrfied propety managers. The Trustees continue lo relain the freehold propety which originalty formed part of the endowment where the nel income (after costs of maintaining the property) justifies their relenlion. All decisions 8re made at full Twslees. meetings and carried out on a day lo day basis by the Clerk. Page 3
CHRIST CHURCH LANDS CHARITY TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Structure, govemance and management {contlnuèdl d. Financlal rlsk management The Trustees have examined the major strategic operational risks which the Charity may face and will ensure that, to the extent that they do not aladY exi51, systems are established lo enable regulai report8 to be produc so that the necessary steps can be laken to minimise these nsks. Plans for luture perlods The Trustees, aims for the future are lo continue lo keep the properties fully let and in a slate of good repair. and are fulty comrnitted lo ensuring that the provi$ion5 of the Charity Commission Scheme of the 15 September 2005 continue lo be fully mel. Statement ol Trustees. re8pon8lbSlltles The Trustee5 are responsible for preparing Ihe Trustees, Report and the financial Statements In accordance with applicable low and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel, The law 8pplic8ble lo charities in Eng18nd & Wale¥ requires the Trusleey lo prepare financial slalemenlg for each financial which give a true and fair view ol the state of affairs of the Charity and ol ils incoming Tesources and application of resources, including rts income and expendrture, for that period. In preparing these financial slatemenls, the Trustees are required lo". select suitable accounting policies and then appty them consislenlly". observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting eslimales Ihal are reasonable and pruLlenl'. slate whether 8ppIic8ble UK Accounting Standards IFRS 1021 have been followed, Subject lo any material departures disclosed and explained in the financial sialemenls", prepare the financial slalemenls on the going concern basis unless it is inapproprialo lo presume that the Charity will conlinue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charity's transactions and disclose with reasonable accuracy al any lime the financial position of the Charity and enable them lo ensure that the financial slalemenls comply wlh the Charities Act 2011, the Charity {Accounls and Report51 Regulations 2008 and the provision5 of the Tru51 deed. They are also responsible for safeguarding the assets of the Charity and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the member8 of the board of Trustees and signed on their behalf by.. Date. fj>.b.&(_ P8ge 4
Jonathan Marchant (Aug 20, 2024 09:48 GMT+1) Aug 20, 2024
CHRIST CHURCH LANDS CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrostrlcted funds 2023 Restrlcted Endowment funds funds 2023 2023 Total funds 2023 Total runds 2022 No18 Income and endowments from: Investments 93,482 62,010 155,492 ISJ,324 Total Income and endowm8nts 93,482 62,010 1 $5,492 150.324 Expendlture on: Raising funds Direct charitable expenditure Governance costs 79,788 79,788 115, 794 37,748 37,748 13,694 23,474 15,201 13,694 Total expèndlture 93,482 37.748 137,230 754,469 Not Incomel{èxpèndlturel before net galn$lllo8sesl on Inveslments Nel gainslllos8e81 on investments 24,282 24,262 (4, 145) 59,563 59,563 (200,409) Net movement In funds 24,262 59,563 83,825 (204.554) Recon¢115atlon of funds: Total funds brought forward Nel movement in fvnds 534,228 24,262 2.127.203 59,563 2,661.431 83,825 2,865,985 (204.554) 558,490 2.186,766 2,745,256 2,661,431 The Slalemenl of Financial Acliwlies includes all gain8 and losses recognised in the year. The note5 on pages 8 10 19 fomi part of these financial slatemenls. Page 6
CHRIST CHURCH LANDS CHARir BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Note Fixed assets Inveslrnenls Investment property 10 1.206,951 1.292,321 1, 142,864 1,292,321 2.499.272 2,435. 185 Current assets Debtors Cash at bank and in hand 63,535 208,208 74,916 176,598 271,743 251,514 Credrtor5'. amounts falling due wrthin one year 12 125.7591 (25,268) Net current assets 245,984 226,246 Total as8ets1888 current Ilabllltles 2,745,256 2.661,431 Total net assots 2,745,256 2,667,431 Charlty funds Endowment funds Restricted funds 13 13 2,186,766 558,490 2, 127,203 534,228 Unrestricted funds 13 Totsl funds 2,745,256 2,661,431 The financi81 slalements were approved aNJ aulhorised for issue by the Twslees and sned on their behaw by.. Dale.. Y¥y 2oLI The notes on pages 8 10 19 fonn part of these finarla1 ststements. Gk.h. h_ Page 7
CHRIST CHURCH LANDS CPIARir NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2023 General Information Christ Chuich Lands Charty is an unincorporated chanty registed wrth the Chanty Commission in England & W81es. registered number 253387. The registered offKe Is 1 All Saints Court, Bristol, BS1 1JN. AccountSng pollcl 2.1 Basls of preparatlon of financlal ststements The financial slalernenls have been prepared in accothnee with the charitS SORP IFRS 1021- Accounltng and Reporting by chafrts." Statement of Recommended pract applicable lo charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Charrties Ad 2011. The financial StalennIS have been prepared to gi¥ a Irue and lairf view. Christ Church Lands Charity ffets the ¢Jefinition of a public benefit enlty under FRS 102. Assets and liabilities are Inrtialty recogntsed at historical Cost or Iransaciion value unless otherwise slated in the revanI accounting policy. 2.2 Golng concern After making appropriale enquines. the truslees have a reasonable expectation that the Charity has adequate reSoUrS to continue in operatn81 existence for the foreseeable future. The Trustees are confident that they can manage expendrture lo align wlh the income generateil from Investment returns. For this reason they continue lo adopt the going corKem basis in prepanng the financial stslemenls. 2.3 Income All income is recognised once the Charty has enlitlemenl lo the income, it is probable that the income will be received and the amounl of Income receivable can be measured reliably. 2.4 Expendlture Expenditure is recognised once there is a le9al or conslruclNe obligation lo Ir8nsfer economic benefit lo a third paty, it is probab that a transfer of economic benefits will be reqUId in settlement and the amoLFnl of the obligation can be measured reliabty. Expendrture is ClaSsrf by aclimty. Oitect chantable expenditure Inded In the Slalemenl of Finanual Activities represents the amounts paid from the Teslricled fvnds during the year. Grnnls paid are made in accordance with the Charity Commission Scheme. G¢)vemance costs afe those incurred in connedion with &Jrtfirt1siI10n of tne Charity and compli8iice with constitutional and statutory requirements. C05t5 of generaling funds are Investment management COSts and those eosls incurred in respect of maintaining, insuring and tting the prcperties. Expenditure on raising funds indudes all experKlrture incurred by the Charrty lo raise funds for ils chafrtablopurpjses and indudes costs of all ftErKlraising actmties events and non<harilable trading. Expenditure on charitable actNrties is incurred on direclty undertaking the Mties which further the Chanvs ofy'ectNes, as well as any ass(xiated support costs. Page 8
CHRIST CHURCH LANDS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles Icontlnuedl 2.5 Int8rgst recelvable Interest on funds held on deposit is included when receiv8ble and the amount can be measured reliably by the Charity." this is normally upon nolrfication of the interest paid or payable by the inslilulion with whom the lunds are deposited. 2.6 Taxatlon The Charity Is a registered charity and as such is not liable to laxalion on the net income from ils charitable aclivilies. Irrecoverable VAT is charged against the expenditure heading for which il was incurred. 2.7 Investmonls Fixed asset investments are a fom of financial instrument and are Initial recognised al their transaction c0518nd subsequently measured al lair value al the Balance Sheet dale. unless the value cannot be measured reliably in which case il is measured al cost less impairment. Investment gains and losses, whether realised or unrealised. are Mmbined and presented as 'GainsllLossesl on investments, in the Statement of Financial Activitte8. 2.8 Investment propertlèJ Investment properties are included irs the Balan Sheet al their open market value in acLordancè wrth FRS 102 and ara not depreciated. 2.9 Debtors Trade and other debtor5 are recognised al the settlement amount after any trade diseounl offered. Prepayments are valued al the amount prepaid nel of any Irode discounts due. 2.10 Cash at bank and In hand Cash al bank and in hand includes cash and short-lerm highty liquid investments with a short maturity of three months or less from the dale ol acquisition or opening of the deposit or simir account. 2.11 Llabllltl88 and provlslons Liabilities are recognised when there is an obligation al the Balance Sheet dale as a result of a past event. il is probable that a transfer of economic benefit will be required in 8ettlement. and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the Charity anticipates il wll pay 10 Settle the debt or the amount il has received as advanced payments for the goods or services il musl provide. Provisions are measured at the best estimate of the amounts required lo settle the obligation. Whore the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rale that reflects the Tisks specific lo the liability. The unwinding of the discount is recognised in the Ststement of Financial Activities as a finance cost. Page 9
CHRIST CHURCH LANDS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 A¢countlng pollcles Icontlnuedl 2.12 Flnanclal Instruments The Charity onty has financial assets and financial liabilities of a kind that qualify as basic financial in$lrumenls. Basic financial instruments are inrtially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective Interest method. 2.13 Fund accountlng General funds are unreslricled funds which are av8ilable for use al the discretion of the TTuslees in furtherance of the general objectives of the Charity and which have not been designat for other PUIPO88s. Restricted funds are funds which are lo be used in accordance with specific re$lri¢lions imposed by donor8 or which have been raised by the Charity for p8rtieular purpose8. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each reslricled fund is sel out In the notes to the financial slalemenls. Page 10
CHRIST CHURCH LANDS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Investment Income Unrestrlcted funds 2023 Rfjstrlcted funds 2023 Total funds 2023 Rents CeIvable Insurance premiums rewvered Other investment income Interest 76,354 370 43,433 270 119,787 640 16,433 325 17,003 1,304 33,436 1,629 93.482 62,010 1 SS,492 Unrnstncled funds 2022 Reslricted funds 2022 Tot81 runds 2022 Rents receiv8ble Insurance premiums recovered Other investment income Interest 76,248 7,984 16,878 71 38,178 989 15,698 278 114.426 2,973 32,576 349 95. 181 55, 143 150.324 Investment management costs Unrestrlcled funds 2023 Total fLSnd$ 2023 Property expense8 Insurance Legal and selling agents fees Investment managers, and valuation fees Bank charges 40.665 16,712 14.975 7,327 109 40.665 16,712 14.975 7.327 109 79.788 79.788 Page 11
CHRIST CHURCH LANDS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Investment management costs Icontlnuedl Unreslricled funds 2022 Total funds 2022 Property expenses Insurance Legal and selling agents tees Inveslmènl managers, and valuation fees Bank Charg88 88.475 17,679 1,872 7,741 87 88.475 17,619 1,872 7,741 87 115, T94 115, 794 Dlrect charltable expendlture 2023 2022 Clause 2113118llil Community of Sisters Clause 21 13llal{iil Exhibition Fund Clause 21 13llbllivl Clergy Fees Clause 21 13llcl Christ Church PCC 5,500 11,168 4,412 16,668 4, Ick) 8,215 2, 129 9,030 37,748 23,474 Governance costs 2023 2022 Accounts preparation fee offi and administration cost5 Insurance Indepet)denl examiner's lees Clerk's remuneration 3.255 3, ILXI 346 2,S41 7,800 2.420 9.335 13,694 15,201 Page 12
CHRIST CHURCH LANDS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Independent examlnerfs remunoratlon The independent examineffs remuneration amounts 10 an independent examiner fee of £2,541 {2022 - £2.420), and accounts preparation fee of £3,25512022- £3. 1001. Staff costs Staff co$1$ were as follows.. 2023 2022 Wages and salarias 7,800 9,335 The avorage number of persons employed by the Charity during tho year was as foll¢)ws'. 2023 No. 2022 No. Clèrk No employee recelved remuneration 8mounling lo more than £60,000 In either year. The Board considers that the key management personnel of the charity compn$e the Trustees. The Trustees all give freely of their lime and expertise without any form of remuneralion or other benefit in cash or kind. No reimbursement of expenditure was made lo the Iruslees during the year12022 £nill. Page 13
CHRIST CHURCH LANDS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Investment property Freehold Investment property Valuation At 1 January 2023 1.292,321 At 31 December 2023 1.292,321 The Trustees do not consider that the market value of the property is materially different from that of the 2017 valuation. Details of the historical costs are not availab. There are four properties all situated in Bristol in the Unrted Kingdom. Investment properties compri5e- 2023 2022 59 Broad Street 61 Broad Street 63 Broad Street 1 Mardyke Ferry Road 380.000 412.321 275,000 225,000 380,OCKI 412,321 275,000 225,000 Total 1,292.321 1.292,321 Page 14
CHRIST CHURCH LANDS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Fixed asset investments Listed investments Cost or valuation At 1 January 2023 Addition5 Disposals Revaluations 1,142,864 315,970 1310,861} 58,978 At 31 December 2023 1,206,951 Net book value At 31 December 2023 1,206.951 At 31 Deoember2022 1, 142.864 Investments at market value comprlse: 2023 2022 Listed Investments 1.206,951 1, 142,864 All the fixed asset investments are held in the UK. Material Investments 31 December 2023 31 Decembei 2022 Charities Propety Fund JP Morgan ETFS 95,048 73,813 101, 104 225,399 135. 748 Material investments are defined as those representsng >5QA of the market value of inveslrnents al the year end. Page 15
CHRIST CHURCH LANDS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Debtors 2023 2022 Due within one year Prepayments and accrued incDme 63,535 74,916 12. Creditors: Amounts falling due viithin one year 2023 2022 Other laxalion and socjal security Other creditors Accruals and deferred income 567 18.132 7.627 17,2T5 7,426 25,7S9 25,268 Page 16
CHRIST CHURCH LANDS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Ststement of funds Statement of funds- current year Balance at 31 Galnsl December (Losses) 2023 Balance at 1 January 2023 Transfer8 Inlout Income Expenditure Unrestrlcted funds General fvnds Propety repair fund 93.482 188,4821 Is.0001 15.0001 5,000 93,482 193,482 Endowment funds Reserve lund Accumukition fund 1,882.280 53,743 1,936,023 244,923 6,820 250,743 2,127.203 59,563 2,186,766 Restrlctod funds Clergy fund Church Fab fund Persons in Need & Exhibition fund 336.531 23,460 14,4121 355,579 181.029 19,275 {16.668) 183,636 16,668 19,275 {16.668) 19,27S 534.228 62,010 {37.748) 558,490 Total of funds 2,661.431 155,492 {131.2301 59,563 2.745,2S6 Page 17
CHRIST CHURCH LANOS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Ststement of funds {continued) Statement of funds- prlor year Balan at 31 December 2022 Balan al l January 2022 Transfe It Gainsj {LossesJ Iorne Expenditure Unrestricted funds General Funds- all funds General funds 95, 181 (90, 181) (40.814) 35,814 35,814 95, 181 (130,995) Endovfflient Fund Reserve fund Accumulation lund 2,081,484 (199,204) 1,882,280 246, 728 (1,205) 244,923 2,327.612 (2LXI,409J 2, 127,203 Restricted funds Clergy fvnd Church Fabric fund Persons in Need & Exhibrtion fund 316.8S3 21.807 , 129) 336,531 173,391 16,668 (9,030) t81.029 12.315 16,668 (12,315) 16.668 143 (23,474) 534,228 Totsl of funds 2,865,985 150,324 {154.469) f2C(1,409) 2,661,431 Page 18
CHRIST CHURCH LANDS CHARir NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Statement of funds Icontlnuedl The Reserve Fund is for the repair and Maintenan of the property of the charity, in addrtion lo the church Fabric Fund. The Accumulation Fund represents unexpended income which was paid into the fund as capital prior lo the scheme. The income from this fund musl be used for the purposes sel out in clause 2113llbl of the trust deeds. The Clergy Fund is for payments of clergy stipends for the parish of Chri81 Church. The Church Fabnc Fund is for the repair, maintenance and insurance of the fsbiic of Christ Church and for the maintenance and support of services therein. The Persons in Need and Exhibition Fund is lo make payments for the relief of per80n8 in need, har68hip or di8lress residenl in the paiish of Christ Church. The Property Repair Fund - the Iruslees have agreed lo Iransfor £5,000 per annum from the general fund lo fund future repairs lo properties. 14. Analysls of net assots beon funds Investment propertles Investments Net curr8nt assét$ 2023 £ 2022 £ Capltal funds lexpendablel Reserve fund 1,292,321 643,702 1,936,023 1,882,280 Accumulation funds Income funds - restrlcted Clergy fund Church Fabric fund 355.579 136,012 355,579 183,636 336.531 181.029 47,624 Exhibition fund Unrestrlcted fund Totsl Page 19