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2021-12-31-accounts

Charity number: 309924

THE HOLY FAMILY OF NAZARETH EDUCATIONAL TRUST

UNAUDITED

TRUSTEE'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

THE HOLY FAMILY OF NAZARETH EDUCATIONAL TRUST

CONTENTS
Page
Chairman's statement 1
Trustee's report 2 - 5
Independent examiner's report 6 - 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10 - 18

THE HOLY FAMILY OF NAZARETH EDUCATIONAL TRUST

CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021

The chairman presents his statement for the period.

I present my report as Chairman of the Trust.

We have all experienced an unprecedented and most difficult time with all the problems, dangers and uncertainties caused by the corona virus epidemic. Meetings and travel has been severely restricted both in this country and worldwide, making it both unsafe and often impossible for trustees, both in the UK and overseas, to travel and attend meetings.

Two Trust meetings had to be cancelled due to covid restrictions on gatherings and travel and other than regular email updates the trustees were able to meet in October for the first time in twenty months. Sister Bozena Flak was unable to attend that meeting and due to a pending re-assignment has resigned as a trustee. I would like to express my and the trustees thanks for her long and dedicated service to working for the Trust. The support and help she gave will be greatly missed at future meetings and we wish her all the very best for the future. It has been proposed and is likely that Sister Dorota Podwalska, the Provincial Superior who is based in Rome, will now replace Sister Bozena and we look forward to welcoming her at our next meeting.

The needs of Sisters that taught and who were involved at Pitsford School are being catered for as the Trust continues to make pension payments and provide Enfield convent with a monthly allowance. Pension payments continue to be made for the Sisters, now residing abroad who were also involved at Pitsford School.

There will shortly be a requirement to undertake refurbishment work at the Enfield convent and an investigation into the repairs that need to be undertaken to the convent building is now taking place. The Trust will have an involvement in some of the work needed and it has also been agreed that an amount be set aside for the provision of adequate bathroom facilities for the Sisters from Pitsford School.

Trustees met with our financial advisor from Schroders in October to review our investment portfolio. Trustees were informed that the old platform had to be moved to a new platform that Schroders will continue to manage in future. It will be managed in exactly the same way, the same charges will remain, but they will be taken monthly rather than annually. Due to several issues, the main one being Covid and its repercussions, the value of the portfolio had fallen below the original sum invested and income for 2021 had dropped considerably. As trustees agreed during last year, funds continue to be spread throughout a range of investments in order to avoid losses caused by the failure of a single investment or institution. As the portfolio is a very low risk one with the aim of protection against large reduction in value and with interest rates at a record low it is unlikely that we will see any significant increase in income in future years. Total income this year was just over £33,000 compared with a total income in 2020 of just over £57,000. Clearly, the global situation has badly affected all savings.

My sincere thanks to Sister Beata for all the hard work she puts in attending to the day to day matters of administering and running the Trust and spending a great deal of her time taking Sisters to and from hospital and to doctors appointments. I also give thanks to Aleksandra Podhorodecka for taking and promptly preparing the minutes. I take this opportunity of thanking all trustees for their commitment, time and continued support of the Trust.

I commend the 2021 accounts to the Trustees and ask that they be accepted.

Signed: ...................................... C Cieslewicz Chairman

Date:

Page 1

THE HOLY FAMILY OF NAZARETH EDUCATIONAL TRUST

TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

The trustees present their annual report together with the financial statements of the charity for the 1 January 2021 to 31 December 2021.

Objectives and Activities

POLICIES AND OBJECTIVES

A scheme setting out the objectives and administration of the charity has been lodged with the Charity Commissioners and was approved and sealed on 17 May 1996. The income of the Trust is to be applied as follows:

• To pay such reasonable and proper pensions as the trustees think fit to those Sisters of the Holy Family of Nazareth who were teachers or otherwise served at the former School of the Charity for a term of at least three years.

• To apply remaining income for the promotion of education of persons of Polish descent resident temporarily or permanently in Poland or the UK.

ACTIVITIES FOR ACHIEVING OBJECTIVES

The trustees monitor the performance of investments and act upon the advice of their advisers. During the year they have continued to achieve the objectives, paying pensions to Sisters of the Charity who qualify, paying educational grants and continue the running of the Charity.

There have been no significant activities in the year other than the continuing of the objectives.

REVIEW OF ACTIVITIES

The net outgoing resources in the year were -£97,026 (2020: -£83,522), with an unrealised gain on investments of £41,695 (2020: £6,116).

Donations made in the year totalled £4,000 (2020: £8,500) and these are set out in note 3 to the financial statements. A total of £76,500 (2020: £76,000) was paid for the payment of pensions and living expenses which is in accordance with the Charity's objectives.

INVESTMENT POLICY AND PERFORMANCE

The trustees continue to assess the risks to which the Charity is exposed. A formal risk management process has been implemented.

Financial review

GOING CONCERN

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

Page 2

THE HOLY FAMILY OF NAZARETH EDUCATIONAL TRUST

TRUSTEE'S REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

PRINCIPAL RISKS AND UNCERTAINTIES

Risk Management

The trustees have a risk management strategy which comprises:

This work has identified only a few minor risks. A key element in the management of financial risk is the setting of a reserves policy and its regular review by trustees.

Structure, governance and management

CONSTITUTION

The Holy Family of Nazareth Educational Trust is governed by its trust deed lodged with the Charity Commissioners dated 17 May 1996 as amended by the scheme dated 18 November 2002. A Board of trustees is responsible for the policies, strategic planning and organisation of the Charity.

METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES

The Board of trustees is considered complete when there are at least seven trustees. Currently the Board consists of three trustees who are required to be nominated and three co-opted trustees. Of these trustees at least three are required to be of Polish descent.

Trustees are elected by the members in general meeting and normally serve for a period of between three and five years.

POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES

New trustees are provided with an induction which features a meeting with the Chairperson of the Board and/or another member, to familiarise themselves with their responsibilities and legal obligations to the Trust and their role as a trustee including background information on the Trust, a briefing on the role of trustees and responsibilities of Charitable trustees and other relevant documents.

Page 3

THE HOLY FAMILY OF NAZARETH EDUCATIONAL TRUST

TRUSTEE'S REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

ORGANISATIONAL STRUCTURE AND DECISION MAKING

Trustees

The trustees who served during the year are:

Mr Conrad Cieslewicz (Chairman) Mrs Aleksandra Podhorodecka Sr Beata Barwinska Sr Bozena Flak Mr Edward Smyth Sr Lucyna Fraczek

The method of appointment of trustees is set out in the Governing Document.

Organisation

The trustees meet bi-annually to assess the operational and risk management issues of the Charity.

Plans for future periods

FUTURE DEVELOPMENTS

The trustees intend to continue making pension payments to the Sisters, providing grants and paying for all proper administration, upkeep of the Enfield property and charity management costs.

TRUSTEES' RESPONSIBILITIES STATEMENT

The trustee is responsible for preparing the trustee's report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Select jurisdiction requires the trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustee is required to:

Page 4

THE HOLY FAMILY OF NAZARETH EDUCATIONAL TRUST

TRUSTEE'S REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

The trustee is responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable him to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. He is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the Trustees, on 8 July 2022 and signed on their behalf by:

................................................

C Cieslewicz Trustee

Page 5

THE HOLY FAMILY OF NAZARETH EDUCATIONAL TRUST

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF THE HOLY FAMILY OF NAZARETH EDUCATIONAL TRUST (the 'charity')

I report to the charity trustee on my examination of the accounts of the charity for the year ended 31 December 2021.

This report is made solely to the charity's trustee , as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our work has been undertaken so that I might state to the charity's trustee those matters are required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustee, as a body, for our work or for this report.

RESPONSIBILITIES AND BASIS OF REPORT

As the trustee of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

INDEPENDENT EXAMINER'S STATEMENT

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

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

I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

Page 6

THE HOLY FAMILY OF NAZARETH EDUCATIONAL TRUST

INDEPENDENT EXAMINER'S REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

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.

Signed:

Dated: 8 July 2022

MHA MACINTYRE HUDSON

Chartered Accountants

Peterbridge House The Lakes Northampton NN4 7HB

Page 7

THE HOLY FAMILY OF NAZARETH EDUCATIONAL TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

Unrestricted
funds
Note
2021
£
INCOME FROM:
Investments
2
33,069
TOTAL INCOME
33,069
EXPENDITURE ON:
Raising funds
4,334
Charitable activities
5
125,761
TOTAL EXPENDITURE
6
130,095
NET EXPENDITURE BEFORE INVESTMENT GAINS
(97,026)
Net gains on investments
41,695
NET EXPENDITURE BEFORE OTHER RECOGNISED
GAINS AND LOSSES
(55,331)
NET MOVEMENT IN FUNDS
(55,331)
RECONCILIATION OF FUNDS:
Total funds brought forward
2,294,719
TOTAL FUNDS CARRIED FORWARD
2,239,388		 Total
funds
2021
£
33,069
33,069
4,334
125,761
130,095
(97,026)
41,695
(55,331)
(55,331)
2,294,719
2,239,388		 Total
funds
2020
£
57,301
57,301
5,442
135,441
140,883
(83,582)
6,116
(77,466)
(77,466)
2,372,185
2,294,719

The notes on pages 10 to 18 form part of these financial statements.

Page 8

THE HOLY FAMILY OF NAZARETH EDUCATIONAL TRUST

BALANCE SHEET AS AT 31 DECEMBER 2021

Note
FIXED ASSETS
Tangible assets
11
Investments
12
CURRENT ASSETS
Debtors
13
Cash at bank and in hand
CREDITORS:amounts falling due within
one year
14
NET CURRENT ASSETS
NET ASSETS
CHARITY FUNDS
Unrestricted funds
15
TOTAL FUNDS		 £
547
745,104
745,651
(1,283)		 2021
£
363
1,494,657
1,495,020
744,368
2,239,388
2,239,388
2,239,388		 £
578
833,613
834,191
(1,100)		 2020
£
484
1,461,144
1,461,628
833,091
2,294,719
2,294,719
2,294,719

The financial statements were approved by the trustee on 8 July 2022 and signed on their behalf, by:

................................................

C Cieslewicz

................................................

Trustee

The notes on pages 10 to 18 form part of these financial statements.

Page 9

THE HOLY FAMILY OF NAZARETH EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES

1.1 Basis of preparation of financial statements

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.

The Holy Family of Nazareth Educational Trust constitutes a public benefit entity as defined by FRS 102.

1.2 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustee in furtherance of the general objectives of the charity and which have not been designated for other purposes.

1.3 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the trustee's report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 10

THE HOLY FAMILY OF NAZARETH EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES (CONTINUED)

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities and Governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

1.5 Tangible fixed assets and depreciation

All assets costing more than £1,000 are capitalised.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor vehicles - 25% reducing balance - Office equipment 10% reducing balance

1.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliabily in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of financial activities.

1.7 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

Page 11

THE HOLY FAMILY OF NAZARETH EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES (CONTINUED)

1.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.9 Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

2. INVESTMENT INCOME

Unrestricted
funds
2021
£
Investment income
29,767
Bank interest receivable
3,302
33,069
Total 2020
57,301		 Total
funds
2021
£
29,767
3,302
33,069
57,301		 Total
funds
2020
£
54,674
2,627
57,301

Page 12

THE HOLY FAMILY OF NAZARETH EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

3. DIRECT COSTS

Insurance
Motor and travelling
Telephone
Depreciation
Donations and grants
Health care
Stipendiary
Pensions
Total 2020		 Activities
£
113
1,989
240
121
4,000
-
41,000
76,500
123,963
99,851		 Total
2021
£
113
1,989
240
121
4,000
-
41,000
76,500
123,963
99,851		 Total
2020
£
-
2,760
320
161
8,500
1,000
11,110
76,000
99,851

4. SUPPORT COSTS

Renovations
Accomodation costs
Total 2020		 Enfield
costs
£
312
-
312
34,390		 Total
2021
£
312
-
312
34,390		 Total
2020
£
-
34,390
34,390

During the year ended 31 December 2021, the charity incurred the following Governance costs:

5. GOVERNANCE COSTS

Unrestricted
funds
2021
£
Accountancy Fees
1,300
Bank charges and administration fees
186
1,486		 Total
funds
2021
£
1,300
186
1,486		 Total
funds
2020
£
1,140
60
1,200

Page 13

THE HOLY FAMILY OF NAZARETH EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

6. ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE

Expenditure on investment management
Costs of raising funds
Direct costs
Expenditure on governance
Total 2020		 Staff costs
Other costs
2021
£
2021
£
-
4,334
-
4,334
117,500
6,775
-
1,486
117,500
12,595
87,110
53,773		 Total
2021
£
4,334
4,334
124,275
1,486
130,095
140,883		 Total
2020
£
5,442
5,442
134,241
1,200
140,883

7. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Direct costs
Total 2020		 Activities
undertaken
directly
2021
£
123,963
99,851		 Support
costs
2021
£
312
34,390		 Total
2021
£
124,275
134,241		 Total
2020
£
134,241

8. NET INCOME/(EXPENDITURE)

This is stated after charging:

2021 2020
£ £
Depreciation of tangible fixed assets:
- owned by the charity 121 161

During the year, no Trustees received any remuneration (2020 - £NIL). During the year, no Trustees received any benefits in kind (2020 - £NIL). During the year, no Trustees received any reimbursement of expenses (2020 - £NIL).

9. AUDITORS' REMUNERATION

The Independent Examiner's remuneration amounts to an Independent Examination fee of £1,325 (2020 - £1,245).

Page 14

THE HOLY FAMILY OF NAZARETH EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

10. STAFF COSTS

Staff costs were as follows:

Stipendiary
Pension costs		 2021
£
41,000
76,500
117,500		 2020
£
11,110
76,000
87,110

The average montly number of employees was nil (2020: nil) and the average monthly number of employees during the year expressed as full time equivalents was as follows (including casual and parttime staff):

2021 2020
No. No.
- -

No employee received remuneration amounting to more than £60,000 in either year.

11. TANGIBLE FIXED ASSETS

Cost
At 1 January 2021 and 31 December 2021
Depreciation
At 1 January 2021
Charge for the year
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020		 Motor
vehicles
£
18,340
17,856
121
17,977
363
484

Page 15

THE HOLY FAMILY OF NAZARETH EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

12. FIXED ASSET INVESTMENTS

Other
investments
£
Market value
At 1 January 2021 2,106,819
Additions 1,909,813
Disposals (1,918,001)
At 31 December 2021 2,098,631
Unrealised Gains & Losses
At 1 January 2021 645,675
Unrealised gains & losses (41,701)
At 31 December 2021 603,974
Net book value
At 31 December 2021 1,494,657
At 31 December 2020 1,461,144

Valuation

The change in market of investments during the year comprises all increases and decreases in the market value of investments held during the year including profits and losses realised on sales of investments during the year.

13. DEBTORS

13.
DEBTORS
Prepayments
14.
CREDITORS: Amounts falling due within one year
Trade creditors
Accruals		 2021
£
547
2021
£
83
1,200
1,283		 2020
£
578
2020
£
-
1,100
1,100

Page 16

THE HOLY FAMILY OF NAZARETH EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

15. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

Balance at
1 January
2021
£
Unrestricted funds
General Funds - all funds
2,294,719
STATEMENT OF FUNDS - PRIOR YEAR
Balance at
1 January
2020
£
General Funds - all funds
2,372,185
Total of funds
2,372,185		 Income Expenditure
£
£
33,069
(130,095)
Income
Expenditure
£
£
57,301
(140,883)
57,301
(140,883)		 Gains/
(Losses)
£
41,695
Gains/
(Losses)
£
6,116
6,116		 Balance at
31
December
2021
£
2,239,388
Balance at
31
December
2020
£
2,294,719
2,294,719

Page 17

THE HOLY FAMILY OF NAZARETH EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Unrestricted
funds
2021
£
Tangible fixed assets
363
Fixed asset investments
1,494,657
Current assets
745,651
Creditors due within one year
(1,283)
2,239,388
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
Unrestricted
funds
2020
£
Tangible fixed assets
484
Fixed asset investments
1,461,144
Current assets
834,191
Creditors due within one year
(1,100)
2,294,719		 Total
funds
2021
£
363
1,494,657
745,651
(1,283)
2,239,388
Total
funds
2020
£
484
1,461,144
834,191
(1,100)
2,294,719

Page 18