**CHARITY REGISTRATION NUMBER: 526669**
## **Manchester Talmudical College and Theological Seminary**
## **Unaudited Financial Statements**
## **31 December 2020**
**CHARTWELL ACCOUNTANTS & BUSINESS CONSULTANTS LLP**
Chartered Certified Accountants
47 Bury New Road Prestwich Manchester M25 9JY
## **Manchester Talmudical College and Theological Seminary**
## **Financial Statements**
## **Year ended 31 December 2020**
||**Page**|
|---|---|
|Trustees' annual report|**1**|
|Independent examiner's report to the trustees|**3**|
|Statement of financial activities|**4**|
|Statement of financial position|**5**|
|Notes to the financial statements|**6**|
**Manchester Talmudical College and Theological Seminary**
## **Trustees' Annual Report**
## **Year ended 31 December 2020**
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2020.
## **Reference and administrative details**
|**Registered charity name**|Manchester Talmudical College and Theological Seminary|
|---|---|
|**Charity registration number**|526669|
|**Principal office**|Saul Rosenberg House|
||1-7 Seymour Road|
||Manchester|
||M8 6BQ|
|**The trustees**||
||Mr Dov Brandeis|
||Mr Jacob Halpern|
||Mr Philip Steinberg|
|**Independent examiner**|Meir Guttentag FCCA of Chartwell Accountants & Business|
||Consultants LLP|
||47 Bury New Road|
||Prestwich|
||Manchester|
||M25 9JY|
## **Structure, governance and management**
## **Legal entity**
The college is a registered charity and is known as Manchester Yeshiva (Hebrew title) and Manchester Talmudical College and Theological Seminary (English title). The charity registration number is 526669.
## **Governing document and constitution**
The Charity is governed by a constitution dated 3rd April 1967. The registered Charity number is 526669.
## **Organisational structure**
The Trustees administer the Charity and they have appointed a managing director to oversee the day to day affairs of the Charity.
## **Risk review**
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to manage exposure to the major risks.
**1**
## **Manchester Talmudical College and Theological Seminary**
## **Trustees' Annual Report** _**(continued)**_
## **Year ended 31 December 2020**
## **Objectives and activities**
The aims and objects of the Charity are: the study of subjects appertaining to Jewish education at postgraduate level; the training of personnel for ecclesiastical and allied professions; the dissemination among students and the Jewish community of religious, moral and ethical teachings and values a s a way of life for communal leaders and laymen.
## **Public benefit**
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year.
## **Grant making policy**
Grants are made to students at the discretion of the Trustees and the Principal. Financial assistance shall be given at their discretion for publication of learned works.
## **Achievements and performance**
The Charity received £457,085 in donations during the year and paid out £398,035 by way of grants. The Charity has low administration costs and over 85% of the funds raised were paid out as grants.
The Charity also received £488 in dividend income and £14 in bank interest.
## **Financial review**
The Trustees are pleased to report that despite the challenges of the Covid-19 pandemic there was a 9% increase in donations received during the year. Although there was a deficit for the year of approximately £25,000 the Trustees are confident that the level of reserves of the Charity are at an acceptable level to ensure its continued success.
## **Reserves policy**
The trustees have reviewed the reserves and future requirements of the charity. All future needs are considered together with any risks or contingencies that may exist. The trustees are confident that sufficient reserves will be generated to achieve the objectives of the charity.
## **Plans for future periods**
There are no plans to change the current operating structure in the foreseeable future.
The trustees' annual report was approved on 12 October 2021 and signed on behalf of the board of trustees by:
Mr Jacob Halpern Trustee
**2**
## **Manchester Talmudical College and Theological Seminary**
## **Independent Examiner's Report to the Trustees of Manchester Talmudical College and Theological Seminary**
## **Year ended 31 December 2020**
I report to the trustees on my examination of the financial statements of Manchester Talmudical College and Theological Seminary ('the charity') for the year ended 31 December 2020.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements 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 Act.
## **Independent examiner's statement**
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants (ACCA), which is one of the listed bodies.
I have completed my examination. I confirm that no material 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 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements 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.
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.
Meir Guttentag FCCA of Chartwell Accountants & Business Consultants LLP Independent Examiner
47 Bury New Road Prestwich Manchester M25 9JY
**3**
## **Manchester Talmudical College and Theological Seminary**
## **Statement of Financial Activities**
## **Year ended 31 December 2020**
|||**2020**||2019|
|---|---|---|---|---|
|||Unrestricted|||
|||funds**Total funds**||Total funds|
||**Note**|**£**|**£**|£|
|**Income and endowments**|||||
|Donations and legacies|**4**|457,085|457,085|420,681|
|Investment income|**5**|502|502|25,638|
|||`─────────`|`─────────`|`─────────`|
|**Total income**||457,587|457,587|446,319|
|||`═════════`|`═════════`|`═════════`|
|**Expenditure**|||||
|Expenditure on raising funds:|||||
|Costs of raising donations and legacies|**6**|19,856|19,856|19,604|
|Expenditure on charitable activities|**7,8**|463,296|463,296|423,127|
|||`─────────`|`─────────`|`─────────`|
|**Total expenditure**||483,152|483,152|442,731|
|||`═════════`|`═════════`|`═════════`|
|Net losses on investments|**11**|–|–|616|
|||`─────────`|`─────────`|`─────────`|
|**Net (expenditure)/income and net movement in funds**||(25,565)|(25,565)|2,972|
|||`═════════`|`═════════`|`═════════`|
|**Reconciliation of funds**|||||
|Total funds brought forward||35,744|35,744|32,772|
|||`─────────`|`─────────`|`─────────`|
|**Total funds carried forward**||10,179|10,179|35,744|
|||`═════════`|`═════════`|`═════════`|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
**The notes on pages 6 to 14 form part of these financial statements.**
**4**
**Manchester Talmudical College and Theological Seminary**
## **Statement of Financial Position**
## **31 December 2020**
|||**2020**|2019|
|---|---|---|---|
||**Note**|**£**|£|
|**Fixed assets**||||
|Tangible fixed assets|**16**|22,165|25,295|
|Investments|**17**|11,866|11,378|
|||`────────`|`────────`|
|||34,031|36,673|
|**Current assets**||||
|Cash at bank and in hand||53,327|77,414|
|**Creditors: amounts falling due within one year**|**18**|929|2,093|
|||`────────`|`────────`|
|**Net current assets**||52,398|75,321|
|||`────────`|`─────────`|
|**Total assets less current liabilities**||86,429|111,994|
|**Creditors: amounts falling due after more than one year**|**19**|76,250|76,250|
|||`────────`|`─────────`|
|**Net assets**||10,179|35,744|
|||`════════`|`═════════`|
|**Funds of the charity**||||
|Unrestricted funds||10,179|35,744|
|||`────────`|`────────`|
|**Total charity funds**|**20**|10,179
`════════`|35,744
`════════`|
These financial statements were approved by the board of trustees and authorised for issue on 12 October 2021, and are signed on behalf of the board by:
Mr Jacob Halpern Trustee
**The notes on pages 6 to 14 form part of these financial statements.**
**5**
**Manchester Talmudical College and Theological Seminary**
## **Notes to the Financial Statements**
## **Year ended 31 December 2020**
## **1. General information**
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Saul Rosenberg House, 1-7 Seymour Road, Manchester, M8 6BQ.
## **2. Statement of compliance**
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.
## **3. Accounting policies**
## **Basis of preparation**
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
## **Going concern**
There are no material uncertainties about the charity's ability to continue.
## **Judgements and key sources of estimation uncertainty**
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
## **Fund accounting**
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
**6**
**Manchester Talmudical College and Theological Seminary**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 December 2020**
## **3. Accounting policies** _**(continued)**_
## **Incoming resources**
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
- legacy income is recognised when receipt is probable and entitlement is established.
- income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
- income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
## **Resources expended**
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
- other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
## **Tangible assets**
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
**7**
**Manchester Talmudical College and Theological Seminary**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 December 2020**
## **3. Accounting policies** _**(continued)**_
## **Tangible assets** _**(continued)**_
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
## **Depreciation**
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2% straight line Fixtures and fittings - 10% reducing balance
## **Investments**
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
## **Investments in associates**
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
## **Investments in joint ventures**
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
**8**
**Manchester Talmudical College and Theological Seminary**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 December 2020**
## **3. Accounting policies** _**(continued)**_
## **Investments in joint ventures** _**(continued)**_
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
## **Impairment of fixed assets**
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
## **Financial instruments**
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
**9**
**Manchester Talmudical College and Theological Seminary**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 December 2020**
## **3. Accounting policies** _**(continued)**_
## **Financial instruments** _**(continued)**_
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
## **4. Donations and legacies**
||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|---|---|---|---|---|
||Funds|**2020**|Funds|2019|
||£|**£**|£|£|
|**Donations**|||||
|Donations receivable|457,085|457,085|420,681|420,681|
||`═════════`|`═════════`|`═════════`|`═════════`|
|**Investment income**|||||
||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
||Funds|**2020**|Funds|2019|
||£|**£**|£|£|
|Income from listed investments|488|488|329|329|
|Rental income receivable|–|–|25,281|25,281|
|Bank interest receivable|14|14|28|28|
||`────`|`────`|`────────`|`────────`|
||502|502|25,638|25,638|
||`════`|`════`|`════════`|`════════`|
## **5. Investment income**
## **6. Costs of raising donations and legacies**
||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|---|---|---|---|---|
||Funds|**2020**|Funds|2019|
||£|**£**|£|£|
|Fundraising events and associated|||||
|costs|19,856|19,856|19,604|19,604|
||`════════`|`════════`|`════════`|`════════`|
**10**
## **Manchester Talmudical College and Theological Seminary**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 December 2020**
## **7. Expenditure on charitable activities by fund type**
||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|---|---|---|---|---|
||Funds|**2020**|Funds|2019|
||£|**£**|£|£|
|Establishment costs and grants paid|447,699|447,699|414,230|414,230|
|Support costs|15,597|15,597|8,897|8,897|
||`─────────`|`─────────`|`─────────`|`─────────`|
||463,296|463,296|423,127|423,127|
||`═════════`|`═════════`|`═════════`|`═════════`|
## **8. Expenditure on charitable activities by activity type**
|Activities|||||
|---|---|---|---|---|
|undertaken|
Grant funding||**Total funds**|Total fund|
|directly|
of activities|Support costs|**2020**|2019|
|£|£|£|**£**|£|
|49,664|
398,035|
15,597|463,296|423,127|
|`════════`|
`═════════`|
`════════`|`═════════`|`═════════`|
|**Analysis of support costs**|||||
|||Analysis of|||
|||support costs|**Total 2020**|Total 2019|
|||£|**£**|£|
|Staff costs||8,228|8,228|7,225|
|Other costs||7,368|7,368|1,672|
|||`────────`|`────────`|`───────`|
|||15,596|15,596|8,897|
|||`════════`|`════════`|`═══════`|
|**Analysis of grants**|||||
||||**2020**|2019|
||||**£**|£|
|**Grants to individuals**|||||
|Grants to individuals|||398,035|381,223|
||||`─────────`|`─────────`|
|Total grants|||398,035|381,223|
||||`═════════`|`═════════`|
|**Net losses on investments**|||||
||Unrestricted|
**Total Funds**|Unrestricted|Total Funds|
||Funds|
**2020**|Funds|2019|
||£|**£**|£|£|
|Gains/(losses) on other investment|||||
|assets|–|
–|(616)|(616)|
||`════`|
`════`|`════`|`════`|
## **9. Analysis of support costs**
## **10. Analysis of grants**
## **11. Net losses on investments**
**11**
## **Manchester Talmudical College and Theological Seminary**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 December 2020**
## **12. Net (expenditure)/income**
||Net (expenditure)/income is stated after charging/(crediting):|||
|---|---|---|---|
|||**2020**|2019|
|||**£**|£|
||Depreciation of tangible fixed assets|3,130|3,144|
|||`═══════`|`═══════`|
|**13.**|**Independent examination fees**|||
|||**2020**|2019|
|||**£**|£|
||Fees payable to the independent examiner for:|||
||Independent examination of the financial statements|600
`════`|850
`════`|
## **14. Staff costs**
|The total staff costs and employee benefits for the reporting period are analysed as|The total staff costs and employee benefits for the reporting period are analysed as|follows:|
|---|---|---|
||**2020**|2019|
||**£**|£|
|Wages and salaries|17,782
`════════`|17,485
`════════`|
The average head count of employees during the year was 2 (2019: 3).
No employee received employee benefits of more than £60,000 during the year (2019: Nil).
## **15. Trustee remuneration and expenses**
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
## **16. Tangible fixed assets**
||Freehold|Fixtures and||
|---|---|---|---|
||property|fittings|**Total**|
||£|£|**£**|
|**Cost**||||
|**At 1 January 2020 and 31 December 2020**|150,000|9,314|159,314|
||`═════════`|`═══════`|`═════════`|
|**Depreciation**||||
|At 1 January 2020|126,000|8,019|134,019|
|Charge for the year|3,000|130|3,130|
||`─────────`|`───────`|`─────────`|
|**At 31 December 2020**|129,000|8,149|137,149|
||`═════════`|`═══════`|`═════════`|
|**Carrying amount**||||
|**At 31 December 2020**|21,000|1,165|22,165|
||`═════════`|`═══════`|`═════════`|
|At 31 December 2019|24,000|1,295|25,295|
||`═════════`|`═══════`|`═════════`|
**12**
## **Manchester Talmudical College and Theological Seminary**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 December 2020**
## **17. Investments**
||Listed|Other||
|---|---|---|---|
||investments|investments|**Total**|
||£|£|**£**|
|**Cost or valuation**||||
|At 1 January 2020|11,373|5|11,378|
|Additions|488|–|488|
||`────────`|`────`|`────────`|
|**At 31 December 2020**|11,861|5|11,866|
||`════════`|`════`|`════════`|
|**Impairment**||||
|**At 1 January 2020 and 31 December 2020**||–|–|
|||`════`|`════════`|
|**Carrying amount**||||
|**At 31 December 2020**|11,861|5|11,866|
||`════════`|`════`|`════════`|
|At 31 December 2019|11,373|5|11,378|
||`════════`|`════`|`════════`|
All investments shown above are held at valuation.
## **18. Creditors: amounts falling due within one year**
||**2020**|2019|
|---|---|---|
||**£**|£|
|Accruals and deferred income|929|2,093|
||`════`|`═══════`|
|**Creditors:** **amounts falling due after more than one year**|||
||**2020**|2019|
||**£**|£|
|Other creditors|76,250|76,250|
||`════════`|`════════`|
## **19. Creditors: amounts falling due after more than one year**
## **20. Analysis of charitable funds**
## **Unrestricted funds**
|||||||Gains and|**At**|
|---|---|---|---|---|---|---|---|
||At|1|Jan 2020|Income|Expenditure|losses|**31 Dec 2020**|
||||£|£|£|£|£|
|General funds|||35,744|457,587|(483,152)|–|10,179|
||||`════════`|`═════════`|`═════════`|`════`|`════════`|
|||||||Gains and|At|
||At|1|Jan 2019|Income|Expenditure|losses|31 Dec 2019|
||||£|£|£|£|£|
|General funds|||32,772|446,319|(442,731)|(616)|
35,744|
||||`════════`|`═════════`|`═════════`|`════`|`════════`|
**13**
## **Manchester Talmudical College and Theological Seminary**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 December 2020**
## **21. Analysis of net assets between funds**
||Unrestricted|**Total Funds**|
|---|---|---|
||Funds|**2020**|
||£|**£**|
|Tangible fixed assets|22,166|22,166|
|Investments|11,866|11,866|
|Current assets|53,327|53,327|
|Creditors less than 1 year|(930)|
(930)|
|Creditors greater than 1 year|(76,250)|
(76,250)|
||`────────`|`────────`|
|**Net assets**|10,179|10,179|
||`════════`|`════════`|
||Unrestricted|Total Funds|
||Funds|2019|
||£|£|
|Tangible fixed assets|25,296|25,296|
|Investments|11,378|11,378|
|Current assets|77,414|77,414|
|Creditors less than 1 year|(2,094)|
(2,094)|
|Creditors greater than 1 year|(76,250)|
(76,250)|
||`────────`|`────────`|
|**Net assets**|35,744|35,744|
||`════════`|`════════`|
**14**