Registered number: 09581857
Charity number: 1165112
THE PURE LAND FOUNDATION
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2021
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THE PURE LAND FOUNDATION
(A company limited by guarantee)
CONTENTS
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Reference and administrative details of the Foundation, its Trustees and advisers
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Independent examiner's report
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Statement of financial activities
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Notes to the financial statements
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THE PURE LAND FOUNDATION
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, ITS TRUSTEES AND ADVISERS
FOR THE PERIOD ENDED 30 DECEMBER 2021
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Mr L Bozzo (resigned 21 July 2021)
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Ms J MacMillan (appointed 21 July 2021)
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Company registered number
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Charity registered number
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7 Savoy Court
London
WC2R 0EX
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Adler Shine LLP
Statutory Auditor
Aston House
Cornwall Avenue
London
N3 1LF
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THE PURE LAND FOUNDATION
(A company limited by guarantee)
TRUSTEES' REPORT
FOR THE PERIOD ENDED 30 DECEMBER 2021
The Trustees present their annual report together with the financial statements of the The Pure Land Foundation for the period ended 1 July 2020 to 30 December 2021. The annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Foundation qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Structure, governance and management
a. Constitution
The organisation is a not for profit company limited by guarantee, incorporated on 8 May 2015. The company is responsible for the administration and management of the Foundation and is governed in accordance with its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1 each.
In the event that the company is wound up or dissolved and after all debts and liabilities have been satisfied there remains a surplus, this shall not be paid to the members but shall be given to some company or companies with similar objects which prohibit the distribution of its or their income to an extent as least as great as that imposed on this company or if that cannot be done to then to some other charitable object.
b. Methods of appointment or election of Trustees
The current trustee directors were appointed on the following dates: Mr CH Wang on 23 March 2016; Mr G J Atchison on 25 July 2016; and Ms J MacMillan on 21 July 2021, and are subject to retirement in accordance with the Articles of Association.
In accordance with the Articles of Association, one of the three directors will retire at the next Annual General Meeting to be held in September 2022 in accordance with article 5.8 of the Articles of Association, and if eligible offer themselves for re-election and be duly re-elected.
c. Organisational structure and decision-making policies
The Board of Trustees is responsible for decisions relating to the governance and future development of the organisation.
d. Financial risk management
The Pure Land Foundation has a strict Grant Making Policy which guides all decisions by the Trustees. The Grant making Policy ensures the charity's objectives are met and allows for a thorough due diligence process to be conducted before any grant is awarded. In addition to this, the Trustees of the charity are appointed due to their expertise and experience in this field.
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THE PURE LAND FOUNDATION
(A company limited by guarantee)
Objectives and activities
a. Policies and objectives
The Foundation's Objectives are:
∙To advance in life and help young people by providing support and activities which develop their skills, capacities and capabilities to enable them to participate in society as mature and responsible individuals.
∙To advance education, relieve sickness and promote and protect good health and wellbeing.
∙To promote for the benefit of the public the arts and culture primarily in the theatrical arts but including any other media.
∙The promotion of any other charitable purpose for the benefit of the public.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Strategies for achieving objectives
The trustees award grants in line with their objects and detailed grant making policy in order to achieve their objectives.
c. Activities undertaken to achieve objectives
The Charity is primarily a grant giving organisation. Whilst in the past the Charity has organised a programme of activities in line with its objects, this year the Charity focussed on identifying organisations and programmes and making substantial grants in order for the organisations and programmes it supports to continue and thrive.
Through the Charities Objectives, the Foundation has supported the following organisations which support the charity's objectives:
∙English National Opera
∙BAFTA
∙Hawn Foundation - Mind UP
∙Guerrand-Hermes Foundation for Peace
∙Royal College of Music
Achievements and performance
a. Main achievements of the Foundation
This year the Charity made significant contributions to the Guerrand-Hermes Foundation for Peace. The Charity continues to be a big supporter of arts and culture in the UK through its grants to BAFTA, the English National Opera and the Royal College of Music.
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THE PURE LAND FOUNDATION
(A company limited by guarantee)
Financial review
a. Going concern
Moving forward the Trustees have decided that the Foundation will be dormant. The Trustees do not wish to wind up the Foundation at this time, as they do not believe it is in the public interest to do so, and they may wish to continue with their grant making activities in the future. The Trustees have transferred the obligation to meet any outstanding grants to Prism The Gift Fund, and provided a grant to meet these. There has been no significant activity in the Foundation since December 2021.
The Trustees will continue to file annual accounts and annual returns during the period of dormancy. The Trustees will keep this decision under review on an annual basis in line with their duties. 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.
b. Reserves policy
The Charity commission defines reserves as 'income which becomes available to the charity and is to be expended at the Trustees' discretion in furtherance of the Charity's objects, but is not yet spent, committed or designated'.
At the balance sheet date, the Charity's reserves have been utilised by providing grants and support activities to the Charity. It is the Trustees policy to utilise resources for its objectives and not to retain unnecessary funds.
Consequently, the Trustees have acted to utilise all surplus funds in furtherance of the Charity's objectives.
c. Deficit
The Charity has recognised a deficit in the period. The Trustees are confident that future funding will be adequate to meet the Charity's objectives.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Foundation for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Foundation and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
∙select suitable accounting policies and then apply them consistently;
∙observe the methods and principles of the Charities SORP (FRS 102);
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Foundation's transactions and disclose with reasonable accuracy at any time the financial position of the Foundation 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 Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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THE PURE LAND FOUNDATION
(A company limited by guarantee)
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THE PURE LAND FOUNDATION
(A company limited by guarantee)
Approved by order of the members of the board of Trustees and signed on their behalf by:
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Mr G Atchison
Trustee
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THE PURE LAND FOUNDATION
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT
FOR THE PERIOD ENDED 30 DECEMBER 2021
Independent examiner's report to the Trustees of The Pure Land Foundation ('the Foundation')
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I report to the charity Trustees on my examination of the accounts of the Foundation for the period ended 30 December 2021.
Responsibilities and basis of report
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As the Trustees of the Foundation (and 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 ('the 2006 Act').
Having satisfied myself that the accounts of the Foundation 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 the Foundation's accounts 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
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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:
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accounting records were not kept in respect of the Foundation as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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the accounts have not been prepared in accordance 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)].
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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: 13 September 2022
Alexander Chrysaphiades, FCA.
Adler Shine LLP
Statutory Auditor
Aston House
Cornwall Avenue
London
N3 1LF
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THE PURE LAND FOUNDATION
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE PERIOD ENDED 30 DECEMBER 2021
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Unrestricted funds
Period ended
30 December
2021
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Total
funds
Period ended
30 December
2021
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Total
funds
Year ended
30 June
2020
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Total funds brought forward
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Total funds carried forward
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The Statement of financial activities includes all gains and losses recognised in the period.
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The notes on pages 10 to 16 form part of these financial statements.
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THE PURE LAND FOUNDATION
(A company limited by guarantee)
REGISTERED NUMBER: 09581857
BALANCE SHEET
AS AT 30 DECEMBER 2021
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Creditors: amounts falling due within one year
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Net current assets / liabilities
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The Foundation was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
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Mr G Atchison
Trustee
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The notes on pages 10 to 16 form part of these financial statements.
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THE PURE LAND FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2021
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales. The registered office address is 7 Savoy Court, London, WC2R 0EX. The registered company number is 09581857 and the charity number is 1165112.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Pure Land Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
Despite the deficit in reserves at the year end the Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
All income is recognised once the Foundation has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
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.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Foundation's objectives, as well as any associated support costs.
Grants payable are charged in the period when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the period end are noted as a commitment, but not accrued as expenditure.
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THE PURE LAND FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2021
2.Accounting policies (continued)
All expenditure is inclusive of irrecoverable VAT.
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.
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Liabilities and provisions
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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.
The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially 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.
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Foundation and which have not been designated for other purposes.
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Income from donations and legacies
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Unrestricted funds
Period ended
30 December
2021
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Total
funds
Period ended
30 December
2021
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Total
funds
Year ended
30 June
2020
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THE PURE LAND FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2021
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Grants to Institutions
Period ended
30 December
2021
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Total
funds
Period ended
30 December
2021
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Grants, Promotion of the Arts
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Grants, Support of the Young
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Grants to Institutions
Year ended
30 June
2020
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Total
funds
Year ended
30 June
2020
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Grants, Promotion of the Arts
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Grants, Support of the Young
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Grants, Protection of Health and Wellbeing
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THE PURE LAND FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2021
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Analysis of expenditure on charitable activities
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Unrestricted funds
Period ended
30 December
2021
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Total
funds
Period ended
30 December
2021
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Total
funds
Year ended
30 June
2020
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Protection of Health and Wellbeing
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Analysis of expenditure by activities
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Grant funding of activities
Period ended
30 December
2021
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Support costs
Period ended
30 December
2021
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Total
funds
Period ended
30 December
2021
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THE PURE LAND FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2021
6.Analysis of expenditure by activities (continued)
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Grant funding of activities
Year ended
30 June
2020
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Support costs
Year ended
30 June
2020
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Total
funds
Year ended
30 June
2020
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Protection of Health and Wellbeing
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Independent examiner's remuneration
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Fees payable to the Foundation's independent examiner for the independent examination of the Foundation's annual accounts
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Trustees' remuneration and expenses
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During the period, no Trustees received any remuneration or other benefits (2020 - £NIL).
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During the period ended 30 December 2021, no Trustee expenses have been incurred (2020 - £NIL).
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THE PURE LAND FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2021
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Due after more than one year
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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THE PURE LAND FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2021
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Statement of funds - current period
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Balance at 30 December 2021
£
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General Funds - all funds
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Statement of funds - prior period
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Balance at
30 June 2020
£
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General Funds - all funds
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Analysis of net assets between funds
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Analysis of net assets between funds - current period
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Unrestricted funds
30 December
2021
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Total
funds
30 December
2021
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Creditors due within one year
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