18. Statement of funds (continued) The board of trustees has reviewed the reserves policy in the year and has maintained the target range of free reserves as 3 to 6 months of core operating costs. This equals £10 million to £20 million (2020: £9 million to £19 million). Free reserves are considered to be unrestricted funds less designated funds. The pension reserve as at 31 March 2021 was £29.0 million (2020: £19.1 million) and represents the provision in the accounts for future committed payments to a closed defined benefit pension scheme. Further details are in note 22. At 1 April 2019 £’000 Income £’000 Expenditure £’000 Pension adjustments £’000 Transfers £’000 At 31 March 2020 £’000 Infrastructure projects 2,466 15,980 (15,027) - - 3,419 Local government projects 115 - - - - 115 Welsh government projects 28 8,347 (8,347) - - 28 Social policy projects 737 1,641 (1,828) - - 550 Financial awareness 244 964 (964) - - 244 Specialist support projects 1,133 - - - - 1,133 Pension Wise 153 10,908 (10,908) - - 153 Universal Support: Help to Claim 100 34,324 (34,324) - - 100 Court-based Witness Service 26 10,967 (10,967) - - 26 Energy 2,346 2,208 (2,335) - - 2,219 Other projects 1,201 3,989 (4,286) - - 904 Debt advice 1,152 24,458 (24,495) - - 1,115 Total restricted funds 9,701 113,786 (113,481) - - 10,006 Designated funds 7,309 - (177) - (98) 7,034 Unrestricted funds 13,607 24,188 (23,476) - 98 14,417 Total unrestricted funds 20,916 24,188 (23,653) - - 21,451 Pension scheme (20,160) 1,148 - (112) - (19,124) Total pension reserve (20,160) 1,148 - (112) - (19,124) Total funds 10,457 139,122 (137,134) (112) - 12,333 Comparative statement of funds: 96 Financial Statements