## **ANNUAL REPORT THE HEYDOWN TRUST Charity No: 1003793 at 5th April 2024** ## **Legal and Administrative Details** ## **Registered Address** Hele Cottage, Hele Cross, Ashburton, Newton Abbot, Devon TQ13 7QX Tel: 01364 652948 email address: swallowbarn@outlook.com ## **Trustees** Mrs Jill Davies Mrs Liz Williams (General Secretary) Mr Toby Sharp (Chairman) Mrs Nicky Sharp (Minute Secretary and Treasurer) Dr Nicholas Axford Mr Owen Williams Mrs Erica Sturdy Independent Examiner: Ms Sharon Gilmour Solicitor : None Bankers: The Co-operative Bank Community Directplus Account. co-operativebank.co.uk/business Stockbroker: Brewin Dolphin, Ashleigh Court, Ashleigh Way, Langage Business Park, Plymouth PL7 5JX ## **Trustees'Annual Report** The Trustees present their report together with the financial statements of the Charity for the year ended 5th April 2024. The legal and administrative information set out above forms part of this report. The financial statements comply with the current statutory requirements and the Statement of Recommended Practice-Accounting and Reporting by Charities (SORP2005) ## **Structure, Governance and Management** The Charity was established by Trust Deed dated 15th June 1991. The assets of the Charity are vested in the trustees. The Charity has no employees and is administered by its unpaid officers. ## **Appointment of Trustees** Trustees are appointed by invitation and are formally elected at the Annual General Meeting. ## **Trustee induction and training** Newly appointed trustees are given a full introduction to the background and work of the trust and are provided with all the necessary documents. ## **Risk Management** The Trustees identify and review from time to time the risks to which the Charity is materially exposed and the action to be taken to mitigate them . Presently they are seen as: Misappropriation of funds by beneficiaries or third party organisations ## **Objectives, Activities and Public Benefit** The Trustees meet twice a year on average to consider requests from registered charities and individuals based in Cornwall, Devon and Somerset, or benefiting an individual or organisation within this same area, whose objectives match those of its charity classification i.e., education and training, medical, health and sickness, disability, relief of poverty, overseas aid and famine relief and Christian activities. We prefer applications to be submitted by email to Liz Williams in January and February or July and August. ## **Achievements and Performance** For the twelve months ending 5th April 2024, the Trustees made 18 donations totalling £17,138.00 (£22,750.00 in 2023) ## **Public benefit statement** The Trustees have ensured that they have acted within the established purpose of the Charity in the distribution of its income and capital in pursuance of its objectives. ## **Financial review** Income from investments = £15515.12 (£30114.62 in 2023) Income from interest = £1524.88 (£0 in 2023) The Addition of the gains/loss of sale of investments = +£15414.44 (loss £3015.92 in 2023) Total income was £32454.44 (27098.70 in 2023) Therefore the excess of expenditure over income was a gain/loss of = gain £12475.84 (loss £364.49 in 2023) Market Value (Shares and Cash) is £428,440.15 9£423.907.25 in 2023) Book cost only = £364525.19 (£339177.11 in 2023) ## **Funds held custodian trustee on behalf of others** None ## **Investment Powers and Policy** The investment powers are to invest in the name of the Charity such part of the funds as is felt appropriate and to expend the proceeds of any sale of the investments or dividend / interest earned in the furtherance of the objectives of the charity. The Charity policy is to manage its investments in a manner that aims to provide a high and growing income, with advice from its stockbroker, while at the same time protecting the capital from the corrosive effect of inflation. ## **Reserves policy** The broad aim of the Charity is to carry and invest unrestricted reserves adequate to meet its ongoing commitments to its beneficiary organisations and individuals. ## **Plans for the Future** The Trustees intend to maintain a policy of distributing about £15,000 per annum from capital or income to charitable causes at their discretion, whether these be registered charities or individuals. Signed Toby Sharp, Chairman Date: October 2024 Liz Williams, Secretary Date: October 2024 |||HEYDOWN TRUST ANALYSIS as at 5th April 2024|HEYDOWN TRUST ANALYSIS as at 5th April 2024|HEYDOWN TRUST ANALYSIS as at 5th April 2024|||| |---|---|---|---|---|---|---|---| |||Co- OpBank|||||| |||Opening|Tfrs From|DonaGons|Interest|CLOSING|| |Date||Balance|Stockbroker|Paid out||BALANCES|| |8/3/23||£7,364.62|||||| |11/4/23|||£1,420.00|||£8,784.62|| |27/4/23||||£500.00|||| |||||£1,250.00|||| |||||£500.00|||| |||||£500.00|||| |||||£500.00|||| |||||£750.00|||| |||||£1,500.00|||| |||||£2,000.00||£1,284.62|| |28/4/23||||£500.00|||| |||||£500.00||£284.62|| |10/5/23|||£1,420.00|||£1,704.62|| |7/6/23|||£1,420.00|||£3,124.62|| |19/6/23||||£2,000.00||£1,124.62|| |7/7/23|||£1,420.00|||£2,544.62|| |9/8/23|||£1,420.00|||£3,964.62|| |7/9/23|||£1,420.00|||£5,384.62|| |9/10/23|||£1,420.00|||£6,804.62|| |25/10/23||||£638.00|||| |||||£1,000.00|||| |||||£1,000.00|||| |||||£1,000.00|||| |||||£1,000.00||£2,166.62|| |26/10/23||||£1,000.00||£1,166.62|| |7/11/23||||£1,000.00||£166.62|| |8/11/23|||£1,420.00|||£1,586.62|| |7/12/23|||£1,420.00|||£3,006.62|| |9/1/24|||£1,420.00|||£4,426.62|| |7/2/24|||£1,420.00|||£5,846.62|| |7/3/24|||£1,420.00|||£7,266.62|| ||||||||| |||£7,364.62|£17,040.00|£17,138.00|£0.00|£7,266.62|| ||||||||| 1 ||||||||| |---|---|---|---|---|---|---|---| ||**BREWIN DOLPHIN- StockbrokerINCOME**||||||| ||Opening|Dividends|Interestpayments|Fund Admin.|Transfers Investment|CLOSING|| ||Balance|Received|Received|Received|Capital Account|BALANCES|| |April|£153.08|618.10|344.48||||| |May||£607.28|£222.45||689.79||| |June||£1,145.93|||£1,133.39||| |July||£755.68|||£1,268.13||| |August||£777.01|£180.19|£1.26|£926.62||| |September||£949.07|||£365.44||| |October||£660.77|£403.07|£79.17|£1,283.18||| |November||£475.63|£155.53|£39.57|£1,019.81||| |December||£606.10|||£655.78||| |January||£668.66|£84.45|£81.60|£832.22||| |February||£519.40|£134.71|£37.88|£588.22||| |March||£916.04||£40.24|£826.65||| |April|||||£1,027.87||| ||||||||| ||||||||| ||||||||| ||||||||| ||||||||| ||||||||| ||||||||| ||||||||| ||||||||| ||||||||| ||||||||| ||||||||| ||||||||| ||||||||| ||||||||| ||||||||| ||||||||| ||||||||| ||||||||| ||£153.08|£8,699.67|£1,524.88|£279.72|£10,617.10|**£40.25**|| ||||||||| 2 ||||||||||| |---|---|---|---|---|---|---|---|---|---| ||**BREWIN DOLPHIN- Stockbroker Investment/Capital Account**||||||Transfer from|Revenue/|| ||Opening|Management|Buy/Stock Exchan|BACS|Sell|EqualisaGon|Income acct.|maturity|Closing| |Date|Balance|Fees||Co-opBank|Tax Fee||||Balances| |6/4/23|£21,357.68|£942.85|£3,002.89|£1,420.00|£2,973.58|£32.50|£689.79|444.37|| |||£946.80|£3,745.33|£1,420.00|£3,146.18|£5.93|1133.39|£0.85|| |||£950.95|£3,014.30|£1,420.00|£2,976.57||£1,268.13||| ||||£4,955.60|£1,420.00|£4,978.29||£926.62||| ||||£5,497.53|£1,420.00|£2,193.50||£365.44||| ||||£4,001.88|£1,420.00|£2,227.77||£1,283.18||| ||||£4,035.60|£1,420.00|£3,576.11||£1,019.81||| ||||£3,880.45|£1,420.00|£13,196.52||£655.78||| ||||£2,030.00|£1,420.00|£8,492.13||£832.22||| ||||£2,023.49|£1,420.00|£287.12||£588.22||| ||||£1,769.45|£1,420.00|£1,475.71||826.65||| ||||£1,512.63|£1,420.00|£1,708.74||1027.87||| ||||£8,437.77||£4,741.26||||| ||||£9,020.00||£2,995.79||||| ||||£4,004.38||£2,237.31||||| ||||£5,117.57||£4,957.97||||| ||||£4,787.96||£1,229.35||||| ||||£5,028.83||£2,221.54||||| ||||£4,957.88||5145.36||||| ||||£4,046.34||1222.84||||| ||||£5,023.94||985.16||||| ||||||£4,178.19||||| ||||||£1,240.76||||| ||||||£1,492.89||||| ||||||||||| ||||||||||| ||||||||||| ||||||||||| ||||||||||| ||||||||||| ||||||||||| ||||||||||| ||£21,357.68|£2,840.60|£89,893.82|£17,040.00|£79,880.64|£38.43|£10,617.10|£445.22|£2,564.65| ||||||||||| 3 |**HEYDOWN TRUST INVESTMENTS**|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |**6th April 2023 - 5th April 2024**|||||||||||||| ||||||||||||||| |**INVESTMENTS**||**Holding**|**Cost**|**Market Value**|**Purchases**||**Sales**||||**Holding**|**Cost**|**Market Value**| |||**31/03/2023**|**31/03/2023**|**31/03/2023 **|**Holding**|**Cost**|**Holding**|**Cost**|**Proceeds**|**prof/loss**|**31/03/2024**|**31/03/2024**|**31/03/2024**| |AirbusSE EUR||30|2418|3251.05|||||||30|2417.86|4322.98| |Alcon AG CHF0.04|||||60|4,002|||||60|4001.88|4011.36| |AmazonCom||40|2696|3341.93|||||||40|2696.39|5868.48| |ABRDNUKSMALLERC ORDGBPO.25||823|4581|3505.98|||||||823|4580.75|3645.89| |APPLE inc com usd0.00001|||||34|4957.88|||||34|4957.88|4570.71| |Alphabet inc capital stock usd0.001 cla|||||43|5023.94|||||43|5023.94|5198.38| |Allianz uk & European inv funds allianz strategic bond fund||6,193|6919.58|6090.2|
3,085|3014.3|||||11234|11670.83|9727.52| ||||||1,956|1769.45|||||||| |Allianz uk&European inv funds book cost adjustment -32.50|||||||||||||| |AMPHENOLCORPCL’A’COMUSD0.001||95|6041|6279.59|||30|2221.54|1907.68|313.86|65|4133.12|6048.36| |Artemis Fund Mngrs||8,205|16496|20297.53|||3,085|8492.13|6202.34|2289.79|4114|8271.27|14378.84| ||||||||1,006|2995.79|2022.54|973.16|||| |ASML HoldingNV EURO.09|||||9|5117.57|||||9|5117.57|6990.82| |BP||1,600|7473|8172.8|||326|1475.71|1522.62|-46.91|1274|5950.58|6447.71| |BaillieGIFJap Ord||280|1299|2097.2|||||||280|1298.93|2066.40| |Berkshire HathawayCom||78|12033|19480.91|||18|5145.36|2776.85|2368.51|47|7250.86|15597.24| ||||||||13|4178.19|2005.38|2172.81|||| |Blackrock FM LTD Contl DurpInc D Units Inc||3560|4561|6485.22|||693|1229.35|887.86|341.49|2084|2670.03|3992.33| ||||||||783|1492.89|1003.16|489.73|||| |BNY Mellon Newton Asian Inc||7,036|7448|7986.3|
1,828|2023.49|||||8864|9465.92|10272.06| |BNY Mellon investment funds Asian income fund dividend cash book cost adjustment -5.93|||||||||||||| |BNY Mellon FD MNGR Newton||8,079|6476|15551.72|||2,571|4957.97|2060.87|2897.1|5508|4415.15|10874.90| |BNY Mellon FD MNGR NewtonGlobal Dynamic||15,713|15953.11|13937.17|||5,676|4978.29|5762.73|-784.44|10037|10190.27|8654.65| |Close Bros.Ord|||||||||||||| |Colchester mul-stratgbl bd fdplcglobal bond rpremgapdis hgd||1,074|9970.8|9692.92|
615|5497.53|||||1860|16,980.96|16214.62| ||||||171|1512.63|||||||| |CompassGroup Ord||380|6167|7725.4|||146|2973.58|2369.43|604.15|234|3797.52|5197.14| |CRH ORD Eur 0.32(CDI)||128|4819|5224.32|||50|2193.50|1882.42|311.08|63|2371.76|4266.36| ||||||||15|985.16|564.75|420.41|||| |Croda international ordgbp0.10609756|||||86|4004.38|||||86|4004.38|3911.28| |Diageo||95|1455|3433.3|||||||95|1455.14|2707.03| |ExperianORDUSD0.10||136|3947|3617.6|||||||136|3947.31|4611.76| |Ferguson PlcORDGBPO.10||41|4183|4435.65|||||||41|4182.88|7275.64| |FirstSate InvStewart||3,369|7750.43|10082.41|||408|1240.76|938.61|302.15|2961|6811.82|9185.02| |Gam star fundplcgam star credit opportunities mzgapdis||1,693|15922.52|13723.8|||||||1693|15922.52|14865.89| |HICL InfracstructureOrd||6,420|10736|9951|||||||6420|10736.11|8025.00| |HowdenJoinery Ord||460|2023|3210.8|||460|3146.18|2023|1123.18|||| |INTERCONT EXCHANGECOMUSDO.01||46|3990|3880.43|||||||46|3990.19|5027.56| |Insight Inv. Funds||15,660|15848|13038.52|
5,816|4787.96|||||21476|20635.70|17172.21| |institutional cash seriesplc br ics sterlinglqdty prom t1gapdis|||||9,000|9020|||||9000|9020.00|9000.00| |ishares iiplc usd tips units etcgapdis||1,779|10019|8850.97|||||||1779|10018.51|8565.89| |JP Morgan Amer ITOrd||2,089|5874.27|14831.9|||286|2227.77|804.23|1423.54|1803|5070.04|17633.34| |JP Morgan Fund Ltd||6,900|7493|10170.6|||||||6900|7492.73|11012.40| |Jupiterjpn inc fdjupiterjpn inc usgbpdis||7,499|8960|8080.17|||1,973|2237.31|2357.39|-120.08|5526|6602.46|6479.79| |Legal andGeneralGPORDGBP0.1||1,826|4800|4362.31|||||||1826|4800.49|4585.09| |Mercantile investmentORDGBPL.025||1,711|4507|3430.56|||||||1711|4507.10|3798.42| |MicrosoftCorpcomUSDO.OOOOO625|||||15|3880.45|||||15|3880.45|5059.89| |Muzinich Funds Tactical||145|14761|13548.38|||145|13196.52|14761|-1564.48|||| |NOVARTIS AG CHFO.50 (REGD)
Sandoz Group AG CHFO.O5 (Novartis receiving one Sandox share for every five Novartis shares
Sandoz dividend stock holdingadjustment 12 book cost adjustment 262.00||60|3938|4450.98|||||||60|3937.61|4538.75| ||||||||12|287.12|0|287.12|||| ||||||||||||||| |Personal Asets TRORD||1,700|7706|8117.5|||||||1700|7706.38|8160.00| |Relx Plc||310|5493|8115.8|||114|2976.57|2020|956.57|196|3473.28|6503.28| |Rio TintoOrd.||53|1916|2903.34|||||||53|1916.18|2636.49| |RobecoCapitalgrowth funds Robeco Flobal credits IBHGBP INC||96|8470.01|8770.56|
54|4955.6|||||150|13425.61|13645.50| |Royal Dutch Shell 'B'.07euro||305|6035|7040.93|||70|1708.74|1385.3|323.44|187|3700.29|5198.60| ||||||||48|1222.84|949.92|272.92|||| |Ruffer InvestmentCo redpig||4,952|15453.82|15252.16|||1,759|4741.26|5488.08|-746.82|3193|9964.47|8541.28| |Scot Mort Inv TSTOrd||545|2769.95|3698.37|||545|3576.11|2769.95|806.16|||| |Severn Trent 1.3%|||||||||||||| |Swiss& GBL AMSwisscanto ETF P.M.PGold||17|15486.62|17537.2|
2|2030|||||18|17516.62|22233.60| |Swiss& Global Asset management merger - 19- 17,516.62 becameSwisscanto Fondsleitung18and 17516.62|||||||||||||| |Texas Instruments inc com usd1.00|||||38|5028.83|||||38|5028.83|5045.78| |Thermo FisherScientific inc com usd1|||||8|3745.33|||||8|3745.33|3674.88| |TR PROPERTY INV TRORDGBPO.25||2,141|10010|5973.39|||||||2141|10010.33|6690.63| |Tritax BigBox||3,350|4971|4686.65|||||||3350|4971.29|5108.75| |TwentyFour AMCorporate||170|17000|13951.38|||||||170|17000.00|14404.23| |UK GOVT. 4.125% BDS 29/01/2027|||||4,095|4035.6|||||8103|8039.99|8089.46| ||||||4,009|4046.34|||||||| |Unilever .031p||122|2307|5111.8|||||||122|2307.02|4681.14| |WINTON units funds icao winton trend unitsgapacc|||||59|8437.77|||||59|8437.77|9121.81| |XTRACKERS 11GBL INFLT LKD BD UETF 3D GBP H D|||||124|3002.89|||||124|3002.89|2969.49| |Interest Adjustment|||||||||||||62.00| ||||**339,177**|**373378.7**||**89893.82 **||**79880.64**|**64466.11**|**15414.44**||**364525.19**|**418568.63**| ||||||||||||||| 1 |||**HEYDOWN TRUST**
**Accumulated Fund Statement**
**As at 5th April 2024**|**HEYDOWN TRUST**
**Accumulated Fund Statement**
**As at 5th April 2024**|**HEYDOWN TRUST**
**Accumulated Fund Statement**
**As at 5th April 2024**|**HEYDOWN TRUST**
**Accumulated Fund Statement**
**As at 5th April 2024**||||| |---|---|---|---|---|---|---|---|---|---| ||||||||||| |||**2023**|||||||**2024**| ||||||||||| |purchases in 22/23|£61,074.33|||purchases in 23/24||£89,893.82|||| |sales in 22/23|£78,272.25|||sales in 23/24||£79,880.64|||| ||||||||||| ||||||||||| |**Market Value**of investments as at 5 April 2023||£395,031.88||**Market Value**of investments as at 5 April 2024|||||£418,568.63| ||||||||||| ||||||||||| ||||||||||| |**Brewin Dolphin**Income Account|£153.07|||**Brewin Dolphin**Income Account||£40.25|||| |Capital Account|£21,357.68||||Capital Account|£2,564.65|||| |**Britannia**BuildingSociety|£7,364.62|||**C0-op Bank Account**||£7,266.62|||| ||£28,875.37|||||£9,871.52|||| |||£28,875.37|||||||£9,871.52| ||||||||||| ||||||||||| |**Total Value of Portfolio**||**£423,907.25**|||**Total Value of Portfolio**||||**£428,440.15**| ||||||||||| ||||||||||| ||||||||||| ||||||||||| I have independently examined these Accounts of the Heydown Trust and am satisfied that they represent the financial state of affairs 1 ||||||||||**HEYDOWN TRUST**|**HEYDOWN TRUST**|**HEYDOWN TRUST**|**HEYDOWN TRUST**|**HEYDOWN TRUST**|**HEYDOWN TRUST**|**HEYDOWN TRUST**||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||||||||**Income & Expenditure Account**|||||||||||||| |||||||||**Year ending 5th April 2024**|||||||||||||| ||||||||||||||||||||||| ||**2023**||**INCOME**|||||||**2024**||||**2023**|**EXPENDITURE**||||||**2024**| ||||||||||||||||||||||| ||||||||||||||£22,750.00|||**Donations agreed:**|||£17138.00||| |||||**Income from Brewin Dolphin Portfolio- Fund Admin**||||||£279.72|||||||||||| |£8,839.27||||**Income from Brewin Dolphin Portfolio- Dividends**||||||£8699.67|||||||||||| |£17510.73||||**Capital from Brewin Dolphin Portfolio**||||||£6052.08|||||||||||| |£3764.62||||**Equalisation from Brewin Dolphin Portfolio**||||||£38.43|||||||||||| |||||**Revenue/maturity from Brewin Dolphin Portfolio**||||||£445.22|||||||||||| |||||**Interest received**|||||||||||||||||| ||||||Brewin Dolphin|||£1,524.88|||||||||||||| ||||||Co-Op||||||||||||||||| |||||||||£1,524.88||£1524.88|||||||||||| |-£3,015.92||||**Gain(loss) on sale of investments**||||||£15414.44|||||||||||| ||||||||||||||£22,750.00|||**Total Donations**|||£17,138.00||£17138.00| |||||Exchange fee|||||||||||||||||| ||||||||||||||£4,713.19|||**Stockbrokers'**management fees|||||£2840.60| ||||||||||||||||||||||| ||||||||||||||£27,463.19|||**Total expenditure**|||||£19978.60| ||||||||||||||||||||||| ||||||||||||||||||||||| ||||||||||||||-£364.49|||**Excess of Income over Expenditure**|||||£12475.84| |**£27,098.70**||||||||||**£32454.44**|||**£27,098.70**||||||||**£32,454.44**| ||||||||||||||||||||||| ||||||||||||||||||||||| ||||||||||||||||||||||| |I have independentlyexamined these Accounts of the Heydown Trust|||||||and am saGsfed that theyrepresent the fnancial state of afairs of the Trust at 31st March 2024||||||||||||||| 1 Table 1 |Book Cost as at end of taxyear.|Book Cost as at end of taxyear.|Book Cost as at end of taxyear.||||||| |---|---|---|---|---|---|---|---|---| |||||||||| |Year|2018|2019|2020|2021|2022|2023|2024|2025| |||||||||| |Cost|£377785.00|£379286.00|£383157.00|£378727.00|£371476.00|£339177.11|£364525.19|| |||||||||| |||||||||| |||||||||| |||||||||| |||||||||| 1 CHARITY COMMISSION FOR ￿lAND WAiES Independent examiner's report on the accounts SeCt￿n A Inaepondent Examlnw'8 Roport Reportto the tru5teo8 THE HEYDCli￿ TRLLS I . On ac¢ouDts for the y￿r ondad tL ApiiL 2oLLÈ Charlty no Ilf4nyl l 00 s ir{ s S•t*)Uton pag I reF¢Xt lo the Inslees on ry exominkntyi d11* 8¢¢￿￿1 dthe aL> ¢hwrty I"Ihe Tru51-1 for the yOBr eTrJ&J Respon¥lblll¢les •nd basls ol roport As Ihe th8rlty'S trustees. y¢yJ a￿ frrfthe wep8ration of the counts in ￿r￿*41th the requirgmems dthe ChanbesAct 20111lhe I TVF¥JI in iosp&* cl my exwAnaknn d the Trusts xc¢unts c￿ed tyjt under 145 01 the 2011 ALI and in carryiThg oul rny exarninatson. I have rc41th%*d al Ihe aWicaNe Thre￿￿$ gven by the CW comffl1s5￿n undef Seth.￿ 14515Mbl d thepa. Independent rrhe thaniys gmss in¢x*n* excevjed £250.tM and l am qu4if*ed lo oxamlnfrr's 8tatsm•nt undertake the 9xamin*￿ by teino a 0￿￿led menknr of luwrt narrn of 8pplieaNe list￿ LW•tg1 l rfnol applicabb. I have wmF48ted my exannatw l ¢onfirm that no materid rnatteTS haw> cometo nty atteM￿ry In Connec1￿ with Ihe exarninatm lolhar L￿aft that disd05ed whith gi?￿$ m¢ ￿Y$t ￿ Wieve that in. any ffAlenal the ac£wn15ng r￿dS ￿r0 kepl in x<*fdanrn wrfh S•*C￿ 130 Il* Ch￿be￿AC1.. or tl* amÈrti$ nci a¢£eKd wilh Ihe ac£ounbng records. or the ac£ounl¢ not ￿1￿ tts applicaNe reouir&ry%M.s the lorm and conienl ol ar£ounts set oul in the Ch￿leS (Accounts and R8FQrtsl Regui*orts 2￿8 fxher Ihan wy requirernent that ￿t￿nIS a'irue and f•t' wew whith is a rnatter considor*d a5 part ofan indewdent exarnination. I have no concems and ha¥e c£rfne ￿0$$ no oth¢f matters tn connuLl¥Jn Ih the ex•nnatson lo t*lMch &IentIc￿ shr￿Id be dr8*m In Ih"s r¥>￿t In c*der to erb8ty* 8 proper unders￿￿Ing of Ihe acwunls to be rethd. . Ptsase Lwoie *vAYsin th• brnckets rflheydo not 8Wy. Rèlevant professlonal qu*llficaUonl$l or body Ilf any).. Addrnss: Sectlon B Oisclosure Only Com￿￿te il the exanvrw needs to highhgm matenal matters of I￿￿¢M (see CC32. Int1ependenl examinatson of ch8ftty ￿CoUn1$.. direLaion¥ gthdanct for •x4nnernl.