REGISTERED CHARITY NUMBER: 1039131 The Frlends of Southwell Cathedral Report ol th8 TfUStee8 and Unaudlled Flnan¢lal Slatemonl$ for Ihe Year Ended 31 December 2024 Brooks Mayfield Limited Chartered Accountants 12 Bridgford Road Wesl Bridgtord Nottinghamshire NG2 6AB
The Frlends of Soulhwell Cathedral Contents of the Financial Statements lor the Year Ended 31 December 2024 Page Reference and Admlnlslrallve Detalls Report of the Trustees Indopondont Examiner's Report Statement ol Flnanclal Acllvltles B8lanco Sheet Noles to the Flnan¢S0l Statements 9 to 14 Detalled Stalemenl of Flnanclal Actlvltles 15 to 16
The Frlend5 Ot Soulhwell Cathedral Reference and Administrative Detai18 for the Year Ended 31 December 2024 TRUSTEES The Right Reverend Paul Williams- Bishop of Soulhwell and Nottingham - President Mr C G Leggatt- Chairman and Editor of Pepperpots Mrs A J Salter - Honorary Secretary Mr Fl S W WIlsDn - Honorary TieasLJrer Mrs M Waddington - Membership Secretary Mrs P Rouse- Events Secretary Mrs J Hodson - Appoinled by Diocesan Mothers. Union Ms E Johnson Mrs V Loughton Canon E Rose Mr A Todd MEMBERS OF COUNCIL EX OFFICIO, NON-VOTING Representing ihe Cathedral Chapiar.. The Very Feverend Nicola Sullivan. Dean ot Southwell luntil 29 September 20241 Mrs J Richardson MBE DL JP PRINCIPAL ADDRESS The Minster Office Church Streel Southwell Noiiinghamshiie NG25 OHD REGISTERED CHARITY NUMBEA 1039131 INDEPENDENT EXAMINER Brooks Maytiek1 Limited Chartered Accountants 12 Bridgtord Road Wesl Bridgford Nottinghamshiro NG2 6AB BANKERS National Wesiminster plc Newark IA} Branch 1 Markel Place Newat* NG24 1 DY Page 1
The Friends of Soulhwell Cathedral Report of the Trustees for the Year Ended 31 December 2024 The Council ol the Friends of Soulhwell Cathedral is pleased to present its report for the y8ar ended 31st December 2024. The trustees who served during the year and up to the date of this report are set out above. OBJECTIVES AND ACTIVITIES Oblectlves and alms The Friends of Soulhwell Cathedral exist to bind together all those who love the Cathedral Church and who desi lo help In preserving for posterrty the fabric ot this ancient and historic building, in maintaining public worship therein and enhancing its adornmenl. The Counal has kepi in mlnd the Chamy Commissioners. guidance on putlic benefit. The locus of The Friends, activities MaInS the fulfilment of the objgcts of the charity for the benefit of the Calhedral, which welcomes everyone withoui reslriclion. Membership of The Friends is open to all. subject to a subscription. the amount of which is at the discretlon ot the member. ACHIEVEMENT AND PERFORMANCE The Friends have enjoyed a year during which there have been trwo outings, two most interesting lectures and the Feslival and Annual General Meebng. Our firsl outing ol the year in May. and organised by Pauline Rouse, was to Wentworth Woodhouse, near Rotherham. Wenlworth is a magnrficeni palati building and one of the great houses in England. Sadly, owing to death dulles: the house has been stripped of all its beauliful IufnitLJre and works ol arl It is now being resloffjd 10 ils fonner glory which will lake several years. In September we visited WinieftK)urne House and Gardens in Edgbaslon, which is part Df BiTmingham Univetsity. We enjoyed a guided lour around the gardens and after lunch there was time to explore the Arts arKJ Crafts house. Our Festival ar Annual General Meeting on 81h June was, as ever, a tull and happy day. Our speaker was Janet Gough OBE, author of "Calhedral Treasures of England and Wales-, and a huge admirer ol the Leaves ol Southwell. The AGM look ace In Ihe Stale Chamber followed by tea provideLI by Margarei Noble. Our preacher al Evensong was the Fleverend William Thackray, a fonner Minster Vicar Choral. At our Aulumn Chaimian's Reception, we enjoyed a fascinating talk on Nicholas Breakspear, tho only English Pope, who reigned as Pope Adrian IV. This was given by R.A.J. Waddingham, who has published book on the Pope, Margaret Noble once agaln gave us a speclal tea which was held in the Crossing. We continue to support the Flower and Needlework Guilcls and are particulafly pleased to have helped fund lh8 making of thg new Rose Vestm8nts which were WOTn lor the lirst time on the third Sunday of Advent. Through earlier grants, our support lor the Quire Organ Repair Fund. the Organ Scholarship and the Milo Chorister Appe& continued to benefit the Music Foundation. We supported a verger posi. as well as thai ol the pan-lime groundsman. Additionally, we swnsored two monlhs of the year-long 'Cathedral 140. exhibition. marking the anniversary of the Minster becoming a cathedral. We met the cost of the conservation of thè Victorian presSIOnal banner and await hearing Irom Chapier as lo its Oisplay. We are discussing olher projects wlh Chapter, including the conservation, better display and interpr6taiion ol the 'Headless Cleric, in the south quire aisle. During the year under review, we funde(l a conservation rewrt on this monument. Our tsvice-yearty magazine, Pepperpols. edited by Charlie Leggatt was lull of mosl interesting articles. In 2024, we welcomed eighteen new Friends. Page 2
The Friends of Soulhwell C8lhedr81 Report ot the Truslees for Ihe Year Ended 31 December 2024 ACHIEVEMENT AND PERFORMANCE At our September meeting we said farewell lo Dean Nlcola who was retiring from the Minster a few days later. Charlie Ihanked her for all the support she had given to the Friends, and h8 conlirmed Ihai, as is customary. Council would like to offer her honorary life membership and to join Bishop Paul Butler and Oean Emeritus John Guille as one ot our honorary VKe.Presidents. She was presented with a pair of Mins18r engraved glasses and a bouquet of flowers. We always welcome new Friends and there are copies of our leaflet and application forms In the Minsier, or on our websile page www.southwellminsler.orgifriends or please contact Alison Salter through th8 Minster Cenlre. Once again, our thanks are due to everyone at Brooks Maylield Limited: our Independent Examinor, to Rathbones, our investment advisers, to the Minslei slalf and 10 all our members for their continuing support. FINANCIAL REVIEW The Friends has 8njoy8d a financially and irKleed otherwise satisfying year with income reaching a total of £161.620. Friends. subscriptions amounted to £9,887: continuing the yoarly upward trend perhaps to inlinily_-soon. Investment income from our unit trust with Rathbones was slightly below lasi years at £16,31212023.' £16,453). The CBF Investment Fund paying iricome came in al £62912023.. £6201. Interest on the CBF Deposit Fund very ntcely reached £7.90812023: £20201, based on relatively high inierest rates and the availability ol money, surplus for Ihe time being from legacies and donations. b8ing quickly transferred to Ihat Fund. Income tax recovered on gift aided subscriptions and donations of £2,941, including £36 01 interest added, was received from HMFIC. Thls remalns a valuable source of exlra income as 25p in every £ subscribed and donaied can be reclaimed. All members are invited lo sign up to gift-aid, M8mb8rs certily by means of a Grft- Aid forrn that the subscript4ons and Oonalions paid are trom income net of tax paid and the tax lon that income anivor Capital Gains} is at least sufficient to cover the lax we redaim. Advice on this process, if needed, can be obtained from the Treasur81 or the Membership Secretary. We were remembered in the Wills of four lormor members and honoured to receive the most generous legacies amounting in total to £111.577. Generous donations were also received in the year from twelve people. Some donations were specifically earmarked 10 help fund Pepperpots. ils professional design cost. printing cost and high postage cost. Coumcil greatly appreciates and thanks all members for Ihe various ways in which they support The Friends VK)rk. For the first lime in 2024, the 'Events' activty was absorbed into the mainstream of The Friends. The transfer of the bank account ti)ok place in April 2024. The Tfeasuref decided to keep separate the Events financial figLJres wilhin the accounting records of the Friends as a Designated Fund. The Statements ot Accounl tor 2024 therefore show a separate column for 'Events" headed "Desig." Such a FurKI is technically an unrestricted tund usable at the discretion of the Council. There is no separaie bank aLInt kept for Events. Bookings income lor the two events in the year was £3.108 and costs were £2,900. There was a surplus therefore of £208. The policy followed for 'Events' is one of aiming to cover costs. Investrnent management charoes were up on 2023's cost at £1,515, a reflection ol the increased value of the investment with Flathbjnes during the year. We conlinued lo support Ihe supert) work of the Flower and Needlework Guilds wlh grants of £3:000 and £3,469 respectively. Frorn time lo time. we also pay for new replacement workwear as needed tor the vergers and gardener and this year the cost was £479. Page 3
The Friends ol Soulhwo11 Calhedral Report of the Truslees for the Year Ended 31 December 2024 FINANCIAL REVIEW Council thought Tt appropriate, after careful conslderation armj noting a past similar occurrence, that Chapter should helped wilh salary costs as a one-off arrar)gemenl We Iherelore tuncled a vergerfs and gardener's costs with a £32.000 granl. The ireasurer arranged for the grant to be paid monthly in amounts equal to the actual costs for the month_ Support began in April 2024. As at 31 st December 2024 wilh nine months paid, £6,602 remains. enough lor nearly three more months. We funded the £5,736 cost lo restore the Processional Banner, originally made in 1884 to mark the occasion then when the Minsler became a Calhedral. We are commilled to provi(Jing up to £7,000 for a secure display case lo be Slted in the Minster. W8 also decided to conlribule £2,000 towards two months costs of the ' 140 Years as a Cathedral" Exhibition visitor event. The mysterious statue with a grey look: pran8 in the South Ouire Aisle, was examined during the year for possible restoration work. The survey report estimated at £1,000 came in at £900. The statue is very old and made of alabaster. an expensive material and Ihereby indicating the person represented musl have baen important. His identty is as yet unknown. Pepperpots magnrficerxly continues to inlorm our members on a variety ol topics. Cr)sis amounted in total to £4,731 for design and printing. The postag8 exponse has increaSj yearly and estimaled Ihis year al £1,000 (2023. £9551. The Annual G8neral Meeting cost in June 2024 of £451 compTiS8d a catering expense of £390 and lecturer expenses of £61 . Costs of poslage were £1 ,031 (including an estimate of £1,000 tor Pepperpjis expected as a recharge Irom th8 Mins',er Finance Office) and also recharge estimates for lelephone £125 and stationery £9. These comprised the total of £1,165. £24 was charged by Shacklocks lor the bank Iransfef of a leoacy. The accountancy arKI indendant examiners 188 is low al £276, mostly because the provlsion in last year's accounts for 2023 was too high and the actual bill was £324 lower. The treasurer has prepared Ihe 2024 accounts, so there will be only the examinalion lee to pay, lor which ho has made a provision. The new computer and printer tK)ught for £1,189 in January 2024 is being depreciated over fwe years. old and slow compuier in previous balance sheets al £1 was written off in Ihe year. There wore unrealised gains Irorn our two invesiments - Rathbones at £40.838 and the CCLAICBF inveslment al £519. There was a net surplus including thai for the designated luncl of £154,396 in lotal. Capital unrestricted funds brought lorward were £695,907 and hwlh lh8 nel surplus lor 2024, captal unreslricied funds carried torward amounled lo £849,435. The Balance Sheet analyses that capital sum Into Investments valued at £662,343 as at 31 st December 2024, being the Flaihbones irlveslment ai £639,151 and the CCLAICBF inveslmènt al £23,192. the new computer equipment £951 net of 20Q/. depfecialion, investment income lo 31sl December 2024 due and credited on 3rd January 2025 at £2.121, bank balances totalling £190.552. The other deblor £60 was a deposll paid for tho event anned lor 7th May 2025. The amount owwj lo creditors iotalled £5,725. Our invesimenls are regulated according to Ihe ethical slandards of The Church ol England. We cA)nsislently follow a p)licy ol carefully mainlaining our reserves sutticient lo provKle attordable and agreed funding io Chapter and in the future. Page 4
The Frlends ol Soulhwell Cathedral Report ol the Trustees for the Year Ended 31 December 2024 STRUCTURE, GOVERNANCE AND MANAGEMEKr The Council ol Trustees meets Ihr88 limes every year to agree the broad strategy and area5 of activty including consideration of granl making to the Soulhwell Cathedral Chapter, financial review and reserves, inveslmenl management, risk management, publicity an¢J performance. The day-to-day administration is delegated lo the principal officers in particular the Chairman, Secretary. Treasurer. Membership Secretary, and Evenls Secretary. All Council members, Including the principal officers, give their timo voluntarily and receive no benefits. Trustee reimbursed expenses were £111.60 and are recorded in note 8 of the accounts. Approved by order of the board ot trustees on 26 February 2025 and signed on its behalf by: Mr C G Legga - Trustee and Chairman Mr R S W Wilson - Trustee and Honorary Treasurer Page 5
Independent Examinerfs Report lo the Truslee8 of The Friends of Southwell Cathedral Independent examiner's report to the truslees of The Friends of Soulhwell C8thedral I repon lo the charity trustees on my examinalion of the accounts of The Friends of Southwell Cathedral Ithe Trust} for Ihe year ended 31 December 2024. Responslbllllles and basls ol report As the charity trustees of the Trust you are responsible for the preparation ol the accounts in accordance with Ihe requirements of the Charities Act 2011 I'the Acl'l. I report in respecl of my examination of the Trusl's accounts carried out under Section 145 01 the Acl and in carrying out my examinalion I have followed all applicable Directions given by tha Charity Commission under Section 145(51 Ib) ol Ihe Aci. Independenl examlner's st8temenl I have compleied my examinalicn. I confi'rm that no rnalerial matters have come to my attention In connection with Ihe examination gi¥ing me cause lo believe that in any material rospect,. accounting records were nol kept In respect of the Trust as required by Section 130 of the Act. or the accounts do not accord wittt those records., or the accounis do not comply wilh the applicable requirements concerning the lorm and content ol accounls set out in Ihe Charities IAceounls and Reports) Regulations 2008 other than any requirement that the accounts give a true and falr view which is not a matter considered as part ol an independent examinalion. I have no concerns and have come across no other matters in connection wth the examination to which altention shovkl be drawn in this report in order to enable a proper understanding of the accounts 10 b8 reached. William Oates BA FCA 8rooks Mayfield Limited Chartered Accountants 12 8ridgford Road West 8ridgtord Nollingttamshire NG2 6AB 26 February 2025 Page 6
The Friends of Soulhwoll Calh8dr81 Statement of Flnanclal Acllvllles for Ihe Year Ended 31 December 2024 31.12.24 Total funds 31.12.23 Total funds Unresiricied Designated lund fund Notes INCOME AND ENOOWMETrrrs FROM Donations and18gacies 136,771 136,711 86.339 Charitable a¢iivltles Events - bookings income Events - bank account transfer 3,108 659 3,108 659 Inv8Stm8nl income Tolal 161620 105432 EXPENDITURE ON Raisin9 funds 7.411 7,411 6.688 Charllable actlvltles Needlework Guild Minster Flowers Guild Vergers arid Gardenors Workwear Organ Scholarship Donation Hereford National Conference delegate fee Milo Chorisler Appeal Vergers and Gardeners salary SUPFY)rt Restoration ot 1884 Procession Banner 140 Years Exhibition celebraling the Minster as a Cathedral Headless Cleric survey report costs Minster Community meeting expense support Events costs 3,469 3,000 479 3,469 3,000 479 3,149 3,000 40,000 13,747 25,398 5,736 25,398 5,736 2,000 900 2,000 66 2,0 2,900 Other 990 Total 49,449 2,900 69.894 Net gains on investments 15.731 INCOME 153,528 867 154,395 51.269 RECONCILIATION OF FUNDS Total fLJnds brought forward 695,907 695,907 644,638 TOTAL FUNDS CARRIED FORWARD 850,302 69S,907 The notes form part of Ihese financial statements Page 7
The Frfends 01 Southwo11 Cathedral Balance Sheel 31 December 2024 31.12.24 Tolal lund8 31.12.23 Total furKIs Unreslricled Designaie fund fund Notes FIXED ASSETS Tangible assets Investments 951 951 10 620.986 663.294 663,294 620,987 CURRENT ASSETS Deblors Cash at bank 2,121 188,045 2,181 190,552 893 78.433 2,507 190,166 2,567 192,733 79,326 CREDITORS Amounts talling due within one year 12 (4,025) {1,7W) (5,725) (4,406) NEf CURRENT ASSETS 186 141 867 TOTAL ASSETS LESS CURRENT LIABILMES 849,435 867 850,302 695,907 NET ASSETS 849.435 867 850,302 695,907 FUNDS Unfesiricled tunds Designated funds 13 849,435 695.907 TOTAL FUNDS 850,302 695,907 The financial stalements were approved by the Board of Trustees arKI aulhorised for issue on 26 February 2025 and were signed on ils behall by: Mr C G Leggatt - Trustee and Chairman Mr R S W Wilson - Trustee and Honorary Treasuror The notes form part of these financlal statements Page 8
The Friends of Southwell Cathedr81 Noie810 lh8 Flnanclal Statemonls for the Year Ended 31 December 2024 ACCOUNTING POLICIES Basls of preparfng the flnanclal Siatements The financial stalements of Ihe charity, which is a public benelit enlity under FRS 102, have been prepared in accordanca with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities: Slatemenl of Recommended Praclice applicable to chartties preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Iieland IFRS 102) ieffective 1 JanLJary 20191,, Financial Reporling Standard 102 The Financial Fleporting Standard applicable in Ihe UK and Republic of Ireland, and Ihe Chamies Act 2011. The financial slatements have been prepared under the historical cost convention, with the exception of investments which are included al markèt value, as modified by the revaluation of certain assets. Incomlng resources All incoming resources are inclL2ded in the statement of financial activities whan the charity is 8nlitled 10 ihe income, and the amount can be qualified with reasonable accuracy. The following specifi'c policies are applied to partj'cular categories of income: Voluntary income is rec8iV8d by way ol grants, (kinations and gifts and Is Included in full in the statemenl of financial activities when receivable. Grants where entitlement is not condrtional on the delivery ot a speeitic performance by the charity, are recognised when the charty becomes unconditionally entitled lo the grant. Donated services arKI facilities are included at the value to the charity where this can be quantrfied. The value ot ser4ices provlded by volunteers has not been Included. Income from investments is included in the year in which it is receivable Resources expended Expenditure is recognised on an arUal basis as a liability is incurred. Expenditure includes any VAT whbch cannot be fully recovered and is reported as part of the expendilure lo which il relates. Costs of generating lunds comprise the costs associaied with attrathing voluntary income and th8 costs ol trading lor fundraising purposes. Charitable 8xponLfiture compris8S Ihose costs incurred by the charity in the delivery of ils activities and services for ils beneficiaries. It includ8s both costs that can be allocated directly lo such activities and those costs of an indirecl nalure necessary to support them. Support cosls are those costs incurred directly in support of 8xpendFture on the objects ol the charty and include projecl management. Tangible fixed assels Depreciation is provided at the tollowing annuai rates in order to write off each asset over ils eslimated useful lrfe. Computer equipmerrt 20Yts on cost Taxatlon The charily is ex8mpt from tax on Its charitable acllvities. Investrnent3 Inv8Stmenls held as fixed assds are VaLUed al mid-markel value al the balance sheet date and the gain or loss taken to the Staleffient ot Financial Activities. Page 9 continued...
The Frlends of Soulhwell Cathedral Notes to Ihe Flnancl81 Sl8lements - contlnued for the Year Ended 31 December 2024 DONATIONS AND LEGACIES 31.12.24 31.12.23 Oonations and legacies Income tax recoverable Subscriptions - Gift Aided 123,943 2,941 73.931 2.657 9,751 86.339 INVESTMENT INCOME 31.12.24 31.12.23 Incorne from UK listed investments Bank inleresl - Central Board of Finance Bank inleresl - Cenlral Board of Finance Unil Trust 16,312 7,908 629 16,453 2,020 620 INCOME FROM CHARITABLE ACTIVITIES 31.12.24 31.12.23 Actlvty Olher Inco from charilabl8 activilies Other income trom charitable activilies Evonts . bookings IrMe 3.108 Events - bank account Iransler 659 RAISING FUNDS Ralsing donallons and legacle8 31.12.24 31.12.23 IrNestmenl managernent fees Support costs 1,515 1,402 5,286 7,411 6,688 Page 10 continued...
The Frlends of Soulhwell Calhedral Notes to the Financial Statements- conllnued for Ihe Year Ended 31 December 2024 CHARITABLE ACTIVITIES COSTS Direcl Costs (see note 71 Needlewofk Guild Minster Flowers Guild Vergers and Gardeners Workwear Vergers and Gardeners salary SUPfK)rt Restoration of 1884 Pr4KessK)n Banner 140 Years ExhibFtion - c81ebrating Ihe Minster as a Cathedral Headless Cleric survey r8kx)rt costs Minster Community meeting expense support Events costs 3,469 3,000 479 25.398 5,n6 2,000 66 DIRECT COSTS OF CHARITABLE ACTIVITIES 31.12.24 31.12.23 Flower Guild Needlework Guild Vergers and Gardeners Wofkwear Organ SchDlarship Donalion Hereford National Conference delegate fee Milo Chorister Appeal Vergers and Gardeners salary support Restoration of 1884 Procession Banrier 140 Years Exhibition - celebrating the Minster as a Cathedral Headless cleric survey report cost Minster Community meeting expense support Events costs 3,000 3,149 3,469 479 40.000 150 13.747 25,398 5,736 2,000 900 66 43.948 TRUSTEES. FIEMUNERATION AND BENEFITS Ther8 were no Iruslees, remuneration or other benefits for the year ended 31 Decemb8r 2024 nor for the year ended 31 December 2023, Page11 continued..
The Frlends of Soulhwell Cathedral Notes lo Ihe Flnanclal Slalemenls - contlnued for the Year Ended 31 December 2024 TRUSTEES, REMUNERATION AND BENEFITS- contlnued Trustees. expenses Durfng the year Trustees were reimbursed a tOlaF ot £112 12023 - £145} for expenses they had personally incurred. TANGIBLE FIXED ASSETS Compuier equipment COST Al 1 January 2024 Addilions Disposals 1,000 1,189 Al 31 Decernber 2024 DEPRECIATION Al 1 January 2024 Charge for year Eliminated on disF()sal At 31 December 2024 NEf BOOK VALUE Ai 31 December 2024 951 At 31 Decemb8r 2023 10. FIXED ASSET INVESTMENTS Lisied Investments Valuation MARKET VALUE Al l January 2024 Revalualions 620,986 At 31 Decemb8r 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 620,986 There were no investment assets outside the UK. Fixed asset investments are aciively managed by Ralhbones Galn8 on Investment asgets Unrealised Gain during the year 41,357 Page 12 continued...
The Friends ol Soulhwell Calhodral Noles to the Flnanclal Slalements - conllnued lor Ihe Year Ended 31 December 2024 11. OE8TORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Prepayments and accwed income 893 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Deferred income Accruals 1,820 365 4,041 4,406 Accruals.. 2024 2023 Independent examiner's fees Telephone Printing, postage & stationery Raihbone Investment Management Charge Needlework Guild cosls 600 125 1,009 384 1,427 122 965 359 4,041 13. MOVEMENT IN FUNDS Net movement in funds At 31.12.24 Al 1.1.24 Unrestricted tunds General lund 695.907 153,528 849,435 Designaled lunds Events 867 TOTAL FUNDS Net movement in funds, included In the above are as follows: Incoming resources Resources expended Gains and Movement losses in funds Unrestricled funds General lund 161,620 (49.449) 41,357 153.528 Designated funds Events 3,767 (2,900) TOTAL FUNDS 165,387 52,349) 41,357 154 395 Page 13 continued..
The Frlends ol Southwell Calhedral Notes to the Flnanclal Statements - contlnued for the Year Ended 31 December 2024 13. MOVEMENT IN FUNDS- contlnued Comparatives for movement in lund8 Net movement in funds At 31.12.23 At1.1.23 Unrestricted tunds General fund fA4,638 S1,269 695,907 TOTAL FUNDS 644,638 51,269 695,907 Comparative nel movement in funds. included in Ihe above are as tollows: Incoming resources Resources expended Gains arNJ Movement losses in funds Unreslricted funds General fund 105,432 169,894) 15,731 51,269 TOTAL FUNDS 105.432 15,731 S1.269 14. RELATED PARTY DISCLOSURES There were no relatgj party Iransaclions for tho y8ar ended 31 Decemb8T 2024. Page 14