Company re8lstration number 03255894 IEnglond and Wo19s1
Charity regi5tratlon number 1063319 IEngland and Wale51
PArrERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

PArrERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustee$
Mr P G Baker ITreasurerl
MrRN Barrow
Mr S Duffy
Mrs J Freeborn
Mr K N Hardcastle15ecretaryl
Mr M Cotterell
Mr A Brenan
Mr G Brid8e
Mr N Harllng Ichairl
Prof. M Jackson (Vlce Chairl
Mr S Howe
Ms H Aaslarn
Mr M Gillibrènd
(Appolnted 22 April 20251
(Appointed 14 october 20251
(Appolnted 14 October 20251
Country of Incorporatlon
Unlted Klngdom
IEnglaod and Wales)
03255894
Charity registration
Englarsd and Wale5
1063329
ReBlstered ofNce
Patterdale Mountain Re5tue
08ilvie House
Patterdale
Penrith
Cumbrla
CAii OPJ
Independent examlner
David Andrew Llddle BAIHons1, FCA
4 Mason Court
Gillan Way
Penrith 40 8uslness Park
Penrith
Cumbria
CAII 9GR
Investment managers
RBC Brewin Dolphin
12 Smlthfield Street
London
ECIA 9LA

PAThERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED
CONTENTS
Page
Trustees, report
Independent examiner's report
io
Staternent of flnancial activltles
li
Balance Sheet
12
Notes to the flnancial statements
13-22

PAThERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED
TRUSTEES. REPORT (INCLUDING DIRECTOR'S REPORT)
FOR THE YEAR EPJDED 31 DECEMBER 2025
The trustees present their annual report and financial ststement5 forthe year ended 31 Decernber 2025.
The flnanclal statements have been prepared èccordance wlth the ac¢ounting pollcles set out In note I to the Ilnancl31
staternents and comply wlth the charfty's governing document, the Companies Act 2006, FRS 102 'The Financial Reportin8
Standard appllcable In the UK and Republic of Ireland" and the Charitie5 50RP 'Atcounting and Reportlng by Charities..
Statement of Recommended Practice applicableto charities preparingtheir accounts in accord4ncewith the Financial Reporting
standard applicable in the UK and Republic of Ireland IFRS 1021"
Oblectlve5 and actlvltlÈs
Pollcles and Objectives
The prin¢ipal obje¢t of the company is to promote and sustain Patterdale Mountaln Rescue Team, a charitable rescue service
for411 who 5uffer5ickne55i periloranyother3dwersityon anyof the mountains In Great Brltaln and particularly on the rnountain5
of Curnbria in the vicinity of Patterdale. or while boating or bathing in the lakes, rivers and streams in the vicinlty.
Srroregiesforochleving olms ond objectives
All Team mernber5 need to be appropriately trained, have the Tight equipment, and be fully committed to being on call at all
times. to give practical and medical a5515tance to those in danger on the hi115 and lake. Team members traln and meet regularly
to develop and malntaln their rescue and flrst-aid/medical skills. and National Qualifications are gained where £ppropriate.
New entrants undertake a formal probatSon8ry perk)d. The Team wlll also Ilalse wlth other rescue service5. for exarnple.. fire,
police. ambulance, HM Coa5t8uard,lilebost and other rnountain reseue teams, attimes of major Incidents. All rnembers actlvely
promote and support fund-raisSng, education and cornmunlty events, as public money is the only source of income. This also
helps to provide a positive profile in the local community and to the many tourists who visitthe area.
Publicbenefit
The trustees h8ve pakl due regard to guidan￿ issued by the Charlty Commission In deciding what activities the charity should
undertake.
The Charity provides a vf(al emergency 5erwlce to the general public to enèble all to enjoy outdoor activities in the 8rea.

PAThERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED
TRUSTEES, REPORT {INCLUDING DIRECTOR'S REPORn ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2025
Chalrman'$ Report by Mr N Harllng
I have been prlvlleged to serve a5 Chalrof Patterdale Mountain Rescue Association foranotheryearand workwith a profe55ional
and motlvated Board of Trustees.
The role of the Chair is to oversee sound governance and ensure the best interests of Patterdale Mountaln Rescue Team are
looked after. so that the Team Members have the ener8y and tlrne to focus on 0￿ratIonal Mountain Rescue rn3tter5-and save
lives.
Thls year The A550clatlon has ￿¢rUited two new Trustees who are qualifled to stand for election, respectivelyp a5 Honorary
Tre3SUTer and Honorary Setretaryi as well as two candldates to fill future vac4ncie5. We attracted a number of applications
which allowed us to select candidates wlth a range of skills and experience. My slncere thanks go to Peter Baker and Ken
Hardcastle lor their relentless and committed work a5 Treasurer and Secretary, respectlvely. Both will be retirlng at the AGM
their shoes w511 be hard to fill, and their legacy wlll Ilve on.
er the past 60 years, Mountain Rescue equipment technology h35 made slgnificant progress. and one of our prioritie5 15 to
enable these improvernents to benefitthe Team. Having actrss to new ideas has taneible benefits for both Team Membersand
casualtles who can be cared for more effecti¥ely, wlth the latest treatments and diagnostiC5.
We want the Tearn to have the latest, the Ilghtest, the stron8e5t and rn05t effectlve equlpment to make thelr lob on the fells
quicker3nd safer and that In turn will benefit casualties. We have Invested In new clothin8, new equiprnent and cornprehenslve
trainlng- 811 to make ourwork on the fells safer. We underst4nd that it 15 Vltal to learn from experience by regularly reviewing
our performance on rescues In order to make mountain rescue a safer environment for Team Metnber5.
An expenses pollcy has been formallsed to ensure that all clalms are both accountable and transparent has been approved by
Trustees. In addition. we have developed a framework for reviewing appllcatlons from the Team for the funding of projects
exceedlng the £S,OOOthre5ho1d, which sees a shift from 'li8ht-touch" to a tnore rlgorou5, compllance. governance, and flnanclal
verifi¢ation process.
The increase In the cost of providing a Mountaln Rescue service continue5 to test the Assoclatlon. Equlpment and general
runnlng costs have Increased along wbth the costs associated wtth raising funds.
The wellbeing ofTeam Members IS 3 prlorltyforTrusteE5, and we have Invested IntraSnlng and advlce to ensure we can support
and help each other. As an emergpnry Service that undertakes challenglng rescue5 which test ourTeam Members mentally and
physically. we reco8ni5e the irnportance of looking after oursElve5- and each other. We have a worklng group whlch oversees
the welfare of Team Member5. That worklng group ha5 been recognised at a reglon31 and natlonal level for their forward
thinking and energy.
There has been a marked increase In the number of rescues. and this places a greater rsemand on Team Members, time. Local
and national media has been very helpful in hlghllghtlngthe 8rowing dernand and helplngto edu￿teVIsItorsto The Lake Distritt
on how to enjoy the fells safely.
The A5$0clatlon has funded an extension to our exlsring boathouse to accommodate our new boat and improve ac￿$S.
Thènks to the Chri5 Lewis legacy we have now ordered 3 new Land Rover Defender 130 to replace one of our older vehicles.
The le8acy Is also fundlng è reglonal training event in 2026 and a letture In 2027. Both Event5 are linked to the criteria set out
In the legacy and are deslgned to share best practlce In Mountaln Rescue.
Members of Patterdale MRT have been Instrumental In establi5hlng an All Party Parllamentary Group IAPPGI for Voluntary
Search and Rescue (SARI organisations. Th￿5 includes both land and marltlme SAR organisatlon5. The APPG Is looklng Zt kev
issues and challenge5 that affect all in search and rescue. Already we have had succe55 in changln8 legislatSon for medlcal gèses
and getting SAR vehicles exempt from exclse payrnent5. The group 15 now looking 8t Government 5UPPOrt for SAR insurance,
and way5 of 5UPPOrtSng volunteers with inlurie5 5UStained during a rescue. Thls ￿$ all 8 5ignilicant help with the financial
challenge of malntsinlng SAR Team5 acr055 the country.

PArrERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED
TRUSTEES, REPORT IINCLUOING DIRECTOR'S REPORT} (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
May l also thank the supporter5, fundraisers, my fellow Trustees and the Team Mernber5 for thelr tireless energy and the tirne
they give to Patterdale Mount31n RescueTeam4s volunteÈrs. We areone of the few countries inthe world thatofferthis service
for free. Our rnernber$ 8ive untold hours to help others. often ri5kin6 their own lives. These are the unsung heroes of the fells.
who seek little gratitude and Pra￿e.
I would also liketothank our partner agendes.The Police, The Ambulonce SeNice, The Fire Service3nd His Majesty's Coastguard
plus all our neighbouring Mountain Rescue Teams. The multl-agency assistance we 8et is invaluable.

PArrERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED
TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORTI (CONTINUED)
FOR THE YEAR EAIDED 31 DECEMBER 2025
Team Leader's Report by Mr M Cox
As the sun set5 on another yearacross the Helvellyn range, I find myself looking out from our Base at Ogifvie House with a
profound sense of pride &nd a touch of weary reflection. Bein8 the Leacler of the Patierrsale Mountain Rescue Team is
privilege, but it 15 a150 a rare vantage point from whlch one regularly sees and experien￿5 the rawest elements of both nature
and human splrlt.
The past two years have been the buslest in ourTeam's history. As we close the books on 2025.1 want to take a moment to
look back at the ground we've covered but most importantlyi thank the people who rnade it P0S5ible for us to keep dolng
what we do.
Ayear of extremes
The Lake Dlstrlct Is f3rn0usly fickle. but thls year has felt partloJ13Tly relentless. Our call-out ststistlC5 tell the story of a
¢han8in8 landscape. We have agaln seen a si8nlflcani rlse in 'lost and exhausted Incldents. often Involving walkers and wild
campers caught out by either weather or darkness. sadly quite often re5ultinE in entirely 4voidable callout5.
Key challenEe5 we faced-
The"Social Media. Effect.. We've seen an increasing nurnber of Callouts for younger visltors drawn to the'hidden
£ems often seen on social medla, often without the necessary gear or mountaincraft.
Operational F3tigue.' With callouts increasingly occurring rnid-week and either late at night orearly in the mornin&
the pressu￿ on ourvolunteers to balance professlonal Ilves wlth rescue duties ha5 never been higher.
Financial Future.. Wlth th3t same increase In callouts comes the inevitable increase in our annual runnln£ costs.
When aligned with a younger dernographic of ca$u8lties who elther don't have the disposable income to be able to
donate to the Team or perhaps don't èppreciate that we 3re volunteers, funded entirely by publlc donatlons, I can
see hard flnanclèl tlmes ahead.
To myteam.. The backbone ol PMRT
To the wotnen and men of the Patterdale team.. Thank you. You are a group ol volunteer5-joiner5. builder5, teachers.
tr2iners, retiree5, and health Ca￿ profe$5ionals who drop everything the moment the call comes in. This year, you've spent
hundreds of hours in the pourlng rain. Searching through the night and dedicating countless days and evenlngs to trainlng.
Your professionalism Is st388erlng. Whether It's provldlng Ilfe-savlng treatment to an injured walker, ensurin8 our Land Rovers
and kit are packed and ready for the next shout or Simply beln8 there with a helplng hand or a shoulder to cry on for
distressed relatlve or casualty companlon, you do It without a paycheque and often without a'thank you" from those we
help. l am constantly humbled by your resilience and your camaraderie. You aren't just a team- you are a fzmily.
To our supporters: Our Ilfeblood
It's a sobering reality that Patterdèle Mountain Rescue Team Is a charity. We recelve no dlrect government funding for our
day-to-day operations. Every bandage. every spllnt, every cllmbing rope and every drop of fuel in our Land Rovers Is paid for
by you the public,
From those who dropped change into a Collection box to those who help or8an12e our base open days. Those who bought
Team Calendar or a Duck Race tlcket to those who left us legacies in theirwi115. You are all the silent member5 of our rescue
group.
In a year where the cost of living has Contlnued to squeeze everyone, your gener051ty 55 nothlng Short of mlraculous. Thank
vou all, stay sale. look out forone another, and rernember to check both your klt and the weather forecast one last time
before you leave the valley.

PArrERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED
TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORn ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2025
Flnancial review by Peter G Baker, Honorary Treasurer
The Incomin8 Resources lor the year ended 3Lst December 2025 were £281,343. Outgoing Re50urce5 amounted to £129.144.
The surplus for the period was E257.860 which Included an unre31ised gain on investment5 of £105,661.
The charity has free ￿serveS of £1,005,34112024'. E923,2091.
Golng concern
After makin8 appropriate enquiries. the Trustees have a reasonable expectatlon that the charitable cornpany ha5 adequate
re50urce5 to continue in operational existence for the foreseeable future. For thls reason they continue to adopt the going
concern basis in preparing the financial statements.
Re5ervespolicy
Reason5 forthe Association's Reserves
The Assoclation has assessed that there are two principal reasons to hold reserves to meet pertrNed future needs..
l. The natur8 of the Team's work is such that there15 a rlsk that Sl8nificant funds could be needed at shorr notlce to replace
Iternsllacilltles that are not capable of being insured orto cater for major unforeseen dernands.
2. The ￿QUi￿rnentt0 malntain the Team's 8ase Iogllvie House). replace vehicles on a reguL3r basis. rneet legislation, and make
due 311ow3nce for depreciation have caused the Trustee5 to make provision for ￿serveS to cover these ￿Qu1￿MentS ff net
Income were to be Snsufficient forthls purpos&.
The Association's Reserves
l. The Association holds inve5trnents in the Curnberland Building Sorietyj Penrith Building Society, 8affjlays Bank and a number
of fixed term deposit accounts vi3 Flagstone Group. The As50Ci3tion also holds invested lund5 that are under the managernent
of RBC Brewin Dolphin. All income is ￿InveSted within these accounts.
2. The Associatlon's policy 15 to maintain cash reserves ol èt least two years, normal Dperatlng cost expenditure Icurrentlv
appromlmately £105,000 pa l.e. £210,000). Holdlngs In excess of this serve the dual purpose of generatln8 investment incorne
whilst a150 a¢¢umulating to meet significant future capital needs such as the refurbishment of vehicles and the constructlon of
an extension to Ogilvie House to accomrnodzte equiprnent and improve training f4cilities. Annual depreciation of £44,330 is
shown in the accounts and allowan¢e is made for the replacement costs of these assets in addition to routine operating costs
in arriving at the Reserves target.
How the Association maintains the above Reserves
Expenditure and fundraisingdeci5ions are based on ensuringthatthe longterm a5 well as day-to-day requirements oftheTeam
ère addressed. Regular Trustees meetlngs, in parallel with sound day-to-day management of the Associatlon'5 finances, and
annual review of the long term lrnperatlves of the organlsation ensure that the Reserves are appropriate to the needs of the
As&ociatlon.
The Monitorin8 and Review Pr(Kedure
The Treasurer Is ￿sponSIble for the productlon of monthly rnanagement accounts. which are shared with the Trustees and
budget holders. The Treasurer reports in detail to all Trustee meetings. and the Rese￿e$ policy Is formally revlewed and
monitored. reflecting any changing clrcumstances. on an annual basls.

PAThERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED
TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Invesrment policy
Investment Policy and Performan
l. Reserves have been established In 3ccordan¢e with good financlal governance practlce and the requlrements of the Charltles
Commission, taking into account the advice recelved from the Assoclatlon's accountants. The slze ol the reserve 15 reviewed
annually by the Trustees. The Trustees consider whether the funds to be invested for the longer terrn under our investrnent
policy should match, exceed. or be less than the reserve. The policy and ics implementation are reviewed annually. prior to the
Annual fjeneral Meeting IAGMI, or rnore frequently If Tequired.
2. Reserves provlde for the long term needs of the Patterdale Mountaln Rescue Tearn. Including provlslon for major
infr3Structure and equlpment proletts, and potentlal 5hortfa115 of in-year incorne Meetin8 In-ye3r expendltur& requlrements.
3. The Trustees believe that It Is neces¥ry for a proportion of the re5erve5 to be invested on a mediurn to long terrn ba515
lrneaning a minimum of five to ten years and preferably considerably longer) to provide 3 return exceeding inflation. The
Memorandum of Association ol PMRA provides authority for the Trustees to take such Investment declslons on behalf of the
AssocSation. The Trustee5 a150 act in accordance wlth the requlrements of TheTrustee Act 2000.
4. The Trustees have determlned the followin£ investrnent objective5:_
11 To preserve the value ol the Association'5 investments in real terms.
21 To provide a weighted average rate of return greater than UK inflation a5 measured by the Consumer Prlce Index and to
dellverthls return within acceptable leve15 of risk and volatility.
31 At least 70% of the assets should be in investments that can be ￿311$ed within three rnonih5 in case of major unforeseen
dernand5, over and above normal operatlng expeDdlture.
5. To de11ver thls pollcy, the Trustees determined that the rnanagernent of the funds Invested as above should be entrusted to
a profe55ional investrnent management company. selected on the basis of a long track record of successful mèna8ement of
major Sums of money. RBC Brewin Dolphin have been appointed by the As50Clation to manage our fund5 Wlth the alm of
providing a balanced return combining intorne and capital growth to protect the real value of the funds.
The Associatlon manages two account5.,
unrestricted funds for financing capltal expendlture and the long-term sustainability of the Rescue Team
restricted funds that are to be used to suppon/finance speclfled projects..
vehicle refurbishment fijnd
new vehicle fund
tEchnic31 training and education fund
benevolent fund
6. Monltorin8 of RBC Brewin Dolphln Isdelegated bytheTrusteestothe Investment Sub-comrnittee,wf(h any recommendatlons
for change to be formally approved by two of the officers of the Association Includlng the Chalr lor In the absence of the Chair,
the Vlce-chalrl and the Treasurer lor In the absence of the Treasurer. the Secretary).
7. The Trustees have further determined that the funds selected for investment should malntaln a balanced portfollo across, as
appropri3te, a range of Investment cla55e5 including UK and overse35 equlties. government and high quality comrnercial bond5,
property and cash, all subject to the adv5￿ of thelr professional investment manager.
8. Changes to this pollcy shall be subject to approval at a formal meeting of the TrustÉes.

PAThERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED
TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORTI (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Strurture, governance and maTra￿ment
Constitutlon
The CoM￿n¥ is registered as a charitable Company limited by guarantee and was set up by a Trust deed.
The company is constituted under a Trust deed dated 27 September 1996 and is a registered charlty nurnber 1063329.
The principal objett of the company Is to promote and sustain Patterdale Mountain Rescue Team, a charitable rescue Service
for all whosufferslcknes51 peril oranyothÈr3dversltyon anyolthe rnountains inGreèt 8ritaln and particularly on the mountalns
of Cumbria in the vlcinity of Patterdale or while boating or bathing in the lake5 and rivers or streams Ill the vicinitv.
The trustees. who are a150 the dlrectors forthe purry)se of company law. and who served durin8 the year and up to the date of
Signature of thè flnancial statements were..
Mr P G Baker ITreasurerl
Mr R N Bairow
Mrs M A Chllds
MrSDuffv
Mrs J F￿ebOrn
Mr K N Hardcastle Isecretaryl
Mr M Cotterell
Mr A Brenan
Mr G Bridge
Mr N Harling Ichairl
Prof. M Jackson (Vice Chalrl
Mr S Howe
Ms H Haslam
Mr M Gillibrand
IResl8ned 22 Aprll 20251
(Appointed 22 April 20251
(Appointed 14 October 20251
(Appointed 14 October 20251
Recruitment ond uppointment oAtrustees
The Trustees are elected by the charity's rnembers at the AGM. At each AGM one third of the Trustees shall
reti￿ from offlce by rotatlon. however. they shall be eligible for re*lectlon.
A Chairman 4nd Vice-Ch3irman may, if wllling, serve In thelr respective posts for a maximum of six consecutlve years, subject
to a bl-annual review, recommendation by the Trustees to members attending the AGM, and election by those Merrbers at
each AGM.

PA￿ERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED
TRUSTEES, REPORT (INCLUDING DIRECTOR'5 REPORTI {CONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2025
Pollcles Adopted for the Inductlon and TralnSn8 of Trustees
New frustees are asked to read a copy of the Charlty's Artlcles of Assoclatlon, advised on the pollcy. procedure and
responsibilities of the Charlty under the Charlties Act, and brlefed on their responslbllltles as Trustees.
Measures are irnplemented to ensure that, in accordance with Charity Commi55ion guidance. the Assoclation'5Trustees'.
understand thelr rok.
- ensure delniery ol the A5soclatlon's purpose and use resources solelyfor that purpose.
- work effectively as Indivlduals and as a team, making deci5ion5 collectlvely where necessary.
- exerclse effective control. wlth clear pr(Kesses. and with due care, Skill and prudence.
manage rlsks effectlvelv.
- eng)8e expert external profe551onal support where necessary.
behave with integrlty and ensure the A550ciation complies with relevant13w and re8ulations.
and are open and accountable. rnlnutlng meetlngs and reportlnB publlcly.
Declarations ofTrustees' actyallpotential conflicts of interest are recorded annually, and mana8ed approprlately.
- Trustees are annually reminded of tharlty Commlssion suidanceon Tru5tees' duties and re5ponslbllltlesand the relevant Code
and Principles of operation.
Orgonisotlon(F15tructure
The Charlty Trustees are all volunteers and are re5ponslble for the general control and mana8ernent of the Charity. Quarterlv
meetings are held by the Trustees, and also byTeam members, to di5CU55 finance, trainlng and other relevant Issues.

PA￿ERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED
TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORTI {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Otherm(Jtters
Rlsk Management
The Tru5tee5 of Patterdale Mountaln Rescue As5Dciation are committed to Maintaining a stron8 rfsk management culture and
beI￿ve that Sound risk management Is integral to good governance of the Association, effective management of the Rescue
Team's operations and engagement with thelr beneficiarie5 and the wlder publlc.
To this end theTrustee5 have established a Risk Policy with the aim of en5urin8 every effort is made to manage risk
appropriately. to enable the charity to respond to Internal and external risks and to ensure the long-term $u$tainability of
Patterdale Mountain Rescue Team operatlons.
The Trustees maintain responsibility for overall risk rnanagement and delegate responsibility for management of risks
associated with Rescue Team activitie5 to the Team Leader.
TheTrustees undertake a regular review of the most materlal strategic ri5k5 which the charity face5 and receive reports from
the Team Leader regarding any relevant issues of an operatlonal nature, which may impart the risk profile of the charity. At
quarterly meetings Trustees consider risks assoclated with financial rnanagement, including fundroi5ing, expendlture and
investment,. governance,. Trustee ski115 and recruitment.. external communication and reputation; and Rescue Team
operalions.
The Rescue Team leadershlp similarly revlew key operational risk a￿a5 and provlde regular updates toTrustees regardlng
team member capacity, selettion and tralnlng,, m3n3gement of operational deployments,. equlprnent. indudine vehicles,
communlcatlons and inforrnation 5VStems' and medical support.
Following the 2025 Risk Assessment, Trustee5 concluded that management of financial ri5k5 15 well-established, and some
progre55 ha5 been rnade in completlng 8Ctlons to manage down residual Eovernance risks. Including implernent4tion of a new
Conflicts Management Policy and associated processes. Actlons have been identified to rnana8e down the level ol operation>1
sk although Trustees conslder that further progress is required to brlng this down to a level they are prepar￿ to accept.
Members Llabllltv
The members of the company 8uèrantee to contrlbute an armunt not exceedinB £1 to the assets of the Charlty In the event of
winding up.
PubliE Benefit
TheTrustees of Pètterdale Mountaln Rexue Associatlon Llmlted belleve they have eomp5ied with the duty In sectlon 17 of the
Charlties Act 2011 to have due regard to the public beneflt 8uidance published by the Charlty Commlsslon.
The trustees, report was approved by the Board of Trusiees.
MrPG8a
Honorary Trèasurer
Mr N Harling
Chairman
Date..

PArrERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF PAThERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED
I report to the trustees on my exarnination of the financial statements of Patterdale Mountain Rescue Associatlon Limited (the
¢har4ty1 forthe year ended 310eceTnber 2025.
Responsibllitle5 and basls of report
As the trustees of the charity land a150 Its directors for the purposes of cornpany lawl, you are re5ponsib￿ forthe p￿paratIOn
of the flnancial statements in arcordance with the requirements of the Companles Act 2006.
Having satisfied fnyself that the financial statement5 of the charity a￿ not requlred to be audlted under Part 16 of the
Companies Act 2006 ènd are ellglble for Independent exam5n3tion, I report in respect of rny exarnination of the chariws
financial statemenrs carrfed out under section 145 of the Charltles Act 2011. In carrying out my examlnatlon I have followed
the Directlons 8iven by the Charity Cornmi5510n under section 14515llbl of the Charitie5 Art 2011.
Independent exarniner'5 statement
Since the ch3rlWs gross income exceeded E250,000, the independent examlner must be 3 member of a body 115ted In SECtion
145 of the Charitie5 Act 2011, 1 confirm that l quallfied to undertake the examlnatlon because l am a member of In5tltute of
Chartered Accountants in EnBland and Wale5, which is one of the listed bodies.
I have cornp1eted my examlnatlon. I confirm that no rnatteT5 have come to my attention In connecrion wlth the examlnatlon
E￿ing me cause to believe that in any material respect..
accountlng records were not kept in respect of the charity a5 iequired by sectlon 386 of the Con)panles Act 2(K>6.
the financial ststement5 do not accord with those ￿cordS. or
the fin8nclal statements do not comply wlth the accounting requirement5 of Section 396 of the Cornpanies Acr 2006 other
than any requirernent that the financial 5taternent5 give a true and falr vlew, whl¢h Is not a matter considered as part of
an Independent examinatlon,. or
the financial statements have not been prepared In accordance wlth the methods and prlnciples of the Statement of
Recommended Practlce for accounting and reporting by charities appllc3ble to charitles preparlng their financial
statements In accordance with the Flnanclal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021.
I have no concerns and have come across no other matters in connection with the examination to which attentlon should be
drawn in this report in orderto enab￿ a proper understsndlng of the financial ststements to be reached.
Davld Andrew Llddlo BA(Honsl, FCA
4 Mason Coun
Glllan Way
Penrlth 40 BusSness Park
Penrlth
Curnbria
CAII 9G
Date..
10-

PAThERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
Unrestrlcted
fvnd5
2025
Restr5cted
funds
2025
Total
Unre5trlcted
funds
2024
Restrlcted
lunds
2024
Total
202S
2024
Notts
Income and endowmerfs from..
Donation5 and legacies
Charitable activities
Investrnents
Other In¢ome
177,695
18,519
14,010
15,004
46,468
224,163
18,519
23.657
15,004
222,192
19,272
10.766
S77.597
799,789
19,272
20.198
9.647
9,432
Total In¢ome
225.228
56,115
281.343
252,230
587,029
839,259
Expenditur• on..
RalsSng funds
Charitable 4Ctl¥ltles
8,061
118,673
8,061
121,083
IL,940
205,162
11,940
215,975
2,410
10,813
Total expenditure
126,734
2,410
129,144
217,102
10,813
227,915
Net gains on Investments
13
52,241
53,420
105,661
43.112
43,112
Net income and movement in
funds
150.735
107.125
257,860
78,240
576,216
654.456
Reconciliation ol funds:
Fund balan￿S at l January 2025
1,543,099
631,912
2,175,011
1,464,859
55,696
1,520,555
Fund balan¢es at 31 December
2025
1.693.834
739.037
2.432.871
1.543.099
631.912
2,175.011
The st3tement of fvnanclal actlvllles Includes all ga5ns and losses ￿COgnISed in the year. All income and expendlture derlve from
contlnulng actlvities.

PATTERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED
BALANCE SHEET
AS A T31 DECEMBER 2025
2025
2024
Notes
Flxed assets
Tanglble a55ets
Investments
15
16
688,493
1.294.559
619,890
576,966
1,983.052
1.196.856
Current assets
Stock5
Debtors
Cash at bank and In hand
17
18
5,680
15,712
514,406
23,591
955.253
535,798
185.9791
982,904
4,7491
Credltors,. amounts falling due wlthln one year
19
Net current as$et$
449,819
978,155
Toial assets less current Ilabllltles
2,432,871
2.175.011
The lunds of the Chartty
Restrlcted Income funds
Unrestricted funds
20
21
739,037
1,693,834
631,912
1,543.099
2,432,871
2,175,011
The company Is entltled to the e¥emptSon from the audit requirement contained In sethion 477 of the Comp8nles Act 2006, for
the year ended 310ecember 2025.
The dlrectors acknowledge their responsibilitiÈs for complying with the requirements of the Companies Act 2006 wlth respect
lo accounting record5 and the preparation of financial statements.
The merDber5 have not requlredthe cornpany to obtaln an audlt of its flnancl315tatements fortheyearln questlon in accordance
wlth sectlon 476.
These financial statement5 have been prepared In 3ccordanTr with the provislons appllcèble to companle5 Subject to the small
companles regime.
The financlal statements were approved by the trustees on
MrPG8a
HonoraryTrea5urer
Mr N Harling
Chalrman
12

PAThERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED
NOTESTO THE FINANCIALSTATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Accountin8 pollcie5
Charity informatlon
Patterdale Mountaln Rescue A550ciation Lirnitsd Is a prlvate company Ilrnlted by guarantee incorporated In England and
Wales. The registered Offi￿ Is Patterdale Mountaln Rescue, 08ilvie House, Patterdale. Penrith, Curnbria, CAII OPJ.
1.1 Basis of preparation
The financial statements have been prepared in accordance with the charity'5 Eoverning document. the Cornpanles Act
2006, FRS 102 'The Flnancial Reporting Standard applicable In the UK and Republic of Ireland and the Charltles SORP
'Accounting and Reportin8 by Charities.. Statement of Recorvmended Practlce appllcable to charitie5 preparlng thelr
accounts In accordance with the Financial Reportlng Standard appllcable in the UK and Republic of Ireland IFRS 1021
The charlty Is a Public Beneflt Entity as defined by FRS 102.
The Charity has taken advantage of the provi5ion5 in the SORP for charities not to prepare è statement of cash flows.
The financial statements are prepared in sterlinBi which is the functlonal currency of the charity. Monetary amounts in
these flnancial Statements are rounded to the nearest £.
The financlal st3tement5 have been prepared under the historical cost conventlon, lrnodified to include the revaluation
of freehold propertles and to include Investment propertles and certain financial instruments at fairvaluel. The principal
accountlng pollcles 3dopted are set out below.
1.2 Going con￿r￿
At the time of approving the financial statements. the trustees have a reasonable expectatlon that the Charity has
dequate resources to continue in operational existence forthe foreseeable future. Thus the trustees contlnue to adopt
the go5ng concem basls of accountlng In preparlng the f5nan¢ial statements.
1.3 Charitable funds
Unrestrlcted funds are avallable for use at the discretion of the trustees in furtherance of their Charftable objectlves.
Restritted funds are subject to speclfic conditions by donors or 8rantors as to how they may be used. The purposes and
uses of the restricted fund5 are Set out in the notes tothe financial statements.
Endowrnent funds are subject to specific condition5 by donors that the capltal must be maintained by the charlty.
1.4 Income
Income Is recognlsed when the ch4Tlty Is legally entitled to it after any perfOr￿nce conditions have been met, the
amounts can be measured rellably. and It15 probable that income will be received.
Cash donations are recognised on ￿CeIpt. Other donation5 are recoenised once the ch3rity h3s been notifled of the
donatSon, unle55 performance conditions requ1￿ deferral Of the amount. Incorne ta¥ recoverable in relatlon to donatlons
recelved under Gift Ald or deeds of coven3nt Ss reco8nised at the time of the don8tlon.
Legacies are recoenised on recelpt or otherwise if the charity has been not￿led of an impendlng dlstribution, the amount
is known, and receipt is expetted. If the amount is not known, the legacy is treated as a contingent asset.
13-

PATTERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Accountln8 politiès
1.5 Expendlture
Expendlture Is reco8nised once there is a le8al or constructive obli8ation to transfer economic benefit to a third party, It
55 probable that a transfer of econornic benefits will be required in settlement, and the amount of the obligation can be
measured reliablv,
Expendlture is classified by activity. The costs of each att1vSty are made up of the total of dlrect costs and shared costs.
including support Costs involved in undertaking each act5vity. Dlrect costs attrlbutable to a sin8le actlvlty are allocated
directly to that attivlty, Shared Costs which contribute to more than one activity and 5UPPOrt C05t5 which are not
attrlbutable to a single activity are apportioned between those activitie5 on a ba515 consistent with the use of resources.
Depreciation charge5 are allocated on the portion of the 8S5et's use.
1.6 Tangible fixed a55et5
Tangible fixed assets are initially measured at C05t and Subsequently rnea5ured at C05t or valuation, net of depreclatlon
and any impairment losses.
Depreciation is recognlsed so as to wrlte off the cost orvaluation of assets less their resldual values over thelr useful Ilves
on the followlng bases..
Freehold land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Property straight line over 50 years, land is not depreclated
20% reducing balance
over 3 years 5trai8ht line
IO% and 20Yo reducing balance
The gain or loss ari5in8 on the disposal of an asset 15 determined as the difference between the sale proceed5 and the
carryin8 value of the asset, and is recognised in the statement of financial activities.
1.7 Flxed asset Investments
Fixed asset inve5trnents are initially measured at transaction price excluding transaction costs, and are subsequently
measured at fair value at each reporting date. Chan8es in fair value are recogni5ed in net incomellexpenditurel for the
year. Transaction costs are expensed as ineurred.
1.8 Impairment offlxed assets
At each reporting end date. the charity reviews the carryln8 amounts of Its tan8lble and Intan8lble assets to determine
whether there is any indication that those assets have suffered an impairrnent loss. If any such indication exists, the
recoverable amount of the asset Is estimated in order to determine the extent of the impalrment10ss lif anvl.
1.9 Stock5
Stocks are stated at the lower of cost and estimated selllng prlce less costs to complete and sell. Cost comprises direct
materials and, where applic3ble. dlrect labour costs and those overheads that have been incurred in bringing the Stocks
to their pie5ent location and condition. Items held for distribution at no or nominal consideration are measured the lower
of replacernent cost and cost.
Net realisable value is the estimated selling price less all estlmated cosis of completion and costs to be Incurred in
marketing, sellin8 and distribution.
1.10 Cash and cash equivalents
Cash and cash equiv31ents include cash In hand, deposlts held at tall with banks. other 5hort-term liquid investments with
origlnal maturitie5 of three months or less, and bank overdraft5, Bank overdrafts are shown wlthin borrowlngs In current
14-

PArrERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Accounting policie5
1.11 Flnanclal Instruments
The charity has elected to apply the provisions of Sertion Il'Basic Financial In5trument5' and Section 12 '0ther Financial
Instruments Issues. of FAS 102 to all of its financial instruments.
Financial instruments are Tecognised in the charity's balance sheet when the charity become5 party to the contractual
provisions of the instrument.
Financial assets and liabilities are offset, with the net amount5 presented in the financial 5tatement5, when the￿ is a
legally enforceable right to set off the recognised amounts and there is an intention to Settle on a net basis or to realise
the a55et and settle the liability simyltaneouslv.
Basiclinonciolassets
Basic financial assets. which include debtors and cash and bank balances, are initially measured 8t transaction price
includin8 transaction costs and are subsequently carried at amortised c05t Using the ellective interest rnethod unless the
arrangement constitute5 a financing transaction, where the transaction is measured at the present value ol the future
receipts discounted at a market rate of interest. Financial asset5classified as receivable within oneyear are not amort15ed.
Bosicfinunciol liobilities
Basic financial li3bilitie5, including creditor5 and bank loans are initially recognised at transaction price unless the
arrangernent Constitutes 3 financing trèn5action, where the debt instrument is measured at the present value of the
future payment5 discounted at a market rate of interest. Financial liabilities classified as payable within one year are not
amortised.
Debt instruments are Subsequently carried at arnortised cost, usin8 the effective interest rate method.
Trade creditors are obligations to pay for goods or seTvice5 that have been acquired in the ordinary course of operations
from suppliers. Amounts payable are clasS￿fIed as current liabilities il payment 15 due within one year or less. If not, they
are presentèd as non-eurrent liabilities. Trade creditors are recognised initially at transaction price and subsequently
measured at amortised cost using the effective interest method.
Derecognition offinonciol liubilrties
Flnanclal IlabllltSes are dereco8nlsed when the charit¢5 contractual obligations explfe or are discharged or cancelled.
Critl¢al a¢￿￿ntIng ertlmate$ and judgements
In the application of the charitvs accounting policies, the trustee5 are required to make lydgements. estimates and
assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The
estimate5 and associated assumptions are based on historical experience and other fattors that are considered to be
relevant. Actual results may differ from these estimate5.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accountin8 e5timate5 are
re£ognised in the period in which the estimate is revised where the revision affects only that period, or in the period of
the revision and future periods where the revision affects both current and future periods.
15-

PArrERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2025
Income from donations and legacle5
Unrestrlcted
funds
202S
Restritted
fund5
20Z5
Total
Unrestricted
lunds
2024
Restricted
fund$
2024
T¢rtal
2025
2024
Donètions and glfts
Legacles
Other
78,686
71,455
27,554
5,468
40.000
85.154
111,455
27.S54
73,195
129.777
J9,220
124
577,473
73,319
707,250
19,220
177,695
46,468
224,163
222,192
577.597
799,789
Donatlons and gifts
Donations
HMRC Gift Aid
Collection Boxes
67,033
6,547
5,106
6,468
73.501
6,547
5.106
60,771
6,732
5,692
124
60.895
6.732
5,692
78,686
6,468
85.154
73,195
124
73.319
Income from ¢haritoblt activltle5
Unrestricted
fund5
2025
Unrestrlcted
funds
2024
Other TTadlThg Actlvltles
Sale of goods
18,519
19,272
In￿me from Investments
Unrestrfcied
fvnds
2025
Restrlcted
funds
Z025
Total
Unrestrl¢ted
fund5
ZOZ4
Restritttd
funds
2024
Total
2025
2024
Income from listed
Investment5
Bank interest recelvable
1.787
12.223
1.787
21,870
2,041
8,725
2,041
18,157
9.647
9.432
14.010
9,647
23,6S7
10.766
9,432
20,198
18

PArrERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS ICONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
other Income
Unrestricted
funds
2025
Unre5tricled
funds
2024
Net gain on d15posal of tan8ible fixed assets
15,004
Expendlture on ralslng fltnds
Unre$tri¢ted
fvnds
2025
Unrestrlcted
lund$
2024
Fundraising and putsli¢liv
Cost of other tradin8 attivlt5es- Shop costs
3,530
6,763
Trading costs
Cost of raisinÈ donations and legacles- Donatlons
4,531
5,177
Total costs
8.061
11,940
Expendlture on charitable activitle5
Support Co$ts Support Costs
2025
2024
Dlrect costs
Dep￿CiatIon and amortlsatlon
Provision of mountain rescue
44,330
71,192
50,150
156,745
115,522
206.895
Share of 5UPPOrt and goverThance tost515ee note 91
Support
5.561
9,080
121,083
215,975
Analysis by fund
un￿StrICted funds
Restricted fund5
118,673
2,410
205.162
10,813
121,083
215,975
17-

PAThERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
support ¢ost5 allotated to actlvltle5
2025
2024
Comrnunication5 and IT
General Offl¢e
Governance costs
993
2.321
Z,247
1,102
4,848
3,130
5,561
9,080
Analy5ed between..
Support Cost5
5,S61
9,080
10 Independent examination fee5
Fees payzble to the chèrity's Independent examiner and a550clates'.
2025
Z024
Independent exarninatlon of the financial statements of the charltv
2,129
1,950
11 Trustees
Noneof thetrustees loranypersons connected withthernl received any remuneration or benefitsfrom the charityduring
the year.
12
Employees
The company doe5 not have any employees. The company has trustees butthey did not receive any ￿mUneratIOn in the
year.12024- £Nill
13
Galns and losses on Investments
Unrestrtcted
funds
2025
Restr5cted
lund$
2025
Total
Unre5trlcted
funds
2024
Restrlcted
funds
2024
Total
2025
2024
Gainslllossesl arfslng on=
Revaluation of inve5tment5
52.241
53.420
105,661
43,112
43.112
18-

PAThERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2025
14 Taxation
The charlty Is exempt from taxation on its activities because all its income Is applied for charitable purposes.
15
Tanglble flmed assets
Freetrvld lind
Plant •hd
machlnery
Fixtures and Motoryehlcles
Cost
At l January 2025
Additions
Dlsposals
733,111
29,261
226,999
38,828
222,636
83,918
1.221,574
113,179
122.3381
122,3381
At 31 DeTrmber 2025
762,372
204,661
38,828
306,554
1,312.415
Depre¢iatitsn and impairment
At l January 2025
Depreciation charged in the year
Ellmlnated In respett of dlsposals
263,872
13,798
124,261
22,166
122,0921
38.828
174.723
8,366
601,684
44,330
122,0921
At 31 December 202S
277.670
124,335
38,828
183,089
623.922
Carrying amount
At 31 December 2025
484,702
80.326
123,465
688,493
At 31 December 2024
469,239
102.738
47,913
619,890
16 Flxèd asset investments
Listed
investments
Cost or valuation
At l January 2025
Addltlons
Fair Value MoveTnent5
576,966
630,774
86,819
At 31 Decernber 2025
1,294.559
Carrying amount
At 31 December 2025
1.294,559
At 31 December 2024
576,966
All investments have beenvalued at falrvalue,these values have been provided bythe fund rnana8ersthemselves, Brewin
Dolphin at the year end date.
19-

PAThERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2025
17
Stocks
ZOZ5
2024
Flnlshed Bood5
5,680
4.060
18
Debtors
2025
2024
Amounts fallln8 due wlthln one year:
Trade debtors
Other debtors
Prepayments and accrued income
29
9,335
6.348
17.511
6,080
15.712
23,591
19
Creditor5.' amount$ talling due wlthln one year
2025
2024
Trade creditors
Accruals and deferred income
83,779
2.200
2,529
2,220
85.979
4,749
20-

PAThERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
20
Restrlcted funds
The ￿$tricted funds of the charity comprlse the unexpended balance5 of donations and grants held on trust subject to
specific conditions by donors as to how they may be used.
At l January
2025
Incorning
resources
Resour￿$
expended
Tr8nsfersGaln5 and losses At 31 December
ZOZ5
Te8m bulldlng fund
Benevolent fund
Vehlcle fund
ReEional training
and education fund
Vehicle
refurblshment fund-
Jean Hindson
Tearn welfare fund
778
279,798
121,336
17601
1181
12,747
719
292,545
122.055
230,000
46,750
276,750
41.201
8,118
41,201
6,486
11.6501
18
631,912
109,535
12.4101
739,037
Pr•vious year..
At l January
2024
Incomlng
re50ur¢e5
Re50urce5
expended
TrdnslersGairt$ and losses At 31 December
2024
Rescue Vehicle
Renewal Fund
Team bulldlng fund
Benevolent fund
Vehicle fund
Regional traininE
and edueatSon fund
1,336
4,360
50.0(K)
11.3361
124
236,905
120,000
13,7061
17,1071
778
279,798
121,336
1,336
230.0(X)
230,000
55,696
587.029
110.8131
631,912
The team building funds represents monles received from outside the charlty and Is there for the purpose of team
buildinglsocial events for the volunteers.
The Chris Lewls legacy represents funds received from the Chris LewisTrust Fund. ThÈse funds wlll be used to provide..
A new rescue vehi¢le
Regional training and education
A benevolent fund
The vehlcle refurbishment fund has been established from a legacy received frotn Jean Hlndson on the 18 August 2025.
The Team Welfare Fund represents monies generated outside the charity. The purpose of thi5 fund is to benefit the
welfare of Team members when the demands on theTeam have been particularly hlgh or there has been an ernotionallv
challenginE rescue. The monies raised are to fund social event
21

PAThERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
21
Unre5trirted funds
The unrestricted funds of the charity ¢ompri5e the unexpended balances of donations and 8rant5 whlch are not subject
to speclfic conditlOD5 by donor5 and grantors as to how they may be v5ed. These include desi8nated funds whlch have
been set aside out of unrestTlCted funds bythe trustees for 5PEcific purposes.
At l January
2025
IncomlnK
resource5
Resourre5Galns and losses At 31 December
expended
2025
General funds
1.543,099
225,228
1126,7341
52.241
1,693,834
Prevlous year:
At l January
2024
Incomln
re50urce5
Re50urcesGalns and losses At 31 December
expended
2024
General funds
1,464,859
252,230
1217.1021
43,112
1,543,099
22
Anolysl$ of net a5set5 between funds
Unrestricted
fvnds
2025
Restrl¢ted
fund5
20Z5
Total
2025
At 31 DeCem￿r 2025..
Tanglble è55ets
Investments
604.575
755,330
333,929
83,918
539,229
115,890
688,493
1,294,559
449,8L9
1,693,834
739,037
2,432.871
Unre5trlcted
fvnds
20Z4
Restilcted
tunds
2024
Totsl
20Z4
At 310ecember ZOZ4.'
Tanglble assets
Investrnents
Current a55et511liabllitlesl
619,890
576,966
346,243
619,890
576,966
978,155
631,912
1,543,099
631.912
2,175,011
23
Related party transactions
There were no related party transactlons In the year.
22-