Company registra11￿ nuffl￿r 4106014 ￿11￿￿ & bltdl•s
Char?ty regiStv¥lion number. 1085422
Traddodiadau Cerdd Cymru l Music Traditions Wales (trac) Limited
(A company limited by guarantee)
Annual Report and Financial Statements
for the Year Ended 31 March 2022
*ABISQRBM
1311212022
COMPANIES HOUSE
#203

Traddodiadau Cerdd Cymru l Music Traditions Wales (trac) Limited
Reference and Admlnlstrative Detalls
TNstees
OrKFI
Dr M Davies
Prof. J Blythe
F E Br(wm
T Duffy
C Bartlett
S Srnith
M-A F Robertg-O'Reilty
Peter Comel
Re%gned 14 Nov 2021
Resigned 10 Aug 2021
A￿Inted 18 ALW 2021
Secretary
D KilBride
Registered Office
4 Purbeth Street
Cardiff CFS 1FR
CoMp￿Y Registration Number
4106014
Charity Registration Number
1085422
Independent Examiner
Comp Management Limiied
4 Purbeck Street
C¥diff CF5 1FR

Traddodiadau Cerdd Cymru l Music Traditions Wales (trac) Limited
Trustees. Roport
The trustees. vtho are directors for the Pufposes of company law, present the annual report
together vith the financial statements of the tharitable company f(Y the year ended 31 March 2022.
Commencement of activities
The charity is a charitable company and was set up on 10th November 20W when it took over
the assets and Ibabilits'es of the former'lrac". It became a registered Chanty on 7th Marth 2002.
Governing document
The charity is contrdled by its goveming dorwment. its memorandum and artide$ of asswation,
and constitutes a limited ¢cYnpany. limited by guarantee. as defined by the Companies Act 2006.
Members of the chwitable company guarantee to contribute an amount not exceeding £10 to the
asset5 of the charitable company in the event ofwinding up.
Recruitment and appoinlment of new twustees
Members of the board. who are directors for the purpose of company law and trustees for the
putpose of charity kgw. vkno ser¥e during the year up to the dale of this report. are sel out
above.
The minimum number of trustees required is three with no maximum. The trustees are appoinled
at the Annual General Meeiing or otherwise appointed by the Trustees bthere there is a vacancy.
Induction and training of new trustees
Atl new Iruslees receive information on Iheir obfigations and resplmsibilities as trustees and
receive a full inductbon to the chaiity's aims and objectives. Training is made availabk on trustees,
roles and responsibilities as required.
Organisatlonal strncture
Chjring 2021-2022, the full time Director, appointed by the trustees. Managed the day lo day
operations of the chanty together vthh the part time Company Manager. A part-time Administrator
was part of the team unlil 30 April 2021. In January 2022, a full lime Business Development
Manager took up this new post, a$ did a part-kn'me Communications & Marketing Officer.
A part-lime project officer e￿Ordinated the Avanc project and a team of freelan￿ staff provided
the delivery of acti¥ities.
Objo¢tives and airns
The charity's principal activity is as a Folk Devdopment Agency for Wales. Its objects are to
increase awareness, understanding and confidence in the music. song and dance traditions within
Wales.. and to raise awareness outside Wales of tradrtKJnal rnu￿c acb¥ities laking PL9￿. and to
eale links wilh other organisations and partiC4pants throughLXrt the wortd.
Charltable activities
Trac Cymnj's ￿ lo represent and devdop the traditional folk arts of Wales carried on throughout
the Comd 19 pandemic. without recourse to furlough. Activities during the year under revtew
continued lo be affected by the pandemic. vknich had halled the usual flow of funding as well as
creating uncertainty in faCe-trpfa￿ acti￿￿ty.

Traddodiadau Cerdd Cymru l Music Trnditions Wales (trac) Limited
TTustses' Report (continued)
Intemal Review and Its consequences
The focu$ fcrf much of the year was on restructuring following the intemal revtewv•hich took pl
during lockdovm. on recruiting and embedding the new members of staff. and on fundraising and
planning to regain momentum lost through the pandemt through a Strateg￿ exP￿S1￿ over
the next three lo five years.
Avan¢: the Youth Folk Ensemble of Wales
Wales's National FcAk ensemble for mus￿lan$ aged 18- 25 TAas supported financialty by ACW
and a range of nw4 charitable trusts and fthjndatlr￿8 (see Principal funding sources below).
They rehearsed and perfomed both online and in person, appearing at Celtic connect￿n8 in
Glasgow and releasing a video Sing￿ as ￿11 as attending fflusic industry training and events
su¢h as Focus Wales.
Wales Folk Awards
Although planning meetings continued fcK the next Wales Fdk Awards. it was accepted that due
lo CO￿7d the next Award$ VaY)uld not be feasible unts"l April 2023. The Awards are a major profile
raising event for Wales, traditional musrc scene as V￿11 as for Tra¢ Cymru, and the organising
panel includes the BBC, ACW. and significant foures from the Wdsh folk scene.
International work
Trac Cymru's Direcior attended three ¢x*line version5 of music industry eNpnts regularly attend.
namely WOMEX, Sh(wcase Scotland. and the Fdk Alliance Intemalional Conference, plus a
further Ihree in person: Focus Wales. Feisean na Gael conference in Scotland. and English Folk
The European Folk Network. cfyfounded by Tra¢ Cyrnru. hekl three online conferences and an
event in Budapest al vthich Trac Cymru's Director addressed the members. The event was
attended by delegates from all over Europe and online.
Trac c￿ru'S Director spoke at tsvo music industry events in Itay as wel as advisino our
equivalents in Scotland. TRACS. on rts restruduring process.
Trac Cymru convened the first one-day COnfe￿nCe on the equalty, indusivity and diversty issues
specifically facing folk organisatic￿$ whose remit is the traditiond folk arts. Held online. il was
attended by partner ¢xganisations auoss Britain.
Online Resources
Tra¢ Cymru continued to offer an inffflnation Servi￿ lo Ihe public and to the traditional music
sector. including a directory of perlonners, tutors and instrument makers. arKI ￿line resources for
learning Iraditional songs and rnusic.
Newsletters were sent oul al least monthty and our soc4al media presence was developed further
by our new Communications & Markeling Officer.

Traddodiadau Cerdd Cymru l Music Traditions Wale5 {trac) Limited
Trustees. Report (continued)
Partnerships
Notable partnerships in 2021-22 induded BBC Radio Wales and BBC Radio Cymru. English Folk
Expo. Music Wales partnership. Ty Cerdd. Arts & Business Cymru. Wales Arts Intemational,
Creative Wales, Musicians Union, Upbeat Music and Arts. and Focus Wales.
3. Reserve policy
The results of the charity a￿ shcwK* in the statement for finan(ial aciivities. The trustees have
policy whereby the unrestncted funds not committed or invested in fixed assets (the free reserves)
held by the charity should be belween 3 and 6 months of expendilure. The present level of reserves
available to the tharity is £56.173
4. Principal funding sources
In 2021122 Trac Cymru continued to benefit from Arts Counal for Wales Revenue funding plus
Project funding for the Avanc proiecl. Additional funding for Avanc was gained from Creative &
Cullural Skills, the PRS Foundation. the Ash* Farn1￿ Foundation. The Garrick Charitable Trust,
The Leche Trust, The Fenton Arts Trust. and the Darkley Tnjst. A successful applicab'on lo the
Welsh Govemmenfs TSRF3 Cowd recovery fund made a significant drffe￿n¢e in this year.
Core income VRS augmented by a small am￿jnI generated by Mari Lvryd kit and book sales.
The ￿nUal report was approved by the tru$lees of Ihe tharity on 1 ￿¥ember 2022 and signed
on ils behalf by..
Dr K Floyd
Trustee

Traddodiadau Cerdd Cymru l Muslc Traditions Wales (trac) Limited
Slatement of Trusttts. Responsibllities
The trustees (who are 8180 the directors of Traddodiadau Cerdd Cymru l Music Traditions Wales
{tra¢) Limited for the purpose of company I￿) are responsible for preparing the financial statements
in accord￿￿ with Ihe United Kingdom A(￿inting Standards (UDiled lQ"ngdom Generally Accepted
Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare fmancial statemerrts for each financial year. Under
company law the trnstees must not approve the finan(aal statements unless they are satisfied that
they give a true and fair view of the state of affairs of the charitable company and of its incoming
resc4Jrces and application of resources. induding its income and expenditu￿. that period.
In preparing these financial ststements. the tru$lee$ a￿ require<l to:
- select suitable accounting policies and apply them consistently:
- observe the method5 and principles in the Charities SORP:
- make judgements and estimates that are reasonable and pmdent:
- state whelher applicable UK Accounting Standards have been f0M￿Ned. subje¢t to
any material departures disdosed and explained in the financral statements; and
- piepare the financial statements on the going concem basis unless it rs inappropriate
to presume that the charitable wnpany ￿711 ￿ntinue in business
The trustees are responsible for keeping adequate accounting records that are suffiaent to show
and explain the charitable compan￿5 transactions and disclose ￿1th reasonable accuracy at any
time the finanual po￿ts.0n of the charitable company and enable them to ensure Ihal the financial
statements comply with the Companies Acl 21XE. They are also responsible for safeguarding the
assets of the charitable company and hence for taking ￿aSOnable Steps for the prevention and
detection of fraud aThJ other irregularities.
Approvèd by the trustees of the charity on 1 November 2022 and syned on its behalf by:
Dr K Floyd
Trustee

Traddodladau Cerdd Cymru l Musl¢ Tradltlons Wales (trac) Llmfted
Indopendent Examin¢Vs Report to the Irusts•s Ot.
Traddodiadau Cerdd Cymru l Musbc Tradilions Wales ltrac) Limited
I report on the accounts of the d￿rity for the year ended 31 March 2022.
Respectiv• responsibilities of trustees and examiner
The trustees (wtho are also the directors of the company for the purFx)se of company law) are
responsible for the preparation of the accounts. The trustees consider that an audit is not required
for Ihis year under section 144(2) of lh8 Chariti8s Act 2011 (the 2011 Act) and that an indepandent
examination is needed.
Having satisfied myself that the Charity is not subject lo audit under company law and is eligible for
independent examination, it is my responsibilty to=
- examine the accounts under section 145 of the 2011 Act:
- to follow the procedures laid down in the general Directi￿S given by the Charity
Commission urKler section 145 {5)(b) of the 2011 Act; and
- to state whether particular mallers have come to my attentK)n.
Basis of Independent oxamlnees report
My examination was carried in accordance Ihe general Oirections given by Ihe Charity
Commission. An examination indudes a review of Ihe accounting records kept by the charity a￿1
a comparison of the accounts presented with thctse records. It also indudes C4)nsideration of any
unusual items or disclosures in the acu)unts. and seeking explanations from you as trustees
conceming any such matters. The procedures undertaken do not prowde all the evidence that
would be required in an audit and consequenly no opinion is given as to whether the awx)unts
present a "true and fair vievf and the report is limited to those matters set oul in the statsm8nt
below.
Indepondont oxaminofs statement
In connection with my examinatton. r¥) matter has come to my attention:
{11 wthich gives me reasonable cause to believe that in any matsfial r8SP8Ct the requirements:
a) to keep accounting recwds in accordance vmh sectN)n 386 of Ihe Companies Act 2006: and
b} to prepare accounts Wthich accord with the accounting records, comply wtth the accounting
r8quirem8nts of section 396 of the c￿pan￿ Act 2Ch)6 and with the methods and principles
of the Statement of Recommended Practice: A￿0￿￿ting and Reporting by Charities
have not been met. or
{2) to which, in my opini¢)n, atten￿n shoukl be drawn in order to enabie a proper understanding of
the accounts to be reathed.
c￿￿
Dats: I
Comp Management Limiied
4 Purbeck Street
Cardiff CF5 1FR

Traddodladau Cerdd Cymru l Music Traditions Wales (trac) Limited
(Includlng Income and Expenditure Account and
Statement of Total Recognised Gains and Losses)
unrestri￿ Restricted Total
lunds
funds
2022
Tolal
2021
Income from:
Donations and legacies- ACW gr￿ts & others
Other trading activitie$ - events
Investment income- interest
81.134
5.331
11
74.874 156.Crf)8
5.331
106.151
9.313
20
Tota Income
86.476
74.874 161.350
115.484
Expendlture on:
Charitable activities
Other ewenditure
Total Eypenditure
{$3.534)
26.195
{39.982) (93.516)
(2,128
28,323
42,110
(61.417)
35,994
9.729
121.839
97.411
Net inc(xme l (expenditu￿)
6,747
32.764
39,511
18,073
Transfers belween funds
Net movement in funds
6,747
32,764
39,511
18,073
R¢¢on¢iliation of funds
Total fijnds brought forward
Total funds carried forward
49.426
16.197
65.623
47,550
13
56.173
48.961
105.134
65,623
All of the charitjls activittes derive frorn amtinuing oper*ions during the above period.

Traddodiadau Cerdd Cymru l Music Traditions Wales (trac) Limited
IRegistration number: 4106014)
Balance Sheet as at 31 March 2022
2022
2021
Fixod Assets
Tangible Assets
3,231
3.231
Current Assets
Debtors
Cash at bank and in hand
10
1,462
104.998
479
68,557
106.460
{4,557)
69.036
(3,413)
Creditors.. Amounts due within one year
Net Current Assets
101.903
65,623
Net Assets
105,134
65.623
Funds of the charity:
Restricted Funds
Unrestricted income funds
Unrestricted funds
48.961
16.197
56.173
49,426
Total funds
12
105.134
65.623
For the financial year ended 31 March 2022. the charTty was entitled to exemption from audit under
section 477 Companies Act 2(K6 relating to small companies.
Directors, responsibilities..
The Iruslees have nol required the charity to obtain an audit of its accounts for ihe year in questio
in accordan￿ with Section 476"
The directors acknowledge the￿ resp(￿sIbilItieS for comptying with the requirements of the Act
th respect lo accounting records and Ihe preparatton of the acC￿nts.
These accounts have been prepared and delivered in accordance vthh the prowsions applicable
to Com￿leS subject to the smal cornpanies regime.
The financial statements were approved by the trustees and authorised for issue on 1 November
2022 nd signed their behalf by.
Dr
Trustee

Traddodiadau Cerdd Cymru l Music Traditions Wales (trac) Limited
Notes to the Financial Statements for the year ended 31 March 2022
1. Charity Status
The chaiity is a charity limited by guarantee and wisequenlly does not ha%p share capital. Eath of
the trustees is liable to contritrwte an amount not exceeding £101(wRrds the assels of the charty in
the event of liquidation.
Summary of significant accounting policies and key a¢¢ounting estimates
The principal accounting policies applied in the p￿paration of these financial statements ara set
out below. These policies have been consislenty applied to all the years presented. unless
othe￿7$8 stated.
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Repcwting by
Charities: Statement of Recommended Practice applicable lo tharities preparing their accounts
in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
(FRS102) (effective 1 January 2015) (Charities SORP (FRS102)). the Finanaal Reporting
Standard applicable in Ihe UK and Republtc of Ireland (FRS 102) and the Companies Act 2006.
Basls of Preparntion
Traddodiadau Cerdd Cymru l Music Traditions Wales (trac) Ltd meets the definition of a public
benefit entity uTrJer FRS 102. Assets and liabilities are initially reccM3nised at historical cost or
transaction value unless olhewse slated in the relevant accounting policy notes.
Going con¢•m
The tnjslees consider that there are no material uncertainties about the chariV$ ability to continue
as a going conwn nor any signifrcanl areas of uncertainty that affect the Carrying value of assets
held by the charity.
Exemption from preparing a cash flow statement
The charity opted to earty adopt Bulletin 1 published on 2 February 2016 and have therefore not
induded a cash flow Slatement in these ￿n￿cIal statements
Income and endowmonts
All income is re￿nISed once the charity has entiuement to the inc¢Y￿e. it is probable that the
income v4ill be received and the amount of the income receivable can be measured reliably.
Grants receivable
Grants are recognised vknen the charity has entsllement to the fvnds and any conditions linked to
the grants have been meL Where performance condibons are attached to the grant and are yet
lo be met, the income is re¢￿3n1Sed as a liabilty and included on the tsa1￿ce sheet as deferred
income to be released.

Traddodladau Cerdd Cymru l Music Traditions Wales (trac) Limited
Notes to the Financial Statements for the year ended 31 March 2022 (continuod)
2. Accounting Policles (continued)
EX￿ndit￿re
All expenditure is recognised On￿ there is a legal or consttuctiwE obligation to that eypendilure. it is
probable settlement is required and the amount G8n be measured reliabty. Atl costs are allocated to
the applicable expenditure heading that aggregate similar costs to that category. Where cost5
cannot be diredly attributable to particular headings they have been allocated on a basis consistent
with the use of resources. with cefttral slaff costs allocated on the basis of time spent. and
depreaation Charges allocated on the portion of the asset's use. Olher support costs are allocated
based on the spread of staff costs.
Charltsble activities
Ch8ritable expenditure ￿mmpriseS those costs incurred by the charity in the deli¥ery of its aclivities
and 5eNices its benefTrciaries. It indude5 both costs that Gqn be alk)caled direcuy to such
actiwties and those costs of an indireci nature necessary to support them.
Support costs
Support costs indude central functions and have been allocated to aclivily cost categories on a
basis consistent with the use of resources. for example. allocating property cosls by flocK areas. or
per capila, staff costs by the tirne spent and other costs by their usage.
Governance costs
These include the costs attributable to the charivs (Xynpll￿Ce with contilutional and ststulory
requirements. induding audit. strategic management and Irustee's meetings and reimbursed
e￿enses.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedufe 6 of the Finance Act
2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
Accordingly. the chartty is potentially exempl from taxation in ￿Spect of income or capital gains
received within categories covered by Chapter 3 Part 11 of the Ctyporation Tax Act 2010 or
se￿lOn 256 of the Taxalion of Chargeabk Gains Act 1992. lo the exlent thal such income or gain$
are supplied exdusively lo charitable purposes.
Tangible fixod assets
Indi¥iduaY fixed assels cosling £O.(Y) or more are inilially recorded at cost, le$s any subsequent
accumulated depreaation and subsequent a0￿mulated impairement costs.
Depreciatlon and amortlsatlon
Depreciation is provided on trangible fixed assets so as to write off the cost or valuats'on. less any
estimated residual value. their expetted uselul economic life as follows:
Office Equipment
33.33%

Traddodiadau Cerdd Cymru l Music Traditions Wales {trac> Limited
Notes to the FIna￿la1 Statements for the year ended 31 PAarch 2022 (continued)
2. A¢¢ounting Policies (continued)
Trade debtors
Trade debtors are amounts due from customers for merthandise sokl or serwces perfomed in the
ordinary course of business.
Trade debtors are recognised initidty at the transaciion price. They are subsequenty ffleasured at
amortised cost using the effectibE interest ￿￿thod. less provision for impaimienl. A provision for the
impairment of trade debtors is established when there is c&jective evidence that Ihe charity will not
be able to collect aN amounts due according lo the original tems of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash ¢)n h￿d and Call deposits. and other short-term highly
liquid investments that a￿ readily contstrtible to a knMI amount of cash and are subject to an
insignificant risk of change in value.
Trade Credito
Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary
course of business from suppliers. Accounts payable are Classif￿ as current liabiltbes if the charity
does not have an unconditional right. at the end of the reporting perityj. to defer settlement of the
creditor for at least twelve months after the reporting date. If there is an uncondits'onal right to defer
selllemenl for at least th￿ve months after the rewting date. they are presented as non¥current
Trade creditors are recognised initialty at the transaction price and subsequentty rneasu￿d al
amortised cost using the effective Inte￿$t method.
Fund structure
Unrestricted income funds are general funds are awailable for use at the Irustee's discretion
in furtherance ol the objectives of Ihe tharity.
Restricted income funds are those donated for use in a part￿￿lar area for $F￿(￿r￿ puFP￿S. the
use of ￿lch is ￿$tricted to that area or purpose.

Traddodiadau Cerdd Cymru l Music Traditions Wales (trac) Limited
Notes to tho Finan¢ial Statements for the year ended 31 March 2022 (continued)
3. Expenditure on charitable activities:
Unrestricted
Funds:
General
Re5ts1cted
Funds
Total
2022
T¢Aal
2021
Direct costs
Allocated support costs
Govemance costs
26.011
13.971
33.444
55.565
4,507
93.516
20,194
36,716
4,507
61,417
41.594
4.507
39.982
Of which:
a) Support costs allocated to charitsble activlties
Other
Support
costs
Admln
costs
Total
2022
Total
2021
48,473
55.565
36.716
b) Govemance Costs
Unrestslcled
Funds:
Genernl
Restslcted
Funds
Tolal
2022
Total
2021
Audit fees..
Audit of finanaal statements
Other govemance costs
4.507
4.507
4,507
4.507
4.507
4,507
4. Other expenditur•:
Funds:
Restslcted
General Funos
Total
2022
Total
2021
Depreciation. amorti5ation and
other Similar costs
Allcrated support cosls
162
26.033
26.195
28
2,100
2.128
190
28.133
28.323
35,994
Of whlch:
Support costs allocated to olher expenditur•
Admin
Supwt
costs
Tot*1
2022
Total
2021
Other Expenditure
23.462
1.995
2.676
28,133
35.994

Traddodiadau Cerdd Cymru l Music Traditions Wales (trac) Limited
Not•s to the Financial Statomonts for tho yoar ended 31 March 2022 Icontinued)
5. Net Ift￿￿• l (•xpenditur•) for the year
2022
2021
This stated after charging .
Depreciation
Auditors remuneration:
Auditors fees
Accounting services
190
1.513
2.994
1.513
2.994
6. Staff costs
2022
2021
Salaries and wages
Social security costs
Pension costs
68.950
1.601
1,384
71.935
64.754
1.088
1,335
67,177
No employees had employee benefrts in excess of £60.IXKI {2021: nil). Pension costs are alltxated
lo activities in proportion to the related staffing costs incurred and are vtholty charged to unrestricted
funds.
The average number of employees during the year were as follows..
2022
Numbtr
2021
Number
Charitable aclilryties
Support
7. Pensions
Employees of the charity are entitled to join a deffined contributM)n "money purchase scheme".
The charity conlribution is restricted to the contributM)ns disdosed in nole 6 and are charged to the
unrestricted funds of the charty. At year end. outstanding pensi￿) ￿ntributIonS amounted to £295.
The money purchase plan is managed by NEST and the plan invests the contributions made by the
employee and the employer using the "Quali￿"n9 Eamings" method.
8. Trustee remuneratlon and expenses
No Iruslees. nor any persons cOnn￿led them, have feceived any remuneration or benefits
from the charity ¢Juring the ye￿.
Tfuslees received reimbursed expenses of £nil for the year in connecaion travel to trustee
Meetings (2021.. £nil>.

Traddodiadau Cerdd Cymru l Music Traditions Wales {trac) Limited
Notes to the Financial Statements for tho year ended 31 March 2022 Icontinued)
9. Tangible fixed ass•ts
Office
Equipn*nt
Total
Cost
At 1 st April 2021
Additions during year
Deletions during year
At 31 March 2022
13.598
3,421
13.598
3,421
13.598
3,421
13,598
3.421
Acc4Jmulatod DeprKiation
At 1 st April 2021
Charge for the year
Deletions during year
At 31 March 2022
13.598
190
13.598
190
13,598
190
13.598
190
Not book valuo
At 31 March 2021
At 31 March 2022
3.231
3.231
10. Debtors
2022
2021
Trade deblors
Prepayments and ac¢Jued income
1,462
1.462
479
479
11. Creditots: amounts falling due within on• year
2022
2021
Trade credrtors
Other taxation and soci4 Se￿[ity
Accruals
623
1.290
2.194
1.500
4.557
3.413
12. Funds
Balance 1 Incomlng Resources
Balance 31
Aprfl 2021 Resources expended Transfern Mar¢h 2022
Unreslricled funds- general
49.426
86.476
(79.729>
56.173
Restricted funds
16,197
74,874
(42,110>
48.961
65.6ZJ
161.350
121.839
105.134

Traddodiadau Cerdd Cymnj l Music Traditions Wales (trdc) Limited
Notes to the Flnancial Statements for the year endod 31 March 2022 (continued)
13. Analysis ol net assots boiween funds
Funds:
Genernl
Restrfcted
Funds
Total
2022
Current assets
60.730
48.961
109.691
Current liabilities
(4,55n
(4.557)
Total net assets
56.173
48.961
105.134