THE COLTSTAPLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31- MARCH 2024
THE COLTSTAPLE TRUST Page 1 CONTENTS Year ended 31 st March 2024 Pa Legal & Administratsve infonnation Report of the Trustees Trustees. responsibilities Reporl of the Auditors Statement of Financial Activltles Balance sheet 10 Cash Flow Statement 11 Notes to the Financial Siatements 12-16
THE COLTSTAPLE TRUST Page 2 LEGAL AND ADMINISTRATIVE INFORMATION Trustees: Matthew Oakeshott (Chairman) Prof Pippa Oakeshott Lord Stoneham of Droxford Mrs Elaine Colville Joseph Oakeshott Lord Newby of Rothwell (appointed 1" February 2024) Leonard Emest Baker (rets'red 31°, January 2024) Hon, Treasurer: J P Thornton FCA Principal Office.. 15 Queen Anne's Gale London SW1H gBU United Kingdom Charity Number.. 1085500 Bankers: Svenska Handelsbanken AB (pub) 5" Floor 13 Chades11 Street London SW1Y 4QU Stockbrokers: Rathbone Brothers PIC George House 50 George Square Glasgow G2 1EH Auditors: Shaw Gibbs (Audit) Limited 25 St Thomas street Winchester S023 9HJ
THE COLTSTAPLE TRUST Page 3 REPORT OF THE TRUSTEES For the year ended 31 ' March 2024 The Trustees are pleased lo present their report together with the financial statements of the charity for the year ended 31" March 2024. Legal and admlnlstrative information set out on the Snfomation page fomis part of this report. The financtal statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity's Tnjst Deed. the Chanties Act 2011 and Accounting and Reporting by Ch8rities.' Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland published in October 2019. Objectlves and Actlvllles The Trust was established under a Trust Deed dated 26° February 2001. The objective of the Trust is to provide relief to persons in need, poverty or distress in Third Wortd countries and relief to persons who are homeless or in housing need in the UK or any other part of the world. The Charity aims to meet the running costs of its grant making objectives from investment income and rents received from the properties. The Trustees meet annually to review the strategy and performance of the Charity and to set the level of grants to be awarded. Publlc Benefit The Trustees confimi tt)at they have complied with the duty in section 17 of the Charities Act 2011 and have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities and setting the donations policy for the year. The benefit that arises is the provision of funding to organisations that promote the above objectives. Achlevements and Pertormance Grants amounting to £975,000 were made lo 5 institutions in the year (2023: £850,000). The grants awarded are detailed in the notes to the financial statements. Flnanclal Rovl•w The Trustees received £977,119 in investment income in the Current year (2023: £955,841), including rents from investment properties of £195,182 (2023: £205,673). Net incoming resources amounted to £3.782. Total funds at 31" March 2024 were £13.893,686 (2023: £15,323,071) Investment Pollcy The trustees, Investment policy is to maximise long term total return, taking income and capital gains together without undue risk. During the year to 31" March 2024 the total return on the charity's investment portlolio was -3.0% compared with 8.20/0 for the FTSE All Share Index. Net investment and rentsl income totalled £977,119 compared with £955,841, 8n increase of 2.2 % over the previous year. The Reiail Price Index rose by 4.2 % over the year to 31" March 2024 and the CPI by 3.2%. (Continued. .)
THE COLTSTAPLE TRUST Page 4 REPORT OF THE TRUSTEES (Conllnued) For the year ended 31°, March 2024 Risk Management The Trustees have carried Out a review of the charity's activities and the risks to which il is exposed and confirm that controls are in place to mitigate those risks. The main risk to the Charity concems the investments held. The Chairrnan. Matthew Oakeshott, has extensive experience in Investment management and on behalf of the Trustees and with advice from Rathbones, Mr Oakeshott manoges and reviews the investment portfolio. Rathbones are responsible for safe custody and valuab.ons of the portfolio. The Chariws property investments were managed by Worf(man LLP before being sold during the year. Reservès Pollcy 11 is the intention of the Trustees to sustain the unrestricted funds at a level which will provide sufficient funds to continu8 the level of grants paid to that in previous years and to cover the Charity's management and administration costs. Structur•, Governance and Management The charity is unincorporated and its powers 8re set out in its Trust Deed. The Tnjstees of Ihe charity are listed on the information page. New Trustees m8y be appointed by the existing Trustees. The Trust Deed provides for 8 minimum of 3 and a maximum of 9 Trustees. Mr Oakeshott and Professor Oakeshott are entitled to hold office for life. Other Trustees are appointed for 5 year tems which are renewable. Induction and training for Truslees is provided where relevant. The Truslees meet at least once a year to discuss and implement policy. Decisions are made by a Simple majority of votes cast at a meeting of the Truslees. The Truslees musl use the income and may use the capital of the Trust for promoting the charitable purpose. The Trustees have agreed that each year, in addition to distnbuting Substantially all the Trust's income, they will distribute any real capital growth in the Trusfs investments. Capital growth is measured as any excess Over the increase in the relail price index. Future Plans The Charity's objectives are to ensure funds are available for grants to be made to el1b18 organisations. It is envisaged that funding requirement6 will remain the same. The Trustees do not envisage any material change to the operation of Ihe Charity in the long- term and the investments will continue to be managed on a Similar b8SiS ss they are now. Since the year end the Tnjstees have decided to sell the Charity's investment properties. eroft or ste MATTHEW OAKESHO IL 2o]Y Date
THE COLTSTAPLE TRUST Page 5 TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The Trustees a responsible for preparing the Trustees, Report and the financial slatements in accordan with applicable law and United Kingdom Accounting Standard (United Kingdom Generally Accepted Accounting Practice). The law applicable to charib'es in England and Wales requires the Trustees to prepare financial statements for re8ch financial year which gtve a true and fair view of the state of affairs of the charity and of the incoming resources artd applic8tion of resources of the charity fof that period. In preparing these financial staternents. the Truslees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in ihe Charits'es SORP: make judgements and estimates that are reasonable and prudent: state whether applicable aCunting standards have been followed, subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropnate to presume that the charity will conlinue in operation. The Trustees are sponsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the chan'ty and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2016 and the provisions of the Irust deed. They are also responsible for safeguarding the assets of the charity and hence for laking reasonable steps for the prevention and deteclion of fraud and other irregularities. The Trustees are responsible for the maintenance and integrty of the charity and financial information includetj on the charity's website. Legislabon is the United Kingdom goveming the preparation and disseminalion of fin8nci81 slatements may differ from legislakn'Dn in other jurisdicb'ons.
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE COLTSTAPLE TRUST Page 6 Oplnlon We have audited the financial statements of The Coltstaple Trust (the 'charity') for the year ended 31. March 2024 whh comprise Statement of Financial Activities, the 8alance Sheet, the Cash Flow Statement and notes to the financial ststements. including significant accounting policies. The financial reporting framework thal has been applied In their preparation is applicable law and United Kiftgdom Accounting Standards, including Financial Reporting Standard 102 Th8 Financial Reporting Standard applicable in the UK and Republic of Iland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give 8 true and fair view of the state of the chafws affairs as at 31" March 2024. and of its incomiro resources and application of SOurces, includirYJ ts inca)me and exp8rKlrture, for the year then erKknI: have been properly prepar&J in accordance wrth United Kingckni Generalty A(xxpted Ac(x)unting Prath'. arKI have been prepared in accrrdance with the requirnents of the Chanties Act 2011. Basls for oplnlon We conducted Our audit in accordance with Intemational Stand8rds on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilib'es under those standards are further describ8d in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that a relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilitses in accordan with these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate to provide a ba&s for our opinion. Concluslons relatlng to golng concem In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial ststements is appropriate. Based on the work we have performed. we have nol identrfied any material uncertainties relating to events of conditions that. individually or collectively. may cast signrficant doubt on the charity's ability to continue as a going concem for a perfod of at least twelve months from when the financial statements are authorised for issue. Our responsibiliti8s and the sponsIbl1111eS of the trustees with respect to going conc8m are described in the relevant sects'ons of this report. Other Information The other informatior) comprises the information included in the trustees, annual pOrt. other than the financial statements and our auditor's report ther80n. The trustees afe responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any fom of 8S$urance conclusion thereon. Our responsibility is io read the other infonnatson and, in doing so, consider whether the other information is materially inconsistent with the financi81 statemenls or our knowledge oblained in the Course of the audit or otherniise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have perfomied. we conclude that there is a material misslatemenl of this other infomation, we are reqUId to report thal facL We have nothing to report in this gard.
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE COLTSTAPLE TRUST Page 7 Matters on whlch we are requlred to roport by exceptlon We have nothing lo reporl in respect of the following matters in latiOn to which Ihe Charities (Accounts and Reports) Regulations 2008 require us to report lo you rf. in our opinion: Ihe lrft)rniat given in the tsNstees' report is inconnI in any material pect wilh the financial statents. or suffiaent ac£ounlirKJ recxjrds have not been kept or the finanaal statements a not in agreement with the acCn.g rerrI$. we have not r8ceived all the information and explanations we requre for our audil. Responslbllities of trustees As explained more fully In the trustees, responsibilities statement S8t out on page 5, the trustee8 are responsible for the Pfeparation of the financial statements and for being satisfied that they give true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidale the charity or to cease operations, or have no realisth'c alternative but to do so. Audltor respon31bS1itlas for the audlt of the financlal statements We have been appointed as auditor under section 1443 of the Charities Act 2011 and report in accordaft with the Act and relevant regulaljons made or having effect Ihereunder. Our objeclives are to obtain reasonable assurance about whether the fin8ncial statements as a whole are free from material misstatement. whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in eccordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are cx)nsidered rnaterial rf. individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users laken on the basis of these financial statements. Irregularitles. including fraud, are instances of non-compliance with laws ancl regulations. We design procedures in line with our responsibilities, Outlined above. to detect material misstatements in respecl of Ir gularits'es. including fraud. The exient to which our procedures are capable of detecting irregularities. including fraud 1$ detailed below.. We obtained an understanding of the legal and regulatory framework applicable to the ch8rity via discussions with the trustees and our previous knowledge of the charity. This identified that the most Signrfic8nt laws and re9ulakn.ons relate to the form and content of the financial statements such as the Charities Act 2011, the Charities SORP (FRS 102) and Financial Reporting Standard 102. The charity complies with these laws and gUlationS by using appropriately qualified professionals to prepare the financial statements. As part of our planning process, we assessed susceptibility of the chanty's financial statements to material misststements. including how fraud might occur by making an assessment of the key risks. The key risks identified in respect of The Coltstaple Trust ere veftuÈ recognition and eligibility of charitable giving. The trustees confirmed no actual. suspected, or alleged cases of fraud. Based on this assessment we designed our audit procedures to address these key risk areas with an emphasis on tesb'ng Ihe income and gains on the investments, the income on investment property and Ihe charitable donations made.
REPORT OF THE INDEPENDENT AUDrroRS TO THE TRUSTEES OF THE COLTSTAPLE TRUST Page 8 Because of the Inttent limitstions of an audit. there is a risk that we will not detect all irregularities. Including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularib'es Occurring due to fraud rather than error, as fraud involves intentsonal concealment, forgery, collusion, omisslon or misrepresentab'on. A further description of our responsibilities is available on the FRC'S website at: htt s:Ilwww.frc.or .ul'librar Istandards-codes- olic laijdil-a ssuranc e-a D c1-elh Icsl uditors- res nsibilities-for-the-audili.ThiS description forms part of our auditorfs report. Uso of our report This report is made solely to the charity's tnjstees. as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law. we do not accept or gssume responsibility to anyone other than the charity and the charity's trustees as a body. for our audit work. for thls report, or for the opinions we have fomed. sk (wN)I. Shaw Gibbs (Audit) Limited Chartered Certified Accountants Statutory Auditor Eligible to acl as an auditor in terms of section 1212 of the Companies Acl 2006 25 St Thomas Street Winchester H8mpshire S023 9HJ Date".
THE COLTSTAPLE TRUST Page 9 STATEMENT OF FINANCIAL ACTIVITIES For Iha year ended 31 st March 2024 Note Unr6Stncted Endowmnt Fund Fund 2024 Total Funds 2023 Total Funds INCOME AND ENDOWMENTS FROM Investmnts Other Inc4Jne 977.119 1,950 977.119 1,950 955.841 Total £ 979 069 979 069 £ EXPENDITURE ON Charitable 8Ctivitl88 975.287 975 287 Total £ 975287 £ 975 287 £ N•t Incom• 3,782 3,782 105,635 Not galn81{108s•s) on Investm•nt• 15 (1,433.167) (1,433,167) (1,805,185) N•t movement In funds 3,782 (1.433,167) (1,429.385) (1,699,550) RECONCILIATION OF FUNDS Total funds IKought forward 1 118725 14 204 346 15 323 071 17 022 621 Total funds carrl•d forward £ 1122507 £ 12771179 £ 13893686 £ 15323071 Tha notes on p8g85 12 kj 16 fomi part of Ihes8 Ilnancial SyatanIts
THE COLTSTAPLE TRLIST Page 10 BALANCE SHEET AT 31ST MARCH 2024 Nole 2024 2023 FIXED ASSETS Investments Prop8ty Investments 13,001.670 12,845.815 1.910,000 10 CURRENT ASSETS Cash at bank Cash ai investrrnt managers Debtors 11 12 13 112.368 778,484 2134,400 381,482 897 798 CURRENT LIABILITIES Creditors.. Amounts falling due within one year 14 NET CURRENT ASSETS 892 016 567,256 NET ASSETS £ 13.893 686 15 323 071 THE FUNDS OF THE CHARITY CAPITAL FUNDS Endowm8nt FurKIs 15 12.771,179 14,204,346 INCOME FUNDS Unr8stricted Fund 15 1 122 507 1118725 £ 13 893 686 £ 15,323.071 These finanual statements were approved by Ihe Board of Trustees on and signed on Its b6half by IL 2oZ+ mAHEw OAKE HOTT PROF PIPPA OAKESHO The t)n paggs 12 10 16 lomi part of these fjnanclal statennts
THE COLTSTAPLE TRUST Page11 CASH FLOW STATEMENT For the year end*J 31 st March 2024 Note 2024 2023 Cash g•nerat•d from operatlng actlvitlO8: Net cash provided by (us8d In) operations 16 995.077 Cash Ilow frorn other $ourc•s: Dividends, int8rest and rents from investments Prtteed5 from sale of Investments 979.069 4,016.464 955.841 152,511 4995533 £ 1108 352 Appllcatlon of cash: Purchase of Investrn8nts 3 695 486 3.695.486 60.253 Net Incr•a8•1{dxr•ase) In cash 304,970 205.538 Cash at bank at b•glnnlng of th• y•ar 585.882 Ca•h al bank at year •nd 890 852 £ 585 882
THE COLTSTAPLE TRUST NOTES TO THE ACCOUNTS Page 12 Statutory Inforniatlon The Coltstaple Trust is a registered charty. The reglstered number and principal office address can be found in the Report of the Trustees. Accounting Pollcl•s Accountlng convention The financial statements of the charity, which is a public benefit entity, have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standarcl applicable in the UK and Republic of Ireland (FRS 102) issued In October 2019 and the Financial Reporting Standard applicable in the UK and Republic of Irelancl (FRS102) and the Charities Act 2011 and UK Generally ACpted Accounting Practice as it appli8s from 1° January 2019. The financial statements have been prepared under the historical cost convention. The financial statements have been prepared to give a 'tru8 and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair, view. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Irelancl (FRS102) issued in October 2019 rather than the Accounting and Reportsng by Charities: Statement of Recommended Practice effective fn)m 1° April 2005 which has since been withdrawn. The Trustees consider that there are no material uncertainb'es about the Charity's ability lo conlinue as a going concem. Incomo Income is recognised in the Statement to Fin8ncial Activities once the chanty has entitlement of the funds, it is probable that the income Will be received and the amounl can be measured reliably. Expendllure Expenditure is recognised 8s soon as there is a legal or ttjnstructive obligation committing the charity to that expenditure. it is probably thal a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis, inclusive of any VAT which cannot be reCoved. Expenditure on charltable activilies includes all costs incurred in delNering the charity's principal objectives. Inv•stmonts and Investment Galns and Losses Stocks and shares quoted on the London Stock Exchange are included in the balance sheet at their market value at the year end. The differences behveen the market value and the original cost of the investment a included in the Statement of Financial Activities. Profits and losses arising on the disposal of investments are included in the Statement ol Financial Activities. (Conlinued)
THE COLTSTAPLE TRUST NOTES TO THE ACCOUNTS (Contlnued) Page 13 Investment Property The investment properties were sold during the year. (2023 . Investment properties for which fair value can be measured reliably without undu& cost or effort are rneasud at fair value at each reporting date with changes in fair value COgnised in 'net gainsJ(losses) in investments, in the SOFA). Taxatlon The Charily is exempt from Corporation Tax on ils charitable activities. Fund Accounting Unrestricted funds can be used in a(xordance with the charitable objectives at the discretion of the Trustees. Endowment funds are expend8ble. The Trust Deed allows this fund to be spent as income or retained as capital at the Trustees. discretion. The income arising from this fund is unrestricled. Slgnlflcant Judgement and Estirnatlon Estimates and judgements are continually evaluated and a based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the Circumstances. Estimates and underfying assumptions are reviewed on an ongoing basis. Investment Income Year endod 31.3.24 Y•ar ended 31.3.23 Income from investments Bank deposil interest Renl from investment property Insurance recharge to tenant Property insurance EPC certificates 769.429 10.213 195.182 12.286 (9,991) 741,496 5,010 205.673 14,768 {9.956) <1.150) £977,119 £955.841 Other Incom• VA T recovered £1.950 Charltable Activltl•s Dlrect Costs {so• note 6) Support Costs {see note 7) Totals £975,000 £287 £975,287 (Continued...)
THE COLTSTAPLE TRUST NOTES TO THE ACCOUNTS (Contlnued) Page 14 Dlré¢t COSts of Charltable Actlvltles Year ended 31.3.24 Year •nded 31.3.23 Grants mad•: Oxfam St Mungo's Emmaus UK Shelter Alive and Kicking 600.000 125,ODO 50,OCK) 175,000 25.000 550.000 100.000 50,000 150.000 £975.000 £850.000 7. Support Costs Year end•d 31.3.24 Year ended 31.3.23 Management: Bank charges and nominee fees 287 206 £287 £206 The sum of £ 4.080 has been paid by Lord Oakeshott on behaff of the Trustees in respect of the audit for 2024. (2023.. £4,080 was paid by Lord Oakeshott for the audit and £6.900 in respect of accountancy seThices). 8. Staff Costs and Trustees, Remunarallon The Trustees received no remuneration or reimbursed expenses in the years ended 31. March 2024 or 31° March 2023. There are no employees so consequently no staff cosls have been incurred. Flx•d Ass81 Inv•8lmenls 2024 2023 Fair value al 1" April 2023 Addition Disposals at carrying value Revalualions in the year 12.845,815 3,695,486 (1,844.997) (1,694.634) 14.583,475 60.253 (147,364) (1,650,549) Fair value at 31" March 2024 £13.001.670 £12,845,815 The values at 31" March 2024 are in accordance with a valuation by Rathbone Brothers Plc. The historical book cosl of investments held at 31 March 2024 was £16.879,597. (Conb"nued...)
THE COLTSTAPLE TRUST NOTES TO THE ACCOUNTS (Continued) Page 15 10. prOrtY Investménts 2024 2023 Valuation al beginning of year Investment in ye8r Disposals in year Revaluation gain(losses) in year 1.910,000 2,069,784 (1,900.667) (9,333) (159.784) £1,910.000 The Charity did not own any investment property at the balance sheet date. 2024 2023 11. Cash at Bank Workman LLP Handelsbanken accounl 2.418 109.950 26,791 177,609 £112.368 £204,400 12. Cash at Inv•stm•nt Managern Monies held by Investment Manager on deposlt: Cash £778,484 £381,482 13. D•btorn Insurance paid in advance VAT repayment due (2023: VAT paid in advance) Bank interest 5,782 1,164 3.443 285 £6,946 £3,728 14. Credltors: Amounts Falling due wlthln One Year Insurance from tenant in advance HM Revenue & Customs - VAT Royal & Sun Alliance insurance 5,782 9,347 10.010 2,997 £5.782 £22,354 (Continued...)
THE COLTSTAPLE TRUST NOTES TO THE ACCOUNTS (Contlnued) Page 16 15. Fund Unrestricted Fund Endowment Fund Total Funds Balance 8t 1" &0ri12023 Surplusl(Deficitl of income for year Revaluationl(devaluation) during the year Balance al 31 March 2024 1,118,725 3.782 14.204.346 15.323.071 3.782 (1.433,167) (1,433,167) £1,122,507 £12.771,179 £13,893,686 Unrestricted funds of the charity may be applied for any charitable purpose at the discretion of the Trustees. The expendable endowment and adLlitions thet0 are to be invested and the income used for any charitable purpose al the discretion of the Trustees. The expendable endowment may also be spent at the 8bsolute discretion of the Trustees. 16. Roconclllation of net Incomel{expendlturv) lo net cash flow from Operallng Actlvitl•s 2024 2023 Net incomel(expenditure) (as per Statement of Financial Activities) 3,782 105,635 Adjugtments for: Dividends. interest, rent from inveslment (Increase)Idecrease in debtors Increasel(decrease) in creditors (979.069) (3,218) {16.572) {955.841) 6,542 1,103 Net Cash provided byl(used in) Operatlng Activities £(995,077) £(842,561) 17. Contlngent Liabiliti•s There were no outstanding contingent li8bilits.es or grant commitments as at the balance sheet date.