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← R W Mann Trust

2021-03-31-accounts

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TRUSTS:
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FUND VESTED IN R. W. MANN TRUST under Declaration of Trust dated 27 July 1959

TRUSTEE’S REPORT AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Charity No: 1095699

I

R. W. MANN TRUST under a Declaration of Trust dated 27 July 1959

CONTENTS

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Trustees’ Report Se
Independent Examiner’s Report 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Accounts 11-15
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R. W. MANN TRUST under a Declaration of Trust dated 27 July 1959

TRUSTEE’S REPORT for the year ended 31 March 2020

The Trustees present their report and accounts for the year ended 31 March 2021.

CHARITY REFERENCE & ADMINISTRATION DETAILS

Name

The Charity operates solely under the name R. W. Mann Trust

Registration Number

The Charity Commission registration number is 1095699

Address

The postal address of the principal office of the Charity is P. O. Box 119, Gosforth, Newcastle upon Tyne, NE3 4WF

Trustees

The trustees in office at the date of this report were as follows:Mrs. J. A. Hamilton (Chairman) Mr. G. Javens Mrs. M. A. Heath

Trustee Changes

All of the above mentioned trustees were in office for the full accounting period under review and there have been no changes in appointments during the period.

Secretary

Mr. J. L. Hamilton, OBE, DL has acted as Secretary throughout the year and has delegated responsibility for all aspects of the day to day management of the Charity

Bankers

Barclays Bank plc, Newcastle City Office, Percy House, Percy Street, Newcastle upon Tyne, NE! 4QL

Solicitors

Stanton Croft, 1-2 Lansdowne Terrace East, Gosforth, Newcastle upon Tyne, NE3 1HL

Independent Examiners

Read, Milburn & Co., Chartered Accountants, 71, Howard Street, North Shields, NE30 1AF

Stock Brokers and Financial Advisors

UBS Wealth Management AG, 2 St James’ Gate, Newcastle upon Tyne, NE4 7JH.

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CHARITY STRUCTURE, GOVERNANCE & MANAGEMENT

Governing Document The Charity is an Endowed Charity formed under a Declaration of Trust dated 27" July 1959

Recruitment & Appointment of Trustees The present trustees were appointed because of their relationship with the founders of the Trust, Mr. & Mrs. Reginald W. Mann. When the current Trustees are either unable or unwilling to act, or in the event that the current secretarial and donation committee wish to retire, there is a formal agreement in place with the Community Foundation serving Tyne and Wear and Northumberland to administer the Charity.

Induction and Training of Trustees The process of induction and training of new Trustees is under the personal guidance and supervision of the existing Trustees. Organisational Structure and How Decisions are Made The day to day management of the Charity is in the hands of Mr. J. L. Hamilton, OBE, DL who acts as Secretary. Mr. Hamilton has delegated responsibility for collating donation applications and assessing the relative merits of the request. The donation committee is made up of the Secretary and at least one Trustee make the decision regarding the level of support to be given. The Secretary has then delegated authority of the Trustees to deal with all aspects of the administration in connection with the donations and receiving feedback from the recipients of how the donation has been utilised.

Relationships with Related Parties

The administration of the Trust is undertaken autonomously. However, there are informal meetings with other significant charitable organisations in the local area to ensure cross fertilisation of information in the sector and to ensure that needs, in respect of charitable support, are being met.

Risk Assessment The Trustees recognise their responsibilities and are committed to minimise all the risks that the Trust may face. The major risks to which the charity is exposed are identified by the Trustees in terms of both probability and potential risk and are reviewed regularly together with systems and procedures to manage those risks. The major risk to the charity is that of maintaining a suitable level of income to satisfy the diverse demand of applications for charitable assistance. In terms of income, this risk is managed by a prudent and diverse investment portfolio in conjunction with a reputable stock broker that specialises in the Charitable sector. The portfolio is managed with a medium risk profile with a view to achieving an appropriate level of income together with the prospect of capital appreciation which seeks to maximise the long-term real value of the charitable fund. In terms of expenditure, the Trustees set budgets for management expenses and for charitable donations. The Trustees set their donations at a level whereby the charity can assist as broad a base oflocal organisations as possible. To supplement income, the charity is managed ona total return basis and therefore uses capital gains and appreciation on investments when current expenditure cannot be matched with current income.

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OBJECTIVES & ACTIVITIES

The Aims of the Trust

In practice, the Trustees favour charitable causes in the North Tyneside and in the East Newcastle areas, in line with the Founder’s wishes. In certain circumstances, the Trust may look to assisting other organisations in the wider Tyne and Wear, Durham and Northumberland areas if it is considered that they offer exceptional added value to their local communities or are particularly innovative. Support to national organisations is also offered where there is a specific project, or ongoing work being carried out, in the area in which the Trust operates. There has been no change in the aims the Trust during the year.

The Main Objectives for the Year The main objectives continue to be that of supporting local organisations when the charity’s support can makea real difference to the success of the organisation. The main thrust of charitable support continues to be towards youth work, children, people with disabilities, older people, schools, colleges, councils for voluntary service and other advice agencies.

Strategies of the Trust The Charity continues to encourage applications from local organisations by ongoing links and knowledge of the organisations working in the area. The development of the Charity’s website, www.rwmanntrust.org.uk has been another useful strategy in recent years for encouraging applications for assistance.

Significance of Achievements Donations amounting to £68,650 have been made during the year to a wide variety of charitable causes making a total of £5,028,197 since the inception of the Trust in July 1959.

Grant-making Policies

]

The Trust will not support

ACHIEVEMENTS AND PERFORMANCE

Review of Charitable Activities and Public Benefit The Trustees consider that the Charity has achieved public benefit during the year as demonstrated in the assistance it has provided to the local community which, once again, has been at a most satisfactory level. Donations made during the year were in line with budget at £68,650. This figure was comprised of 74 individual donations to assist 73 organisations or groups.

Review of Investment Performance

The investment portfolio is managed with a view to achieving a balance of income and capital growth with a medium risk profile. The Trustees generally anticipate a target gross total return on investments in the range 3.75% - 4.00% of the average value of funds in management. However, the effect of Covid-19 Pandemic on world stock markets has significantly affected most investment portfolios including that of the Trust. The investment portfolio performance has this year been benchmarked against the APCIMS Benchmarks (Total Return) indices with particular reference to FTSE APCIMS Balance Index which showed a 21.1% increase. The Trust’s own managed investment performance achieved an increase of 23.21% reflecting the specific spread of the portfolio.

Funds held under management have increased by 19.2% after withdrawals of £82,000 to fund activities during the year. Factoring the withdrawals into account, on a total return basis, funds have shown a 23.21% increase for the year which compares with the FTSE All-Share Index (Total Return) showed a 26.70% increase and a positive 2.1% on a Drawdown Basis for the year.

FINANCIAL REVIEW

Reserves Policy

The Trustees recognise the need to establish and maintain a level of reserves that enables financial stability, that meets the requirements of working capital and cushions against fluctuations of income levels and in the financial performance of the Trust. In recent years the Trustees have adopted a policy of utilising an element of reserves on a regular basis to supplement current excess of demand for donations to worthy causes over the level of current income. It is envisaged that this policy will continue for the time being.

Principal Funding Sources

The Trust relies for the major part of its’ income from its’ investment portfolio. A small element of income is derived from interest on net cash balances that are held to meet immediate cash demands. Whilst the Balance Sheet indicates a bank overdraft, in reality this is wholly as a result of unpresented cheques and a credit bank balance is maintained at all times by daily sweeps from

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2 || bank balances held on deposit. There are no “real” borrowings and there are no intentions by the Trustees to borrow funds at this time.

Investment Policy

Investments of the Trust are managed by stock brokers and financial advisers, UBS Wealth Management AG with a view to achieving a balance of income and capital growth with a medium risk profile and funds are managed on a “Total Return” basis. There is no formal ethical policy adopted at this stage, but this matter is under consideration.

PLANS FOR FUTURE PERIODS

The charitable sector continues to grow and there is little doubt that in the coming years the Trust’s involvement in causes both large and small will continue to be ofsignificant importance and will continue to play a major role in charitable work in the North Tyneside and wider area. The objectives for future periods continue to be those as set out earlier in this report and to this end, the Trustees welcome approaches for financial support in line with its’ objectives and current activities.

STATEMENTS OF TRUSTEES’ RESPONSIBILITIES

The Trustees are required under the Charities Act 1993, to prepare financial statements for each financial year which give a true and fair view ofthe charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements the trustees should follow best practice and:-

1) select suitable accounting policies and apply them consistently;

2) make judgements and estimates that are reasonable and prudent;

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Approval
behalf.This report was approved by the Trustees on Abie rhee?0 deei fand signed on their
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Jax.Wo V-
for R. W. Mann Trust
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J.A. beta tepe

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R. W. MANN TRUST

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF R W MANN TRUST for the year ended 31 March 2021

I report on the financial statements of the charity for the year ended 31 March 2021 which are set out on pages 2 to 15.

Respective responsibilities of trustees and examiner

The charity’s trustees consider that an audit is not required for this year (under section 43(2) of the examinationCharities Actis1993needed.(the Act), as amended by s.28 of the Charities Act 2006) and that an independent

Basis of independent examiner’s statement

My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration ofany unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below..

Independent examiner’s statement

71 Howard Street North Shields Tyne & Wear NE30 LAF

DAVID HODGSON, MBE, FCA, ACIB Read, Milburn & Co, Chartered Accountants

Dated ..4%. Raat: 2o2n.....

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R. W. MANN TRUST

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2021

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||||||| |---|---|---|---|---|---| ||------------=2)2|| -----——----—|2020| |Permanent|Unrestricted|Total|Total| |INCOMING RESOURCES|Endowment|Funds| |Investment|Income| |Bond Income|130|130|4,390| |Equity Income|58,102|58,102|70,021| |Bank|Interest|17|17|58| |Total Incoming Resources|£58,249|-|£58,249|£74,469| |RESOURCES EXPENDED| |Investment Management|Costs|-|-|-| |Charitable|Activities| |Institutional|Donations (Note|6)|68,650|68,650|116,178| |Support|Costs —| |Secretarial & Management|(Note 4)|15,000|15,000|15,000| |Bank Charges|255|255|172| |Sundry Administration|Costs|1,040|1,040|732| |Governance|Costs| |Accountancy Charges|1,920|1,920|1,920| |Total Resources Expended|£86,865|-|£86,865|£134,002| |NET OUTGOING RESOURCES| |BEFORE HOLDING GAINS|(28,616)|-|(28,616)|(59,533)| |Profit/(Loss)|on Investment Assets|432,731|-|432,731|(309,916)| |NET MOVEMENT|IN FUNDS|404,115|-|404,115|(369,449)| |TOTAL FUNDS BROUGHT FORWARD|2,043,962|-|2,043,962|2,413,411| |TOTAL FUNDS CARRIED FORWARD|£2,448,077|£Nil|£2,448,077|£2,043,962|

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The note on pages 11 to 16 form part of these accounts

9

R. W. MANN TRUST

BALANCE SHEET as at 31 March 2021

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||||||| |---|---|---|---|---|---| |2021|2020| |FIXED|ASSETS|£|£|£|£| |Investments|(see Note|2)| |Bond Investments|402,213|432,398| |Equity Investments|1,907,662|1,504,698| ||| |"Total Fixed Assets|2,309,875|1,937,096| |CURRENT|ASSETS| |Cash|at bank and in hand|152,637|117,116| |Total Current Assets|152,637|117,116| |CURRENT LIABILITIES| |Bank Overdraft|11,950|8,330| |Amounts|falling due within one year|2,485|1,920| |(see Note|3)| |Total Current|Liabilities|14,435|10,250| |Net Current Assets|138,202|106,866| |Net Assets|£2,448,077|£2,043,962| |FUNDS OF THE|CHARITY| |Endowment Fund|2,448,077|2,043,962| |Unrestricted Income Fund|-|es| |Charity Funds|£2,448,077|£2,043,962| |LA|»| |“Approved by the Trustees onTL by the Trustees onTL the Trustees onTL Trustees onTL onTLTL|and signed on their behalf,|

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“Approved by the Trustees onTL by the Trustees onTL the Trustees onTL Trustees onTL onTLTL

{ walou For R. W. Mann Trust

The notes on pages 11 to 16 form part of these accounts

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R. W. MANN TRUST

NOTES TO THE ACCOUNTS

Note 1.— ACCOUNTING POLICIES

(a) Basis of preparation

The financial statements have been prepared under the historic cost convention, with the exception that investments are included at market value. The financial statements have been prepared in accordance with the Statements of Recommended Practice: Accounting and Reporting by Charities (SORP 2005) issued in March 2005 and applicable UK Accounting Standards and comply with the Charities Act 2011.

The Financial statements have been prepared on a going concern basis.

(b) Funds Structure The charity is comprised ofan Expendable Endowment fund created by gifts from Mr & Mrs Reginald W. Mann and the all income from the endowment is wholly unrestricted. The aims and objects of the Trusts are set out in Trustees Report.

(c) Incoming resources

All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.

(d) Resources expended

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. Grants payable are recognised when the intention to make a grant has been communicated to the recipient and there is certainty of the amount of the grant payable.

(e) Fixed asset investments

Investments are stated at market value as at the balance sheet date and are scheduled in the notes to the accounts. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

(f) Realised gains and losses

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between the sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and the opening market value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities.

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NOTES TO THE ACCOUNTS (Continued)

Note 2.— INVESTMENTS

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Details of investments held at 31 March 2021 were as follows:-
Nominal Value Market Value
BOND INVESTMENTS
660 DCI Ireland Fd Inv Gr Bnd Fnd GBP 65,353
894 Focused Sicav Corp Bd Shs (GB Hgd) A 95,882
717 UBS Etf Sicav Barclays US Liq Corp Ucits 12,166
154 Ashmore Sicav Emrg Mkt Crp Dbt Shs-Z2 14,333
5,523 Goldman Sachs GI H/Y P/F Shs IS Hdgd 48,381
3,959 Goldman Sachs Em Dbt P/F Hdgd 34,680
353 JPMF Emg Mkt Dbt 34,841
644 Focused Sicav Shs HdgdF Dist 65,044
6303 Goldman Sachs Gr Em Mkts Corp Hdgd 31,533
£ 402,213
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EQUITY INVESTMENTS

Nominal Value Market Value 17,181 Artemis Inv US Select 43,074 4,906 Avast Plc 22,411 6,548 Aviva Ple 26,729 7,143 BPPlc 21,047 11,485 Barclays Ple 21,353 5,291 Beazley ple 5p Ords 18,614 12,219 Blackrock Euro Dynamic Fd 29,533 3.491 Brown Advisory Fd Plc 43,358 1,691 | Compass Group plc 24,714 4,679 DS Smith Plc 19,076 2,025 Diageo ple £28.9352p Ords 60,537 2,725 Elementis Plc 3,420 19,029 Federated Hermes Inv Fd 38,540 615 Findlay Park Funds — American Fnd 73,640 731 GAM Star Fd — Euro Eqty 19,545 1,862 GlaxoSmithKline 25p Ords 23,983 517 Halma Plc 12,274 463 Hikma Pharmaceuticals Ip Ords 10,538 3,319 IG Group Holdings 29,904 790 IMI Plc 10,544 3,681 Informa plc 20,606 827 _—_Intermedle Cap Grp 15,225 200 _Intertek Grp Ple 11,204 1,580 [Shares Inc Shs MSCI Europe Ex UK Fnd 50,039 1,302 [Shares FTSE 250 SHs (GBP) 26,626 5,293 [Shares MSCI Japan Shs 66,374

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NOTES TO THE ACCOUNTS (Continued)

EQUITY INVESTMENTS (Continued)

Nominal Value MarketValue
53,675
Lloyds BankingGroup
491
LSEGroup ple6.9pOrds
14,749
M&GPlc
12,128
ManGLGJapanCoreAlphaFdProAcc
4,002
Moneysupermarket.com
355
Morgan Stanley InvUSAdvantageFnd
12,047
NatWest GrpPlc
1,671
NinetyOne Global StFdEmrgMkts
2,140
Prudential ple5pOrds
2,706
— Relx Plc 14.44p Ords
655
ReckittBeneckiser 10pOrds
6,695
River&MercantileUkEqtySmlCos fd
2,920
Royal Dutch Shell Euro .07Shs
1,337
SSE Plc
1,337
SanneGroupplc
10,918 — SchroderTokyo Fd Units Class ZGBP
520
SchroderPle£1 Ords
1,406
SmartMetering
16,088
Tesco ple
904
UBS InvFndICVCS&P500 Index JDist
731
UBS-EtfMsciEmgShsA Distrib
2,842
UBS-EtfSicavMsci Switz20/36 Ucits
523.
UBSEtfplcMisc AcqiSFAUKDisHdg
4,024
VanguardFndsFTSE100 UcitsETF Inc
23,516
Vodaphoneple 11.43cUS
3,178
WPPPlc
2,439 — Xtrackers (IE) Plc WorldEnergy		 22,831
34,075
30,589
22,267
10,669
39,561
23,642
55,594
32,967
49,222
42,562
44,926
31,653
39,009
8,771
11,671
18,200
11,670
30,599
212,874
69,262
46,518
=48,060
119,533
31,013
29,257
47,749
£1,904,662

Note 3- CREDITORS AND ACCRUED CHARGES

Thisrepresents:- 2021 2020
Independent Examiner’sCharges
PortfolioManagement Charges		 1,920
565		 1,920
°
£2,485 £2,856

Note 4 - REMUNERATION

No remuneration has been paid to any of the Trustees. A Secretarial and Management Fee of £15,000 (which includes all travel and incidental and office expenses) has been paid by the Trust for services provided by the Secretary, Mr. J. L Hamilton OBE, DL. (Mr Hamilton is the spouse of the Chairman of the Trust, Mrs. J. A. Hamilton.)

Note 5— PREPARATION OF FINANCIAL STATEMENTS In common with many other Charities of our size and nature, we use our accountants to assist with the preparation of the Financial Statements.

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Note 6- SCHEDULE OF INSTITUTIONAL DONATIONS

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|||||| |---|---|---|---|---| |93rd Newcastle|Scout Group|1,000| |Acorn Community Church|1,500| |Anxious Minds|1,000| |Artichoke|300| |Baby Equipment Loan Service & Toy Library|1,700| |Bacmans Community|Ltd|1,000| |Ballet Lorent|1,000| |Barnado's ( The Base|Whitley Bay)|2,000| |Better Days|1,000| |Blyth|Resource and|Initiative|Centre|1,000| |Blyth|Star Enterprises|2,000| |Blyth|Tall|Ship|1,500| |Cleaswell|Hill|School|1,000| |Company of Others|500| |Cowpen Quay Community Centre|1,000| |Crimestoppers Trust (Tyne Wear &|N'land)|1,000| |D2 Youth Zone Ltd|1,000| |Deaf|Awareness NE|1,000| |Derwenthaugh|Boat Station Sea Cadets|1,000| |Durham & N'land Wing (2344 Longbenton|Air Cadets)|1,000| |East Hartford Community Centre|1,000| |Families|in Care|1,500| |Full|Circle Food Project|1,000| |Fusilier Association|-|St George's|Branch|500| |Girlguiding North Tyneside|1,000| |Heaton Food Garden|500| |HospiceCare North Northumberland|1,000| |Isabella Community Association|1,000| |Linskill &|N.Tyneside Community Development Trust|2,000| |Listening Books|500| |Macmillan Cancer Support|750| |Marie|Curie|750| |Mayfield Community Centre|1,000| |Mission|Initiative Newcastle East|250| |NEPACS|1,000| |New York Primary School|1,000| |Newbiggin by the Sea Partnership|Ltd|500| |North East Maritime Trust|1,000| |North|Tyneside Art Studio|1,100| |North Tyneside Disability Forum|500| |North Tyneside VODA|1,000| |Northburn Steelbands|500| |Northern|Ice Wheelchair Curling Club|500| |Northern Stage|500| |Northumberland Community Enterprise Ltd|1,000| |Northumberland CVA|(Hirst East End Allotment Assoc)|1,000| |People and Drugs Ltd|1,500|

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PercyParkRugbyFootballFoundation
PrestonGrangeCommunityAssoc
REACT
Remembering thePastResourcing theFuture
SeatonBurn CricketClub
SeatonDelaval Pre-School		 1,000
500
1,000
1,000
750
750
Seven Stories 300
ShiremoorAdventure PlaygroundTrust
ShiremoorHealthAdviceResourceProject
Silverline Memories
SkillsForPeople
SpringfieldCommunityAssociation		 1,500
1,000
1,000
1,000
300
StJohn's Methodist Church WhitleyBay
StPaul'sCommunityPartnership
StepneyBankStables
Success4AllCIO
Tall ShipsYouth Trust
TheChronicleSunshineFund		 1,000
300
1,000
500
2,000
750
TheCommunityFoundation -High SheriffFund
The Friends ofSirCharles Parsons School
TheKey
The PercyHedleyFoundation
The SalvationArmy
The WatchHouseClub		 1,000
500
2,000
1,000
300
350
Tynemouth Volunteer LifeBrigade
WhitleyBayYoungPeoples' Centre		 1,000
500
£ 68,650

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