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2022-12-31-accounts

COMPANY REGISTRATION NUMBER: 05819197 CHARITY REGISTRATION NUMBER: 1121371

Fundatia Adept Ltd COMPANY LIMITED BY GUARANTEE Unaudited Financial Statements 31 December 2022

MEADOWS & CO LIMITED

Chartered Accountants Headlands House 1 Kings Court Kettering Parkway Kettering NN15 6WJ

Fundatia Adept Ltd

COMPANY LIMITED BY GUARANTEE

Financial Statements

Year ended 31 December 2022

Page
Trustees' annual report (incorporating the director's report) 1
Independent examiner's report to the trustees 7
Statement of financial activities (including income and expenditure account) 8
Statement of financial position 9
Notes to the financial statements 10

Page 1

Fundatia Adept Ltd

COMPANY LIMITED BY GUARANTEE

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 31 December 2022

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the company for the year ended 31 December 2022.

Reference and administrative details

Registered charity name Fundatia Adept Ltd Charity registration number 1121371 Company registration number 05819197 Principal office and registered Upper Leigh Farm office Leigh Lane East Knoyle Salisbury SP3 6AP The trustees Dr J Akeroyd (Scientific Adviser) Mr M Fried (Trustee) Mr N Ratiu (Chairman of Trustees) Mr T Scott Bolton (Trustee) Mrs L Kinmonth (Trustee) Ms L Balint (Trustee) Dr O Mountford (Trustee) Mr N Page (Director and Founder) Company secretary Mr N Page Independent examiner Mr D H Kelland Headlands House 1 Kings Court Kettering Parkway Kettering NN15 6WJ

Page 2

Fundatia Adept Ltd

COMPANY LIMITED BY GUARANTEE

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2022

Structure, governance and management

Governing Document

Fundatia ADEPT Ltd (hereafter ADEPT Ltd) is a charitable company limited by guarantee, incorporated on 17th May 2006 and registered as a charity on 25th October 2007. The company was established under a Memorandum of Association that established the objects and powers of ADEPT Ltd and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute and amount not exceeding £10.

Recruitment and Appointment of Management Committee

The Management Committee seek to ensure that the needs of ADEPT Ltd are appropriately reflected through the diversity of the trustee body. To enhance the potential pool of trustees, ADEPT Ltd has sought to identify individuals who would be willing to become trustees and use their experience to enhance ADEPT Ltd. In order to develop a broad skill mix, the trustees are requested to provide a list of their skills and in the event of a key skill being absent, individuals are approached to offer themselves for election to the Management Committee. There have been no changes during 2022.

Trustee Induction and Training

The trustees are already familiar with the practical work of ADEPT Ltd. New trustees are invited and encouraged to visit Romania to gain first hand experience of the activities of ADEPT Ltd. The Charities Commission's guide "the Essential Trustee" is also provided.

Risk Management

The Management Committee has conducted a review of the major risks to which ADEPT Ltd is exposed. Where appropriate systems or procedures have been established to mitigate the risks ADEPT Ltd faces. These procedures are periodically reviewed to ensure that they continue to meet the needs of ADEPT Ltd.

Related Parties

The activities of ADEPT Ltd are combined with that of Fundatia ADEPT Transilvania, a separate charity registered in Romania with identical objectives. Much of the finance raised for the implementation of the ADEPT objectives and activities is raised in Romania. The directors in Romania are Cristi Gherghiceanu, Nat Page and Razvan Popa. ADEPT Ltd supports the Barbara Knowles Fund (BKF), which shares the same objectives, by acting as a Gift Aid-eligible channel for donations to BKF. This is in accordance with Charities Commission guidelines.

Organisation Structure

ADEPT Ltd has a Management Committee of up to ten members who meet twice per year and are responsible for the strategic direction and policy of the charity. At present the Management Committee has six trustees from a variety of professional backgrounds relevant to the work of ADEPT Ltd. The founding director also sits on this committee but is not a trustee. ADEPT's chief scientist John Akeroyd also regularly attends meetings, and other specialist advisers are invited to attend meetings from time to time. Responsibility for day-to-day management of ADEPT Ltd is with the founding director. The project is increasingly managed by ADEPT staff in Romania, with less time required from UK management. The Romanian ADEPT team has built capacity through experience and through training courses.

Page 3

Fundatia Adept Ltd

COMPANY LIMITED BY GUARANTEE

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2022

Objectives and activities

Objectives

The registered spheres of work of ADEPT Ltd are: providing benefit to society worldwide, and providing education, training and the dissemination of information about conservation linked to community prosperity and sustainable economic development, leading to viability of small-scale farming communities.

The principal activities of ADEPT Ltd in the year under review were to encourage and provide support for all aspects of Fundatia ADEPT Transilvania, Romania, which exactly shares ADEPT Ltd objectives.

ADEPT Ltd has the following objectives:

ADEPT continues to have a major impact on Policy, Nature Conservation and Poverty Alleviation in Romania. It has laid the groundwork for recognition of the importance of the High Nature Value (HNV) farmed landscapes of SE Transylvania. ADEPT remains the leading NGO promoting the understanding of the natural, cultural and economic importance of HNV grassland in Romania.

Activities

A. UK activities

ADEPT UK were limited in 2022 to administration of funds. No actual fund-raising activities were carried out.

B. Romania activities

ADEPT's 100km Transylvania Bike Trail (TBT) mountain bike trail, linking Sighisoara with 7 villages in the area, continues to be in successful operation with local visitors. Overseas visitors were absent owing to covid.

Sigrid Rausing Trust (SRT) generously donated £120,000 to ADEPT Romania as part of its 3-year grant of £120,000 per year for core funding support, for period 2021-23.

ADEPT applied for a significant EU LIFE grant in late 2021. This was approved in June 2022. It is a 7-year grant for butterfly conservation, covering 9 different natura 2000 sites across Transylvania. ADEPT is a partner in the project with Slovakian NGO BROZ. Total project value is €731,000, of which EU pays 60% (€438,000), and ADEPT and co-financers including SRT pay 40% (€293,000).

The Angofa Aberdeen Angus herd and associated management has had a significant measurable benefit to grassland biodiversity. Grassland restored in previous years in Angofa show floristic species richness increased in the haymeadows by over 12%, and in pastures by a remarkable 30% (based on expert surveys). The herd is also profitable.

The Saschiz ceramics centre and the Angofa Wildlife Centre are well established and operating smoothly and financially sustainably.

The baseline studies for the Biodiversity and Carbon Credit schemes in Târnava Mare grasslands

Page 4

Fundatia Adept Ltd

COMPANY LIMITED BY GUARANTEE

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2022

were completed in 2022, but need to be repeated in 2023 as a result of changes required to the methodology.

Financial

Trustees' meeting was held on 06 June 2022 - 08 June 2022 in Viscid, allowing the Trustees to see activities in Angofa.

 Trustees: Nicolae Ratiu (Chairman), Tim Scott Bolton, Libby Kinmonth, Moritz Fried and Owen Mountford.

As well as project and financial reporting, a major topic was the need for discussion between Hosman Durabil group and Karpaten Meat to resolve differences.

6 Ocotber 2022 by Zoom (owing to covid) were:

Main topic was planning for celebration of ADEPT 20 years anniversary, in 2024, including possible film.

C. Future plans

ADEPT will focus on

1.Flagship project: developing Biodiversity and Carbon Credit schemes in Târnava Mare grasslands. Field work to begin in 2022.

2.Developing the Angofa herd, school and farmhouse, and on the first stage of the Carrefour Trust local processing unit for cheese in Viscri.

3.Developing the Angofa Wildlife Centre as a visitor centre and a biodiversity data collection and analysis centre assisted by Operation Wallacea. This will bring in some visitor income.

4.Supported by the Sigrid Rausing Trust, we will work across several valleys including Angofa and Viscri to collect long term biodiversity data linked to land management.

5.Using the data collected to improve local management, and also to extend good management practices and influence national policy.

Achievements and performance

Page 5

Fundatia Adept Ltd

COMPANY LIMITED BY GUARANTEE

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2022

Financial review

Principal Funding Sources

ADEPT Ltd income was total £124,471 mainly consisting of: £5,000: Gerald Micklem Charitable Trust

£45,215: restricted, from Rainforest Concern, for Angofa Farmhouse and grassland restoration £41,706: from Naturanda, restricted project funding for Lister Agriconsult

£380: Just Giving and other charitable donations, unrestricted

£1,967: Lincoln Institute payment for services, unrestricted £8,383: HMRC VAT refunds

£100: Compensation from barclays bank

ADEPT expenditure was £176,560 of which main payments were

£36,380: to Lister AgriConsult. (This figure should remain same as income, except for some money transfer and exchange costs, since this is a grant-making operation with no management commission for ADEPT. The difference is accounted for by a payment of £5,019 to Lister Agriconsult on 5 January 2023.)

£4,565: final repayments of Angus herd purchase loans taken out in November 2017. £122: office expenses

£268: Bank charges £19,500: Salary N Page

£1,134: professional fees and consultants

Plans for future periods

ADEPT Ltd will continue seeking general donations from a broad range of private companies, institutions and individuals.

Investment Policy

Aside from the aim of retaining a prudent amount in reserves, ADEPT Ltd funds are spent in the short term, so there are no funds for setting up a long-term fund.

Reserves Policy

The board of trustees has examined ADEPT Ltd's requirements for reserves. Fundatia ADEPT activities are increasingly funded and managed within Romania. It is important to continue to raise charitable funds in the UK, but the ability to create reserves remains unlikely.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

Page 6

Fundatia Adept Ltd

COMPANY LIMITED BY GUARANTEE

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2022

The trustees' annual report was approved on 19 September 2023 and signed on behalf of the board of trustees by:

Mr N Page (Director and Founder) Director

Page 7

Fundatia Adept Ltd

COMPANY LIMITED BY GUARANTEE

Independent Examiner's Report to the Trustees of Fundatia Adept Ltd

Year ended 31 December 2022

I report to the trustees on my examination of the financial statements of Fundatia Adept Ltd ('the company') for the year ended 31 December 2022.

Responsibilities and basis of report

As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or

  4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mr D H Kelland Independent Examiner

Headlands House 1 Kings Court Kettering Parkway Kettering NN15 6WJ

Page 8

Fundatia Adept Ltd

COMPANY LIMITED BY GUARANTEE

Statement of Financial Activities (including income and expenditure account)

Year ended 31 December Year ended 31 December 2022
2022 2021
Unrestricted Restricted
funds funds Total funds Total funds
Note £ £ £ £
Income and endowments
Donations and legacies 5 116,086 – 116,086 33,524
Charitable activities 6 8,384 – 8,384 4,562
Other trading activities 7 – – – 16,930
-------------------------------- -------------- -------------------------------- ----------------------------
Total income 124,470 – 124,470 55,016
================================ ============== ================================ ============================
Expenditure
Expenditure on charitable activities
8,9		 152,822 – 152,822 28,314
-------------------------------- -------------- -------------------------------- ----------------------------
Total expenditure 152,822 – 152,822 28,314
================================ ============== ================================ ============================
-------------------------------- -------------- -------------------------------- ----------------------------
Net (expenditure)/income and net
movement in funds (28,352) – (28,352) 26,702
================================ ============== ================================ ============================
Reconciliation of funds
Total funds brought forward 47,802 27,504 75,306 48,604
-------------------------------- ---------------------------- -------------------------------- ----------------------------
Total funds carried forward 19,450 27,504 46,954 75,306
================================ ============================ ================================ ============================

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 10 to 16 form part of these financial statements.

Page 9

Fundatia Adept Ltd

COMPANY LIMITED BY GUARANTEE

Statement of Financial Position Statement of Financial Position Statement of Financial Position
31 December 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible fixed assets 15 4,050 4,766
Current assets
Debtors 16 – 94,645
Cash at bank and in hand 43,894 3,116
---------------------------- ----------------------------
43,894 97,761
Creditors: amounts falling due
within one year 17 990 27,221
---------------------------- ----------------------------
Net current assets 42,904 70,540
---------------------------- ----------------------------
Total assets less current liabilities 46,954 75,306
============================ ============================
Funds of the charity
Restricted funds 27,504 27,504
Unrestricted funds 19,450 47,802
---------------------------- ----------------------------
Total charity funds 18 46,954 75,306
============================ ============================

For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of trustees and authorised for issue on 19 September 2023, and are signed on behalf of the board by:

Mr N Page (Director and Founder) Director

The notes on pages 10 to 16 form part of these financial statements.

Page 10

Fundatia Adept Ltd

COMPANY LIMITED BY GUARANTEE

Notes to the Financial Statements

Year ended 31 December 2022

1. General information

The company is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Upper Leigh Farm, Leigh Lane, East Knoyle, Salisbury, SP3 6AP.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. Accounting policies

Public benefit

The Trustees of Fundatia Adept Ltd understand the need to have regard to the Charity Commission's guidance on public benefit.

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

(a) No cash flow statement has been presented for the company.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Page 11

Fundatia Adept Ltd

COMPANY LIMITED BY GUARANTEE

Notes to the Financial Statements (continued)

Year ended 31 December 2022

3. Accounting policies (continued)

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Page 12

Fundatia Adept Ltd

COMPANY LIMITED BY GUARANTEE

Notes to the Financial Statements (continued)

Year ended 31 December 2022

3. Accounting policies (continued)

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold property - 10% straight line
Equipment - 15% reducing balance
Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Page 13

Fundatia Adept Ltd

COMPANY LIMITED BY GUARANTEE

Notes to the Financial Statements (continued)

Year ended 31 December 2022

4. Limited by guarantee

Members of the charitable company guarantee to contribute an amount not exceeding £10 to the assets of the charitable company in the event of winding up.

5. Donations and legacies

5. Donations and legacies
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Donations
Gift aid – – 2,838 2,838
Naturanda 41,707 41,707 12,332 12,332
Rainforest concern 45,215 45,215 – –
General donations 29,164 29,164 18,354 18,354
-------------------------------- -------------------------------- ---------------------------- ----------------------------
116,086 116,086 33,524 33,524
================================ ================================ ============================ ============================
6. Charitable activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
HMRC VAT refunds 8,384 8,384 4,562 4,562
======================= ======================= ======================= =======================
7. Other trading activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Fundraising events – – 16,930 16,930
============== ============== ============================ ============================
8. Expenditure on charitable activities by fund type
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Romanian Project 151,634 151,634 23,132 23,132
Support costs 1,188 1,188 5,182 5,182
-------------------------------- -------------------------------- ---------------------------- ----------------------------
152,822 152,822 28,314 28,314
================================ ================================ ============================ ============================
9. Expenditure on charitable activities by activity type
Activities
undertaken Support Total funds Total fund
directly costs 2022 2021
£ £ £ £
Romanian Project 151,634 1,188 152,822 28,314
================================ ======================= ================================ ============================

Page 14

Fundatia Adept Ltd

COMPANY LIMITED BY GUARANTEE

Notes to the Financial Statements (continued)

Year ended 31 December 2022

10. Analysis of support costs

10. Analysis of support costs
Support
costs Total 2022 Total 2021
£ £ £
Depreciation 716 716 4,742
Accountancy 1,188 1,188 1,281
----------------------- ----------------------- -----------------------
1,904 1,904 6,023
======================= ======================= =======================
11. Net (expenditure)/income
Net (expenditure)/income is stated after charging/(crediting):
2022 2021
£ £
Depreciation of tangible fixed assets 716 4,742
============== =======================
12. Independent examination fees
2022 2021
£ £
Fees payable to the independent examiner for:
Independent examination of the financial statements 3,305
=======================		 2,171
=======================

13. Staff costs and emoluments

The total staff costs and employee benefits for the reporting period are analysed as follows:

2022 2021 £ £

The average head count of employees during the year was 1 (2021: 1). The average number of full-time equivalent employees during the year is analysed as follows: 2022 2021 No. No. Management 1 1 ============== ==============

No employee received employee benefits of more than £60,000 during the year (2021: Nil).

14. Trustee remuneration and expenses

During the year the company paid fees and expenses to Mr N Page (a director but not a Trustee) amounting to £19,500, of which all relates to fees (2021 - £5,740).

Page 15

Fundatia Adept Ltd

COMPANY LIMITED BY GUARANTEE

Notes to the Financial Statements (continued)

Year ended 31 December 2022

15. Tangible fixed assets

15. Tangible fixed assets
Long
leasehold
property Equipment Total
£ £ £
Cost
At 1 January 2022 and 31 December 2022 93,321 23,738 117,059
============================ ============================ ================================
Depreciation
At 1 January 2022 93,321 18,972 112,293
Charge for the year – 716 716
---------------------------- ---------------------------- --------------------------------
At 31 December 2022 93,321 19,688 113,009
============================ ============================ ================================
Carrying amount
At 31 December 2022 – 4,050 4,050
============================ ============================ ================================
At 31 December 2021 – 4,766 4,766
============================ ============================ ================================
16. Debtors
2022 2021
£ £
Other debtors – 94,645
============== ============================
17. Creditors: amounts falling due within one year
2022 2021
£ £
Other creditors - loans – 21,072
Other creditors 990 6,149
-------------- ----------------------------
990 27,221
============== ============================
18. Analysis of charitable funds
Unrestricted funds
At At
1 January 20 31 Decembe
22 Income Expenditure r 2022
£ £ £ £
General funds 47,802 124,470 (152,822)
19,450
============================ ================================ ================================ ============================
At At
1 January 20 31 December
21 Income Expenditure 2021
£ £ £ £
General funds 21,100 55,016 (28,314)
47,802
============================ ============================ ============================ ============================

Page 16

Fundatia Adept Ltd

COMPANY LIMITED BY GUARANTEE

Notes to the Financial Statements (continued)

Year ended 31 December 2022

18. Analysis of charitable funds (continued)

Restricted funds

Restricted funds
At At
1 January 20 31 Decembe
22 Income Expenditure
r 2022
£ £ £ £
Barbara Fund 27,504 – –
27,504
============================ ============== ============== ============================
At At
1 January 20 31 December
21 Income Expenditure
2021
£ £ £ £
Barbara Fund 27,504 – –
27,504
============================ ============== ============== ============================
Analysis of net assets between funds
Unrestricted Restricted
Total Funds
Funds Funds
2022
£ £ £
Tangible fixed assets 4,050 –
4,050
Current Assets 15,400 27,504
42,904
---------------------------- ---------------------------- ----------------------------
Net assets 19,450 27,504
46,954
============================ ============================ ============================
Unrestricted Restricted
Total Funds
Funds Funds
2021
£ £ £
Tangible fixed assets 4,766 –
4,766
Current Assets 43,036 27,504
70,540
---------------------------- ---------------------------- ----------------------------
Net assets 47,802 27,504
75,306
============================ ============================ ============================

19. Analysis of net assets between funds