THE METHODIST CHURCH ILFRACOMBE & BARNSTAPLE CIRCUIT (37/19) TRUSTEES, ANNUAL REPORT for the year ended 31 AUGUST 2025 Charity Registration number 1134225 [Statement of Recommended Practise 2015 compliant] Administrative information The Ilfracombe & Bamstsple Methodist Circuit is a r8gist8red charity (number 1134225), registered in England and Wales and is part of the South West Peninsula Methodist District. Correspondence address The Circuit Administrator (Jane Ven8bles) The Circuit Office. Christ Church, 8 Bear Street. Bamstaple, EX32 7BU Circull Staff Rev Dr Trac8y Darling Circuit Sup8rintendent {sinc8 S8Ptemb8r 2024) Rev Stephen Caddick Clrcult Treasurer Miss Heather Bolt (sirrA January 2024) Clr¢uit leadership T•am Mrs Sue Cresswell Rev Sue Macbeth R8v Marilyn Tricker Mr Petar Edwardson (until May 202& de(*as8d) Nama8 of truste88 The Managing Trustees for the Circutt are the members of the Circuit Meeting and names ar8 as entered into the Chanty Commission Report. No trustee daims 8xemption from disdosure of his or her name hare. Bankers Central Finance Board of the Methodist Church 9 Bonhill Street London EC2A 4PE Inv88lment managers and custodian trustees Trustees for Methodist Church Purposes C8nlral Buildings Oldham Street Manchester M11JQ Indgpendent Examimr Thomas Weslcott Chartered Accountants. 47 Boutport StreeL Bamstsple. Devon, EX31 1SQ Aims and organisation Clrcult Mlsslon Statement Our Circuit is committed lo supporbng local churches and individuals as they respond to God's love in Christ and serve Him in the world. We aim to achieve this by looking at five vital areas of Circuit1rf8 based on input from churches looking at their growth points and d)allenges. WORSHIP in most churches is generally traditional. In addition to the team of preachers, churches are increasingly preparing their own Local Arrangem8nts arKI finding this both Challenging and rewarding. Christ Church Braunton's weekly Wednesday moming worship and Christ Church Bamstaple's monthly Gafé Church are well established,. there is a weekly servi¢e at Norah Bellot Court {M8thodist Homes). Causeway Church m881 once a month at Christ Churdi Bamstaple. This is part of a wider network of Indusive Churches for those with disabilities. Most churches make us8 of Digital Hymnals when musicians are not available. Aw88kly midweek evening Z¢X)m service, started in 2020, helps to connect tha Circuit. COMMUNITY LIFE. Some church8s, especially those with acc8ssible buildings, are well used by community groups {e.g., choirs, danc£ groups, U3A). Coffee momings, lunches, Community Caf8, knitting groups. singing (for those with memory loss), all build relalK)nships wtlh the wider community. Church members may b8 involved in ommunity events, 'Open th8 Book. in schools. or th& support group for the Childrèn's Centre (Adion for Children), until this ceased in April. A monthly Sunday afternoon worship group for those with leaming andlor physical drficulties meets in Christ Church Bamstaple. The￿ is a monthly coffee moming I breakfast at Fremington Methodist Church raising mney for South West Bloc¥J Bik85. DISCIPLESHIP. Across the Circuit, var*)us small groups meet for Bible study, prayer, and fellowship (some are &cumenical). These help people grow in faith, enable local 18aders, and build confidence and skills in Christian conversation. or sharing faith stories. In thes8 challenging times prayer is vital, we plan to encourag8 the use of the Circuit Prayer Diary acrnss the Circuit. PASTORAL CARE. Som8 churches (the larger ones) hav8 a stru¢bJred pastoral care system. Smaller thurches provid8 more infomial, but effective, car8. The role of voluntary pastoral assistants is important and could b8 str8ngth8ned and developed. Maintaining pastoral support for those less mbile, or where churches have closed, is a challenge. ECUMENICAL LINKS. Th8r8 are four official LEPS (Local Eojmenical Partnerships) with constitutions in the Circuit: tsvo MethodisVURC (Christ Church Bamstaple and Christ Church Braunton) and two Anglicanlmethodist (Bratton Fleming and Goodleigh). In other communities there a￿ regular united services with the Anglicans,. Churches Together groups work w811 in Combe Martin and Braunton. The Circuit supports the outreach WO￿ of Calvary Chapel at Woolacombe. New housing developments present challenges (eg. Fremington and Sticklepath). At Bratton Fleming, the Anglican-methodist Churd) meets in th8 Parish Church and is a thriving village church communty, the building has been modemised to provide a more w8lcnming and flexible space. We are looking to be more creative in how we see church and not to be limtted by our buildings and traditions. In setting our objectiV8s and planning our activities. the Circuit Meeting (under the leadership of the new Circuit Superintendent) met three limes in the year, has considered the Charity Commissioners, general guidance on Publ￿ benefit and, in particular, to its supplementary public benefit guidan￿ on advancing our objectives and confomis to th8 Charities Act 2011. The Charity objective is to act as a Resource provider within the area around Ilfracombe & Bamstaple for the Methodist Churd): The purwses of the Methodist Church are and shall be deemed to have been sin th8 Date of Union th8 advancement of: 1. The Christian faith in accordance with the doctrinal standards and discipline of The M8thodist Church,. 2. Any charitable purpose for th8 tim8 b8ing of any Conne￿nal. Districi, Circuit. local or othèr organisation of Th8 Methodist Church, 3. Any charitable purtK)se for the time being of any socTrety or institution subsidiary or ancillary to The Methodisl Church,. 4. Any purpose for the time being of any chanty b￿ng a charity subshjiary or ancillary to The Methodist Church The organisation and resourcing of regular public acts of worship op8n to members of the Church and non-members alike. The teaching of Christianity through sermons. courses and small groups. The resourcing of pastoral work including visiting the sick and bereaved. Taking religious assembliés (Opèn th8 Btsjk) in local schools. Promotion of Christianity through the stsging of events and services. Public Benefit Wè confim the trustees have had regard to the Chaiity Commission's guidance on public benefit. Achievements and performance The principal wrpos8 of the Circuit is to act as a supporting body between Churches and lo help to promote G￿'S love in Christ and to enable p8opI8 to s&rNe Him in the world. The Circuit has limited contact in its own right with the public but acts through the activities of the individual churches. The Circuit does not attain direct contact with the public. The direct contact is by Churches and it is these that the Circuit supports in their desire to provide benefit to the public. The Circuit makes a number of grants to Local Churches and oth8r church organisations during thg year. The policy of the trust88s on grant making is to ensur8 that all applications can demonstrate public benefft, pass a test of susiainabilty, show that there is commitment from the applicant organisation {eg the local church or church group) and show imagination and creativrty as well as a perceived need for that for whi¢h th8 grant is ￿Ing applied. Churches that have received grants from the Circuit wll show in their own Trust88S' Annual Reports (where these are required to be prepared) and details of th8 outcome of the activities undertaken as a result of receiving the granL There vrfere no grant applications this year. The Circuit Administrator has been in post for three years and her role ￿ntInueS to develop as she becom&s more familiar with the Cirojit and M8thodisl policies and procedures. Significant events this year Rev Steph8n Caddick sal down {retired) August 2025. We appointéd a Deacon starting in September 2025 - Deac£)n Sheral88 Devitt. There was an Away Day for Christ Church Bamstaple at Westward Hol Baptist Church called 'Embracing our Future,. Good18igh Church s8nd out Church Notices, induding a precis of the semion and news on Sunday aftemoons to all in th8ir fellowship whether at church or not that day. There was a cascade of poppies from Bratton Fleming church tower for the 801h anniversary of VE Day. These poppies arrived from around the world but were made mainly in Bratton Fleming. Café Church at High Bickingt(m has grown and had to move to the village hall. Coffee on Wednésday momings at Loxhore, made up of three hamlets: Loxtr Town which includ8s Anglican Church, Loxhore Cott. which is adjacent to the grounds of Arlington Court {NatK)nal Trust property) arKI dose to one of its l¢Jlg8 gates and Lower Loxhore whKh indudes the Methodist Chatd. There has be8n a huge focus on propety matters and we have sought to consolidate our buildings. This remains a work in progress. The sharing agreement on the Manse behveen the Methodist Church and The Unitad Reformed Church has been dissolv8d at K8strel Way and the propety sold. 50Yo of the net proc88ds from the sale of a pr8vious manse 'Litt18 Cra￿, at Ilfracombe were received by the Circuit. This had been a URCIMethodist manse 8ssociat8d with Emmanuel. 11fra￿)mb8. Th8r& has been worf( on the manse at Moor Lea with a new f8n¢e and some ongoing work noted in the manse long bcK)k. Tha manse at Rumsam gardens had work undertaken in August in preparation for the arrival of the new D8a¢on, all of which are documenled in the manse l(>a book. W8 continue to have good links with the Methodist Home (MHA) Norah Bellot Court in Bamstaple and the new chaplain Gail Wall. Plans for future years 1. There have been r8Vi8ws in ead) of the Circuit's churches With our Superintend8nt Rav Tra￿Y and the South West P8ninsula Methtsjist District's Mission Area lead Deacon Ruth Richey. The Circutt leadership team will worf( with the results of the revi8Vts to develop a long8r temi plan. 2. We are planning to employ a Circuit Family Lay worker part-time for three years based at Christ Church Bamstaple and Sticklepath churches with Ihe proceeds from the sale of Bishops Tawion church. 3. We continu8 to ensure that any local issues emanating from the Past Cases Review are dealt with sympathetically. 4. Ensure that all those within the Circuit that should attend the 'Cr8ating Safer Spac8. training at all levels, do so. And we follow the Safer re¢ruFtment pr(￿esS when fulfilling any role within th8 church8S. 5. Provide On￿oing training and devekjpment for Worship Leaders and Local Pr8ach8rs. 6. To dev81op the on-going ￿e-year plan, to consider the future ministry and mission requirements of thè Circuit. This will continue to be a worf( in prc*3ress. 7. Encourage initiatives for mission in Local Churches within the Circuit 8. To continu8 a mid-week Circuit worship s8niice via Zoom. This has been well attended and18d by a variety of people. Attendance is 50.'50 Methodist= olhar denominations and people from outside th8 Circuit also r8gulady attend. The response to the variety and styles of worship is posittve. Commitment by the three hosts and thos8 preparing th8 35 to 45 minute service is high. Regular planning meetings take place and there is now a pattem of 'themed blo¢ks' of serrfices (88th block may vary in18ngth depending on the ther￿). 9. To continu8 to build links with adjac8nt Circuts and other ecumenical partners. Ecumenical partnerships across the Cirwit arè just more than simply nominal in some ¢hur¢hes, vthilst in others it is fully integrated - with 4 fomial LEPS as well as infomial arrangements in some of the other village churches. There is only anecdotal evidenc8 as to how ￿￿11 the (infonnal) 8cum8nic21 services are supported. The Circuit ¢onlinues to meet twice a year with Calvary Chapel, which uses the old Methodist Church at woola￿Mba. to review and maintain the relationship. 10.There have been struggles fulling the preaching plan. W8 hope to look at r8Stwcturing as part of the bonger-temi Circuit plan. 11.we are planning for the Safeguarding officers in ead) of the churches to meet together mor8 r8gularly. 12.we are looking to employing a part-time Property offic8r. Financial Review Income trènds Circuit income is primarily drawn from the assessment paid by the Circuit churches. The rental income ￿lateS to the rental of cir￿11 prop8rti8s held under the Mod81 Trust Fund. Expèndituré tronds StIP8nd expenditure has incTras8d each finanoal year in line wth Conf8r8n approved increases. 48% of expenditure is the Circuit (*)ntribution lo the Disinct and Connexion, of which 25 % is for payment of stipends and other employment costs and 23°/o funds the work of the wider meth￿Ist Church at trK)th Connexional and Dislrict levels. The other expenditure indudes £41.209 of funds levied by the District for the District Advance Fund. Fund balanc88 As at 31 August 2025 the net current assets of the Cirujit were £272.047 (invèstments and unrestricted funds) giving approximately 24 months cover for expendttur8. Plans for 2025 - 2026 Circuit financial plans for the ￿MIng year have been prepared on th8 basis that there will continue to b8 2 full tim& ordained staff within the Circurt with anticipated cost of living stipend increas8s combin8d wilh an increase in the assessment paid to the District. We ar8 looking to employ a part time Circuit Family Lay Worker and a part time Property Officer. Investmont Policy and Perfomianc• To comply with Methodist Standing Ordèrs, monies for long lem investm8nt ar8 lodged with the Trustees for Methi)dist Church Purposes ITMCPI. TMCP acts as custodian trust8e for all real @state held by th8 Circuil and for all larg8 {over £20kl bequests and for the proceeds of sale of any propety fomièrfy owned by the Circuit. These sums are invested in unitised investrnents or held on d8POSIt. Th8 investment retums ar8 dos8 lo tracking the movements in the FTSE100 index. The deposit income mirrors the deposit rdtes available elsewhere. The Cirujit trustees. investment policy is align8d with that of the CFB and TMCP bècausè th8se organisations tak8 into consideration the social, environmentsl and ethical considerations, both negatively and positiV8ly, that make investments suitable for the Methodist Church. Short temi deposits are lodged direcily with the Central Finance Board (CFBI and attract good rates of interest. There are no benchmaths for the expected retums or appreciation on investments at TMCP and CFB. It is the Circuit's policy to manage the cash and investment resources of the Circuit so that a rate of retum on inveslment - both by way of dividend and capital appreciation is obtained at least as good as mart(8t rate c4)nsidering the Circuit's low appetite for risk. Rgsorves level and policy The Circuit has a reserves policy covering all its unrestricted funds whth is reviewed annually. Although grants are made annually out of the Circuit Model Trust Fund (CMTF), it is recognised that some grants may be paid by annual instalments and that th8re will be applications repeated in future years. Th& trustees seek to ensure that there is su￿￿ken1 in the CMTF to meet th&se anticipated grant applications. Th8 ReservÈs Policy for the Circuit is to hold a minimum sum equivalent to 12 months average exp8nditure. This should be SLrffi¢ient to meet any unforeseen ttem of major expenditure on mans8s and l or to be able to continue, in the short tenn, funding planned activitias in the event of any inability to rais8 th8 full Circuil Ass8ssment from churches. The Circuit is largely risk avers8 but, esp8cially in making grants to ents'ts"es embarking on new and irnaginative inits'atNeS, the Circuit is prepared to und8rwrtie considered risks. Risks are managed by being aware of them. quantfying their impact not only in cost terms but in possible reputational or structural damage. laying them off Ihrough an insurer and minimising them by not taking them or by setting up control systems that timeously ￿port any significant change in the risk. Trustees, responsibilities For each financial year ending on 31 August the Trustees are required to prepare financial stslernents that give a true and fair view of the Circuit's financial aclivities during th8 year and of its financial position at the end of the year. In pr8paring these financial ststements, the Trustees must.. select suitable a¢C￿n￿.ng policies and applied them consistently. make judgements and ests'mat8S that are reasonable and pnjdent follow applicable accounting standards prepare accounts lo comply with the Charities SORP Th8 Trustees are rèsponsible for keeping prop8r accounting re￿rdS which disdose with reasonable accuracy at any time the financial position of the Circuit and enables them to ensure that th8 financial statem8nts comply with the law. They ar8 also responsible for safeguarding the assets of the Circuit and hence taking reasonable steps for the prevention and detec*on of fraud and other irregularilies. Th8 Trustees ar8 r8sponsible for the maintenance and integrity of the corporat8 and financial infomation induded on the Circuit's website. Legislation in the United Kingdom goveming the p￿paratIOn and dissemination of financial statem8nts may differ from legislation in other jurisdi¢tK)ns. Training in the responsibilities of trustees is offered to all new trustees soon after their appointment. Rlsk Th8 major risks have been identified and recorded by the Circuit Meeting with professional advi￿ taken as required. The￿ is a regular annual review process undèrtaken and recorded. Income and Expenditure is being monitored in total and is mpared with the approved annu81 budget on a half yeady basis to detect trends as part of the risk management process to avoKI unforeseen calls on ￿Se￿Ie$. Risks to thè Circuit 1. Assessments cannot be met - high risk - looking to resetting assessment calculation. 2. Manses- low risk- we have no rolling programm8 of maintenance. 3. Circuit is a rural I(￿tiOn - low risk - generally presbyters are not attracted to rural locations. 4. St8wards l Elders within local churches- moderate risk - people are tired and not wanting to futfil vital roles such as church secretary, treasurer, property officer. 5. Unable to attract officé holders wth sufficient time, skills and expertise - high risk - needing h8lp from outsKle the Circuit. Safeguarding Every p8rson has a value and dignity whith Combe Martin Fremington Goodleigh (MethodisVAnglican LEP) High Bickington Loxhore Marwood Newport Stick16path Govornance The Circuit operates wlthln a ststutory framew￿￿{ of regulation and seeks to ensure that it follows Methodist Standing Orders. It relies on the Connexional Qffice, at 25 Tavistock Place, London, WC1 H 9SF to provbde guidance on changes that could af- fect the District. The memb8rs of the Circuil Meeting are annually appointed by a vote of the Circuit Me8ting (for Circuit Officers) and relevant Church Councils (for Churth Representatives). for a ￿)ntInuOuS term not normally exceeding six years. The Circuit Meeting annually appoint the Circuit Leadership Team. All actNe ministers are members. Other members may be either Supemum8rary ministers or lay people attending Churthes in the area (x)vered by the Circuit. Th& Circuit Leadership Team normally meets ?18ven times per year and deals with routine and ex￿pIlOnaI matters. It oversees the allocation of Grants, finance. propety, the Circuit oifice, the Circuit manses, statK)ning. safeguarding, authorisations to p￿side at communion, and extensions to local pr8acher training. li Responsibilities of tho Circuit Leadership Team 1. to formulate and promot8 policies which will advance the mission of the Church in the Circuit and Local Church8s and. in particular, lo supervise the use of resources of personnel. property and finan￿ and to assist local churches having eX￿ptIOnal problems 2. to encourage inter£ircuit, inter-church and e￿Men1¢al co-operatv)n 3. to act in an executs've capacity in matters remitted to the CLT by the Circuit Meeting 4. to keep within its puNiew all Circuit concems not dealt with elsebvhere 5. to contnbute and respond. as the cas8 may be, lo th8 dev8lopmenl of Connexional and District policies as r8fl8Ct8d in thè work of the Conference and the M8thodist Council. and to carry out its other responsibilities with any such development in mind 6. to be aware that the stipends of the Circuit Staff ar8 S8t- currently by reference to the change over a year in the Consumer Price Index and to thé annual chang8 in the Average W88kly Eamings Ind8x- using a fomula that was agreed by the Methodist Conference for all ministers within the Connexion 7. constantly to be aware of the put￿lC benefit guidance issued by the Charity Commission The Managirsg Trust88s for th8 Circuit are the members of the Cir￿lt Meeting and names ar8 as entered into the Chanty Commission Report. No trust88 claims exemption from disclosure of his or her name hère. Bankars Central Finance Board of Ihe Methodist Church 9 Bonhill Street Approvals The Trusle8s' Report and the Financial Statem8nts will be agr88d by the Circuit L88dership Team and are to be presented for approval by the Circuit Meeting planned for 23rd June 2026. Signed on behalf of the Circuit Meeting, as authorised: Rev Dr Tracey Darling (Superintendent Minister} Date: 1316126 Heather Bolt (Circuit Treasurer) Date.. /216lik 13 Independent exarniner's reporttotho trustees of Ilfracombe & Barnstaple Methodlst Clrcult I report to the trustees on my examination of the accounts of the Ilfracombe & Barnstaple Methodist Circuit (the Charity) for the year ended 31 August 2025 Rosponsibilities and basls of report A8 the charlty tru8te88 of the Tfust YOU 8re re8ponsible torthe preparation ol the accounts in aGGordanc8 With th8 requirements of th8 Charities Act 20111'the Act'l. I rèport in r¢$pe¢t of my oxamin8tion of the Trust's accounts caThied out undgr section 145 ot the 2011 Act and in carrying oui my examination I have followed all the applic8ble Directions given by th8 Charity Commi83ion under Section 1451511bl of the Act. Independent exomln¢r'$ statement I hgvo Gompletgd my exarnin8tion. I confirm that no materiol mattèr8 have come to my attention in connection Ylth the examinotion gwing me cause to believe that in 8ny m8terl81 r83pect: accounting records were not kept in respect of the TNst as required by section 130 of the Act,. or 2. the 8ccount8 do not accord with thoso re¢ords,' or 3. the accounts do not complywith the applicable requirements concerning the form 8nd content of 8ccounts set out in thg Charitie$ (Accounts and Reports) Regu18tions 2008 other th8n 8ny requirement that the account$ give 8'true 8nd f8ir view which 18 not matter considered as part of an independent 8xaminatlon. I have no concèrns 8nd have come across no othgr matters in connection with the ex8min8tion to which attention should b8 drawn in this report in orderto enable 8 proper underst8nding ol the accounts to be reach8d. C8therlneWllll8ms FCAOChA Independent Examiner Westcotts ISW) LLP 47 Boutport Street Barnstaple Devon EX31 1SQ Ilfracombe & BamstaF4e Melhodlsl Clrcu Glrcutt No 34119 Statemènt of Flnanclal Actfvlties (SOFAI for the year ended 31 August 2025 Not•$ tr* r¢ult Mod•l D•¥lgrbthd lh• G•n•rnl Fund Tvust FunOJ R•*trict•d Endowffl•nt •¢counl• IUnr••trthdl IUhmtsict•d) lurK￿l￿¢t*dj Fun To 2024-25 Income 1 Donaibn* 8nd18gède¥ 2 In¢om8 from monelary Inv•strngnt• 3 Incoma from invejlmenl 4 A￿S06￿MentS crfTr Chwc*88 5 Captt¥l RoG•Ip 6 Gr•nls mcofved 7 Other ch8dtabie kn¢om• 8Tot•l Incom• ,000 12.518 24,558 142,843 141,693 1,811 2.224 . 142.843 144.893 253.M5 151376 401,245 Expgndlture 9 Gr2Dl8 bnd dun&lkn# 85,787 11,589 41.209 35,397 11 Propwty m8lni8n•r 12 Conne￿on8[all0￿MOnt & knJ•t 13 01•lri¢l Ae80umenl & L• 14 00prec￿l￿ft 15 offi¢6 oxpens•5 18 Other ￿￿1g¢In¢8 17 Tot* ¢harftabl• •xp•rxlMuv• 18 GwnyJlb$3•sI on mcn818ry Invtsknen 19 G*nsllbs88sI on p¥Owrt￿j 20 N•1 In¢om•ll•Ap•ndt¢ur•l 21 TrOn￿or• bo￿8￿￿ fundi 22 Olhor 98ln&llb8satsl 23 N•t mov•m•nl In fvnd• 24Yotal fuTrds tr>rouiht foNar 11.&89 412 35.397 47,9TT 70.051 250,601 210 48,021 70,051 210 83 111.SJJ 2,097 118,474 2,097 140.235 142,332 118174 2S6.106 372,580 87,987 199.010 Ilfracombe & Bamstaple Methodist Cirojit ClrrAJIt 34119 Statement of Financial Activities (SOFA) for thè year ended 31 August 2024 Ilots• to Genei•l Fund Trnst FurKh R•strlGt•d Endowm•nt Totsl •¢¢ounts IUnr*strk¢i•dl IUrw•strkl•dl lywoilrlGtedl Fund Fund• 2023Q4 Income 1 Don81￿￿$ and 100x￿8 Inc¢m• frtyn monètsry 3 InGom8 frorn Inv•51m•nl proport 4 A8u89manl& on ChuFch•6 S Capital Receip15 8 Grnnli received 7 Other Ghanlwbl• Incam• 8 Ttyt•l Int*)m• 7,4f 11,022 25,137 171,861 25.137 171.888 21.7 220,W 2.263 229,81S Exp•ndSturo 9 Granta and donabry 10 S91Bnes ond 81¥0¢1olo¢ co• I I Piopedy Main￿1*ne* 12 Connowon81 astsoismoni & 13 Th8lrtct A889gsmenl & Lg 14 D*pr¢ck41ion 15 OffKe 0xp•n￿# 16 Other ￿t001n96 17 Tot•1 ¢harii•bl• •xp•Ddllur• 18 Gtsln8iibsaeii on rnnltary In¥•iknf 19 Goinsllbllsesj on inv•lltrnenl WDpwU•J 20 N•t Incom41l•xp•ndknr•l 21 Tr4n¥1￿ b•￿e0n lunds 22 Othbrg•inWIIog8••1 23 N•t mov•ffl•nl In lun¥• 24 Tot•1 funds br¢ughl forward 25 Tot•1 funds r•rr*d 48.731 6.014 8,7J1 8.014 6,862 14.240 44.248 63248 20,1CKJ 63,782 20.106 7.318 3.242 3,242 3•.713 5.508 4SJ14 3•.71J 87.891 17,987 134.730 140.239 210,792 256,108 27.884 11frocombe & BoFnstap* MelWl¥l C*pJit a4n9 Balanc• She•1 •s al 31 August 2025 174 124 ￿e￿ttu 1*, 17.917 FJ25J Cult**lliblUU cMthW•(4￿$7uDl*¢1 Tr*WJ 14.qol 24 1UIOI J711 ittJ 2WI GDMWFund D*•w*oFuf¢• IUN••V¢t•dl 14lSJl ¥•.721 11•.UaO 1413 S*n•d 41f@dk 1 ol•r¢owllng 2FuAdi )AE¢bunMnq Pol￿+1 ar4M• VAT 124. I Cr•Jknrnlu•ln I X.401 r410 140.U> 11 N•¢ ••••¢i T( 1•1911 74 247 ¥PJ 159 141.JJl To IJI 302 t2Q4111 212265 0 411 .1 12 R•￿t•d p•rtytr4TrMoth7 13 Po•1 B•l•nu¥ho•i E%*n 12026.8W T￿on. t2182Ieniid&iiili