Southampton Methodist District Annual Report and Accounts for the year ending 31 August 2024 Southampton Methodlsi Dlstrfcl Annual R•port for the year endlng 31 August 2024 ObJ•ctl¥•• and Actlvltle• The Di8trrfs vwn Is lo be a vhwe Circuits. L(x21 of al aFs accompanied and encwra9ed lo respond lo g)spel of Jesus Ctyrfist ar￿ part￿pate n (krfs mission In the poww of the Holy Spint. The Dislncl's pfK>rrties are to.. Glve piiorily in usirwJ Ouf finite reswrces to SUP[￿1 cIr￿rtS th* are eng￿'ry in tre roshaping lor missw pr￿e$s., SuptM)rl Local Churches and Circurts in providing a safe Fffdessional and l&pl environffw Encourage Local Churches lo expfore and tr￿1 vtays of bar¥J 'churth'; Encourage and resource Christian ￿8MlI￿a and disa￿ship acTOSS the th'strrt Develop partnerships wilhin Ihe Dislnct and the wder ￿(thI atsj ￿text fcLxts&J on missK)n. and lo engage with Ihe Inter-faith Landstspe. The District's ways of workir¥J ind4MIe'. 8uilding quality retatK)nships across our crTrJJrts arnj wth grA¥)5. Cl¥￿ ￿lfr￿1￿ arrfl tre wider connexion Deploying the resour￿$ over which we have stewardship effertNdy and fiexitty gran15 lo Churches, afojts. unNersrty chaFlainaes and eoJmenKal grcmjps o Engaging in IheolcoKal rellectson and prayerful discemment w+ll Wp us Und￿ ￿ rrdssnn lully DevelopiTrJ arKI sharing best wath. Achlevements and perlonnance The pnncipal purt*)se of the D￿trICt is to ad as a SUPF#ytsrrfJ t%￿ be￿en Ihe CwJbts aThJ the Connexion. The Distnct has limrted direct cont&1 wth the putJK. tts rcAe Is to SUPM c*urtts5 arrfj the Circuits in their desi￿ lo provide benefrt lo the publ￿. During 202>24 there were 12 11 Distncl. From 1 September 2024 there are 11 ryrcurts In the D￿tncl I￿k￿.￿j the ot Basingsloke and Reading and Kennet and Tesl Valley oroJrts to fomi the Berkshsre arkj Harrp5hwe Borders circuit. On 1 September 2024 three churches. a ￿eSbYler and a manse trarsterwl frrxn tr Yeovil and Blackn￿ Vale urcJJrt lo the Salisbury cir(JJrt and a chur(* transferred frcxn tts YecNI WKI Blackrmre Vale Circuit to Somer5et Mendip cirojrt in the 8nstr)l Distr￿. The Yeowl and 8l>*rwp va￿ arcuit continues lo expl￿ OPFQrtunrbes lo ￿ts"nue its fTussion In partrv5hip IXW (xrx In 202>24 the DistrKt paKI grants from the Distnct Athan￿ Fund Ihat tctslknj £167.527 to ctKrctss. rcuts, university chaplairries and ecun￿A￿l grwps. The DistrKI Propety grants. gfanls for the ajaplion of buildiThJs to enab￿ ￿ delwery of mbn6ty *KI t* their community. Mission aThY ministy grants. grants to suptxyt staffirvj m Circ￿ts. kw21 c*Kwc**s. iy chaplaincies and ecumenical groups. The Distnct also gives grants to indNiduals lo wJppJrt deveh¥￿￿ Iiwmsty ¥11 *) ung people in attefNlirwJ 3 Gerwale. The Ek'sthct had three dire(* emtk)yed staff at 31 A￿￿$1 XJ24. A1mir*atY. Inlergeneralional Misswjn Enabler and DistrKt Safe9uarding Officer. A Ne* Pl￿ ts Ne*$ P PK)neer wa5 apwnied to tske lornard the C￿pasS mecl In P(¥tr4￿Mth *pf 1 SeF*erts L24. The New Places for New People prcfjecl prcyJressed wth resewch Io nwsswi opwrtunitses In the Salisbury afKI Y￿￿1. In January 2024 the thstrKt aCh￿d an E￿ DK%trK* frryn A Rcthth. Southampton M•thodlst Dlstrlcl Annual Rèport fof th• y•4r endlng 31 Augusl 2024 organis81￿1 musl have an K1entffia￿e benefit.. thé benefit must be to ￿kn11c or 8 of Ihe put4ic The C1￿(ch eX￿ts Io. increase awareness of GCMJ'S presence to celebrate G(xl's o help people to leam and grow as Chnsbans, Ihrc4Jgh mutual supw)rt arml cwe.. afKI o b8 a gcod newJhLwr to In need and challer¥Je Injustjce. The tNslees o)nsidw that ts these ttKee fgasons the {￿ty moets these benefft requiren￿ts. The Distnct relies on vC4unte￿S to SUPF*Nt ￿ d￿Nery of rts otyaNes. Vcdunleers as office holders and on Distnct Committees. SUPF#Xt the pro(xsses Ihal lead to ihe Inwtatson of ministers ar lay empb)yees lo serve acxoss the Distr(* and supwl wrth ihe of SyTrxl and rknr meetsngs Flnanclal Revl•w the year ts DistrKI re￿1veAl tcrtal inc£Nrn of £566,650 (2023.. £428.46418tMI spent £452.369 (2023.. £434.5841 Ai 31 August 2024 the h8d fuThls totalling £1.385,10712023'. £1.256.310}. The Distnct's funds have increased dunrvJ the year pnmanly due to better perf(wmance against the OistrTrct's invested fiJThJs. an •￿ease{l distnbuled from the CIMnex¥Jnal Advance arn Property FuTrJ aTrJ the ￿payr￿n1 of a grant sXev￿sty made to the MethL*Jisl Ministers Pensth Fu￿1 ReseNe In 2021. The DistrKI has three pnwpal sources ol incorn.. Assessments on Circuts wthin the ￿$tr￿1 Lev￿5 on the Trust Funds of Circuits ￿thIn the 8tMJ se are used to adminisler the Distnd and to wovNJe grants kn ar￿rts, CttUrd￿ 8ThJ iThJividuals In Distrct to supwmt their mintsty. Tr Dtstr￿t does not hJThlraL%iNJ a1vrt￿S to ratse fvrKls frw the wb1￿. Circuits lewy assessrr*nts ￿ thurches to r￿t the running costs of the cirojit and pay Ihwr Dislncl and Methc¥Jist Church Fund aWsSn￿nts. The coronawNs paThlemsc caused signifunl fin8ncJal challenges fty churches." ￿me churches have not recovered their lettings Incor￿ and some have ceased to meel f(￿ *rKship. Increased utility costs and pay cost inflation have ￿ded to the finano chaUerMJes by churche5 al￿ circuits. AN circurts paid their Oistnct and Melhcrfjisl Church Fund assessments for 202&24 and no orcurt has indicated they are unable to meet their 2024-25 assessments. The prinapal nsks laung the Disthct are.. Circjjits beiThJ unat4e to pay their aSSessm￿ts- CW(￿rtS are (￿nSUlted C￿ draft asseSsM￿t amoufits. Grants are availat4e to support circuits who have short lem thallenges paying their assessment. In the medium term urcuil reorganisalions are bw'ThJ ex￿ed to rgsoe Ca￿ts to reflect the charoing availabilty of reswvces lo lund ministry. Safeguarding matters are not restx)nded lo appropnatdy - the District Saf6guarding Officer Sup[K￿ the Distnct to resporKJ appropnatdy lo safeguwding IXnce￿ irthling V*rth extemal agenues where appropnate Lack of volunteers or paid offi￿rS to cover key rol8s- tt)e Th'slriLI shares resou￿ o lattJesl cwcuit en8￿Ing key r¢Jes to be o)vered. The Distrid ￿l￿ntlY hdds reserves in ex￿5$ of rts reserves pcdy so Fbjkls S(￿ fuTrts lo enth rt to m￿ate the impact of rK)n payrwit of the Distr￿ assessment by some cir￿115. The trustees beI￿ve that the Distnct is a going concem pnnop8lly because the Cir￿lts 8ffj ex[￿tth to conbnue to Substant￿llY meet their assessments in 2025. cirrajits should be able tr) maintain reserves with the proceeds of the sale of chufd) buildings that are deemed to te surplus and I District has adequate rese￿eS to cover a slKKrfall in anb(ipaled ir￿. Investm•nt pollcy and p•rfomianc• Southampton Paethodlst Dlslrlcl Annual Report for th• y•ar endlng 31 August 2024 3.7.1 To wth Methcdist StsndiThJ (kn. f(* tern ￿Nes￿ we trt TnJstees for Met￿1$1 chu￿ P(XFWS ITMCPI TMCP Kts as (XKstCx1￿i true4ee 81 r88(8sts I￿ld by Distn(Is and ts all lover £20kl bequests aThJ of sale (rf rn Dr&y (v+med by the District These sums are Invested In urMtts&J Ipiesvwits ¢Y W op 4W.. Invests￿1 rettjms are dctse to tr￿￿rrtJ tr* in fv FTSE1LKI T7* Folicy Is aligr*d wrth that of tlle CFB and TPACP t*cause these cry8nts8tK)L% tske ith investments yjrtable fcf the Mettyxltst Chu mtwest. It Is ts DL￿tr￿t'S to manage the cash arKI In￿rnent of so th81 a r8ts cl retum ￿ InVestr￿n1- t(Jth by way of dNKlend and eapitsl aFvec>Wth_ S le8St as Res•rv•s Polky 8.1 Unrwstrict•d Funds Maintenan￿ of ￿ Chairs Manse. Our reseThes F(Ai(ry our general ftjrhy L8 lo W at leasi f ffK)nth5' exFerkJitrJe In harMY ThLS Is £62,L)X). At 31 Augtst 2024 levd of luntt resw l*hJ ￿aS £138.45312023' £129,187) The Di8thcl's gerwal reseNes Irxxeawj ¢kniry tr* wr m• thje lo the Lay EMF4oYr￿nt Officer p)st beiry vacant for mosl of ts ￿ar. k)wer tr￿n exFwdrture on traNel a￿5 an unrealis&J gasn gen￿￿ fvnds In￿Sted vmh fv Trusw tLX meth￿￿%1 Purr*)ses. The ￿"S1￿Ct.5 general fe$en￿ ￿ exFected to M1uce to a th8t ts dosw * Ks reseTres over ￿ rext 3 years. at 31 August 2023 was £45,88812023: £49.5951. This Is eXp￿tea to rext ￿ ws ATr rthw fundirMJ for this fijnd u)me Ir(Nn Ihe oLstr￿1 ALfvar￿e FuThl. The Distr￿ acts as a(xxwntir¥J iw for the UnNer5ty of PINtsffKxth free cJ)arArty thaplain Is a Unrver5ty emF4oyee trxrt re(%rves a alb￿ar￿e from Dtstrftx Wew.x UR Synod. The PortsnM)uth Univerwty ChaFA8incy Fund Is t￿1￿ to rellecl fv p8yrr*rf of h(xsSIW alk)wance and the assoaated ifKxyne frcrfn recharyes of costs to Wewx URC Tr* balaTr￿ on the fund at 31 August 2024 was £512023 -£78 defk)tl The deficrt was In ￿27_ 24 thrwgh an al"uslThEnl to ￿ DistrKt grant to re￿1 the NalM)na IwfarKe payment of ttle housin9 all¢y•van￿. The (*an9es to emityrs nat￿x￿1 InSwa[￿ rates 8fK1 thresholds from April 2025 wll require a fvrther adjUst￿nI to the Distncl gvanl to turt The Misston AbNJside the frjnd hclds ts funds distrityjted by to DtstrKXs funts are used to pyovth grants to churckn and cxrx]ts Io SUPF¥Jt oytvNnths 7**h of liviro related rssues The ba￿n￿ on the fund al 31 Augu* 2024 was £14.649120:.3 £.: The balan￿ on fund Increased durirwJ the year due to a further all(￿tK)n trLwn ￿ th1r*Xi4￿. The Propety Reserve reflects the value of the Disln"ct manse. The Manse w8s rev31￿ 8S •t 91 A￿ust 2024 so the reseThe reflects the market value at that d*e £735.CrfXJ (2023.. £735.CW) 3.8.2 Dlstrl¢t Advanc• Fund (DAF Annu•l R•pwt fw th• yw •ndlry 31 August 2024 arKe b• p•*Y J••5 Iho b•￿ * 31 Aiwst 2024 TW•S £Y)2.7 12023 £177 5171 The bd•rth KKyoas•J as 10 KKyv•$8d wx1 3JJ R•strlcl•d FurKI• Jer5 Iry 1￿￿ Dth1 The bal8rte hold 8131 WI 2024 was £IX).837 12023 £123 7475 rA*y b Ihs fund m￿nI81n a babaw of al18w £70.C(Kt kn Iw•J rna5￿ Lknrya (k* lo an unrea115ed Investr*nl gain ¥bhJ we In ￿[Kyl The reseryes trus FuTrJ ts to m•nl•n a bd8nc* tst £2.131 IYJ23 £3811 year trus f*)* cwsed LFwatsng tts remginiry ftJThJs1£4321 ￿tre patyj to Clxffcw T(¥)et￿ m New F4￿5 kn Nevs Pg¥le In P(ytsnMxth tknirNJ 2022.23 the was thar(1￿1 8 c0nrexmx￿1 grant io part fund phase 2 01 ts prc*ct and res8wth 8CM￿&S In ott￿ cjrcuits ID oxpkx• I£28,￿) wa5 pa#Y 2022.23 The balarK* at 31 W 2024 was [14,46912023 £28.8461 t￿￿1va 202J?4 vrns expeTrJrture M resoaTch acts￿￿eS In the SalIs￿ry ar¥J YwyA The assessn￿l s based M the stsffiro W of the Qrujrts aTrJ ￿ used ts) defray rrThl ol ts c(6t c *ninstenng the In 202&24 this sum to £120.01212023' £120,CIXII. 3 9.2 E&h Qrojrt a reseThe knthvn as a CirrJJrt ￿ Trust IcKffFI Is a le￿ b•sed the syze of the Cirairts. CMTFS at I Seplerrthr 2023. ThL8 Is ¢TrJited lo the D15trKI Athance FUNJ In 20Z3-24 thLS sum was £163.26912023: £165.6381 red￿1￿ ￿ the refiects a In th• CiroJrt Mcthl Trust FuThJ balartes tet*fen 1 September 2022 aTrJ I Seplembw Xi23 Disthct their monthty conthbutK)ns lo the Methcrfjisl Church Fund IMCFI These $￿Ths as agent the MCF and are passed to the MCF later In the same n￿th. 3.9.4 Funds received by the Ditstr￿ as agent are rK>t rec£4Jntsed as an asset In the finaThJal Sla1wT￿ts becajse the fiJTrJs are Tr)t ￿thin rts oJntrc4. No fee 15 8am8d ￿ rest*d ol IhLs •JerKy and the DistrKt Ir￿￿TS no cost Ihrwh this a[range￿ftt. Southampton Methodlst Dlstrlct Annual Report for th• year endlng 31 August 2024 3.10 Plans for Future Pofkrfls .3.10.1 In light of the reductK)n in financial re￿reaS available to circuits and Min￿ that *e avail* to te staboned the OtstrKt WN omtinue to revEw the stnKth of rts gr￿rtS. 3.10.2 Durin9 2024-25 thwe VAII be p¥b¢)JlaT frKus ￿ S￿￿r¥j a s￿tainable in th8 Yeowl arKI BlacknN)re Vale Circus1 in arkXh￿ Cff￿rt. 3.10.3 The rArtoJffE from the researth athwty undertaken thnyxjh the New pla￿ for New Pe(We th in two circJJits is also due to be Teviewed InformiThJ decisKJns futu￿ rThnisty in these orEJJrts a OPE￿nitIeS for the exlension of this research acts.vty to other cirojtts. 3.10.4 The Districl will continue lo im*ment rts EnvIrOnr￿ntar Poty. This i￿11￿deS measuriThJ its cart4)n fwlpnnl from dislnct fijnded travel. The Distr￿1 wjll also 8￿Y ￿ AC￿￿ kn HO￿ fuThJiTrJ frcth ConnexM)n. This wll in(Tease the grant fvnding availatde to SUPF(fft C*Ur(*￿ to undertake wc Ihat reduce the cartwi footwnl of ￿rr pternL￿. 3.10.4 The Oistrict will also seek to re(￿rt to a Lay EmployrrÈM AdviKK FX)St to gJptKKt crcuts aTrJ thw(*Jes in scoping lay empk*yee roles and ￿￿￿$S￿l1Y re¢7uitsng lo and managirrfj tts5e roles. Trustees. Responslbllttles each financial year erNJirrfJ C￿ 31 AW the Tfustees ￿e rewirgj to wep¥e fin￿381 staterrwts that give a true and fair wew of ttle ois1r￿'S finarhial activ￿.eS ￿rirVj the year and of tts fina￿aal sition at the end of the year. In prepariThJ these financial statements. the Trustees must.. make judgements and eslimates that are reasonatde and prudent o follow ap ￿￿ble a¢xwntrrKJ standards prepare accounts to ￿mElY wrth the Chaitbes SORP ac(xJracy at any ts.me the finanaal F￿s1t￿n of the Oistnct and enable to ensure that the finarthl statements ￿mplY wrth the law. They are also reSponS￿le for safeguarding the assets of the Distnd and hence ts￿r￿j reasonable steps for the weventKsn atij deter*￿ of ots The Trustees are reSt￿￿￿￿e f(K the Maintenan￿ aTrJ inlegnty of the (xYFmte finanria infcffiwtion irHj￿I￿j on the DistriLt's v￿rte. StNcture. governancg and rnanagement The District is an uninCorF￿Ied asscoatKJn and is govemed by the MetlKyJist Chwth Aol 1976, the Commission on 18 February 2010. Circurts are the co)rdinating Char￿eS for local groups of C*rtjrrt￿. CThuJits pay t￿ min¢51ers' sliw)ts and employ lay stsff lo serve the churches In the circurt. ￿st deo$￿)$ afe made lx rya1J￿ by crwtt A Distnct is the cTrordinabrwJ tharrty for a gr(￿p of Cir￿rtS aThl makes rts doosws at tr* h*f YB synods. oversvjht of ts Varm￿ Ministr￿ crf the Cthh. aTrJ in of tsnry. Southamplon M•lhodl•l Dl•lrl Annual R•port for th• y••r •ndlng 31 Augu•l 2024 provKJino rmwthnnl8s drcults lo IIWh*Y And #UPFMy1 oll offering 18swrr*s (financ8. wrnonnd 8nd exi)prtiAel lil wpiyyl ri￿1￿ The wrpose ol the MeltKrfJlsl Chwch 18 to th8nc• ihe Cl)rt*t141i fHrth Ill stsndards and the disci￿l￿e and the LharilabFp purtM)seB ¢)f •ny rJ)nnvNN)n•l, diwtTh l ¥'ityii*l. Ifx'.Al any 0th6r ¢xgan1s8t￿n. 3￿ty ￿ InslthJtKM •thkll*y (X Rn¢)IAry lo r,hiff The MetlKxJi3t Ccffileronc• meo13 0￿4 a year J8 lh8 d@rM)minallono1 Imxly frm AV thurC￿S C￿11 rwilal(ry auttKYily re%lB wlh Ihp. MplhThli￿l ConlwpiMY¥ IM￿ement th1sion3 made by Conlerence Inclwlifig Ihp i18lioiiiiiu i)ip41)yt•FB 01111 i1•w￿l In iTrJIvKlual urcuils wnlhin the Other (>￿nP.Ml(￿￿l (Ir*r.IBI()ri* ain iia4Bwl lil Ilw ('Ii#w Lrf th• Dist￿1 and the apF*cy￿Ie officefs ol the thtrtl Imi%onwn18ti Th8 DistrKI passes rewlalrKy CA)ntrd to cycuil levpl f(* I(￿1 IM￿pmen1mIv)n by Ihw B1w¢￿nI￿wj￿ min15tor, mtnrslenal $laff ar¥J crcuil slowards and rogi11al￿ aulh(*ty 14 dolpu01￿ lil th•. iiftxjrf meeting lor certain matters The circuit nieelina passos rogulalory Con1n￿ lo chiirr.h fThiiif.IlA low IMplen￿l￿ by the wesbyier, minislenal slaff the LIlu￿h 8lewanl8 aThl nVMY n111(￿vI Th1• regulaw autmty Is ItNryn exercised by Ch￿￿￿ (x)uncllJ man8ylTrJ InJ8leeA Ihelr thJrfty The operates ￿thIn a slalulory framvth ol ￿g￿91Km} aThJ spekj ti) enwre IhAI Il lth methc#ji￿ Stsnding Ofders 11 relios on the connexional team bmwl al 25 T Aw81(Kk Pl￿, L,511 Cr•d*orn ¥Jer 1 y•¥) Grwrs r•yatdD h 1 y•w Total ￿￿1n1 l•bllll•• 17 1.1 2SJ18 18 &962 1aO.117 1.117 $11Jl• l(7•1 IX51• 1J•J 1A5• 1¥4S1 FundB of th• DIBtrt* F￿j IUnr#v 139.4S) 130A5) 129.187 1702 1TT.517 1337,410 147.017 R#trttsd Fur*l¥ 117.8f7 153A Tot41Fynd• i)•MsJ 301702 7•S.)3S 147.617 107 1256J10 I 2rJ25 Cuhflow• Irom op•rntlng •ctlvftl•• Incomolexp•ndllur• for th• r•portlng pwknd (pwthe fln•nclJl •ctlvhl••l diuslnKynts lof DeprQr.wl￿ charges (Gains11 bsses on nve61rywts a5sel rerfa* DNKJenls, mloresl aTrJ rents frcffn rniestrTyts Lossllprofrfi on the sale ol assels (Increaselldecrease n Str￿kS {Incr8aselldecrease n debt IncreasL.Ildecreasei In credrtor5 N•t cash provldod by (used in) opwatww athit* 121.7f c￿hlI0WS from Invosting xtlvlti DNthnts. ￿terest aTrJ frcwn Trie5trYyts Proceeds from Ihe sab of prorwty. pènt arf Purchase of pro￿ty, tlanl aThl Proce&Js from the sa* of Thestrrwts Purchase of investm￿ts Net cash provldod by (uséd In) investing •ai 34f- Cashflows from flnancino a(thlO Repaymenl ol borrtrfving Cash frcffi rthv Receipt of endOW￿nts Not cash provlded by (used In) fIn￿dTh4 xti¥ith Change In cash and cash oqulvaknnts In the rvportry pw Cash and ca•h •quival•nts at th• b•ginnkng of th• ryrtwbg pThd Cash and ca•h equivalents at the of the r4)ortll4 pwy)d Cash n hand and at bank NOt￿e dep%ts {le5s than 3 r￿￿￿￿5) Overdraft repayaL* ￿ dnrxl Total ca•h and equtvalonts rj IFRS 102,, iefth 1 J•wy 20"?, Iv Goknq eoncwn )FA Ix VAT 2.316 •L412 10211 1170 T¢**1 Yi 111Jl 7.1 17 75.421 2A71 21.N1 14.197 6x7 Totti 27s.1￿) ijii isx Tot41 &•n IIoffli• PM ￿ fh• Fuhdl IfJ.02S .1.115 -1.71S •A1• 14.511 h ￿te￿￿t is erwJknJ The WJ Diiw kn•K• FLTrl Th• MIH 16 Cqntrnl Finme• Bo*d ICF81 ¢•th li bank Crndrtor¥: Totsi ¢redkn¥ RErryiS Tclal ￿¢r￿akI TO￿ of cr•dllOrn xc4u•d n * eA￿c￿ ab 5urns xcrwl * 31 knJLYJI >J24 31 *AW121Q5 18 Grnrt commltm•nti fffDm th• Dlth Adv•K• Fund Gr¥ts ¢rf£424.WJ weTe •131 ￿24 ¥•Fwyth kn y•¥. P•y•bb• * )1 u•t 2024 Pay*l• * J1 AtyJ¥•i 2•23 l￿b￿lY Sr•uthampton Il•thodhi D￿1￿¢1 Not•s to th• AtC4wnts Fwth• y•w•nd•d 31 Auqu•t 2024 Payrt* n 2￿24 Long l•nn Il•bll+ty Pay3￿ n 2024.25 Payrt* ￿ 20￿26 PJyatd8 ￿ 2￿2? P3yats* r 2027.28 74.928 48811 51.489 12.3 tornrnttm•ht 21 Voiurtt•V Conlrfbuthin 22 Unw•#rld•d twids was £139.453 12Q23 £129.187) 120YJ. £177.517) t**• * 33 Ay13)24 rfE424.￿ hW•tt•y*•kn •% S¢*QA¥¥ 18. • Diirtl F￿#T*•￿* c(An•s bknai 31 &•wt3)24 £45.W12023 £49.5451 FILTh Sorrtemtrw 2021 ts tr•0 has thB Vnr4vsty ￿ L5 p*Y 8 atrwgrte Wés$ex URC ch p•yrrf •&1 da costs b the Wes$è¥ URC AI 31 2024 tr* bal￿ £5 12023 4T8 ¢Jof)TJ." f28.8161. Unv•*Tthd Fund Opmkng If4 187 495 IXI 673 s￿.1 Fffia 23141 JI 87 1,101 R•wiC￿ Fundi Dstrrt IMIH i Fw*J 123.747 3.751 T4 151406 4754 7 VAI• IXI.&XI TA*1 Fur x41 87 44J •r Ints)ff• 2.gwj 14•NS 1x512 Icfj IS.42J io 2J)I 14WI 2$1 1•1 -19.4 12 29 747 4S•51 4*1 )•• .•4*1 •4 ij Tobl fvnds Lwhlfrywa l)•lb. l 202S - ¥P •' Irv4 *¥YAknts i*mod vndèr st<*on 145 of the Art and in oul my . 9T¥w by fv Chanty ComisS￿n under seLkn 14515Xbl ofthe . ?_K .XN) ¥fNJr examiner rrnjst be • rr*n*yorof& body Iithd In sethon 145 olthe i ￿￿". Q4y•IIkn. t* èwaTri•kn b&7use l am • mwnb8rd Th• Aca)untsnts in I..v￿￿. •v. IV**. wh4* ￿￿..￿1￿15 ￿ n4Y will Ihe aoph.>bt• re¢utswts o)nc•miNJ the fr)nn aTrJ conf•nt of •ca)unts set out in ••e Regul•*A*is X(Q than •ny requITrrr￿I the a¢xtyJnts 91¥• a *w. f*i' ijw vhN* m•11￿ #s p•rt ol an exanNn•tson. lth• Ai the examrnakn kn whK* •knn*on should be /l