Caerau Development Trust Charity No. 1150390 Company No. 06849950 Trustees. Report and Unaudited Accounts 31 March 2024
Caerau Development Trust Contents Pages Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities 2to5 Summary Income and Expenditure Account Balance Sheet Notes to the Accounts IOto18 Detailed Statement of Financial Activities 19to20 Page I
Caerau Development Trust Trustees Annual Report The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 March 2024. REFERENCE AND ADMINISTRATIVE DAlL5 Company No. 06849950 Charity No. 1150390 Principal Office The Community Centre Woodlands Terrance Caerau Maesteg CF34 OSR Registered OlCe Community Centre Woodland Terrace Maesteg Mid Glamorgan CF34 OSR Directors and Trustees The Directors of the charitable company are its Trustees for the purposes of charity law. The following Director5 and Trustee5 served during the year.. P. Davies (Resigned 10 April 20241 G. Dawe J. Dawe K. Edwards P. Jones A. King l. Morris P. Nut (Resigned 10 April 20241 C. Pryme Accountants Robert Cole & Co Office 2 Llynf i Ent. Centre Heol Ty Gwyn Ind. Estate Maesteg CF34 OBQ Bankers Nat West Bank PIC 35-37 Station Road Port Talbot SA13 INH Page 2
Caerau Development Trust Trustees Annual Report OBJEcfivES AND AcfiviTIES The objects for which the Charity is established, as set out in its governing document, are: The promotion, for public benefit, or community and economic regeneration in Caerau in the County Borough of Bridgend, and the surrounding areas. by all or any of the following means.. - The relief of poverty in such ways as may be thought fit,. _ The relief of unemployment in such ways as may be thought fit-_ The advancement of education and training,. _ The maintenance. improvement or provision of public amenities: The provision or assistance in the provision of recreational facilities- The provision of public health and childcare facilities,. The promotion of public safety and the prevention of crime: _ The protection and improvement of the natural environment and the conservation of local heritage- _ Other means as may from time-to-time be determined subject to the prior consent of the Charity Commission of England & Wales. The main activities undertaken in relation to those purposes during the year: The Charity supports a number of projects for the benefit of the people of Caerau and the surrounding area. and some of the public benefits of these projects are detailed below. The main activities undertaken to further the charity's purposes for the public benefit: The principle activity of the Charity in the year under review was to further or benefit the resident5 of the Llynfi Valley and the surrounding areas, without distinction of gender, sexual orientation, race or of political, religious or other opinions by associating together the said residents and other agencies, sectors and service providers in a common effort to advance education and to provide facilities in the interests of social welfare for recreation leisure time occupation with the objective of improving the conditions of life for the residents. The Charity maintains a community centre for the benefit of the local residents and the surrounding area. Within the community centre there is a charity shop and a cafe. There is also an in-house food outlet offering free discounted groceries. Many courses are run from the centre for the benefit of the community. These include first aid trainin& table tennis, cookery. heath & hygiene, job club, a spiritual group. a be-friending group, and a guitar club. There are also various youth activities and bingo sessions. The trustees have had regard to the Charity Commission's guidance on public benefit in managing the activitie5 of the charity. ACHIEVEMENTS AND PERFORMANCE Caerau Development Trust ICDTI is a community based charity located in the middle of Caerau, a former mining village at the head of the Llynfi Valley which is rated as one of Wales, poorest communities (rated 6 most deprived area in Wales according to Welsh Government's Index of Deprivation in 20141. CDT, which is entirely run by volunteers, provides a mix of vital services and social activities for local people. These include a second hand clothes shop, a free food collection point (similar in ethos to Fare Share), free IT access and we host drop ins from CAB, the Job centre. local solicitor's and the Credit Union as well as being the location for MP and AM surgeries. We also host social activities including a spiritual group and a music group and we are a location for children's parties and social events run by local clubs such as the OAP club. Men's Shed and others. We are always open to local clubs and groups to use ourfacilities, often at no charge lon the understanding that attendees use our cafe). and our intention is to provide a welcoming atmosphere where people feel able to come to things they want to do and access services that they need. Page 3
Caerau Development Trust Trustees Annual Report One of the greatest benefits of the centre to the local community is the access to free discounted groceries. It is estimated that over 9,300 local people make use of this facility each year. The biggest sources of income for the Charity is the rental of rooms within the centre to course providers, and Cafe Cwtch. During the year-ended 31 March 2024, these generated over £IOO,000 of income forthe Charity. It is estimated that approximately 500 local people benefitted from these courses and 200-300 plus people make use of the cafe facilities. A summary of the main achievements of the charity, identifying the difference the charity's work has made to its beneficiaries and society as a whole: Café Cwtch has continued to expand and offers nourishing. healthy meals at a budget price to all members of the local community. The café is open six days a week and is attended by a large number of elderly single people and those with mental health issues. There is also increasing demand for formal dinners for community Eroups. The charity shop is run entirely by volunteers and accepts donations of pre-used clothing and other goods which are then offered for re-sale. The shop also operates a recycled school uniforms service and provides free clothing bundles for vagrants and recently discharged prisoners. FINANCIAL REVIEW The board of trustees are satisfied with the performance of the charity during the year and the position at 31 March 2024 and consider that the charity is in a strong position to continue its activities during the coming year, and that the charity's assets are adequate to fulfil its obligations. The trustees are pleased to report that agreement has been reached with the local authority to gain exemption from business rates. This has allowed the previous provisions for liabilities to be reversed, so enhancing the value of the funds held. The trustees consider the financial performance by the charity during the year to have been satisfactory. Specific changes in fixed assets are detailed in the note5 to the accounts. The Trustees aspire to maintain enough reserves to ensure the continued existence of the community centre. All reserves are deemed to be restricted resep4es. in that all monies raised. earned or granted are for the running of the centre. The balance of Revenue Restricted Funds as at 31 March 2024 was £237 {2023- £15,966). The board of trustees is satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund. PLANS FOR FUTURE PERIODS The trustees are in the process of developing a five-year plan and hope to secure grant funding to develop the activities of the charity further. Such matters would include- Consolidating the success of the café as a valid community asset; looking into means of alternative heating methods forthe community centre,. providing organised holidays to the local community,. and becoming a centre for the Duke of Edinburgh's Award Scheme. Page 4
Caerau Development Trust Trustees Annual Report STRUCTURE. GOVERNANCE AND MANAGEMENT The charity is constituted as a company limited by guarantee, registered under the Companies Acts. The governing document of the charity is the Memorandum and Articles of Association establishing the company under company legislation, and is dated 17 March 2009. The charity is registered in England & Wales with the Charity Commission in England & Wales {CCEWlwith charity number 1150390. There are no restrictions in the governing documents on the operation of the Charity or on its investment powers other than those imposed by Charity Law. By operation of law all. trustees are directors under the Companies Act 2006 and all directors are trustees under Charities legislation and have responsibilities, as such, under both company and charity legislation. The trustees are all individuals. The charity does not operate in any overseas jurisdictions. The Trustees seek to appoint additional Trustees whenever necessary following recommendations from existing Trustees or the Directors. A potential Trustee would be invited to attend Trustee5' meetings as an observer for a few meetings, before any decision is taken concerning their ongoing involvement as a Trustee. Potential Trustees are provided with all the relevant guides from the Charity Commission before any appointment. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable Steps for the prevention and detection of fraud and other irregularities. The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP IFRS 102). Signed on behalf of the board A. King Trustee 20 December 2024 Page 5
Caerau Development Trust Independent Examiners Report Independent Examiner's Report to the trustees of Caerau Development Trust I report to the charity trustees on my examination of the financial statements of Caerau Development Trust for the year ended 31 March 2024. Responsibilities and basis of report As the charity's trustees of the company (and also its directors for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 20061'the 2006 Act. Having satisfied myself that the financial statements of the Charity 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 your charity's financial statements as carried out under section 145 of the Charities Act 20111'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{51 {bl of the 2011 Act. Independent examiner's statement I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in accordance with section 386 of the 2006 Act . or the financial statements do not accord with those records- or the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair, view which is not a matter considered as part of an independent examination: or 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 IFRS 1021. 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 financial statements to be reached. Robert Roger Cole {Association of Chartered Certified Accountants) Robert Cole & Co Office 2 Llynf i Ent. Centre Heol Ty Gwyn Ind. Estate Maesteg CF34 OBQ 20 December 2024 Page 6
Caerau Development Trust Statement of Financial Activities for the year ended 31 March 2024 Restricted funds Total funds Total funds 2024 2024 2023 Notes Income and endowments from: Donations and legacies Charitable activities Other trading activities Other 43,543 66,391 5,330 43,543 66.391 5,330 32,915 65,878 1,900 162 Total 115,264 115,264 100,855 Expenditure on: Charitable activities 31,043 99.950 31,043 99.950 26,432 104,691 Other Total 130,993 130.993 131,123 Net gains on investments Net expenditure Transfers between funds io 115,7291 115,729} {30,2681 Net expenditure before other gains/(losses) 115,729) 115.729} {30,2681 Other gains and losses Net movement in funds 115,729) 115.729) {30.2681 Reconciliation of funds: Total funds brought fonvard 15.966 15.966 46,234 Total funds carried forward 237 237 15,966 Page 7
Caerau Development Trust Summary Income and Expenditure Account for the year ended 31 March 2024 2024 2023 Income 115,264 100,855 Gross income for the year Expenditure 115,264 100.855 113,095 115.594 Depreciation and charges for impairment of fixed assets 17,898 15,529 Total expenditure for the year Net expenditure before tax for the year 130,993 131,123 115,729) 130,2681 Net expenditure for the year 115,7291 130,2681 Page 8
Caerau Development Trust Balance Sheet at 31 March 2024 Company No. 06849950 Notes 2024 2023 Fixed assets Tangible assets 13 14.510 14,510 23,114 23,114 Current assets Cash at bank and in hand 19.689 19,689 {27.962} {8.273} 6,237 13,527 13,527 118,4751 14,9481 18,166 Creditors: Amount falling due within one year Net current liabilities 14 Total assets less current liabilities Creditors: Amounts falling due after more than one year Net assets excluding pension asset or liability 16 {6,000} 237 12,2001 15,966 Total net assets 237 15,966 The funds of the charity Restrirted funds Restricted income funds 18 237 15,966 15,966 237 Unrestricted funds 18 Reserves 18 Total funds 237 15,966 These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. For the year ended 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. Approved by the board on 20 December 2024 And signed on its behalf by.. G. Dawe Trustee 20 December 2024 Page 9
Caerau Development Trust Notes to the Accounts for the year ended 31 March 2024 l Accounting policies Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities- 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) leffettive I January 20151 {Charities SORP IFRS 1021). the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102} and the Companies Art 2006. Change in basis of accounting or to previous accounts The f inancial Statements are presented in Sterling which is the functional currency of the charity. Monetary amounts in the financial statements are rounded to the nearest pound. The significant accounting policies applied in the application of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. No significant judgements have had to be made by the trustees in preparing these financial statements. The trustees are not aware of any material uncertainties about the charity's ability to continue as a going concern. Fund accounting Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity- These are unrestricted funds earmarked by the trustees for particular purposes. These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. These are available for use subject to restrictions imposed by the donor or through terms of an appeal. Designated funds Revaluation funds Restricted funds Page 10
Caerau Development Trust Notes to the Accounts Income Recognition of income Income is included in the Statement of Financial Activities ISOFAI when the charity becomes entitled to. and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SOFA. Donations and legacies Voluntary income received by way of grants, donations and gifts is included in the the SOFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims 15 included in the SOFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure} and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/llossesl on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/{losses} on investment assets This includes any gain or Ioss on the sale of investments. Expenditure Recognition of expenditure Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects. including the making of grants and governance costs. All grant expenditure is accounted for on an attual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. These include those costs associated with meeting the constitutional and statutory requirements of the Charity. including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. Grants payable Governance costs Other expenditure These are support costs not allocated to a particular activity. Taxation The charity is exempt from corporation tax on its charitable activities. Page 11
Caerau Development Trust Notes to the Accounts Tangible fixed assets and depreciation Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.. Leasehold property Games & equipment Motor vehicles 7.5% straight line 25% straight line 2% straight line Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand. demand deposlts with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Trade and other creditors Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Receipt of donated goods, facilities and services All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity- 2 Company status The company is a private company limited by guarantee and consequently does not have share capital. The charity is a public benefit entity. Page 12
Caerau Development Trust Notes to the Accounts 3 Statement of Financial Activities- prior year Restricted funds Total funds 2023 2023 Income and endowments from: Donations and legacies Charitable activities Other trading activities Other 32,915 65,878 1,900 162 32,915 65,878 1,900 162 Total 100,855 100,855 Expenditure on: Charitable activities 26,432 26,432 104,691 Other 104,691 Total 131,123 131,123 Net income 130,268) 130,2681 Net income before other gains/(losses) Other gains and losses: Net movement in fund5 130,268) 130,2681 130.2681 130,2681 Reconciliation of funds: Total funds brought forward Total funds carried forward 46,234 46,234 15,966 15,966 4 Income from donations and legacies Restricted Total Total 2024 2023 Bridgend County Borough Council & Bridgend Association of Voluntary Organisations IBAVO) National Lottery Main Grant & Library of Things Community Foundation Wales 7.903 7,903 3,800 34,240 34,240 15,467 1,400 1,400 1,400 Moon Dance Foundation 12,248 43,543 43,543 32,915 Page 13
Caerau Development Trust Notes to the Accounts 5 Income from charitable activities Restricted Total Total 2024 2023 Goods and services in accordance with the charity's objects Ancillary trading in support of primary purpose trading 29.991 29,991 28,245 36.400 36,400 37,633 66,391 66,391 65,878 6 Income from other trading activities Restricted Total Total 2024 2023 Letting and licensing of property for non-charitable purposes 5,330 5,330 1,900 5,330 5,330 1,900 7 Other income Total Total 2024 2023 Small grants & gifts individually less than £1,000 162 162 8 Expenditure on charitable activities Restricted Total Total 2024 2023 Expenditure on choritoble activities Goods and services in accordance with the charity's objects Ancillary trading in sUPPOrt of primary purpose trading Governance costs 30.293 30,293 26,432 750 750 31,043 31,043 26,432 Page 14
Caerau Development Trust Notes to the Accounts 9 Other expenditure Restricted Total Total 2024 2023 Employee costs Motor and travel costs 35,423 35,423 33,723 27,952 13,433 27,952 13,433 31,065 15,550 Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs 17.898 17,898 15,529 3,929 1,315 99.950 3,929 1,315 99,950 7,509 1,315 104,691 Legal and professional costs 10 Net expenditure before transfer5 2024 2023 This is stated after charging: Depreciation of owned fixed assets 16,508 15,529 11 Trustee remuneration and expenses 2024 Number 2023 Number The nature of the reimbursed expenses No trustees or persons connected with them received any remuneration from the charity, or any related entity. 12 Staff costs 2024 2023 Salaries and wages 35,423 35.423 33,723 33,723 No employee received emoluments in excess of £60,0(XI. The average monthly number of full time equivalent employees during the year was as follows= 2024 2023 Number Number Engaged on charitable activities Page 15
Caerau Development Trust Notes to the Accounts 13 Tangible fixed assets Land and buildings Games & Motor Total equipment vehicles Cost or revaluation At l April 2023 Additions 139.104 14.615 16,320 10,294 15,400) 21,214 170,039 10,294 15,4001 174,933 Disposals At 31 March 2024 Depreciation and impairment At l April 2023 Depreciation charge for the year Disposals At 31 March 2024 139,104 14,615 126,420 10,943 9,562 146,925 10.428 1.837 4,243 16,508 13,0101 10,795 13,0101 160,423 136.848 12,780 Net book values At 31 March 2024 At 31 March 2023 14 Creditors: amounts falling due within one year 2,256 12.684 1,835 3.672 10,419 6,758 14,510 23,114 2024 2023 Other taxes and social security Other creditors 95 43 2,263 1,279 24.325 27,962 2,167 1,279 14,986 18,475 Accruals Deferred income 15 Deferred Income Movement of the deferred income shown in Creditors.. amountsfalling due within one year 2024 2023 At l April Released in current year Deferred in current year At 31 March 16 Creditors: 14,986 (14.9861 24,325 24.325 23,248 18,262) 14,986 amounts falling due after more than one year 2024 2023 Deferred income 6.000 6,000 2,200 2,200 Page 16
Caerau Development Trust Notes to the Accounts 17 Deferred Income Movement of the deferred income shown in Creditors.. omountsfalling due more than one year 2024 2023 At l April Released in current year Deferred in current year At 31 March 18 Movement in funds 2,200 (2.2001 6,000 6.000 4,400 12,200) 2,200 Incoming resources At31 (including other At l April gain5/105ses 2023 Resources March expended 2024 Restricted funds: Restricted income funds: Restricted revenue fund 15,966 115,264 1130,993 237 Total 15.966 115.264 1130,9931 237 Unrestrirted fund5: Total funds 15.966 115,264 1130,9931 237 Purposes and restrictions in relation to the funds.. Restricted funds: Restricted revenue fund This fund is maintained for the continued existence of the Community Centre and other projects. as detailed in the Schedule of the Statement of Financial Activities. 19 Analysis of net assets between funds Restrirted Total funds Fixed assets Net current assets 14,510 18,273) 14,510 18,2731 Creditors due in more than one year and provisions 16,000) 16,0001 237 237 Page 17
Caerau Development Trust Notes to the Accounts 20 Reconciliation of net debt At31 At l April 2023 March Cash flows 2024 Cash and cash equivalents 13,527 13.527 6,162 6,162 19,689 19,689 Net debt 13,527 6,162 19,689 21 Related party disclosures Controlling party The company is limited by guarantee and has no share capital: thus no single party controls the company. There were no transactions with related parties in the year. Page 18
Caerau Development Trust Detailed Statement of Financial Activities for the year ended 31 March 2024 Restrirted funds 2024 Total funds 2024 Total funds 2023 Income and endowments from: Donations and legacies Bridgend County Borough Council & Bridgend Association of Voluntary Organisations IBAVOI National Lottery Main Grant & Library of Things Community Foundation Wales Moon Dance Foundation 7,903 7,903 3,800 34.240 34.240 15.467 1,400 1,400 1,400 12.248 32,915 43,543 43,543 Charitable activities Goods and services in accordance with the charity's objects Ancillarytrading in support of primary purpose trading 29.991 29.991 28.245 36,400 36,400 37,633 66,391 66.391 65.878 Other trading activities Letting and licensing of property for non-charitable purpose5 5,330 5,330 1,900 5,330 5.330 1,900 Other Small grants & gifts individually less than £l.000 162 162 Total income and endowments 115.264 115.264 100.855 Expenditure on: Charitable activities Goods and services in accordance with the charity's objects Ancillary trading in support of primary purpose trading 30.293 30.293 26.432 750 750 31,043 31,043 26,432 Total of expenditure on charitable activities 31,043 31,043 26,432 Employee costs Salaries/wages 35,423 35,423 35,423 35.423 33,723 33.723 Motor and travel costs Vehicles - General costs 14,087 14.087 20.280 Page 19
Caerau Development Trust Detailed Statement of Financial Activities Travel and subsistence 13.865 27,952 13.865 27,952 10.785 31,065 Premises costs Rates 812 812 672 Light. heat and power Premises cleaning Premises repairs and maintenance 6.814 4,490 6.814 4,490 7.759 4,869 1.317 1.317 2.250 13,433 13.433 15.550 General administrative costs, including depreciation and amortisation Depreciation of land and buildings Depreciation of Games & equipment Depreciation of Motor vehicles Loss on disposal of tangible fixed assets 10.428 10.428 10.428 1,837 1,837 1,837 4,243 4,243 3,264 1,390 1.390 Equipment expensed General insurances Stationery and printing Sundry expenses Telephone, fax and broadband 418 418 651 1,746 47 1,746 47 4,260 1.159 204 60 60 1.658 21.827 1,658 21.827 1,235 23.038 Legal and professional costs Audit/lndependent examination fees 600 600 600 Accountancy and bookkeeping 715 715 715 1,315 1.315 1.315 Total of expenditure of other costs Total expenditure 99,950 99.950 104.691 130,993 130,993 131,123 Net gains on investments Net expenditure 115,729) 115,729) 130,2681 Net expenditure before other gain51(1055es) Other Gains 115.729) 115,729} (30,2681 Net movement in funds 115,729) 115,729} (30,2681 Reconciliation of funds: Total funds brought forward 15.966 15.966 46.234 Total funds carried forward 237 237 15,966 Page 20