Ashmolean Museum Endowment Trust Report and financial statements for the year ended 5 April 2024 Registered charity no. 1154932
Ashrnolean Museum Endowment Trust Contents For the year ended S April 2024 Page Charity information Trustees, report Independent auditors, report Statement of financial activities Balance sheet Statement of cash flows io Notes to the financial statements 11-16
Ashmolean Museum Endowment Trust Charity inforniation For the year ended 5 Aprll 2024 Trustees Sir Martin Smith Mr Bernard John Taylor CVO CBE DL Professor Irene Mary Carmel Tracey CBE FRS Lord James Roger Crompton Lupton CBE Dr Alexander John Sturgis CBE Registered address and principal office Farrer & Co 65-66 Lincoln's Inn Fields London WC2A3LH Registered number 1154932 Auditors Saffery LLP St Catherine's Court Berkeley Place Clifton Bristol BS8 IBQ Bankers Coutts & Co 440 Strand London WC2R OQS Solicitors Farrer & Co LLP Farrer & Co 65-66 Lincoln's Inn Fields London WC2A 3LH Investment managers OUEM Ltd 27, Park End Street Oxford OXI IHU Page I
Ashmolean Museum Endowment Trust Trustees. report For the year ended 5 April 2024 The trustees present their report and financial statements for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accounting policies set out on pages I I to 12 and comply with the charity's trust deed and applicable law, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities 2019 (FRS 102). Objectives and activities for the public benefit The objert of the trust is to advance education in the arts and archaeology for the public benefit at the Ashmolean Museum ofArts and Archaeology ["the museum") in the University of Oxford by the provision of financial and other support including but without limitation to support for general upkeep. teaching, research and the facilitation of public access. Admission to the museum is free of charge. The trustees confirm that they have referred to the Charity CoTnmi55ion guidance on public benefit when reviewing the trust's aims and objectives, in planning future activities and setting grant making policy. Structure. governance and management Ashmolean Museum Endowment Trust (registered number 1154932) is governed by a trust deed dated 29 Ortober 2013 which established the trust. The registered office is detailed on page l. The trust's bankers are Coutts & Co, and Farrer & Co LLP of 65-66 Lincoln's Inn Fields, London, WC2A 3LH are the trust's solicitors. The trustees, who all served for the whole of the year ending 5 April 2024, are: Sir Martin Smith Mr Bernard John Taylor CVO CBE DL Professor Irene Mary Carmel Tracey CBE FRS DrAlexander John Sturgis CBE Lord James Roger Crompton Lupton CBE The trustees as a body are entitled to appoint one or more new trustees and at all times there must be at least three trustees, the majority ofwhom must be resident in the United Kingdom. The trustees meeting5 are held at appropriate regularity throughout the year. The trustees have established a policy on trustee training whereby any new trustees without the necessary experience receive training concerning trustee duties, responsibilities and obligation5. The key management personnel of the charity do not receive any remuneration. Risk management The principal risks faced by the trust lie in the performance of its investments. This investment risk is mitigated by engaging expert investment managers. Achievements and perfonnance The trustees are satisfied with the performance of the investments. The charity made donations of £370,000 to the Ashmolean Museum during the year. Page 2
Ashmolean Museum Endowment Trust Trustees, report (continued) For the year ended 5 April 2024 Reserves policy The trustees aim to maintain sufficient free cash to make no less than one annual donation to the Ashmolean Museum and to pay, out of restricted income, for the governance costs. In line with this policy, free cash stood at £608,072 at 5 April 2024. Financial review The trust's work is entirely reliant on income from donors and returns from its investment The trustees expect the value of the charity's donations in pursuit of its objects to increase over time. Investment policy and performance The trust has an investment policy and employ fund managers who make investments in accordance with the long term nature of the trust's objects. Trustees, responsibilities in relation to the financlal statements The trustees are responsible for preparing the trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to Charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fairview of the stste of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently, observe the methods and principles in the Charities SORP (FRS 102); make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operational existence. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Art 2011, applicable accounting regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditors The Charity's auditors, Saffery LLP, have expressed their willingness to continue in office, and a resolution to reappoint them will be proposed at a meeting of the Trustees. Mr Berna lor CVO CBE DL Signed on behalf of the Trustees, on Page 3
Ashmolean Museum Endowment Trust Independent auditors, report to the Trustees For the year ended 5 April 2024 Opinion We have audited the financial statements of Ashmolean Museum Endowment Trust for the year ended 5 April 2024 which comprise the statement of financial activities, the balance sheet, statement of cashflows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. ' give a true and fair view of the state of the charitys affairs as at 5 April 2024 and of its incoming resources and application of resources for the year then ended,. . have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and . have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We condurted our audit in accordance with International Standards on Auditing (UK) (ISAS (UIQ) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our reporL We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate, Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this reporL Other information The trustees are responsible for the other information. The other information comprises the inforrnation included in the annual report. other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Page 4
Ashmolean Museum Endowment Trust Independent auditors, report to the Trustees (continued) For the year ended 5 April 2024 Other inforniation (continued) Our responsibility is to read the other inforniation and, in doing so, consider whether the other infonnation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstaten]ents, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the information given in the Trustees. Annual Report is inconsistent in any material respect with the financial statements; or . the charity has not kept sufficient accounting records: or . the financial statements are not in agreement with the accounting records and returns; or . we have not received all the information and explanations we require for our audiL Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Statement set out on page 3, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatemenL whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charis ability to continue as a going concern, disclosin& as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditors, responsibilities for the audit of the financial statements We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that ACL Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Page 5
Ashmolean Museum Elldonent Trust Independent auditors, report to the Trustees (continued) For the year ended 5 April 2024 Auditors. responsibilities for the audit of the financial statements (continued) Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material rnisstatements in respert of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities. including fraud are detailed below. Identifying and assessing risks related to irregularities.. We assessed the susceptibility of the charity's financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with trustees and updating our understanding of the sector in which the charity operates. Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales. Audit response to risks identified: We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statetnent items including a review of financial statement disclosures. We reviewed the chariws records of breaches of laws and regulations. minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual. suspected or alleged fraud. We addressed the risk of fraud through n]anagement override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partnerfs review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. There are inherent limitations in the audit procedures described above and the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financial statements. the less likely we would become aware of IL Also. the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error. as fraud may involve deliberate concealment by. for example, forgery or intentional misrepresentations. or through collusion. Page 6
Ashmolean Museum Endollent Trust Independent auditors. report to the Trustees (continued) For the year ended 5 April 2024 Auditorg responsibllities for the audit of the financial statements (continued) A further description of our responsibilities is available on the Financial Reporting Council's website at: rs es nsibili Use of our report This report is made solely to the charity's trustees. as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent pennitted by law, we do not accept or assume responsibility to anyone other than the charity and the trustees as a body. for our audit work for this report, or for the opinions we have formed. $4fy LLP Saffery LLP Chartered Accountants Statutory Auditors St Catherine's Court Berkeley Place Clifton Bristol BS8 IBQ Date: 6 January 2025 Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 Page 7
Ashmolean Museum Endowment Trust Statement of financlal activities For the year ended 5 April 2024 Unrestricted Unrestricted General Designated Restrlcted funds funds funds 2024 2024 2024 Total funds 2024 Total funds 2023 Note Income from Donations and legacies Investments 69 150,638 42 91.669 99 216,955 210 459,262 65,010 425,192 Total 150,707 91,711 217,054 459,472 490,202 Expendfiture on Charitable activities 133,929 73.853 174,787 382,569 401,276 Total 133,929 73,853 174,787 382,569 401,276 Gain/Ooss) on investments 190,717 116,060 274,678 581,455 [652,182) Net Income/ (expenditure) 207,495 133.918 316,945 658,358 (563,256 Transfers between ndS 8,446 (166,243) 157,797 Net movement in funds 215,941 474,742 658,358 (563.256 Reconcfiliation of funds: Total funds brought forward 3.713,852 2.423,795 5,185.072 11,322,719 11.885,975 Total funds carried forward 7 3,929,793 2,391,470 5.659.814 11.981.077 11,322.719 The Charity has no recognised gains or losses other than the results for the year as set out above. All activities of the Charity are classed as continuing. See note 13 for fund accounting comparative figures. The notes on pages 11 to 16 forni part of these financial statements. Page 8
Ashmolean Museum Endowment Trust Balance sheet As at 5 April 2024 2024 2023 Notes Fixed assets Investments at market value 11,337,106 10,755,651 Current assets Cash atbank and in hand Debtors 608,072 46.032 538,546 42,231 Liabilities Creditors falling due within one year 6 10,133 13,709 Net current assets 643,971 567,068 Net assets 11.981,077 11,322,719 The funds ofthe charity. Restricted funds Designated funds Unrestricted funds Total charity funds 5.659,814 2.391,470 3.929,793 11.981.077 5,185,072 2,423.795 3.713,852 11.322.719 7&8 The notes on pages I I to 16 forn] part of these financial statements. Mr Bernard Tayl r CVO CBE DL Approved on behalf of the Trustees on .., Page 9
Ashmolean Museum Endowment Trust Statement of cash flows As at 5 April 2024 2024 2023 Notes Cash generated from operatlng activities 11 69,526 91,891 Cash flows from investfjng activitles Purchase of investments (500,000] Cash used in investing artivities 500,000 Cash flows from financing artlvfjties Increase/(decrease) in cash and cash equivalents in the year 69,526 (408,109) Cash and cash equivalents at the beginning of the year 538,546 946,655 Total cash and cash equlvalents at the end ofthe year 608,072 538.546 Page 10
Ashmolean Museum Endowment Trust Notes to the financial statements For the year ended 5 April 2024 Accounting pollcies 1.1 Accounting conventlon The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) applicable from I January 2019 and the Financial Reporting Stsndard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Art 2011 and UK Generally Accepted Practice as it applies from I January 2019. The financial statements are prepared in sterlin& which is the functional currency of the charity. Monetary amounts have been rounded to the nearest £1. The charity constitutes a public benefit entity as defined under FRS 102. The financial statements have been prepared under the historical cost convention. 1.2 Incoming resources Donations are recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. Income is only deferred when the charity has to fuifIl conditions before becoming entitled to it or when the donor has specified that the income is to be expended in a future period. Investment income is accounted for on its receipt. 1.3 Resources expended All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. There is no requirement to apportion overheads other than on a dirert basis. This is due to there being only one charitable activity undertaken by the trust. 1.4 Investments Fixed asset investments are included at market value at the balance sheet date. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the ststement of financial artivities based on the market value at the year end. 1.5 Taxation The Trust is a registered charity and is not liable to United Kingdom income tax or corporation tax on charitable activities. 1.6 Financial instruments The charity has applied the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instrnments Issues, of FRS 102 to all of its financial instruments. Other than where specifically stated all of the charity's financial instruments are classed as basic financial instruments. Financial assets are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Page 11
Ashmolean Museum Endowment Trust Notes to the financial statements (continyed) For the year ended S Aprll 2024 Accounting polldes (continued) 1.6 Financial Instrnments (continued) Financial assets are classified into specified categories. The classific2don depends on the nature and purpose of the finanaal assets and is deterniined at the time ofrecognition. Basicfinanciola&Fets Basic financtal assets, which include trade and other debtors and cash and bank balances. are initially rnea5ured attraD5action price including transaction costs and are subsequently carried atamortised cost using the effective interest method. unless the arrangement constttute5 a financing transaction, where the transartion is measured atthe present value of the fvture receipts discounted at a market rate of interest Basicfinanciulliabilities Basic finanaal liabi]itie5 are thltially recogn5sed attransaction prtce. unles5 the arrangement constitutes a fjnancing transaction, where the debt instrument Is measured atthe present value of the receipts discounted at a market rate of interest 1.7 Fund accounting Unrestrirted funds are those funds whlch are available for use at the discretion of the tsvstees in furtherance of the general objects of the charity and which have not been designated for specific objects. The restrirted fvnds are donations whlch the donors have specified whattheir donation Is to be used for in specific areas of the trust's work The restricted fvnds relate to supporting the curators of ancient Egypt and Sudan Collections, Northern European Art Greek and Aegean Art and Indlan Art. The designated hjnds are addltlonal funds thatthe Trustees intend to spend on the same areas as the restrlcted funds. 1.8 Going concern Atthe time olthe approval ofthe flnancial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence forthe foreseeable future. Thus. the trustees continue to adoptthe going concern basis of accounting in preparingthe financial statement& Charitable activities Unrestricted Unrestricted General DesiEnated funds funds 2024 2024 Restricted funds 2024 Total fund5 2024 Total funds 2023 Donations to A5hmolean Museum Governance costs (note 3) 121,360 73,853 174,787 370,000 12,569 382,569 386.500 133,929 73,853 174,787 401,276 The average number olstaff employed by the tntotalIed nil (2023: nll). No staff members received remuneration exceeding £60,000. Page 12
Ashmolean Museum Endowment Trust Notes to the financial statements (contlnued) For theyeaT ended 5 April 2024 Governance costs Unrestricted funds 2024 Restrlcted funds 2024 Total funds 2024 Total funds 2023 Legal and professional fees Audit fees Fees to auditor for non-audlt services Bank charges Foreign exchange (galnJ/loss 3.816 9,870 1,980 746 1.636 14,776 11.063 11,063 722 784 12,569 722 784 12,569 The audlt fee represents costs relating to the provlslon of auditserylces and accounts produaion. Governance costs were fvlly unrestricted In both the current and prloryears. Flxed assetinvestments 2024 2023 Llsted Investments Market value at 6 April 2023 Cash transferred Into fvnd (Loss) / Galns on investment Market Wdlue at 5 April 2024 10,755.651 10,907,833 500.000 (652.182 10,755,651 581,455 11337,106 Debtors 2024 2023 Prepayments and accrued incoTne 46,032 42,231 Credltors: amounts falllng due withln one year 2024 2023 Trade creditors and accrua15 10,133 13,709 The above financial instruments are carrled at amortised cosL Page 13
Ashmolean Museum EndowmentTrust Notes to the financlal statements (continued) For the year ended 5 April 2024 Funds Unrestrlrted DeSiated funds runds 2024 2024 Restrlcted funds 2024 Total filnds 2024 As at 6 April 2023 Income Expendire Reallsed ga5ns (Loss) / gain on Investments Transfer between funds As at 5 April 2024 3,713.852 69 [133,929] 150,638 190,717 8,446 3.929.793 2,423,795 42 [73,853) 91,669 116.060 166,243 2.391.470 5.185,072 99 (174,787) 216,955 274,678 157,797 5.659,814 11,322.719 210 (382,569) 4S9.262 581,455 11,981.077 Prior perlod comparative Unrestrlrted Desiated funds funds 2023 2023 Restricted funds 2023 Total funds 2023 As at6 April 2022 Income Expenditure Realised galns (Loss) I gain on investments Transfer between fund5 at S April 2023 6.496,948 435,202 [142,321) 5,389,027 55,000 (258,955) 11,885,975 490,202 (401,276) [652,182) 2,423.795 3,713.852 (652.182) 2,423,795 2.423,795 5,185,072 11322,719 The purposes of the restricted and designated fimds are as described in note 1.7. 2023 Incomlng Outgoing Transfers 2024 Materlal restrltted and designated funds are: Selz Curator of Anaent Egypt and Sudan Collections SirArthur Evans Curator of Greek and Aegean Art Christopher Brown Curator of Northern European Art Curator of Indian Art Totsl 2,106.026 193,613 (68.820) (2.338) 2,228,481 1.947,508 179.039 (63,6411) (2,162) 2,060.745 1,879,571 1.675,762 7,608.867 172.794 (61,420) (2,086) 1.988,859 154.057 5¢.760 1,860 1.773,199 246.640 699,503 8,051.284 8,446 A transfer between funds was made during the year to increase the comblned level ofrestrirted and designated ndS ro 67.2% ofthe totsl fvnds. to reflect the donors, wtshes in relation to totsl donations receive(t These transfer5 do not change the substance of current or historic accounts. Page 14
Ashmolean Museum Endowment Trust Notes to the flnandal statements (contlnued) For the year ended S April 2024 Analysis of netassets between funds (Continued) Unrestrlcted Designated funds funds 2024 2024 Restricted funds 2024 Total funds 2024 Fixed assets Current a55ets Current liabilities 3.725,375 214.551 10.133 3.929,793 2,260.910 130,560 5.350.821 308.993 11.337.106 654.104 [10.1331 11.981.077 2,391.470 5,659,814 Prlor perlod comparative General Unrestricted Deslgnated funds nds 2023 2023 Re5tr1cted funds 2023 Total funds 2023 Fixed assets Current assets Current liabilities 3,146,784 580,777 2.423,795 5,185,072 10,755,651 580,777 13,7091 11,322.719 3,713,852 2,423,795 5.185.072 Trustees. remuneration The charity did notpayany expenses or emoluments to the Trustees or those connected to the Trustees during the per50 10 Related partytransactions The key managemenipersonnel received no remuneration during the current or previous year& As per note 2. donations were made to the Ashmolean Museum totalling£370.000. DrAlexander SturOs CBE (a Trustee) is the Director ofthe A%hmolean Museum. 11 Reconaliation of net movement in funds to net cash flow from operating activities 2024 2023 Net movement in funds InvesttneDts movement Decrease/(increase) in debtors (Decrease)/increase in creditors Net cash generated from operating activities 658,358 (581.455] (3.801) 3.576 69.526 [563.256} 652,182 (934) 3.899 91.891 12 Analysts ofchanges in netdebt Foreign exchange Cashflow movements At 5 April 2024 At6Aprll2023 Cash at bank and In hand 538,546 538,546 223 223 608.072 608,072 Page 15
Ashmolean Museum EndowmentTrust Notes to the finanaal statements (continued) For theyear ended S April 2024 13 Comparative statement of financial activltles General Unrestrlrted Designated funds funds 2023 2023 Restricted funds 2023 Total funds 2023 Income from Donations and legacies Investments io,oio 425.192 55,000 65,010 425,192 Totsl 435,202 55.000 490,202 Expendlture on Charitable activities 142,321 258,955 401,276 Total 142,321 258,955 401,276 Ga5ns on investments (652,182) (652,182] Net Income/(expenditure) 359.301 203 955 563,256 Transfers between funds (2,423.795) 2,423,795 Net movement in funds 2,783,096 203,955 563,256 Reconciliation ofcunds: Totsl funds brought forward 6.496,948 5,389,027 11,885,975 Totsl funds Caled forward 3,713,852 2,423,795 5,185,072 11,322,719 Page 16