2023-03-31-accounts

LEIGH NEIGHBOURS PROJECT

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR

THE YEAR ENDED MARCH 31 2023

Charity number 1161291

LEIGH NEIGHBOURS PROJECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2023

I NDEX

Administrative information	1
Trustees’ annual report	2 – 5
Independent Examiner’s report	6
Statement of financial activities	7
Balance sheet	8
Notes to the financial statements	9 – 15

LEIGH NEIGHBOURS PROJECT ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED MARCH 31 2023

TRUSTEES H Ahmed Cllr D Anderton (appointed 31/05/22) B Burton (resigned 7/12/2022) J Eckersley N Fallows (appointed 31/05/22) C Farnworth (resigned 1/10/21) J Gredecki (resigned 3/03/22) S Gredecki (resigned 3/03/22 N Ratcliffe A Sharrock REGISTERED OFFICE AND 129 Walmesley Road PRINCIPAL PLACE OF BUSINESS Leigh WN7 1XN INDEPENDENT EXAMINER Stacy Mason & ACCOUNTANTS HGA Accountants & Financial Consultants Ltd t/a Chittenden Horley - Chartered Accountants Hyde Park House Cartwright Street, Newton Manchester SK14 4EH BANKERS Co-operative Bank plc PO Box 250 Delf House Southway Skelmersdale WN8 6WT

1

LEIGH NEIGHBOURS PROJECT TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED MARCH 31 2023

The trustees present their annual report together with the financial statements of the charity for the year ended March 31 2023.

REPORTING FRAMEWORK

The financial statements comply with the Charities Act 2011, the foundation document, and 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 (FRS102) (effective 1 January 2019), referred to as the Charities SORP (FRS 102) (second edition – October 2019).

OBJECTIVES AND ACTIVITIES

Chartable objects

The charitable objectives are:

The promotion, for the benefit, of the public, of urban regeneration in the are of Leigh bounded by Twist lane, Atherleigh Way, Kirkall Lane and Leigh Road/Market Street/King Street by the following means:

• (a) The advancement of education, training or retraining, particularly among unemployed people, and providing unemployed people with work experience:

• (b) The provision of financial assistance, technical assistance or business advice or consultancy in order to provide training and employment opportunities for unemployed people in cases of financial or other charitable need, through help: (i) in setting up their own business, or

• (ii) to existing businesses:

• (c) The provision of housing for those who are in conditions of need and the improvement of housing in the public sector or in charitable ownership provided that such power shall not extend to relieving any local authorities or other bodies of a statutory duty to provide or improve housing:

• (d) The provision or assistance in the provision of recreational facilities for the public at large or those who by reason of their youth, age, infirmity or disablement, financial; hardship or social and economic circumstances, have need of such facilities;

• (e) The promotion of public safety and the prevention of crime.

Activities

The charity undertakes a wide variety of activities in order to achieve its objectives. Primarily these include:

• Developing community facilities

• Promoting community spirit by way of the big Lunch events and activities, summer arts projects, and residents’ fund bids;

• Improving crime and community safety including a ‘Be Seen, Be safe’ campaign and ‘Stop and Lock’ community safety campaign run in partnership with Greater Manchester police; and

• Providing education, employment and training assistance through an apprenticeship scheme.

Public benefit

The trustees have had regard to the Charity Commission guidance on public benefit in deciding what activities the charity should undertake. As described briefly earlier, Trustees have delivered a range of events and activities which deliver a public benefit for the specific area of Leigh where the charity operates. These have included: ➢ the establishment of a community allotment on public land on Railway Road. This is a space where herbs, vegetables and fruit are grown for public consumption by Trustees with the help and support of local resident volunteer.

• ➢ the continued development of a community garden on Gordon Street. This is a green community space which provides a haven for local residents. The garden is managed a Trustee and her husband and is supported by local children who have formed themselves into a 'Gardening Gang'.

• ➢ Financial support for primary age children to attend the Sacred Heart Summer School - a learning week for local children during the summer holidays designed to minimise the effects of the 'Summer Dip'. Twenty children from the area who wouldn't ordinarily qualify for the scheme are sponsored and enjoy the educational and social benefits of the scheme.

• ➢ The distribution of funds for local projects which serve to provide improvements to the area, such as the environmental improvements to the Selwyn Street backs or the refurbishment of the KIngsleigh Community Centre.

2

LEIGH NEIGHBOURS PROJECT TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED MARCH 31 2023

ACHIEVEMENTS AND PERFORMANCE

The fundamental change this year was the implementation of our new Big Local Community Plan, which has a big focus on physical and mental health.

Active Travel

• The Bike Library provided bikes for loan to local adults and children – part of the activation activities around the active travel neighbourhood plans. Wigan Council have now taken over this project and greatly expanded it, so it is now available to residents throughout Leigh and Wigan Borough as a whole

• Provided in person support to Sacred Heart Primary School walking group initiative

• Held Dr Bike workshops, bike safety and repair workshops where people of all ages had their bikes repaired and received safety advice, Hi-Viz jackets, lights and other safety equipment. Overall, over 50 bikes serviced / repaired.

• We walked with local schools to encourage them to deliver the Daily Mile on a half termly basis, with over 300 adults and children participating in each event

Housing

• The two terraced houses on Selwyn Street were leased to Wigan Council via Wigan Ethical Lettings Agency, providing affordable housing to two local families.

• Continued to work with the Local Authority Tenants Champion, an officer dedicated to working with private rented sector tenants and landlords in the Leigh Neighbours area to tackle issues of poor property standards, management and community cohesion

Physical and Mental Health

• Ongoing maintenance of the community garden has been taken on by a team of local residents

• Hanging Basket workshops delivered for residents and for local schools which gave over 100 children experience of planting.

• Provided financial support for local schools at Christmas

• Provided funding through the ‘Resident’s Fund’ initiative, including grants to local schools at Christmas to enable them to support families in need

Young People and Education

• Financial support provided for local pupils to attend the Sacred Heart Primary School Summer School

• Held summer holiday and half term holiday school craft clubs

• Provided funding for mental health interventions to enable local schools to engage Play Therapist and Sensory Workers.

• • First aid training for your people

Partnerships which are strong and productive

• Continued to work with a range of statutory and voluntary sector partners, including Princes Trust, Wigan Council, local schools and Atherton & Leigh Foodbank.

External Funding

• Started the search for alternative grant funding for when the Big Local funding ends.

Leigh Neighbours Project has also undertaken lots of ‘behind the scenes’ on progress strategic initiatives on the Big Local Plan:

• Attended Big Local events to share ideas with other Big Local areas

• Extensive effort required to share the work of the project through social media (Facebook and Twitter) and the project website

• Recruited new partnership board members and Charity Trustees

We are also working closely with Local Trust, and making best use of their Close Out Guidance, to make Leigh Neighbours project a sustainable organisation when the Big Local funding ends.

FUTURE PLANS

3

LEIGH NEIGHBOURS PROJECT TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED MARCH 31 2023

The current two-year Big Local Plan was formally approved in April 2022. Trustees will continue to focus on delivery on the plan, which includes the following priorities:

• Housing – continuing working with the Council and others to raise the standard of housing in the area. Our properties in Selwyn Street properties, leased to the Wigan Council via Wigan Ethical Lettings Agency, provides affordable housing for local resident families.

• Physical and Mental Health – working with partner organisations, including local schools and Andy’s Man Club, to support the physical and mental health of residents. Delivery of a Mental Health Pilot Project. Ongoing support of local walking groups. Provision of First Aid Courses for local residents.

• Young People and Education – to provide support for young people both in formal education settings and as residents including funding for specialist support workers in local primary schools

• Active Travel – encouraging local people to walk and cycle more as one part of the mental and physical health wellbeing jigsaw. Engagement with the Local Authority around active travel and the introduction of an Active Travel Neighbourhood

• Partnerships which are strong and productive – working with the many partners that the project has now to support local residents, to improve relations and to make the area a better place to live

• External funding – sourcing external grants and sponsorship which will help deliver the project outcomes through the project activities

Trustees are also working on sustainability plans for after the end of Big Local Funding

FINANCIAL REVIEW

Overview

The charity had a surplus, before transfers, on unrestricted funds of £4,281 for the year, as the charity continues to be able to add to its unrestricted funds to ensure that there are funds available to enable it to operate beyond the life of the current funding regime.

Reserves

Because of the nature of the lottery grant funding which the charity receives it doesn't have a formal reserves' policy - because unspent monies at the end of a funding cycle have to be returned. The charity has established a 'Legacy Fund' which contains funds which have been generated. This fund will be used once the lottery grant fund has been exhausted.

Free reserves, unrestricted funds not invested in fixed assets or otherwise designated, stood at £104,614 at the year end.

Going concern

The trustees have no concerns about the charity’s ability to continue as a going concern as it continues to enjoy the benefit of the lottery funding and has established the legacy fund.

FUTURE PLANS

The new two-year Big Local Plan was formally approved in April 2022. Trustees will be focused on delivery on the plan, which includes the following priorities:

• Housing – continuing the work that has been started, such as the appointment by the Council of a Tenant’s Champion, working with the Council and others to raise the standard of housing in the area. Leasing of Selwyn Street properties to provide affordable housing.

• Physical and Mental Health – working with partner organisations, including local schools and Andy’s Man Club, to support the physical and mental health of residents. Delivery of a Mental Health Pilot Project. Ongoing support of local walking groups. Provision of First Aid Courses for local residents.

• Young People and Education – to provide support for young people both in formal education settings and as residents including funding for specialist support workers in local primary schools.

• Active Travel – encouraging local people to walk and cycle more as one part of the mental and physical health wellbeing jigsaw. Engagement with the Local Authority around active travel and the introduction of an Active Travel Neighbourhood

• Partnerships which are strong and productive – working with the many partners that the project has now to support local residents, to improve relations and to make the area a better place to live

• External funding – sourcing external grants and sponsorship which will help deliver the project outcomes through the project activities

• Trustees are also working on sustainability plans for after the end of Big Local Funding

4

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE LEIGH NEIGHBOURS PROJECT FOR THE YEAR ENDED MARCH 31 2023

I report to the charity trustees on my examination of the accounts of the charity for the year ended March 31 2023 which are set out on pages 7 to 15.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

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

Stacy Mason

HGA Accountants & Financial Consultants Ltd t/a Chittenden Horley - Chartered Accountants

Hyde Park House Cartwright Street, Newton Manchester SK14 4EH Date: 25 January 2024

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LEIGH NEIGHBOURS PROJECT STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure account) FOR THE YEAR ENDED MARCH 31 2023

Notes Incoming resources from generated funds: Donations 2 Charitable activities 3 Investment income - bank interest TOTAL INCOME EXPENDITURE Expenditure on charitable activities 4 TOTAL EXPENDITURE NET INCOME/(EXPENDITURE) BEFORE TRANSFERS Transfers between funds NET MOVEMENT IN FUNDS 6 TOTAL FUNDS BROUGHT FORWARD 11 TOTAL FUNDS CARRIED FORWARD 11	Unrestricted Funds £ 109 6,330 406	Restricted Funds £ - 117,812 -	Total 2023 £ 109 124,143 406 124,658 67,396 67,396 57,261 - 57,261 318,217 375,478	Total 2022 £ 1,044 52,281 145
	6,845	117,812		53,470
	2,564	64,832		75,037
	2,564	64,832		75,037
	4,281 -	52,980 -		(21,567) -
	4,281 300,669	52,980 17,548		(21,567) 339,704
	304,950	70,528		318,137

The notes on pages 9 to 15 form part of these financial statements.

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	Notes	2023	2023	2022	2022
FIXEDASSETS
Tangiblefixedassets			200,336		200,336
CURRENTASSETS
Debtors				2,271
CashatBankandinHand		185,165		125,012
		185,165		127,283
CREDITORS
Amountsfallingdueinone year	10	10,023		9.402
NETCURRENTASSETS			175,142		117,881
TOTALNETASSETS			375,478		318,217
FUNDS
Unrestricted	11		304,950		300,669
Restricted	11		70,528		17,548
TOTAL FUNDS			375,478		318,217

LEIGH NEIGHBOURS PROJECT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2023

1 ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared: under the historic cost convention; 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 (FRS102) effective January 1 2019 (second edition – October 2019); FRS102; and the Charities Act 2011 and UK Generally Accepted Practice.

The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following 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) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The charity constitutes a public benefit entity as defined by FRS102.

The accounts are prepared in £ sterling, which is the functional currency of the charity.

Judgements and key sources of estimation uncertainty

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

Income recognition

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The following applies to particular types of income:

Grants , whether of a capital or revenue nature, are recognised when the charity has entitlement to the funds, any performance conditions have been met and it is probable that the income will be received.

Donations from individuals and other bodies (not being of the nature of a grant) are recognised when receivable.

Deferred income

Income is only deferred and included in creditors when:

• The income relates to a future accounting period

• A sales invoice has been raised ahead of the work being carried out and there is no contractual entitlement to the income until the work has been done

• Not all the terms and conditions of the grant have been met, including the incurring of expenditure and the grant conditions are such that unspent grant must be refunded

Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Costs of raising funds

Charitable activities

including those associated with fundraising activities, managing investments and commercial trading by the subsidiary company.

costs of undertaking the work of the charity.

The charity is not registered for VAT and cannot recover any input tax charged. Costs are stated inclusive of VAT were charged.

Allocation of support costs

Support costs are those functions which assist the work of the charity either by supporting the delivery of charitable activities or by supporting the generation of funds. The basis of allocations is set out in note 5.

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LEIGH NEIGHBOURS PROJECT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2023

1 ACCOUNTING POLICIES (continued)

Grants

As part of the Big Local funding the charity makes grants to local residents for any purpose that meets the community plan. As part of the Big Local Funding the charity makes grants to local organisations to improve the environment and community facilities and to relieve hardship and poverty.

Grant commitments are recognised when the grant is awarded.

Tangible fixed assets and depreciation

Individual fixed assets costing more than £1,000 are capitalised at cost and are depreciated over their estimated useful lives. The charity does not currently have any fixed assets.

Debtors

Trade and other debtors are recognised at the settlement amount due and prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

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.

Financial instruments

The charity has only basic financial instruments which are initially recorded at cost, subsequently measured at their settlement value.

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LEIGH NEIGHBOURS PROJECT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2023

Unrestricted £ 2 DONATIONS Donations 109 109 3 INCOME FROM CHARITABLE ACTIVITIES Big Local Funding 3,114 Other income 80 Wigan MBC - Rent and room hire 3,136 Total 6,330 4 CHARITABLE EXPENDITURE Grants Individuals - Institutions - - Consultancy fees 25,513 Project expenses 22,807 Newsletter & communications 773 Support costs 13,337 Charged to restricted funds (59,866) 2,564 2,564	Unrestricted	2023 Restricted	Total	Unrestricted	2022 Restricted	Total
	£ 109	£ -	£ 109	£ 1,044	£ -	£ 1,044
	109	-	109	1,044	-	1,044
		115,812 - 2,000 -	118,926 80 2,000 3,136	1,681 - -	50,600 - - -	52,281 - - -
	6,330	117,812	124,143	1,681	50,600	52,281
	- -	466 4,500	466 4,500	- -	343 14,170	343 14,170
	-	4,966	4,966	-	14,513	14,513
	25,513 22,807 773 13,337 (59,866)	- - - - 59,866	25,513 22,807 773 13,337 -	31,686 9,133 1,072 18,633 (60,472)	- - - - 60,472	31,686 9,133 1,072 18,633 -
	2,564	59,866	62,430	52	60,472	60,524
	2,564	64,832	67,396	52	74,985	75,037

Grants awarded

Individuals: As part of the Big Local funding the charity makes grants to local residents for any purpose that meets the community plan. During the year it made three grants ( 2022 - one).

Grants to institutions

As part of the Big Local Funding the charity makes grants to local organisations to improve the environment and community facilities, to relieve hardship and poverty, and fund a play therapist. Grants are analysed as follows:

Atherton & Leigh Foodbank Compassion in Action Groundwork re Princess Trust Volunteers Leigh Central Primary School Jubilee celebrations Leigh St Mary's Primary School Sacred Heart Catholic Church ST John CE Infant School	2023 2022 £ £ - 1,050 - 1,000 - 320 500 8,800 466 500 1,000 2,500 1,000 1,000 1,000 4,966 14,170

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LEIGH NEIGHBOURS PROJECT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2023

				2023
5 SUPPORT & GOVERNANCE COSTS Other support Governance Costs Total Support costs £ £ £ Finance services 523 9,934 10,457 Accountancy 1,194 - 1,194 Insurance - 657 657 Premises costs - 101 101 Office costs & other costs 928 928 Total support costs 1,717 11,621 13,337 6 NET INCOMING RESOURCES AFTER TRANSFERS This is stated after charging/(crediting): Accountant/Independent examiner's fees Report Accountancy Directors' remuneration & trustees' expenses 7 STAFF INFORMATION The charity does not have any employees. The key management personnel comprise the trustees and the freelance project 2023 Costs that can be wholly attributed to either support or governance are alloca costs are allocated either on the basis of the estimation of time spent (staff c costs).
	Other support 2023			Other support Governance Costs Total 2022
	Governance	Costs	Total
	£ 523 1,194 - -	£ 9,934 - 657 101 928	£ 10,457 1,194 657 101 928	£ 617 1,272 - - 20
	1,717	11,621	13,337	1,909

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LEIGH NEIGHBOURS PROJECT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2023

8 TANGIBLE FIXED ASSETS Cost As at April 1 2022 Additions As at March 31 2023 Depreciation As at April 1 2022 Charge for the year As at March 31 2023 Net Book Value As at March 31 2023 As at March 31 2022 9 DEBTORS Income receivable Prepayments & other debtors 10 CREDITORS falling due within one year Trade creditors Accruals	2023 £ -	land & Buildings £ 200,336 0	Total £ 200,336 0
		200,336	200,336
		- -	- -
		-	-
		200,336	200,336
		200,336	200,336
			2022 £ 2,271 -
	-		2,271
	5,296 4,726		3,382 6,020
	10,023		9,402

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LEIGH NEIGHBOURS PROJECT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2023

11 STATEMENT OF FUNDS

Unrestricted Funds: General fund Restricted Funds: Big Local Funding GMCVO - Walking Project Wigan MBC - Bike library	Balance 01/04/2021 £ 237,817	Income £ 2,870	Expenditure £ (52)	Transfers £ 60,034	Balance 31/03/2022 £ 300,669	Income £ 6,845	Expenditure £ (2,564)	Transfers £ -	Balance 31/03/2023 £ 304,950
	237,817	2,870	(52)	60,034	300,669	6,845	(2,564)	-	304,950
	101,359 608 -	50,600 - -	(74,935) (50) -	(60,034) - -	16,990 558 -	115,812 - 2,000	(62,274) (558) (2,000)	- - -	70,528 - -
	101,967	50,600	(74,985)	(60,034)	17,548	117,812	(64,832)	-	70,528
	339,784	53,470	(75,037)	-	318,217	124,658	(67,396)	-	375,478

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LEIGH NEIGHBOURS PROJECT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2023

STATEMENT OF FUNDS (continued) Transfers Restricted funds £ Active Travel 292 Physical & Mental Health 7,734 Project Running & Delivery 33,470 Young People & Education 29,031 70,527 ANALYSIS OF COMPANY NET ASSETS BETWEEN FUNDS Fund balances at March 31 2023 are represented by:- Unrestricted Restricted Funds Funds £ £ Fixed assets 200,336 - Net current assets 104,614 70,528 304,950 70,528 Fund balances at March 31 2022 are represented by:- Fixed assets 200,336 0 Net current assets 100,333 17,548 300,669 17,548 TAXATION CAPITAL COMMITMENTS RELATED PARTY TRANSACTIONS It is intended that the restricted fund balances will be expended in 2023/24. The Big Local balance is projects as follows: None during the year. There were no related party transactions that required to be disclosed in this or the previous year. At March 31 2023 the charity had capital commitments (authorised and contracted for) nil (2022 - £0). The Company is a registered charity and is entitled to claim annual exemption from UK corporation tax.			Total £ 200,336 175,142 split between
	70,527
	Unrestricted Funds £ 200,336 104,614
	304,950	70,528	375,478
	200,336 100,333	0 17,548	200,336 117,881
	300,669	17,548	318,217

11 STATEMENT OF FUNDS (continued)

12 ANALYSIS OF COMPANY NET ASSETS BETWEEN FUNDS

13 TAXATION

14 CAPITAL COMMITMENTS

15 RELATED PARTY TRANSACTIONS

15