Charity r8g15tra1i number. 1184834 The Barnstaple Bridge Trust Annual Report and FAn(la1 Statements for the Year Ended 31 December 2023 WESTCOTTS CHARTÈPFJ ACCDUNTANTS • BUSINE55 ADVISER5
The Bamstaple Bridge Trust Contents (continuod) Reference MInistrave Delails 2tog [lept AJJJihxg Report 10t013 14 Balan Sheet 15 16to28
The Bamstaple Bridge Trust Reforenco and Administrative Dotails Tnthes: Mrs G Wlliams Mrs S HaYw0j (resign 1 Febnry 2023) Mr M HaW(xtBoothISpKKJ1nted 9 June 2023) Mr D Trueman (r8signed 1 March 2023) Mr M Fowler {awxJintad 8 June 2023} Mr G LofthousB (rBS1gnl 1 April 2023) Mr C Horrell lappoinled 9 June 2023) Mrs A IsaaG Iresgned 16 January 2024) Mrs J Hunt (resignaJ 1 May 2023) Ms L York (apIntl 1 May 2023 end rosMJned 23 May 2024) Mr A Rennles Mr S Hailley {awointed 9 Marth 2023) Mr W Buffery (appointed 13 April 2023) Mr R Knwjht (resignod 1 May 2023) Mr Graham Tchvnsend Chorlty Reglstratlon Numbèr 1184834 Prindpal Offic• 7 Bridge Chamb5 The Strand Bamstaple EX31 1HB Auditor Westcotts (SW) LLP CharteTed A[UtantS and Statukny AdIOr$ 47 Boutport Streel Bamstap18 EX311SQ Bank•vs CAF Bank Limi1 lfjr4Js Hill AveN8 Kings Hlll West Maling Kent ME19 4JQ Page 1
The Barnstaple Bridge Trust Trustees. Report Th8 trustees wesent the annual report together the finanLial Statents and auditots. report of the charity for the year ended 31 December 2023. OBJECTIVES. STRUCTURE, GOVERNANCE MD 1KANAGE11 The oryins of the Brvjge Trust in Bam5taple are as obscure as those of the Long Bridge over the River Taw it W8s formed to maintain. The Importan of the brNlge vrds rec(NJnised from the earliest tlmes and many local landowners grf11 property and money to assist in its upkeep. Gifts of property, a118d feoffments. were vested in prominent lo(al individuals to repair, maintain and improve the Long Bridge. The feoffees (receivers of th8$8 gifts) therefore became responsibl8 for the Bridgg and it is with Ihem that th8 OTvJins of tho tTht li8. uTrt the early 19ih c8nlury, record5 are scarce however. in 1817. a minule book Started to be kept by the Trustees las by then the feoffee5 were also known). The first recoFded ChambeTlain, Mf John Baker, was appoirrted and in the interyenin9 years lalfflost Mfo hundred) thefe have onty been leD appointed. poinling lo the exceptionally long service of sevefal. In 1905 the Bridge Trust lornially became 'The Long Bridge Chaiity. Throughout Its history the Bridge Trust has been close to the heart of Barnslaple-, local councillors. dignilaries and other prominent citizens have served as TTUStee5. In 1961 responsibility for the Long Bridge pa55ed to the Department of TTanspotl and 'The Long Bridge Charfty. was re-consllluted wilh a new Trust Deed and reverted ID ils hisloric name ol 'The Bridge TfUSV. Page 2
The Barnstaple Bridge Trust Trustees. Report (continued) In 2019. the 'The BrKlge Trust, nVerted frown an unincorporated tharity to a charitaLle incorporated organisation {CIO}. This change Syds partly because many funding organisations now require charities to be 'incorporated' as a condibon of any award and to provide better liabilty prol8Ction to Trustees. In 2023. it was thought that the teTm Chamberlain was OLrtdaled, and the more mrAlem temi of business managor is n¢)w used to d8suibe the role. The propety portfolio, also knowrF as the permanent endowment, consists of four historic Grade 11 listed properties making the Bridge Trust one of the largest owners of heritage wopety Bamstspl8. Some parts of the property portfolio have been owned by the Trust for a considerabie time. One small area, adjoining Malden Street has bdonged to the Tnjst since 1310. AFUgh Ihe land which they are built may hav& been in the Trust for nturieS most of buildingts thems8fves date from the 19th century. Bridge Chambers- designed as a 'hall and chambers, by emlfient local architect R.D. Gould. and completad by the T1 in 1873, the bullding is a piominent local landmath and once housed Ihe Magistrates and County Courts (Iha hal still exists though needs repair and only occasionally used) together wlth commerdal offices. stores and, on the part noarest the bridge, a substantial private house. Today the building contalns vaiious Offi Including Ihat of the Twst as well as the Bridge Tnjst Board Roorft (used as such since 5hDrtty after the building was completed). In 2023, the Trtt weie 5ucce8sful in Dbtalning 918nt mDnoy from Arts Council England to use towards ieDovaling parts of Bridgè Chambers edIng works to th8 Hall to hopefvlly become a centtal Brts and euhural hub wlthin the town. It Is hoped that Wofks wlll begin In early 2025 with a view to complellon And launch of the spaces In eady 2026 Bridge Bulldlngs- conlainèd withbn an area b0red by the Squgre: Ihe Strand, and Meiden SlregL Cofftpleted sorneliffle before 1866. today thls large builthftg housès various commerclal retail oullets and. on the upperlloors, eight resldenlial flats. I I I I I IlliiiJl' 11, Page 3
Tha Barnstaple Bridge Trust Trustees. Report (continued) 9- 11 High Sireet- acquir8d Ihe mid C19th, when the Trust built houses on the sile, the building as seen today was completed in tho lat8 19th century 4nd, Tn add¢bon lo residential units, a charity shop and an ouffitters, ctsnlains ihe premises ol the HSBC Baftk who {as the Midlgnd Bank and fomerty the London Ciny & Midland Bank) ale Ihe Trusl's oldest lenanls hawrbg oCCupd thE premises for well over 100 years. The fesidenlial untts (9 flats) oll part of the upper floors are let on a long-tenn lease to a housing association and managed by Young Devon (fomierty Devon County Counril's Devon Youlh department). The Ilats are let lo young people tnoving from institutional caie to independent liMng_ 109_113 Boulport StTeel- this block of property was acquiTed by the Tfust in the 8arty C19th when it was mosty houses (built between 1822 & 18511. From the C19th, until 1961 Ihe Trusl was an aclive propety developer in the tovin. buying. selling, and developing properties. In additton to the remaining COF8 properties. seveial other prominent Bamslaple buiFdings were once owned by the Trust including the Fulham Chinese Restaurant in Tuty Street {formerty the Golden Fleece Inn built by the Tnjst and sold in 19221, North Devon 0i5pensary (now a hasrdressgrs} ITr Boutport Stfeel Ibuill by ihe Trust and 501d in 1930). the Theatr6 Royal also in BoLrtport Sifeel (also sold in 1930 and demolished lo make way for a cinema) and 93 High Street (now Animal Fashlon). Pagg 4
The Barnstaple Bridge Trust Trustees. Report {contlnued) anlsation cture As with the prewus 1961 Trust Deed. the (Xffithitson of the new CIO requires that tho fvll Lwjard of Trustees (called Orilinary Meetings) meets at least twice annually. Ihe Annual General Meeting nomiay precede5 the Ordinary MeetirrfJ in March. The Ttust is permitted to appoint 16 Truste8s, ten are 8ppointed by the existing trM)ard. lft a change from previous pr8cti¢e, North t)evon Council can nominate 3 Tnjstees while Bamstaple Town Council tn nominate 2. In addilion. the Mayor of Bamstaple can bgcfjme Trustee ex-off10. Al Trustees must be able to CApIete and SI a dedaration as to their dIglIrtY under Charity Commission rules before thgy become Trustees. At th8 Annual General MeeUng of the Trust the Chalr and Vlce-chair are eleded and the Trustees Annual R8POrt and Ao>)unts apFffjved. Beth a Trnstee can be1me Chair. they must have seryed minimum of 3 ar3 as a Trttee. At their Ordinary Meetrys. Twstees recetve reports from the Business Manager and the various committaes and. where n8cessary. approve deasions by them. Policy. strategy, major deasions are reseN8d to the full board of Trustees. Thgre are currenty three pemianent ccthmittees ofthe Trust lin addition to the Ordinary Meeling of all Tntsteesl Strategy, Fmm and Slaffing (SFS) Propety Public Ben8fi1 and Aworeness (previously'Grants'). The SFS Committee considers all matters affeGting the Trust and prepares reMmendaonS for the full t)oard of Twstees e5pedalty finan and govemance issue5. Thts committee (ln tts Part 2 predIngS) also acts ss a fit committee to consider p8wJnnel issues and staff s8larw. The Strategy, Finance arvj Staffing commtitee also considers a draft budget for eath year, their recommen(JatNJns p4e raferred to tha Ordnary Meeting ofthe Trust in March for appmal. Ad HOG (xjmmittees are corwened as necessary to consider grievances and complaints and. on orxasion, to wrsue speofic adivities e.g. staff and trustee recruitment. improviThJ financial planning etc. Memtrhlp of the vwious committees bs deuded at the Annual General Meetlng in March, all )mmittees appoint their Chair and Viwhair (except the Strategy. Finance and Staffing Committe8. which is Chaired by the Chair of the Trust. or in their absenc ihg Vice-chair). The Business Manager attends all m88tings of the Trust (including cofflmittees) except when mattèrs direcuy relating to their own salary or o)nditions (or in which they may another prejudicial or financial interest) when they withdraw. Although the Business Manager attends and participates in meelings, they do not vote on reulICrf)$. The Trust emrAoys sever81 stafTr. The Business mager - who Is responslble for the daY-tdaY running of the Trust under the overall dlrection of the Trustees. working dosety with the Vadous Chairs and committees. Adminislrator - the Administrator sUppts the Busin8s6 Managgr and Cterk in the runnlng of the TrusL Acctyjntant - suwbng the Business Manager. au tasks re18thig to finance indLKling not limit1 to payiry invoices, raising rental InvolS. calculatin9 payroll, financial anning, and reporling to Trustses wilh regular financial reports. Page 5
The Barnstaple Bridge Trust Trustoes. Raport (continu•d) Finance Assistsnt- supwrtiThJ the Business Manager and Accountsnt crk - all works in r81alion to the preparatbjn of meetings, minutiry and u)nsulting with Trustees stsff as rsSary regarding ststutory complience. A number of othafs are employed in part4iTh support roles. The constitirtknn of the charity dearly defines its obj8cts as.. Making grants for public purpo forthe general benefft of inhabllants Providing amenities for th9 beneffit of inhabitar GIvg money or artides for the benefft of pcrfy inhabilants Making grants to Chatibes having a5 their objed the relief of povety Making grants to CharlS tln9 as their cknject the furtheranct of publlc wryjoses for the gener81 benefit of inhabltants. Oryanisation and Structure In norrnal times. Ordinary meetings of lh8 Tnt are hekj regularfy. the hnnual Gen8ral Meekn9 precedes tho Ordinary Meeting in March. Al the Annual General Meeting of the Tnjsl Ihe Chair arKI Vic&chair are elected and the Tru81ees Annual Report and Accounts approved. At their Or(linary Meetings Trustees receive reports from the Business ManwJer and the variou5 committees and, whero nece6sary, 8pprove d8c181ons by them. PrCY. strategy. and rnaior deci8ions are resowved to the full t¥)ard of Trustees. The COnstitron of the tharlty now permits pgrlicipatw)n at meelngs by onlln8 meons 8.g. Zoom and Microsoft Teams. Further. vthere necessary, decisions can be approved electronlcally by nall where the is important an¢JJoT urgeiit. OveaDnlntrnal Control The Trust has In place approprbat8 Folicles as requlred by law and in accordance with Charity CommissK)n guidan(*J and regulatiorts: these polloes are revlewed regularfy. •cruitment of T staes The c¥)nslithon of the charity pemms the apFtrnen1 ol five nominated TNstees: Three Trustees are nominated ty Bamslaple Town C(Mmcil (and thg rnar may also be Twstee ex•officl North Devon CourKil n¢Kninat8 Iwo Trustees. Remalnlng Trustees are apFrt)Inted followlng a skills audit of axistiNJ Trustees and through an opon and transparent recruitment uding public advertising. New Tru9tees are madg familiar with the wcmk of the charty through, meeliigs with olh8r Trusteos. being providèd with coptes of the various key p)licies and documents th8 Trust has develoFoJ land continues to de¥elop) and by belng given a copy of the charitys (x)nstitubon. Iskm Èmont The Trust maintains a risk register which is regularfy revlewed. The Trust Is conlldenl that it is aware of tho risks faced by the charity and has poli(#8s and processes in to protect against them. Page 6
The Bamstsple Bridge Trust Trustees. Report (contlnued) Val The Trusteos recognlse the importance of an atLur8te valuatlon for its Pemi8nent Endowment {propety pNltdiol. The last fom)al valuation vms conducted in AUgt 2023. Through its professional advisors, its Conn)nS ILKal eouncillors arKJ other local people and organisation5", informatio on local prop8ty markettrends continuousty collect&J and reported to thg Trustees. nancial Controls The Trust re 115 financial controls annualy and at other times there arg changes in staff procedures. Related These are detalled in a ncrte to the finandal statements. The Ch81ity has a goLNJ relatl¢xtshlp ils tenonts. and local 0rganlsatkS and businesses in the area. rformanc R8vl•w of Acllvlll•s and hlevoments In March 2023. the Trust vCoMed the naws of their successful bid to the Art5 Council for gr of monies under the Cultural Development Funds. This wll help the Trust to bring the trlk of Brkjgo Chambers back into uso as a public sp8ca. Tho sucwfijl bid is in conjunction wllh North Devon Counal who are the overall contracting authorrty and are using they 811ocatlon of fvnds to renovatg their Boutport Street properties. The collaboralion wth NDC and 0th8r stakehoklers halp to devew BernStae's cultural quarter starting from Boutport Streot, pa the upgraded Pannior Market down onto the Strand and ending with the Trusys Ilagship building. It is hop8d that thg tendemg process for Architects and Quantity Surveyors TrMII be complete by the end of the year wrth plann*yJ applicaOn bewvJ submitted to NDC by June 2024. Work 1$ hoped to start towards th& end of 20241beglnnlng of 2025 with CLYnpbetlon by MeJch 2026. During th8 . the Trust has had s8ver81 of its. othar propertigs chang8 leasohoklers and some of the empty premr3es rented OUL This ha8 provided an Improving inccqne situation. 2023 has seen th6 Business Centre kKatgJ wtthin Bridge Chambers grow to almosifull cVpan¢y. The Trust is still Investigating optlons for the empty Boulport Street properties. There has been interest from businesses and community interest groups as lo the building 8nd it is hoped that 2024 result in firm offers of interest being forthcoming. Whi15t the Tnjst would be reluctant to dispose of any of their eridowmenl portfolio. il also recognises that W8 cannot continue to harbour empty that they do not have the funds to refurbish themsebrfes. The ttust continues to support those in real need via the Samaritan fund. which has seen many more requests during the year and believes that this trend will (X)nne whilst the hyal [wlaOn remaln in cost4)f4ivlng uisis. The Trust have bean using a restricted fvnd knndly donated to them on the closure of a ILKal Charity and ft is hoped that this ftjnd wll last til at least 2026. It is hoFed that on Bridge Chambers has been refurblshed that SUTplus income from thg improved twrfding V•ill enable th8 Trust to resume providiNJ general grants in the not-t00411slant fvture. The TNst is always knking for new trustees. especialty IIK6e coukl fill any skills gap on the board. Public Benofft The Trustees cortsider that the objects of the charrty, as 5Lgted above. ctynply with th8 Charfty Commisslon widance on Public Benefit (PBI, PB2. PB3: 20131. Th8 TnJste8s unanImous agre8 that the requlrgment for du& regard to the Public Benefft guk1ance h85 ba8n sausf. Page 7
The Barnstaple Bridgo Trust Trusteos. Report {continued) FINANCIAL REVIEW During Ihe year. the Trust recEived ino)me totalling £333,562 (2022: £235,720). The IeSSe in In(me fmm 2022 is becau98 of an increase in rental cOme from £226,264 to £245,489 and other InMe 1Ved totalling £72.605. Total expenditure d8(Trased from £317.646 in 2022 to £297,009 in due to a demase repai and renovations during the year. It Is the pomcy of the charity to malnlain unrastriLed funds, which are the free reserves of the charity. al a18vel which provKles sufficient funds lo support general costs. Slatement of Trustoes. Rasponsibilltlos The trustees are resrKJnsible for preparing the trustees. re[rt and the thanual ststements In accordanL wih the United Kingdom ALtouTrting Standards Iunited 'ngdoM Generally Apted ACCAting Prac11> arml applicable law and regulations. The law aPpCable to charilies requires the trustees to prepare finanaal slatements for each financial year whith gNe a true and falr view of the state of affalrs of the charity and of the incoming resources arbd applkauon of rèsources of the charity for that plIJ. In pr8paring thes8 financial statements. tha trustees are required to.. select suit8ble aco)unting Fdicles and then appty them conststenty. observe th8 methods and prinoples in the Charites SORP," make judgements and estimates that are reasonable prudent; state whether appli12b accounting stsndards have been follrywed, subject to any material departures disclosed and explained in the finan81 ststements: and pr8pare the financlal statements on the gdng conrm basls unless it 15 inapprowiate to wesum8 that the charfty will continue in busines The INstees are responsible for keeping pyoper accounting records that di5cIo8e wilh reasLK)able a¢curdCy at any tlme the financial posilion of the d)arfty and enable them to ensure that the financial st8ments comply wth the Charrbes Act 2011, the Charities (Acojunts and Reports) Regulations 2008. and the prowstons of the constitubon. The trustees are also responsible for safeguarding the assets of the thanty and hen for taking reasonable steps for Ihe prevention and deteclion of fraud and other irre9ularibes. The trust 8re responsible the maintenance arKS integrlty of the corpryate aThJ financial infomation induded on the charilable cDmpan¥s webslte. Leglsl8t1 goveming th8 preparnlon 8nd dissemlnation offfinanGid statements may drft8r from legislatlon in other1urisdicns. Dh¢losure of infoTmatlon to audilor Each trustee has taken steps that they ought to have tsken as a trustee in order to make themsebves aware of any retevant audit infomiation arKI to establish that the thaTity's auditor is awaTe of that 1rrfomw0n. The trustees confimi th81 there Is no relevant Informatlon that they know ol aTrJ of whlch they know the audltor is unaware. Page 8
Th8 Bamstaplo Brfdge Trust Trustees. Report (continued) The amual Twt was •woved by Ihe Intstees of the chartty on2s1iakfb *ned on its beh8W ty. Mrs G Wllliam5 T¢)J8108 P9
Tho Bamstaple Bridge Trust Independant Auditorfs Report to tha Members of The Bamstaple Brldge Tru3t Opinion We have audited th8 financial statements of The Barnstsple Bridg8 TTu8t (the 'chartlV) for tho ended 31 December 2023. o)mprise the Ststement of Financial AGlivities, Balan Sheet, aTrJ Notes to the Financial Sts1ents. ijudIng a summary of signifiGant accounting pdi(xes. Th finanaal reporting framework that has t*8n applied in their preparation is United Kingdom Accxwnting standards. comprising Charilies SORP - FRS 102'The FinarKial Rerx)rting Stsntl8rd aprAirable in the UK aThJ Republk of Ireland, and applicable law (Unit8d lQngd¢Jm Gerwalty Awted Accounting Practice). In our cyknton the financ4al statements.. gNe a Irue and fair view of Ihe state of the charity's affairs as at 31 December 2023 of its inming resources and applThbon of r8sources. Induding ils in(x)m8 and expdituT8. for the year then ended". have been properfy pwared in aCLxxdance with United Kng(h)m Gener811y Acceptsd Accounting Practice: and have been prepared h a(x))rdanc£ wilh th8 requirernerrts of the Charitse5 Act 2011. Basls for opinion We conduded our audlt in accordance wlth Int8mational Stsndards on Auditing {UK) IISAS (UIQ) and applicable law. Our responsibilities under those standards are fijrther described in the auditor responsbilities for th8 audit of the financial statements sectKJn of our report W8 are independent of the charity in accordance with the ethical reqU1ments that are relevant to our audit of the financial statements in Ihe UK. including the FRC'S Ethical StarKlard. and we have fulled our other ethical responsibilities in accordance wrlh these requirements. Wo believe th8t the aL¥Jit evidence we have oblained is SLrfficient and aPprriate to provide a basis for our n]n. Conclusions rnlatlng to going ¢oncern In auditing the financial statemnts, we have ¢onduded that the twstees use of the golng concem basis of accountiThJ In the preparation of the financial statements is approprtate. Based on the work w8 have performed. we have not identtfiod any matwial uncertainlies relatiThJ to events or condilions that, individualty or collecbvely. may ozst significant doubt on the charilvs abilty to conliThJe as a g)ing concem for a p8rfod of * least Iwthe months from wthen the original financlal statements were authorised for issue. Our resp(x)sibiliknes and the responsitmlrlies of the trustees ThIh respeL# to going conwn are described in the relevant sections of this report. Other Inforniatlon The trusteas res)nSIble for the oth8r thalK)n. The other inforniation comprises tho Infor[naOn incknded in the annual report, other than the firn¢la1 Statements and our audiio¢s report thoreon. Our opinion on the financial statements does not cover the other information and, except to the extent cAherwise explkiuy stated in our report. do not exwess any fcwm of assurance Page 10
The Barnstaple Bridge Trust Independent Audltorfs Report to the Members of The Bamstaplo Bridge Trust (contlnued) In conn8CtIc wilh our avdit of the flnancial statements, our responsiblity is to read the other infomlation and, in dolng so. consider whether the other inforrnalion is materialty inconsistent with the financial statements our krK)wledge obtained in the 8udit or Otheise appears to be material misslated. If w8 identify such material inconsistencie5 or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statetnenls or material misstatement ofthe other infomiion. If. basad on the wck we have Perf0md, we corKlude that thero is a material mtsstatementof this other intormation, are rw4ulred to report that facL We have nothlng to repxl in this regard. Mattors on whl¢h we awe required to report by exceptlon In the IwJht of our knowledge and undethnding of the charity and Its environment obtained fv) the course of the audit, we have not Identified material mlsstatements in the Trustees, Report. We have nothing to report in rospect of the followNJ matters vther8 Ihe Charitie8 (Accounts ar Report) Regulatn9 2008 requires us to report to rf. in our opinion: adequate accounting rerdS have not k8pl, or lUmS adequate for our audil hav& not been received frDm branches not visiied by us.. or the financial stments are not in agreement wllh the accounling records and relums" or certaln disdosures of twstees rluneral sperAfied by law aro rK)t m&Je' or we hav8 not received all the irrformatlon 8nd explanatk)ns we require for our audlL R8sponsibiliti8s of trtsstses As exptained more fully in the Statem8nl of Trustees. ResponsibIleS (set out on page 81. the Iruslees aTe responsible for the preparation of the financial statements and for beiThJ satisfied that they give a In and fair view, aThJ for suth intemal control as the tru5te8s determine is nocessary to enable the preparation of Ilnancial statements that are free from mat&rial misstatemènt. whether due to fraud ovror. In preparing the financial statements. the trustees are responsible for assassing the charitys ability to contillue as a going concem. disdosing. as appIlble. matters related to goiTrJ concem and using tt)e gO¢g conrn basis of accounting unless the trustees either intend to IKIUKlate the chaiity or to (wse operations. or have no realistiG altarnative bul to do 80. Audltor R•sponsibilltles for the audft of the financial statoments Our objedives are lo obtain reasonable assurance abr)ut whether the financial ststements as a W19 are free from material misstatemènt, wheth8r due to fraud or error. and lo issug an audi¢S report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an au(tht condu&ed in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considergd material rf. individualy or in the aggregate. thoy could r8asonably be expected to inffluen the economic decisions of us8 takèn on the basis of these finandal statements. The &xtent to which our procedures are capable of detecting irrggulariti&s. induding fraud is dètailed We idenltfied aws of laws and regulations that Cld reasonably trR expected to hav8 a material effoct on the financial sLments from our general commerual and sector experien and through discussion vmth the trustses and Other management and from in610n of the chafitys regulatory COTre$p)ndence. We u)mmunicated Klentified laws and regulatirms throughout ¢Jur team. arKI remained alert to 8ny dICatiCS of non-compliance throughout tt)e audit. Page 11
The Barnstaple Bridge Trust Independent Audito¢s Report to tho Members of The Barnstsple Bridge Trust (continued) The charrty Is subj'ect to laws and regulat)ns that govem the preparation of Ihe finencial statements, indwling financial reportlng legiallon, and other charfty18gislation. The charity Is also subject to many other laws and regulatlons where the (xlnsequences of n0npc0mlance could have a material impact on the amounts or disdosures within the finar11 ststements, IndlIng emF4owment, anti-bribery, anti-mwey laundering and certain aspects of charity legislation. IMng to the inherent limitatloThs of an audiL there is an unavoidatsle risk that may have detected some material misstatements In the financial ststements, evan llugh we have properly planned and performed our audit in accordance wth auditing starardS. In any audit, th8r8 remains a htgher risk of non4etection of Irregularilies. as these may Involve (yjlluslon, forgery, intentional omissws, misrepresgntations. or the override of intemal ntrolS. We are not reSponbie for weventhg non•compliance aThl cannot expected to delect non-CoMpI3n all laws and regulattons. As part of an audr( in accwlance th ISAS (UKI, we exercise wofessional ludgmant and maintsin professional scopliasm throughout the aLKliL We 81so Identrfy and assess tho rfsks of materfal misstatsment of the finanual statements. whether due to fraud or error. deSn and perform audr( procedures responstve to those risks. and obtain audit eVIden that is sUfficnt and appropriate to provhjè a t)asis for cmjr opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resuifing from error, as fraud may invoe cx)Ilusion, forgery. Intentional omissh)ns, misreprewtation5. or th& override of inlemal ex)ntrol. Obtsln an understsndlng of irrtemal control relevant to the wdit in order to deshjn audtt prCdureS that are appropriate in the CIrm51ans, but not for the purpose of expressing an opinion on the effectiveness of the intemal control. Evaluate the appropriatenes6 of accounting policies used arKI the reasonableness of ac(x)unting estimates and related dlsdosures made by th& trustees. Condude on the appropriateness of the trustees, use of the golng concgm basis of accounting ar¥J, based on the audri ewdence obtained. whoth8r a material uncertalnty exists related to events or CnditionS that may (zst signfficant doubt on the charitys abilty to continue as a going concern. If we cldUde that a material uncertainty exists. we are wuired to draw atte[On ir¢ our auditorfs report to the related disclosures in the financial statements or. if such disclosures are inadequate. to m¢yJify our opinion. Our condusions are based on the audit eVIden obtaind up to the date of our auditr)rfs repK)rL However, fukure events or cndttions may (ause the Gharity to cease to ¢x)ntinue as a golng concem. Evaluate the overall presentation, structure and content of the finandal stements. induding the disclosures, and whethor the financial statements represent the undedwng transaLons and events in a mallner that achwes fair presentstion. A fvrther description of our respoThsibiliii8s is availabl8 thg Financial Reporting Ccmjnal's wobsite at: www.fr&org.uklauditorsresponsibilti8$. Thls descrpt)n forn part of our auditofs report. Use of our r•port This report is made &lely to the charity Injstees, as a dy, in aciyjrdance wilh Secti 144 of the Charities Act 2011 and regulaticffls made under SeOn 154 of that Act. Our audit WOFk has been undertaken so Ihat w8 mtht state to the trustees thse matters we are required to stale to tntea$ in an audttors, report and for no olher purpose. To the full8st extent pennitted by law. we do not accept or assume responslblllty to anyone olher than the charty and its trust8es as a body, for our audit v)rk. for this reiyxt. or for the opinions we have forined. Pago 12
The Bamstaple Brfdge Trust Independent Auditorfs Report to the Members of The Barnstaplo Bridge Trust (contlnued) Westcotts (SW) LLP Chartered AL¥X)untsnts and Statutw Audi 47 8oLrtport Street B8m$taple EX311SQ Page 13
The Barnstaplo Brldge Trust Statsment of Financial Activities for the Year Ended 31 Decembor 2023 Unrestricted Rostricted Endowment fvnds Totsl 2022 2023 Income and Endowmnts from: Donations antl gae$ other trading activiknes Investmgnt In8 Olher in(x)m8 245,489 10.468 72.605 245,489 10.468 72,605 227.948 6,972 Total incom6 328.562 333.562 235,720 Exp•nditure on: Charitable actilieS 1286.163) 10.846) {297,009 317,646 Totsl expenditure Gainsllosses on irN8stment {286,163) (10,8461 (297,0091 {317,6461 1,002 18.982 27,982 Net incomel{8xp8nditur61 Other recognlsed galns and losses Other galnsnosses Not movement In fvnd 43,401 {5,846) 18.982 56.537 (109,908) (551,0(X)) 43.401 (5.846) 18.982 56,537 (660.908) Reconclllatlon of funds Total funds brought forward 217.079 21,381 3.655.574 3.894,034 4,554.942 Total fijnds cani8d forward 18 260.480 15.535 3.674.556 3,950,571 3,894.034 All of the charity's a¢Aivllies derive from continuN)g opgralions during the above ts¥o periods. The fvnds breakdown for 2022 is shjwn in note 18. The notes on pS 16 to 28 form 8n STrtegral part of these fknancial statement5. Page 14
Tha Barnstaple Bridgo Trust (Reglstration number: 1184834) Balance Sheet as at 31 December 2023 2023 2022 Not Flxed assets Tangible assels Investments 14 15 3.449,000 234.656 3,449.¢Y)O 214,672 3,683.656 3.663,672 Current assots Debtors Cash at bk and in hand 18 17.728 299.070 37.077 297,035 334.112 316.798 Creditors: knounts falllng due wlthin OM year Not curraftt assets 17 49,8831 103,750 266.915 230.362 3,950.571 3.894,034 Funds of the Gharlty: Endowmont funds 3,674,556 3.655,574 R•strl¢tsd income fund8 RestriCtj funds 15.535 21,381 UnrBstrlct•d Income funds Unrestslcted funds 260.480 217.079 Total fund8 18 3,950,571 3.894.034 The finanrial statements on pages 14 to 28 were approved by the tsijstees. and authorised for issue on .2s.l.io.(.?*nd signed on their trhalf by: Mrs G WlIamS Trustee The notes on paggs 16 to 28 fomi an Intsgral part ofthese finandal statements. Page 15
The Bam8tapl8 Bridge Trust Notes to the Financlal Statements for the Year Ended 31 December 2023 1 Accounting policle8 Statement of MplIance The financial stalem&nts have b8en prepared in acecance vAlh the seL>)J adilion of Ihe chIlleS Statement of Re¢xJmmended PractKe issued in Oclober 2019, thg Financial Reportwu Standard applicable in the Unitsd Kingdom and Republic of Ireland (FRS 1021 and the Charities Act 2011. Bas1$ of preparatlon Bamstsple Brrdge Trust meets the definilion of a public benefft entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost >Vention wilh items recognised al cost or transaction value unle&8 otherwise slated in the relevant nolelsl to these accounts. The financk81 statements are Prepared in sterlnvJ which the fvnctN)na currency of Ihg charity. Exomplion from preparlng a ¢ash Ilow 5tatsment The charity opted to 8dc4)t Bullelln 1 published on 2 February 2016 ar have therefore not Incl a eash flow stathent in these financ181 statements. Golng conom The trustees consider that there are no material unwlaintles atut the charfWs atxlty to crmtlThJ8 as a going concem. Income and endowments Voluntary Income iludIng donations, glfts, legae8 and grants that provide Ce funding or are of a general nature is re¢Ised when the charlty has entitiemenl to Ihe income. it Is probable that the income will be reiVed and the amount can b8 measured with suffl¢i8nt relability. Grants are recognlsed kn the charity has an entiilement to the funds and any condltions linked to the grants have been met. wtwe perfoThnan conditions are attached to the gfant afKI are yel to be met, the income is recOgned as a liablity and induded on the balance sheet as defeed income trj be released. Deferred Inrne represents afflounts received for future p8rkAls and Is rel&qsed to irK(Mning resou in the P8fk)d for which, it has recelved. Such Income Is onty deferr•J when: - The donor specifies that Ihe grant or donation must only bg used in fubJre accountlThJ periods,. or The doTK)r has imposed lditiOnS whKh must bg met befor8 Ihe charity has uncoTMJibonal entitlemenL Interest on funds held on derA)8il is IrKlUd vthen recewable and the arnnt be measured eliably by the charity. this is nomialty upon not[rat)n of the interest paid or payable by the tk3nk.Dlvidends ar8 recognised once the divthnd has been declared and notitsatK)n has been received of tho divideThJ due. Page 16
The Barnstaple Bridge Trust Notes to the Financlal Statsments for the Yoar Ended 31 Docember 2023 (continued) Expenditure All expttre is recx)gnised once there is a legal cvnstructive obligation to that exper¥Jiture. it 18 probatrAe setuement is requlred and the amount c2n be measured reliabty. All o)sts are allocabj to the ap1¢able expenditure heading that aggregate similar costs to that categ)ry. Where costs cannot b8 directy attrfbUl to partiwiar headings they hav8 been allocated on a b85is consistenl with Ihe use of resources, with centraj slaff costs allocated on the bass of time spent, and depreciation charges aM¢Yated on tho p)rtion of tha asseys use. OtheT SUPPOrt costs ar& 8liocated based the 8pr88d of staff costs. Charftable activities Charitable expenditure comFffise5 those costs incurred by the charity in th8 delivery of its acbwties and sentlC8s for Its benelarIeS. It includes both costs that can be allocated directjy to such tieS and thos8 $ts of an irKlirect nature necessary to pJJpwrt them. Grantprovisions ProvISS for grants ar8 mad8 when the intention to make a grant has been commur7tcated to the rwipi8nt thgr8 is unc•rtainty 8bout the timing of the grant or the amount of grant payable. Support $ts Supp)rt costs ilUde cntral functions and have begn alk)cated to activity )st CaJ0[[eS on a basis consistent with the use of resources. for example. 81tocating prop8ty costs by floor areas, or par Ggpit8, Staff costs by th8 time spent aNJ other costs by their usage. Taxatlon The charity is considered to Pa8S the tests set out in Pawraph 1 Schedule 6 ofth8 Finan(* Act 2010 arKI therefore it meets the definition of a charrLqtAe company for UK [pOration tax purFx)ses. Accordingly, the charity 15 pol8ntiaUy exempt from taxatvjn in respect of income or capital gains received within categorre8 Cover by Chapter 3 Part 11 of the cooratIon Tax ALt 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the exlent that such inc4)me or gal are applied exdusively to charitable purposes. Tangible fixed assets Individual fixed assels are initially recorded at cxjst. less any subsequent a(mulated dePreCtIon and subsaquerrt accumulated impalrment losses. Fixed assat inveslJn8nts Fixed asset Investments. other than programme related invèstmonts. are induded at mathet at Ihe balance sheet date. Realis8d gains and lossos on investments are calculated as the differenc betsveen sales proceeds and their market value at the stsrt of the year, or their subsequent cost, aTrJ are charged or credited to the Statsmenl of Financial ActNitigs h the perkxl of disposal. Unrealised galns aThl h)sses represent the movern8nt in market values during the year and are edSted w tharged to Ihe Ststement of FinanLI81 Activities based on the martet value at the year end. Page 17
The Bamstaple Bridge Trust Notes to the Financial Statements for the Year Ended 31 Docamber 2023 (continued Cash and cash equlvalents Cash arKI $h equivalents Gompri88 sh on hand and cal dep)sits, arffl other short4emi hwJh liquid investments that are readily convertible to a knrmn amount of cash and are subject to an insignifKant risk of chawe in value. Fund structurn Unrestricted income funds are general fijnds that are aVallab for use at the trustees thscrellon in furth&rdnce ofthe objectives of the charity. Deslgnated fvnds are unrestricted fvnds earmarked by the trustees for pariicular future projects or commitments. Restricted income fvnds are those ktsd for use in a particular area for spedfic purwses, Ihe use of whlch is restricted lo that area or purpose. Flnanclal inslTuments Cla5sificatlon Financlal assets and finandal liabilities are reLwnised when the charity becomes a party to the contractual provisions of the instrumenL Financlal liabilities and equity instruments are d8ssified accoTdir¥J to lh8 substantx of the conlr8clLMI arrangements entered into. An equty instrument is any contract that eviden a reshlual Interest in the assets of the charity after deducting all of its Ikibilitles. Recognltlon •nd measuremen¢ All financial assets and liabilities are Initially measured at trdnSaction prKe {induding transackn costs). except for those financial assels classified as at fair value through profit or loss, which are initially measured at fair value Iwhith is norwnalEy the transaction excluding transaction costs). unless the arrangement constitutes a financing transaction. If an arrangement consbtutes a financing transBCtion. the financial 8SSOt or financial liability is measured at the pre50nt value of the future payynents discounted at a market rate of interest for a similar debt instrument. Flnancial assets and liabilitses are only offset in the statement of financial position knn. and ffily when ther8 ests a legally enfoable right to set off the recognised amounts and the tharity inter eithgr to settle on 8 n8t basi5. or to realis8 a68et and Settle the liability simultanec4Jsty. Financial assets afe derecognised when and only when a) the contractual rights lo the cash flows from the finanoal asset expire or are settled. bl the charity transfers lo another party substantially all of the risks and rewards of ownership of the financial asset. or cl the charity, despite having retsined some. but nol al. 51gnifi¢ant risks and rewards of ownership, has transferred control of the asset to aTh)ther party. Financial MabHilies are dere4>Jgni88d only Ythen the obkgation speclfied In the ojntract is discharged, Izncelled or expires. Page 18
The Barnstaple Bridge Trust Notes to the Flnancial Statemonts for the Year Ended 31 December 2023 (continued) Inveslments in non-converbile preforence shares and rn-putt8bIe ordinary or preferenc& shares (where shares are publKJy traded or their fair value is reliably measurable) are measured at fair value through profft or kjss. Where fair value cannot be measured reliably, investments 8re measured at cost18ss impainnenL Investrnents In subsidiaries and associates are measured at ts)st less impaimient. For inveslments in subsidiaries acquired for ¢SIderatiOn induding the issu8 of shares qualifyng for merger reli8f. cost is measured by reference to the nominal valuo of the shares issued plu5 fair value of other considgraknn. Any premium is ignored. Fairvalue moasurement The best ev¢(lence of fair vakje is a quoted for an entiCal asset in an adive markeL When quoted rKices are unavailable. the pite of a recent transaction for an identical a&%et provkles evidence of fair value as long as th8re has not been a signfficant change in economic circumstances or a significant lapse of time sin¢e the transactton took place. If the market is not active and recent transactions of an identical asset on their own are not a good estlmat8 of fair value, the fair value is estimated by using a valuatlon tackniquo. 2 Income from donatlons and legacies Total 2023 funds Gtants received 5.000 Unrestrictod funds General Restrlcted lund8 Total 2022 Samaritan Grants 600 200 800 3 Inc¢>me from othgr tradlng activiiles Unrestrl¢ted funds General Totsl 2023 Rent receivable Charges recovgrable 242.272 3,217 245.489 242.272 3,217 245,489 Unrastrictsd fund$ Genornl T¢)tsl 2022 Rertt re}vable Char9es Tecoverabl8 226,264 226,264 227,948 227.948 Page 19
The Bamstaple Bridge Trust Notes to the Financlal Statements ft¥r the Year Endod 31 December 2023 (continued) 4 Investm•nt Incom• funds G•n•ral Total 2023 COIF Income and Dividends Intsrest recaivable on bank deposiis 6.192 4.276 6,192 4,276 10,468 10,468 Unrestrieted funds Genoral Totsl 2022 COIF Income and Divid&MIg 6.972 6,972 5 Other Income Unrestricted funds Gongral Total 2023 Othor income 72,605 72,605 6 Expgndilure on charilablo activltles Unr•strl¢tsd funds General Total 2023 funds Charitsble 8cUvlties Grant funding of activthes AJILxated SUkV)rt costs 199.783 5.000 5.846 204,783 86,380 297,(Ki9 286,163 10.846 Unrostrfctod funds Goneral funds 2022 Charli8ble adivil*s Grant fundiw of actNslie8 located supwjrt costs 243,(X)8 1,750 66.484 243,008 8.154 66,484 317.646 311,242 6.404 Page 20
The Bamstaple Bridge Trust Notes to the Financial Ststernonts for the Year Ended 31 December 2023 (continued) 7 Analysls irf support costs Total 2023 Totsl 2022 Staff costs Audit fees c(lnIcation and IT Finance costs Payroll costs Postage, telephone aThJ stationery General costs InsutancA (Office) Insurance (Trustees) Recruitment fees 47,358 4,380 102 816 3,549 8.120 110 2.398 5,937 103 902 66.484 8 Grant4naking Analysls of grants Grants to Indlvidua 2023 2022 5.846 8.154 9 N•t InmIng10Utg0lng resour Nèt inoJmlntylout9Jing) resourt*s forthe year indude: 2023 2022 Gainsnosses on invesknent 19.984 27.982 Page 21
The Barnstaple Brldge Trust Notes to thè Flnancial Statsments for the Y•ar End•d 31 Decemb8r 2023 (conllnued) 10 Twstoes remuneratlon and expanses No remunerati(. beneffts or pension contTlbutions were paid to, rff for, ary Irustee for thelr seryices as trustees but durtng Ihe year one tnjstee was pald in respect of thelr employThent with the charity. During the r. the trust receSved rernunernQn totslmw £3.420. Expenses are reimbursed to Twstses upon wodu¢Aictrn of rwxipts cf mileage claiins. the Trustees have Public Liability Insuran vthich indemnifiès thern Ythlst at the Charity premises and arywhera within the UK whilst rng out Chaiity work of a cleri1 nature. The Trustees also have general indemnity Insuran which is not limited to decisions mad9 on the premises. The premium for the ye ermled 31 December 21)23 w88 £90212022: £2,129) 11 Staff costs aggr8gate payroll costs were as follows: 2023 2022 Staff costs during yur were: Wagès and salaries Pension costs 76.545 453 55,660 76,998 55,826 The monthly average number of persons (lndl1ng senior management I leadership team) employed by the chartty durirrfJ the par was 7 {20Z3:6} The average number of full-lime gquivalent ernployees as as follows: 2023 No No Administralion. OUntant Paent of grants ) employee received em(Auments of more Ihan £60.000 during the year 12 Audllors. remun?ratlon 2023 2022 Audit of the financial slat8ments 3.000 Pagg 22
The Barnstaple Bridge Trust Notes to thè Flnanclal Statements for the Yoar Ended 31 December 2023 (continued) 13 Taxatlon The cknarity is a regL8tarod charity a1 18 therefore oxemptfrom taxation. 14 Tanglble Ilxed aGts property Total Cost At 1 January 2023 Al 31 December 20¥3 3.449.(M)0 3.449.000 3,449.(XXI 3.449,000 Depro¢latlon At 31 Decewnber 2023 Net book valug At 31 December 2023 3,449,000 3.449,0(KJ 3,449.000 3,449.0(KI At 31 December 2022 The freehold propertres ale held at Valuation. A forni81 valuatN)n was iy)mpleted in August 2023 by Stuart EM Smilh FRICS frijm Underwood Wright Chartered Surveyors. Pagg 23
Tho Barnstsple Bridge Trust Notes to the Financial Statemonts for tho Year End 31 December 2023 (contSnued) 15 Flxed asset Instrnents Invostments Total Cosl or Valuation At l January 2023 Revaluatw)n 214,672 19.984 214,672 19.984 At 31 December 2023 234,656 234,656 Net book valuo At 31 December 2023 234.656 234,656 At 31 December 2022 Financial assets held at fair value 214.672 214,672 Capltal Endowment Fund The holdln9 at 31 December 2023 was 11,365.88 units in the COIF Investment Fund Income Unlts 2nd are s18ted at market value of £225,556. The historic cost of the holding L% £190,711. Rovonue Resorv• Fund The holding at 31 Oecember 2023 was 36.69 units in the COIF Chwities Accumula1 Fund and aré ststed at the market value of £9.1 as at that date. The historical value of the h¢*ling is £6.959 16 Dobtors 2023 2022 Trade debtors Prepaents Olher debtors 3,322 9,406 5,OOD 27.763 8.974 340 17,728 37,077 Page 24
The Barnstaplo Bridge Trust Notes to the Financial Statements for the Year Ended 31 December 2023 (contlnued) 17 Credltors: amounts falling due wllhln one year 2023 Tr&le credrtors other (¥editors Accnjals t)eferred income 18,195 65,348 12.771 18.917 22,410 15.539 49,883 103,750 2023 2022 Deferred incoma at 1 January 2023 Resources deferred in the period Amounts releasad from prevlous periods 15.539 18.917 15,539 8,140 15.539 8.140 15.539 Doferred irK¥Jme at year end 18.917 18 Funds Balance recognised at31 January Incomlng Resources galnsl December 2023 resources •xpondod TrnTr5fers {los$es) 2023 Unrestrlcted funds General General fijnds Repairs and R8novath)n Fun(ts Capltsl Match FuThling - Arts Council England Cawtal Ringfee - Art Councl England 41,070 328.562 (281.7891 8.009 1.002 96,854 8.009 18,0091 150.000 (3,gLKI) 146,100 18,000 217.079 328.562 17.526 286.163 1.002 260.480 Restrlct•d funds Samaritans Grant Bln store 21,381 (5,8461 5.000 15.535 21.381 10.846 15.535 Page 25
The Bamstaple Bridge Trust Notes to the Financlal Statsmonts for the Year Ended 31 December 2023 (continued) Balance Other B•lan¢e reu)gnised at31 JanUY Incomlng Resources galnsl De¢omber 2023 rosourcas wwnded Transfers {1056esl 2023 Endowrno funds Endowmerrt fund Capital 3.449.0(Kl EThJowment fund 206,574 3.449.000 225.556 18,982 18,982 3.674.556 19,984 3,950.571 3.655,574 3.894.034 333.562 Total funds 297.(K19 Bal¥n¢È Other Balan¢• at1 rocognlsed at31 January Incomlng Rosourcg5 gainsl Docembgr 2022 resou0$ gxpendod Transfer5 (losses 2022 unrnStrl¢ funds General funds Repairs and Renovatb Funds ca1 Match Funthng - Arts Councfl England Capital Ringfence- Art Council England 268,487 235,520 (294.136> {168.OLK)) (801) 41,070 25.115 {17,106) 8.009 150.0(XI 150.000 18.000 18,000 217.079 311.242 293.602 235,520 L R•stri¢ted fvnds Samarbtsns Grant 27.585 16,404) 21.381 Endowmerrt fvnd Capltat 4.000,000 Endowment fund 233.755 (551.000) 3.449.0 27.181 206,574 3.655,574 3.894,034 4,233.755 4.554.942 235.720 578,181 Total funds 317,646 578,982 Page 26
Tho Barnstsple Bridge Trust Notes to the Financial Statemonts for the Year Ended 31 December 2023 (continued) Unresblcted funds The Repairs and Rerw)vallon fund h85 bgen deslgnated to be used for specific repalrs and ronovalions. The designation of the Capital Match FundirrfJ is in line with the bid to the Arts Council England and Is to cover the shortfal in match funding for th8 bid. The 8dditional £18,000 has b8en designated to cover eXnseS including. but not limited to planniTrJ suNeys, fees arvj othar incidental costs pertinent to proceeding wth the plannrwJ apk4lca1. Restricted nd5 Tho Samaritan grant fund ha8 been rethCE to be used for thg Samaritan Grants payable from 2022 The bin store fund relBteg to grants received towards work on a bin store to the sKle of BTwJge Buildings. Endowment fiJnds Th8 Capttal EndovKnent Fund represents Ihe inveslments as shown in Note 15. Income arlslng on Ihe fjnd(Mment fvnd can be used in accordance with oblects of the charty and b Induded as unrestriGled income in the statement of financbal activities. Any capital gains, or loss fom part of the fund. The Pernanent Endrnvmont FuThJ represents the vation of the investment woperti8s hebj by the tharity. In(me ¥ising on this fund can be used io suppwt the chaiws general objeL*s. 19 Anatysis of net assgts betwo8n fund8 Total fvnd5 a131 DeGomber 2023 Vnrestrlcted funds General Endowrnent funds Pennanenl Rostrlctsd fuDds Tangible fLxed assets Fixed asset investrnents Cuent a&sets Curr8nt liable8 3,449,OlXI 225.556 3.449.000 234,656 316,798 49.883 9.100 301,263 49,883 15.535 Total net assets 260.480 15,535 3.674.556 3,950.571 Page 27
The Barnstaple Bridge Trust Notes to the Flnancial Statoments for tho Year Ended 31 December 2023 (continued) Tolal funds at31 Dacember UTrrestrlct4d fvnds General Restrlcted funds funds Pemwnerrt Tar#Jible fixed assets Fixed asset investments Current assets Current liabitrbes 3.449.(KJO 2C6,574 3.449,000 214.672 334,112 103,750 8,098 312.731 103,750 217.079 21.381 net assets 21.381 3,655.574 3.894,034 20 R•tst•d party transactlons There were M r8lated pwty transactkjns h the year. Pagg 28