ality IewioIi 110.. 266738 SANDWICH TOLL BRIDGE FUND Fll¥ANCIAL STATEMEWTS FOR THE YEAR EM)ED 31 MARCH 2024
SANDWtCH TOLL BRIDGE FUF4D FINANCIAL STATEMENrs FOR THE YEAR ENDED 31.MARCH 2024 DEX Page 1-4 Tntees. Report Report of the tnty¢tthit EXa]ner Stthmejll of Fitwicial A¢tivities BaIance Sheet 8-13 Notes to the Fioallcial Statemellts
TRUSTEES. REPORT FOR THE YEAR EfffjED 31 MARCH 2024 The trnstees present tbeirT¢POrtwith the fuwcial stalementsof the chlty fortheyear ended31 March 2024. The trStee$ have adDPted th¢ provisionsolAccowitingaLdRewrtuig bychtIl<s.' S¢MlofReCornmellded Practice applicable to clwitie5 preparing theiraccounts ill accoTdallc¢withtheFin8JKiaiRwtiDgSkndardapplicableillthe UK olld Republic of IrElaTKI (FRS 102) (effective l January 2019). NAME OF CUARITY: Sandwich Toll Bridge Fund REGtSTRATION LYULVtBER: 266738 GOVERNG ThSTRUillEWr: The Charity was regiuered on 29 January 1974 and is governed by the Sallthiich Bridge Act 1754. 0Ec[s. To apply the surplus from the tol]5 or thties from the SaDdwichToll Bridge in anyblICworks forthe advantage of the town of Sandwich. CURREwf TRUSTEES: The legal TDJstee of Sandwich Toll Bridge Fund is Sandwich Town Council. The Council cornprises the followtng elected CDun¢illors w]LO have equal voling rights matters rejatsng kn the Chatity. The cUt wejnbers are as follows-.- Mr E Csuka- Vice Cbairn Mr J E Fratiklin Mrs D Cart Mr D.Xlarie Mr C Wdes MrNCGray Mr M Moorhouse Professor C Unger Mr M PeT]nington Mr l Black Mr P Brecn Mr W Forte5cue Mr S Mallett MTS L Ripley Ms V TomliDs No otherFtrsonis CUtr<tlySer¥illg Ls a ohaTitytrustee. a]Ld llo othff person or FKdy is atitled to appoint a (Stee. Mrs Gillian Gray Clerk to the Trustee Sandwich Tou BriQtse Fund Town CleS Office Gui]dball SANDWtCH Kent CTIJ 9AH IDEPENDENT EXAMLNER: J D Shether FCA Mccabe Ford vrlaS Charl House Dour StJEet DOVER Kent CT16 IBL
TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 (CONfllYuED) BROKERS & NOMINEE COMPANY: Cheviot A&set Manageellt Litnited Senator Hou5¢ 85 Queth Virttria Strttt EC4V 4AB BANKERS: National Westillit Bank PIC 13 Cecil Sqe MARGATE K¢nt Cf9 IXY Scottish Widows Bank 25 Gresham Street LONDON Ec2V 7HN io SOLICTfOIiS: Furlry e LLP 39 St Margar¢t""s Street CANTERBbRY Kent CTI 2rx 12114 Queen Street DEAL Keut cr14 6EU ARCHtTECTS & BUILDING IENANCE 8 Cecil Square MARGATE Kent cr9 IBD 12 SURVEYOR: Mr JuIian S3p$0, MrJim Pace, Mr Nick Rooke Fitll]s Chartered Surveyots 2 Market.Stre¢t SANDWICH Kellt CT13 9DA 13 Jn accordance with the ternis of ibe governing instrum1 of the Charity, and the current stathtory regulations, p)w¢r is grdnted to theTnLSteeofth¢ Chariryto muimisethe ineorne frorn investment and to [e it for the 2dvantage of the iown of Saal. This is inteipreted by the TrJ]ste¢ as restricting any purchase or tna(nt¢nance of ass&s. and an) dimatiou or granL to individuals and organisations operating within the town of Sgndwicb whose objectives are to provide and irnprove facilities and services for the beJefit of the people of the town of Sandwicb. The Tntee have carried out a review of pubLic benefit provided by the Charity which h&% been dI5¢V and approved and is available forpubIic scmtiny. 14 The Charity's largest itemofexpeDditure is cotnuljrtgtothe ning of the historic Guildhall (includiug the Museum and Archives). The Guijdball is widely used by the wuiation of Sandivich and other5. The Tnlstee prepares amillai budgets showing anticipated income 8]]d expenditL]re oveT the period and are mindful of the nece55ity to ensure pnmjeni use of the Charity'$ income. After a sigllifIconl change of Councillors and staff, measures are being putin place to fAcilitat¢ the maintenance andrentreviews on all clwity owued/managed propulies in accord8n¢¢ with the tern of their tenancy agreements and leases. The investment athiser atCheviotA&o Manag¢Tnent hasachieved a level ofreturn in theyear of12.6V/o. The ternis of b]nesS with Cheviot Assd Management is regularly reviewed. The Trustee conttnues to exercise prudence alld a rnedium-risk Invesent p)rtfolio is Siwulaled.
SA14DWICH TOLL BRIDGE FUND TRUSTE. REPORT FOR THE YEAR ENDED 31 TrL%RCH 2023 (CONfr4LED} The inyesfment income is reviewed monthly when a valuation 2ud review of tbe Charity's itivestsnents is retrived from ouradvisors. alldalso OlbertICS duriD8ttLey¢arivhEn Sal orputthaKs of inve5ttllen$ have occurred. Jn additiontoregularreviews. thE Trustee meetsquarterty alld alea¢hmejD8ItiConAlld expenditure transactions and updated budget Collsidered and apw)ved by Truslee. The Museum and Archive CoTDrnittee meet quarlerly to ]eW Musewn relatsd matiers. The Finance co]rte¢ now meets once amontK to review any financlal matters. The comraittees have no powers to Slla IoneY and are wholly advisory as all decisions are by the Thistee as a body. 15 No knilding works were carried oui durtng the year othff thanroutine repairs and maintenance. 16 The Tnte¢ conf]rnis that the f]nancTa] statements have been pryttd ill accordance with the Chatities Act 2011, the goyeming instsUeDt and th¢ FTovisions of Accounting and Reporting by Chatities.. Statemellt ofRecomtnended Practi¢¢ appli¢able to ¢bariuespreparingth¢raccountsina¢cordancewiththe Financial Reporting StaLdar(l appli¢able in the UK and Republicof ITeland (FRSIO?) (effective l January 2019). 17 The Charity has no relationsb4) with a wid¢r netw(Yk or related F•rties. therefore, no related pty tran%actions are shown ill the accounts. 18 The following is ourmiew of tb¢ Charity's artivities in the tt) 31 March 2024.. The corrtri1mltii Te1ved from pw*iDg cbarges in 2023124 WL8 £33,478 which is a sigtiificknt increase from £l1:140 receivabl¢ for 202Y23. The higher level of inconLe is partially due to & pIllB codiDg stiucture mlifiCation at the Distiict Council who manages the car park. The loall to the T•mts Club contillu&s to reduce and shollldbe off in 2025126. 19 The following grallts, considered tobe to the advantage ofthe town of Sandwicb. a5 set out in the objects of the TnL, were awardedto local orgallisations and itidividua]s: Sandwich SaIutes the Forties PCC St Clements Churcb Sandwich in Bloom Deal Music and Arts FestivaI Sandwich Fo]k & Ale Festival A$slatIon Sandwich Age Concern White Mill Sandwich Gazell Salts N#Te Reserve £5.0(KJ Q500 £250 £150 £6,903
sANDCH TOIL BRIDGE Fuf4D TRUSTEES, REPORT FOR THE YEAR ENDED31 MARCH 2024 (Cop1JD) 20 The futurc plaD5 for the Chality ¢ as follows: Ha]f of Sattdwich'smuseum alldATthTYe CollectionhasbeED movedintothe new Collection Store inthe GuildlRII. There have been 8.000 it¢mS recorded so far the collectioll inventory as weu as 1,000 from the reference l]l)rary. There aTE also plans to improve the Museum's IT. in order to bettu support the collectioll and to ensure that the collections infffln&ion is safeguarded. There are a]so plaus to iPrOVe access to the Museum Colltttioll through digitsl platfoThus such as the Sandwich Guildhall Museu website. 21 The Tn]siees Coniinlle to be appreciative ofth¢ci>nsid¢rable CA)ntnl>utionmadebythe volunteers whorun the.Museum and Ar¢hiv¢5. 22 White dLere artnode<licatedfjJDdraisiD8eveuts, the Museumgains donation4 as entyeontÉnue%tobefrE of charge. 23 The Charity'spolicy on res¢rvesh&sbeett toen5ure sufficient liquid assets are availabletomeet c(qJtinuing costs while attemptut0 Inease tOthIservIEto¢ThSu[C tbe Charty isnotovenakenby inflation. Asthis report indicates th¢re will, fr(Nn time to tttlle, be subsranual costs associated with the maintenance of an ancient buildujg. therefore, adequate fi]llds USt k reserved to meet tbis need whett it Occllrs. This deierniines the illv¢sttneDtpolicy of tbe Charityalldtodatethe Trustee is satisfiedwithtbeperformanceof their advisoTS, butwill CODtinue to review tEu"5 lltter in the futureto determine whether a ch2ngc needs to beade. Currently th¢ Tnbe.eveS it ttnperative tt) ensure anadequate inctsme stream Mryth long tcnD oapitai growth, and our adyisors are IDstrUct accordingly. Tr Charity's incoTh¢ Tes¢rv¢$ hcld at 31 March 2024 atnowited to £2.143.866 (2023 - QIY27.770). 24 We confirmthatthenumberand valueofthe grantsmadein the year ate dis¢losed ]nth¢a¢¢oUn andabo detaijed in item 19 above. and that llo Imdiscl¢iwJ grants w¢xe iti th¢ The Charity has no fi]nds in deficiL 25 Areview of risk &sse&wiellts is carriel outon anallllual basis aodDO ri$ks were identified inthis financial y. The provtsions made in tILe accounts to dea] with pot¢ntial dis8steTS are deemed sufficiejki. P I Carter E Csuka Date:
IriDEPENDEF4T EXAMINER'S REPORT TO THE TRUSTEES ON THE UNAUDrrED FINAI¥CIAL STATEMEiwfs OF I rewrt on the fnwicial st8tsJneTAts ofthe Charity theyearellded 31 M8rcb2024 setouton pages siyto thirtee Responsibtiities alld basts OT Ttport As the cliarity ttusteesyou &¢T¢S&sIble fortbeprqTrardtionoftheac£ounts inacrfjrdancewiththewirements of the Charities Act 2011 Clbe Arf,). Ireport in respect ofmy exa[[tittioll of the Chty,8 acLOUDts carried outundff section 145 ofthe 2011 Act and in carrying oui my examination Ihav¢ followedall the aM)]icabk DirectionSgiv bythe Charity Conunissionunder section 145(5)(b) of the ACL Indep¢ndeDt examille$ statemeot Sittce your charity's gross ilLCOIDC Exceeded £250,(KK) your t11ner must a membts of a listed by. I can tonfiTTll that l am qualified to undertake the examination 1cause l am a memljer of the Instilute of Chartered A¢¢oltants in England & Wales, which is one of the listed bodi&8. Ihave ¢ompletedmy examination. I cortfirni thll0 ]naterial mattets havecornetomyattention in connectionwith the ¢xamiDation giving me cause to beli¢ve that in any ]naterial respect." . accountiDg records were not kept in of the c]wity required by se¢tion 130 of the Act,. or 2. the accounts do not aword with those recottls" or 3. the attonts do not compty with the applicable requiremeDts ¢ollwning the forn] and content of the accoullts set out in the Charities (Accounts and Reports) ReglllatiODS 2(K)8 othu than any requiremeThtthat the accounts give a "true and fair view- whtch is not a matter ¢OTJsidered as part of an independent exatnination. Ihave no concerns and have come across llo othtr tuatt¢r5 in ¢ODDection with the examillaiion to which attentio sbould be dralvn in this report in order to enable a Pro[underStanding of the accounts tobe reached. J D SHEATHER FCA MCCABE FORD WILLL4MS CHARTERED ACCOLNfANrs CHARLTON HOUSE DOUR STREEr DOVER KENTCT16 IBL Date:
STATEIMEf4T OF FINANCIAL AcrivrriFS FOR THE YEAREM)ED 31 MARCH 2024 2024 2024 UnrestrieteA Rtstrieted 2024 Total 21123 Total Note INCOME AfqD EP4DOWMENTS FROM: InveStellt in¢0C Charitable activitie5 Donations and reiVed 83,537 189,710 83,537 189,926 15.500 59,713 161,378 8,770 216 15.51M) TOTAL 273,247 15,716 288.963 229.861 EXPF.NDITURE ON: Charitable aetivities Donation% and gramts Running of The Guildhall RllDning of the sandwich Museum Support costs 21.803 234,637 iiioi 74,887 21,803 234.637 13.601 75.103 25.020 219.710 34,883 81.029 .50D 216 M3.428 1,716 345.144 360,642 Other expenditure Governance costs tnvestment maDagers' fees 4,506 10,467 4.506 10,467 4,981 10,719 TOTAL 358.401 1,716 360,117 376,342 Net outgokng resollrce5 belDre transfers valuatioLs (85.154) 14,IMM) (71,154) (146,481) Transfers bettveen funds Realised and unreaiised O(L55es) Ig4iJJs Reali5ed & unrealised 005se5} / gains OD inves(mo)ts 9 198.970 i98.0 (166.903) NET INCOME / (EXPENDITURE) 113.816 14,0 127.816 (313,384) TOTAL FUNDS BROUGHT FORWARD 2.331.062 1.415 2J32.477 2,645,861 TOTAL FUF4DS CARRtED FORWARD 2.444,8 15.415 2,460293 2,332,477
SAhl)WICH TOLL BRIDGE FUND BALLNCE SItEKf As AT 31 MARCH 2024 2023 Note FIXTD ASSETS TaDBible assets Heritage assets Investments 83,228 229.784 l.Y16.432 85.508 217,784 1.736.125 1289.444 2.039,417 CURRENT ASSFTS Stock of town guides Loan to Sandwich Tennis Club Debtors - sun Cash at bank and An ]lld 2,588 2,(100 63,615 115.467 2,621 3,000 33,148 260,365 183.670 299,134 CURRENT LIABILITIES Creditors 11821 6.074 NET CURRENf ASSETS 170,849 293,060 1460293 2,332,477 Unrestricted Funds Restricted Funds 12 13 2,444,878 15,415 2,33 1,062 1,415 14 2.460,293 2,332,477 P I Cart£r E Csuka Date 13" i)cwUrf 7oL
SANDWICH TOIL BRIDGE FUND NOTES TO THE FINANAL STATEhlENfs AS AT31 MARCH 2024 srATtrroRY INFOILMATION The Sandwryth Toll Bridge Fund i5 uninc• clwity registe1 ill E81al. Th¢ Gharity's registered nwllber, wincipal addr&*s and TratU of operdtiolls call be found the Truste¢s Report. ACCOUP4TING POIJCILS Basis of preparing the fwancial stAtements and assessment ofgoing concerll: The fDncial stat¢ents of the chariry, whieh is a public benefii entity under FRS 102, have bee prepared in accordancewith the Charities SORP (FRS 10?) Accounting andReportingbyCharities: Statement of Recon]mended ltactice appliL¥ble to ¢barities preparing their accounts in )rdate with the Financial Reporting Standard applicabl¢ in the iJX amd Republic of Ireland (FRS 102) [cfftive l January 2019),. Firwicial Rertillg Standard 10? The Financial Reporting Standard appiicable in the UK aDd Republic of ITElalld' and th¢ Charities A¢i 2011. The financial stratements have been [rdrednderthe historical costcffjv¢ution with the¢x¢q)tion of Investrntswh1¢harC included at ket Yalue, as Jnodified by the valu10n of r£rtn ets. The trustees¢onsidttthattheTearerLomaterial UrettiFti¢s 8boutth¢Chariry'5 abitityto cimtiDue as a going Concern. Income: All income, including grants, is recognised the ste¢llt of FinancialActivities Oncethe cbarity has entiilement to the fi]nds, it is probable that the Éucom¢ wi]1 rrf¢ived and the amouDt can n)easured reliably. Government revenue based grdDts ar¢ TK¢)gllis¢das ]llme overthe ttriods in which the related ¢Xp¢ndltU is incutTed. Eipcnditllre: Liabilities are reco]sed as expenditure as soon as there is a legal or constsuctiye obligation committingth¢ ¢harity to that expelldituK it is probablethatatramsferofeconomicbenefits will be required in settlement and the amoullt of the obligation Can be Jneasured reliably. Ekpenditure is account¢d for on accnJa]s basis alld ha5 iKen classified under headings tbat aggregate all cost related to the category. Where e05ts fdDllOt be directly attnl)uted ro particular beadings th¢y have been allocated to actiyities on a basis ¢onsiStent 1th the of resoutw. Taxation". The charity is exempt fro tsx on its charitable activities. Fund accountiDg: The Charity's unrestrirtedgenerdl fid canbe iti wyomWIththethaTItrbIeObjectIvesatthc diStiOn of the trn5tees. ReStriCtedndS can onlybe used forparticulatrestri¢tedpuTPOSeS withiD theobjectsofthech8rity. Resttictions arise when specified by the donor or when fitnds aTe rdi5ed for particular restticted pOSe$. Frther explanation of the Dilture alldpwpos¢ of each fund is included the notes to the financial statsments. Investments: Jnvestments are ststed at their market valu¢ aTAd inve5tD]eDt income is shown gro&s. Fixed Assets: Freehold properties are stated at historical ¢osL Fixture4 fittings and equiprnent are depreciated at 15 /0- 300/0 on cost alld improvell)ents to property at2Y• on cost In orderto ThTite off each assetoverit5e5t1atEd useful lrfe. Heritage assets are TecogDised at cost with the value of donated assets being treated as their deeD]ed ¢05t.
SANDWtCH TOIL BRIDGE FUND OTES TO THE FINANCIAL STATEMErs AS AT 31 MARCH 2024 {COZfflNUED) INVESTMEwf INCOM 2024 2011 Rent receivable and proFW insuraDce reimbut3ed Bank interest Dividend4 etc Car park dues 8,794 4.294 36.971 33,478 10,359 2,464 35.750 11,140 83.537 59.713 2024 2023 VAT refund Guildball hire fees STC Contribution Guildball w5ts Tours. lectures and guid¢s Museum fees. donations and sollv¢nir sales 17,344 36,626 129,188 279 6.489 21,266 43,521 91,804 219 4,568 189,926 161,378 SUPPORT COSTS 2ff24 2023 Adtllin salary recharges General adtllin and office ex Jnsuran¢¢ of other prOtleS Repairs aryd maintenance VAT (iTh¢luding non recoverable) 50,317 ,012 3,389 2.780 17,605 55,159 691 3.163 750 21,266 75.103 81,029 GOVERLNANCE COSTS 2024 2023 Independent examiner's fees Depreciation Bamk Cha¢$ Professional fees 1,360 2.280 1,530 3,386 65 800 4,506 4,981
SAf4DWtCH TOLL BRIDGE FUND NOTES TO THE FINANCIAL STATEMLY15 AS AT 31 MARCH 2024 {CONllNUED) TANGIBLE FIXED ASSETS Freehold ImpTovements Fixtures, to Leasehold Fitttllgs & PropW EqUipMl Total Cost As at l Awil 2023 Additions Dispos&]s 10250 A08.014 27.033 145.297 As at 31 March 2024 10,250 108,014 27.033 145297 Dcpretiation As at l April 2023 Charge forycar Eliminated on disposal 33.078 2.160 26.711 120 59,789 2,280 As at 31 March 2024 35.238 26.831 62,069 Net book value clf 10250 71776 202 83,228 Net book value b/f 10,250 74,936 322 85,508 HERITAGE ASSETS Cost As at l April 2023 Additions 217.784 li(MX> As at 31 Marcb 2024 229.784 The above assets Coprise various woJ*s of histwical i]nportance. It is not practicable to obtain the origin21 cost of assets which have be¢u owned for some time aThl so their iDsuraDce valuation Iw been treated as their deemed c05t. Subsequent assets purchased have been included at cosL Thc charity also owlls 4':Magna Carta" and "Charter of the Foresf. These assets were don&t¢d to rhe ¢harity and are llot included in the financial siatements &, due to the hisloric dnd uDiqu¢ nature of the assets concerne(i ConvtiOnal valuation approaches lack sufficieni reliabaity. io
SANDWICH TOIL BRIDGE FUND NOTES TO THE FTrIANCIAL sfATEMEfq13 AS AT JI MARCH 2024 (CONfINUED) IT4VESTMENfs- MANAGED PORTFOLIO 2024 2023 At Valuatloll Valuation &8 at l Aw1] 2023 Additions year ttt cost Sale pm¢eeds Realised and uTeali5ed gains l Oo&ges) .736.125 398.978 (357,641) 198,970 2,003,159 238,760 (338,891) (166,903) Valuation as at 31 MaTth 21r24 1976.432 1,736,125 2(ll4 2023 At Ctyst Cost as at l April 2023 Additions in yearat cost Disp)sals in year at C05t 1250,961 398,978 1282,212) 1,247,352 238.760 (235,151) Cost as at 31 March 2024 1.367.727 1250.961 io None of thetrustees, nor any [S0 Cowle¢tt0thetrUstees, received any reeratiOn durAngtheye4r. No expenses were paid to the biLStees. There were no related party ti31ctiOnS requring disclosure. The charity bad no employees duritig the ¢urrent orprevio% pu1. 12 Brougbt for4Yard Incoming OutgoiDg Gaills and losses Yrnu$fer C8rried rorward Gett¢ro1 funds 2JIO.684 273242 (353,316) 198.970 2,429,580 Designated funds.. Saudwich Guild111 Museujn Archive fimd ioman Bowl 14,548 5,75 80 14,548 750 (5.0(X)) (85) 2,331,062 273247 (358.401) 198,970 2.444.878 The Sandwich Guiidball Museum fundrq)resentsfun(b earnwked forfith prnjects of themuseum and acqllisitii)ns reknting to Sandwich. The Archive fund repregents fidS eannaTked for the rehousing and fitting out of the archives. The Ronw Bowl fimd represents a donation earniatked for the of a Romall Bowl whicb was purchased durAng the y£ar. li
SAiYDWJCH TOLL BRtDGE FUND F40TES TO THE FDIANCIAL STATEMEIfft AS AT 31 MARCH2024 (CONTINUED) 13 Brought forTvard Incording Outg•ig resources reUre£S Transfer ChTri¢d forward SEMP Iprovement fiu SEMD fid Kitchener ¢xbibitioD Romen Bowl 1.415 1,415 2,000 321 516 12.(M)O (1,2(K)) (516) 12,000 1,415 15.716 (1,716) 15,415 The SEMP Improvement fundrepresents fundiDgreceivedtyfaciliixte¢hongiDgth¢oldTouristlnfomiationCentre at the Guildhall snio a tempotary Musewn exFubAtion space. The SEMD fid represents ttvo grants received from South Ew Museutn D¢v¢lopm¢nt for an organitional healthche¢k and collections care. The Rornall Bowl fimd represents twogrants rec¢ived for the puh&s¢ of i Ro]nan bowl which is included within heritsge assets at C05t. 14 ANALYSIS OF NET ASSETS BETWEEN FUIWS Unrestrieted Restricted FuDd fuDds Totsl funds 2024 Total funds 2023 Fixed assets Cuttent assets Currellt liabilities 2,277,444 180.255 (12.821) 12,tXJO 3.415 2289,444 183,670 {12,821) 2,039,417 299,134 {6.074) 2,444,878 15,415 2,460,293 2,332,477 12
SANDWICH TOIL BRtDGE Fuf4D I%OTES TO THE FINANCIAL STATEMENTS AS AT 31 MARCH2024 {cof4TtNUED) 15 COMPARATIVKS FOR THE STATEMENT OF FINANCIAL AcfIvTfiES Year eded 31 Marcb 2023 UDr¢strict¢d ReslTiCt*d Totsl JY4COMING RESOURCES: Jnvestment income Charitable activiti&8 t)onations and grants received 59.713 161 J78 3.770 59.713 161.378 8.770 TOTAL 229.861 229.861 R£SOURCES EXPENDED: Charitable aetivities DonatAon& and grants RuJJning of The Guildhau Runntng of Sattdwich Mllseiiin Support GD5ts 25,020 219.710 34.883 81,029 25.020 219.710 34.883 81.029 360.642 360,642 Other expenditure Governanc¢ costs Investsn¢Dt managers, fees 4,981 10,719 4.981 10,719 TOTAL 376.342 376,342 Net outgoing rourCeS before transfers and valuatiODS (146.481) (140.481) Transfers between fi]nds 857 (857) Reased alld llnrealised losses Realised & u[aliSed l(trxges ou iDvEslments (16613) (166,903) r+T EXPEf4DITURE (312527) (857) (313,384) TOTAL FUNDS BROUGvf FORWARD 2.643,589 1272 2,645,861 TOTAL FUNDS CARRtED FORWARD 2,331.062 1,415 2,332,477 13