Charity registration number. 267658
Plymouth Public Dispensary
Annual Report and Finan￿81 Statements
ft)r the Year Ended 31 December 2025
WESTCOTTS
CHAITIRID ACCOUIITANTI
I •U$ING55 ADVIIIIS

Plymoulh Publlc Dispensary
Contents (continued)
Referer￿e and Administr8tive Detsils
Trustees, Report
2to4
Independent Ex8mine¢8 Report
stalement of Fin8nclal ActNftles
Balance Sheet
Note8 to the Financial Statements
81016

Plymouth Public Dispensary
Reference and Adminlstratlvo Details
Chalr
Or J Mahony
Tru•tee•
Dr J Mahony
Dr D H Keeling
Mrs J S Hlll
Mr E C Keast
Mrs M Smith
Mr C R Robinson
Mr S Loze
Charlty Rogl•tratlon Numb•r
267658
Prln¢lpal Offl¢•
Westcotts ISWI LLP
3 Plym House
Marsh Mills
Plymouth
PL6 8LT
Ind•pondont Examlnfrr
Westcotts ISWI LLP
Plym House
3 Longbridge Road
Marsh Mills
Plymouth
PL6 8LT
Soll¢ltors
Thomp80n & Jackson
Ftyder House
680 Bud8head Road
Plymouth
PL6 5XR
Page 1

Plymouth Public Dispensary
Trustees. Report
The trustees p￿sent the annual report together with the financial statsments of the charity for the year
ended 31 December 2025.
Structurgl 9¢)vernan¢8 and management
History and activities of th• Trust
The Charity Trust, which dales from 1798. is regulated under a Scheme, approved by the Board of
Charity Commissioners for England and Wales. which Game into effect on 22 November 1999.
Our main activities and who we try to help are described below. All our charftable activitse9 focus on
the relief of persons who are sick, ¢onvaleseent, disabled or inlrm and are undertaken to further our
charitable purposes for the public benefiL
The Charity income derives from funds invested In COIF and rental from th8 Public Dispensary
Building. a propety built be￿een 1806 and 1809. following the foundation of th8 Charity in 1798.
which the Trust owns. Befv4een 1948 and 2013 the building known as "The Public Dispensary, in
Catherine Street, Plymouth was leased lo the Secretary of Stale lor Health and has been used for
variety of purposes by the National Health Service. Th8 propety is now let to The British Red Cross
Society for 5 years from 3rd November 2024 at £31,000 pa. havlng renewed the previous 5 year lease
which began on 3rd Novemb8r 2019.
The objects of the Charity. broadly relate lo the use of the income for'lhe relief of persons in need In
tho area of benefit Ithe boundanes of the area of Plymouth City Counall who are sick, Convalescent,
disabled or infirm by ￿lieVIng their suffering or a5SlSting their recovery"
M8nagom•nt and govarnancg arrangem•nts
The Scheme perniits there to be seven trustees. Were Ihere 8 r8quirement for new trustees, these
would be identified and appointed by the remaining trustees. The chair of trustees ig responsible for
the induction ol any new Iruslee which Involves awareness of a trustee's responsibilities. the
governing document, administrative procedure$, the history and philosophical approach of the charity.
A new Irusleè would receive copies of the previous years annual report and accounts and a copy of
the Charty Commission leaflet 'The Essential Trustee.. What you need to Know,. The trustees hold
office for four years in accordance with the expiry dateg shown below. All trustees may be re-elected
on expiry of their term and several have Served for a number of year5.
Dr D H Keellng Term explres Septemter 2027
Mrs J S Hill Term expires Juty 2026
Mr E C Keasl Term expires June 2029
Mr8 M Smith Tem expires September 2027
Mr C R Robinson Term expires April 2027
Mr S Loze Term expires June 2027
Dr J Mahony Term expires November 2028
The trustees annually review the nsks that Ihe charity fa¢e$. To date these have mainly related lo
investment management ?nd Continuing to rent the Public Dispensary Buildin9.
Page 2

Plymouth Public Dispensary
Trustees, Raport (continued)
Procedures and pollcy for grant maklng
Ouring 2025 the trustee8 met on five occasions and Income was disbursed to the extent shown in the
annual accounts in grants mainly to individuals or families. These needs were, in the main, brought lo
the notice of the trustees by Health professionals or Social Workers on whose expertise. in the
evaluation of sickness and need, the trustees relied for inf0m￿ts.0n. Where circumstances dictate it
prudent. the chairman or any of the other trustees, will undertake telephone enquiries or visits lo
ensure monies are given to provide relief in legitimate cir¢um51ances. It follows that grants are not
generally made to large regional or national organisab'ons unless they have idèntified a spectfic
Individual in the boundaries of the city who meets the criteria.
All initial 8nquiries and subsequent administration is de8tt with by a s8lf-employed consultant, under
consultancy agreement be￿en the consultant and the Charity.
ObJ•¢tlve8 and actlvltie8
The obj8¢ts of the Charity, broadly relate to the u88 of the income for "the relièf of persons in need In
the area of benefi't Ilhe boundaries of the arga of Plymouth City Council) who are sick, conv81e￿ent,
disabled or infi'rm by relieving their suffering or assisting their recovery"
Achlevemonts and porformance
In meeting the obje¢ls of the charity, the Trust ha$ glven grants towards a wide range of disabled
equipment or fittings for Individuals, homes. Oo¢asionally the Trust has shared the cost of specific
building works with other Gharilies. or the local authorities and has assisted with respite care and
holiday costs. Where other local organisations also seek to provide similar support, the Irust8es have
sanctioned larger, block grants on the understanding that full records of the individual recipients are
maintained. In the case of the hospice, where household fitting5 or equipment are often required for
short loan period, the trustees require that equipmgnts are retumed lo a "pool" for subsequent further
use. Essentially the trustees aim to a5sis( in the longer tefm, as many people as possible and they
would not look to support any ex￿edInglY expensive project unle85 the charitable ¢osls were shared
elsewhere. In the same vein, they would not nomially support projects encompassing computer
technology in view of the relative short-term benefit and the Inevitable longer term repla¢emenl costs.
The smallest Individual grant made In 2025 was £120.00, the largest grant wa$ £1,621.00. Each
individual case, as submitted to the Trust was, as ever, treated on ils own merits. Periodically, the
Iruslees review the number of grants made an¢J, where pos8ib18. take Steps to encourage an increase
in applications m8d8 to the Trust.
Rg•erve•
Total reseNes amounted lo £1,234,560 12024 £1,223,556) Includlng investments and propety held
for capital appreciation and to provide income whlch the ¢harity utilises to meet ts objectives. Al the
end of the financial year free reserve8 were £87.779 (2024 £76.775} representing more than 18
months average expenditure based on 2025 levels. This is weN in excess of the policy of holding al
least 13 months expenditure in reserve. The annual expenditure sum depends on the level of funding
approved by the trustees, with all applicallons being reviewed on merit. Grant making pollcy is
influenced by the level of reserves. The Teserves policy is therefore reviewed annually.
Flnanclal revlew
The total incoming ￿sOUrceS for 2025 were £58,581 12024 £57,855). amounts paid to maintain the
charity's propety were £4,14212024 £2.9841 total grants paid out were £27,954 {2024 £26.1291 and
the support and govemanro costs for 2025 amounted to £15,481 12024 £20,875).
Page 3

Plymouth Public Dispensary
Trustees. Report (continued)
The Red Cro$$ have agreed to renew their lease for 5 years from 3rd November 2024 on the same
temis as the existing lease and the same rent of £31,OOOpa. The tru51ees believe that the carrying
value of the property of £31)0,000 as ￿ViSed in the 2019 accounts, remains appropriate.
Plans for futuro p8rfods
The trustees intend to continue provlding grants in a similar way as has been the practi￿ in previous
y8ars and drawing on the same sources of information for providing the grants.
statement ol Trustegs. Responslbllllles
The Iruslees are responsible for preparing the trustse$' report and the financi81 statements In
accordance with the Unlled Kingdom Accounting Standards {United Kingdom Generally Accepted
Accounting Pracb'cel and applicable law and regulations.
The law applicable lo charities ￿UireS the tnjstees to piep8re financial statements for each financial
year which give a true and fair view of the stale of affairs of the charity and of the incoming resourGes
and application of resourre¥ of the ¢h8rity for that period. In p￿parIng these financial statements, the
trustees are required to..
select suitable accounting poliries and then apply th&m ¢onsislently',
observe the methods and principtes in the Charities SQRP..
make judgements and estimates that are reasonable and prudent",
state whether applicable accounting standards have been followed, subject to any malerl81
departures disclosed and explained in the flnanci81 statements., and
prepar8 the financial statements on the going concem basis unless it 16 inappropriate to presume
that tho charity will contlnue in busines8.
The trustees are responsible for keeping proper acwunting records that disclose with reasonable
accuracy al any Ilme the finanryal position of th8 Gharity and enable them lo ensure that the financial
slalements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulatlons
2008, and the provisions of the constitution. The trustees are also responsible for safeguardlng the
assets of the charity and hence for taking reasonable steps for the preventson and detection of fraud
and other irregularities.
The trustees are responsible for the maintenance and integrity of the Cofporate and financlal
infomialion included on the charitsble company's webslle. Leglslation goveming the preparation and
dissemination of financial ststements may differ from legislats'on in other jurlsdiclions.
The annual report was approved by the trustses of th8 charity on
behalf by..
and signed on its
Dr J Mahony
Chairman and
slee
Pagg 4

Plymouth Public Dispansary
Independent Examinerfs Report to the trustees of Ptymouth Public DispenBary
I report to the trustees on my examination of the accounts of Plymouth Public Oispensary for the year
ended 31 December 2025.
Re8pon¥lbllttles and ba818 of report
As the chanty trustees of Plymouth Public Dispensary you are responsible for Ihe preparation of the
accounts in accordance with the requirements of the Charibes Act 2011 I'the Acl'l.
I report in respect of my examination of the Plymouth Public Dispensary's accounts carried out under
section 145 of the 2011 Act and in carying out my examinalion I have followed all the applicable
D1￿ctIonS given by the Charity Commission under section 145151{bl of the Act.
lTrdependont oxamlnerfs •tatsm8nt
I have completed my examinab'on. I confirm that no material matters have come lo my attention In
connection with the examinats'on giving me cause lo bgli8ve that in any material respect..
1. accounting records were not kept in respect of Plymouth Public Dlspensary 88 required by
secllon 130 of the Act., or
2. the accounts do not accord with thosa records,. or
3. the accounts do not comply with the accounting requirements concerning the fom and content of
accounts set out in the Charili0s (Accounts and Reports) Regulations 2008 other than any
requ1￿ment that the accounts give a 'true and fair vi6w' which 16 not a matter considered as part
of en independent examinalion.
I have no concerns and h8ve com8 across no other matters In Connectlon with the examlnalion lo
which attention Should be drawn In this report in order lo enable a proper understanding of the
accounts to be reached.
Matth8w Keane FCCA
Westcotts {SW) LLP
Plym House
3 Longbridge Road
Marsh Mills
Plymouth
PL6 8LT
Date...71..7../2.6..
Page 5

Plymouth Public Di8pen8ary
Statement of Flnancial Activities for the Year Ended 31 December 2025
Unmtri¢ted
funds
Total
2025
Total
2024
Income and Endowm•nts from:
ChaTitsble aGtivits85
Investment income
33,449
25.132
33.449
25,132
33,305
24,550
Total incomè
58,581
58,581
57,855
Expendlturo on:
Charitable activities
147.S77
47,577
149,9881
Tol81 expenditure
47,577
147.577
49,988
Net Income
11,004
11,004
7,867
Oth•r rncognlsod g•ln• and lo••
Net110s8e$)Igains on Inve8tm8nts
Net movement in funds
140,534
40.534
18,706
129.5301
129,5301
26,573
Roconelllatlon of fund8
Total funds brought loThvard
Total funds carried forward
1223,556
1,223,558
1,194,026
1.196,983
1,223,556
14
1,194 026
AJI of the charity's activities derive from continuing operations during the above ￿ perlods.
The funds breakdown for 2024 is shown in note 14.
The notes on pages 8 to 16 form an integral part of these financial statements.
Page 6

Plymouth Public Dispensary
(Reglstratlon number: 267658)
8alance Sheet as at 31 December 2025
2025
2024
Fix•d •ssets
Investments
11
1,106,247
1,146,781
Current a•s&ts
Debtors
Cash at bank and in hand
12
7,810
15,209
66.109
81,318
4,543
89,639
Credltor8". Amounts falllng du? wtthln ono yoar
Not curront a•80ts
13
1,860
76,775
Net a••8ts
1.194,028
1,223 556
Fund8 01 th? charity:
Unro•trlctod Income funds
Unrestricted funds
1,194,028
1,223,558
Total fund•
14
1,194,026
1,223 556
The fin8nclal statemnts on pgges 6 10 16 were approved by the trustees, and aUtI￿rised for issue on
and Signod on their behalf by..
Dr J M8hony
Chaim18n and tN
lee
The notes on pages 8 to 16 form an integral part of the8e financial statements.
Page 7

Plymouth Public Dispensary
Note8 to the Financial Statements for the Year Ended 31 December 2025
I AGcountlng poll¢l•s
Slatement of ¢ompllance
The financial statements have been prep8red in accordance with the second edition of the Charities
ststemenl of Recommended Practice issued in October 2019, the Financial Reporting Standard
applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011.
Ba$ls of preparatlon
Plymouth Publlc Dispensary meets the definilion of a public benefft entty under FRS 102. The
accounts (financial statements) have been prepared under the historical cost convention with items
recognised at cost or trans8Ction value unlèss otherwise stated in the relevant notels) to these
accounts.
Golng concern
The trustees conslder that there arè no material uncertalntleg abaut the charivs ability to continue as
a going concern.
In¢ome ond ondowm•Trts
Investmont Income
Dividends are Tecognised once the dividend has been declared and notification has been recelved of
the dividend due.
Expgndtture
All expenditure is recognised once there Is a leg81 or constructive obl￿allOn to that exponditure, it is
probable settlement is required and the amount can be measured reliably. All costs are allocated to
the applicable expenditure heading that aggregate simllar costs to that Gategory. Where costs cannot
be d1￿cl1Y attributed to Pgrticular headings they have been allocated on a basis consistent with the
use of resources, with central staff costs allocated on the basis of time spent, and d8preciatson
Charges allocated on the portion of the asset's use. Other 9UPPOrt Gosts are allocaled based on the
spread of staff costs.
Charltable •ctlvltl•s
Charitable expenditure comprises those costs incuTred by the charity in the delivery of Its activities
and services for its beneficiaries. It includes both costs that can be allocated direcdy to such a¢tivilies
and those costs of an indifect nature nece5S8ry lo support them.
Grantpmvlslon•
Provisions for grants are made when the intention to make 8 grant hag been communicated to the
recipient but the￿ is uncertainty about either the timing of the grant or the amount of grant payable.
Support cost8
Support costs indude central functions and have been allocated to aclivity cost categories on ? basis
consistent with the use of resources, for example, allocating propety costs by floor areas, or per
Capita, staff costs by the time spent and other costs by their usage.
Page 8

Plymouth Public Dispensary
Notes to the Flnanclal Statements for tho Year Ended 31 December 2025
(continued)
Taxatlon
The charity is considered to pass the tests sel out in Paragr8ph 1 Schedule 6 of the Finance Act 2010
and therefore it meets the definition of a charitable company for UK corporation tax purposes.
Accordingly. the charity is potents'ally exempt from taxation in respect of income or Capital gains
recelved within categories covered by Chaplef 3 Part 11 of the Corporation Tax Acl 2010 or Section
256 of the Taxation of Chargeable Gains Act 1992, to the extent that such incom8 or gains are
applied exclusively lo charitable purposes.
Inve8tment propertlg8
Investment property is carried at fair value, derived from the Current market prices for ¢omparable real
estate determined by external valuers every 5 years, unless the trustees becom8 aware of any
circumstances which will significanlly aller the value in the interim period. Given the hlstoiiG nature of
the property the valuers use observable market prices, adju6ted if necessary for any dlfference in the
nature, location or condits'on of Ihg specific a55et.
Durlng all other financial years the Trustees will revièw the current carrylng valu8 and Confirm that no
significant changes in the properties market value hav8 0￿urred.
Flxed a88el Invo¥tments
Fixed asyel investments, other than programme related invesbngnts, are included al market value al
the balance sheet dale. Realiged gains and losses on investments are calculated as the difference
be￿een sales proceeds and their market value at the start of the year, or their subsequent Cost, and
are charged or credited to the Statement of Financial Acltvits'es in the period of disposal.
Unrealised g8in$ 8nd losses represent the movement in market values during the year and are
credited or charged lo the Statement of Financial Activities based on the market value at the year end.
Cash and cash equlvalent8
Cash and cash equivalents comprise cash on hand and call dep09118, and olh8r short-term highly
Ilquld investments Ihat are re8dily convertible to a known amount of cash and are subject lo an
ingignificant risk of change in value.
Fund Structure
Vnrestricted income funds are general funds that are available for use at the trustees discretion In
fijrtherance of the oblectives of the charity.
Pag? 9

Plymouth Public Dispensary
Notes to the Flnancial Statements for the Year Ended 31 December 202S
(continued)
Flnanclal In8truments
ClaMrfic•tion
A finanaal asset or a financi81 liability is recognised onty when the charity becomes a party to the
contractual provisions of the instrument.
Basic financial instruments are inftially re￿nised at the amount recelvabl8 or payable includlng any
related transaction costs.
Curronl assets and current liabilities are subsequentty me88ured at the cash or other CLsnsideration
expected to be paid or received and not discounted.
Debt instruments are Subsequentty measured at amortlsed cost
Where investments in shares 8re publicly traded or thelr fair value can othetwise be measured
reliabty, the investment is Subsequently measured at fair value wrlh changes in fair v8lue recognised
in income and expenditure. All other such investments are subsequenlty measured at cost less
impairment.
2 Incom• from charltabl• a¢tfvltlo•
Unro8trlcted
funds
Ggnoral
Totol
2025
Rental Income
Insurance received
31,028
2.421
33,449
31,028
2,421
33,449
Unrnstrlct•d
funds
Gon•ral
Total
2024
Rental income
Insurance received
31,027
2,278
33,305
31.027
2,278
33,305
3 InV￿tment Income
Unrestrlcted
funds
General
Total
2025
Total
2024
Interest receivable and similar income-.
Interest receivable on bank deposits
Other income frorn fixed asset investments
1,251
23,881
25,132
1,251
23,881
25,132
1,358
23.192
24,550
Page 10

Plymouth Publi¢ Dispensary
Notes to the Flnanclal Statements for tho Year Ended 31 December 2025
(continued)
4 Expendlture on charitable actlvltle•
Unrestrlctod
funds
Gengral
Total
2025
Not•
Propety Expenses
Grant funding of acllvits'es
AIIoc8ted gUPPOrt costs
4.142
27,gS4
15.481
47,S77
4,142
27,954
15,481
47,577
Unrestrlcted
funds
Goneral
Total
2024
Notg
Property Expenses
Grant funding of aclivit4es
Allocated support costs
2,984
26,129
20,875
49,988
2,984
26,129
20,875
49,988
A¢tlvlty
undertakon
dlractly
Grant
lundlng of
actfvity
Actlvlty
3UPPOrt
costs
Total
oxpondllu
Charitable acllviti&8
4,142
27,954
15,481
20,875
47.577
Total for 2024
2,984
26,129
49,988
5 Analy•l8 ol •upport C08t•
Support costs allocal•d to charltable actlvltlo8
Totsl
202S
Total
2024
General office
Professional costs
Staff costs
4,782
1,860
8,839
15,481
9,033
1,631
10,211
20,875
Page 11

Plymouth Public Dispensary
Notss to the Financlal Stat•ments for the Year Ended 31 December 2025
(continued)
6 Grant.maklng
Analysis of grnnt•
Grants to In•tttutions
2025
2024
Grnnts to indlvldual*
2025
2024
Analy81•
Grants
10.584
11,000
17.370
15,129
Below are detslls of m8t8rial grants made to institutlon8.
2025
2024
Namo of In8titutlon
The Island Trust
Shekinah Mlsslon
Listening Books
Barefoot
Gffted Women
Plymouth Soup Run
Macmillan Cancer Support
British Wireless for the Blind Fund
Cann Bridge Sch(￿1
Ptymouth & Wesl Devon Cassette
Trevl
Go Beyond
Devon & Comwall Fum4ture Reuse
Project
Memory M8tters
BASICS Devon
1.000
1,500
1,000
1,000
1,500
1,500
1,500
1,000
1,000
1,000
1.000
1,500
1,000
1,000
1,150
500
1,434
2,000
10,584
11.000
7 TfUgt•e• rgmunoratlon ond expensos
No tnjslees, nor any persons connected with them, have received any remuneration from the chartty
during the year.
No trustees have received any reimbursed exp8ns85 or any other beneffts from the charity dudng the
year.
Page 12

Plymouth Public Dispensary
Notes to the Flnancial Statements for the Year Ended 31 Decombor 2025
(continued)
Staff costs
The aggregate payroll costs were as follows..
2025
2024
Staff costs durlng the year ￿r•.
Wages and $8laries
8,839
10,211
The monthly aver8ge number of persons employed by the charlty during the year was as follows".
2026
2024
No
No
Average head counl of empltyees
No employee received emoluments of more Ihan £60,000 durlng the year
9 Ind•pendont oxamln•tr8 r•mun8ratlon
2025
2024
Othor fo08 10 oxamlnfrr•
Examin8tion-related a88urance 8ervlce8
10 Taxatlon
The charity is a registered Charity and is thereforo exempt Irom taxatlon.
Page 13

Plymouth Public Dispensary
Notes to the Financial Statements for the Year Ended 31 December 2025
(continued)
11 Fixgd a88et Inv88tment•
2025
2024
Other investmenls
1,106,247
1,146,781
Other Investments
Invo8lm•nt
Pfopertl
othèr
Inv88tment8
Total
Colt or Valuatlon
At 1 January 2025
Fair value movement
300.000
846,781 1,146,781
40,534
40.534
Al 31 Oecember 2025
300,000
806,247 1,108,247
Net book vilu•
At 31 Decernber2025
300,000
806,247 1 106.247
At 31 Decemb8r 2024
300,000
846,781 1,146,781
Investment propety Is carrled at its fair value al each reporting date and any changes In the value are
reflected in the statement of fin8nclal activities. The freehold inv8Stmenl propety was last valued by
the twstees in 2019. At that tlme the value wa8 based on market values for sirnilar buildlngs and fairly
reflects the recoverable amount of the property.
The trusl policy is to obtain an independent profe3sbonal valuation every S years. A valuation is due to
be obtained In 2025. but had not been completed al the time of p￿parIng the accounts. This valuation
will the￿fore be incorpor8ted into the figures for 2026.
12 Debtorn
2025
2024
Prepayments
Accrued income
Other d8btor5
738
6,072
1.000
7,810
590
13,619
1,000
15,209
13 Credltors: amounts falllng duo within ono yoar
2025
2024
Other creditors
Ac(¥uals
2,391
2,152
1,860
1,860
4,543
Page 14

Plymouth Publlc Dlspansary
Notes to the Financlal Statements for the Year Ended 31 December 2025
(continued)
14 Funds
Other
recognl88d
galnsl
(los$¢sl
Balaneg •t
31
December
2025
Balance at
1 Jonuary
2025
Incoming Re8ource•
r080urce8
expended
Unrestrfctod fund8
General Funds
Property Revaluation
Investment Revaluation
201,785
300,000
721,771
1,223,556
58,581
147,577>
212,789
30Q,000
40,534
681,237
47,577
40,534
58,581 1,194,026
Othor
re¢ognl•od
galngl
110•80•
Balance at
31
Decembor
2024
8olanc8 fit
1 January
2024
Incomlng R￿Our¢
re•ourcg•
oxp?ndod
Unmtrlctsd fund•
Gener81 Funds
Propety Revaluatlon
Inve81ment Revaluation
193,918
300,000
703,065
1,196,983
57,855
149,988)
201,785
300.000
721,771
1,223,556
18,706
18,706
S7,855
49,988
Page 15

Plymouth Public Dispensary
Notes to the Flnanclal Statements for the Year Ended 31 December 2025
Icontlnued)
15 Anoty8i$ of not a880ts ￿twOOn funds
Tolal funds
at31
Dfjcombor
2025
Unmtrictod
funds
Ggneral
FSxed asset investments
Cufrenl assets
Current liabillUes
1,108,247
89,639
1.860
1,106.247
89,639
1,860}
1,194,026
Total net assets
1,194,026
Totsl fund¥
at31
Dec•mber
Unrostrlct•d
lund8
Gonoral
2024
Fixed 89sel Investments
Current assets
Curr8nl liabilities
1,146.781
81,318
4,S43
1.146,781
81,318
4,543
Total net assets
1,223,556
1,223,556
16 R•lat•d party tran•a¢tlon•
There wér8 no related paty tian8action8 in the year.
Page 16