THE MACHYNLLETH TABERYJ ACLE TRUST Re ort and Financial Statements eoverin the ear ended 31st March 2024
THE MACHYNLLETH TABERNACLE TRUST NTENTS REPORT OF THE COUNCIL INDEPE1¥DE EXAMINER'S REPORT STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET li NOTES FORNUNG PART OF THE FINANCIAL STATEMENTS 9-22
THE MACHYNLLETH TABERNACLE TRUST REPORT OF THE COUNCIL for the Year Ended 31st March 2024 The Council presents its rert and fmancial statements for the year ended 31 st March 2024. REFERENCE AND ADMtNISTRATIVE INFORMATION Charity NaDJe The Machynlleth Tabernacle Trust (also known as MOMA Machynlleth) Charity Registration Number 517426 Company Registration Number 1999409 Registered Offiee and Operational Address Y Tabernacl, Heol PenrallL Machynlleth, Powys. SY20 8AJ The Council The following directors have served as members of the Council during the year and since the year end . MrPSOtanthrt Mrs S E Marshall MsHMWHardy Ms E Stoddard Mr D B Jones Aeeountants MajoT and Evans. Bull House, I S Penrallt Street. MachynIle Powys. SY20 8AG Bankers National Westminster Bank plc, Owain Glyndwr Square, Aberystwyth, Ceredigion. SY23 2NB Solicltors BrLmton & Co, Mald¥wi House, Machynlleth, Powys. SY20 8A
THE MACHYIYLLETH TABERNACLE TRUST REPORT OF THE COUNCIL for tbe Year Ended 31st March 2024 Continued STRUCTURE, GOVERNANCE AND MANAGEMENT The organisation is a Gharitable company limited by guarantee, incory)orated on 13th MarGh 1986. The company was established under a Memorandum of Association which establishes the objects and powers of the chaTitable cornpany and is govcrned under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £5. The diTtOrS of the company are also charity trustees for the purposes of cbarity law and under the company's Articles are known as members of the Council. Due to th¢ special nature of its activiti¢s. the ttvst's policy is to recruit trustees who have the appropriate experience and qualifications. ORJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT The objects of the charity as stated by its M¢morandum of Association are :. to acquire and preserve for the public benefit any buildings and land in Wales which are of historical or architectural interest or are places of natural beauty, and more particularly, to preserve the fomier Methodist Chapel at Machynlleth in the County of Powys, and kDown as the Ma¢hynlleth TabeTnacle. to acquire and pres¢rve for the public bcnefit any pictures, statue5. furniture, books and other chattels, being of historic or artistic interest. to advance the aesthetic education of the public in the arts by organising, presenting and promoting exhibitions, plays, opera4 films, concerts and other similar activities. and the advancement of education of the public in the study, use and appreciation of the Welsh language and culture. In exercising their powers the trustees have cornplied with their duty to have due r¢g8rd to the guidance on public benefit published by the Charity Corllmission. FINANCIAL REVIEW The Statement of Financial Activities shows total income of £417,140 and expenditure of £422,913 resulting in net expenditure of £5,773. The net direct costs of stagtng various events at the Tabernacle are shown in notes 5 to 7 to the accounts. All the assets as shown in the Balance Sheet are held for the purpose of the Trust's charitable obj¢ctives alihough a small rental income is also derived from Royal House. Full details of capital exp¢nditure are shown in note 13 to the accounts. After making appropriate enquiries, the directors have a reasonable expectation that the company has adequate Tesources to continue in operational existence foT the foreseeable future, although funding is primarily dependent on significant voluntary donations. For this reason they continue to adopt the going concern basis in preparing the financlal statements.
THE MACHYNLLETH TABERNACLE TRUST REPORT OF THE COUNCIL for the Yr Ended 31st March 2024 Continued DIRECTORS, RESPONSIBILITIES Company law requires the directors to prepare fmancial statements for each financial year which give a true and fair view of the stste of affairs of the cljaritable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure for the financi year. In preparing those financial statements, the directors are required to • select suitable accounting policies and apply them consistently > make judgements and estimates that ar¢ reasonable and prudent . and prepare the financial statements on the going concern basis unless it 15 inappropriate to presume that the cotnpany will wntinue to operate. The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The company has taken advantage of the small companies, exemption in preparing the report above. Approved by the Council of Management on 1st March 2025 and signed on its behalf by . Dennis B Jone& ctor)
INDEPEIYDEIYT EXAMINER'S REPORT TO THE TRUSTEES OF THE MACHYTr4LLETH TABERNACLE TRUST I rew)rt on the accounts of the charitable company foT the year ended 3 1st March 2024, which are set out on pages 6 to 22. This report is made solely to the companys Directors. as a bodyg in accordance with section 145 of th¢ Chariti¢s Act 2011. My work has been undertaken so that I might state to the company's Directors those matters l am required to state to them in an Independent Examiner's Report and for no other puOSe. To the fullest extent pcrrnittcd by law, I do not accept or assume responsibility to anyonc other than the company and the company's Directors as a body, for my work or for this report. Re8pective Responsibilities of Trustees and Examiner The trustees (who are also the directors of the company for th¢ purposes of company law) are responsible for the preparation of the accounts An accordance with requirements of thc Companies Act 2006. The trustees consider that an audit is not required for this year under Part 6 of the Companies Act 2006 and that an independent examination is needed. The charitys gross income exceeded £250,000 and l am qualified to undertake the examination being a qua]ified rnember of the Association of Chartered Certified Accountants. Having satisfied myself that the chaTity is not subje¢t to audit under company law and is ¢ligible for independent examination, it is my responsibility to . examine the accounts under section 145 of the Chariti¢s Act ' to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Clwities Act ' and to stste whether particular rnatte have come to my attention. Basis of Independent Examiner's Report My examination wa5 carried out in accordanrx with the general DiTextions given by the C}rIty Conunission. An examination includes a review of the accounting recoTds kept by the clwity and a comparison of the accounts presented with those records. Et also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such rnatteTS. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view and the report is limited to those matters set out in the statement below.
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MACHYNLLETH TABERNACLE TRUST Continued Independent Examiner's Statement In connection with my eaMinatiO no matter has com¢ to my attention . (l) which giv me reasonable cause to believe that in any material respect th¢ requirements . to keep accounting records in acwrdance with section 386 of the Companies Act 2006 . and to prepare accounts which accord with the coUntIng records, comply with the accounting requir¢m¢nts of section 396 of the Companies Act 2006 and with the methods and principles of the Ststcm¢nt of Recommended Practice: Accounting and Reporting by Charities (FRS 102) have not been tnet ' or (2) to which, in my Opinio attention shou]d b¢ drawn in order to enable a proper understanding of the accounts be reached. R W Evans Bsc Econ(Hons), FCCA Major and Evans, Chartered Certified Accountants, Bull House, 15 Penrallt Street, Machynllcth. Powys. I st March 2025
THE MACHYNLLETH TABERNACLE TRUST STATEMENT OF FINANCIAL ACTIVITIES includin income and ex nditure account for the Year Ended 31st March 2024 Note Unrestrided Restricted Endowment Funds Funds Funds Total 2024 Totsl 2023 INCOME Donations and Grants Charitable Activities Inv¢stments 220,021 164,427 5,250 27,431 225,271 191,858 269,333 136,848 16 Total Income 384.459 32,681 417,140 406,197 EXPENDITURE Charitable Activities 393,982 28.931 422,913 408,365 Net Ineomel(Expenditure) 11 (9,523) 3,750 (5,773) (2,] 68) Trdnsfers between Funds Net Movement in Funds (9,523) 3.750 (5,773) (2,168) Re¢onciliation of Funds = Totsl Funds Brought Forward 538,816 642.979 1,354,517 2,536,312 2,538,480 TotalFulldsCarriedForward £ 529293 £ 646,729 £ IJ54,517 £ 2530,539 £ 2,536J12
THE MACIIYNLLETH TABERNACLE TRUST BALANCE SHEET at 31st March 2024 F4ote 2024 2023 FIXED ASSETS Tangible Assets 13 2,473,125 2,473,154 CURREIYT ASSETS Stock Debtors Cash at Bat Cash in Hand 14 15 2.778 10,833 81,672 310 2.540 11.798 97,998 310 95,593 112,646 CREDITORS - amounts falling within one year 16 38.179 49,488 ET CURRENT ASSETS 57,414 63,158 TOTAL NET ASSETS £ 2,530,539 £ 2,536J12 The Funds of the Charity . CAPITAL FUIYDS Endowments INCOME FUNDS Restricted Unrestricted 17 1,354,517 1,354,517 18 19 646,729 529.293 642,979 538.816 TOTAL FUIYDS £ 2J30,539 £ 2536312 The Balance Sheet continues on the following page.
THE MACHYNLLKTH TABERNACLE TRUST BALANCE SHEET as at 31st March 2024 continued The company was entitled to exemption from audit under s477 of the Companies Act 2006 relating to small companies. The m¢rnbers have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their resp)nsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in aordan¢X with the provisions applicable to small companies subject to the small companies regime and in accordance with FRS 102 SORP. Approved by Council of Management on 1st March 2025 and signed on its behalf D¢Dnis B Joncs (DICtOr)
THE MACItYNLLETH TABERNACLE TRUST NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the Year Ended 31st March 2024 l. Accounting Policies a) Basis of Preparation of Financial Statements The financial slatements have been prepared in accordance with Accounting and Reporting by Charities . Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Repubjic of Ireland (FRS102) issued in October 2019 - (Charities SORP (FRS 102)). the Financial Reporting Stsndard applicable in UK and Republic of treland (FRS 102) and the Companies Act 2006. The Machynlleth Tabcrnacle Trust meets the definition of a public bencfit entity under FRS 102. Assets and liabilities arc initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. b) Iucome All income is recognis¢d once the company has entitlement to the income, it is probabl¢ that the income will be received and the amount of income receivable can be measured reliably. For legacies, entitlement is taken as the earlier of the date on which either: the company is aware that probate has been granted, the estate ha5 been finalised and notifi¢ation h&8 been made by the executorfs) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part. is only considered probable when the amount can be measuTed reliably and th¢ company has been notified of thc executog5 intcntion to make a distribution. Mlher¢ Icgacies hav¢ be notified to the company, or the company is aware of the granting of probate. and the criteria for income recognition have not been mel then the legacy is treated as a contingent asset and disclosed if material. Donatsd services or facilities are reCOlSed when the company has control over the item. any conditions associated with the donated item have been m¢L th¢ receipt of economic benefit from the use of the company of th¢ item is probable and that economic benefit can be measured reliably. tn accordance with the ChaTiti¢s SORP (FRS 102), general volunteer time is not recognised. Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation
THE MACHIryLLETH TABERNACLE TRUST NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the Year Ended 31st March 2024 Continued e) Expenditure Expenditure is recognised once there is a legal or nStruCtive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. d) Tangible Fixed Assets The Tab¢rnacle building (at its Orial valuation) together with expendith on additions. extensions and improvements are capitalised and carried in the balance sheet at historicat cost. Individual fixd &8sets wsting £250 or rnore are capitalised at cost. Tangible f¢d assets are d¢preciat¢d on a straigbt-line basis over their estimated useful lives as follows . Allllu Rate Musical Instruments Equipment, Furniture, Fixtures and Fittings 10- 2/0 No dq)reciation has been provi(kd on freehold property the assets have a very Ions useful life and any depreciation charge or accumulated depreciation would not be material. No depreciation has been provided on certain musical instnm]ents where the residual value is not materially different from the carrying amount of the asseL The charity owns a collection of works of art which are inalienable (the charity is prohibited by the donols wishes from disposing of these). These heritsge assets are of historical or artistic importance and are held to advance the presentation and educational objectives of the charity, and through public access contribute to the nation's culture and education. The original cost of most of these assets is not available and the directors do not consider the cost of carrying out a professional valuation to include these assets at a value in th¢ accounts is justified by the usefulness of the iDfornMtion to the useTS of the accounts and to the cl]arity for its own stewardship purposes. e) Stock Stock is includ¢d at the lower of cost or net realisablc value. 10-
THE MACHYNLLETH TABERNACLE TRUST NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the Year Ended 31st Mareb 2024 eontinued fj Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount pr¢paid. Creditors and Provisions Creditors and provisions are recogDi5ed where the ¢]wity has a pres¢nt obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the an]ount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nonnally recolIsed at their settlement amount after allowing for any trade discounts due. b) Financial Instruments The Trust only h&8 financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Pensions The charity contributes to employees, pension plans and the pension charge represents the amounts payable by the charity to the plans in respect of the y¢ar. j) Funds i) Endowrnent Funds Grants which hav¢ been given to the charity subject to the restriction that they to be used to purchase or enhance the capital assets are treated as endowment funds. ii) Restricted Funds Income received from public sector bodies and others to be used in fierance of particular aspects of the objects of the charity is separated and treated as restricted funds. iii) Unrestricted Funds Unrestrictcd funds are donations and other incoming resources rcccivable or generated for the objects of the charity without fiuth¢r specified purpose alld are available as general fLmds.
THE MACHYNLLETH TABERNACLE TRUST NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the Year Ended 31st March 2024 continued 2. Donations and Grants a). Unrestrieted Funds The Lambert Family Charltsble Fund Welsh Government Grants (Cost of Living) William Cadbury Charitable Trust Other 200,000 8,000 1,000 11,021 220,021 b). Restrictcd Funds Educational Foundation Donations Glasfryn Fund 4,500 750 5,250 3. Income from Charltable Activities Unrestricted Rcstrict¢d Funds Funds Total 2024 Total 2023 Fees Events and Concerts (Note 5) Festival (Note 6) Exhibitions (Not¢ 7) Royal House (Note 8) 7,405 44,613 75,856 36,553 7,405 44.613 80,575 38,703 20,562 6.478 31,619 43,861 30,226 24,664 4,719 2,150 20,562 164,427 27,431 191,858 136,848 l2
THE MACHYNLLETH TABERNACLE TRUST NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the Year Ended 31st March 2024 continued 4. Investment Ineome 2024 2023 Wayleave Bank Deposit tnterest 10 15 16 S. Events and Concerts 2024 2023 Income 44,613 31,619 Expenditur¢ (31,434) (21,737) Profit 13,179 9,882 13-
THE MACHYNLLETH TABERNACLE TRUST NOTES FORMING PART OF THE FINAN STATEMENTS for the Year Ended 31st March 2024 continued 6. Festival ryL MACHYNLLETH FESTIVAL st 2023 INCOME AND EXPEIYDIT RE ACCOUNT 2024 2023 COME Box Office Donations, Grants and Sponsorship Benefadors 36,606 4,719 39.250 29.541 3.808 10.512 80J75 43,861 PerfonneTS' Fees and Expenses Casual Labour Flowers and Stage Decoration Printing, Publicity and Adv¢rtising Fees and SUblptions Piano Hire and Tut]ing Miscellaneous 55,940 522 375 19,032 57,412 250 8.380 155 4J68 79 4.413 557 80,839 70,644 DEFICIT 264 6,783 14-
THE MACHYNLLETH TABERNACLE TRUST NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the Y Ended 31st March 2024 continu 7. Exbibitions 2024 2023 INCOME Commission Shop Sales and Sundry Income Competition Fees Donations, Grants and Sponsorship 26,887 7,095 2,571 2,150 19,466 3,574 2,336 4,850 38,703 30226 EXPENDITURE Curatorial Services Merthandise Insurance Packaging and Trdnsport Workshop and Exhibition Fees Fees and Subscriptions Travel and Subsistence Miscellaneous Comp¢tition Prizes 2,000 4,356 2,452 3,174 3,117 3,068 4.030 2,389 3,347 110 608 263 544 3.250 3,250 19,156 16802 SURPLUS 19,547 13,424 15
THE MACHYIYLLETH TABERNACLE TRUST NOTES FORMING PART OF THE FINANCIAL STATEMEIYTS for Ihe Year Ended 1st March 2024 continued 8. Royal House 2024 2023 COME Rent Receivable 20,562 24.664 EXPE]WITURE Rates and Water Light and Heat Broadband Repairs and Maintenance 1,702 3,544 480 123 2,000 159 4.072 2,928 13 1,987 1.338 220 1,808 159 3.566 3,673 14 Licences Sundry Repairs and Cleaning l£tting Agency Fees Bank ChaTges 15,021 SIIRPLUS 5541 11,899 16-
THE MAC]IYNLLETH TABERNACLE TRUST NOTES FORMING PART OF THE FINANCLIL STATEMENTS for tbe Year Ended 3181 March 2024 continued 9. Kxpenditure on Charitable Activities Unre8trict¢d Restricted Funds Funds Totsl 2024 Total 2023 Tabernacle Running Costs (w * below) 269,022 Events and Concerts (Note 5) 31,434 Educational Foundation Festival (Note 6) Exhibitions (Note 7) Royal House (Note 8) Acquisition of Works of Art 5,541 274,563 31,434 1,500 80.839 19,156 15,021 400 250,885 21,737 4,200 70,644 16,802 12,765 31,332 1,500 4,719 2,150 15,021 76,120 17,006 400 393,982 28,931 422,913 408,365 Tabernacle Runni os 2024 2023 Stsff Costs: Wages andNI Pension Costs 167,638 1,986 158,020 2,257 169,624 11,455 160,277 10,272 ]nsurance Premises Costs . Rates and Water Light and H¢at Rq)airs and Maintenance - Premises Sundry Repairs and Cleaning 6,572 34,532 11,184 5,424 6.381 25,771 9,975 9,733 57,712 3.533 51,860 4,583 400 7,142 Postage, Ststionery and Marketing Website Development Strategy and BlnesS Planning General Office Costs . Telephon¢ and Broadband Payroll Services Bank Charges Credit Card Charges 10,150 17,134 460 804 3,130 3.681 10 756 2,626 11,528 5,500 3,130 1,931 7,073 5.500 2.722 1.056 Accountancy Depreciation Miscellaneous 274,563 250,885 17
THE TrL4CHYNLLETH TABERNACLE TRUST NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the Year Ended 31st March 2024 eontinued 10. Independent Examination Fees 2024 2023 tncluded under accountancy in note 9 are amounts payable to the independent examiner for independent exarnination of the Financial ststement5 850 850 11. Net Income This is stated after charging . 2024 2023 Depreciation of Tangible Fixed Assets 3,130 2,722 12. Stsff 2024 2023 Total Staff Costs Comprised . Wages and Salarics Social Security Costs Pension Costs 158,059 9,579 1.986 169,624 148,936 9,084 2,257 160,277 Th¢ average number of employees in the year was 6 (2023 - 6). There were no employees who received emoluments of more than £60,000 (2023 - none). The directors were not paid or reimbursed for expenses during the year. 18-
THE MACHYNLLETH TABERNACLE TRUST NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the Year Ended 31st Mar b 2024 eontlnued 13. Fixed Assets - Tangible Assets Freehold Property Musical Instruments Fquipment Furniture Fixtures & Fittings Total Cost At 1st April 2023 Expenditure in Year Disposals in Year 2,431,824 44,035 278,460 3.101 2,754,319 3,101 2.431,824 44,035 281,561 2.757,420 Depreciation: At 1st April 2023 Amount Provided in Year DisSaIS in Year 9,265 271,900 281,165 3.130 3,130 9265 275,030 284,295 Net Book Value at 31 st March 2024 £ 2,431,824 £ 34,770 £ 6531 £ 2,473,125 Net Book Value at 31st March 2023 £ 2,431,824 £ 34,770 £ 6,560 £ 2,473,154 The fre¢hold properties are insured for £6,544,661 which is an ¢stimate of their replacement cost. The collection of works of art which are ina]ieDable has not been included in the balance sheet because. in the opinion of the directors, the cost of professionally valuing these assets outweighs the benefits to the users of the accounts. They are insured for £537,100. 19-
THE MACHYNLLETH TABERNACLE TRUST NOTES FORMING PART OF THE FIIYANCIAL STATEMENTS for the Year Ended March 2024 14. Stock Stocks are stated at the lower of cost and net realisable value: 2024 2023 Books, Catslogues and Postcards Bar Stock 1,500 1278 1,800 740 2,778 2,540 15. Debtors 2024 2023 Trade Debtors Income Tax Recoverable Prepayments 4,638 3,009 3,186 2,416 8,767 615 10.833 11,798 l& Creditors - amounts falling due withill one year 2024 2023 Trade Creditors Taxation and Social SecuTity A¢¢nS Value Add¢d Tax Payable Deferred Income - General Deferred Income - Festival Benefactors 11,309 7.643 3,124 5,960 8,093 5,118 19.550 5,960 562 4,923 15,425 38,179 49,488 -20-
THE MACHYNLLETH TABERNACLE TRUST NOTES FORMING PART OF THE FINANCIAL STATEMEIYIS or th Year Ended 31st March 2024 continued 17. Endowmenls Movement in Funds Balan¢e 31st Martb 2112) Incoming Resources Transfers Balance 31it Trl*r¢h 2024 The ARO Lambert Fund The General Endowment Fund The Nora Gibbs and Mollie Winterburn Bequest The Royal House Restoration Fund 10,000 390.258 10,000 390,258 104,778 849,481 104,778 849.481 1,354.517 1,354,517 The ARO Lambert fund repres¢nts the valuation of the gift to the TnL8t of the building known as th¢ Machynlleth Tabernacle prior to the canying out of repairs and restoration works. The General Endowment Fund consists of various grants received from public sector organisations, trusts, foundations and individuals towards the cost of improvements and additions to visitor facilities, buildings. equipment and other tangible assets. The Nora Gibbs and Mollie Winterburn Bequest was received by way of legacy. The Royal House Restoration Fund consists of various grants received from public sector organisations to fund the acquisition and restoraiion of Royal House, Machynlleth. 18. Restricted Funds Movement in Funds Balance 31itM•r¢h 2023 Balanee Income Expellditur¢ 31st marc 2024 The Old Tannery Appeal Glasfyn Fund Educational Foundation Auditorium Sound System Fund Festival Exhibition Funds 467,028 163,182 4,269 8.500 467,028 163,932 7,269 8,500 750 4,500 1,500 4,719 2,150 4.719 2.150 642,979 12,119 8,369 646,729 21
THE MACHYNLLETH TABERNACLE TRUST NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the Year Ended 31st March 2024 conlinued 19. Anatysis of Net Assets between Funds Tangible FIX Assets Net Current Assets Total Endownients The ARO Lambert Fund The General Endowment Fund The Nora Gibbs and Mollie Winterburn Bequest The Royal House Restoration Fund 10,000 390,258 i 0,000 390.258 104,778 849,481 104,778 849,481 1,354.517 1,354,517 Restricted Funds The Old Tannery Appeal Glasfryn Fund Educational Foundation Auditorium Sound System Fund 459,984 163,932 467,028 163.932 7269 8,500 7,269 8,500 Unrestricted Funds 494,692 34,601 529,293 2.473,125 57,414 2.530,539 20. Controlling Party The Company is controlled by its directors. ther¢ is no ultimate controlling paty.