Charity Registrati¢)n No. NICI 01109 (North¢rn Irelancl) Coinpany Registrktiott No. N1620647 ARMAGH PIPERS CLUB (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMINTS FOR THEI YEI AR ENDLD 31 JULY 2024 ARMACYH PIPERS CLUB (A COMPANY LJMITFD BY GUARANIEI E) CIIARITY INfiORMATION 'ri'ustees B¥rnildotte C'dmpbcll David I,'laiiagyaii Eitliiie Valloly i)Iiilip R¢a Rutli Achcsoii Sioblian S¢owcroft Tliomas Sinytli John B Vallely Juditli Mccleiiahan SecrL4tary Liaraii O Maoiain Company niinibor N1620C)47 ClIArlty nuinbL*f NIC101109 IILgistereillpaiiy ¢ assist¢d by itiniincrated adiniiiisti'fttive support iii¥liidiiJg a Compaiiy Seci'ctary, Tli¢ Iiiii¢ sLrviiig dii'ectoi's (B¢riilldettc Cuinpbcll, Bi'ian Vallcly, Duvid fiaiiagun, Litlii)tt Vulloly, Juditl) Mcclcnalian, Philip Rea, Ruth Achusoii, Siobliaii Scowcroft ui)d Thoinlls Sinytli) WLre nll re-elected at tlio Aiiiiiial Gciier&l Mectiiig lield oil 19 October 2023, Obje¢tives Rnd aclivitfre 'I'o fuitlivr Ihe cliaritics pui'poses for tlic public beiiefit, Ilic ¢lisJrity will apply ils I'L'sources for tlic advlliiceiiieiit of ails aiid Lultiirc, in portiLulAI' the proinotion (>f Ii'lsli traditional iiiu.sic and soilg, includingy tlie rLlatod Inu%ic of Soolland, Eiiglkind, W11 lcb, Brittaiiy• Cape Broton aiid Astui'ias, Tliis will be ll¢liieve(I by delivering: (a) Ai) Lducatioiial Progi'ani tliat will iiicliidc all or tsiiy of tlitt followiii¥: (1> w¢el ali Aniiual Conceit and iy)oiiihly Family Session% to d¢vclop Incnibci3' contidoiice, perfoi'inaiice slcills aiid pi'oinotc intergenei'atioiial Icarning; (iv) llcoiiAti¢ i)erf01111aiiL¢s, 1'¢¢itals, Inastci'.clas8 worksliops and ciiltiirul oxcli&iig#s to d¢v¢lop ineinbci's, skills, l¢cliiiiqiiL* ftiid repei'toirc; (v> pi'ovidiijg ti'Hiiiing aiid nientorsliip foi. Illtorb and stud¢nt¥ And pi'epurg slud¢i)ts fur and facilit¢ltLIs toriiicil JnElSiC ex¥iminatioiis' ARMAGII PIPERS CLUB (A COMPANY LIMITfD IIY GUARANTII f) TRUSTEES, ANNUAL REPORT (INCLUDINC D￿rI CTORS, REI PORT) (Coiitiiiued) FOR'I'Hf Yli AR fNDED 31 JULY 2024 {b> an Aitistic Pi'ogi'ain tliat will iiicliidc all 01. 1< iiy of tlic followiii8', (i) tli¢ Iiiiiiual Willium ICciiii¢dy Piping Fosiival; {11) uill¢ai)ii i)ip¢ Inakiiig workshop8) Ptovidiitg education and tLlitioii iii pipe makiii&¥' And Ixaiiit¢nan¢e' (ill) proinoting Aiid pre*enting concerts, mast¢r-clas$os, 8¢s.sion% and otliei. eveiits; {ivl pi'ovidiiig local Inusi¢ians witli work expcriciio¢, ¢arc¢r oiihanLemeiit lind piY)fessional eii8ag¢in¥iit oppoituiiities; (v) developing liiiks and worl(iiig iii partlie￿hip witli otliei. cultiiral oi'gaiiisations 'rh¢ trLlStee$ coiifirin tliat tliey liav¢ had I'e8ai'd to tlie giiidaiic¢ issued by tl)¢ Charity Coiiiiiiissioii oli publi¥ beiiefit. Achievenicnls Jn(I PcrformHn¢L Tlii% is ili¢ ¢iglilli year of tradiiig for Ai'magli Piptsbrs Club us a coinpany liinit¢d undei, &iiioi'ai)ie¢, Tlie cliarity niade A iiet inflow of funds dui'iiig Ilie year ended 31 July 2024 of £21,885. lil tlie yeai. iilldci. I'eview tlic cSiurity qaw u further i'ccovoiy iii ciii'ollinent iii tlie educatioi) pi'ograni, to over 216 al tlie liiglie%t p()iiiL aiid soinc 946 hours of toaLliing wei'v delivered. Tlie Wi Ilittin Kciiiicdy Pipiiig Fe¥tivlll I'etui'ned in Novenibcr 2023, witl) ovci. 41 musicians lul(ii)g pait, Duriiig tli¢ y¢ar, four T4oiin Friday Coiiccits wci'e oi'gaiiised fc¢lturi118 Vysltiiig artists, uloii8 Wltli a cai'ols ¢oiiceit, a Biii'iis Night Gelcbi'atioii, tlie Cliib's Aiiiiuttl Conceil, six faniily ¥essioiis aiid ¢vcnts markiiig Internatioiial Uilleaiin Pipiiig Day aiid Natioiial Horp Day, Flnancial Il¢Yliw Tli¢ balllncc on tl)e si¢noi'al fuiid at 31 Jiily 2024 was £42,82C), G¢iiei'al Fuiid.g ai'¢ iiiii'esti'i¢t¢d tunds wlii¢li ar¢ available foi, usc at the discrotion of th¢ Trustees in fiirtli¢i'aiiL'¥ of the geiici'al objectives of tli¢ cljarity und wliicli liave not b¢tsn d¢sigiiated for otli¢i' purpos¢s, 'riie balaiice on tli¢ resti'ictcd fuiid at 31 Jiily 2024 was £NIL. In addilioi) to iiicoiiie geii¢iat¢d fi'oin tiiitioii fe¢s, the pi'incipol fiiiidiiig iii thc yQdl' Iind¢i' I'cview WAS d¢i'iY¢d froiii grant aid from the Aris C'ouncil of Noiili¢i'ii Irelaiid's Loll¢ry fundiii&. ot. tlie Lott¢iy Proj¢¢t Fundiiig awui'd of £46,500, £2,325 wiis still oiitstaiidiiig as lit 31 July 2024, Ali ahiiual Sei'vi¢u IdevLI Agi'eem¢ni witli Alliiagli City, Baiil?ridge aiid Ci'uisiavon Boi'oii81i Couiicil #xpir¢d iii Api'i12024 aiid 11 IICW opciI-eiided SLA took cffe¢t fi'oin tliis dat¢, ARMAGH PIPERS CLUB (A COMPANY LIMITED BY GUARANI'EF) TIIUS'I'LI [1 S, ANNUAL Rfi PORT (INCLUDING DIIIECTORS, IIEPORT) (cONTINu￿D} riOII THE YEf AR FNDED 31 JULY 2024 Ariiiagli City, Baiibi'idge ai)d Craigavon Borougli Council uiid s¢v¢rAI privAto spoiisoi's provided gi'ant aid foi. tlie 2023 Piping fi¢stival, aiid ali Aiiierican foiiiidation otfer¢d sponsoi"s1iip for tlie 2024 ¢vcnt. AltliovgFlI tli¢ Al't4 Coiinoil d¢clined to fuiid tlio 2023 f¢stiv&l, it aiYaid¢d bvrant aid ot £JJ,962 lo onubl¢ tlie Club to rciiow its stock uf loan iiistrLiin¢iits. A turther graiit of £8,000 was paid by cont4orliuiJ) of UK arts ¢ouiiLils towavds a i?laniied projcct to involvc young Inusioian8 from Ai'iiia811, Sky¢ lliid Poitugal, Delails of all resii'icipd fuiids stated s¥par8tely iii thes'e accounts, Golng Conc¢rn 'I'lJe ti'ustees liav¢ I'easoiiable oxpe¢iatsons tl)at ili¢ ¢hai'ity ¢811 continLie its opei'ations for thc foi'esceabl¢ riitui'¢, fior Iliis reasoii, tliey ¢ontinu¢ to adopt tlio going ¢onc¢i'n pi'iii¢iplc iij i)iYpariiig the fii)aiicial statein¢iit¥, Rlsl< Miinagem¢nt Tli¢ Ii'iistees lillve aqs¢ssed tlit Inojor riyl(s to whiL.h tli¢ chai'itable company is expobed, to tlios¢ relfiting to th¢ opcratioiis uild fin IrRsonabl# uiid pi'udeiit" Prepait tlic finaiicifil statements on tlie goiiig c0iic#i'n basis unless it is iiiui?propi'iate to piryiimL tliat tli¢ ¢l)arity will contiiiu¢ iii 01)¥i'Ation Tli¥ trust#¢s xi'¢ r¢spoii¥ibl¢ foi. keeping ad¢quale a¢¢oiiiilii)g records that are Sli￿lL1¢ne to sliow uiid oxplain th¢ aliariiablL coinpaiiy's transactions and disclose witli reasoiiable ac¢ura¢y ut any tinje Ili¢ finanL'iiil posilion or the chai'itable ¢oinpaiiy aiid eiiable tlieiii to ¢iisiii'e that th¢ fiiiaiicinl statcinents comply witli tho Conipanies Act 2006, Tliey air also respoiisible foi, safcbyuarding tlje assets of tlie ¢oinpany aiid t'or Illkiiig I'easoiiablc steps foi, tlie proveiitioii uiid dot¢ction of fraiid and othei. irr¢gulai'itieS. 'riii8 IfPOI't was appi'oved by tlio tiwstees oil Dlin B Vallely Ti'ustee Datc: ARMAGH PIPERS CLUB (A COMPANY LIMITED BY GUIIRANTEE) INDEPLI NDENT EXAMINERS) REPORT TO THEI TRUSTEfi S OF ARMAGH PIPERS CLUB I report to the Charity tiust¢es on my exainination of the financial statenients of Ai'magh Pipei's Club foi. the yGar ended 31 July 2024 s¢t out oi) pages 8 to 17. R¢spectlve i'esponslbllltles of Trust¢¢y And Li xamlner As the cliarity trustees (and also tli¢ dlirctol's of the company for th¢ purposes of ¢oinpuiiy law) you are I'esponsible for tlie preparatloii of tli¢ ac¢ounts in accordance witli the requirements of tli¢ Coinpanies Act 2006, Haviiig satisfied inyself thot tli¢ Cliarity is not subje¢t to audit under charity law, and is eligibl¢ foi, iiidepeiideiit exain inatLOI), it is my Yespoijsibility to: exainine tlie accounts under section 65 of tli¢ Cliarities Act (Northem Ireland) 2008. follow tlie procedurgs laid down In tlie g¢iiei'al Directi011s given by tli¢ Charity Coinniission for Northei'ij Ii'¢land und¢r section 6S(9)(b) of the Chai'ities Act and state whether paiti¢ulai' matters have come to iny attention. Ba¥iY of independent exainlii¢*¥ report I liave examined your ¢hai'ity a¢counts as required undei. sectioii 65 of tlie Charities Act aiid Iny ¢xainiiiatioii wa5 cari'ied out iii accoi'daiice witly the general Dii'ectioiis giveii by the Charity Coinniission for Noi'tl)erii Ii'elaiid linder sectlon 65(9)(b) of the Cliai'ities Act. The examinatioii iiicluded a review of the dccouiitlng Ircords kept by the cliai'ity and a ¢oinpHrisoii of tlie accounts presented witli t1105e i-ecoi'ds. It also included coiisideration of any ui)usual items or disclosui'es in the accounts, and seelcing explaiiations from you as cl)arity trustees con¢erning any such mftttors. My l'ol¢ is to state wlietliei. aiiy matei'ial matters have come to my attention giving ine ¢aiise to believe: l. Tliat occountiiig records wei'e not kept iii accord&iice with section 386 of tlie Companies Act 2006 2. Tliat the accouiits do not accoi'd with tliose accounting I'ecords 3. Tliat tlio accounts do not coinply witli th¢ acoouiiting I'equi￿MeI1ts of the Chariti¢s Act aiid witli the m¢thody and principles of ilie Cliarities Statsm¢iit of Recoinmeiided Pra¢ti¢¢ applicable to ¢liarities prepai'iiig tlieir accounts in aecordaii¢e wlth the Fiiiancial R¢portiiig Staiidard applicllblo in tlie UIC aiid Republic of Ir¢laiid 4. Tliat tli¢r¢ is furtliei, information iie¢d@d foi. a piDpBr uttderstaiiding of tlie accounts to be r¢aelied. liidep¢iAdent exAmlner s statoment I Iiave compl¢ted ijiy examiiiation aiid hav¢ no concerns in r¢spe¢t of the iysatters (l ) to (4) list¢d above aiid, in Coiiiiectioii witli following the Directions of the Chai'lty Commlssion for Northern Ii'¢land, I liav¢ found no Inattei's tliat requii'e drawing to youi, att¢ntioii. Paiil McAreAvey FCA PGM Chai'tere(l Accoiiiitants 12 WindsTri' Avenue Lui'gan BT67 9BG Dgtc PGMCA Lt BELPAsr 6r9 7E ARMAGH P￿ERs CLUB (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIf( S (INCLUDING INCOME AND fi XPEI NDITURr ACCOUNT) FOR THE YEAR ENDED 31 JULY 2024 Unrestrl￿ed Funds R¢strlettd Funds 2024 2023 Total Totsl Note$ Incomlng resoui'c¢J from: Geiiei'ating funds Charitable activities 57,895 38,806 63,892 121,787 38,806 73,874 33,432 Total Incoming r¢sources 96,701 63,892 160,593 107,306 Resources expended on., Costs of generating funds Charitabl¢ a¢tlviti¢s 9,119 65,372 2,792 61,425 11,911 126,797 8,569 118.082 Total resources expended (74,491) (64,217) {138,708) (126,650) Net movemeiit in funds 22,210 (325) 21,885 (19,344) Total fiiiids brouglit foThard At l August 2023 20,616 325 20,941 40,285 Total funds cArri¢d forwArd Rt 31 July 2024 42,826 42,826 20,941 The stateineiit of financial activiti¢s has b¢en prepared on the basis that all opeiltions are contiiiuiiig op¢i'ations. There ai'¢ i)0 It¢ogiilsed gains or losses other tlian those passing through tli¢ stat¥ineiit of finaiicial activitles. ARMAGII PIPLI RS CLUB (A COMPANY LIMrrF.D BY C'UARANTEL) BALANCC sTrifi E4 T AS AT 31 JUI,Y 2024 2024 2023 Note FiXt(l #ssets 'I'nngible Iisstls 34,789 27,999 Luri'eiit n8SQt8 Debt(Irs La¥h at boiik and iii liaiid 5,806 3S,111 14,236 40,917 14,236 Crcditoi's; am(>iints fAIIIIi d lie wltlilii onL' y¢ai' 10 (23,944) (20,334) Nel ciii'venÉ a&setsl(lifjl)ilytics) 16,973 (C),098) 'oIAI ns5e14 les& current IIAbllitic 21,901 Ci'eillloi's4 iiitsuiils folllM£ due after more tliAn oJiL' yeai. (8,936) (960) Nct iiss¢ts 42,826 20,941 Fuii(15 Uiiro&lriL'ied fiiiids Rtttsiricted flind.4 42,826 20,616 325 Totttl funds 42,826 20,941 'or the fiiiaiieial ycni. ¢nded 31 July 2024 tlie coinpaiiy wa.% ¢iititl¢d to exeinption froni audit undci. scction 477 of tlic Coini)aiiies Act 2006 1'¢latiiig* to sinall L'oinpani¢s. 'I'li¢ iiieinbei's have not I'eqiiired tli¢ coinpany to obtaiii ali audit of its fiiiancial stAt¢meniS foi, Lli¢ yeai. iii qiicstioii iii accoi'daii¢¢ willi sts¢tioii 476. Tlie 'fi'iisleos a¢kiiowledg¢ tlieir rLJspoiisibil itie8 for coinplyiiig with tlie reqiiii'einents of tli¢ CoinpaAies Act 200() Witli ¥cspcct to accoiiiitinLy I'ecoiils aiid tlie pi'epai'lltioii of f inuii¢ial stateiiittiits. Tlics¢ fiiiaiicial staleiiieiits Iidve been pi'eparcd iii aL'cordancc wilh tlie pi'ovisions #ppliL'ablo to L'oiiii)anie. giibject to tlie small Coiiip£iniL's r¢gim¢. AIIMAGII PJPERS CLUB (A COMPANY LIMITED BY GUARANTEf) BALANCI SHEET AS A'f 31 JULY 2024 (CONTINUED) 'riie financial statemeiits. wcre approved and authori%ed foi. issuc by the Bo*li'd on aiid ai'¢ sign¢d its bchalf by: John B V4lliiy Trustlse Company Iloglstrotion No. N1620647 io ARMACH PIPERS CLUB (A COMPANY LIMITED BY CYUARANTFE) NOTEI S TO THE bINANLIAL SI'ATLMEI NTS OR THE Yf¢AR FNDID 31.JULY 2024 l Accountin% poli¢ie 1.1 Chlli'ity infoi'mAtli>n Ai'inagli Pii)Irs Club is a pi'ivate cliaritable company limited by ¥u&raiittte, in¢orpoi'a£cd in North¢m Ireland. 'fh¢ rG¥is't¢i'¢d offic¢ is 12-14 Victoria Street, Arinagl), BT619DT aiid tho Gompaiiy I'ogyisti'utioii iiunib¢i' is N1620647, Tli¥ ¢h#i'ity is a public b¢nefit ¢ntity as d¢fLncd by FRSI 02. 1,2 Basis of pj'cpai'atioii Tlie tiiian¢ial slateinents liave been prcpai'ed in accoi'dance witli tlie C'oinpaiiies Act 2006, tlic Stotcinoiit of R¢¢oiniii¢i)ded Pi'actice: Accounting aiid R¢porting by Chlrf ritie¥ preparingy tlieii, accounts iii accordaiice with tlie l..'inaiicial R¢poi'ting Sthiidui'd appli¢abl¢ iii tli¢ UK and Republic ot'Ii'olaiid (FRS 102) issu¢d iii Octob¢r 2019 und tlity FinanLial Reporting Standairl appliciiblc in th¢ UiiitLd Kiiigdoin nd R¢public of Tirlaiid (FRS 102) aild tli¢ Cl?ai"iti¢s Act (Nortliern Irelancl) 200% and UIC G¢n¢rally AccLpted Accoiititiiig Pi'actic¢. Tliese fii)aiicial .stllteiiieiits lillve beeli prepai'ed oli a gotng CL)ncern basis Iindor tli¢ Iiistorical cost coiiveiilioii. 'I'lic fiiiaiicial stfttcmeiits Iinvc bccn prcscntcd in stcrlii)g, wliicli is tlie fuiictioiial cui'reiicy of ilie cliai'ity, 'rhL l)riiicipal accoiii)tiiig poli¢i¢s adopted ai'c set out below. 1.3 XlunreL'ffiatloii Tniigible fixed assets ay¢ 8tated at cost le,ss depiyciatioi). Depreciation is providod at rntes ¢alculat¥d io writ¢ off the cost l¢ss cstiinat¢d rosidual valiie of eacli ass¢t ov¢i' its ¢xpe¢t¢d us¢fLII lit'e, aq follows; FixtLII'¢8 aiid Fittiiigs L(iuipmcnt 200/0 I'edu¢liig l)alaiic¢ 200/0 Irdiiciiig balanc¢ li ARMAGH PIPft IIS CLUII (A COMPANY LIMITED BY GUARANTfi l) NOTE4 S TO THE FINANCIAL STATEMf.NTS (CONTINUED) FOR THE YL¢ AR ENDEI D 31 JULY 2024 1,5 Incnine re¢o%nitioii AII iii¢oini118 1'esoui'c¢s are included iii tlie Staicm¢iit of Finaii¢ial Activitiets (SOI',A) wlieii tlie cl)ai'ity is legally entitled to the iiicoin¢ aft¢r any perforinan¢¢ conditioiis liav¥ boen iiict, tli¢ uinount caij b IM¢asurcd reliably aiid it is piDbftbl¢ that the iii¢oin¢ will be Ir¢¢ive(I, Income t'i'oin govci'iiment and otlier grants al'e recogiiis¢d at fail. vali1¢ wlieii tlie L'liai'ity lias ¢iititl¢m¢iit uft¢i' any pei'forman¢¢ conditions liav# beeli met, it is probable that tlie incoin¢ will bL received and the aniount ¢an be Ineasui'¢d I'cliably. If the entitl¢ni¢nt is not mct tli¢ii th¢5¢ anyounts al'e d#fei'i'¢(l. Capital groiiis ar¢ I'¢l¢ased to tlie sofA iii liiic witli the ¢xp¢cted u5efiil life of th¢ asset. Donated fnciliti¢s aiid doiiat¢d professional serviccs ar¢ r¢¢ognised in incoiiie at tlieii. fair value wlieii tli¢ii' e¢ononii¢ bvnofit is probable, it can b¢ mea8ured iyliably lliid tlie cliai'ity ha?• collii'ol over ihv itL*m. T,'aiY valLl¢ is d¢teriMined oi) tlie basis of the valiie of the &iitl to tlie Gliurity. foi. cxampl¢. th¢ Hinount tli¢ chai'ity woiild be williiig to puy in thL opon Inarket foi. such fdcilitie% uiid &¢i'VAL'eS, A coi'resi)ondii)g uniouiit 18 rLco8nis¢d in expciidituru. No ainouiit 1,5 included in tlie fiiiancial statvinent% foi. voluntLer liinL iii Rliie with tlie SORP. 1.6 [1 xpendlture reLogniÉlon All expeiiditui'e is accounted foi. on an a¢criiHls bllsis aiid has beeii GIRssitied undel. lielldingys tlinl aggregAt¢ all costs related to th¢ catcgoiy. Fjxpendilui'e 15 iecognisL'd whor¢ th¢ro is a legal or Coiistructivc obligation to inakc payiiiLntS to third paities, it 1% pl￿babIe that tlic scttlcmeDt will be requii'ed &iid tlie ainount oftlie obligalion eAii bc iiieasui'cd r¢liably. Ii'recovei'able VAT is cliarged as uii ¢xp¢nse agaiiisl th¢ activity foi. wlii¢h L'xp#iiditiir¢ Lll'O8¢. 1.7 Ca¥li aiid cAsli equiv#l¢nts Cai>h aiid cash ¢quivaleiit& ai'¢ busi¢ finaiicial as$ets and incliide ¢asli iii liaiid, dci)osits liellvAbl¢ I payablè wlthlii oiie yeAI' D¢btoi's oiid creditOl'.8 With no stntcd iiiter¢%t rate and r¢¢¢ivabl¢ or payAblc witliiii oiie ye£ii' Iiiy r¢¢or(Icd al transaction price. Any1055¢s arisiiig froin impainneiit al'¢ I%GOSTiiiscd in cxpenditure. 12 ARMAGII PIPERS CLUB (A COMI>ANY LIMI'I'fD BY CUARANTEE) NOI'LE S'I'O THE FINANCIAL SIAIIIMF.NTS (CONTINUED) FOR THE YLI AR ENDLD 31 ,IULY 2024 1.9 Impiiirineiit Ass¢ts not iiieasured ai fllir value are revi¢wed foi, aiiy indiciitioii tliat tlic oss¢t iiiay bo iinpaii'ed at eacli balaiice sli¢¢t date. If suGh indi¢ation ¢xists, tli¢ recovei'abl¢ aniouiit OF tlie assei, or tlic asset'li cush yeiiei'AiinbY unit, is estiinated aiid Lonipar¢d to the carryiiig ainount. Wliei'e tlie ¢arrying ainount ¢xc¢¢ds its I'¢¢ovei'Hble llinoiint, ali inipairineiit loys is I'euogni&¢d in protit or loss uiiless the asset is coi'ri¥d at tt i'evnlu¢d anioLllIt wlie1￿ Llic iinpairinciit loss 1% a revuluation do¢i'oas¢. I,.In Provisions Provisioiii• ai'tt I'¥co&rnisLd wlieii thcro Is an obligal'ioii ai the balaiic¢ sli¢et date as a r#4iilt o'f& past ¢v¢nt, it is probabl¢ tliat ali outflow of ¢¢oiioinic b¢ii¢fitS WAII be reqiiired in s¢ttl¢ineiit aiid tlie niiiuunt can be I'¢liably e8tiiiiat¢d. 1,11 Forel%n curren¢y I'rAnsliition MonLiary asseL8 and liabilities deiioininated in toi'eigii ¢urrencies are tiaiislat¢d iiito st¢i'ling at tlie rates of oxcliange I'Liliiig at th¢ balaiic¢ %li¢et date. Tr