CHARITY REGISTRATION NUMBER: NIC102490 Apostolic Work Down & Connor Unaudited Financial Statements 30 November 2023 D C CORR AND COMPANY Chartered accountants 29B Main Street Randalstown County Antrim BT413AB Apostolic Work Down & Connor Financial Statements Year ended 30 November 2023 Page Trustees, annual report Independent examiner's report to the trustees Statement of financial activities Statement of financial position Notes to the financial statements 10 Apostolic Work Down & Connor Trustees. Annual Report Year ended 30 November 2023 The trustees present their report and the unaudited financial statements of the charity for the year ended 30 November 2023. Reference and administratlve details Registered charity name Apostolic Work Down & Connor Charity registration number NIC102490 Principal office Down & Connor Centre Xavier House 156 Cliftonpark Avenua Belfast BT14 6DT The trustees Mrs M McGrath Mrs G Goodall Mrs J O'Boyle Mrs P White Independent 6xaminer Dermot Corr IFCA} DC Corr and Company 29B Main Street Randalstown County Antrim BT413AB Structure. governance and manag•m•nt Apostolic work, Down & Connor is an unincorporated charity. The board of Trustees are responsible for the strategic management of th8 charity. Trustees are responsible for making decisions on matters of day to day running of the charity, future projects and all matters of concern to the charity. The Trustees also make decisions on how funds are allocated and on bills to be paid. New trustees are interviewed by the Board of Trustees and then put to the Membership Executive for approval. The charity ensure new Trustees receivè relévant training from the President and the board of Trustees. Risk Mana ement The Trustees review the major risks whiGh the charity faGes and believe that the policy on reserves, as stated below provides sufficient resources in the advent of adverse conditions. The trustees examine business and other operational risks faced by the charity and confirm that systems to monitor and mitigate significant risks are in place. Apostolic Work Down & Connor Trustees. Annual Report (continuedj Year ended 30 November 2023 ObJectlves and activities The purpose of the charity is the prevention of and relief of povety, the advancement of religion, {the financial hardship or other disadvantage). Through fundraising activities and donations, we are able to respond to requests from Missionaries in overseas and developing countries. Throughout the year we have funded projects for the relief of povety, educationltraining, religious activities, medicallhealthlsickness, comrnunity transport, counsellinglsupport, disability, oversea aidlfamine relief, accommodationlhousing, community development, playgrouplafter schools, volunteer development and general charitable purposes. Main activities Donations, memb8r subscriptions, Gift Aid, cake sales, coffee mornings, Christmas & Easter events, tsble quiz, ballots, tombola, bingo tea. Public benefrt The Trustees have had regard to the Public Benefit Requirements ofthe Charity Commission. Achlevemonts and performance We have provided details of all our donalions received and missionaries helped. There was a reduction of £143,351 in incomes received this year. In the prior year, incomes were higher due to one off benefactory donations and other increased donations. However, the covid 19 pandemic still continues to have an impact in reducing donations from parishes in comparison to pre-pandemic years. This has a direct impact on the amount of expenditure sent to the missions. Flnanclal revlew The results are set up on pages 8 to 16 and show for the year ended 30 November 2023, Apostolic Work Down and Conor had a deficit of funds of £98,905. The closing bank balance is £287,054. Reserves olic The reserves are part of the charity's unrestricted funds that are freely available to spend on any of the charity's purposes. The reserves policy of the charity is to hold reserves that represent a minimum of three months expenditure of the organi5ation. The Statement of Financial Activities shows a net decrease in Unrestricted funds of £98,905 and change of restricted funds of £Nil. The charity has a total charity funds of £475,893 at 30 November 2023. Plans for future periods The charity intends to continue to meet its objectives in the future, maintaining the projects it currently supports. Apostolic Work Down & Connor Trustees. Annual Report (continugdj Year ended 30 November 2023 The trustees, annual report was approved on 23rd February 2024 and signed on behalf of the board of trustees by.. LWIC Mrs M McGrath Trustee Apostolic Work Down & Connor Trustees. Annual Report l¢ontinuedJ Year ended 30 November 2023 In￿nie From Branches DÉY 2022- Nov 2023 Standing Order Dona*i?ns Cards Generak SI,)￿,0Q 1),607.00 9.362.:8 11.3 jj.OLI 7.1 j-4.00 9,624.xO 9,030. 7,458,55 6,48i.33 i,21:..10 3.8a5.00 3.313.i5 4.681.00 4,348, 3,78D,tt8 4,04 ?.30 4.139.60 4,000.(XI 3,840.4) 3,18•,0) 3,142,00 G A R•b•t• TOTAL 51,iOO.OC 19,137.83 12,770.9 3 11,831.2 11,746.75 11,738.2) 9.33i.OC 8,467.3C 7,721.6e 6,076.73 5,9>3.7 i.608.i5 5.224.75 4.81S.OC 4,7b4.48 4.b88.5) 4,c29.IC 4,121.OC 3,840.4? 3.310.OC 3.142.OC 2.430.IC 2,206.OC 2.105.OC 2,070.OC 1.9>2.48 1,880.OC 1.782.>C 1,609.>C 1,169.72 1, 123.oc 1,035.OC 1.022.IC 986.75 942.ic 91i.oc 6>0.OC D37.5C 601.8S C3sUewdan sbreLYV'Hdy Family St 8ft.9￿,$ Glen Dr￿mtrxl 2,224.00 1.460.00 120.LKJ 3,014.00 l.tiW.00 ,306.83 1,948.7> 321.25 l.ii7.7i 35.co 20.00 10.00 St M3r¢s on tht FNII 35.00 228.75 1,196.33 365.63 603.7> 5).00 i43.7? 230.oj 437.50 780.00 40.00 I, loo.00 I,>OO. 240 00 GI￿rnVe1 &)Ilyrneia AThtrim 5.00 Portstvwart RasharkSn St Geranl's St Colmcil*'s CoPeiaine Hoty Rosary Portaftyry Cargin Montygla58 Ardw Downpatrick Dunsfnrd & Ardglass Dunkjy Iked St oifv* Htsnkeit Ahwhi11 straNJford Derrfaghy st John's UNKNOWM f4rdk￿n BallYc￿t￿e Our La& Queen of Peace A1￿+ryrO¥tAcwmlln Camlough UNKNOWN St Jnne's st A9￿. Aghagalk)n Lisburn UNKNOWN 240.00 540.e,o 420.00 iio.00 121.00 125.00 60.00 2,206.00 2.105.00 1,77?.00 1.9)2.A8 1,880. 1,>6i.00 1,462.00 I,li9.72 240.00 55.00 120.00 120.00 io. 97.50 27.50 1.03i.00 1,02?,10 232.75 82.50 500.00 91=.00 6iO. 360.00 3?5.()J 120.00 tiO.00 170.00 107.50 48=.00 300.00 473. 13.75 7.50 477.5C 473.oc 42i.oc 420.oc 326.25 317.oc 2iO.(K St Ttresa's 25.00 ?20.00 200.00 St gemkn*e's Portrush 61.25 UNKNOWN 2iO.00 Apostolic Work Down & Connor Trustees. Annual Report (continue Year ended 30 November 2023 Standing Order Donatlonx 144.00 Cards G•n•rnk G A R•bJt• TOTAL 33.00 177.00 17i.00 130.00 12i.00 120.00 118.00 108.00 loo.00 loo.00 loo.00 2?.00 sr Anfvnys UNKNOWN 175.00 UNKNOWN UNKNOWN St Paul's Newcastt St Ma&hy'5 12?.00 120.C 9D.CO 48.00 22.00 60.00 c￿.00 00.00 100.00 Lowér Moum* UNKNOWN UNKNOWN UNKNOWN AtrJcal BallyrlarÉbl8aI￿gowan B3llwnartin Ballymorkey BJngor Bi"yJht Bryansford camrkfetgusiwh1t¥h￿ad Christ Corpus Chns Crossgar branch Cushendall Drumar¢Jad Gi'*Trrasb Hannahstown Holy Tnnity Kikt)o KIlly￿9h gonit*lSt V & Paul Loughinsdand NewtownardsRComber 53lntt￿d & Ca￿￿kMann0l Sacred Heart Saul St Luke's St Mary's, ChapE4 Lan St Matth¥W'S St Mic￿,5 Si Pelw"'s Whiteab*w Anoi)yi))ous Donètlon TOTAL SENIORS 400.00 203,282.82 15,977.00 11,011.04 230,670.86 Apostolic Work Down & Connor Trustees. Annual Report (eontinuèd) Year ended 30 November 2023 Frfiffi Grwnwa). FrKTh•rttS L k•wte Education N•w A Thr i.r#)0 3,000.00 5,QOO.00 >￿0. 1.000. 35WIC Fr AI•D 61ynn PrMlb•rtU-G•tFrK FI DML% O'condoi Fr PJ 4￿•￿V￿lI1 Cburth BuilrtAIi Cat4chtyts Mèdical M•dici. tood. •du:Itipn 17 Pr•i•¢ts.' N*w 8niil Brn£il K•nv• K•ny Vi*trthm 5.(W.CO 3.OCfj.C•) ).oDoty) 4,000. 8.c•Jo. Fr O Connor Chtsrth Ppad M•dKin• r¥". M•d*S1 8•th1•h•m M*¢i&r•t H?It Fr Donal ?'CothJ Fr ar+nJan %+ii Chutth Foji a￿¢1 Chuich Bu1￿1￿$ Foott Educbrion Food IV¥t•r Etsucarion Phjjlpp￿•* M•l¥wi K*DV4 & N￿41 Ff Ch•rf&• e•im* Sr fj•rale4ne Fr Èddi• l*nnon Paul Mcmaho Fr NKhOl￿ h•rtftrty Fr i•p Tr•ynp io.ooD.c 6.U¥)Q 3.000.fy) i.000.tr) 15.000.00 Pbknstkn EduatlQn JELi Pro¥iwThThA Wèt•r W4•11 St Su)•n DtrJI￿rtV r T¢n¥CoTr•v Fr Pi¥1 Hlidy Sr 5onc•s Aoon*¥ Fr Ch•r*r1￿ Ch•t4n AiwTronds M•chkn• P•r I¢.OODt>) 2501X) 5,000. B.ooo. 10,oco.00 io.oco .oco.00 I,coo.¢ Frq¥ht coJ15 iJnd• £duritlOrt,C￿•thti￿.. ChurcD Bui.d￿l M•dTh" Suppl*43. N￿% bnd m•aiCbl*) Fts¢d, So￿rt0 svstlm FDo¢ in¢ sUPWrt forffo#d knlttlms Se•t•r Z M•r4¢• 2.OW.t 4.20D 500.00 I,soo.trJ 4.ooo.c I.C￿01X1 .oDo.wJ 2.000.fy) 6.soo oo 2,￿ts 0¢ 2.5W.QO 1.505. In0￿7 C•p+V*id* F41th ForTr.atb)n & e%￿￿+[114t1ory Proirnrnm• ch￿rth Builrtin¢& R•no¥lliO*lS Food ind 845iC 5upp4*5 Edu<4tion, uniloirns, ShO•J, b40*1 Church R*pJLrJ Bu.Idini &￿1 Hvrt• Fvod ￿￿E•r(l￿Or.*￿i￿*rn5 Swrh Alr Srl Ird Sr8•pti￿ Fr.'Im•s Eludi Fr LI￿￿nc{ Simboti Z•mbi• ftabbr( Firrn1nE Ipr FO￿ & Wlt*< lor fiocsd ¥Kti Mal•WI Mallw FI ?Iui Nko4rnb￿=p Sr Mprvdrn DLl¢Irt FrD0Th41< 2.000. ry,LW.00 IRGO.00 I,(¥)O. i.¢*)Q. 2.(W.C 450P. 4,000. i.(¥Jo.ots Youth Prciiimm* Tv5h• Worn+ns flu Èdu:*tiOn &'peor 0¥pha￿S AknOIO Suppl*: f(*r r+ctory Jtt+r C¥(￿n• Church &Vi￿d￿l Frlw4•3 6orr• Fr l¢llltill ¥ohin• Fr Lurn•.• Fr Cw'io Si1*4irnb• SrAIKo J )ri'4• FrChail*s man￿ll. Fr P¥y'• L••n VDnd• Church K•msfor f40b.￿lI* Chi￿1 od iupp.*i Edu4. Apostolic Work Down & Connor Independent Examiner's Report to the Trustees of Apostolic Work Down & Connor Year ended 30 November 2023 I report to the trustees on my examination of the financial statements of Apostolic Work Down & Connor ('the charity'l for the year ended 30 November 2023. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act (Northem Ireland> 2008 (the '2008 Act,). You are satisfied that your charity is not required by charity law to be audited and have chosen instead to have an independent examination. I report in respect of my examination of the charity's financial ststements as carried out under section 65 of the 2008 Act. In carrying out my examination I have followed the general Directions given by the Charity Commission for Northern Ireland under section 6519)(bl of the 2008 Act. Independent examlner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with my examinalion giving me cause to believe that in any material respect.. accounting records were not kept as required by with section 63 of the 2008 Act., or the financial statements do not accord with Ihose records,. or the financial statements do not comply with th6 accounting requirements of the 2008 Act; or the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. I confim that there are no other matters to which your attention should be drawn to enable a proper underslanding of the accounts lo be reached, Dermol Corr (FCA) DC Corr and Company Independent Examiner 29B Main Street Randalstown County Antrim BT413AB Apostolic Work Down & Connor ststement of Financial Activities Year ended 30 November 2023 2023 Unrestricted funds Total funds Total funds 2022 Nots Income and endowments Donations and legacies Charitable activities Investment income 38,288 199,997 1,955 38,288 199,997 1,955 240,240 201,654 181.459 478 Total income 240,240 383,591 Expendlture Expenditure on raising funds.. Costs of raising donations and legacies Expenditure on charitable activities Total expendlture {4731 265,922 265,449 339,145 339,145 339,145 339,145 Net (expendlturo)Ilncome and net movement In funds 198,9051 (98,905) 118,142 Reconciliation of funds Total funds brought forward Total funds carrled forward 574,798 574,798 456,656 475,893 475,893 574,798 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 10 to 16 form part of these financial statements. Apostolic Work Down & Connor Statsment of Financial Position 30 November 2023 2023 2022 Note Fixed assets Tangible fixed assets 13 180,000 180,000 Current assets Stocks Cash at bank and in hand 14 8,839 287,054 295,893 8,839 395,959 404,798 Creditors: amounts falling due within one year Net Current assets 15 10,000 295,893 394,798 574.798 Total assets less current liabilities 475,893 Funds of the charity Unrestricted funds 475,893 574,798 Total charity funds 16 475,893 574,798 These financial statements were approved by the board of trustses and authorised for issue on 23rd February 2024, and are signed on behalf of the board by.. Mrs M McGrath Trustee The notes on pages 10 to 16 form part of these flnanclal statements. Apostolic Work Down & Connor Notes to the Financial Statements Year ended 30 November 2023 General inforniation The charity is a public benefit entity and a registered charity in Northern Ireland and is unincorporated. The address of the principal office is Down & Connor Centre, Xavier House, 156 Cliftonpark Avenue, Belfast, BT14 6DT. Statement of compliance These financial ststement5 have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,. the Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {Charities SORP {FRS 1021) and the Charities Act (Northern Ireland) 2008. Ac¢ounting pollelès Basls of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment propertiès measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional CLJrrency of the entity. Going concern There are no material uncertainties aboul the charity's ability to continue. Judgements and key 8ouKes of 88tlmatlon un¢ertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are belleved to be reasonable under the circumStan￿s. Fund accountlng Unrestricted funds a￿ available for use at the discretion of the trustees to ftjrther any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes.. restricted income funds or endowment funds. 10 Apostolic Work Down & Connor Notes to the Financial Statements {continued) Year ended 30 November 2023 Accounting policies (eontlnu•dJ Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity,, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measuréd. The following specrfic policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy incomè is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unl8S$ this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilitl8s and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is r8cognised on an accruals basis as a liability is incurred Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitsble aims for the benefit of its beneficiaries, including thos8 support costs and costs relating to the govemance of the charity apportioned to charilable activities. other expenditure includes all expenditure that is neither related to raising funds for tha charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable lo a single activity are allocated directly to that activity. Shared costs are apportioned be￿een the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded al the fair value at the date of revaluation less any subsequent a¢¢umulated depreciation and subsequent accumulated impairment losses. 11 Apostolic Work Down & Connor Notes to the Financial Ststements (wntinued) Year ended 30 November 2023 Accounting policies (¢t>ntlnued) Impairn)ent of flxed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. stocks stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Flnanclal instruments A financial asset or a financial liability is recognised only when the charity becomes a paty to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recogni$ed in income and expenditu￿. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that Is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in designated hedging relationship. Financial assets that are m8asured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objeGtive evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a Carrying amounl of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 12 Apostolic Work Down & Connor Notes to the Financial Statements (continued) Year ended 30 November 2023 Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Donations Donations 29,988 29,988 33,345 33,345 Legacies Legaciès 8,300 38,288 8,300 38.288 168,309 201,654 168,309 201,654 Charitable actlvlties Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Collections from branches 199,997 199,997 181,459 181,459 Investment Income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Bank interest receivable 1,955 1,955 478 478 Costs of raising donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Movement of stock (473) {473) Expenditure on charitablè activities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Charitable activities Support costs 292,154 46,991 292,154 46,991 232,482 33,440 265,922 232,482 33,440 339,145 339,145 265,922 13 Apostolic Work Down & Connor Notes to the Financial Statements (continued) Year ended 30 November 2023 Expenditure on charttable activities by activity type Activities undertaken directly Support Total funds costs 2023 Total fund 2022 Education Catechists, Seminaries, Noviciates Hospice Care Parish Care Community development Building Schools buildings Church Buildings Medical Food and water Sacred vessels and materials Self help projects Transport Governance costs 57,700 10,000 57.700 10,000 87,443 8,000 3,000 40,400 7,500 6,500 67,000 30,500 47,800 9,204 13,300 2.250 40,400 7,500 6.500 67,000 30,500 47,800 9,204 13,300 2,250 46,991 7,500 8,500 7,700 29,638 12,000 60,117 5,484 10,500 12,500 33,440 46,991 46,991 292,154 339,145 265,922 10. Independent examlnatlon fee8 2023 2022 Fees payable to the independent examiner for.. Sndependent examination of the financial slatements 1,980 1,650 11. Staff costs The averag8 head count of employees during thè year was 2 {2022'. 2). No employee received employee benefits of more than £60,000 during the year (2022.. Nil). 14 Apostolic Work Down & Connor Notes to the Financial Statements (continued) Year ended 30 November 2023 12. Trustee remuneration and expenses No Trustees received ay remuneration during the year12022: £Nil). One trustee received travel expenses of£1,265 (2022'.£7141 13. Tangible fixed assets Long loasahold propèrty Cost At 1 December 2022 and 30 November 2023 180,000 Deprociation At 1 December 2022 and 30 November 2023 Carrying amount At 30 November 2023 180,000 At 30 November 2022 180,000 14. Stocks 2023 2022 Stock 8,839 8,839 15 Apostolic Work Down & Connor Notes to the Financial Statements (continued) Year ended 30 November 2023 15. c￿dItorS. amounts falling due wlthin one year 2023 2022 other creditors 10,000 16. Analysis of charitable funds Unrestricted funds At 1 De￿mber 2022 At 30 Novembe r 2023 Income Expenditure General lunds Fair value reserve 553,605 21,193 240,240 (339,1451 454,700 21.193 574,798 240,240 1339,1451 475,893 At 1 December 2021 At 30 November 2022 Income Expenditure General funds Fair value reserve 435,463 21,193 383,591 (265,449) 553,605 21,193 456,656 383,591 (265,449) 574,798 17. Analysls of net assets between funds Unrestricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Ngt assets 180.000 295,893 180,000 295,893 475,893 475,893 Unrestricted Total Funds Funds 2022 Tangible fixed assets Current assets Creditors less than 1 year Net assets 180,000 404,798 (10,000) 574,798 180,000 404,798 (10,000) 574,798 16