OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← The Hope Park Trust

2025-05-15-accounts

==> picture [265 x 405] intentionally omitted <==

----- Start of picture text -----
‘A Es , eX = _\
HOUSE
| Annual Report
and
Financial Statements
2024/25
----- End of picture text -----

Hope Park Trust Balmoral Road, Blairgowrie, PH10 7HU

A Charity Registered in Scotland, Reference No. - SC013769

HOPE PARK TRUST

Annual Report and Financial Statements For the Year ending 15" May 2025

Contents

Page
Contents 1
Annual Report 2-6
Annual Report of the Chairperson ofthe Committee
ofManagement 7-8
Independent Auditor’s Report 9-11
Financial Statements:
Income and Expenditure 12
Balance Sheet 13
Statement of Financial Activities 14-15
Cash Flow Statement 16
Notes 17-23
AdditionalInformation 24

4

HOPE PARK TRUST

Annual Report for the Year Ending 15” May 2025

How We Are Established

Hope Park Trust is a registered charitable organisation established in 1947 by Trust Deed from the legacy of the late Miss Margaret T. Smith of Drumcairn. The bequest was for the purpose of providing residential accommodation for the elderly. The house and grounds of Hope Park were therefore then acquired. Under the terms of the Trust Deed, the Trust’s property is to be used to provide and maintain a home for aged or infirm people who belong, or who are resident, in Blairgowrie and the surrounding area. Over the years since then, Hope Park Home has been continuously extended and developed to create the present Home. The level of services provided to the elderly has also evolved, and in particular the Home has specialised in dementia care since 1999.

What We Aim To Do

Hope Park Home offers specialist residential care, including respite, for up to 32 residents, in the locality and is registered with, and inspected by Scottish Care and Social Work Improvement Scotland (also known as the Care Inspectorate). Registered as a charitable organisation with the Office of the Scottish Charity Regulator (OSCR), the main objectives of the Trust are:-

There are no specific restrictions imposed by the Trust Deed concerning the way in which the charity operates in furtherance of its objectives. These objectives remain in force continuously under the Trust Deed. Further, given the current demand for the services provided by the Trust, it is felt that these objectives do not require to be reviewed at this time.

How We Are Managed

The four Trustees were appointed by virtue of their election on 5" May 2022 to the Council wards of the immediate surrounding areas of Hope Park House. The Trustees are Councillors representing the Wards 2 (Strathmore) and 3 (Blairgowrie and the Glens) and were appointed by Perth and Kinross Council at its meeting on 25 May 2022.

New Trustees are presented with a copy of the accounts, a copy of the constitution, and are made aware of OSCR guidance in relation to the Trust. Other information is provided to them as appropriate to assist them in undertaking their duties as Trustees.

Committee of Management 2024/25

Within the terms of the Trust Constitution a Committee of Management is appointed to administer the running of the Home. The members of the Committee during 2024/25 were:-

2

HOPE PARK TRUST

Annual Report for the Year Ending 15° May 2025

Committee of Management 2024/25 (Contd.)

==> picture [128 x 88] intentionally omitted <==

----- Start of picture text -----
Secretary
Vacant
Treasurer &— Secretary
Homea
----- End of picture text -----

Organisational Structure and Operation

The Trustees appoint representatives of the public, who together with the Trustees form the Committee of Management, and who meet throughout the year to monitor and consider the overall performance of the Home and its future strategies and policies. The Manager is then responsible for the implementation of these strategies and policies. The Manager is also responsible for the day-to-day management and running of the Home, with guidance from the Committee of Management.

As such, the Manager is deemed to be the key management personnel in the operation of the Home. The remuneration of the key management is determined annually and is based on benchmarking with other homes in the area, operational performance of the Home, as well as affordability within the context of the Trust's resources. None of the Trustees received any remuneration or the reimbursement of expenses in the year. Honorarium payments to the Chairperson and Treasurer during the year amounted to £14,000 in total (2023/24 £14,000).

Operational & Financial Review

It has been another difficult year, however occupancy remained high at 97%, reflecting a small increase from the previous year (96%). Following the resumption of respite care and day care services during the previous year, only minimal levels of such care was provided, and therefore it was decided to cease and deregister the day care service with the Care Inspectorate. The largest challenge facing the Home continues to be the recruitment of new staff, with the Home relying on the use of agency staff to cover shortfalls. The operating deficit for the year was £39,224 (2023/24 £70,643). There were no legacies received in the year, whilst grants received were £636 (2023/24 £23,342), for biodiversity garden planting and resident equipment. The Trust's plans are to continue the current care strategies, with the aim of maintaining the occupancy level at above 95%. The Trust's plans also include continuing to develop the Home's facilities for those with dementia living in the community. The Trust recently constructed additional facilities in the grounds of the Home for this purpose. However, these plans were deferred due during the pandemic and will be progressed in future at an appropriate time.

A more detailed analysis of the Trust's operational and financial performance, including the current and future strategy for the provision of care by the Trust, is contained within the Chairperson’s Report on pages 7 and 8.

3

HOPE PARK TRUST

Annual Report for the Year Ending 15° May 2025

Reserves Policy

The Unrestricted Reserves of Hope Park originate from operating surpluses and general donations and bequests. The Trustees aim to have 3 months expenditure in reserves, which equates to around £395,000, in order to meet demands as they fall due and ensure the continuing ability of the Trust to meet its objectives. The Trust currently has well in excess of this amount. In particular, there are no plans to disburse reserves other than to re-invest in the fabric and facilities within the Home, for the benefit of current and future residents. The level of such Reserves held as at 15 May 2025 was £1,191,673.

The Trust currently only has one Restricted Reserve, for its property. The Property Reserve originated from grants and donations designated for particular development projects. The reserve is retained primarily to meet refurbishment and replacement costs on fixed assets. Restricted Reserves which originate from grants and donations are transferred to Unrestricted Reserves over the life of the assets funded by such grants and donations. The level of the Property Reserve held as at 15 May 2025 was £474,304.

Investment Policy

The Trust has no specific investment powers or limitations, however any investment undertaken is to be in furtherance of the Trust's objectives. When funding allows, the investment policy of the Trust Is to invest in stocks and shares far a beianced reiurn suoject io a medium degree cf risk for long ierm growth Short-term cash surpluses (when applicaole) are invested on deposit in line with projected cashflows. This policy has been fully cornplied with throughout the year. The investment activity during the year all related to the short-term investment of cash flow surpluses.

Risk Management

In recent years there have been increased financial pressures in the Home. The Home has operated at a loss since the Covid-19 pandemic, however the position has shown steady improvement each year. In the last few years, the Home has also experienced significant levels of inflation, particularly affecting staff costs, the cost of provisions, energy, repairs and maintenance, insurance, and other household supplies.

In the longer term, the Trustees view the under-occupancy of bedspace as the significant risk to which the Trust is exposed. This risk is mitigated by constant dialogue with Social Services and Health Authorities to ensure services offered by Hope Park are in keeping with the current philosophy of care and standards, and the Home's facilities and standards of care evolve accordingly. This approach has led to achieving effectively full occupancy throughout most of the last few years. Consequently, occupancy continued to increase in 2024/25 to just under 97% compared to 96% in 2023/24. However, the Trust decided to deregister its day care service due to a lack of demand and available funding.

The other main risk that has emerged in recent years is the ability to recruit and retain high quality staff. The “cost of living crisis” over the last few years has worsened this situation, with other sectors being able to offer more competitive rates of pay. The employment of the highest skilled staff, together with appropriate and continuous training also mitigates the risk of under-occupancy. This risk has been addressed by paying all staff above the minimum rate prescribed for Care Staff by the Scottish Government and consequently the Home pays its staff at rates higher than other care homes. The employment, retention and ongoing training of high calibre staff allows the Home to provide high standards of care and maintain and enhance its reputation within the area.

The Home also undertakes active promotion of its facilities, with periodic client feedback exercises. The success of these risk management strategies can be evidenced by the level of enquiries received from the authorities and general public, with many stating Hope Park to be their preferred Home for the provision of care.

4

HOPE PARK TRUST

Annual Report for the Year Ending 15" May 2025

Related Parties

The Trust has a relationship with Perth & Kinross Council who nominates the trustees from those wards in the local area, and as the local authority, pay the residential and respite fees for certain residents. All such payments are made as arm's length transactions. The amount of such fees received from Perth & Kinross Council in the year was £711,536 (2023/24 £677,099). The Trust also received a grant of £431 from Perth & Kinross Council during the year in respect of the Biodiversity Villages, Towns & Neighbourhood Initiative for plants, shrubs and trees purchased for the Home.

Statement of Disclosure of Information to Auditors

The Trustees, who held office at the date of approval of this Annual Report as set out above, each confirm that so far as they are aware:

The report and financial statements were approved by the Trustees on 26 August 2025 and signed on their behalf by: a

==> picture [98 x 84] intentionally omitted <==

----- Start of picture text -----
a
----- End of picture text -----

Auditors

Findlays Audit Limited, Chartered Accountants, Dundee

Bankers

Bank of Scotland, Dundee Branch

Address

Hope Park House, Balmoral Road, Rattray, Blairgowrie, PH10 7HU

Telephone 01250 872349

Email

Care@hopeparkhouse.com

Website

www.hopeparkhouse.co.uk

Charitable Registration $C013769

5

HOPE PARK TRUST

Annual Report for the Year Ending 15° May 2025

STATEMENT OF RESPONSIBILITIES OF THE COMMITTEE OF MANAGEMENT

The trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing those accounts, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable it to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

6

HOPE PARK TRUST Annual Report for the Year Ending 15” May 2025 ANNUAL REPORT OF THE CHAIRPERSON OF THE COMMITTEE OF MANAGEMENT

As Chairperson of the Committee of Management it gives me pleasure to submit my Annual Report for the Financial Statements for the year ending 15" May 2025.

The Trust continues as a charitable organisation, with the objectives of providing specialist accommodation and care for elderly people. These objectives will continue, whilst our activities are continually being developed to meet changing demands and standards. All the facilities are registered with, and inspected by, the Care Inspectorate, and inspection reports re-affirm the Trust's ability and commitment to providing high quality services and facilities, with highly trained and dedicated staff. This remains the case despite the many challenges facing the home, and the care sector as a whole. Further, the latest inspection report by the Care Inspectorate graded how we support our resident's wellbeing as “very good”, and in particular highlighted the excellent work undertaken by our staff working in the Home. It was also pleasing to note that the quality of care provided to our residents was supported by extremely positive feedback received from residents and their families.

It is also pleasing to see the Home operating at normal levels again. | am grateful to all our residents and their loved ones for being understanding and supportive over the last few years, and it is now pleasing to see them enjoy the day-to-day life in the home. Further, as we move into better weather, more time can be spent in the Home's spacious grounds and gardens, including our sensory garden areas. Numerous day trips to various local attractions in the Home’s minibus are also being undertaken and are particularly enjoyed by our residents.

Our respite and day care services resumed last year after being suspended during the pandemic, however we took the decision this year to cease our day care service. This was due to a lack of funding and demand which meant we could not justify the cost of continuing to register the service with the Care Inspectorate. However, our plans for utilising our Garden Room (“Jean’s Bothy”) for community facilities remain, with the facility used for training and other events by local services and groups. It is also hoped that our longer-term plans for providing community services and activities can continue to progress when demand can be better gauged and specific services developed. These developments are essential in ensuring Hope Park evolves and continues to meet changing care strategies and assist people living with dementia (and their carers) in the community for longer. This will reduce their feeling of social isolation and improve interaction with others in a relaxed and secure environment, thus providing them with care and stimulation.

Resident numbers in the Home have continued to rise each year, reaching 97% in the year, and so are at near capacity levels. All vacancies in the year have been filled, however there is inevitably some delay in filling vacancies. We are unable to maintain a waiting list, due to the changing needs and circumstances of those who had expressed a preference for coming to Hope Park. However, the Home is continuing to receive many enquiries, and | am therefore confident that current vacancies will be filled timeously, which is testimony to the Home’s reputation and the demand for our services. With regard to the financial statements for the year, it is again disappointing to note that an overall deficit of £39,224 has been achieved (2023/24 deficit £47,921). Whilst the deficit has reduced each year since the Covid-19 pandemic, it is clear that challenges still exist in running the Home. These include difficulties in staff recruitment and the reliance of agency staff to cover unfilled posts and absences, as well as recent levels of inflation, particularly affecting provisions, energy costs and repairs and maintenance. This year has included significant electrical testing and compliance costs (£8,660), as well as additional insurance-related costs. However, there are indications that recent budget measures are starting to make an impact: the increase of 0.24% in the number of resident days has led to a 8.7% increase in income, whilst Staff costs have increased by around 6%, including an increased reliance on agency staff. Interest on the bank loan also increased as it moved to a variable interest rate, however such charges will reduce due to the additional voluntary repayments made during the year and recent interest rate reductions. Most other areas of expenditure show small increases, reflecting the prudent financial control being maintained throughout the Home during a period of high inflation. This means that we can continue investing in the Home without compromising the level and quality of care for our residents.

7

HOPE PARK TRUST

Annual Report for the Year Ending 15" May 2025

ANNUAL REPORT OF THE COMMITTEE OF MANAGEMENT (CONTD.)

The Trust’s balance sheet continues to reflect a strong fixed asset base, which is shown at historic cost less depreciation. Whilst current liabilities exceed current assets, much of this relates to Resident Fees received in advance. However, there is an increase in debtors due to delays receiving fees for some residents, requiring the use of a short-term overdraft facility. Accordingly, given the payment profiles, the Trust continues to maintain a sufficient level of liquidity in order to meet the Trust's commitments as they fall due. The Trust also has funds placed on fixed notice deposit which can be used to manage short-term cashflows, whilst the funds are to be applied to future developments within the Home. The balance sheet also includes long term liabilities for the funding of the major development undertaken in the Home in 2014/15, as well for some of the energy efficiency measures undertaken in last year. The balance of these loans has significantly reduced during the year in line with the scheduled repayments and the additional voluntary repayments of the bank loan made during the year | would conclude by expressing my grateful thanks to all our residents, their families and their visitors for their continued support for the work being undertaken in the Home, particularly during the difficulties and constraints of the last few years. | also wish to thank all the staff for their continued hard work in a continuously challenging environment in maintaining the high levels of care and ensuring the safety of all our residents, and which has been recoanised by the Care Inspectorate in their last inspection report Wilkie, and her Management Team, for their managing of these chailenging and changing circumstances. Finally, | would like to express my appreciation to all the others who have assisted the Home and our residents: particularly our Health Protection Officers, GP’s, nursing staff and social services, and al! those who contributed to the Home in some way | would conclude by noting that it has been another very challenging year for the Home. However, as we move forward, | am confident that the Home is continuing to move to a position to better meet the future challenges. | also look forward to continuing dialogue with our health and social care partners, to assist and guide the development and extension of our services with the community that will benefit as many people and their carers as we can. | continue to strongly believe the future of the Home, and the enhanced benefits for residents and the community, will be secured for many years to come. | would conclude with my best wishes to you all for a healthy and rewarding future. - -

8

HOPE PARK TRUST

Independent Auditor’s Report to the Trustees of Hope Park Trust

Opinion

We have audited the accounts of Hope Park Trust (the 'Trust') for the period ended 15 May 2025 which comprise statement of financial activities, balance sheet, cash flow statement and notes to the accounts, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the accounts:

Basis of opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the accounts section of our report. We are independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard and the provisions available for small entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Report of the Trustees, other than the accounts and our auditor's report thereon. The Trustees are responsible for the other information. Our opinion on the accounts does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

9

HOPE PARK TRUST

Independent Auditor’s Report to the Trustees of Hope Park Trust

(Contd).

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities and Trustee Investment (Scotland) Act 2005 and the Charity Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ responsibilities the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the Trustees are responsible for assessing the Trust's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the accounts

We have been appointed as auditor under section 44(1(c) cf the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.

Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

The audit team has the appropriate skills and expertise required and through discussions with management and Trustees and knowledge of the sector to ensure any non-compliance is recognised and all necessary disclosures are made. The controls in place help the charity mitigate the risk of fraud and also aids them in highlighting any instances of fraud that may occur.

We assess the susceptibility of the charity's financial statements to material misstatement including obtaining an understanding of how fraud and non-compliance with laws and regulation may occur

10

HOPE PARK TRUST

Independent Auditor’s Report to the Trustees of Hope Park Trust

(Contd).

As a result of the nature of the Trust's operations, we identified the following areas as those most likely to have a material impact on the financial statements:

Direct Impact on Financial Statements

Owing to the inherent limitations of an audit, there is unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance. A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council's website at nttos://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the Trustees, as a body, in accordance with Section 44 (1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Our audit work has been undertaken so that we might state to the Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trust and its Trustees as a body for our audit work, for this report, or for the opinions we have formed.

Findlays Audit Limited

Chartered Accountants & Statutory Auditors Eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 11 Dudhope Terrace Dundee DD3 6TS 26 August 2025

11

HOPE PARK TRUST

Income and Expenditure Account for the Year-ending 15" May 2025

==> picture [416 x 476] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |2025|2024| |INCOME|£|£|£| |Residents|Fees|4,543,270|1,419,726| |Grants,|Fundraising|&|Donations|636|620| |Investment|Income|3,564|3,513| |Sundry|Income|0|75| |1,547,470|1,423,934| |EXPENDITURE| |Employee|Costs|1,251,033|1,181,747| |Repairs|&|Maintenance|57,904|44,909| |Heating|&|Lighting|53,851|47,174| |Provisions|53,524|52,104| |Household|Supplies|16,491|15,731| |Motor|Expenses|1,785|1,661| |Postage,|Stationery|&|Advertising|6,215|4,671| |Telephone|&|ICT|Charges|4,057|4,234| |Administration|Charges|32,327|32,303| |Depreciaiion|63,755|87,522| |Bank|Loan|Charges|10,338|9,942| |Bank|Interest|&|Charges|1,099|198| |Audit|6,600|6,300| |Misc.|Expenses|7,675|5,981| |1,586,694|1,494,577| |(Deficit)|for Year|(39,224)|(70,643)| |Statement of|Total Recognised Gains and Losses| |Deficit|for Year|(39,224)|(70,643)| |Capital|Grants|Transferred|to|Property|Reserve|0|22,722| |Total|Loss|recognised|since|last annual|report|(39,224)|(47,921)|

----- End of picture text -----

12

HOPE PARK TRUST

Balance Sheet as at 15” May 2025

2025 2024
Note £ £ £
FIXED ASSETS
Hope Park House 1,762,483 1,816,066
MotorVehicles 31,036 34,541
Furnishings, Fittings & Equipment 116,715 114,026
3 1,910,234 1,964,633
CURRENTASSETS
Investments — Deposits at Bank 4 47,422 120,597
Debtors and accrued income 5 91,470 54,644
Cash at Bank 4678 18,941
Cash in hand 210 248
143,780 194,430
CURRENT LIABILITIES
Creditors due within oneyear 6 (250,770) (242,554)
NETCURRENTASSETS((LIABILITIES) (106,990) (48,124)
TOTALASSETSLESS CURRENTLIABILITIES 1,803,244 1,916,509
Creditors due after more than one year 7 (137,267) (211,308)
TOTALASSETSLESS LIABILITIES 1,665,977 1,705,201
REPRESENTED BY:- 9
UNRESTRICTED FUNDS
Income & Expenditure Reserve 1,191,673 1,215,317
RESTRICTED FUNDS
Property Reserve 474,304 489,884
4,665,977. ___1,705,201

Approved by the Committee of Management on 26 August 2025 and signed on their behalf by:

The notes on pages 17 to 23 form part of these financial statements.

13

|||a2e
S28
252
Qri|OY
w/e
Ran 18
Go
S
-
:
-|eg ere
T3RS5H BN
are
nay Be
-
or
SS ols
r

°
te
olt
a
9|al
5
:
:
o
.
Si|:
§|
8
S|
;
=|
8
:
z)
3
i| |---|---|---|---|---|---|---| ||||||||| |Re)
s)
N||azgn
aos
254
qari|ASR
o's)
g
3
°
S
:
:
:
=
)
cr|BS
288
SSoAaSx8
S588
RR R88
SSSR
EREESE
N
Soe eS RSS ge
&
gge-
&
;
Solo
|
=|S|”
.
pe
a
=|§
a]
8
1
:
a8
5
8]
8
|g
3|
8
|g
|| |&
=||||||| |=
|
|
:||-
B25
Si|oolo|:
ooo
ooo
geo°o
|
|
=
pz)
.||
ws|:
:
|
ih
|,
|
in
,
,| |,
:
.
:
>»
2)
tt)
28
2 ik
|
S|
:
xe]
Le)
.
q|=
RS
‘a.
ws
Qa)<
Q| =
SE
:
g
w
we
.-)
w|.
=
2
ire
a
Ww
5
5
Oo
;
tn
i
a
Qo
g
r
rz
n2
w
a
z
2|eee
ae
8
a
aoe
ounrw
02 gol
Zeer
w
See
ogee
&S8
coc
852

Ww|°
:
|
lol
7
I~]
;
oot
S88
°
5
8 °
fg
-
3
-
=||
|
|
B
©
S|
°
|
.
|
|
j
!
In
|
io
oO
MP
odd
eoe3:
cbage
S5e8°
885
SPE EPEP TEL
nw
3 0 Rae
8 gi
3
XN Sao ses oe
z|
°
r
sor Ole
S||,
,
:
iM
|
;
|
:
F
|
iol
I
ay
|g
é
;
:
al
a
|e
-
bl
cr
_| |:||||||| |:||||||| |x
i)|||.
:
2
|
F
Ss&
4
£3
°°
o
oO
2
ae>.s
$o£o8
sf
uw
£9
7E8
eee
webele
Soeeeg
see2es
=>o2.e
K
225222
EAR|on
o
n
~
1
;
oO 3
o
:
BZ
°
<=
ia
;
Gan
S
<
io)
<
58
.
o
Ss
&
oo
7
2
a
8
5°
:
7
&
A
8
2g
:
3
i
r |
7
nok
”
2
bed
4
Za
x=
Chuae
2
8
85
:
52
:
eegss 3¢go go 5
>"339 3GC 20
G6 og
no
Zz
5
2£
gs
85 $25.83 Hite
ssgcees §<5% f 59
bag
Seog e328 =
eo
a2
we
Q
o
oO
—E Oo oosre =&5$i 3B
:
z
WEeSEe SREeSseoaw 8
BB
5
Ss eesise
wir
fe
8
Wy
£2
E
:
pegged
uw
>
=
a
cy.
€
Et5
2
:
a:
:
By uz
z
m~
=
ES 535580*
=
22
3
38ssie° GE
z
:
53
FE
x
lo
=
z
7
°
Oo
2
8
Bo
2
Poal||| |||||14|||

|||azo”
ace
N
>
RFc|SIS
858
|
OuUnN
Oo
gS"
jp
=
-|SESSETSESRSLSS
GORFSRRGSASHS8)
w
Ld
wo
or
Oo
woo
geese
See
he
-
-|S|
ja
wl
le|8
|S}
&
B
ja}
F
C
be
OBS
rc|IS
|=
o
-| |---|---|---|---|---|---|---|---| |.
N
~)
N||TINH
S2o7
sea
are|OAM w/o
Raa"|B]
2a”
¢
=
;
-
-|hOatyr
mr QaAN
Ss
SSSRRSSSERE)
o¥FSr" S57
WS
=
~
<
-
-|ao
Ja
aw
fa)
~
[Al 8
ed
x]
B
x
SR
-||dx
IR
IS
IR
=| |N|||||||| |ia
UMA!
38
SS
Beem
[s)
gu
w
é
i“
o
%
Q
.
C)
4
>»
>
i
Pee
Vx
so
gs
&| =
E
23
ml &
Qo
at
go
me
wgege
&
s=2
<| =
5
>
Q) >
.~}
al g
Qs
Zs
oeuwl
Qo
CPE
G9
8
055”
5
t5
52
=a
8§2
e
«e28es|||OoONO COIN
PRO
N
q
N
~N
&
8
N
Ni
7
COMM
2
RSS
oa
oO
|
=
Q
x
<|oooo0°cc 0
ooo
2°
°
8]
|
|
foe)
io)
s
|e
—
S
“
Lertrrenr OY
fe.)
RESERZESERR)
SBYIsAaer-yxser®
Or
oarrTor
TR
S
=
=|vT
=
|a|
oy
+t]
|a
“I
1°)
o
|B
cal
2|an
oO
ve]
2)
8
(a) 8
|8
7
S18
vT
vt
o
{+}
oO
~
lal &
|8
“'
3
|8
t
|<
B
IB}
8
IP
2
|e!
.
ee)
b
~
=
B
iF
&
ls
o|
B@
|e
9
=
XN
|X|| |‘||iL|WwW|||||| |9|Zz||||||| |x
g
:
5}
17)|2||||o
Ww
wo
~
eg
i
Oo 4
wn
2
fog
o&||Qa
&| ||||Ww|®|—~<|=
x|F| ||||x
~
9
2
OH
5
Ww
o ©
2
a
SE
rc}
28
2
vesos
Sstes
ee82
wZfSffS
S5n®az
SScksk
OssoSo
Srocanr|S
c
2
¥
rad
2
n
yw
‘o
a
e
>
«
»
Ss
q
2
5
Ci
3
£2
oo
8
*2
2
$$ $§
&§
weeke
&
s)
5
Oo
eeene 282
22
&
a
a
@®ce ®9cOR
RsCP7 Fae
Se8ee
gas egeSiassogu
BSSPoSTMessess
AeakeesasegxesE
SSELSPESSEESSO
OuoTaoscaomnanatcre|eZ
£oy5
&
Ff
2 =
a
a
<<
kK
Fo
6
2
xr
Qa
O
5+
6
wW
z2
Q
f@
“4
uw
ow
>
wW
Oo
1.2
7
Z
<
xzZ
2
eE
6
S
wo
=
a
59 9
BB
oOo
9
2
Su Bu
Ss
S
°
x
wo
Se
e Qa
a
-2 FZeeE
SF
WEEw
Oo
6
20
0
2
F
F|||

15

HOPE PARK TRUST

Cash flow statement for the year ending 15” May 2025

2025 2024
Note £ £
Cash Flowsfrom Operating Activities
NetCash provided by operating activities 11 22,626 51,809
Cash Flows from investing Activities
Interest & dividends from investments 4,099 4,396
Redemption/(Purchase) offixed term deposits 73,175 (20,597)
Purchases for heritable property (2,475) (45,831)
Purchase ofvehicles, furnishings & equipment (24,446) (33,178)
NetCash received/({used) in investing activities 50,353 (95,210)
Cash Flowsfrom Financing Activities
Receipt of Loan term Loan 175,777 34,800
Receipt of Grants for capital expenditure 0 22,722
Net funds (paid)/received for Residents personal expenditure 0 (3,207)
Loan repayments (252,728) (17,696)
Interest on borrowings (10,329) (10,023)
NetCash used in financing activities (87,280) 26,596
Change in cash & cash equivalents in the year a (14,301) 16,805)
Cash & cash equivalents brought forward 19.189 35,994
Cash&cashequivalentscarriedforward 4,888 19,189

Cash & cash equivalents represent cash at the bank and cash in hand. It excludes fixed deposits and fixed notice accounts at the bank which are included within current asset investments.

16

HOPE PARK TRUST

Notes to the Financial Statements for the Year-ending 15 May 2025

1. Accounting Policies

Trust Information

Hope Park Trust is a charity registered in Scotland. The principal address is Hope Park House, Balmoral Road, Rattray, Blairgowrie, PH10 7HU. Hope Park Trust meets the definition of a public body benefit entity under FRS 102.

Basis of accounting and assessment of going concer

The financial statements are prepared under the historical cost convention as modified by the revaluation of investments, where applicable, and include the results of the Trust's operations as indicated in the Report of the Trustees’, all of which are continuing. The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern, and that the financial needs of the Home can be met from continuing current arrangements and existing resources. During the year the Trust discontinued its day care operations by not renewing its registration with the Care Inspectorate at 1 April 2025. The Trust did not acquire any new operations during the year. The Trustees followed all Government and Public Health Guidance throughout the year.

The financial statements have been prepared in accordance with applicable accounting standards and the Statement of Recommended Practice: Accounting and Reporting by Charities. Accordingly, the financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic or Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

The financial statements are prepared in sterling, which is the functional currency of the Trust. The following is a summary of the significant accounting policies adopted by the Trustees in the presentation of the financial statements.

Income and expenditure

Income is accounted for in the period in which the Trust is entitled to it, on an accruals basis.

Resources expended are also included in the accounts on an accruals basis. Irrecoverable VAT is included in the resources expended on the same basis. Certain expenditure is directly attributable to specific activities and has been included in these cost categories.

Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Pension costs

The Trust operates a defined contribution pension scheme. Contributions are charged to the income and expenditure account as they become payable on an accruals basis.

Grants

Revenue grants are credited to the Income and Expenditure Account in the year in respect of which they relate. Grants received in respect of capital expenditure are credited to the Income and Expenditure Account over the expected useful lives of the fixed assets to which they relate. The balance of such grants is included in restricted funds.

Legacies

For legacies, entitlement is the earlier of the Trust being notified of an impending distribution or the legacy being received. At this point income is recognised and credited to the Income and Expenditure Account. On occasion, legacies will be notified to the Trust, however, it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed. There were no such legacies received or notified during the year.

17

HOPE PARK TRUST

Notes to the Financial Statements for the Year-ending 15 May 2025

Agency Costs Where the Trust is acting as an agent for another party, income and expenditure relating to that arrangement is not recognised in the Income & Expenditure Account of the Trust.

Depreciation In line with the accounting standard FRS 15, depreciation is provided in respect of heritable property over periods of up to 50 years, based on the estimated useful life of the assets, ona straight-line basis. The Trust carries out maintenance of, and repairs to, its heritable properties in order to maintain them to a high standard.

Furnishings, Fittings and Equipment and Motor Vehicles have also been depreciated on a straight-line basis over the estimated useful life of the individual assets, and in the case of Motor Vehicles, after allowing for any residual value at the end of its life. Assets costing less than £500 are not generally capitalised and are therefore charged in full to the Income and Expenditure Account in the year that the expenditure is incurred.

Debiors Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount of the services receivable estimated to relate to future periods, measured on a pro-rata basis.

Cash at bank and in hand Cash at bank includes cash held in a bank current account, instant access deposit account, or a similar type account, whilst cash in hand relates to petty cash held in the Home for small or incidenta! expenses

Investments Investments include financial instruments held for investment purposes rather than to meet short-term cash commitments. Current asset investments include fixed term deposits up to 12 months held until maturity, or on fixed notice terms. Current asset investments are shown at purchase cost together with any re-invested interest, or at realisable value where it is lower. Fixed term deposits with a maturity exceeding 12 months, or negotiable instruments held for resale, are included as fixed assets. Fixed asset investments are measured at market value.

Creditors and provisions

Creditors and provisions are recognised where the Trust has a current obligation resulting from a past purchase or event that will result in a future transfer of funds to a third party, and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount after allowing for any trade discount.

Financial Instruments Concessionary loans are initially recognised and measured at the amount received, with the carrying amount adjusted in subsequent years to reflect repayments and adjusted if necessary for any impairments. The loans from the Gannochy Trust and Energy Savings Trust constitute concessionary loans. Bank loans are also initially recognised and measured at the amount received, and then subsequently measured at amortised cost using the effective interest rate method.

Statement of Financial Activities This statement, produced to comply with the SORP, is effectively a restatement of the Income and Expenditure Account in a different format, incorporating information on movements in capital resources to form a single statement of all movements between opening and closing fund balances.

Judgements in applying accounting policies and key sources of estimation In the application of the Trust's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

18

HOPE PARK TRUST

Notes to the Financial Statements for the Year-ending 15 May 2025

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Useful life of tangible fixed assets

Tangible fixed assets are depreciated over a period to reflect their estimated useful lives. The applicability of the assumed lives is reviewed annually, taking into account factors such as physical condition, maintenance and obsolescence. Fixed assets are also assessed as to whether there are indicators of impairment.

Trade debtor recovery

Credit control is an important function which requires assessment, on an ongoing basis, of the recoverability of amounts due from debtors. Where recovery is in doubt, the Trustees will adequately provide against this specific debt and will arrive at such conclusions based on the knowledge of the debtor and their “ability to pay”. The Trustees adopt a prudent approach to credit control.

Accruals

Trustees estimate the requirements for accruals using post year end information and information available from detailed budgets. This identifies costs that are expected to be incurred for services provided by other parties. Accruals are only released when there is a reasonable expectation that these costs will not be invoiced in the future.

2. Employee Costs and Numbers 2025 2024
Total emoluments to carerand ancillary employees 1,251,033 1,181,747
Numberof carer and ancillary employees 58 57
Total emoluments forthe yearcan be analysed as follows:
2024/25 2023/24
£ £
GrossWages& Salaries 1,054,684 1,032,127
Employer National insurance Contributions 79,952 72,633
Agency Costs 79,983 49,785
Pension Contributions 18,600 18,763
Training & Other Staff Costs 17,814 8,439
1,251,033 1,181,747

Total emoluments of the Home’s Manager, as the key management personnel, including employer's national insurance and pension contributions, was £60,073 (2023/24 £55,220). No employee received emoluments above £60,000 in the 2 years ending 15 May 2025.

The Trust operates a defined contribution scheme. The assets of the scheme are held separately from those of the Trust in an independently administered fund. The pension cost charge for the year represents contributions payable by the Trust to the fund and amounted to £18,600 (2023/24 £18,763). At the year-end date £nil was outstanding (2024 Enil), however £2,197 was accrued to 2024/25 at the year-end date (2023/24 £2,159).

19

HOPE PARK TRUST

Notes to the Financial Statements for the Year-ending 15 May 2025

==> picture [437 x 462] intentionally omitted <==

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |a:|Fixed|Assets|Furnishings| |2024/25|Heritable|Motor|&| |Property|Vehicles|Equipment|Total| |£|£|£|£| |Cost/Valuation|as|at|16 May|2024|2,639,309|38,046|262,334|2,939,689| |Additions|in|year|4,950|0|24,446|29,396| |Disposals|in|year|0|0|(4,760)|(4,760)| |Cost/Valuation|as|at|15 May 2025|2,644|259|38,046|282,020|2,964,325| |Aggregate|Depreciation|as|at|16 May|2024|823,243|3,505|148,308|975,056| |Depreciation|charged|for the year|58,533|3,505|21,757|83,795| |Accumulated|Depreciation|on disposals|i¢)|0|(4,760)|(4,760)| |Aggregate|Depreciation|as|at 15 May 2025|881,776|7,010|165,305|1,054,091| |Net|Book Values|as|at|15 May 2025|1.762.483|31,036|116,715|1,910,234| |Furnishings| |2923/24|Heritable|Motor|&| |Property|Vehicles|Equipment|Total| |=|a|£|£| |Cost/Valuation|as|at|16|May|2023|2,568,553|0|249,529|2,818,082| |Additions|in|year|70,756|33,046|15,692|124,494| |Disposals|in|year|0|0|(2,887)|(2,887)| |Cost/Vaiuation as at|15 May 2024|2,639,309|38,046|262,334|2,939,689| |Aggregate|Depreciation|as|at 16 May 2023|762,271|0|128,050|890,321| |Depreciation|charged|for the|year|60,972|3,505|23,145|87,622| |Accumulated|Depreciation|on|disposals|0|0|(2,887)|(2,887)| |Aggregate|Depreciation|as|at|15 May 2024|823,243|3,505|148,308|975,056| |Net Book Values|as|at|15|May 2024|1,816,066|34,541|114,026|1,964 633|

----- End of picture text -----

This year, capital expenditure was lower than in recent years, and mainly focussed on utility improvements, including upgrading the fire protection panel and new boilers. Smoke detectors were also installed in the attic space, ensuring full detection coverage for the whole Home. The remaining items of capital expenditure were for residents’ welfare equipment, furniture and office IT equipment. There is no committed capital expenditure for 2025/26. The only planned expenditure over the next year at this stage is for the purchase of an additional washing machine and tumble dryer to increase the capacity of the Homes in-house laundry facility.

20

HOPE PARK TRUST

Notes to the Financial Statements for the Year-ending 15 May 2025

4. Summary ofInvestments— Fixed Depositsduewithinoneyear
2025 2024
£ £
Bank ofScotland — 32-day notice account 0 20,311
Bank ofScotland—95-day notice account 47,422 50,286
Bank ofScotland— Fixed Deposits 0 50,000
47,422 120,597
5. Debtors and Accrued Income
2025 2024
£ £
Resident & Otheramounts Outstanding 75,384 34,332
Pre-paid Expenses 16,086 20,312
91,470 54,644
6. Creditors -amountsdue withinoneyear 2025 2024
£ £
Bank ofScotland —fixed rate loan 0 7,879
Bank of Scotland — variable rate loan 4,970 0
The Gannochy Trust— interest free loan 10,000 10,000
The Energy Savings Trust— interest free loan 4,350 4,350
Sundry Creditors and accruals 231,450 220,325
250,770 242,554
7. Creditors — amounts due after one year
2025 2024
£ £
Bank of Scotland—fixed rate loan 0 171,220
Bank of Scotland —variable rate loan 111,529 0
TheGannochy Trust— interest free loan 0 10,000
The Energy Savings Trust— interest free loan 25,738 30,088
137,267 211,308
8. MaturityAnalysis ofBorrowinas
2025 2024
£ £
Amounts due within one year 19,320 22,229
Amounts due between one and two years 9,729 22,612
Amounts due between two and five years 31,528 40,676
Amounts due between five and ten years 48,829 70,009
Amounts due beyond ten years 47,181 78,011
156,587 233,537

21

HOPE PARK TRUST

Notes to the Financial Statements for the Year-ending 15 May 2025

The Bank of Scotland fixed rate loan commenced in June 2014 and was repayable over 25 years at an interest rate of 5.43%. The initial fixed period ended in June 2024, and the loan was converted to a variable rate loan at 2.56% over the Bank Base Rate. This currently amounts to 6.81% with a monthly payment of £1,070. The Trust has also made additional voluntary repayments during the year without penalty. The loan from the Gannochy Trust commenced in December 2014 and is repayable by 10 equal annual instalments commencing from February 2017. The loan is interest free. The loan from the Energy Savings Trust is also interest free and was advanced in January 2024 and repayable over 8 years. All the above loans are secured over the property of Hope Park Trust.

9. Funds

With the adoption of the Statement of Recommended Practice, all income and expenditure are dealt with through the Statement of Financial Activities, including those items which under previous practice were dealt with separately as movements in miscellaneous reserves. Funds are Classified as either restricted or unrestricted funds, and the purposes of the restricted funds are noted below:-

Miss Smith's Trust - in accordance with the Smith Bequest, for the upkeep of the burial grounds. This Reserve was transferred to the Income & Expenditure Reserve in 2023/24 given its historic nature and Jow value.

Property Reserve - represents Grants and Donations received for the purpose of making improvements and additions to the Home. As such, these funds have restricted use over the useful [fe of the property, or until such time es the Home is sold

Beyond the above purposes, the Trust has no policy for transferring or allocating resources beiween these funds. The movemenis on ali funds during the year are summarised in the table below:

UNRESTRICTED
2024/25 FUND RESTRICTED FUNDS
Capital
Fund		 Property
Reserve		 Miss Smith’s
Trust		 Total
Funds
£ £ £ £
Balance as at 16 May 2024 1,215,317 489,884 0 1,705,201
Disposals - - - 0
Surplus/(Deficit) forYear (23,644) (15,580) - (39,224)
Balance as at 15 May 2025 1,191,673 474,304 0 1,665,977
UNRESTRICTED
2023/24 FUND RESTRICTED FUNDS
Capital
Fund		 Property
Reserve		 Miss Smith’s
Trust		 Total
Funds
£ £ £ £
Balance as at 16 May 2023 1,268,764 483,970 388 1,753,122
Disposals - - - 0
Surplus/(Deficit) for Year (53,447) 5,914 (388) (47,921)
Balanceasat15May2024 1,215,317 489,884 0 1,705,201

22

HOPE PARK TRUST

Notes to the Financial Statements for the Year-ending 15 May 2025

10. Analysis of Net Assets Between Funds

==> picture [311 x 323] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2024/25|Unrestricted|Property| |Fund|Reserve|Total| |£|£|£| |Fixed|Assets|1,435,930|474,304|1,910,234| |Cash|at|Bank|&|in|hand|4,888|0|4,888| |Other|Net|current|assets|(111,878)|0|(111,878)| |Long|Term|Liabilities|(137,267)|0|(137,267)| |1,191,673|474,304|1,665,977| |2023/24|Unrestricted|Property| |Fund|Reserve|Total| |£|£|£| |Fixed|Assets|1,474,749|489,884|1,964,633| |Cash|at|Bank|&|in|hand|19,189|0|19,189| |Other Net|current|assets|(67,313)|0|(67,313)| |Long|Term|Liabilities|(211,308)|0|(211,308)| |1,215,317|489,884|1,705,201|

----- End of picture text -----

  1. Reconciliation of Net Movement in Funds to Net Cash Flow Oneratina Activities

==> picture [361 x 166] intentionally omitted <==

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Net movement|in|funds|(39,224)|(47,921)| |Add|back|depreciation|charge|83,795|87,622| |Add|back|interest|paid|shown|in|financing|activities|10,338|9,942| |Deduct|interest|income|shown|in|investing|activities|(3,564)|(3,513)| |(Deduct)/Add|back|funds|for|residents|personal|expenditure|0|3,207| |Deduct|Capital|Grants|Transferred|to|Restricted|Reserves|0|(22,722)| |Deduct|donation|of fixed|assets|0|(560)| |Add|back|restricted|reserve|released|on|asset|disposal|0|200| |(Increase)/Reduction|in|debtors|(39,836)|5,057| |(Reduction)/Increase|in|sundry|creditors|and|accruals|11,117|20,497| |Net cash|provided|by|operating|activities|22,626|51,809|

----- End of picture text -----

23

|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |||||oe
Baa
z
£3
3
33|||= th
ah
eB
oO
8|©
jg]
oO
2|Mr
Og
fare
ar™
&
ar"
se|8
|3
2|| ||||w||||||||| ||||N
N||||||||| ||||st||||||||| ||||N
g||a=,=
jf|8
=
=|oo
&R
-
«=
ot
R~||§
-
y
18|geese
sera
cegh
£233
g||g}
=
.
|e]
3|BREF
3
ae Pee
ee Be
"2 BERESESSS8
3
S55
orowtrnr oo
FA
6
owmo= OM
S| ||||||||3||||[=| ||||||||||||&| |||||||||||||| |||||.
o
2
a
2
o|3
8||Re
6 oO||5
oS
=|akeke
Ce hw
=
~||
bec
;
N|Bees
3B
&
ISSeaser
:
Jeeeggesee5
SRERRANRRSS
ee Stes
e ee| ||.
'
:
N
>
=
=||.
,
5
Oo
9||i
_
{|wo
8
=
=|oOo @o
£8
oy
gy
=|H
[8
a
18
“||
e833
Rr2Soz
3
eonS
3
A=7
gy
R
ze
y
||5285
SRE BLS SSSREE
ee Peetee
egsisek&se8 sess
Es &
LAFELKLRERESS| ||£||||||||||| ||a||||||||||| |i)
&
ni|is)=
g
S
S|
:
gg
ri
BN
my:
OS
a |||;
;
8
o|Bez
Baz
=
83
ag

ic
w
gs
=|||2 0
|
e2
|g
on
©
es
le
N
oO
gels
S813
L asi
}
|
|||~sgEe
Fan 2
rons
z
3
8888
3383
mo 9 §|is
|g
rs
r=
j
|
|
.
|g)
|8
st
|e
i
4
-|ge
ask
SJESSR CESSES
SARSANNAD
q
2
SUgneggnrag
£
SASS
SSSl
3
;
el &
SrEeerskss
we were ere
=
.
$2382
ee ee
eee
2
g97e8Re&
$3292
x
“| |&
S]
4
Q
z
1a)||
uw) &
ed
BS
a
:
&
G
w
ws)
ga
S
=
|
<
9
g
%|||
g
3
N
g°|FgR
a2Zo
23
ov
eax

=
3||fer
8
S
=|ez
Non
ae
=
é 2
$2
ow
ge
7|ig
eat
3|
<i
=
|8
pal
g
&|o Sa
%
5 &§
sere
=
rn
Baas
Om O88
So
BBR a|:
21
he
| 3
a
|
|
8
a
S
|
||egeretsse
ERP ESSEIESES
egeeeesreees
7 re
6
oo 2
Fela ggs
Poe AT eSeseeee
PsSTessseee8eeu
fea| ||§
Ww
i)
5
:
3
2||;
:
:
oO
N|ad
a
&35
1
=

i.
a5
3|||2s
:
ovr
oO
88
er
;
:|{8
:

|g
|e
N|yeea
3
=
geez
oxeg
BEEPS||
lg
8
LE
|
|g
|e
|
q|BIESESSRRBES
BegsRsgeess
»
Oo
KE
SK NN
ST
F S8regaess
-
<=
34
S*ESE SESSERS &
eees
Sfan
eesegsssss
SRRRRRARSR| |||||||2
Cc2
8
5
wo
=
Cc
@
=
&
,
3>
w
>
Zz
~
a
Ss
g 2
;
&
a?
ee
£3
65
Eg
Ee
Bu
SB
5s
2
2
ses
22838
&
abP ace
nd
5s &
£
gigg5
8
§8eeas
§
Sraa
8|||||| ||||||||||24|||