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2025-09-30-accounts

Company registration number SC255446 (Scotland) Charity registration number SC034645 (Scotland)

HOPE TO OBAN

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

HOPE TO OBAN

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Neil Matheson
J Murphy
I Farley
A Heald
Helen Daniels
Secretary
Country of incorporation United Kingdom SC255446
(Scotland)
Charity registrations England and Wales
Scotland SC034645
Registered office The Well
Lochavullin Road
Oban
Argyll
United Kingdom
PA34 4PL

HOPE TO OBAN

CONTENTS

Page
Trustees Report report 1 - 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 14

HOPE TO OBAN

TRUSTEES REPORT REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2025

The trustees present their annual report and financial statements for the year ended 30 September 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the 's governing document, the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".

Objectives and activities

Public benefit

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the should undertake.

Achievements and performance

Significant activities and achievements against objectives

More than twenty years into our story, Hope to Oban continues to find new ways to show up for young people in Oban and across North Argyll. This year brought fresh energy, deepened relationships and some genuinely memorable moments – a reminder of why this work matters and why the people who make it happen are so remarkable. What follows is a snapshot of the year across our main areas of activity.

CORE

The beating heart of H2O’s week is Oban High School. Our youth worker is a familiar face across the school campus – present at morning break and lunchtimes, known by name to hundreds of young people across year groups, and trusted by staff as a genuine community partner. This consistency of presence – year after year, term after term – is what makes the relational work possible. Young people know where to find us, and that matters. Beyond the daily presence, H2O’s work at the school encompasses lunchtime clubs, assemblies for key moments in the calendar such as Remembrance and Christmas, and involvement in the RMPS curriculum where our youth worker offers a pastoral and community voice alongside teaching staff. Our role within the school’s chaplaincy team – alongside local clergy – remains an important part of how H2O is woven into the fabric of school life. Individual and group mentoring continued to be a meaningful part of this year’s work, with H2O supporting young people through structured sessions in collaboration with the school’s family liaison team. One of the strengths of this work is the willingness to take it beyond the school gates – community partners like Greenshoots Garden offer alternative settings where young people can engage more freely and openly.

HOPE TO OBAN

TRUSTEES REPORT REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

It is hard to overstate the importance of H2O’s work at Glencruitten Hostel. For many of the young people who live there – pupils from islands and remote rural communities who are living away from home throughout the school week from as young as eleven – the hostel is the context in which they experience secondary school. It is where they eat, sleep, study and grow up, far from their families and home communities.

H2O has been a consistent presence at the hostel for years, attending at least twice a week throughout the year. The work is deliberately unhurried and relational – sharing food, watching films, going for walks, kicking a ball around, or simply being available for conversation. It is presence-based youth work at its most straightforward and its most powerful. Hostel staff have spoken warmly and often about what it means to have a trusted figure like our youth worker as part of the fabric of their team.

This year that relationship deepened in a new way, with our youth worker joining the hostel’s bank staff – available to support the team on occasions when they need additional help outside of his H2O hours. This is both a mark of the trust that has been built over many years and a natural extension of a partnership that already feels like much more than a working arrangement.

PRIMARY SCHOOLS & TRANSITIONS

H2O’s reach into the primary school years continued to develop during this year, with a particular focus on the transition from primary to secondary – one of the most significant and sometimes daunting passages in a young person’s experience.

A particular highlight was our youth worker’s involvement in Rockfield Primary’s P7 residential trip to Dalguise. Spending several days alongside pupils in the months before they make the move to Oban High gave him the chance to build genuine, unhurried relationships with the incoming year group. By the time those young people arrived at secondary school, he already knew 44 of them by name (that’s roughly a third of the cohort) as well as all of the island pupils. For those young people stepping into a new and unfamiliar environment, a familiar and trusted face on day one is not a small thing.

Transition work also extended to pupils arriving from island schools including Bunessan, Iona and Lismore, with H2O playing a supportive role in helping those young people find their feet. It is worth noting that the general texture of transitions this year felt markedly more positive than in recent years, hopfeully the lingering effects of Covid on year group dynamics have now genuinely lifted.

HOPE TO OBAN

TRUSTEES REPORT REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Elsewhere, H2O was invited to contribute to Easdale Primary’s Health Month, delivering an interactive session on environmental health. Engagement with Park Primary grew through joint involvement in community art projects. These expanding school relationships reflect the confidence that local schools have placed in H2O as a trusted education partner.

MEMENTO BOX

Memento Box – H2O’s digital curriculum project, now several years into its life – continues to be one of the most creatively distinctive things we do. Each year, participating schools across Argyll and the Isles receive a series of video-led sessions guiding pupils through themed activities and craft projects, each one producing a small, tangible keepsake. By the end of the year, young people have a box of objects that carry the memories and reflections of everything the project explored.

What is increasingly exciting about Memento Box is the story it tells about relationship-building. What began as a response to the impossibility of in-person contact during Covid has since become something rather more: a way of establishing H2O’s presence and identity in schools that our youth worker has never physically visited. Those digital connections are now bearing fruit in the form of real, in-person relationships: schools that first encountered H2O through a screen are now welcoming us through their doors. It is one of the more unexpected and rewarding developments of recent years.

COMMUNITY

Community sits at the heart of everything H2O does, and this year’s community programme delivered some genuinely standout moments.

The annual Lock-In at Atlantis Leisure was, by any measure, one of the best we have ever hosted. Oban High School’s incoming S1 year group arrived in numbers and left having had an experience they will remember for years. The energy throughout the night was exceptional; young people fully invested, bouncing from activity to activity, making new friends and discovering what secondary school life can look like at its most fun. The S6 senior pupils who gave up their night to help were outstanding – enthusiastic, responsible, and brilliant with their younger peers. Add to that the presence of Senior teachers, Scottish Fire & Rescue, Police Scotland and other community figures who joined the event, and the Lock-In becomes something much bigger than a school trip – it continues to be a genuine expression of a community investing in its young people.

The summer calendar was similarly full of life. The GIVE Programme offered young people structured volunteering opportunities, pairing the chance to contribute to their community with meaningful reward and recognition. Summer Sensations once again brought young people together across the holidays – well attended, warmly received, and a vital point of connection during a time of year when routine support is at its most stretched.

Friday evenings continued to see H2O supporting Freestyle Friday at Atlantis – an important provision for S1 and S2 young people, and a valued partnership with the Atlantis team. The SU Lunchtime Group at Oban High remained well attended throughout the year, drawing a diverse and engaged mix of pupils from across year groups and backgrounds.

FUTURE

We have always believed that Oban’s young people deserve the best that this community can offer. That conviction has not changed – if anything, it has deepened. The partners and professionals we work alongside are unanimous in their view that the need for what H2O provides is growing, not shrinking. The challenges facing young people in rural Scotland are real, and the value of consistent, trusted, long-term youth work has never been more apparent. We look to the future with confidence. The award of three-year funding from the Robertson Trust – a real milestone for H2O – provides meaningful stability as we move into the next phase of our work. And that next phase is now clearly mapped. During this year, the foundations of a new three-year strategy were laid, setting out an ambitious and considered direction for H2O through to 2029. The strategy charts a course towards a stronger youth work team, the launch of the SPAN Project – an innovative employability programme for school leavers – renewed and deepened church and community partnerships and long-term financial sustainability.

We are hugely grateful for the support and encouragement we have received during this year. We acknowledge with thanks our funders and regular givers - without all of whom H2O would cease to be. We are also grateful for the local community, churches and organisations who have helped and engaged with H2O throughout the year. Thank you to our staff for their continued commitment and enthusiasm and to our volunteers for all the invaluable work that they do.

Financial review

HOPE TO OBAN

TRUSTEES REPORT REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Reserves policy

It is the policy of the that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the ’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Structure, governance and management

The charity is a company limited by guarantee

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Neil Matheson

J Murphy

I Farley

A Heald

Helen Daniels

Recruitment and appointment of trustees

The company's current policy concerning the payment of trade creditors is to:

Organisational structure

The Trustees report report was approved by the Board of Trustees.

N Matheson

N Matheson (Jun 29, 2026 16:22:22 GMT+1) Neil Matheson

29 June 2026

HOPE TO OBAN

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF HOPE TO OBAN

I report to the trustees on my examination of the financial statements of Hope to Oban (the ) for the year ended 30 September 2025.

Responsibilities and basis of report

As the trustees of the (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. You are satisfied that the financial statements of the are not required by charity or company law to be audited and have chosen instead to have an independent examination.

Having satisfied myself that the financial statements of the are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the ’s financial statements carried out under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and section 145 of the Charities Act 2011. In carrying out my examination I have followed the requirements of Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 and the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

jean ainsley (Jun 29, 2026 16:23:29 GMT+1)

29 June 2026

Jamie Smith (Jun 29, 2026 16:24:31 GMT+1)

HOPE TO OBAN

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Unrestricted Unrestricted
funds funds
2025 2024
Notes £ £
Income from:
Donations and legacies 3 46,750 56,036
Charitable activities 4 180 180
Other trading activities 5 7,089 2,130
Total income 54,019 58,346
Expenditure on:
Charitable activities 6 69,617 58,250
Total expenditure 69,617 58,250
Net income/(expenditure) and movement in funds (15,598) 96
Reconciliation of funds:
Fund balances at 1 October 2024 26,280 26,184
Fund balances at 30 September 2025 10,682 26,280

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

HOPE TO OBAN

BALANCE SHEET

AS AT 30 SEPTEMBER 2025

Notes
Fixed assets
Tangible assets
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
16
Net assets
The funds of the
Unrestricted funds
17		 2025
£
-
16,139
16,139
(900)		 £
443
15,239
15,682
(5,000)
10,682
10,682
10,682		 2024
£
10,285
21,346
31,631
-		 £
549
31,631
32,180
(5,900)
26,280
26,280
26,280

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2025.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board on 29 June 2026

N Matheson

N Matheson (Jun 29, 2026 16:22:22 GMT+1)

Neil Matheson

Company registration number SC255446 (Scotland)

HOPE TO OBAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

1 Accounting policies

Charity information

Hope to Oban is a private company limited by guarantee incorporated in Scotland. The registered office is The Well, Lochavullin Road, Oban, Argyll, PA34 4PL, United Kingdom.

1.1 Basis of preparation

The financial statements have been prepared in accordance with the 's governing document, the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The is a Public Benefit Entity as defined by FRS 102.

The has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.

The financial statements are prepared in sterling, which is the functional currency of the . Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the .

1.4 Income

Income is recognised when the is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

HOPE TO OBAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements In accordance with the property
Plant and equipment 33%
Fixtures and fittings 33%
Computers 33%

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the 's balance sheet when the becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

HOPE TO OBAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the ’s contractual obligations expire or are discharged or cancelled.

1.10 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 is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the ’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.

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.

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Donations and gifts 6,050 10,036
Grants 40,700 46,000
46,750 56,036

HOPE TO OBAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

3 Income from donations and legacies (Continued) 4 Income from charitable activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Hope 2 Oban - Youthwork
Other income 180 180
5 Income from other trading activities
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Fundraising events 7,089 2,130
6 Expenditure on charitable activities
Hope 2 Hope 2
Oban - Oban -
Youthwork Youthwork
2025 2024
£ £
Direct costs
Depreciation and impairment 106 133
Wages 32,767 34,948
Operating leases 4,083 7,000
Rates, water & waste 509 450
Insurance 1,660 1,585
Light & Heating 8,282 2,129
Telephone & Web hosting 1,179 1,281
Office expenses 2,410 2,195
Other Youthwork 2,652 2,781
Advert/Promotion & event expenses 2,918 -
Administration 12,000 4,700
Bank charges 121 118
Accountancy & Legal fees 930 930
69,617 58,250
Analysis by fund
Unrestricted funds 69,617 58,250

HOPE TO OBAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

7 Description of charitable activities

Hope 2 Oban - Youthwork

8 Net movement in funds 2025 2024
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements - -
Depreciation of owned tangible fixed assets 106 133

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the during the year.

10 Employees

The average monthly number of employees during the year was:

2025 2024
Number Number
2 2

There were no employees whose annual remuneration was more than £60,000.

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

HOPE TO OBAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

12
Tangible fixed assets
Leasehold
improvements
Plant and
equipment
Fixtures and
fittings
Computers
£
£
£
£
Cost
At 1 October 2024
10,020
14,251
4,797
1,817
At 30 September 2025
10,020
14,251
4,797
1,817
Depreciation and impairment
At 1 October 2024
10,020
14,251
4,481
1,584
Depreciation charged in the year
-
-
48
58
At 30 September 2025
10,020
14,251
4,529
1,642
Carrying amount
At 30 September 2025
-
-
268
175
At 30 September 2024
-
-
316
233		 Total
£
30,885
30,885
30,336
106
30,442
443
549
13
Debtors
Amounts falling due within one year:
Other debtors
14
Loans and overdrafts
Bank loans
Payable after one year		 2025
£
-
2025
£
5,000
5,000		 2024
£
10,285
2024
£
5,000
5,000

During the year Hope to Oban paid a lease payments totaling £7000 to a trustee, Mr N Matheson. Mr Matheson previously provided a loan of £2500 to the charity which was still outstanding at the year-end.

15 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2025 2024
£ £
Trade creditors 900 -

HOPE TO OBAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

16 Creditors: amounts falling due after more than one year

Creditors: amounts falling due after more than one year
Notes
Bank loans
14
Accruals and deferred income		 2025
£
5,000
-
5,000		 2024
£
5,000
900
5,900

17 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 October Incoming Resources At 30
2024 resources expended September
2025
£ £ £ £
General funds 26,280 54,019 (69,617) 10,682
Previous year: At 1 October Incoming Resources At 30
2023 resources expended September
2024
£ £ £ £
General funds 26,184 58,346 (58,250) 26,280

18 Related party transactions

Transactions with related parties

During the year Hope to Oban paid a lease payments totalling £7000 to a trustee, Mr N Matheson. Mr Matheson previously provided a loan of £2500 to the charity which was still outstanding at the year-end.