Bardsey Island Trust Limited(The) - Charities report - 20.1.6

REGISTERED COMPANY NUMBER: 01344364 (England and Wales)

REGISTERED CHARITY NUMBER: 507153

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2019

for

Bardsey Island Trust Limited(The)

Page

Report of the Trustees

1

to

7

Statement of Financial Activities

8

Balance Sheet

9

to

10

Notes to the Financial Statements

11

to

17

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with

the financial statements of the charity for the year ended 31 December 2019. The trustees have adopted the provisions of

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)

(effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity's vision is for the island to be a Welsh exemplar of sustainable island life that supports a vibrant community,

maintains a wildlife rich environment and enhances the lives of those who visit as well as people further afield.

In pursuit of these objectives, the charity and trustees recognise the importance, value and contribution from:

Supporting the small community of residents working on the island including the farming and sustainable fishing

operations.

Ensuring that the island supports a range of characteristic habitats that support diverse and typical wildlife and that the

condition of the habitats should continually be maintained in favourable condition through appropriate management.

Supporting the island's religious and spiritual heritage and the ongoing significance of Bardsey Island as a place for

pilgrimage, retreat and solitude.

Ensuring the fabric, quality and character of the landscape, buildings and infrastructure are maintained, whilst retaining

the sense of place.

Ensuring that the island has a sustainable water supply, that waste generation is minimal and that the carbon footprint is

minimised.

The charity can only achieve these objectives through the generous support of members, benefactors and volunteers,

whose significant contribution is gratefully acknowledged.

Public benefit

The charity has continued to maintain the island as a living community, visited, enjoyed and appreciated by as many

people as possible, whilst protecting and preserving the designated nature conservation features and historical,

archaeological and religious sites.

1. The Brenda Chamberlain Project

The work of Brenda Chamberlain continues to be preserved and displayed. The murals and their environment are

professionally inspected on a regular basis .

2. The Spirituality Committee

Chaplaincy - The committee is pleased to report that the 2019 season for Chaplaincy was well resourced . There were

19 of the 26 weeks covered by the chaplains , some of whom were coming for the first time . This included the Trust's

President , the Bishop of Bangor , who spent the week making a series of videos about the island and its christian

heritage . These were released at the start of December 2019 and is just one example of the variety of gifts which

Chaplains bring to the life of our island . Chaplains have an important role as a listening ear for people , to share

concerns and joys and to offer prayer in simple one to one meetings or through a range of different types of services .

Feedback indicates that their work is very much appreciated , often by those who would not have a sense of themselves

as particularly spiritual individuals in their regular home lives .

The accommodation cost of Chaplains on Enlli has been very generously subsidised in recent years by Carreg Trust , but

this subsidy is coming to a natural end in 2020 . The Spirituality Committee is grateful to the charity's trustees for their

unwavering support , which has enabled the role of Chaplains to be developed on Enlli .The Spirituality Committee has

begun the process of looking for new partners to support Chaplaincy accommodation and ministry in 2021 .

Anniversary - following the AGM on May 15 , people had the opportunity to meet in St. Hywyn's Church Aberdaron , to

celebrate our Trust's 40th anniversary . Organised and prepared by Rev Susan Blagden , the Spirituality Committee and

other Trustees led and took part in an act of worship which reflected the breadth of our Trust's work , the life of our

island and the creativity which it inspires . It was an excellent event about which people were very positive . It was a

good way to begin our Trust's 40th anniversary and members of our committee have begun working on a bilingual

prayer book which will become a resource for worship on Enlli .

Contemplative Spirituality - 2019 saw a person who is following her vocation to the religious life spend a fortnight on

Enlli . Considering the ancient and more recent tradition of the religious life on Enlli , this was a welcome development ,

which the committee wishes to encourage and further develop . To this end , we have put in place a structure which will

enable more opportunities for those who are genuinely following a vocation to the religious life to spend time on Enlli .

Work has also continued to evaluate how it might be possible to offer a guided retreat on Enlli .

Chair - Following the AGM and anniversary service in May , the Rev Susan Blagden stood down from her role on the

Spirituality Committee and Trust Council . Susan dedicated much time and effort to her ministry with this committee and

as part of the Trust's Council Executive over a number of years . She was influential in the positive development of the

Chaplain's role and ministry on Enlli amongst many other things . Her recent work in chronicling the Spirituality

Committee's minutes as well as her written work on the Betws (Oratory) and Sister Helen Mary and the chapel is

invaluable .The Spirituality Committee as well as the Trust are indebted to her and wishes her well knowing that Enlli

and its ministry , will always have a place in her prayers . Susan's successor as Chair of the Spirituality Committee is

Canon Robert Townsend (Beaumaris) .

As with all the other committees and work of our trust , the Spirituality Committee depends on members' dedication ,

goodwill and hard work in their spare time . The Trust is very grateful for all they do and give . Thank you .

3. Arts Projects

The Trust has continued to develop an 'Artists in Residence' programme. During 2019 artists specialising in a variety of

mediums spent time on Bardsey , interacting with residents , holidaymakers and the environment around them .

4. Publications

The 2019 Yearbook and two editions of Y Cafn , sent to all members , celebrated the 40th year of the Bardsey Island

Trust looking back over the past and forward to the future . Via the Yearbook , which is available for sale via the

website , the Trust is able to reach out to a wider audience than just members and those lucky enough to visit Enlli in

person .

5. The Farm

The farm is leased to Gareth Roberts and is farmed with sympathy to the unique needs of Enlli's flora and fauna . The

work being carried out contributes vastly to the community and environment on Enlli .

6. The Buildings Committee

The work of the buildings committee continued throughout the year with small repair and maintenance jobs taking place

. Major works included a number of replacement windows which were fabricated locally and installed by local

carpenters . Much debate and discussion was had by the Bardsey Island Trust Council as well as island residents and

stakeholders on potential major projects for the future . These will be fed into the strategic planning undertaken by the

Buildings Committee . 2020 looks to be a busy year with a large number of projects planned .

7. The Scientific Committee

Biosecurity - We have continued to work on the biosecurity plan for the island and should have a document in place in

the near future . The intention of the plan is to minimise the possibility of accidental introduction of undesirable plants

and animals , for example rats and what procedures to employ in the event of any accidental introductions to the island .

Extension to the existing plantation - We have ordered hundreds of Monterrey pines from a local nursery which will be

planted as an extension to the existing plantation at the north of the island .These are the same species of tree that are

currently thriving next to Ty Bach , so we are confident they will grow well in our windy conditions . Fast Growing ,

they will provide an useful source of firewood for islanders and hopefully visitors as well .

Orchard - This has finally been planted by our island managers and many others . Mainly Bardsey Island apples with a

few other varieties , the fruit will be a useful addition to everyone's diet on the island .

Withy management - The management plan we produced a couple of years ago has proved useful and is being closely

followed .

Human remains - These came from an archaeological dig several years ago and we are delighted to be able to report they

have been sent to Sheffield Hallam University for analysis . The university are funding the analysis . Once this has been

completed , the remains will be re-interred on the island .

New pond - Gareth Roberts has excavated a new pond and hopefully we will be creating more in the near future . These

should be an useful new habitat feature for all to enjoy .

Communal vegetable patch - This has now been created near Ty Pellaf and has provided an abundance of fresh

vegetables for both residents and visitors alike . There are also plans to erect a poly tunnel near Ty Bach .

Energy sustainability - We are erecting another small wind turbine to provide back-up electricity for the north end of the

island . The project has been delayed by the bad weather but is part of a plan to be able to heat the houses during the

winter to avoid them deteriorating .

8. Exhibition and Outreach

As part of the celebration of the 40th anniversary of the Trust an exhibition of life on the island was put on show in the

shop and information centre on Bardsey during the summer months of 2019 . At the end of the season the exhibition was

transferred to the North Wales mainland and reassembled in Storiel , the museum and art gallery in Bangor where the

famous Bardsey crown is on display . The contents of the anniversary exhibition - collected as the result of an appeal to

residents , staff and visitors to the island - included the original brochure for the Trust's purchase of the island , several

pilgrimage liturgies , commemorative stamps featuring the birds , butterflies and marine life of Bardsey , the large

compass of the original passenger boat and a "Bardseyopoly" board game devised by summer guests . The highlight of

the exhibition was a previously unseen painting , " Three Nightjars " by Brenda Chamberlain . The anniversary

exhibition remained on display at Storiel for six months , but began concurrently with temporary shows by artists Kim

Atkinson and Ian Phillips whose recent work has been inspired by Bardsey . The cluster of exhibitions linked with

Bardsey was celebrated at Storiel in October 2019 with a well attended open afternoon of talks , music and discussion

about the island and its recent history .

FINANCIAL REVIEW

Financial position

Due to the ever expanding activity on and interest in Enlli , it was decided that in 2019 two part time wardens would be

employed together making one and a half posts . Ned and Sophie Scharer were appointed and in February moved in with

their family to Enlli . Unfortunately , due to an accident and family circumstances they were unable to stay and are more

than grateful to Sian Stacey , Mark Carter , Steve porter and others who stepped into the breach before Hannah

Engelkamp and Rhys Thwaites-Jones were able to take up duties for the summer . In September Mari Jones who has

previously worked on Enlli as a summer warden and Emyr Owen were appointed as joint wardens . It is a tribute to the

Enlli community , residents , staff , volunteers and trustees that operations were able to continue normally during this

difficult time .

Administration continued to be carried out by a part time freelance contractor working from home .

Whilst income from donations , subscriptions , boat fares and island rents remained static in 2019 letting income rose

substantially to over £80,000. Following discussions with Gareth Roberts £20,581was received for the Basic Farm

Payment arrears and £9,000 is due for the current year . Due to the succession of wardens no major renovation projects

took place in 2019 , although day to day maintenance was kept up , including the ongoing window replacements

resulting in building expenditure of £19,199 compared to £21,375 in 2018 . Funds were allocated for the new wind

turbine and upgrade of Ty Bach , the warden's residence while the orchard project was funded by a grant of £10,000

from Gwynedd Council .

Investments performed substantially better than 2018 (see note11) which together with an increase in overall income and

stable expenditure resulted in a better financial footing for 2020 and beyond .

The continued support of members and their subscriptions and donations is greatly appreciated . Use is made of both

Localgiving and Easyfundraising schemes with the former being used for specific projects and the latter resulting in a

donation each time participants shop online with selected retailers .

Investment policy and objectives

Under the Memorandum and Articles of Association, the charity has the power to invest in any way the trustees think fit

.A cautious and increasingly ethical approach continues to be taken on investments . Investments other than bank

deposits are now in an Old Mutual Multifunds Collective Investment Account in a range of corporate bonds and equity

backed investments together with an Aviva investment portfolio .

Investments are made on a long term basis to ensure future financial viability .

The charity's financial advisor, Paul Davies, Menai Financial, is now working in conjunction with Nigel Roberts,

Element FPM Ltd, who will provide financial advice as required.

Reserves policy

Details of the Charity's funds are shown in note 15.

General Reserve - represents net income from on-going operations.

Designated Funds - earmarked by the Trustees for particular purposes

Abbey Maintenance Fund - to establish an interpretation board for the abbey

Capel Enlli fund - specific donations used to maintain the chapel

Mother Mary Clare fund - specific donations used to fund bursaries on the island and the net cost of religious books and

icons.

Island Capital fund - represents the net income from past entitlements to Single Farm Payments and is used to cover the

cost of major capital projects on the Island,.

Restricted Funds - funds subject to restrictions imposed by the donor and capital equipment reserves to cover the

depreciation on major capital items and those grant aided:

Funded Equipment - to cover the depreciation of grant aided assets, major capital assets funded from the Island Capital

Fund and the net book value of furniture donated or bequeathed

Education Project fund - the balance of a grant to take school children to the island.

Carreg Mawr Murals Fund - to cover restoration work on the Brenda Chamberlain murals and Carreg Fawr

Slipway and Adfer Enlli fund - for the restoration of the island buildings and infrastructure

Endowment Fund - initial appeal funds (inflation adjusted) plus realised gains on investments

Revaluation Fund - unrealised gains on investments.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by

guarantee, as defined by the Companies Act 2006.

The charity is constituted as a company limited by guarantee and a registered charity; it is governed by its Memorandum

of Association dated 24 November 1977 and its current constitution which was adopted on 18th May 2019 at the AGM

of members .It is registered as a charity with the Charity Commission. Membership at the end of 2019 was 329 .Every

member in the event of the charity being wound up undertakes to contribute to any liabilities up to a maximum of £1 .

Recruitment and appointment of new trustees

All members are circulated with invitations to nominate trustees prior to the AGM; this advises them of vacancies and

requests nominations for the AGM. When necessary, elections for trustees are by secret postal ballot of the members by

single transferable vote as defined by the Electoral Reform Society. Trustees are appointed for a period of four years and

no person may serve more than eight consecutive years unless at each successive election thereafter they are nominated

by twelve members or one per cent of membership whichever is the greater and 75% of fellow directors.

Organisational structure

As set out in the Articles of Association, the affairs of the charity are managed by a council of trustees, numbering not

less than 10 nor more than 21. The council meets approximately 6 times a year and between meetings key matters are

progressed either by email or by the executives.

New trustees are given copies of all constitutional documents, minutes of previous council meetings and encouraged to

have briefing sessions with other trustees.

Risk management

The trustees review health and safety issues at each council meeting and there is an ongoing programme to review all the

charity's policies.Paths, tracks and stiles are regularly checked and maintained and there is a detailed review of all the

buildings in the spring and autumn. Projects are approved by council and trustees ensure they are consistent with the

charity's objectives.

Comprehensive Risk Assessments have been carried out and are reviewed regularly.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

01344364 (England and Wales)

Registered Charity number

507153

Registered office

The Port House

Port Penrhyn

Bangor

Gwynedd

LL57 4HN

Trustees

Mrs S Robinson

Rev S Blagden (resigned 18.5.19)

M Elias

R Gritten

Ms H Meredydd

E Gruffydd

D Lloyd (resigned 18.5.19)

H E Wilcox

The Revd C R W Townsend

J Hughes Jones

E Parry

S M Stacey (appointed 18.5.19)

A Guile (appointed 18.5.19)

L Williams (appointed 18.5.19)

A J Tyne (appointed 18.5.19)

Company Secretary

I Harris

Solicitors

Carter Vincent LLP

The Port House

Port Penrhyn

Bangor

LL57 4HN

Advisers

Element FPM Ltd

24 Green Meadows

Hawarden

Flintshire

CH5 3SL

Approved by order of the board of trustees on 11 June 2020 and signed on its behalf by:

R Gritten - Trustee

31.12.19

31.12.18

Unrestricted

Restricted

Endowment

Total

Total

funds

funds

fund

funds

funds

Notes

£

£

£

£

£

INCOME AND

ENDOWMENTS FROM

Donations and legacies

2

15,389

10,001

-

25,390

20,935

Charitable activities

4

Access and Accommodation

115,446

-

-

115,446

82,844

Investment income

3

76

-

-

76

77

Total

130,911

10,001

-

140,912

103,856

EXPENDITURE ON

Charitable activities

5

Access and Accommodation

104,673

9,315

-

113,988

108,773

Net gains/(losses) on investments

-

24,478

-

24,478

(12,351

)

NET INCOME/(EXPENDITURE)

26,238

25,164

-

51,402

(17,268

)

Transfers between funds

15

3,603

(3,603

)

-

-

-

Net movement in funds

29,841

21,561

-

51,402

(17,268

)

RECONCILIATION OF

FUNDS

Total funds brought forward

62,709

100,325

241,200

404,234

421,502

TOTAL FUNDS CARRIED FORWARD

92,550

121,886

241,200

455,636

404,234

31.12.19

31.12.18

Unrestricted

Restricted

Endowment

Total

Total

funds

funds

fund

funds

funds

Notes

£

£

£

£

£

FIXED ASSETS

Tangible assets

10

12,781

13,260

101,000

127,041

130,674

Investments

11

-

88,837

123,000

211,837

191,359

12,781

102,097

224,000

338,878

322,033

CURRENT ASSETS

Stocks

12

500

-

-

500

500

Debtors

13

54,226

-

-

54,226

44,928

Cash at bank and in hand

97,801

19,789

17,200

134,790

101,213

152,527

19,789

17,200

189,516

146,641

CREDITORS

Amounts falling due within one year

14

(72,758

)

-

-

(72,758

)

(64,440

)

NET CURRENT ASSETS

79,769

19,789

17,200

116,758

82,201

TOTAL ASSETS LESS CURRENT LIABILITIES

92,550

121,886

241,200

455,636

404,234

NET ASSETS

92,550

121,886

241,200

455,636

404,234

FUNDS

15

Unrestricted funds

92,550

62,709

Restricted funds

121,886

100,325

Endowment funds

241,200

241,200

TOTAL FUNDS

455,636

404,234

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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

The financial statements were approved by the Board of Trustees and authorised for issue on 11 June 2020 and were signed on its behalf by:

R Gritten - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been

prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)',

Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of

Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost

convention, with the exception of investments which are included at market value, as modified by the revaluation

of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it

is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the

charity to that expenditure, 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 accounted for on an accruals basis and has

been classified under headings that aggregate all cost related to the category. Where costs cannot be directly

attributed to particular headings they have been allocated to activities on a basis consistent with the use of

resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life.

Plant and machinery

-

20% on cost and 10% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions

arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2.	DONATIONS AND LEGACIES

31.12.19

31.12.18

£

£

Donations

3,103

4,172

Subscriptions, donations and gift aid

9,741

9,780

Fees for Filming

2,546

2,325

National lottery grant

-

(500

)

CFIW grant

-

2,750

Orchard grant

10,000

-

Other income

-

(11

)

NRW Grant

-

2,419

25,390

20,935

3.	INVESTMENT INCOME

31.12.19

31.12.18

£

£

Interest received

76

77

4.	INCOME FROM CHARITABLE ACTIVITIES

31.12.19

31.12.18

Activity

£

£

Letting

Access and Accommodation

81,898

69,329

Boat Licence

Access and Accommodation

5,938

6,785

Sale of Enlli Merchandise

Access and Accommodation

3,267

2,877

Rent of farm and other properties

Access and Accommodation

24,343

3,736

Advertising

Access and Accommodation

-

117

115,446

82,844

5.	CHARITABLE ACTIVITIES COSTS

Support

Direct

costs (see

Costs

note 6)

Totals

£

£

£

Access and Accommodation

93,184

20,804

113,988

6.	SUPPORT COSTS

Governance

Management

Finance

costs

Totals

£

£

£

£

Access and Accommodation

15,953

3,678

1,173

20,804

7.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.12.19

31.12.18

£

£

Depreciation - owned assets

8,567

8,271

8.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2019 nor for the year

ended 31 December 2018.

Trustees' expenses

Sian Stacey, a trustee , was paid £203 for travelling expenses in the year.

Rod Gritten ,a trustee , was paid £362 for travelling expenses in the year.

9.	STAFF COSTS

The average monthly number of employees during the year was as follows:

31.12.19

31.12.18

Charitable activity

1

1

No employees received emoluments in excess of £60,000.

10.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST

At 1 January 2019

101,000

109,622

210,622

Additions

-

4,934

4,934

At 31 December 2019

101,000

114,556

215,556

DEPRECIATION

At 1 January 2019

-

79,948

79,948

Charge for year

-

8,567

8,567

At 31 December 2019

-

88,515

88,515

NET BOOK VALUE

At 31 December 2019

101,000

26,041

127,041

At 31 December 2018

101,000

29,674

130,674

11.	FIXED ASSET INVESTMENTS

Listed

investments

£

MARKET VALUE

At 1 January 2019

191,359

Disposals

(4,000

)

Revaluations

24,478

At 31 December 2019

211,837

NET BOOK VALUE

At 31 December 2019

211,837

At 31 December 2018

191,359

There were no investment assets outside the UK.

12.

STOCKS

31.12.19

31.12.18

£

£

Stocks

500

500

13.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Other debtors

52,888

43,625

Prepayments

1,338

1,303

54,226

44,928

14.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade creditors

203

8,835

VAT

6,807

2,422

Other creditors

58,363

52,333

Accrued expenses

7,385

850

72,758

64,440

15.	MOVEMENT IN FUNDS

Net

Transfers

movement

between

At

At 1.1.19

in funds

funds

31.12.19

£

£

£

£

Unrestricted funds

General fund

47,345

26,066

3,603

77,014

Abbey Maintenance

750

-

-

750

Capel Enlli

4,481

172

-

4,653

Mother Mary Clare

3,150

-

-

3,150

Island Capital

6,983

-

-

6,983

62,709

26,238

3,603

92,550

Restricted funds

Revaluation

68,359

24,478

(4,000

)

88,837

Carreg Fawr Murals

5,156

-

-

5,156

Funded Equipment

18,688

(5,825

)

397

13,260

Slipway and Adfer Enlli

4,552

-

-

4,552

Education Project

3,570

-

-

3,570

Orchard

-

6,511

-

6,511

100,325

25,164

(3,603

)

121,886

Endowment funds

Endowment

241,200

-

-

241,200

TOTAL FUNDS

404,234

51,402

-

455,636

Net movement in funds, included in the above are as follows:

Incoming

Resources

Gains and

Movement

resources

expended

losses

in funds

£

£

£

£

Unrestricted funds

General fund

130,651

(104,585

)

-

26,066

Capel Enlli

260

(88

)

-

172

130,911

(104,673

)

-

26,238

Restricted funds

Revaluation

-

-

24,478

24,478

Funded Equipment

-

(5,825

)

-

(5,825

)

Orchard

10,001

(3,490

)

-

6,511

10,001

(9,315

)

24,478

25,164

TOTAL FUNDS

140,912

(113,988

)

24,478

51,402