Society for Education Limited Charity Accounts
Society for Education Limited Charity Accounts
COMPANY REGISTRATION NUMBER:
04964185
CHARITY REGISTRATION NUMBER:
1102452
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Company Limited by Guarantee |
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Company Limited by Guarantee |
Financial Statements |
Year ended 31 December 2023
Page |
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Trustees' annual report (incorporating the director's report) |
1 |
Independent examiner's report to the trustees |
4 |
Statement of financial activities (including income and expenditure account) |
6 |
Statement of financial position |
7 |
Notes to the financial statements |
8 |
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Company Limited by Guarantee |
Trustees' Annual Report (Incorporating the Director's Report) |
Year ended 31 December 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended
31 December 2023
.
Reference and administrative details
Registered charity name |
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Charity registration number |
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Company registration number |
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Principal office and registered |
36-38 Gladstone Terrace |
office |
Gateshead |
Tyne & Wear |
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NE8 4EF |
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The trustees
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Company secretary |
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Independent examiner |
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Hallswelle House |
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1 Hallswelle Road |
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London |
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England |
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NW11 0DH |
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Structure, governance and management
Legal and Administrative information
The charity is governed by its memorandum and Articles of Association dated 14 November 2003.
Risk Management
The trustees assess the risks under which the charity operates, and wherever possible, they put measures into place to minimise those risks.
The principal risks identified are:
Financial risk- This is minimised by having the charity operate its banking arrangements through a major clearing bank.
The trustees always ensure that the charity has sufficient funding available to meet all day to day expenditure.
Credit risk- The trustees ensure that all amounts due to the charity are settled on a timely basis.
Training
The trustees periodically assess the possible requirements training of the trustees and staff, and where found to be appropriate, arrange for for such training to take place.
Objectives and activities
The object of the charity is the advancement of education in the Jewish faith.
The trustee regularly consider the charities objectives so far as they relate to public benefit. Reference is made to Guidance issued by the Charity Commission and other organisations to ensure that the charity is fully compliant with all aspects of public benefit with specific regard to education and religious training institutions.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
During the year the Charity acquired additional investment property with a view to providing a solid income stream for the future, to generate funds for charitable expenditure.
Financial review
During the year, the Charity incurred a moderate operating surplus, which arose mainly from the newly-acquired property portfolio.
Reserves Policy
The trustees and management meet on a quarterly basis to review the reserves of the charity and its future requirements.
All future needs are considered together with the risk or contingencies that may exist.
The reserves at the end of the 2023 financial year were £1,281,235 (2022 - £949,390) which is considered to be adequate to meet anticipated obligations for the foreseeable future.
Plans for future periods
The trustees intentions are for the charity to continue its activities in a similar manner to that applied for the current and previous years.
The trustees' annual report and the strategic report were approved on
22 May 2024
and signed on behalf of the board of trustees by:
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Trustee |
Trustee |
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Company Limited by Guarantee |
Independent Examiner's Report to the Trustees of
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Year ended 31 December 2023
I report to the trustees on my examination of the financial statements of
Society for Education Limited
('the charity') for the year ended 31 December 2023.
Responsibilities and basis of report
As the trustees of the company (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 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
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:
1.
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2.
the financial statements do not accord with those records; or
3.
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
4.
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 accounts to be reached.
Hallswelle House
1 Hallswelle Road
London
England
NW11 0DH
22 May 2024
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Company Limited by Guarantee |
Statement of Financial Activities |
(including income and expenditure account) |
Year ended 31 December 2023
2023 |
2022 |
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Unrestricted funds |
Total funds |
Total funds |
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Note |
£ |
£ |
£ |
Income and endowments
Donations and legacies |
5 |
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Investment income |
6 |
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--------- |
--------- |
--------- |
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Total income |
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--------- |
--------- |
--------- |
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Expenditure
Expenditure on raising funds:
Property outgoings |
220,711 |
220,711 |
108,071 |
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Expenditure on charitable activities |
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--------- |
--------- |
--------- |
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Total expenditure |
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--------- |
--------- |
--------- |
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Net gains on investments |
7 |
(
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(
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– |
--------- |
--------- |
--------- |
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Net income and net movement in funds |
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--------- |
--------- |
--------- |
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Reconciliation of funds
Total funds brought forward |
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------------ |
------------ |
--------- |
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Total funds carried forward |
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------------ |
------------ |
--------- |
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The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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Company Limited by Guarantee |
Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
£ |
Fixed assets
Investments |
10 |
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Current assets
Debtors |
11 |
– |
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Cash at bank and in hand |
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--------- |
-------- |
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Creditors: amounts falling due within one year |
12 |
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--------- |
--------- |
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Net current assets |
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(
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------------ |
------------ |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
13 |
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------------ |
------------ |
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Net assets |
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------------ |
------------ |
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Funds of the charity
Unrestricted funds |
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------------ |
--------- |
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Total charity funds |
14 |
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Directors' responsibilities:
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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
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of trustees
and authorised for issue on
22 May 2024
, and are signed on behalf of the board by:
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Trustee |
Trustee |
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Company Limited by Guarantee |
Notes to the Financial Statements |
Year ended 31 December 2023
1.
General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 36-38 Gladstone Terrace, Gateshead, Tyne & Wear, NE8 4EF.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Going concern
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Investment property
Investments in associates
Investments in joint ventures
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
4.
Limited by guarantee
The society is Limited by Guarantee and as such, the members may each be called upon to make a payment of up to £1 in the event of the winding up of the charity.
5.
Donations and legacies
Unrestricted Funds |
Total Funds 2023 |
Unrestricted Funds |
Total Funds 2022 |
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£ |
£ |
£ |
£ |
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Donations
Donations receivable |
14,500 |
14,500 |
36,950 |
36,950 |
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-------- |
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6.
Investment income
Unrestricted Funds |
Total Funds 2023 |
Unrestricted Funds |
Total Funds 2022 |
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£ |
£ |
£ |
£ |
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Income from investment properties |
296,071 |
296,071 |
126,948 |
126,948 |
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Bank interest receivable |
604 |
604 |
– |
– |
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--------- |
--------- |
--------- |
--------- |
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--------- |
--------- |
--------- |
--------- |
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7.
Net gains on investments
Unrestricted Funds |
Total Funds 2023 |
Unrestricted Funds |
Total Funds 2022 |
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£ |
£ |
£ |
£ |
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Gains/(losses) on investment property |
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– |
– |
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--------- |
--------- |
---- |
---- |
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8.
Independent examination fees
2023 |
2022 |
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£ |
£ |
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Fees payable to the independent examiner for:
Independent examination of the financial statements |
920 |
920 |
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---- |
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9.
Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by any trustee.
10.
Investments
Investment properties |
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£ |
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Cost or valuation |
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At 1 January 2023 |
3,182,128 |
Additions |
(13,356) |
Disposals |
(250,000) |
------------ |
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At 31 December 2023 |
2,918,772 |
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Impairment |
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At 1 January 2023 and 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
2,918,772 |
------------ |
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At 31 December 2022 |
3,182,128 |
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All investments shown above are held at valuation.
Investment properties
As all investment properties have been newly acquired, they have been valued at the year end by the trustees and are considered to be stated at the fair open market value.
11.
Debtors
2023 |
2022 |
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£ |
£ |
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Trade debtors |
– |
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---- |
------- |
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12.
Creditors:
amounts falling due within one year
2023 |
2022 |
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£ |
£ |
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Accruals and deferred income |
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Other creditors |
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--------- |
--------- |
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--------- |
--------- |
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13.
Creditors:
amounts falling due after more than one year
2023 |
2022 |
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£ |
£ |
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Bank loans and overdrafts |
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------------ |
------------ |
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14.
Analysis of charitable funds
Unrestricted funds
At 1 January 2023 |
Income |
Expenditure |
Gains and losses |
At 31 December 2023 |
|
£ |
£ |
£ |
£ |
£ |
|
General funds |
949,390 |
311,175 |
(229,330) |
250,000 |
1,281,235 |
--------- |
--------- |
--------- |
--------- |
------------ |
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At 1 January 2022 |
Income |
Expenditure |
Gains and losses |
At 31 December 2022 |
|
£ |
£ |
£ |
£ |
£ |
|
General funds |
917,382 |
163,898 |
(131,890) |
– |
949,390 |
--------- |
--------- |
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---- |
--------- |
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15.
Analysis of net assets between funds
Unrestricted Funds |
Total Funds 2023 |
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£ |
£ |
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Investments |
2,918,772 |
2,918,772 |
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Current assets |
269,273 |
269,273 |
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Creditors less than 1 year |
(240,507) |
(240,507) |
|
Creditors greater than 1 year |
(1,666,303) |
(1,666,303) |
|
------------ |
------------ |
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Net assets |
1,281,235 |
1,281,235 |
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------------ |
------------ |
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Unrestricted Funds |
Total Funds 2022 |
||
£ |
£ |
||
Investments |
3,182,128 |
3,182,128 |
|
Current assets |
44,529 |
44,529 |
|
Creditors less than 1 year |
(360,990) |
(360,990) |
|
Creditors greater than 1 year |
(1,916,277) |
(1,916,277) |
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------------ |
------------ |
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Net assets |
949,390 |
949,390 |
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------------ |
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