UNAUDITED FINANCIAL STATEMENTS AND TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2012 Charity Number 1043847 MMA PARTNERSHIP LLP Chartered Certified Accountants 6 Bruce Grove London N17 6RA
FINANCIAL STATEMENTS CONTENTS PAGES Members of the Board and professional advisers 1 Trustees Annual Report 2 to 6 Independent examiner's report to the trustees 7 Statement of financial activities 8 Balance sheet 9 Notes to the financial statements 10 to 15
MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS Registered charity name MUSLIM COMMUNITY & EDUCATION CENTRE Charity number 1043847 Registered office Trustees Independent examiner Bankers Solicitors C/o 2 Doveridge Gardens Palmers Green N13 5BL Dr. A Majid Katme Mr. Sabir Shaikh Mr. Talat Shaikh Mr. Yasir Shaikh J. Mistry FCCA MMA Partnership LLP Chartered Certified Accountants 6 Bruce Grove London N17 6RA Lloyds TSB Bank Plc 369 Green Lanes London N13 4JH Caine's Solicitors 18a Church Street Enfield Middlesex EN2 6AF - 1 -
TRUSTEES ANNUAL REPORT The trustees have pleasure in presenting their report and the unaudited financial statements of the charity for the year ended 31 March 2012. REFERENCE AND ADMINISTRATIVE DETAILS Reference and administrative details are shown in the schedule of members of the board and professional advisers on page 1 of the financial statements. THE TRUSTEES The trustees who served the charity during the period were as follows: Dr. A Majid Katme Mr. Feisal Adam Mr. Reshard Auladin Mr. Sabir Shaikh Mr. Talat Shaikh Mr. Yasir Shaikh Mr. Feisal Adam retired as a trustee on 25 January 2012. Mr. Reshard Auladin retired as a trustee on 3 November 2011. Mr S Ahmad was appointed as a trustee on 15 April 2012. Mr S Alim was appointed as a trustee on 15 April 2012. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document Muslim Community and Education Centre (MCEC) is an unincorporated Trust, constituted under a trust deed dated 13 January 1995 and is a registered charity, number 1043847. Method of appointment of Trustees and policies adopted for their induction The basis of selecting new trustees is by way of identifying people who regularly attend events and functions organised by the Trust, show an interest in and volunteer to help out during these activities. These people are then invited to attend Trustees meetings as observers. They are then given more details of the Trust's aims and objectives. Upon satisfaction that these are in line with their ideology of charity work and after due consideration of the person's eligibility, personal competence, specialist knowledge and skills they are proposed as new trustees by the existing ones at the subsequent meeting where they are appointed by the current Board members. Prior to their appointment, new trustees are introduced to the Charity's Policies and adherence to clauses D, E & T of our Constitution are ensured. Charity procedures are covered, where they become aware of the scope of their responsibilities under the Charities Act. They are then attached to an existing trustee who they assist on the projects and activities run by the charity. After satisfactory feedback from existing trustees, they are appointed as board members and then given the task to deal with project/activity on their own and are regularly monitored through meetings. - 2 -
TRUSTEES ANNUAL REPORT (continued) Decision making All decisions must be according to the teachings of the last Holy book Al-Qur'an and Sunnah of the last Prophet, Muhammad (peace be upon him) and based on majority ruling after proper assessment of the subject matter. The trustees are legally responsible for the overall management and control of the centre and meet on a regular basis at least once a month. The Finance and General Purposes (building) members generally meet every fortnightly to consider the tasks delegated to them in respect of financial, building work or any specialist adviser report, which are then communicated to the other trustees at the main board meeting for their deliberations. Risk review The management committee has conducted a review of the major risks, which the charity is exposed to and systems have been established to mitigate those risks. Significant external risks to funding have been reduced by the development of a strategic plan, which will allow for development only when the funds are in hand or have been guaranteed. Internal risks are minimised by the implementation of procedures for authorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects. These procedures are periodically reviewed to ensure that they still meet the needs of the charity. OBJECTIVES AND ACTIVITIES The aims and objectives of the charity are: 1) to advance the Islamic religion in particular but without the prejudice to the generality of the forgoing by provision of a place of worship 2) to advance education particularly in Islamic studies, Arabic and English by the provision of after school and nursery education 3) to provide facilities for recreation or other leisure-time occupation for Local Muslim community with the objective of improving their condition of life. These objectives will be achieved via commitments from our helpers and supporters to assist in any form they can, financially and/or time dedication. PUBLIC BENEFIT STATEMENT In setting out the objectives and planning the activities, the trustees have given careful consideration to complying with the duty in Section 4 of the Charities Act 2006 to have regard to the public benefit guidance published by the Charity Commission. All our projects and services have continued to grow as well as some new, benefitting great many more of the community. In keeping with MCEC's objectives we continue to develop our facilities for worship and we now provide full facilities for all daily prayer sessions as well as prayers for special occasions. The number of people attending the daily and Friday prayers has increased. It is estimated that around 2,000 people passes through Masjid doors every week, with nearly 1,000 on Friday's (Jumah) prayer and on Ramadan days. To reach all the Muslims in our area our Imams deliver sermon and classes on Islamic knowledge subjects in English. More coordinated support was provided to new Muslims through the 'Fresh to the Faith' classes designed purposefully to suit their needs. We have introduced Fatwa services; where people can directly, either via email or meet in person, contact the scholars for religious advice. Islamic marriage ceremonies are now performed at the Centre and our facilities for Islamic funeral preparations and prayers are now well established. - 3 -
TRUSTEES ANNUAL REPORT (continued) The Parents & Toddlers group continues to run smoothly under the supervision of some dedicated sisters. Weekly Ladies Quranic class and over-50 club are well attended as well as the three evening classes for adults. The youngsters now enjoy three table-tennis tables and two table footballs. Working with Enfield Football Club we were able to carry out football coach training for some of our volunteers, which has resulted in us starting youth football training sessions every Saturday afternoon. Nearly 200 children who go to mainstream schools attend our Saturday school and around 60 attend our evening educational provisions. Many children are on the waiting lists; this shows the quality of our education provision and demand for these services. The ethos of the school is to provide Islamic education and understanding of social and moral responsibilities for young Muslim boys and girls in a caring and open environment. We encourage our students to strive for knowledge and skills that will help them to become good citizens with a proper. We continue to get requests and arrange visits for local primary and secondary schools in line with KS2 and KS3 programme. Students, teachers and parents are welcomed to see and experience, at first hand, the Muslim faith and place of worship. The Q&A sessions have had had a very positive feedback. The Centre hosted a number of community events this year aimed at both the Muslim community and other communities. Our Eid fair/ fun-day was open to all communities and visitors were able to see an exhibition of Islamic art and calligraphy and to also taste food from various parts of the world. MCEC is represented on the Enfield police interfaith group. Working with Enfield inter-faith group we had an open day during Enfield Peace Month where local organisations and communities of other faiths were invited to visit the centre and learn about Islam and Muslims. In the area of community cohesion MCEC hosted a multi-faith event where local clergy were invited to speak. MCEC works with leading Islamic Charities by collecting the obligatory and recommended religious donations (Fitra, Zakat and Sadaqat), which were then distributed, to the poor and needy in various parts of the world. ACHIEVEMENTS AND PERFORMANCE Thanks to donors we were able to provide more and more services, which was much appreciated by the worshippers. We were also able to order, install and upgrade CCTV and Audio system in the Centre. We also carried out maintenance of the site, which was much appreciated by the local people and worshippers. MCEC's prime focus continues to be promoting knowledge and providing needed services, within its scope of operation, to all the communities. In order to achieve this aim and for the sake of managing the Centre activities in more professional and technical manner, the board of trustees appointed on 1st of March 2012 the Centre Manager, Br. Mohammad Tariq Sediq, who brings lots of expertise in both Islamic knowledge and organizational management. Following the resignation of Shaykh Al Ansari the board of trustees decided to recruit Shaykh Ahmad Saad Al-Azhari as Senior Imam during the reporting period to bring scholarly knowledge and education of adults to this part of London. Other Imams were contracted, to serve as a junior Imam and lead the five daily prayers. - 4 -
TRUSTEES ANNUAL REPORT (continued) We have started this year women-only educational classes, and similarly men-only classes. All classes are free to the local community. Marriage and divorce being a major issue in all communities a marriage advice has been started. That is; couples are given a full briefing on importance of marriage in Islam and rights and responsibilities of the to-be-wed couple towards each other and the society, before the actual conduct of Nikah (Islamic marriage). Guidance is also offered when difficulties arise. The increased demand to perform the funerals at MCEC is a testament to the professional and religious way of providing the 24/7 Janaza/funeral services to the community. Our Open-door Open-mind policy has produced many enquiries and has resulted in numerous Mosque visits by local Schools and other groups. Various fundraising and cultural events took place during the year, in line with inter-faith and community cohesion work. FINANCIAL REVIEW The income is generated from donations collected from Muslim people and Muslim organisations. The incoming resources are detailed and expended in the Statement of Financial Activities. The financial year commenced with total cash and bank balances of 291,882, and outstanding Qarze Hasanah loans of 34,000. During the year donations and associated Gift Aid reclaims amounting to 399,457 were received. Resources expended in the year totalled 280,267, which included distributions in support of the poor and needy of 83,561, utility cost of 20,599, maintenance costs of 1,268 and educational expenses of 52,323. Further funds were expended on building works and equipment of 24,966. No Qarze Hasanah loans were repaid during the year. At the year end there was a total cash and bank balance of 458,849, and Qarze Hasanah loans outstanding of 34,000. Reserves Policy The trustees have forecast the level of free reserves (that is those funds not tied up in fixed assets, and designated and restricted funds) the charity will require to sustain its operations over the forthcoming year. The trustees consider that the appropriate level of free reserves at 31 March 2012 should be 200,000 which is the amount required to meet the continuing programme of maintenance and construction of the Centre in line with the aims and objectives of the charity. The actual free reserves at 31st March 2012 were 467,009. PLANS FOR FUTURE PERIODS The Trustees, working with the new Centre Manager are looking to improve the Educational services. In looking forward, the Charity's future plans would be to complete building work and improve on the existing facilities that we provide at the Mosque and Centre. - 5 -
TRUSTEES ANNUAL REPORT (continued) RESPONSIBILITIES OF THE TRUSTEES The charity's trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and regulations. The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and the income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgements and accounting estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. 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. INDEPENDENT EXAMINER J. Mistry FCCA of MMA Partnership LLP, Chartered Certified Accountants has been re-appointed as independent examiner for the ensuing year. C/o 2 Doveridge Gardens Palmers Green London N13 5BL Signed on behalf of the trustees Mr. Talat Shaikh Treasurer 11 April 2013-6 -
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MUSLIM COMMUNITY & EDUCATION CENTRE I report on the accounts of the charity for the year ended 31 March 2012 set out on pages 8 to 15. RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND INDEPENDENT EXAMINER The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under section 144(2) of the Charities Act 2011 (the 2011 Act), and that an independent examination is needed. It is my responsibility to: examine the accounts (under section 145(1)(a) of the 2011 Act); to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5) of the 2011 Act); and to state whether particular matters have come to my attention. BASIS OF INDEPENDENT EXAMINER'S STATEMENT My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on whether the accounts present a 'true and fair view'. INDEPENDENT EXAMINER'S STATEMENT In connection with my examination, no matter has come to my attention: (1) which gives me reasonable cause to believe that in any material respect the trustees have not met the requirements to ensure that: proper accounting records are kept (in accordance with sections 130 and 131 of the Act); and accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act; or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. J. Mistry FCCA MMA Partnership LLP Chartered Certified Accountants Independent examiner 6 Bruce Grove London N17 6RA 11 April 2013-7 -
STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Funds Restricted Funds Total Funds 2012 Total Funds 2011 Note INCOMING RESOURCES Incoming resources from generating funds: Voluntary income 2 315,694 83,763 399,457 391,418 Investment income 3 979 979 192 ----------------------------------- ----------------------------- ---------------------------------- ----------------------------------- TOTAL INCOMING RESOURCES 316,673 83,763 400,436 391,610 ----------------------------------- ----------------------------- ---------------------------------- ----------------------------------- RESOURCES EXPENDED Charitable activities 4/5 (193,224) (83,561) (276,785) (267,896) Governance costs 6 (3,482) (3,482) (1,838) ----------------------------------- ----------------------------- ---------------------------------- ----------------------------------- TOTAL RESOURCES EXPENDED (196,706) (83,561) (280,267) (269,734) ----------------------------------- ----------------------------- ---------------------------------- ----------------------------------- NET INCOMING RESOURCES FOR THE YEAR 7 119,967 202 120,169 121,876 RECONCILIATION OF FUNDS Total funds brought forward 2,249,565 17,962 2,267,527 2,145,651 --------------------------------------------- ----------------------------- -------------------------------------------- -------------------------------------------- TOTAL FUNDS CARRIED FORWARD 2,369,532 18,164 2,387,696 2,267,527 The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared. All of the above amounts relate to continuing activities. The notes on pages 10 to 15 form part of these financial statements. - 8 -
BALANCE SHEET 31 MARCH 2012 2012 2011 Note FIXED ASSETS Tangible assets 9 1,902,523 1,925,872 CURRENT ASSETS Debtors 10 69,366 93,641 Cash at bank and in hand 458,849 291,882 ---------------------------------- ----------------------------------- 528,215 385,523 CREDITORS: Amounts falling due within one year 11 (43,042) (30,868) ---------------------------------- ----------------------------------- NET CURRENT ASSETS 485,173 354,655 -------------------------------------------- --------------------------------------------- TOTAL ASSETS LESS CURRENT LIABILITIES 2,387,696 2,280,527 CREDITORS: Amounts falling due after more than one year 12 (13,000) -------------------------------------------- --------------------------------------------- NET ASSETS 2,387,696 2,267,527 FUNDS Restricted income funds 13 18,164 17,962 Unrestricted income funds 14 2,369,532 2,249,565 -------------------------------------------- --------------------------------------------- TOTAL FUNDS 2,387,696 2,267,527 These financial statements have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). These financial statements were approved by the members of the committee on 11 April 2013 and are signed on their behalf by:...... MR. SABIR SHAIKH MR. TALAT SHAIKH CHAIRPERSON TREASURER The notes on pages 10 to 15 form part of these financial statements. - 9 -
NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES Basis of accounting The financial statements have been prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, the Statement of Recommended Practice "Accounting and Reporting by Charities" issued in March 2005 (SORP 2005) and the Charities Act 2011, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) Cash flow statement The trustees have taken advantage of the exemption in Financial Reporting Standard No 1 from including a cash flow statement in the financial statements on the grounds that the charity is small. Incoming resources All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: Voluntary income is received by way of grants and is included in full in the statement of financial activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. Donations are the main source of income for the Centre. Those classified as Zakaat, Fitrana and Sadaqat are for the specific purpose of distribution to the poor and are treated as restricted funds. Gifts in kind - properties and other fixed assets donated to the charity are included as voluntary income at market value at the time of receipt. Donated services and facilities are included as voluntary income at their estimated value to the charity when received, and under the appropriate expenditure heading depending on the nature of service or facility provided, at the same value and time. Income from 'gift aid' tax reclaims is recognised for donations received prior to the year end for which 'gift aid' certificates apply. - 10 -
NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES (continued) Fund accounting Funds held by the charity are either: Unrestricted general funds - these are which can be used in accordance with the charitable objects at the discretion of the trustees. Designated funds - these are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects. Restricted funds - these are funds that 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. Resources expended Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates: Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. All costs are allocated between the expenditure categories of the SoFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis. Fixed assets All tangible fixed assets are initially recorded at cost. Additions costing more than 200 are capitalised. Depreciation Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: Freehold Property - depreciation over 50 years Fixtures, Fittings & Equipment - 15% on reducing balance method Motor Vehicles - 25% on reducing balance method - 11 -
NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES (continued) Restricted funds Restricted funds are those funds on which there are externally imposed restrictions and these are legally binding on the trustees in terms of how the funds may be used. Zakaat, Fitrana and Sadaqat donations have been included in this category. It is the policy of the charity not to use these funds for the construction of the Centre. 2. VOLUNTARY INCOME Unrestricted Restricted Total Funds Total Funds Funds Funds 2012 2011 Donations General donations 281,650 281,650 246,357 Zakaat, Fitrana and Sadaqat 83,763 83,763 93,354 Inland Revenue Gift Aid refund 34,044 34,044 49,207 Grants receivable Enfield Council - Safer and Stronger Communities Board 2,500 ---------------------------------- ------------------------------- ----------------------------------- ----------------------------------- 315,694 83,763 399,457 391,418 3. INVESTMENT INCOME Unrestricted Total Funds Total Funds Funds 2012 2011 Bank interest receivable 681 681 93 Other interest receivable 298 298 99 --------------- --------------- --------------- 979 979 192 = = = 4. COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE Unrestricted Restricted Total Funds Total Funds Funds Funds 2012 2011 Provision of religious and educational facilities 193,224 193,224 167,169 In support of the poor and needy 83,561 83,561 100,727 ---------------------------------- ------------------------------- ----------------------------------- ----------------------------------- 193,224 83,561 276,785 267,896-12 -
NOTES TO THE FINANCIAL STATEMENTS 5. COSTS OF CHARITABLE ACTIVITIES BY ACTIVITY TYPE Activities undertaken directly Grant funding activities Total Funds 2012 Total Funds 2011 Provision of religious and educational facilities 193,224 193,224 167,169 In support of the poor and needy 83,561 83,561 100,727 ---------------------------------- ------------------------------- ----------------------------------- ----------------------------------- 193,224 83,561 276,785 267,896 6. GOVERNANCE COSTS Unrestricted Total Funds Total Funds Funds 2012 2011 Independent examiners fees 1,050 1,050 1,088 Accountancy and payroll fees 882 882 750 Legal and professional fees 1,550 1,550 ------------------------ ------------------------- ------------------------- 3,482 3,482 1,838 = = = 7. NET INCOMING RESOURCES FOR THE YEAR = = This is stated after charging: 2012 2011 Amortisation of intangible assets 39,300 39,285 Depreciation 9,017 10,421 8. STAFF COSTS AND EMOLUMENTS = = Total staff costs were as follows: 2012 2011 Wages and salaries 10,063 8,929 Social security costs 820 777 ------------------------------- ------------------------- 10,883 9,706 = = Particulars of employees: The average number of employees during the year, calculated on the basis of full-time equivalents, was as follows: 2012 2011 No No Number of religious staff - Imam 1 1 No employee received remuneration of more than 60,000 during the year (2011 - Nil). The trustees were not paid or reimbursed for expenses during the year. - 13 -
NOTES TO THE FINANCIAL STATEMENTS 9. TANGIBLE FIXED ASSETS Freehold property Fixtures, Fittings & Equipment Motor Vehicles Total COST At 1 April 2011 1,963,416 55,720 10,926 2,030,062 Additions 788 24,178 24,966 -------------------------------------------- ------------------------------- ------------------------------- --------------------------------------------- At 31 March 2012 1,964,204 79,898 10,926 2,055,028 DEPRECIATION At 1 April 2011 77,794 23,664 2,732 104,190 Charge for the year 39,299 6,967 2,049 48,315 ---------------------------------- ------------------------------- ------------------------- ----------------------------------- At 31 March 2012 117,093 30,631 4,781 152,505 NET BOOK VALUE At 31 March 2012 1,847,111 49,267 6,145 1,902,523 At 31 March 2011 1,885,622 32,056 8,194 1,925,872 10. DEBTORS = = 2012 2011 Prepayments 69,366 93,641 11. CREDITORS: Amounts falling due within one year = = 2012 2011 Taxation and social security 480 Loans - Qarze Hasanah 34,000 21,000 Accruals 9,042 9,388 ------------------------------- ------------------------------- 43,042 30,868 Qarze Hasanah loans are unsecured and interest free. 12. CREDITORS: Amounts falling due after more than one year = = 2012 2011 Loans - Qarze Hasanah 13,000 Qarze Hasanah loans are unsecured and interest free. - 14 -
NOTES TO THE FINANCIAL STATEMENTS 13. RESTRICTED INCOME FUNDS Balance at 1 Apr 2011 Incoming resources Outgoing resources Balance at 31 Mar 2012 Zakaat, Fitrana and Sadaqat 17,962 83,763 (83,561) 18,164 14. UNRESTRICTED INCOME FUNDS Balance at 1 Apr 2011 Incoming resources Outgoing resources Balance at 31 Mar 2012 General Funds 2,249,565 316,673 (196,706) 2,369,532 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tangible fixed assets Net current assets Total Restricted Income Funds: Zakaat, Fitrana and Sadaqat 18,164 18,164 Unrestricted Income Funds 1,902,523 467,009 2,369,532 -------------------------------------------- ----------------------------------- --------------------------------------------- Total Funds 1,902,523 485,173 2,387,696 = = = - 15 -