Company registration number.. 2697257 Charity registration number.. 1010167 citizens advice Manchester CITIZENS ADVICE MANCHESTER (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CITIZENS ADVICE MANCHESTER CONTENTS L¢g•l Admini•tr•tiv• Information Trusts•s' Rop¢xt 4t013 Statsment of Trusts•s' R•spon8lbllll•8 14 Ind•p•nd•nt Auditors, Report 15to18 Stat•m•nt of Financial ActivilEes 19to20 Balance Sheet IStatem•nt of Finan¢i•l Position) 21 St•t•m•nt d C•sh Fl¢)WS 22 N¢)tes to the Fina￿la1 Statsm•nts 23to38 CITIZENS ADMCE MANCHESTER LEGAL AND ADMINISTRATIVE INFORMATION Trustees Beverty D'Alessio, Chair Mark Lyonette Vice Chair (Appointed 09105r241 Fiona McNair, Tr&asurer (Resigned 30109125) Conor Meenan Tony Robinson Holly Marbin (Resigned 301091251 Ginny Hibbert Jan Mitton William Priest {Appointed 09105124) Michael Kay (Appointed 2911 or241 Grenville Page {Appointed 26108125; elected Treasurer 30109125) Abimbola Oredegba (Appointsd 261018f25) Karen Clarke {Resigned 29110r24) Loma Culpin (Resigned 29110124) Craig &mpson {ReSi￿ad 28101r25) Key Management PerS{￿ne1 Andrew Brown, Chief ExecutiveKompany secretary Daniel Pye, Chief Operats'ng Officer Hayley Hughes, Assistant Chief Executive Rachel Evans Director of Operats'ons Margaret Keano, Director of Human Resources John M¢Cathy, Chief Digrtal Officer (Appointed 05J05r25) Steven Booth, Head of IT (Resigned 30106124) Prlnclpal Offlc• Badow House 4 Minshull Street Manchestsr M13DZ Company Reglstratlon Number 2697257 Charlty Reglstrallon Number 1010167 VAT Reglstrallon Number 659 7910 80 Bankers Coaoperative Bank PO Box 101 1 Balloon Street Manchester M60 4EP Audltor Azets Autht Services Bulman House Gosforth Newcastle upon Tyne Tyne and Wear NE3 3LS Investmént Managers Quifter Cheviot 4 Floor, Bauhaus, 27 Quay St Manchester M3 3GY CITIZENS ADVICE MANCHESTER TRUSTEES, REPORT The trustees, who are directors for the purposes of cOMp￿Y law, present the annual report together wlth the financlal statements and auditors, report of the charitsble company for the year ended 31 March 2025.. Member Poslllon Beverfy D'Alessio Chair Mark Lyonettè Trustee lappointsd 09105r24) I Wice Chair Fiona M¢Nair TreaSurerIFinan￿ Rtsk & Audit Comnwttee Chair (resigned 30109125) Tony Robinson Twstee Holly Markin Trustee (resigned 30109125) Conor Meenan Trustee Michael Kay Trustee (wjinted 2911 or24) Ginny Hibbert TrusteelPeople, Perforn)￿¢e & Quality Committee Chair Jan Mitton Tnjstee Iliam Priest Trustee (appointed 09105r24) Grenville Page Trustee {appointsd 26108r25)' Elected as Treasurer on 30109r25 Abimbola Oredegba Trustee (appointed 26108125) Craig Simpson Resigned 28101125 Karen Clarke Resigned 29110124 Loma Culpin Resigned 29110124 There were no members of the Trustse Board in paid employment at Citizens A¢fvice Manchester ("CAM") or xting as volunteers in the office. There were no ex￿¢10 members who served as DireCtors￿ruSteeS during the year. Structure, govemance and management Na¢ur• ofgovamlng document The Charity was reg'stered with the Charity Commtssion in September 1939. It became a company limited by guarantee on 13 Mar¢h 1992 (Company Number.. 2697257). The fvll name of the charity is 'Citizens A(fvtce Manchester, and is govemed by rts Memorandum and Artides of Association as amended on 16 July 2002, 15 January 2007, 20 January 2008, 9 October 2019. Recrultment and appolnlmonl of Irus¢6•s The Charity is governed through a Trustee Board. The members of the Charity are the Trustees v#ho have held office during the year and up to the date of signing these accounts are listed above. The Articles of Association provide for a minimum of 3 and a maximum of 15 Trustees. None of the Trustees has any beneficial interest in the company. The maximum liabilty of each member is limited to £1. The cOmp￿Y hold$ 8n annual Th'rectors and OIfiGers Liabilty Insurance policy. CITIZENS ADVICE MANCHESTER TRUSTEES, REPORT If a new Trustee is employed by anoth&r organisats'on the Chair should ensure that the Trustee understsnds that they must act solely in the best interests of the CAM and that they as individuals not the organisation they are reprosenting. are liable for Board decisions. A registor of other interests and directorships is maintained by the Company Secretsry. Procedures for appointing Trustees are laid out in the goveming documents. Trustees, who are also Directors of trte company, are required to go through a selection process and are fomal interviewed by a panel made up of exists'ng Trustees with the CEO l ￿MpanY secretsry in attendance. Suitable candidates are then proposed by the Chair to the Trustee Board for ele¢tion. A separate process agreed by the Trustee Board is followed for the election of the Chair. No other persons or bodies extemal to the Charity were 8ntiUed to appoint persons to the Trustee Board. As an incorporated Local Citizens A(fvice, we file an Appointment of Directorf form, AP01, with Companies House within 14 days of the appoinknent. When details on that form change (eg a change ofthe Trustee address) form CH01 is filed with Companies House. We have also filed TM01 (for terminab'ng appointment). All forms are in compliance with Companies Act 2006 and are freely available to the public via the Companies House online register. Inductlon and tralnlng of trustees All new Directors I"Trustees"l are provided with a comprehensive induction on their legal obl￿1 ations under chanty and company law, the Memorandum and Artides of Association, the committee and decision making process, the business plan, access to the Citizens A(fvice Intranet and recent financial performance of the Charity. They also attend meetings with the CEO and other key staff, appropriate training courses and mentoring by established Trustees to facilitate an understanding of their role. Tmstee Board The Board is responsible for setting the strategi¢ dirp.¢tion and planning of the organisation, its policies, budgetary and financial Control and risk management. The directors cary the ultimate rewonsibility for the conduct of CAM and for ensuring that the company￿harity sats'slles its legal and contractual oblsi at'ons. The Trustee Board had three working committees, the Finance Risk and Audit Committee IFRACI, Busjness Development. Research & Campaigns IBDRCI and the Human Resour¢es Committee. From mid-2025, as part of CAM'S transformation programme it was agreed to establish a new People, Quality & Performance Committee and Strategic and Innovats'on Committee replacing both the HR and BDRC committees. This will enable the Board to have better oversight of delivery and performance, provide the appropriate cnti¢al challenge to the operats'onal Leadership and Management teams as well as align more clearly with the requirements of the national organisation's Leadership Self Assessment Process. The Board meets a minimum of 6 times a year and delegates day-day management and implementation of its decisions through an executive Leadership Team who attend Board meeting$. The Leadership Team consists ofthe Chief Executive and six heads of department each with individual areas of responsibility to deliver the business plan for the organisation. Citizens A¢fvice Manchester is a member of Citizens Advice. The Membership Agreement sets out the relationship betr￿een a member of the Crtizens A(fvice service and Crfizens A(fvi¢e including our respective roles and responsibilities some of which are shared (e.g. protecting, promoting and developing the Citizens A￿l¢e brand). The Agreement sets outthe high-level stsndards for membership {induding seryice delivery) and some very spe¢ific requirements and includes details of what happens if the Agreement is breached by erther a member or Citizens Athice. The quality assurance standards sit undem8ath the Agreement. These set out the detaled stsndards which all LCAS that are members of the cit.zens Advice service must meet Audit Services check Compliance with the qualty assurance standards and the Membership Agreement through annual regular membership audits. The Spe¢ialist Quality Mark (SQMI and Advice Quality Standards were renewed in October 2024 and May 2025 respectively for a period of 3 years. Operating policies are independently determined by the Board of Directors in order to fulfil its charitable obje¢ts'ves and coryly with the national membership requirements. CITIZENS ADVICE MANCHESTER TRUSTEES, REPORT Appolntmert and romun•ra¢lon olk•y managwn•n¢ p•r8onn The Board is responsible for Ihe appointment, including seth'ng and reviewing remuneration, of key management personnel in a￿OrdanCe with CAMS pay framework The frameworK along with salary rat8$ ar? reviewed annually by trustees in line with the organisation's pay and grading policies which apply to all staff. R•la¢•dparty ¢on8l¢l•rndons and transaetlons CAM board membersltrustees and key management Staff are required to declwe any interests and disclose any potential ¢onflicts as per legal requirements and Charity Commission guidance °conflicts of int8r8St a guide for chaiity trusteos.. Where related party transa¢lions exist they will be disclosed as part of these accounts. CAM'S trustees (limited to a maximum Of￿0) hcjd Trusteeldirectorships positsons on the board of another local Associate Citizens Advice Citizens Advice Greater Manthester {CAGM), which is a ¢ollective bo(ty of local Citi'zens A(fvice organisations operat'ng viithin Greater Manchester communities in fvrtherance of mutual charitable objectives. olher¢harld￿ and organl8atlon8 wlth whlch CAM CO•op•rat•s In th• pursult of Its charltablo objecdves Notsvithstsnding the relationship with National Citizens Advice and CAGM as described above, CAM works in partnership with a number of other organisations from private, stattjtory, health and social care and third sectors to develop and deliver appropriate a(fvice and a(fvocacy services for clients. Wthere one of the Directors I'Trustees') or key management personnel holds the position of Trustsenirector of another charity or organisation they are required to declare all potsntial and ac￿81 confFicts of interest and may be involved in discussions regarding that other organisation but not in the ulb'mate decision-making process. CAM also works in direct partnership with a number of partrter LCAS and other charities l organisations where financial considerations exist, including but not exhaustively Shelter, Citizens Athice Liverpool, CASOR T, CA Caflisle & Eden, CA Blackpool, CA Lancastsr and CA Preston to which it subcontracts grant funding. Major rfsks and manag•m•nt of thos• rfsks CAM has a Corporate Risk Management Strategy integratsd with a Business Continuity Plan. Th8 Directors recognise that any major risks to which the Charity is exposed need to be reviewed and systeffts put in place to mitigate those risks. To that end CAM is continually monitoring and managing its risk, reviewing th8 corporate risk register and ensuring action plans are in place to mitigate its key risks. Included in extemal risks is that of the loss of funding and premises. The CompanyKharity works hard to minimise these two prinupal risls by continuing to seek to diverrify its funding sources and through a clearfy defined ac¢ommodation strategy. Other intemal risks are minimised by the implementstion of pro¢edures for authorisation of all transactions and projects and for ensuring ¢onsistsnt quality of delivery for all operational aspects of the charitable company. These procedures are periodically reviewed to ensure Ihat they still meet the need5 of the Charity. coM￿lance Sta¢•ment Citzens Advi¢e Manchestsr is committed to ensuring the se¢urity and protectTron of the personal informatiijn that we process, and to provide a Compliant and consistent approach to data protection. An infomation assurance management team exists to ensure the confidentialty, integrity and availabilty of all personal and sensitive data is maintained to a level which ts compliant with the requirements of GDPR and Data Protsction Law. Our Principles Citizens Advice Manchester tskes the privacy and 8￿UrIty of inth'viduals and their personal infomation very seriously. Our principles for processing personal information are.. We will process all personal information faidy lawlulty We will only process personal information for specthed and lawful purposes lthere praclical, we will keep personal information up to date We will not keep personal infomation for longer than is necessary CITIZENS ADVICE MANCHESTER TRUSTEES. REPORT Data Subjects. Rights At Citizens Advice Manehester, an indlvldual can request Informalion about.. Imat personal information wo hold about gn individual The catsgories of personal infomation we collect from an individual The purposes of colle¢ting and proe8ssing personal infomiation from an individual How long wè plan to keep the personal information The process to have inaxurats or incomplete personal information Corrected or ¢ompletsd here applicable, the process for requestrng erasure of the personal infomation or for restricting the processing of personal information in accordance with data protsction laws, as well as to object to any direct marketing from us Our compliance plan Stsps tsken to ensure compliance with GDPR and data protection: We have established procethJr8s and policies to restrict processing of personal information We have updatsd our procedures for data breaches and incident responses We have updated our Data Protection Policy. Dats Retenti¢)n Policy, Information Security Polrcy, Cooloes Poli¢y Privacy Policy We have reviewed all processing activits'es to identify the legal basis for processing pe￿Onal information and to ensure that each basis is appropriate for the activity it relat85 to. Objectlves and acuvllles ChaTIty Objects The Charity's objects are to promots any charitsble purpose for the benefit of the community in the Cty of Man¢h6stsr (Ihe principal area of benefiv) and elsewhere by the advancement of education, the protection and preseThation of health and the relief of poverty. Vlslon "Our Vision is that we will empower people through infomiation and advice. to champion their individual rights." Alms The service airr6'. To provide Ihe advice people need and to empower people to be better able to resofve their future problems To campaign to improve the policies and practices that affect people's lives in Manchester To engage with local communities activety deliver preventative programmes V*ues Our values are to be free, independent, confidential and impartial. We will promote diver&ty, equality and challenge discrimination. ObJ￿IlVe$, strategies and actlvlues In add￿'On to the continuing provision of high-quality athisory serrfices to the local Community the primary objectives for the year were.. Servl¢e dellvery To expand our multi (Omni) Channel by adding new digital platforn￿ to advice and information that empowers communitr'es and indNiduals localy, régionalty and nationally. Flnance To strengthen our financial independence and maintain financial stabilty through diversified income streams, social enterprises and income generation from the privatelcorporate sector. Partnershlps To work dosely with other partner organisations who are committed to fighting poverty, disadvantage and promoling equalty. CITIZENS ADVICE MANCHESTER TRUSTEES, REPORT Preventatlve Work To work with key partners to implement a programme of preventab've work, linked to Current issues, to increase community knowledge and develop how we measure the impact of preventstive sessions. Equallty, Dlverslty & Incluslon To make equality and diversity a part of all our activities and continue ts ensure the service is open to all individuals and groups who are discriminated 8gainst or excluded. Campalgnlng & Medla To make a difference to the lives of vulnerable people by enabling clients to share theirstOri8s so as to challenge injustice, change unfair policies and prevent things going wrong in the futyjre. Publlc bene)It The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to Ihe public benefit guidance published by the Charity Commission for England and Wales. Introductlon We are pleased to present this yearfs Trustee Report. In a time of political. economic and demographic uncertainty, continued conflicts in Ukraine and the Middle East and a new Labour Government proposing more devolub'on and further welfare reforms, demand for our serv￿eS has grown- and so has our resolve to meet it This report shares the impa¢t of our work, highlights the voices of those we've helped, and sets out our vision for the fvture. 1. Servlces Provlded Our aims and principles are aligned to our membership of the National Citizens Advice ne￿ork We are local, regional and national and our purpose is to shape a society where people face far fewer problems by providing A free, independent, confidential and impartial information, advice and a¢fvoc&y seNice delivered by tslephone, face-face (in person, video), digitally (email, webcha( website self help) and in our communities. A unique feedback loop from fronline insights to influencing and campaigning for policy change 2. Who we helped In 2024125 In total, we supported 165,358 people with information, athice, casework and legal a(fvocacy with 248,307 issues across a range of advice ¢ategories including energy, consumer, debt, housing and welfare benefits. 3. How ￿ helped In this year the five biggest advice issue areas were.. Welfare Benefits (Universal Credit & Tax Credits) Debt management, financial services & capability Energy efficiency & fijel povety Consumer goods and services Housing, possession claI￿r&, unlawful eviction and disrepair 4. The Impact we made We have achieved big number impacts for clients.. £27.8m in financial gains Helped manage £92m of debt of whith almosl £12m was renegotiated andlor written off for clients 378 people accessed specialist housing legal atfvi¢e,' many were helped to remain in their homes S. Aehlevements and performance 2024125 Dellverlng Quallty Advlce Leadershlp SelfAssessment The audit process known as the Leadership Self-Assessment is a key condit'on of our Membership Agreement with Citizens Advice. In 2024. we achieved the maximum score in all areas of our year 2 LSA including strategi¢ business planning.. risk management.. financi￿ management., people management operats'on performan¢e', pathership workn'ng,. research and Campaigns and equality leadership. CITIZENS ADVICE MANCHESTER TRUSTEES, REPORT Quallty Assuran CA M￿Chester has continued to meet both the Athicg Quallty and Speclalrst Quallty Mark stsndards this year demonstrating our commitment to delivering high quality and impacthjl advice. Campalgn8. Research and Soclal Pollcy Some problems are too difficuft to solve through advice alone, often where th8re is a systèmic issue with a marke( a policy or a set of regulations. In 2024f25 CAM made significant contributions to inlluencing change, improving policy and practice for our ¢lients' lives through media appearances on BBC Radio 5 Live and Radio Manchester and angaging with MPS on a range of issues including the costwof4iving Crisis. and proposed welfare r8form. This year we abo campaigned on tssues such as housing and homelessness, Child Povety and wsing awareness of hats crime reporting. Workforce Growth and Organl8ational Success Our workforce grew from 190 to 208 during the year welcoming 92 new colleagues to the organisalion. Many new staff joined us a resutt of additional fundinglexpansion of services and via vaCar￿leS left by internal progression and development To specifiealty support development and progr8ssion in leadership roles, we successfully launched our new accredited ILM Leadership Development Programme, which has been instrumental in building our intemal leadership capability vthh saverai partiCiP8nts progrossing into leadership roles. We were delightsd to achieve Supporter Stalus with tha Greater Manchestsr Good E￿￿loyMent Charter, a major milestone in our joumey toward becoming a recognised employer of choi¢e. The Charter, launched by the Greater Manchester Combined Authonty (GMCA) and the Mayor of Greatsr Manchester, is a benchmark for excellence in employment s￿dardS and recognises our commitment to the Chartels seven key characteristics of good employment.. secure work, flexible work, pay, engagernent and voice, re¢ruitm8n( people managemen¢ and health and wellbeing. Equlty, Dlverslty and Incluslon We have made strong progress embedding our EDI priorities 8¢ross the organisation through our EDI Workrng Group, alongside HR, Bu&ness Support and senior leadetship. Some of the highlights are: Launched CAM'S Hate Crime Repoitng Process and implemented procedures to support staff facing discriminatory abuse. Delivered ILM training to cohorts 1 and 2, supporting inclusive leadership development Rolled out CAM'S first EDI staff survey, cap￿ring lived experience to infomi ongoing wiorities. Produced a video showcasing our EDI joumey to date, used in intemal communications and recruitment. Supported the move into Barfow House-our new, pUrP￿e-desIgned space promots'ng accessibility and indusion. Introduced a rapid response process to enable timely engagement with leadership on EDlryrelated issues. Secured a dedicated annual EDI budget to support awareness campaigns and staff-led Celebration events such as Black History Month, Chinese New Year, Macmillan Coffee Moming: Wear Red Day, Blue Monday, Grief Awareness, and proaclive support during Ramadan. Innovallons Cllent Do¢ument Portal We have developed and implementsd a clientweb*as8d document Sh￿ng portd which has improved client enga￿ment and adviser time èfficiencies which fa¢ilitatas'. Secure and efficrent document sharing betsveen advisers and clients Appointmenvfollow-up management with embedded messayng and nudge te¢hnology Mitigats'ng against dients not attending appointments and disengaging Embedded communicalions channel opb.ons such as VM)atsApp, SMS, em8il, together with automated notificath'on systems to alert client and advisers on progressloutstsnding tasks CITIZENS ADVICE MANCHESTER TRUSTEES, REPORT 6. Dlver$lty of Income and New Partnershlps During 2024-25 CAM hes bènefittod from funding trom a wide range of sources including . Funder Amount received Servi¢es deli vered Manchester City Council 1,043,231 A Cty-lmde telephone, digital and place*ased face to face service to the residents of Manchester. National telephone and digital consumer & onergy advice in attrershi with other Local Cit'zens Advice LCA offices Local F2F and telephone debt advice casework service to Manchester residents Pathership with NDL to support vulnerable people with debt soluts'ons Citizens Athi¢e- Consumer Service 1,000,577 Citizens Alfvice - MAPS F2F Project 401,888 Citizens A¢fvice - MAPS NDL Pathership Citrens Advice- MAPS National Hub 692,806 1.336.696 National Conta¢t Centre providing dients with qualty assured and mults'cc >Oln •f<8E <.E <.c UUcbt> u08 (>(nJ ii()g £1 %è" th CITIZENS ADVICE MANCHESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Doslgnatsd funds The Income fvnds of the charity include the followlng deslgnated furKJs vthich have been set aside out of unrestricted funds by the trustees for specffic purposes: B•lanc• at R•sourcos Trnnsf•rs Balance at Tr*t•rn Balanco at 1 Aprll 2023 exp•nded 1 April 2024 31 March 2025 Designated 1,122,692 (11,865) (246.119) 864,708 (534.708) 330,000 1.122.692 (11,8651 (246,119) 884,708 {534,708) 330,000 The specific purposes for vthich the funds are to be applied are as follow3: Deslgnatad Fund The Trustee Board recognises, plans for and designates specific unrestrict8d funds for the ft)Ilowng purposes and objectives which are expected to b8 èxpended by April 2026: to enable CAM to meet various strategic objectives set and agreed by Trustees and to develop service delivery initiatives, provide innovative solutions to its serlice users and modemise and improve organisalional efficiency 19 Analysis of net assets between funds Unrèstrictsd Restrlcted funds funds 2025 2025 Total Unrestricted Restrict funds funds 2024 2024 Total 2026 2024 Fund balances at 31 March 2025 are represented by.. Tangible assets Investments Current asset￿(lIabIlItIe$) 511,907 688,607 2.208.383 511,907 688,607 298,114 2,506,497 22,146 665,630 2.628,218 22.146 665.630 329.843 2.958,061 3,408,897 298.114 3.707.011 3,315,994 329,843 3,645,837 Induded in unrestricted funds is £330.000 (2024.. £864.708) whlch relates to designated fvnds. 20 Flnanclal commltments. gUJrnnt￿ and contlng•nt Ilablllllos Penslon commltm•nts The charity operates a defined contribution pension scheme. The pension cost charge for the year rewesènts contrlbutions payatle by the xheme arKI amounted to £1 $3,641 (2024.. £160,087). CITIZENS ADVICE MANCHESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 21 Opordtlng lease commitments At the reporting end date the charity had outstanding commitments for future minimum18a$e payments under nonwcancellable operating leases, which fall due as follows.. 2025 2024 wrthin one year Be￿een two and five years 246.182 346.993 225,913 479,478 593,175 705.391 22 Relatsd party transactions Romuneration of key management personnel The remuneration of key management personnel is as foll¢)WS. 2025 2024 Aggregate compensation 396.750 408,610 Transactlons with related partlos During the year the charity entered into the following transactions wtth related parties". Advlsorflow A￿[SortIOW Ltd was related to the charity in the prior year by virtue of a member of key management being director of the company. This relationship ￿aSed from September 2024. The charity incurred costs of £nil (2024.. £3,600). AMC AMC Limited was related to the charity in the prior year by virtue of a member of key management being a director of the company. This relationship ceased from September 2024. The charity incurred costs of £nil (2024.. £5.000). Greater Manchester Clllzens Advlco Citizens Advice Greater Manchester Limlted is related to the charity by virtue of a member of key management being a director of the company. The charity received income of £2,995 12024.. £47,356) and was owed £nil (2024. £nil) at the year end.The charity also incurred costs of £nil (2024: £7,854) and owed £nil (2024.. £nil) at the year end. 37- CITIZENS ADVICE MANCHESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 23 Cash gonoratsd from op•rallon• 2025 2024 Surplus for the year 61,174 561,991 Adjustments for. Investment income recognised In statement of financial activltles Gain on disposal of investrnents Depreciation and impaimient of tangible fixed a8Mts (55.239) (14.214) 61,196 {38,454) (72,719) 7.623 Movements In w)rking capital: Decreasel(increase> In debtors Increase in creditors Increa8e In deferred Income 1.226.826 53,970 42,519 {1,528,219) 1,22S,713 Ca•h gonerat•d from OP•Mtlon• 1,376.232 155.935 24 An4￿19 of Changes In not fund• The ¢harlty had no debt during the year. -38-