Comp•ny rnglstratlon nwnb•r l)4618299 (England and Wal0•1
Charlty re41￿ numb•r 1099313 IEngland and Wal￿>
THE TULA TRUST LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025

THE TULA TRUST LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Tru•t4
C R Huwel
N Wamer
K Enevoldsc
RJSVamer
K Enevokl6on
Country of Incorporntlon
Unrted Kywad￿l
(England aTrJ l•lkn)
04518299
Ch•rfty r•ghtratl¢)n
Erwjland and V&le•
1099313
R•9lit•r•d offlc•
11 Chthrn Avenu•
Hertlord8hire
WD23 4PY
Indgpendont euffllnw
Glazers
843 Finchley Road
Lond
NW11 8NA

THE TULA TRUST LIMITED
CONTENTS
Tru$t88s' repLvt
IrKlepeThJenl ex•minerf¥ rekK¥t
Statement ol fThnc￿ aclivib•s
Balance Sheet
Sl8l•m•nt of cwh fl¢y
Note8 to the finanual statemen18
7-13

THE TULA TRUST LIMITED
TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT)
FOR THE YEAR ENDED 5 APRIL 2025
The trustees Pr￿ent their annual report and financiol atatements for the year ended SApril 2025.
The financ4al statemerrt3 have teen PTepaTed in accordan￿ with the accounttng poliuej set out in note 1 to the
financial staternents and comply with Ihe chaiity's goveming d¢xumenl. the Companies Act 2006. FRS 102 'The
Financial Report"ng StarKlard awicable ￿ the UK and RepubliG of Ireland- and the Charities SORP -Accounts'ng
and Reports'ng by Ch3nb"es." Siatement ol Rec(ynmended PTaclice appli￿￿ to chanties preparlng their accounts in
accoTdan¢e with the Financ￿1 Reportj'ng S13ndord ap￿￿ble in the UK aThJ Republic of Ireland IFRS 102}"
Obl•ctfvM and aclMtle•
The chantys objects ore the ad¥8ncem￿t of education, and ts reSef ol Foverty. diytrets and sic*neu of the
IntTabitants ol economk?Hy undeTthveW countiies and of Ihe thsadvanlaged Inhabltants of economlcally
developed ¢ountrws.
Public b8nefft
The trustees ha￿ p•d due regard to guKlance issued by the Chwity C(wnmission in deciding what activities the
ch8rity $hould undertake.
Achl•v•m•nts and p•rtofm•n¢•
Significant 8ch'vibe$ 4nLI a¢h￿¥smen1$ 8gainsl (4¥•d￿8
Donakn"on$ of £ff29,672 {2024 £441.108I wer• ￿￿11•d r¢ tho year and grants w•re made 01 £393,S28 12024
£382.7341.
The net ¥urplu¥ for the year wa• £471.361 12024 £392,929) after not gains on investrnents of £218,625 12024
£295,393).
Duiing the year, the tharRy continued to make grants lo a raThJe of cb8rilable and educatlonal Instsluttons whose
acts'vitie5 are cOns￿lent the charty's otyects. Grants were made lo siw the advancement of educallon and
to assist organisabons w0￿"n9 for Ihe wEliel of povety, distress and both in economic4lly underdeveloped
¢ountn"es and among disadvantaged COMMUnrt￿ ￿ devel0k￿d countrw.
The trustees consthr grant applicab.ons and m8ke owwds where tly 8Te sgts'sf*d that Ihe funds will ￿ •pph'•d for
charilabk puwes in line wrth the chafity's ￿eCtiveS. Durww the year. 156 grants were made lo 148 instilulions,
with indivhlual grants rangiry from £525 to £S,CW. These enabled the chanty to further rts charitable
purpose5 by 5UPPOrting a broad Tange of cryanisab'ons out wryk for public ￿nefiL
Fln•nclal v•vl•w
The trustees consthr the fnanL?al F￿tion of charity at year erd to ￿ satisfactory, wth unreslrthd
reserves of £3.039.949 of wlm'th £171,684 are fr￿ rnserves.
Reserv&s polty
It is the policy of the chanty that unr8stn.cted trjnds ha¥t not been d8svJnatsd for a speufic use should be
mairrtained at a kvel equivalent to bttsyeen three and month's expenditure. The trustees consider that reserves
at this level will ensure that, in the event of a s￿nIficant drop In funding, they w￿1 be ab￿ to contsnue the th8rlty's
Currenl o¢tivities while ¢¢nsider8D'on is ways in T*thicti &Y4*"ttonal funds may b8 raised. This18vel of re8eNes
has been maintained throughout the year.
Inve$tmgnt polKy
The tnjstees, Objecli￿ 15 to manage the thaiity's in74e51ments n a manner. b8lanong the n••d to Pfe$•rv•
caprtal with the generab.on of income to supwt the chartys grant-making ac*wties.
The charlty's Investments are hekt in a ol ltsted investments. The trustees monitor the
perfOMan￿ of the portfoSK) regulady. lakThJ into a¢count inveslment perfomanee, income generation. risk. liqu*Jity
arKF the thanty's e• cash requirements. The trustse5 also review the level of cash hebj lo ensL¢re that
suffiuent fijnds are av8ilable to wt the charity's ongoing grant-making commrtments and other obligations.
No fomial written investrnent polw has teen adopted, but the trustees keep Ihe inve5trnenl strategy under regular
review and conshder that the current arrangements remain aKyT0p￿le for the c*arity's size, è¢tsvFtsÈ8 and long-term
0b1eLt￿es.

THE TULA TRUST UIAITED
TRUSTEE3' REPORT {IIKLUDW•G D￿EcToRs. REPORn Ic0NTN￿Dl
C R
PJSV•wr

THE TULA TRUST LIMITED
INDEPENDENT EXAhllNER'S REPORT
TO THE TRUSTEES OF THE TULA TRUST UMITED
I report to the Irustees on my examination ol the fin•nc4al •tat•ments ol The Tula Twt Ith ehaiityl for the
year ended 5 April 2025.
R•spon•lbllltlo• •nd bMS• of r•port
As the trustees ol the thanty {and also ts direilorn ts Ihe purpjses of ?￿panY Ivw), you are resp(￿81￿￿e lor the
eporalM)n of the finanual $taiwnents In acaYd•rt¢ the r•J4Mftynonts ol Its Cthnpanw Act 2LKO.
Having $￿'$r￿d mysell that the financial Statem￿ of ￿ d￿rty are not requirod to bg audrted under Part 18 of
the C¢Jmpanie5 Aci and are WKlependent examinalion. I re￿￿ in re¥ect of my examination of the
charity's fin8nual $t8tement3 carried under seclion 145 of the Charibes Act 2011. In C•frying out my ex8minalion
I have followed the tJTedlon8 given by fv Chaiity C(KMIis6ion uryjer seaK)n 1445}Ib) of the CharIt￿All 2011.
Ind•p•ndent •wnln•rf• •t•t•m•Tht
Since thè charty's gross ineomè oxc*edthJ £250.1JJ). the indepondent 0Xwn￿er must be ¥ member of a body Itsted
in seth.on 145 of the chaIrt￿ Act 2011. 1 confinn Ihat l am ql￿1￿*d to undetske the •xaminaty"on bKause l am a
member of theAssLwatson of Chartwed Certtsd A¢¢￿ants, whth is one of the bodM.
I have comtyeted my examfftalion. I confiffti that no matters have Dyne lo my altentlon In connedon wtth I
examinalior* giving me cause to bel￿e that in any material re8pectr.
accounting rec￿d5 were r￿1 kepl in respeL* of Ihe ¢*wnty as requir•d by se¢tity¢ 388 d the Companies AGt
Ihe finanoal statemerits do not thow rfjc4)rd8.' L
the finanaol ststements do not COM￿ with the actt*untsng rèquirements of sectw 396 of the CcKnpanlgs Act
20C6 other than any requirement ￿at the finanoo13tatements give a true and hir v*w. which 18 not a matter
ConS￿ered as part of an independerrt examinat￿. or
the financial $t8tements have not t￿n prepared m accud8nce wth the methods and princlptes of the
Statement of ReCoMmen￿d Practice for accounb"rrfJ and repo￿.ng by d)ants'8s applicable to charities
eparing their financlal statements in with Fin8ncio1 Repo￿.ng st￿￿81d applicab￿ wi the UK
and Republic of Irelartd IFRS 1021.
I have no Concerns 8nd have Come across no other matters In connecllon with the ex8min8tson io whlch allentlon
should bè drawn In thls rnport In order lo enab￿ a proper underst8ndHw ol the finanryal statements to bo reached.
B•nj￿In All•n FCCA
G1•2•rn
843 Finthloy R￿d
London
NW11 8NA

THE TULA TRUST LIMITED
STATEMENT OF FINANCIAL ACTwinES
(INCLUDING INCOME AND EXPENDITURE ACCOUNTI
FOR THE YEAR ENDED 5 APRIL 2025
fund
2025
2024
In¢(mo trtrom:
Donations and kgaaes
Investments
629,672
44.816
441,108
44,911
Total I￿oM•
674,488
466,019
Exp•ndltur• on:
ChantatAe a¢*vth8
421.752
388,483
Totsl •xp•ndltur•
421.7S2
388,483
Nel gains ￿ Inveltments
12
218,625
29S,393
N•t Incom• and mov•mont In fun
471,361
392,929
R•conclll•llon olfvndl:
Fund balances ot 6 April 2024
2,588,588
2.175.e59
Fund bal*n¢M •t 6 AprS12025
3,039,949
2,588,588
The ststemenl olfinancial acbvibes inc*Jdes an gains •nd Itss￿ Tecognis•J in the yew. All irKome and •xpendiiure
d¢rNe from continuing activ11￿8.

THE TULA TRUST UhffTED
AS AT S APRIL 2025
14
?.W2q&
2231019
43 fAhry
133.226
43
2VJ.48t
I5.1￿)
14 YAII
171.fy14
ox¥.•
2,880.518
17
AIA V¢kn¥

THE TULA TRUST LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 5 APRIL 2025
2024
Cash flow• fr(m op•i•llng actfvlllg*
Cash generated frornllabsorbed by)
operats'ons
19
208.570
{4,4831
ImTUtlng •ctlvltl6s
Pur¢h*se of inveslmeftis
Pro¢e8ds frcffl disposal of investments
Imieslment In￿Me rweived
I997,￿1}
581,440
44.816
{1,106.8171
759,252
44,911
Net cmh w•d In Invmllng actl¥ltl••
<370,605)
1302,8541
N•t e••h g•n•r*t•d from fimnclng acll¥lll••
N•t d•cr••8• In cxh •qulv41gnts
{162,235)
1307,1371
Cash and txh equivafents at beglnnry ol year
295,461
602,598
Cuh and •qulv•lwrt• al •nd of y•w
133,226
295.461

THE TULA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
Aceountlng pollel••
Charfty information
The Tula TnLst Limited is 3 private ccrfnpany lThtted by guaranteg incorpwatsd in EnglarKI and INale5. The
registered office is 11 Chiltem Avenue. BLrnhey, Hertfordthre IID23 4PY.
1.1 8a•l• of w•yr4U
The financial stalements have been prepared in aIxordan￿ wth the chartys goveming document, the
Companw Act 2CKAS, FRS 102 The F￿an￿81 Re￿rt.1ftg St8nd8r(l applicable in the UK and Republic of
IrelarHI" and the Charrt￿5 SORP -AccountsThJ aTh1 Reportrng by Chantse8'. Slatement ol Recommended
Practice appI￿able to tharities pwaring their •cc*unts in accordanc* with the Financial Reports"ng Standard
applicable in th8 UK and Republic ol Ireland IFRS 102}-. The tharity ts a Public 6enèfit Enlty as defined by
FRS 102.
Tho flnano81 statom•nts are prepored in stethg. whth * the lunc1￿81 curronry 01 the charty. Mor•
•mounls in th•se finan￿1 it•lffn•nts we rourthd to th• n￿1•51 o
The finanu*l it•tement# have been K*epared under t￿ hmtoncal c￿1 conventw,mtrYffi8d to indude the
rw•hJ•tion of investrnents at la* vduo. The prrnpol •¢counb"rvd 8dopted ore *et out b•lty¥.
1.2 Golng eone•m
At the Ime of approwng the finanoal Stslements, ￿ trLtstees have a reasonable expectation that Ihe charity
hag adequat• re8oureo8 lo COnb"n￿ in ¢yraton•l oxYstsnc* for the foresoeable lulurv. Thus tho tru$loe$
continue to adopt the png concwn basm of accountsng in Fryariry tho financial statgmonts.
1.3 Charttabh fund
Unrestricted fvnds are ￿ailable f¢Y use at fv di5rydiffi of ts tru8tae$ in fvrtherance of Iheir charitable
objeth"¥rf.
Regtri¢t¢d funds are sul'ect to spedfie c￿￿rt￿)n1 by donorn or grantOfS as to they may be used. The
purposes and use8 of restric￿ fvrKls ar• ¥¢t out in the ns)tsJ io finantsNI *tat￿ents.
Endowmerrt fvnds ore sul4ect to ¥e￿ condrfions by donorn that the cawl must be makntalned ty the
ch¥nty.
1.4 Incom•
Income 15 recogni5ed vthen the c*arfty Is legalty enbiled to It after any perfomance (x*ndlUons have been me(
the 8mounts can be measured relw, and rt L8 probable that in(*xne *ill be recerved.
Cash donalons are recognised on receipl. Other donaD'ons a￿ rects3nised once the charity has been notif
of the donatbon, unfess perfomanea conditior6 require defaTh￿ ot the amount Incom8 tax recoverable in
relatw to donations rgceNgd under GiftAJd ordoeds ofe0￿￿1 is recognwd at th¢ time ofthe dO￿tiOn.
Legaaes are recoJni5&J on * or Other*￿ rf the dtaity ha¥ been notffi￿ of an impending distributson,
Ihe amount is krM)wn. and reeetrt Is ext*cbJ. 11 Ihe amount is not kn(Ywn, the legacy is treated as a
¢ontingenl a5seL

THE TULA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
lconl1nu￿)
1.6 Exp•ndltuv•
Expenditure is Tecognised once there is a legal or conslwctive rt11￿￿ to trnnsfer economK benefft to
third party, rt is probable that a trarsfer of ecOr￿liC b8neffts WAI te required in setllemenl, and the amount of
the oblKaation c•n be m&3•ured reliaw.
Expenditurg is clas5Tfi¢d by acb¥ity. The costs ol eath activity are made up of tot81 of dired costs and
Bhared co3ts. Induding 8UPPOrt costs invofved in Underta￿ng each a(*'¥ty. Direcl costs atth'bLrtat4e to a 8ingle
8cts.vity are alkxated directty to th81 4clNFty. Shared costs whth ¢£￿￿'bUte to more than one activity and
8UPPOrt costs which are not attnbutsble lo a wngle acllvty are aFlYOltoned between Ihose aGb'vlbes on a basis
¢on8iJtent wth the use of resources. Centsal staff costs are allocated on the basis of ts.me 8pent. and
d￿cla￿0Th charges are albcal￿ the of tlw asgèt's use.
1.8 Fbxad aM•t In¥Mlm•nts
Fixed asset inveslments ar• inibaty Measur￿ •t trnnsaclion pri¢a •xduding transackn.on costs. and are
subsequentty measured at fair ¥a￿e al each repo￿"n9 dale. Chanys in fair value are reeognised in net
incomellexF¢ndilurel lor the year. TranSacbc￿ costs ore exFenW 85 inuirred.
1.7 C••h •nd •qulv•lonts
Cash and cash equNaknts IrKlude cash In hand. 4*powts hekl al call with banks, other 8hort-temi liquid
Inve8bnenls with 0￿gInal malurilie5 of three montrts or le￿, aThl bank ob*rdrafts. 0￿￿raftS are 8hown
within bofrowlngs in currenl ]￿blIn￿.
1.8 Fln•nclal In•trum•nts
The charity has elected to aFWy the provMi(*M of Section 11 'Ba•ic Fin•na•l Inslruments, and Section 12
'Other Finana81 Instntments l¥sues' of FRS 1U2 to 84 01 its fin8n¢ial instwments.
FIn4nd￿ Instruments recognised in V)0 ¢h8rty$ bfilance shoel tho ch•rity bot￿06 paty lo tho
contraLtual w1￿1)n3 of the In8trumenL
Flnan¢wl assets 8NI liablibes are offsec with the ￿t amounts prnsented in the fin8ncial statemonts. when
there is a legalty enfDrceable rKJhl lo set off ihe recogniwj amounts and there18 an Yitenlion to settk on a net
bas￿ or to re81ise the 8ssel and seltle the liabthty simultaneousfy.
Basic financi81 assets, whk* Ind￿ debtOFS arKJ cash arKI bank bal•nctJ. are inltialty measured at
transacts'on price induding tr•nsad•Jn costs and are subwJuenUy carrtrJ al 8morty.sed c051 using the effective
interest method unless the %￿angem8nt Conskntut￿ a finanang transath'on. where the transactlon Is
measured at the present value of ts future rewpts d￿COunted at a mathel iale of InleresL Finanual assets
d839111ed as rece6vable wltrtln one year are not amorti8ed.
B•¥l¢ fln•n¢l•l Il•blllW•s
Basic financial h'abilsbe5, indudirKJ ¢￿ditO￿ and bank loan3 are inFt*ally reco9nised at transact¢on price unless
the arraryemenl con¥btutes a finanfang transacts'on, vknere Ihe debt instrumènt is measurod at the present
value of the future payments dis￿l￿ed at a marf(et rate ol intere81. Finan(yal liats'lth'es dassified as payable
thin one year are nol aM￿sed.
Debt instNments a￿ 8theq￿ canied at •morfised cost using effethe inlerest rate method.
Trade creditor5 are ot4yab.ons to pay for gwjs LY services that have been ao4uifed in Ihe ordinary course of
operations from Suppl￿5. Amounts payable we do￿l￿ed as current kabi1￿"e5 rf yyment is due within one
year or less. If no( they are presented as non-cjmnt liabilÉbes. Trade creditots a￿ recognisgd inrtially at

THE TULA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED S APRIL 2025
AeeouThting polielthi
ICondnu•dl
Dwv¢ognlllon of Iln•J¢W Il•bllltl•s
Financial liabilitses are dWec(*3n￿d when the (*ariVs oJnlrnL*LwI (*ligalions ewre or are discharged or
can￿lled.
Crltlcal accountlng ••tlmat•• and Judgwn•nt•
In the applicats'on of tho tharity's aL7))untbng p(￿¢188. Ihe trustees are requife(I lo make judgements. estimates
and assumptions at*)ut the caTryiThJ amount of assets and liotmlities that ar8 nol readity apparent from other
sources. The estsmates and assoc0￿ assumptions are based on histon'cal e)perience and ¢)ther factrys Ihat
are considered to be relevanL h£tual resulls may dffier from these esbm•tes.
The e3b"males and undertyw assumpkns ￿ re¥ie¥Rd on an onwng basis. Revisions lo accounting
estimates are reccgnised in the p￿C*y in which the estimate is Teviseil where the re￿$￿)￿ affects only that
period, or in the of the reviryion and pwic*Js where the Tevision affeds both cJJrrent and futur
penods.
Inc¢xn• from donallw •nd l•qa¢l••
fund•
2025
2024
Dgnotiw$ and gift•
629,872
441,108
Income Irom Inv••lm•nts
lund•
n¢J•
2026
2024
Income frem Th8ted wive•tments
Interest rec*lvable
39,242
5,574
2Q,596
15,315
44,818
44.911

THE TULA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
Exp•ndltur• on elh•rltsbl• acllvlu
Grnnt
n¥akln9
Grant
m•klng
actlvlti
3024
2026
DIMct co•ts
Grant lunding of actr•ks (see note 7)
399.526
382,734
Shar• of support and gov•rnanc• co•ts not• 8)
Support
Gov•man
16,776
5,450
4,800
421.752
388.483
Analy•h ty fund
Unrestrict•d funds
421,752
388.483
D••¢rlpllon of ¢h•rtt•bl• •¢trlll••
Gr•nl• ￿Y•bI•
Grnnt
Grant
maklng
•ctlvltleJ
2024
•cltvttle•
2026
Grants to Instltutlons
399,528
382.734
A total of 156 grants made. n amwnts ￿1r￿j from £525 to £S.TrX, to 148 inststubon$.
2026
2024
Administrab"on costs
Govemance custs
1fj,776
5,450
949
4,800
22,226
5.749
Analys￿ l>•tw•en:
Grnnt making actrvibes
22,228
5.749
10-

THE TULA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED
FOR THE YEAR ENDED 5 APRIL 2025
N•t m4w•m•nt in fvnd•
2025
2Q24
The net movement in funds stated alter chargin9l(rxe￿Iting)'.
Feu payth for the independent examination of the c*banVs financaal
3,900
4,800
10 Tru•t•
None ol the trustees lof ary persMs connected Wilh them) receTrKd remunerallon or benefits from the
charity duriw the year.
11 Employw•
The averag• monthty number of wnpknyee8 the year was".
2025
Numbw
2024
Numb•r
Total
12 Galn• and lo•M• on Inv••lm•nts
Unr••trlcted Unr•Jtrlctod
fund•
fund•
2026
2024
Gain81110$8e81 arising M.
Rbv8lu8tion of wMsln*nts
218,625
295,393
13 T•MYon
The charity is exempt from laxthn on its acivitNqs because am its inc¢Th 15 appliod lor dwritablv wrp¢)ses.
11

THE TULA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
14 Flx•d •M•t Inv••tm•nl•
Llstéd
Invmtments
Cost or Valuatlon
AI 6W'I 2024
Additions
valuati￿ char
Disposa18
2.234,019
997,061
218.62S
1581.4401
AI 5ArKil 2025
2,888.265
Carrylng wnount
AI OS April 2025
2,888.265
At 05 April 2024
2.234.019
15 D•btor•
2026
2024
Amounts f•lllng du• wlthln on• y••r.
Oiher debtorg
43.608
43,608
The above SLtm. being a loon lor charrt#bl• PUfpO￿, IB f•pay8ble in l)8c8mb8r 2028.
18 Cr•dI1￿. •m(wnts f•lllng du• TAlthln on• y•w
2024
Accrual$ and deferred in￿me
5.150
4.500
17 Unmtrfctod funds
The unrestrictsd funds of the charity comprise the une>pended balances of donations and grants whid) are
not subjed to speufic c11nd￿"On3 by don¢)rs and grantm as to hty¥ Ihey moy be used. These indude
deslgnatsd funds which have been set asth (Krt of Unrestr￿ lunds by ts tru5tses for specafic purposes.
At 6 Aprfl kncomkng
G*lM and
At 6 Aprll
2026
General funds
2.W.588
674.488
(421.752)
218.625
3.039.949
12-

THE TULA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
17 Unr••trlet•d fvnd8
Icontlnu•d)
Prnvlou• y•Ar.
Al 6 Aprll Incoffllno
G•ln• and
l¢x•
At S Aprll
2024
G8n8ral lund$
2,175,659
486.019
{388,4831
295,393
2,568,588
18 R•l•tsd pwty tran•acllon•
The wholv at the charity$ trixn d￿atiOnS in this and the wec4ding year was r￿1ved Irom the
tru$t8ts and thelr dose famty membws.
19 C••h g•n•r•t•d lrnmll•b•ortKd ty) owatl•Jn
2025
2024
Surplus lor the ytar
471,361
392,929
AdJu•trM•nt• lor.
Investment income re(wni8ed in statwnent IA financi81 adI￿tiO$
Fair vatue gains and los￿ on investments
144,818)
1218,6251
144,9111
1295.3931
Mov•m•nts In ￿pItal.
{Increase) In debtlX8
In￿04$•/(dacf89sel in Cr￿litorS
143,6081
113,5001
850
C••h g•n•r•t•d from11•b•or￿ by) opwl
208,570
14,4831
20 Analy•l• of chan9•• In fwKI•
The thartty had no materHI debt dwing the year.
13-