CALVARY MINISTRIES WORLDWIDE Charity No. 1119161 Trustees. Report and Unaudited Accounts 31 March 2024
CALVARY MINISTRIES WORLDWIDE Independent Examiners Report Independent Examiner's Report to the trustees of CALVARY MINISTRIES WORLDWIDE I report to the trustees on my examination of the financial statement5 of CALVARY MINISTRIES WORLDWIDE for the year ended 31 March 2024. Responsibilities and basis of report As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 {'the Act'l. report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under settion 145{5)(bl of the Act. Independent examlner's statement I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: • the accounting records were not kept in respect of the charity as required by section 130 of the Act; or the financial statements do not accord with those records; or the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financlal statements give a 'true and fair, view which is not a matter considered as part of an independent examination. 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 financial statements to be reached. Yetunde Raimi-odimayo Institute o Bookkeepers (ICB) Surrey Bookkeeping Services Ltd 3rd Floor, Paul Street London Certified England EC2A 4NE 17 January 2025 Page I
CALVARY MINISTRIES WORLDWIDE TRLJSTEES REPORT FOR THE YEAR ENDED 31. MARCH 2024 Name: CVry Ministries Worldwide AddY¢$$: 193 Burton Road Derby. DE23 6AB ChaTi Number: 1119161. Inl8lld Revetsue Number. XT 4221 Trustees l. O. Olugbodi" 2. 0. Adams. 3. 0 Taiwo. 4. 0. FatunwBshe; 5. 0. Olowe; 6. Dondo lorlamen Aceountants Surrey Bookkecping Services l.td 3rd Floor, Paul Street London England EC2A 4NE B4nkeTS Barclays Bank Reading 2 BTanch. 90-93 Broad 8ircei. Readin8. RGI 2AP Aetivities: Mr. Kola Kehinde. the Secretary. continues working with his team ofstaÉf-volunteers to conlinue maxiyDising the capacily of the various volunl¢¢rs, prnyer groups. churche& partneTS. el¢. bolh in the region And a¢ross the United Kingdom. Wc cuntinued io makc advances on th¢ Enlurgement Vision. The EurAsiAP Rcgion comprising of the CAPRO work in the Republic of Ireland, FrdnL¢. Indi and Australi4 etc. have conlinucd to enjoy gra¢e to.. Globaliw and package ()ur ad hoc Lraining manuals for a rcgional audi¢n¢¢. b. Build our purtners (CAST including chapters) capacity for regional en8a&)emcnt. Shor¢ resources acrobb the Region e.g. Ineinber-car¢, Iraining, strength% Llc. d. Prepatt a slrategy plan that f¢eds into the regional strd(egy which uliim&l¢ly feeds a Global Strategy Plan against the year 202S. e. Dclivcr TTauma H¢aling ti&inin8 & Marriage Counselling lo chur¢h¢s et¢. to help people dealing Wlth varied i5SU¢S. 'I'he ministry basc in Derby has proved lo a v¢ry wondLrful asset lo the work in ihe IIK and beyond. It h&s served as the hub for our meetings as well as the abode and home working base of th¢ Dir¢ctor and his wife. Our Board of Trustees had ¢ontinued the good work of giving accurate direction for the work. They workcd tir¢l¢ssly lo continue to bring the mOrtge costs of the Derby building down in the f&c¢ of in¢r¢asing int¢rest rates. We have kcn able to redu¢e the mortgage with a sum of £60,000 bulk payment. Rev. Gboyega Adams, who suffered a major strok¢ a few years ago, had to slep down from serving with effect from 9 December 2023. 1.0 this eniL th¢ Trnst¢¢s have been actively IE4bouring to r¢rruit new tnjstees to buttress their numb¢r. The midterni Strategy Plan ttview will take place across all the global work alongside our sister-agencics thIn the CAPRO network worldwid¢. As the Sending Country in our Region, we will continue lo work towards ¢nabling growth 4¢ross the region &s we work together wilh our sister-agencies in France, the R¢publi¢ of Ireland India and Australia. EurAsiAP- Thc work in the UK and across other sister Caivary Ministries charities in Fran(E, the Rcpublir of Ir¢12nd, Indii and Australia have been very encouraghng. We our sister-agencies across thc r¢gion coJktinue: a. Working with youihs and children {through established churches) for discipleship and eoxly help in ihe face of current crises c.g. knif¢ crime etc. b. Making efforts to raise multi-cultllra] teams l(p be able to ad¢quat¢ly address issues across cultural divides. Embracing bi-vo&?tiona] approach to missions. in tun¢ wth our contexts. d. Evolving simplified training mod¢l$ in line with the global ministries Ineducible Minimurn, curriculum to prepare bi-vocational tn155ionaTie5. This will keep in vi¢w vo¢ation$ #s they are prepared for the ministy God is calling them into. The 3-in-l Regional Conferen¢¢ and Church Planting Workshop took place in a low-keyed v¢rsion. We hope to have another sometim¢ again in one of our other countri¢s.
f. Working more with the Redeerned Christian School of Mission (RECSOM} in PTeparing men and women for ministrj within their contexts and beyond as God grants tbem grace. g. Our diastKTrra w)rk as we labour to help people enjoy the Context into which they hav¢ Come as we delikrately build r¢lationshÈps of mutual benetit to help them adjust into their environments. h. Supporting our Missionary Children (MKS) who havc entered into the marketplace &s we laFMTrur to mentor them in being who God wants them lo be in their chosen professions. TeachiJTrg 4md training across the chtjrches, Ongside our CAST members on variety of fronts. CAPRO UK Work: We keep scrving RF,CSOM to raisc a crop of lay workers who can express thems¢lv¢s in any ¢ontext. The work has gon¢ into Euro, and som¢ oth¢r pla¢¢s. We also ran the Evangelism In Multi-Faith Space (EIMS) for alxTrul 120 parti¢ipant%. b. PIL4YERS: there has continued io be a great awakening in this across all th¢ CAST. Holy hands are still being lifted to keep the enlargement burden a]ive. Amen. We are hoping to start 3 more cells in Milton Keynes, Cardiff, and N¢w¢asil¢. DMC 2023: The Di]pleSh1p and Missions Conference 2U23 was a very successful one. li took place on Friday I" (evening) and Saturday 2 D¢¢¢mb¢r. Th¢ theme was ' I'he Urgency of the Great Commission" (Matthew 28..18-20 NIVI. The main SF6akcr wa5 Malcolm Gray addressed th¢ lopi¢ from an expositional dimension on the Iheme scripture. Patrick Johnstonc then ¢app¢d thiy with prllLtieAI Éssues on the ground now that Makes the urgency real &nd palp&ble. Peter Ozodo eventually capped the day with a final ¢hallenge that got 17 out to start & irnmediate 2:2..2 programme (2 Timothy 2..2). There were 4 Scminars also. d. The F.ng4gcd Di¥£ipleship IFD) C.IlUfie: The RipubliL of Ireland Discipleship training went well. We had 8 two-hour sessions on consecutive Saturdays trom June I st to 12th August. B¢tw¢¢n 15 and 20 people wenl through this course and were impacted by the Holy Spirit lo impa¢1 oth¢rs. It w&s a real eye-opening time to the p2rtleip51.$. e. Op¢rtion Joyhu4 (OJ): None this year. f. HL'aliDg (TH): Th¢re wtis nts main Convening Session. We have conlinucd.8upporting staff. partners, and their Lhildren online. Quite a number of Young Profcssionais (YPS) hav¢ also join¢d this number especi&ily on relationship issues g. YP Han8OUt: There was a Youn8 Professionals IYPSI Hangout over the weekend of 22nd to 24th September 2023. It was attended by 30 YPS lincluding 5 MKS and 4 PKs- Partner5, Kids) h. Mii%iTrnary Kids: The Regional MK8 had an onlin¢ meL'ting on 24th June with topic 'Search for fulfilmenl, Bro Charles was the main ¥peaker. AtK)Ut I O MK.q w¢r¢ in &ttend8ncc, and they were fully cngagcd with ¢hc lopi¢. PARTNF.RS: Our partners have <¢n upfront in developing ways to enlarge to enY4blc the CAPRO EnlaTg¢menl programine. The leaders hav¢ kept meelsng lo rcorganise partner engagement$ within the UK. Bro. Peter Ogunlolu has been sclcclcd by lh¢ l¢ad¢r8hip lo lead this thrust. PARTNb.RSHIP: We continue to partner with various sisl¢r-agenci¢s. churehes. and were part of the good times (CLILbruLionsl #nd sad times (bereavemen151 wilh our partners. li w8S 8reai io be there for them at their times of joy &nd sadDc55. k. Outremehcs: one-on-one evangclism, follow-up on various contacts went very well throughout the year on all Ironts. We supported a number of churchcs with sp¢¢ific and largcted evangelism engagements. We also conttnued to engage with our local churches to boost community £ngagcm¢ni at various l¢vcls. Unc of our st8ft-(a traincd counsellor), ¢oniinu¢s lo volunlccr in Individual and Relalionship Counselling. Oth¢r& as well as our parthers across thc nation, also work with th¢ir various churches to deliver all manner of needed inlerv¢nlions through the churches inlo their various communitL¢S. Thcse volunteers and partners have continued in th¢ir cons1St¢nt pray¢r giving and tireless service for the gr0h of th¢ work. The Chapter meMrS still Tne¢t rcgularly in some townslcitlCS, f%nd mor¢ &r¢ a¢tLv¢ly purti¢ip&ktiJ)8 in chui¢h lcadcrship or outr¢o¢h activi¢i¢s su¢h os youth orkd children work, discipleship teachings, cottllnunily ¢ngAg¢menLs #nd evungelism through iheir church¢8. We remain byateful to them. m. IT- CAPRO Glob#l Digit#lis#tion Projcet." 'This proj¢ct has continucd rnassively across the global work. Bi-vo¢4tionl work: our volunteers are bi-vocationai, and we hav¢ k¢p¢ encouraging more working professionals into markctplaoc engagements in our mobilisation. We re¢civ¢d 3 new volunteers willing to work with us on the social media fronts. We have continu¢d to keep up with our obligations to the donors by k¢ephng in touch with ihern and offering information conceming their dotvdtions. We continue to ensurc that all de%ignated (restricted) funds got to all thc right recipiLnls in their various countrie5. We have facilitated closer contact bctw¢¢n diTrnors and the voluntary workers thcy support as much &$ possible. We followed up with our otliC¢5 ¢a¢h of th¢ ¢ountries the global Ministrie5 work to ¢nbur¢ resources are utilized as designatcd by tk donors. We visited Nigeri4 Ghan4 Australi and worked rejllolely with all our sister- agencies across the wTrrld. The projects and volunteers we have managed to support are in the following countries.. Niger Republic. Nigeri Camcroun: South AfTica. Benin Republic. South Sudan, Liberi4 United Kingdom. Guine& Tan7ani& Togo, M07J)mbique. Senegal. Botswan4 Burundi, Rwand4 Madagascar, Mauritani4 Chad, Comoros. Cot¢ d'lvoire, France, Ghanffj Indi Mali. and K¢nya.
Monies senl to different people in the 8¢bovc countrics have been used by those people for various pyojects which include prostitute TehabilitaÉion, orphan ear¢, training of adults as well as children's Sch]1& medical and general welfare of iiunieer& accommodation for volunteers etc. Most of the income is designatcd from source and we have keDt faithfth to vur parEners and supporteTS in ensuring their monies We used as designated. Policies- We have continu¢d updating all our txilicies. Trustees, Meetin The trustccs mct on the 08th of May 2023 {online) and the 09th of December 2023. The meetings were well attended by the trustees. All the trustees have continued lo work hard io move th¢ Charitv forw0r(L The Truslees are pleased with ihis year's developments 2nd look to God to eonlinue pursuing the following dir¢¢iions in the New Year (202312024).. Further extension of our support base. In¢reased discipleship and mission training in churches beyond our Current reach. Increasing the prayer group base bcyond pr¢s¢nt frontiers. Planning small but strategic mission conterences in other cities and towms in the UK. Sending p¢opl¢ ¢%peeially donors and partners on fi¢ld trips And Work ¢amps to visil. ¢n8ag¢ with. pray and supwrt outre&ch work outside the UK. Nctworking further with the work in other areas of Europe e.g. the Republic of Ireland, Belgium, and France where we already have volunteers. Also build capacity in Europe. Working with th¢ Church tn iTrulr¢aLh and disLipleship among young people as well lls adults in the UK. Setting up a virile Sending and Coordinalion Base for the work of ihe EurAsiAP (Europe. Asi& and Pacific) Region within the EU. Con(inu¢ 5¢rvicing t rnortgag¢ on th¢ property for the Charity and ¢quipping the property. l O Continu¢ enabling ihe Glob81 Digitisatiun pn)j¢¢l for the Ministries.
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CALVARY MINISTRIES WORLDWIDE
Balance Sheet
at 31 March 2024
Charity No. 1119161
| Charity No. 1119161 | 2024 | 2023 | |
|---|---|---|---|
| £ | £ | ||
| Fixed assets | |||
| Tangible assets | 10 | 262,334 | 279,168 |
| Investments | 11 | - | - |
| 262,334 | 279,168 | ||
| Current assets | |||
| Cash at bankand in hand | 75,602 | 48,077 | |
| 75,602 | 48,077 | ||
| Creditors:Amount falling due withinone year | 12 | 194 | - |
| Net current assets | 75,796 | 48,077 | |
| Total assets less current liabilities | 338,130 | 327,245 | |
| Creditors: Amounts fallingdue aftermorethan one year | 13 | (96,030) | (104,551) |
| Net assetsexcluding pension assetor liability | 242,100 | 222,694 | |
| Total netassets | 242,100 | 222,694 | |
| Thefunds ofthe charity | |||
| Restricted funds | 14 | ||
| Restricted income funds | 7,795 | 7,795 | |
| 7,795 | 7,795 | ||
| Unrestricted funds | 14 | ||
| General funds | 234,305 | 214,899 | |
| 234,305 | 214,899 | ||
| Reserves | 14 | ||
| Totalfunds | 242,100 | 222,694 |
Approved by the trustees on 17 January 2025
And signed on their behalf by:
O. Olugbodi
Trustee
17 January 2025
Page 4
CALVARY MINISTRIES WORLDWIDE Notes to the Accounts forthe year ended 31 March 2024 l Accounting policies Basis of preparation The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland IFRS 1021 issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102} and the Charitie5 Act 2011. Change In ba51s of accounting or to previous accounts There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years. Fund accountlng Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general object5 of the charitv. These are unrestricted funds earmarked by the trustees for particular purposes. These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. These are available for use subject to restrictions imposed by the donor or through terms of an appeal. Designated funds Revaluation funds Restricted funds Income Recognition of income Income is included in the Statement of Financial Activities ISOFAI when the charity becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SOFA. Donations and legacies Voluntary income received by way of grants, donations and gifts is included in the the SOFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims is included in the SOFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when reiVable. Gains/{losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/llosses1 on investment assets Thi5 includes any gain or loss on the sale of investments. Page S
CALVARY MINISTRIES WORLDWIDE Notes to the Accounts Expenditure Recognition of expenditure Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered, and is reported a5 part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. These include those costs associated with meeting the constitutional and statutory requirement5 of the Charity, including any auditlindependent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. These are support costs not allocated to a particular activity. Grants payable Governance costs Other expenditure Taxatlon The charity is exempt from tax on Its charitable activltles. Freehold Investment property Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise. Stocks Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market. Trade and other debtors Trade and other debtor5 are recognised at the settlement amount due after any trade discount offered. Prepayment5 are valued at the amount prepaid net of any trade discounts due. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Trade and other credltors Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Page 6
CALVARY MINISTRIES WORLDWIDE Notes to the Accounts Research and development Expenditure on research and development is written off in the year in which it is incurred. Foreign currencies Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchange differences are are taken into account in arriving at net income/expenditure. Leased assets Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases. Assets held under finance lease5 are initially recognised as assets of the charity at their fair valLJP at the InptIOn of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets. Operatlng lease payment5 are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis. Penslon costs The charity operates a defined contribution plan for its employees. A defined contrlbution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contribution5 have been paid the charity has no further payments obligations. The contributlons are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds. Recelpt of donated goods, facilities and services All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity. Page 7
CALVARY MINISTRIES WORLDWIDE Notes to the Accounts 2 Statement of Financial Activities - prior year Unrestrirted funds Restricted funds Total funds 2023 2023 2023 Income and endowments from: Donations and legacies Other 19,805 6,981 219,299 239,104 6,981 Total 26,786 219,299 246,085 Expenditure on: Charitable activities 62,346 36,781 107,886 170,232 36,781 Other Total 99,127 107,886 207,013 Net income {72,3411 111,413 39,072 Net income before other gains/{losses) Other galns and losses: Net movement In funds {72,3411 111,413 39,072 172,3411 111,413 39,072 Reconclllation of funds: Total funds brought forward Total funds carrled forward 175,827 7,795 183,622 103,486 119,208 222,694 3 Income from donatlons and legacles Unrestrirted Total Total 2024 2023 25,159 155,293 30 25,159 155,293 30 19,805 219,299 180,482 180,482 239,104 4 Income from charltable artivltles Unrestrlcted Total Total 2024 2023 Outreach 35 35 20,284 20,319 20,284 20,319 Page 8
CALVARY MINISTRIES WORLDWIDE Notes to the Accounts 5 Income from other trading artivities Unrestricted Total Total 2024 2023 150 150 150 150 6 Other income Unrestrlcted Total Total 2024 2023 Sundry Income 31,941 31,941 31,941 31,941 6,981 6,981 7 Expendlture on charltable actlvltles Unrestrlcted Total Total 2024 2023 Expenditure on charitable octivitie5 Outreach 1,169 147,492 1,169 147,492 107,886 62,346 Governance costs 148,661 148,661 170,232 8 Other expendlture Unrestricted Total Total 2024 2023 10,428 Bank loan and overdraft interest payable Employee costs Motor and travel costs 8,417 8,417 4,333 7,562 6,465 26,768 12,487 3.126 7,562 6,465 26,768 12,487 3,126 64,825 1,527 7,487 1,903 8,035 3,068 36,781 Premises costs General administrative costs Legal and professional costs 64,825 9 Staff costs No employee received emoluments in excess of £60,000. Page 9
CALVARY MINISTRIES WORLDWIDE Notes to the Accounts 10 Tangible flxed assets Cost or revaluation At l April 2023 Additions At 31 March 2024 279,168 116,8341 262,334 279,168 {16.8341 262,334 Net book values At 31 March 2024 At 31 March 2023 262.334 279,168 262,334 279.168 11 Investments Freehold Investment Property The freehold investment property was acquired on 8 August 2022. 12 Credltors: amounts falllng due wiihln one year 2024 2023 Other taxes and social security 11941 11941 13 Credltors: amounts falling due after more than one year 2024 2023 Bank loans and overdrafts 96,030 96,030 104,551 104,551 Liabilities repayable in more than five years after the balance sheet date Mortgage on Freehold property Page 10
CALVARY MINISTRIES WORLDWIDE Notes to the Accounts 14 Movement in funds Incoming resources At31 March (includlng other At l April gains/losses 2023 Resources expended 2024 Restricted funds: Restrlcted income funds: Donations & Legacies 2 7,795 7,795 Total 7,795 7,795 Unrestrlcted funds: General funds 214.899 232,892 {213,486) 234,305 Total funds 222,694 232,892 1213,486) 242,100 Purposes and restrictions in relation to the funds: Restricted funds: Donations & Legacies 2 15 Analysis of net assets between funds Unrestricted funds Restricted funds Total Fixed assets Net current assets Creditors due in more than one year and provisions 262,334 53,532 262,334 75,796 22,264 196,0301 (96,0301 22,264 219,836 242,100 16 Reconciliatlon of net debt At31 At l April 2023 March 2024 Cash flows Cash and cash equivalents 48,077 48,077 27,525 27,525 75,602 75,602 Bank loans 1104,5511 {104,551) 8,521 8,521 196,0301 {96,030) Net debt 156,4741 36,046 120,428) Page 11
CALVARY MINISTRIES WORLDWIDE Statement of Cash flows for the year ended 31 March 2024 2024 2023 Cash flows from operating actlvlties Net income per Statement of Financial Activitles 19,441 39,072 Adjustments for: Dividends, interest and rents from investments Decrease in trade and other payables {31,941} 1194) 16,981) Net cash (used in)/provided by operating activities 112,6941 32,091 Cash flows from investing actlvities Payments for property, plant and equipment Dividends, interest and rents from investrnents 16,834 31,941 (279,168) 6,981 Net cash from/(used In) Investlng artivitles 48,775 {272,187} Cash flows from financlng artivities Repayment of borrowings 18,5211 104,551 Net cash (used in)/from flnancing artlvities (8,5211 104,551 Net increase/(decrease) in cash and cash equivalents 27,560 1135,545) Cash and cash equivalents at the be8lnning of the year 48,077 183,622 Cash and cash equivalents at the end of the year 75,637 48,077 Components of cash and cash equivalents Cash and bank balances 75,602 48,077 75,602 48,077 Page 12