2024-12-31-accounts

CHARITY REGISTRATION NUMBER: 1126607

Loughton Baptist Church Unaudited Financial Statements

31 December 2024

JVCA LIMITED

Chartered accountants 114 High Street, Cranfield Beds, MK43 0DG

Loughton Baptist Church

Financial Statements

Year ended 31 December 2024

	Page
Trustees' annual report	1
Independent examiner's report to the trustees	4
Statement of financial activities	5
Statement of financial position	6
Notes to the financial statements	7

Loughton Baptist Church

Trustees' Annual Report

Year ended 31 December 2024

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2024.

Reference and administrative details

Registered charity name

Loughton Baptist Church

Charity registration number 1126607 Principal office Bradwell Road Loughton Milton Keynes MK5 8AJ Bucks

The trustees	Deacons
Vengai Dumbu	Cheryl Bartram-Carter
Rev Nathan Marlam	Dimpu Boppuri
Timothee Gauvrit	Vengai Dumbu
Pat Gidley	Timothee Gauvrit
	Pat Gidley
	Angela Onuoha
	Joy Oxley
	Stephen Sah
	Christina Simms
	Matthew Teoh

At the AGM held in March, Cheryl Bartram-Carter and Timothee Gauvrit were elected to serve as Deacon for a three-year term. Pat Gidley and Christina Simms terms of office ended after two threeyear terms. Angela Onuoha was re-elected to serve a second three-year term. At the Church Meeting held in July, Tim Gauvrit was successfully elected as Charity Trustee.

Company secretary Sharon Willcock Accountant Coral Tolley-Fletcher FCCA Chartered Certified Accountant 114 High Street Cranfield Bedfordshire MK43 0DG

Loughton Baptist Church

Trustees' Annual Report (continued)

Year ended 31 December 2024

Structure, governance and management

Governing document

The Charity is governed by a document known as a constitution. It is an unincorporated association administered by trustees known as Deacons who are elected by way of church meeting.

OBJECTIVES AND ACTIVITIES

The principal purpose of the Church is the advancement of the Christian faith according to the principles of the Baptist denomination. The Church may also advance education and carry out other charitable purposes in the United Kingdom and/or other parts of the world. The summary of main activities include but are not restricted to:

• regular public worship, prayer, Bible study, preaching and teaching;- baptism, as defined in the Union's Declaration of Principle;

• the Communion of the Lord's Supper which shall normally be observed at least once a month;

• evangelism and mission, locally, regionally, nationally and internationally;- the teaching, encouragement, welcome and inclusion of young people;

• nurture and growth of Christian disciples;

• education and training for Christian and community service;

• giving and encouraging pastoral care;

• supporting and encouraging charitable social action in the United Kingdom and abroad;- encouraging relationships with and supporting Baptists and other Christians.- 2

Achievements and performance

We give all the glory to God for his faithfulness throughout 2024 and appreciate the commitment of our members and friends in their service to LBC, especially at this time of staff shortages.

We give thanks and praise to our glorious Heavenly Father for equipping our Senior Minister, Rev Nathan Marlam, to shepherd us all. We are truly thankful for the Spirit-led teaching each Sunday which challenges us and causes us to reflect on our own Christian lifestyle as we go deeper in our understanding of God’s Word to us both individually and as a church family. The work of the Charity Trustees and Deacons is very much valued by us all and we are grateful for your time and commitment in service. At the AGM held in March, we gave thanks to Pat Gidley and Christina Simms for their faithful service over six years. We welcomed Cheryl Bartram-Carter and Tim Gauvrit to join the diaconate, and Angela Onuoha was re-elected for her second three-year term of office. At the Church Meeting held in July, Tim Gauvrit was successfully elected as Charity Trustee. May the Lord unite them all together with one heart and one mind as they work together.

Our welcome has also extended to new members in 2024; Lauren Bell, Rachael Pillans, Clive Piggott, Steve and Jackie Norman.

Each Sunday there is a team of volunteers who work behind the scenes to ensure that services run smoothly, and we are thankful for their devoted service. Our musicians lead us wisely and the AV team serve us with all their skills. We are always greeted well into our building which is cared for by our maintenance team. The hospitality team are busy with Sunday lunches on the first Sunday of the month, as well as events behind the scenes too. Many new people joined us during the year and we encourage you to build relationships and embrace them within our fellowship.

In February we said farewell to Maria Scott, our Children’s and Youth Worker, as she moved onto pastures new. We are grateful for her passion and enthusiasm as she’s guided our youngsters to learn more about Jesus. We are very blessed to have so many families worshipping with us, and our Sunday School teachers and helpers provide creative and engaging sessions for the seeds of God’s truth to be planted deep into their hearts and minds. May you continue in your prayers for this next generation of

- 3 -

God’s church. Our heartfelt thanks go out for your dedication in this area of ministry.

Bex Jignasu began a monthly Sunday Night Youth meeting at the end of the year, and we continue to host Easter and Christmas Cracked events with the Year 5 and 6 children from Loughton School. In May we celebrated with Tony McGinley and Whitehouse Church as we hosted his induction service into Baptist ministry. It was a pleasure to witness the fulfilment of God’s plan for his life from joining LBC as a Youth Worker in 2013 to completing his training as a Baptist Minister and leading a successful church plant.

This year we have been invited to grow in our prayer life with Pray in May events, the annual 24/7 Week of Prayer in the run up to Pentecost Sunday, and a Prayer Course was held throughout the summer school holidays. We’ve had opportunities to pray and fast on certain days, join in with prayer and praise evenings, and throughout the year our regular Sunday evening prayer time has been well supported by a faithful group.

We celebrated the baptisms of Joshua and Hannah Dumbu, Debby Hulmes, Anusha Mothrapu in September. As families and friends attended these special events, we trust that they all encountered God in a special way.

We have hosted two Alpha courses, opened the church to visitors for the Loughton Scarecrow Trail and invited the local community to our Carols by Candlelight with a Christmas Story Trail. A huge thank you to everyone involved behind the scenes and may we continue to pray for fruit in the souls of those we have encountered.

Rendezvous has continued to meet monthly and goes from strength to strength thanks to an enthusiastic team. We aim to meet the needs of those in our city through our English Classes and hosting the Winter Night Shelter through the winter months.

Advertising for an Associate Minister has continued throughout the year, and, in the autumn, we began to advertise for a Youth Worker. We trust in the Lord’s provision at the right time.

Sometimes we struggle to see what God may be doing amongst us but pausing to reflect can give us encouragement: Our children and young people are growing in their faith; many people with varying needs are having their needs met; a sense of friendship is deepening when groups see themselves together on the frontline of service with one purpose in mind; active service, when the pressure is on, means we turn more regularly to God in prayer – and in so doing we come to realise that everything we’ve been taught about Him turns out to be true! God is faithful. He strengthens us in our weakness and provides for all our needs. We are never in lack because He is good.

We look with hope into the future because of God’s work amongst us in this past year. The aims remain the same: we are all to prioritise the Mission of God in Jesus Christ to the entire world. We have good news to share through our service of others, and we trust that as we respond in obedience to God’s call upon our lives, we will reap a harvest. The Scripture says “Therefore, my dear brothers and sisters, stand firm. Let nothing move you. Always give yourselves fully to the work of the Lord, because you know that your labour in the Lord is never in vain”.

We have seen many examples of this in practice this past year. May this warm our hearts and inspire us for greater things in 2025, in Jesus’ name.

Financial review

The financial position at the end of year was reasonably strong, we finished the year with a surplus an increase from last year’s position. Average giving remained very consistent throughout the year, the average of income was higher when compared to last year. Contactless giving that was introduced in the year contributed to the surplus amount. However, vacancies for an Associate Minister and Youth Leader remained live throughout the year, this contributed to us generating an overall surplus. if the appointments are made in 2025, it is unlikely there will be a significant surplus in 2025.

The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:

Trustee Trustee

- 3 -

Loughton Baptist Church

Independent Examiner's Report to the Trustees of Loughton Baptist Church

Year ended 31 December 2024

I report on the financial statements for the year ended 31 December 2024, which comprise the statement of financial activities, statement of financial position, statement of cash flows and the related notes.

Respective responsibilities of trustees and examiner

The trustees are responsible for the preparation of the financial statements. The 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 of the 2011 Act;

• to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and

• to state whether particular matters have come to my attention.

Basis of independent examiner's report

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 no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the next statement.

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 requirements:

• to keep accounting records in accordance with section 130 of the 2011 Act, and

• to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act

• have not been met, or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Coral Tolley-Fletcher FCCA Certified accountant 114 High Street Cranfield Bedfordshire MK43 0DG

- 4 -

Loughton Baptist Church

Statement of Financial Activities

31 December 2024

			2024		2023
		Unrestricted	Restricted
		funds	funds	Total funds	Total funds
	Note	£	£	£	£
Income and endowments
Donations and legacies	4	161,444	1,858	163,302	151,647
Investment income	5	59	–	59	707
		─────────	───────	─────────	─────────
Total income		161,503	1,858	163,361	152,354
		═════════	═══════	═════════	═════════
Expenditure
Expenditure on charitable activities	6,7	117,444	1945	119,389	187,669
		─────────	───────	─────────	─────────
Total expenditure		117,444	1,945	119,389	187,669
		═════════	═══════	═════════	═════════
		─────────	───────	─────────	─────────
Net income and net movement in	funds	44,059	(87)	43,972	(35,315)
		═════════	═══════	═════════	═════════
Reconciliation of funds
Total funds brought forward		1,553,525	131,834	1,685,359	1,720,674
		────────────	─────────	────────────	────────────
Total funds carried forward		1,597,584	131,747	1,729,331	1,685,359
		════════════	═════════	════════════	════════════

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 8 to 16 form part of these financial statements.

- 5 -

Loughton Baptist Church

Statement of Financial Position

31 December 2024

		2024		2023
		£	£	£
Fixed assets
Land	9		1,455,123	1,455,123
Tangible fixed assets	10		8,747	12,884
Investments	11		74,529	74,529
			────────────	────────────
			1,538,412	1,542,549
Current assets
Cash at bank and in hand		191,617		143,448
		─────────		────────
		191,617		143,448
Creditors: amounts falling due within one year	13	698		163
		─────────		─────────
Net current assets			190,919	142,810
			────────────	────────────
Total assets less current liabilities			1,729,331	1,685,359
			════════════	════════════
Funds of the charity
Restricted funds			131,747	131834
Unrestricted funds			1,597,584	1,553,525
			────────────	────────────
Total charity funds	15		1,729,331	1,685,359
			════════════	════════════

These financial statements were approved by the board of trustees and authorised for issue on 20 October 2025, and are signed on behalf of the board by:

Rev Nathan Marlam Trustee

The notes on pages 8 to 16 form part of these financial statements.

- 6 -

Loughton Baptist Church

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The charity is registered charity in England and Wales and is unincorporated. The address of the principal office is Bradwell Road, Loughton, Milton Keynes, MK5 8AJ, Bucks.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

- 8 -

Loughton Baptist Church

Notes to the Financial Statements (continued)

Year ended 31 December 2024

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

• income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

• legacy income is recognised when receipt is probable and entitlement is established.

• income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

• income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

• expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.

• expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

• other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

- 9 -

Loughton Baptist Church

Notes to the Financial Statements (continued)

Year ended 31 December 2024

3. Accounting policies (continued)

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

- 10 -

Loughton Baptist Church

Notes to the Financial Statements (continued)

Year ended 31 December 2024

3. Accounting policies (continued)

Investments in joint ventures (continued)

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

- 11 -

Loughton Baptist Church

Notes to the Financial Statements (continued)

Year ended 31 December 2024

3. Accounting policies (continued)

Financial instruments (continued)

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

4. Donations and legacies

		Unrestricted	Restricted	Total Funds
		Funds	Funds	2024
		£	£	£
Donations
Offerings		142,038	1,858	143,896
Tax refunds		19,465	–	19,465
		─────────	───────	─────────
		161,503	1,858	163,361
		═════════	═══════	═════════
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2023
		£	£	£
Donations
Offerings		114,289	18,393	132,682
Tax refunds		18,965	–	18,965
		─────────	────	─────────
		133,254	18,393	151,647
		═════════	════	═════════
Investment income
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2024	Funds	2023
	£	£	£	£
Interest on investment	59	59	707	707
	═══════	═══════	════	════

5. Investment income

- 12 -

Loughton Baptist Church

Notes to the Financial Statements (continued)

Year ended 31 December 2024

6. Net income

	2024	2023
	£	£
Depreciation of tangible fixed assets	4,137	4,137
	═══════	═══════

7. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as	The total staff costs and employee benefits for the reporting period are analysed as	follows:
	2024	2023
	£	£
Wages and salaries	50,455	45,287
Social security costs	4,243	5,059
Employer contributions to pension plans	7,704	1,036
	────────	─────────
	62,402	51,382
	════════	═════════

- 13 -

Loughton Baptist Church

Notes to the Financial Statements (continued)

Year ended 31 December 2024

8. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

9. Intangible assets

	Patents,
	trademarks
	and licences
	£
Cost
At 1 January 2024 and 31 December 2024	1,455,123
	════════════
Amortisation
At 1 January 2024 and 31 December 2024	–
	════════════
Carrying amount
At 31 December 2024	1,455,123
	════════════
At 31 December 2023	1,455,123
	════════════

10. Tangible fixed assets

	Land and
	buildings
	£
Cost
At 1 January 2024 and 31 December 2024	82,743
	════════
Depreciation
At 1 January 2024	69,859
Charge for the year	4,137
	────────
At 31 December 2024	73,996
	════════
Carrying amount
At 31 December 2024	8,747
	════════
At 31 December 2023	12,884
	════════

- 14 -

Loughton Baptist Church

Notes to the Financial Statements (continued)

Year ended 31 December 2024

11. Investments

	Other
	investments
	£
Cost or valuation
At 1 January 2024	74,529
Additions	–
	────────
At 31 December 2024	74,529
	════════
Impairment
At 1 January 2023 and 31 December 2024	–
	════════
Carrying amount
At 31 December 2024	74,529
	════════
At 31 December 2023	74,529
	════════

All investments shown above are held at valuation.

12. Creditors: amounts falling due within one year

	2024	2023
	£	£
Accruals	698	638
	───────	────────
	698	638
	═══════	════════

13. Pensions and other post-retirement benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £7,704 (2023: £1,036).

14. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
					At
		At			31 December
	1	January 2023	Income	Expenditure	2024
		£	£	£	£
General funds		1,553,525	161,444	(117,444)	1,597,584
		════════════	═════════	═════════	════════════

- 15 -

Loughton Baptist Church

Notes to the Financial Statements (continued)

Year ended 31 December 2024

15. Analysis of charitable funds (continued)

Restricted funds

Restricted funds
			At				At
	1	January	20			31	Decembe
			24	Income	Expenditure		r 2024
		£		£	£		£
Building fund & youth project		131,834		1,858	(1945)		131,747
		═════════		═══════	═══════		═════════

16. Financial instruments

Where reduced disclosures are applied, disclosures from the Companies Act 2006 still need to be made regarding the fair value of the instruments in each category and the changes in value recognised in profit and loss. Disclosures of the significant assumptions underlying the valuation models and techniques used, and extent and nature of derivative instruments are also required.

- 16 -