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2025-12-31-accounts

Charity Re815tratlon Number: 1127825 Abo IrKILxl￿I1Trked Charlty Ae8i5tratKx) Number 1127825-1 ThE PARISH OFThE BOURNE ANNUAL REPORT AND FINANaAL sfATEMENTS YEAR ENDED 31ST ￿(EMBER 2025

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Pase 2 ADMINISTRATIVE INFOR￿TIoN Legal Slatus The Parish of The B￿rne Parochial Churth Counul IPCC) is registe￿ with the Charity Commission, charity number 1127825, and fornis part of the Dlocese of Guildford. The PCC report also includes. with effert from 2014. the linked charltyThe Bourneyouth TrusL charity number 1127825-1. The PCC members are trustees of The Bourne Youth Trust. AIMS AND PURPOSES OF ThE PCC The PCC has the re5p¢nsibility of cwerating with the In¢umbent in promotin& in the ecdesiastical parish. the whole mission of the church. pastoral. evan8elistE social and ecumenical. It also has maintenance responsibllitiesforthe churchesofst. ThOMas￿n-The-8OUrne. SL Martin bythe Green and Brnmbleton Hall. The parish vlsion is: 'Radiating love: seekin8 to transforni lives and c(Immunities'. The PCC believes that reaching out to those in its communty- whether churthgoers or not- 15 e55ential to its underlying mission. The many artivities listed in this report are open to all who wish to participate and the PCC believes that this fulfils the Charity Commission requirement to operate in the public benefiL AIMS ANO PURPOSES OFTHE BOURNE Yoimi TRUST The Boume Youth Trust (Byn has a ￿nge of objectples to serve the needs of children and young people within the area indudin8 y￿rthW0￿ ywth clubs. education and training. Boume Youth Trust funds are invested, and interest and dividend5 eamed duri￿the year are transferred to the Bourne Parish Youthwork fund to enable the parish to 5UPPOrt a range of actrwities with families. children and youn8 peop￿. This is in line with the 8Yfs obie¢ti¥es and is forthe public benefit. srRUCTURI GOVERNANCE ANO MANAGEMENT OFTHE PCC The PCC meets every two morfhs to overseethe financial affairs of the ￿rish. the m)intenan¢e of its assets and to promote the mission of the church. A Standing Committee 15 responsible for and devolved declslon- moking between me￿ing$. its membersare Revd Sjndyaarke Ichairl Hikry Newman Ichurchwardenl. Nigel Lewis Itreasurerl and Keth Newman IPCC secretaryl. To widen participalion and effeCtwM￿sS the PCC uses a number of working groups to oversee day-to-day running of the parish's activities: Buiklings & Grounds CommunKations. Finance Stewardship & Administration. Recommendations from the working groups requiri￿8 PCC approval are hiEhlghted in reports sent to the PCC members prior to each PCC rneeti￿.

Page 3 5. SAFEGUAIiD1146 The PCC regards the safeguarding of children & Vulnerable adults as a priority and pays due regard to guidance issued bythe House of Bishops relatingto it. No person included in a barred list {withinthe meantng of the Safeguarding Vulnerable Groups Art 20061 or convicted of an offence menthjned in Schedule I to the Children and Young Persons Art 1933 is ¥llowed to serve a5 a member of the PCC. its Secretary or fls Treasurer. Furthermore. the fOlh)Wi￿ is PCC polKy. Cle o All cier8VWith authorityto offwJttewiH haveto participate in dioce5e-appnNed arrangements for training in matters relating to the safe8uardiThd of children ènd vulnerable adults. Clergy must be satisfied that a memberof the cler8y from ancther parish is of good standing beftye they are allowed to perforni in the parish. o All ¢ler8y with authority to offKiate a￿ reqUI￿d to participate in di(Kese-approved arrangements for traini￿ In matters relati￿ to the safeguardi￿% of children •nd vulnerable adults. Clergy vtho are wohibited or suspended under the aer8y Discipllne Measure will not permitted to robe duriThd divine service. o PCC members are required to obtain deaTance from the Disd05ure and Barrin8 Service. and to renew thi5 at iniefvals specifd by the Diocese. Current￿ every three year& PCC members are required to carry out safeguarding training in accordance with DiLesan polioi. Currentlythe reqUI￿rnent is to cornplete Bask and Foundation Courses. together with Raisir8 A￿renesS of Domestic Abuse. Thistrainry isto be Tepeated every three years. rlthlon Parishioners who undertake roles in the thurch in￿￿41n0 working with Chiklren or with wlnerable adults are required to obtsin appropfiate clearance from the Disclosure and Barrin8 Service. and to renew this at intervals specifd by the DI0￿e, currentty every three vea o Safe8uarding tralning is provided for partsh50ners whose roles In the Church In¥0￿e worklng with chiklren or wlth vulnerable adutts. as may be apprcpriate fortheir role& Currently this ppllesto: Choir persclnnel •> Pastoral Assistanw Pastoral Wwkers + LLMS * Churthwardens + JunM)r Church personnel + Parish Safwarding officer

This is to be renewed every three years vA)ibe the individual continues to fulfil the role. o Online safe8uarding traiTr1￿ is freety avaikble to any inte￿￿ed parishioner. Detsils are available from the Parish safeguardi￿ OffKer.

Page 4 The PCC believes fc has complied with its duty to have due regard for the House of Bishops. 8uidance on safeguarding children and vulnerable adults under section S of the safeguardi￿ and Clergy Discipllne Measure 2016. The parish's safeguarding is available on the parish website and cornplies wlth Church of England arrangements introduced or modifd in 2017 and 2018. The PCC is gratefvl for the work of Peter Neukom. Parish Safeguardirvd Officer and the support of the Dio¢esan Safeguardin8 Adviser. PARISH ACtrMEVEMENTS AND PERFORMANCE IN 2025 In the 2024 report the specific objectives of the parish for 2025 were 5petified as below. The outcome5 are indicated by the bullet points beneath eath otyeLtNe. Extend prov1s1￿ for sevvlngand fosterkng fanth to yoyn8er as a clmwch o We have appointed a Familg Minister with a fo(ws on outreach to families not yet attending church o We have appointed a choir chaplain who also Kts as a Familie< Minister for families CYr￿ntlY attending our churches. especially those with link5 to our chorlsters o The Families, Ministers have ￿ated opportunities forfamilies to meet each other and build connections with the rest of church community o We continue to offer worship whith attracts famiks e.g. we continue with Inter8enerational Worship and good Junior Church provision. Extendlng our cornmunity and ￿rtreach We have focussed on outreach potential at our BraMb￿￿n Hall and St Martin's sites o We have established a partnership with 8ri8htwells Gostrey at Brambleton Hal￿ an or8anisation whKh shares ourethos to ser4e the communty. Brightwells G0st￿Y provides 'mea15 Qn wheels. each weekday for about 80 people. In addition eath weekday Monday throu8h Thursday they Fvovlde rneals. SUPPOrt and artivities in the hau for the elderty. including those with dementia. This has in¥ofr￿1 a 4nificant mtrJifiL7tion of Brambleton Hall- fvnded by 8ri8htwells Gostrey. We have agreed supportive rentsl tharges and Trv￿e of operation with Brightwells Gostrey. o We have continued with our outreach ministry in￿ding. + Other People Group which continues to exterKI our awareness ofthe needs of ￿r greater communty * Christian Aid Conorts and Lent Luftches •> Communty FrKl8e and Warehouse * Tuesday morning coffee •t StThomas + Wednesday morning coffee at St Martin5 Growlng deeper In fafth by Honouring Vocat￿n$ of all kinds providing op￿rtUnitieS and trainin8 e.g. The Local Minlstry Progrnmme, Safe8uardirva Workshop. V0knThteer￿ Month as part of stewardship

Page 5 o Growlng ministry team by active￿tRIni￿a fmm within and offering placemeftts to those In need of a parish o Providing learning and worthip Op1￿UnIt￿S for a broad range of needs and readiiess. o This year we are f(Kussire on 5crwture with our Lent C(wrse reading the gospel of Luke o We have initiated an intensive Old Testsment leamin8 proeramme. o We have continued to reflert and impTrJ4e our Holy Week and Christma5 offerings. o To broaden our range of spirituality and teathing we have 5UPPQrted a performan￿ of The Devil's pass￿ that wa5 well attended. For the first in many years. we organised a Pass0￿ Meal again was Very well supported by the congre8atlon. Use our resowce5 o The Buildings and Grounds working grwp have continued with regular inspection5 of our places of worship and address. particularly the recommendati￿5 ol the quinquennial reports. o We have increased the use of all of our places of worship with great ernphasi5 on our (xrtreach actlvitie5. The balance Is undetstood the need to increase the use ofour faalities and the need to cover our operational cort PCC dedslons •nd reMIutlw￿ In 2025 In 202S the PCC held Tr*rtings ￿ January• Marth. May. Juty. Septemberand November. The key dec￿lOnS made and resolutions passed at each meetin8 are gNen below. January PCC Passed a ￿olUtIon- The PCC of The Btwrne Parish supports the Vicar. the Revd Sandy Clarke. in her requestthat Mr5 Frances Garland's PennI￿lOn to Offtiate be ￿neWed to enabbe herto ¢￿tinUe her rninistry as a Lay Minlster (Reader) in this parish for a further 2 years.. The PCC agreed with the dea5ion. by the ComnwJnkatt{￿ Working Group. to withdraw from Twitter/X. This fofiowed Dmxesan guidance. The PCC noted that Picken retired as an LLM and thènked herfor her service. o It was agreed that the pattern of seNKes at St Martins was lo change. The congregation at St Martins had agreed thatthey wcwld goto All Salnts In filford on the fourth ￿ndaY of each month. Marth PCC o Several safeguarding actions were agreed:_ Action l- The PCC to review and approvethe Safeguarding Action plan. + Artlon 2- The PCC to review and authorise the Church act[￿tieS list. + Act￿ 3-the Pccto review and appr￿￿ethe Safeguardi￿ re5pon5e process. * Artion 4-the PSO kn Nwify and declare to the Pccthat the church activitie5 comply with the CofE document'safer Envlronment arKI ktriitie<. o It was agreed that safeguarding was an important area for all parlshloners and as Such should be on the APCM agenda It was agreed that an Easter card was to be dtstrlbuted across the par

Pa8e 6 The PCC were In favourof Brightwells G05trey uw8 8rambleton hall. Tr few concerns raised were addressed in the subsequent ktting agreernent. o The PCC members ¥iewed the trt)oden statue bein8 oftered on loan to the parish by Bishop Christopher and agreed io accept the generous offer. The PCC approved the resolution- Tr PCC of The Boume Parish supports the Wiear, Revd Sandy Cbarke. in her ￿quest that the ILM Ltcence of Jane Quicke be renewed on 30106125. folbwed by the granting of Permi55w)n to Officiate for a further period of three years., o The PCC agreed that the notice l)oards Vl the corrthr by the centenary rooms can be taken down and the area used forthe disp of pthres. o It wa5 lloted that Brian White was to reti￿ from his bn8Standing servKe èt St Martin's at Easter and the PCC thanked him for his dedicated ser¥ice over many years. The PCC agreed by a majortty deosion to the xhedulire of the Oevils Passion play in Holy Week. May PCC A safeguarding workshop appr¢)ved and scheduled for September o A survey of what to do with St Martin's had a poor ￿￿nSe in temis of numbers but the over%vhelmin8 response was'do not Bet rid of the church.. 0 Sarah Herbert provides freelance support to the financMI1 adm￿l$tration of the parish o The PCC approved the financial reiM)rt ￿th￿ed in the APCM annual report and adopted the financial statements. o In dlscussion ffc was stressed that In implementing c￿r vision. as defined in the church development plan ICDPI, we are being ￿rnited by our resource5. We must team with others e. Brightwells Gostrey o Those retiring from the PCC and new membersioinirwd Thwe indicated.. Geoff Hooker. Nigel Cuthbert and Janet Stephen to retire after Se￿ing 3 years. •> Keith Newman, Rob Horton and Michele England are to eXt￿d their membership for a further 3 year5. + Sari Smith and Phil Phillips have agreed to join the PCC. * Luke Prite will be leaving and will resw as a Deanery Synod rep. July PCC o The CDP vtss circulated and dlscussion hekl on the key three goals of reaching out to families wilh young chiklren; broèder outreach to our local community. and deepening our faith as a church family. o The PCC ag￿ed to the tem)s ofthe formal Ibcense agreement with Brvdhtwells Gostrey for the use of Brambleton Hall o The PCC approved the request that'sarah Hert*t be 8wen access to the parish's Stripe. gJmup, Golardlessand Square accounts.. September PCC o The PCC requested that the Parfsh Safe8uardwv8 Officer {P5015hould review the current Ilst of Choir Chaperones

Pa8e 7 o The PSO requested the Pccto revlew the current hst of non-churth artiVbtie5. They agreed the list shoukl be Farnham Boxing Club. StrKtly Showtiffe, Br¥htwells G05trey• the Ranger guides activty at ￿ Martins and RSCM (who hold examinations eath year at St Thomas). o It was confirmed thatthe Safe8uafdln8 workshop wasto be held on 20 September and would invofve Dean Else a representitive of the diocese. Anastasia Reeve5 began work as part-time Famiftes Minster. funded bythe Boume Parish Youthwork fund. o Rosie Freeman started as Choir Chaplali and Families Minister. a150 funded by the Bourne Parlsh Youthwork fund. The Archdeacon visited the ￿TISh to undertake a visitstion and wasvery complimentary about the parish operation. o The PCC approved The Health and Safety PoKcy and Complaints Polkv. Concems were Taised over the income from hall use. A forecast Df the kncome from Brambleton Hall was provlded and the PCC were pleased thatfor 49 weeks we will ha* a combined Income of £23.1KKI from Bri8htwelb Gostw and the Farnham Boxibvd Chjb. o It was agreed that the next and subsequent P￿ meeting5 Wl￿Id start at 7.30 pm. The PCC agreed to write off the loan made to Luke PrKe for redecoratire of his rented flat in the parish. The awN)unt was £5rJ). November PCC o It was noted that Sunday 16 Novemberwas desyted as'safeguarding Sundaw ènd that the Parlsh Safeguarding offi￿rWOuld be explainry his role and the 1mportancelrele￿nce of Safeguardi￿ to all. o Marjorie Cafrln8ton had been appointed as d￿1r¢hap1aln. The PCC agreed to the puichase of new hymn books for St Thomas. subjecl to a fundin8 plan The PCC adopted the Clew WeLI Being Covenant o The PCC agreed that the welcome team should have badges. so they are easily reco8nized. The PCC adopted the dl¢Kesan Racial Justice Covenant. o 11 was noted that agreements had been sl8ned with Bf￿htweI1s Gostrey ond the Atomlc Boxing Club for ihe use of 8rambleton Hall o The PCC noted that Saturday 18th Octoberthere woukl be a Brambleton hall event that was supported by a deliveryof an explanatory leallet to local house& The purpose was to tell the congre8ation and the local community what hèppens at Brambleton Hall o The PCC ag￿ed to give surplu5 Parish escrow funds from prioryears to Wycliffe Bible t[an￿atorS with the reque51 that it be used whewe p055ible to 5UPPOrt Catherine Crawford, a longstanding member ot our parish o In a discussion on Parish Share. the PCC agreed to dekythe dearn8 of the defidt until more was known on the proposed 2026 parish share

Page 8 08JEcllvES AND AcrivmES FOR 2026 As a church all of our objectwes and Priorities must be a natural outworklng of our vision, 'radiatin8 love. seeking to transform lives and communities.. Thi5 year OUT objectives have been developed in the context of our Parish Church Development Plan ICDPI. In the text below the objectNes are a combination of the priority areas aNI goal from the Parish (I)P: the bullet p)ints under each obiertive are the outcomes as defined in the Parish CDP. Dlverslty. Seeklng to trarsforni li¥e& whwe al are at home in our wldqr (Imtrch: P3rt1clpallng In more than &wKlayworsNp. frknds wlth a Ixoad rnn8e of the CW8regation and growlng In faiih. hope and lo￿. As ¥ result we hope thaL'_ Choir families will participate in church actNilies that are not only Choir￿ntrIC Families will be foutxl in dw15wn in fellowship with a wide cross section of the con8re8atx>n Junior Church and Youth group numbers will grow o Leadership across the church will be age di¥eTse Church will 8row in number and new 8ivers will help support the parish financiallv Cornmunlty. Seeking totransforni communltles $0 that the l)oundarles between thurth and community are blurred: a thurch that partners with the wlder cornmunlty where we share common vlslon. As a res￿ we hope that. o All three ￿ntre5 will increase in partners and usa8e. The Church community will engaBe with and support all our ettemal partners o Church will grow in number D15ciJle5hip. Radsating lo¥e. as an Indu￿ thwth. where peq)le feel ableto express and Share ther f4ith and hab* tht tools necessary totake thelr love Snlo thelr dally libTsi people TNho kn¢)w, s4)port al￿ lo¥eeach other. whowork yacdulytogether and Ilourish. As • result we hope that o People will talk more aboLrt thelr faith o There is growth in the number and strength of the Ministry team o New lay readers will come forward. More people will volurteerto serve the parith as servers. sacristans. communion a￿l$ti￿ts and inteTcessor5. 8. DEANERY SYNOD AcrivmES The Deanery Synod met twice during 2025- Awil and Ortober The two representatives for the year from the parlsh were Richard Oswald and Yvonne Bryant. Luke PrKe was a deanery Synod represenlative but resigned durin8 the year as he was leavin8 the parish. No representatives were able to attend the Deanery Synod meeting& The Deanery had a parish development day in March. Discusslon at synod meetirvds has foatssed on Discipleship: Families and Chiklren: Community En8a8eTrw￿.

Pa8e9 9. FINANIX REVIEW 2025 Summary 2025 The financml statements conlinue to paint a pthire of a parith whKh, whilst pursuing a wide range of activities benefiaal to the whole communlty. Is havi*wto deplete its general reser¥es to fvnd its day-to4ay activities. In the last three years thi5 ha5 been exacertmted wbstantial ￿pair costs to all three parish buiklin85. With nM>re required in the next 2 years. A8ainst a backAlrop of strti¢ giving and donations receNed. the Under￿Ing costs of employment and utllitles have 8rown subskntially. as has our Parish Share payable to the Diocese whKh now accounts for 42% of general fund expenditure. We are thallen8iWg the Diocese of Guildford to review the very hi8h levels of Shared costs in the Parish Share allocation to The Bourne. Parishioners and supportefs have generously supported spedfic campaigns. for example to repair the organ and stsined-glass windows at st ThOma￿S thurch. They have a150 fdtsed large amounts for external charitie& But we also need to raise the Underlyi￿ l&¢1 of tsx-efficient 8rving and attract new legacies to enable the work of the parish to continue to thrive medium-tenn. Incomlni resou￿ 2025 (all the ne¥est £W) Total incoming resources in 2025 ￿re slwly lower than 2024 at £330,(W. By major cate8orythe ￿SUItS show:_ Total income from grrfing to sUpp￿t the parish's dty-to dty activities totslled £192.(KKJ. £8.CKJ) lower than in 2024. t)(matlons to support other Enitsatsves. notsbly our (rtrtreath fvnds and the Stained-Gla55 repair fund. totslled £20.0￿- a similar level to 2024. Interest received and iri¥Estment income was £17.(m- a similar level to 2024 Income from donations br use ofthe parish ro¢)ms and hall plus rentsl on the flat at StThomas' was £46,IXNI, again sirnilar to 2024 ContTibutlons towardsthe cost of the thoirtourwere £26.IXJ) and funds raised or collected on behalf of other organisations (escrow fvndsl were £21,(MK) Gross Income from other Sour￿ totalled £29.orM), Sr￿tlY below last yearf5 level Resources Expended In 2025 Resources expended. at £375.IIXI were £12.(XX) lrywer than in 2024, resultin8 in net wtgoing restyjfces of 1£54.8(Xll. This includes a depreciation charge 01 £23.(XK). and investment value reductions of E9.100 $0 the overall cash oufflow was £17.7CKI. Major elements of expenditu￿ are as folk)ws'.- Parish Sha￿ increased by £6.51XI to £118.7(K) Salaries and monies paid lor deaner5 i￿reased Ery £5.1(M) to £66.(WJ. O¥erall, these costs have inc￿0$e￿ by 20% in ihe lasl two year8 reflecting incweases in salaries. hiring a freelance adminlstrator, increase5 in Natlonal Insuftnce and increased cleanin8 tosts. Ih addidon. In 2025 we

Page 10 funded Families Ministry salaries of £7.7CV plus Nl and pensions fr)r part of the year. Salary costs for Families Ministry are covered by the Bwrne Parish yo￿hWork fund. Utllity costs increased dramatically by 55%-£lO.f￿ to £29.￿￿. less a £1.4(fJ contribution tovArds the Costs incurred at Brnmbleton Hall lry Bruhtwells Gostrey in the final 3 month5 of 2025 Buildings and grounds costs. inC￿dI[￿ major projects. totalkd £36.lJ) in 2025. below the very high levels of recent years but still putti￿ pressure on our finances Net incomln8 resources. osh Ilaw and reser4￿ 2025 The net out80ing feswrces in 2025 *re £54.8CK) inchjding a non-cash depreciation charge of £28,C￿0 and investment losses of £9.1(X). As a resull the year end fund balance5 remained at a level whith supports the continuing work of the parish but has limited stope for undertaking fvrther major buFldiw repair proiect5 without significant additional fund-rabsing. At year end:. The 8eneral fund balance lexthdirl property fund) was £82.IXX). l£lO1,ot￿ at the stsrt of the year) equivalent to 3.3 months, expenditure in the general and major projects and repairs hjnds and therefore below the PCC'S reserves 8uideline of 4 month5 expenditure. The major proAeLts and repairs fund had a balance of £0 at year end1£8.7LK) at the stsrt of the yearl The stalne&8lass fund had a balance of £27.21XI. an increase of £&700 from the strrt of the year as a result of several fund-raising events and activitses. The cholr and organ stholar funds had combined balances of £34,[￿ at year end. A grant for £5,(XK) received in 2023 and errone• allocated to the choir scholar fund wastransferred to the general fund in 2025. The B￿rne Parlsh Youthwork fund has a balan￿ of £67.CW: this balance is now decreasing as we are employing two part-time Families Ministers The small fund for the refvrbishment of Ihe toilet and vestry at St Martin's has a balance of £4,4CiI- unthanged from 2024. The le8acie5 fvnd balance was £34,IXXI at year end Durwig the year £1.3(K) of unpaid invokes relating to prior financial yEars was written off. Current debtors are now well monitored. and we do not anticipate any S￿nIficant write.ofts in 2026 The Boume Youlh Thist IBYn In 2024, following external legal ILBMW) and flnancral (Shaw Gibbsl advKe the BYT was re-strurtured into two fvnds:_ Ooume Youth Trust-tn4tfiY InVe￿mert ￿l￿ed at £210.6(M). This fund must be maintsined at thls level by the trustees and income from it continues to be available to fund Bourne families and youth ministry.

Pa8e 11 B¢ume Youth Tntyt- unapplled Income fund valued at £78.1￿. down Irom £87.200 at the 5tsrt of the year. This fund may be used at the discretion of the trustees provided that any use conform5 to the original obje￿VeS of the trusL Anyvariation5 in the value of the underty1￿& in¥e5tments are trken in this fund The underlwrg investments are:_ The CBF Church of England Investment Fund-a dI￿r51fied fund1£241.7(Kl at ￿ar endl The CBF Church of E￿land Property Fund- {E47.IJXI atyear end) These investments are held by the Guiidford Dtrocesan Board of Finance as custodian trustee. The CBF Investment Fund perfomied during 2025 1 absolute terms and also relative to benchmarks which showed IO% increases. The finance committee has ￿Ceived an update from the Fund Manager- CCLA- nd will be tracking relati¥ perforn)ance in 2026to assess whetheraTrrf changes are required. gnHlcant Challew f•naln: Repakns and imw(Aw1￿tstO path Iwldi In 2026. Phase 2 of the stskned-glwwindow ￿paIrS should place- this is estimated to cost between £27.000 and £30,1￿. Thanks to fundraising efforts we £27.200 in the Stained-Glas5 Windows fund at year end. At some stage the parish will need to find fvndsto repair and refurbish the 8utteTS and downpipe5 at Si T￿)Ma$.. In the next few year¥ the parish will probably need to replate 3 existing gas boilers as they nearthe end of their economic rtfe. In aldiiion. alre•Jy in 2026, we have had to incur further maintenance costs including an expen5i¥e repair of the 8rambleton Hall roof. Thanks Thanks are due tothe many volunteerswho enable the workof the PCC to thrive in our community. Special thanks to those who contribute to thefinan(ial adminithtion and support of the parish. indudin8 Caz Cullum, Sarah Herbert (finance admin and Gift AKII. NBel Cuthbert lfinano and IT). Tim Devi5 (committed 8ivifvdl ènd Davld Ingram (Finan￿ working group). -61*- 20

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