## Annual Review ## 2023 St. Stephen’s Westbourne Park ## Objectives and Activities In accordance with the PCC (Powers) Measure 1956, St. Stephen’s PCC has the responsibility of cooperating with the incumbent in promoting in the ecclesiastical parish the whole mission of the Church - evangelistic, pastoral, social and ecumenical. It also has maintenance responsibilities for the church premises of St. Stephen’s which are registered as a Grade II listed building. The PCC has articulated the following vision for St. Stephen’s: That we love Christ, love His church and love His world. ## Vicar’s Comment When they had finished eating, Jesus said to Simon Peter, “Simon son of John, do you love me more than these?” “Yes, Lord,” he said, “you know that I love you.” Jesus said, “Feed my lambs.” John 21:15 This year the PCC recast our vision to say that we love Christ, love His church and love His world. This followed on from a sermon preached on John 21 at our 2022 APCM. John 21 is a passage full of emotion as Jesus forgave Peter for his denial of him at his trial. As Jesus restored Peter he called on him to love Jesus and to serve His church by feeding His sheep. It is out of Peter’s own love for Christ that his ministry is to overflow to the church and on to the wider world. To love Christ is to feed on Him in his word, particularly as we see his glory at the cross. To love His church is to serve one another is sacrificial love. To love his world to care for his creation and those around us in London and beyond, particularly by sharing the gospel with those who do not know Christ. At St Stephen’s, the Covid lockdowns felt like a time of primarily growing in our own love for Christ. We were able to keep praying and reading God’s word over zoom and we launched two new home groups. It was wonderful to see people looking out for each other and caring for each other through the dislocations of the pandemic. There were, however, frustrations as we struggled to reach out to those around us and lost touch with some members. As we have emerged from covid in 2022 we have been able to be more outward looking. Sunday attendance has grown modestly. We have been able to invite new people to join us and have reconnected with previous members of the church family. The Childrens’ and Youth ministry has re- established more normal patterns and it was a delight to end the year with a ‘normal’ Christmas Loving Christ: Our home groups have flourished through the year as new people joined. We studied 1 Thessalonians, Mark’s gospel and Isaiah. On Sundays we preached sermon series in John, Genesis, Acts and Matthew. Our youth group has become more regular and it has been 2 good to see the children deepening in their faith. The evening service remains small but we have had excellent discussions in the Q&A session at the end of the services. Loving Christ’s Church: The greater freedom to mix socially after church has enabled a greater depth of conversation after the service and deeper relationships. The church family continue to serve each other in practical ways and through prayerful love of each other. We are particularly grateful for those who have served on the various rotas throughout the year: our musicians and technology leads who arrive early on a Sunday to lead our singing; our Sunday Club & Creche leaders who love the children in their care; and our hospitality volunteers and stewards who make sure that Sundays run smoothly. We are also grateful to the staff team for their hard work. We welcomed Ryan Purcell as our new Children’s and Families worker in September. It has been great to see Ryan hit the road running and getting to know people quickly. Ryan replaced Paul Rajkumar who left to go to Sydney to train for Anglican ministry. We remain extremely grateful for Paul’s energy and initiative. Prem Bhattarai joined us from Nepal for a year as a ministry trainee and it has been a joy to get to know him. We are also thankful for ‘Tola’s work in the office. Beyond the rotas and formal roles we are incredibly grateful for the way in which the church family pulls together and takes initiative to care for each other and to get things done. Loving Christ’s world: We have been able to be more outward looking as we have emerged from Covid. We have been door-knocking on the Brunnel Estate in partnership with the London City Mission, once a month. This has been well received and has enabled us to get to know people in the parish better. We rebranded our stay and play group for pre-schoolers and their parents as “Little Oaks”. This group has continued to grow with more parents joining as well as the nannies. We held a focus on mission during Lent as a lead up to the Passion for Life national mission at Easter. As part of this we held a “prisoner to pastor” event, interviewing a former drug dealer who had come to faith in Christ. It was great to see a number of visitors at this event. Sundays have remained busy and most weeks it seems as if we make contact with somebody new. We continue to be very involved with St Stephen’s School Primary School. We are very grateful to Helen White and Oliver Prichard for their hard work as PCC governors and to all the staff and governors. It has been a challenging time for the school. Rolls have fallen across the borough and we now have 76 pupils enrolled in a school with a capacity if 236. We are therefore in advanced stages of seeking a merger with St Mary Magdalene’s Church of England Primary School in the neighbouring Parish. We already share a curriculum and Executive Head Teacher with that school and we believe that an enlarged combined school, with more secure finances, will be able to offer a better quality of education to the pupils. Pauline Hudson-Evans our chair of Governors has worked tirelessly to oversee this and we are very thankful for her insight and wisdom. Rental income was lower than we had hoped for in 2022 but congregational giving grew during the year which has been hugely encouraging. Richard Dryer Vicar 3 ## Building And Fabric Report Every 5 years we commission a “Quinquennial report” from an architect who specialises in historic buildings like ours. This report helps us to set the priorities for work on the building for the next 5 years. We do so in regular conversation with our architect, our structural engineer and the diocese. We received our latest Quinquennial report in 2019. We are very grateful to our architect, Francis Maude of Insall’s and our structural engineer, Sinclair Johnston, for their ongoing support. This year we carried out high level repairs to the roof and masonry, along with repairs to one of the garden gate posts. We have also conducted a full review of our electrical safety. Going forward we would like to develop the old organ space into an area which we could use as a meeting area for community and church use. We also need to repair the floor in the chancel as the vaults there are collapsing. We continue to monitor the cracks in the wall for movement. We are very grateful to our Dave Cotton for his support in the maintenance of the building. Many people locally enjoy our gardens as a place to sit and to meet. We are very grateful to Oliver Pritchard, the Toptsis family and others who have helped with the maintenance of the garden this year. Richard Dryer Vicar 4 ## Structure and Governance The Parochial Church Council is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council (Powers) Measure 1956. Since September 2009 the parochial Church Council has been registered with the Charity Commission as ‘The Ecclesiastical Parish of St. Stephen with St. Luke, Paddington, Charity No. 1131958’. The method of appointment of PCC members is set out in the Church Representation Rules. All regular attendees at St. Stephen’s are encouraged to register on the electoral roll and are able to vote and to stand for election to the PCC. ## At St Stephen’s, the PCC consists of: - 3 ex-officio members – the two churchwardens (also elected annually with the possibility of being re-elected for 6 consecutive years), plus the Vicar; - 9 elected members who serve for three years. Each person may stand for re-election for up to 2 consecutive terms (i.e. 6 years) and must then take a year off the PCC - 1 Deanery Synod representative who is elected for a three-year period - the PCC may also co- opt additional members to enhance the Council’s skills, experience, and diversity. Thank you to the following people who faithfully served on our Parochial Church Council during this year: Clergy: Revd Richard Dryer Churchwardens: Susan Ho Michael White (Secretary) Elected Members: George Toptsis (Treasurer) Sally Gray Wai Tung Ho Lisa Holland Michelle Jalloh Astrid Lüdemann Yvonne Muigua Anne Watson Synod Representative: Paul Rajkumar Staff Attending: Ryan Purcell ‘Tola Adegboye 5 ## PCC Report The PCC meets on 10 occasions throughout the year. We consider a number of issues relating to church life, both practical and spiritual. These include issues around: finance, safeguarding, the fabric of the building, Sunday services, youth ministry and mission. The PCC form the spiritual leadership of the church family, so every time we meet we begin with a time of reading the scriptures and praying together. I am very grateful to the PCC for their hard work and wise contributions throughout the year at PCC meetings, standing and finance committee meetings, and in church life more generally. ## Deanery Synod Report Paul Rajkumar began as our Synod representative in October 2020. The Synod continues to consider a broad range of issues affecting our local churches and wider area. A particular focus at the moment is how churches can partner together to share resources and support each other in our mutual mission. Synod usually and meets approximately 4 times a year. 6 ## Treasurer’s Report 2022 has seen significant outflows for the finances of St Stephen’s with greatly increased activity in both Christian ministry and building works. Income and expenditure figures reflect this intensified church activity. Our position at the end of the year saw us with a smaller than the budgeted deficit yet with a material shortfall of £25k. We give thanks that overall income has grown by 35.5% to £234k (up from £173k in 2021) - regular donations and one-off grants made up 84% of total income and increased by 31% from last year - other income which includes church building hire made up 16% of total income; this was higher than last year but lower than anticipated However, outgoings increased by 61.7% to £259k (compared to £160K in 2021). This expenditure relates to: - ministry-related expenditure including the Common Fund contribution that increased by 39% to £125k (£90k in 2021) - church building maintenance / major repair; an increase of £56k in the year to £94k (£38k in 2021) - other costs - church administration etc, remained in line with previous year It was a relief to complete the church’s roof repair which was a year or two overdue. The project completed on time but with a modest overspend above the planned contingency amount. As the project was funded primarily by St Stephen’s own funds, it has put an additional strain on reserves for the year ahead. The overall outgoings position at the end of the year reflects one-off items such as major repairs to the church building and an overlap in incoming/departing ministry staff. ## 2023 Budget: As we think ahead for 2023 and plan to use the resources God has entrusted us with, we have prioritised the proclamation of the Gospel. We plan to continue to expand our gospel work which relies on the support of a Children’s and Families’ Minister and a Ministry Trainee. In God’s goodness, we have received financial support in the form of grants that cover most of these costs. We have also planned to continue our contribution to the Diocesan Common Fund, albeit with a small reduction from 2022 in order to try and build up our reserves. While church hire income last year was lower than anticipated, we are prayerfully planning that this will increase in the year ahead and are confident that this will materialise. Our goal remains to use the rental income to fund maintenance of the building. We have budgeted cautiously for 2023. Currently the budget is showing a small deficit of under £20k that we hope can be eliminated through increased giving from a growing congregation and one-off donations. George Toptsis Treasurer 7 ## Music Report It appeared to be a typical school morning with the obligatory school assembly looming. There I was, legs crossed, on the hard floor of my primary school sports hall, wondering whether today would be the thousandth time we would sing Kumbaya! Then suddenly, a boy walked on to the stage with a guitar. His name was Paul Manchester. He played along to some music created by our music teacher - it sounded so beautiful; it stirred my heart. It was at that moment, aged eight, that I knew I had to learn to play the guitar! I praise God for this experience because it was His plan at work, leading and preparing me to play in the music group today. I imagine if you spoke to most of the music group, they would have similar accounts of how the Lord has led them to this ministry. I am deeply grateful for all the members of the music group who desire to serve God and the church family with their musical gifts. Making themselves available week after week, arriving an hour before the Sunday service to practice and learn new songs. I am also grateful for the music leaders who spend time fervently trying to select music that will fit the theme of the sermon and for their patience with the administration that is involved in ensuring that group members have the music in the right keys so we can lead the congregation well each week. On that note (no pun intended!), I would like to say a sincere thank you to: ‘Tola Adegboye, Helen White, Rasheda Chowdhury, Astrid Lüdemann, Elizabeth Gray, Susan Ho, Jonty and Annabel Dryer, Wai Tung Ho and Matthew Jones. We give a big thank you to Richard Dryer for organising the choir for the Christmas Carols by – Candlelight service and his occasional Horn playing yes, we see you in the corner! We give our special thanks to Charlotte Dryer and Nicolette Van Gendt for their endless devotion to supporting the team with their musical gifts almost every week. We would also like to say a special thanks to ‘Tola Adegboye and Helen White, for singing and playing piano for our Midnight Holy Communion service each year. Finally, we give special thanks to Prem Bhattarai for playing guitar for us during the Sunday evening services. We can never have too many singers or musicians in our group so please pray for us to find more people to join our team. If you have had a ‘Paul Manchester’ experience, maybe the Lord is preparing you! Seb Jordan Worship Leader 8 ## Children’s and Youth Report I only came in in September, but it’s been exciting to see an enthusiastic group of young people at church! What has struck me is the way the youth look out for each other, even across age groups, and their desire to know God better. Here are some of the highlights from the last year: Friday Youth Club: by popular demand we’ve moved to once a month, for games, pizza, and a 10 minute Bible talk. We’ve had around twenty -five 9-13 year olds each time, half of whom aren’t part of our Sunday congregation. Big ideas: for 12-14 year olds, we meet around once per month to think about some of the big ideas around being a Christian teenager today. We had our first session in March, and those who came were happy for an older group and the chance to discuss. Sunday Club: from January we’ve split into two groups, to cater for the range of ages who come. With our 5-8 year olds, we do a short Bible story with a craft, and with the 9-14s we follow the sermon series with a Bible study. Little Oaks: our stay-and-play group for babies and toddlers has continued to be well attended this year, with around 20 children each week. Most who come are not regular church-goers, but live in the local area. We run a short Bible story and include a song about Jesus for each term, as we aim to introduce the children and adults alike to Jesus, who gave his life that we might have eternal life with him. I am particularly thankful to our youth leaders, for what is so often enjoyable yet hard work making our events fun for the youth, and for their dedication to seeing these children walk closely with Jesus. In the year ahead I’m conscious that we need to think more about how we cater to the youngest and oldest age groups, as we’d love families with children aged 0 -4 and 14-18 to feel confident that at St Stephen’s they will be grown in their faith. Ryan Purcell Children and families’ minister 9 ## Electoral Roll Report Our new roll currently consists of 56 members . This is a fall from 66 last year. This is mainly as a result of removing 20 members who have either moved away, or have not been for a while and 2 who sadly died. Happily, we have welcomed 10 new members to our roll and look forward to welcoming more throughout the year. ‘Tola Adegboye Electoral Roll Officer 10 ## Environmental Impact Report St Stephen’s has been working on identifying and reducing our environmental impact. A calculation of our carbon footprint, based on our energy use, found that the church building is responsible for almost 26 tonnes of greenhouse gas emissions per year. This figure does not include purchases, consumables, travel impacts and so on, so the real figure will be even higher. We are exploring ways we can lower our carbon footprint, with a view to eventually decarbonising the church’s energy supply completely. We have submitted, and await the results of, a grant application to the London Community Energy Fund which, if successful, will allow us to carry out a pre-feasibility assessment of clean energy options. If you have been into the disabled toilet recently you’ll have seen that we now sponsor a toilet in Malawi, providing funding for a community project that will enable families to have a toilet and access to clean water. We continue to work towards an Eco Church award. Eco Church is an environmental awards scheme that assesses how well we care for God’s world, in our teaching and in our worship. It includes everything from the fabric of our buildings to the way we teach about creation care in church, and how we engage our church and the wider community in environmental issues and encourage lifestyle change. And on the first Sunday of the month, a small group meets, in the hall after the service, to pray about the climate crisis. Anyone can join in. Anne Watson Eco Church Champion 11 ## An International Perspective In September I arrived at St Stephen's from Nepal and it's been great! It’s really a new and refreshing experience for me. But I haven’t felt like I have left home because this church has been a family to me for these months. St Stephen’s has been so welcoming and loving toward me. I have enjoyed generous hospitality from all the members of this church and received so much encouragement and love! I have hugely enjoyed Richard’s preaching ministry, and I have gained so much clarity from my time with him, which I hope to bring back to the church in Nepal. The same is true from my time on the Cornhill training course. I have enjoyed being part of home groups also. I had never been in a group Bible study before, but I can see great value in discussing a passage together and applying it to our lives together. This too is something I hope to bring back with me! It has been a pleasure to be involved in normal church ministries, serving with the rest of the congregation in the Youth work and local outreach with London City Mission. I think I have also been exposed to learning how to apply theoretical knowledge prayerfully in church life. I was thinking what St Stephen's could learn from the Nepali church- longer services maybe? (No. I'm kidding!). There’s a lot St Stephen’s has to teach the Nepali church but maybe we can be encouraged by Nepali Christians' perseverance in persecution and also Nepali churches’ desire to learn in the midst of limited resources and training (very less in our language)! Prem Bhattarai Ministry Trainee 12 THE ECCLESIASTICAL PARISH OF ST STEPHEN WITH ST LUKE. PADDINGTON Reglstered Charity Number: 1131958 REPORT & ACCOUNTS for the year ended 31 December 2022 ECCLESIASTICAL PARISH OF ST STEPHEN WITh ST LUKE, PADDINGTON Known as: SL Stsphen's, Westhourne Park REFERENCE & ADAfjINISTRATIVE INFORMATION for th• year ended 31 D•c•mber 2022 ADDRESS Westboume Park Road London W2 5QT Tel: 020 72219329 Email.. admin slstephensw2.oTg Website: YAwi.sl$tephens.b)ndon Sl. Stephen's is part of the Owxese of London wilhin the Church of England. The Parochial Church Counul is registered with the Charity Commission as The Ecclesiastical Parish of St. Stephen with SL Luke. Paddington. Registered Charity No: 1131958 TRUSTEES I PCC MEMBERS: Rithard Dryer Susan Ho Michael White George Totpsis Sally Gray Astrid Ludemann Wai Tung Ho Michelle Lamontagne Yvonne Muigua Paul Rajkumar Anne Watson Lisa Holland (Church Ward8n) (ChufL* Wathnj (D&axry Syngdl BANKERS Nalwest Bank PLC Notting Hill Branch 46 Notting Hill Gate London W113HZ and CAF Bank Ltd 25 lQngs Hill Avenue Kings Hill West Malling Kent ME194JQ INDEPENDENT EXAMINER Dennis Piepke FCA Bsc 10 Newland Close Hatch End Middlesex HA5 4QP INDEX Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Pages 7-11 Reference & Aifministrative Inf0mB￿n Finanaal Review Independent Exarninerfs Report Statement of Financial Activit Balance Sheet Statement of Cash Fkw Notes lo the Accounts ECCLESIASTICAL PARISH OF ST STEPHEN WITH ST. LUKE. PADDINGTON Parochlal Church Council Report Financial Revlew UTrJer the Chanb'es Act 2011. and in J￿rdance the Chlrch AC￿nting Regulations 2006 governing the In(¥wdual accounts of PCCS the PCC is required to prepa￿ a slalement of acco1￿13 for each a￿oUntIng yew%%*ich give5 a tNe arKI far oftr• stata Ofaffa￿ ol church. The PCC ss reqwred for the yearendeot 31 December 2022. 10 .' 1. Seleci suitsble aCto￿ti￿) ptd1ti*5 afbd aprly them consstenlty. 2 Make judgernen￿ and esknatos that we reason*e aThJ prwknt 3 State whether the polic￿$ adupted are In w+ith the Church Accr￿ntIl￿ ReguktiDn5 and vath applicatle acccMffjts"r#J standaids 4. Pre￿ the finanoal ¥tatwnen15 on an or¥J(¥ny ba¥"s. The PCC is regponsOle for keeping Pro￿a(￿o￿￿ts"￿ f•eor¢ls thsdose *ilh (•asonab47 accuracy at any trne the frnanoal p0S￿On ol Ihe church arbj to erv4ure that s￿h acrnunt5 compty with Bpplica￿e affjiuntsng standards and thè Staknnènts ol Rec￿)M&r￿d Pract FRS 102 and the Regulabons macle under SectKn 130 of the Charibes Act 2011 It also has a f•sponsibility to safeguard the assets ofthe aThJ to lake weasuth 5tep5 lor the prEYention of tra￿3 and other rtg￿an.l ReseNes Policy The PCC recwi5e5 the need lo hdd reserves io alo* prot•ctiw ofit5 cLYe in the of Income Shortf￿1$ to pmmie b*anced stratewc ￿anA1Thg. Resèrn* arè dÈfmed as incthnè Ihat becomes availabl* and which is to b• eynded at Ihe ¢J"suetion ofthe PCC in fijrtherartt OF its objects but which has nct yel keen spenL cfyi¥nrtled ty dpwgnal Risk As8egsrn8nt In Can￿on wth other churches and PCC lace5 iisk5. bt tlw owallo￿. or reputabonal. The PCC wll censKger Ihe major3￿$ ofnsk to ¥¥hb* it is exp)5ed. measurwy both Ihe likelihood and irnpact of a partKular event or actioN and wrl estai4*h systwxs to ntytè thosè nsks This invofvè regular f•views in thttficats"on, assessfftht ¥KI rroNiorin9 Signed an tse￿￿t olthe PCC Dat• ECCLESIASTICAL PARISH OF ST STEPHEN wfTH ST. LUKE, PAODINGTON Independent ExamineVs Report to the Trustee5 of the Eccleslastical Parish of St Stophgn wrth SL Luk&, Paddington I report on the accounts IN the year ended 31 December 2022 v4hth are set otst on pages 4 to 11 and have been preparEd oll a historical cash bas￿ in accordance wryth the renewed SORP and FRS102. Respective Responsibilities of Trnstees and Examiner for the year ended 31 De¢ember 2022 The church's trustees are re5pon5ible for the wewation of Ihe accoun15 The churth'5 trustee5 consider that an audtt 1$ not required lor Ihis yew (under sKtion 144(2) of the Charibes Act 2011 Ifhe 2011 Actll and that an independent exarnination is needed. It is my responsibl￿ty lo= ' examine the accounts under Secti￿ 145 of the 2011 ' lo follow the procedures lad down Hi the General Direclmins gr¥en by the Charity Cthnniss*?n (under section 145151 Ibl of the 2D11 Actl- and ' lo state whether particulw matters have come lo my attents"on. Basls of Independent Examinerfs Statement My eXarn￿0ti￿ was carrted wt in accordance wih the General D￿ect￿5 gven by the Charity Commission. An examination includes a review of the ac￿Junting fecrwds kept by the charity and a comparison of the accounts wesented wth those recorfs. It also irthdes conskleration ol any UnUSLtal items or disclosures in the acc¢JJnls, and seekiig exPl￿allOnS from you as trustees conceming any such rnatters. The procedures undertaken do r￿t provide the ewdence that would be reqLMred in an audit and consequently rLO Opin￿ is given as to vthether the accounts present a and fair vi￿￿ and the repKYt is knmted to th>se matters set (Mrt in the 5talemenl below. Ind•p•nd•nt Examin•rfs Stat•m•nt In Connection wth my examinat*Jn. no matters have e(Kne to my attention" 11) which give me reasonable cause lo bekve that in any material respect the re￿ireMentS ' lo keep accounting record5 in accordarKe wilh section 130 of the 2011 Ad.. and ' to prepare accounts which accord with the accounting rec￿ts * coffl&ty the accounting requiremen15 of the 2011 Act have not tjeen meL (2} lo which. in my opinion, attenlion Sh￿￿d be dr￿n in tyder lo enaNe a FKoper UnderS￿d￿g of the accounts lo be reached. Dennis Piepke FCA 10 N￿and Close Hatch End Middlesex HA5 4QP ECCLESIASTICAL PARISH OF ST STEPHEN WITH ST LUKE. PADDINGTON STATEMENT OF FINANCIAL ACTIVITIES for the year end8d 31 D8c•mb•r 2022 UMestri¢aed Restricted Funds Funds Total 2022 Total 2021 INCOMING RESOURCES Volunlary income IncomB from athibes lo gerwate hmds Inwming resources from chwlta￿e Other in¢tyne 131,86B 35.713 1.460 1.042 63,822 195,690 35.713 1.480 l.D42 149,836 20.819 871 1.118 TOTAL INCOMING RESOURCES 170.103 63.822 233.925 172.6 RESOURCES EXPENDED Ch8rilable aclmties Church managemenl and administr8￿rt Chorilablè gi￿n9 Govemance costs Cost of generating vokmlary in¢ty Other resource5 used 97.640 30.￿5 121.442 4.345 219.082 34.910 4.e60 550 127.528 27.611 4.500 400 TOTAL RESOURCES EXPENOED 133.415 125.787 259.202 160.329 NET INCOMING RESOURCES BEFORE TRANSFERS -61.965 -25,277 12.315 Gr055 trnnsfers between lurtds 11 402 MOVEMENT IN FUNDS 37.590 42.867 .25.277 12.315 Fund bala￿￿8 at Start 0f￿r 48.2n 40.335 88.807 76,292 FUND BALANCES AT 31 DECEMBER 2022 71 85.862 -22.532 63.330 88,607 Movemenis on reseNes and ai recognlsed gails and hjsses •re shtrml above. The notes on pages 7 to 11 fom part ol these xcounts ECCLÉSIASTICAL PARISH OF ST STEPHEN WITh ST LUKE. PADDINGTON BALANCE SHEEr as at 310ecember 2022 2022 2021 FIXED ASSETS Tangible fixed assets Inveslments io CURRENT ASSETS Oeblors and prepayments Cash at bank and in hand 12.328 67.884 80.212 10.579 86.026 96,605 CURRE￿ LIABILITIES Amoun15 due wthin year .882 -7.998 NET CURRENT ASSETS NON CURRENT LIABILlnES 73.330 -10,000 88,607 NET ASSETS 63.330 88,607 FUND eALANCES Fund balances at stsrt ol year li 88.607 76,292 Total change durmig year -25.277 12.315 TOTAL FUNDS 63.330 88,607 22/