OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-12-31-accounts

 � �

�B  E � �  �N � �"$%%)4I1�4O�+3')+� �I)4)(�K):;)%+�P�4�+)%6)�$5I�<=<<� �I)4)(�K):;)%+�4�+)%6)�$*5I�<=<8� �  �N � �B Q �

� �I)4)(�K):;)%+�4�+)%6)�$5I�<=�1)'%� �U� . � �BQ � V� �HII�0'4+�2)3%)+)*4'56)W� �B Q �

� �04�X)6'Y+�2)3%)+)4'56)W� � �, � �Z�65[�:):;)%+� �, �,   ���DU�]  � �J""�0)%)4'%1�WW� �-  � � �_���abacdae�fg�habaijkd�clmhcl�cnkohaojpnk� �__�qrr�achadjhg�~~ 3

4

Parochial Church Council Of St Austell

Statement Of Financial Activities
for the Year ended 31st December 2021
Note
Incoming Resources
Donations and Legacies
2(a)
Charitable Activities
2(b)
Other Trading Activities
Investment Income
2(c)
Total Incoming Resources
Resources Used
Church Activities
3(a)
Trinity Centre Refurbishment
3(b)
Transforming Mission - Provisioning Exp - Equip. etc.

3(b)
Total Resources Expended
Net Outgoing/Incoming Resources
(Before Other Recognised Gains and Losses)
(Loss)/Gains on Investments ref. mkt value @ 31-12-2021
5(b)
Net Income/(Expenditure)
Transfers Between Funds
Other Recognised Gains/(Losses)
Capitalised Expenditure **
3(b)
Gains and Losses on Revaluation of Property
Other Gains/(losses)
Net Movement In Funds
Reserves - Balances B/Fwd At 1st January 2021
Reserves - Balances C/Fwd At 31st December 2021
Memo - Of Which The Revaluation Reserve is -
Balance Sheet as at 31st December 2021
Note
Fixed Assets
Tangible Fixed Assets
5(a)
Investment Assets
5(b)
Current Assets
Debtors
6
Cash At Bank & In-Hand
Liabilities; Creditors; Amounts Falling Due Within 1 Year
7(a)
Net Current Assets
Creditors - Amounts falling Due Over 1 year
7(b)
Net Assets
Funds
Endowment
9
Restricted
8
Unrestricted
9
Revaluation Reserve
9
Unrestricted
Funds
£
159,032
15,659
205
2,757
Restricted
Funds
£
334,287
75,842
1,194
411,323
411,323
140,573
1,015,524
1,156,097
(744,774)
Endowment
Funds
£
13,534
Total Funds
2021
£
493,319
91,501
205
3,951
Total Funds
2020
£
397,008
40,626
4,236
177,653
195,115
2,737
588,976
335,688
1,015,524
2,737
441,870
216,840
26,751
1,607
197,852 1,353,949 245,198
(20,199) (764,973)
13,534
196,672
6,060
(20,199)
(144,283)
2,737
94,157
(744,774)
144,283
1,015,524
13,534 (751,439)
1,018,261
94,157
202,732
28,358
(67,588)
416,099
415,033
378,421
13,534
104,378
360,979
898,898
231,090
667,808
348,511 793,454 117,912 1,259,877 898,898
137,105 137,105 187,231
2021
£
1,511,015
117,912
1,628,927
72,859
112,155
185,014
(124,064)
60,950
(430,000)
1,259,877
117,912
793,454
211,406
137,105
1,259,877
2,020
£
553,853
104,378
658,231
65,072
206,641
271,713
(31,046)
240,667
898,898
104,378
378,421
228,868
187,231
898,898
1,259,877 898,898
1,259,877 898,898

5

Parochial Church Council Of St Austell

Statement Of Financial Activities

for the Year ended 31st December 2021

Notes Con't

  1. Incoming Resources
2(a) Voluntary Income
Planned Giving - Covenant
Tax Recoverable
Collections
TM Funding - Parish Contr'n
Other Grants Received
Donations, Appeals Etc
Legacies
2(b) Charitable Activities
Missional Grants (Incl. TM Funding)
Fund Raising
Revenue from Sales of Books, Cards and Magazines etc.
Add:-
Income From Other Qualifying Church Activities
Rental incl Wayleaves
Income from Church Hall Site
Fees
Total Income From Charitable Activities
2(c) Income From Investments
Dividends
Interest
Total Incoming Resources
3(a) Church Activities- Ordinary Expenditure
Missionary and Charitable Giving
Transforming Mission Parish Contribution
Ministry : Diocesan Quota
Clergy Costs
Parish Training & Mission Resources
Other Ministry Costs
Church :- Running & Maintenance
Upkeep Of Services
Depreciation of Equipment
Organist
Trinity Car Park
Children & Youth Expenditure
Church Fabric (Incl. Re-ordering)
Trinity Centre - Consultancy/Costs of Fund raising)
Staff Costs & Honorarium
Telephone & Broadband
Property Costs - Church Office
Property Costs - Trinity Centre
General Office Expenses
Miscellaneous
Loan Interest
Bank Charges
Other Property Costs
Total Ordinary (Operating) Expenditure
Net Surplus/Deficit on Ordinary Activities
Transfers Between Funds
3(b) Other Expenditure/Fund Movements
Other Gains/(losses) - Sale of School Room, Porthpean
Trinity Centre - Refurbishment Expenditure
Trans. Mission - Provisioning Assets (e.g. I.T & Media Eq.)

Capital Additions (Trf to B'sheet)
Net Movement in Funds**
Unrestricted
Funds
2020
Comparitive
129,842
25,667
3,129
3,512
500
Unrestricted
Restricted
Restricted
Restricted
Funds
Funds
Funds
Funds
Tr'form'g. Miss.
( Tr. Centre)
(Fabric & Other)
2021
£
£
£
128,683
26,073
32,099
2,441
14,674
167
96,309
1,668
191,205
Total Funds
2021
£
128,683
58,172
2,441
14,674
96,476
192,873
Total Funds
2020
£
129,842
48,401
3,129
3,045
1,975
165,146
45,470
162,650
24
159,032
14,674
319,613
75,842
205
493,319
75,842
205
397,008
24,282
24
24
7,832
7,458
1,030
205
75,842
3,607
8,088
3,964
76,047
3,607
8,088
3,964
24,306
7,832
7,458
1,030
16,320 15,659 15,659 16,320
16,344
2,695
75
15,864
75,842
2,744
13
1,194
91,706
2,744
1,207
40,626
2,695
1,541
2,770 2,757
1,194
3,951 4,236
181,764
4,465
3,045
98,357
898
1,153
553
18,158
1,245
5,053
745
1,111
471
200
19,546
1,338
14,487
3,585
3,743
1,224
1,466
120
300
177,653
90,516
319,613
1,194
20
14,674
98,356
344
1,155
206
703
182
19,545
1,871
3,288
2,759
784
1,325
1,593
34,245
4,423
29,292
87,873
1,083
14,419
9,518
3,611
662
500
1,195
196
1,866
588,976
20
14,674
98,356
344
1,361
885
21,416
3,288
2,759
784
1,325
35,838
4,423
117,165
1,083
14,419
9,518
4,273
500
1,195
196
1,866
441,870
4,465
3,045
98,357
898
1,617
553
21,197
1,245
5,053
745
1,111
471
774
4,269
46,777
1,338
14,487
3,585
3,743
1,224
1,466
120
300
181,263 195,115
90,516
13,941
36,116
335,688 216,840
501
28,358
(17,462)
305,672
(34,922)
(144,283)
144,283
94,157
(1,015,524)
253,288
94,157
(1,015,524)
225,030
(26,751)
(1,607)
28,358
28,859 (67,588)
-
(565,569)
(34,922)
(668,079) 225,030

6

Parochial Church Council Of St Austell

Notes Con't

4. Staff Costs Amount £ (a) Wages & Salaries 108,542 Employers National Insurance 6,873 Employers Pension Contributions 1,779 Estimate Of Average No. Of Full Time Equivalent Employees 4.2

(b) Payments to PCC members

The Operations Manager is a member of the PCC and her election has neen approved by the PCC on the basis that the best interests of the PCC are being so served. The Operations Manager renumeration was £16,200 in the financial year.

5. Fixed Assets

5(a) Tangible
Actual Deemed/Cost at 1st January
Additions During The Year
Demolition/Disposals During The Year
Revaluations During The Year
Balance At 1st December 2021

Depreciation At 1st January
Charge For Year
Adjustments Demolition/Disposals/Reval'n During The Year
Balance At 1st December 2021
Net Book Value At 31st December 2021
£1,502,733
Memo - Of Which Revaluation of Assets Accounts for -
1,511,015
Freehold
Property
£
547,209
1,015,524
(60,000)
2021
Equipment
£
20,683
4,398
25,081
14,040
2,759
16,799
£8,282
£8,282
Freehold
Property
£
520,458
26,751
2020
Equipment
£
20,314
1,607
(1,238)
1502733.00
-
547,209
-
20,683
10,226
5,052
(1,238)
- 14,040
£1,502,733 £547,209 £6,645
£137,105 £187,231

The tangible assets consist of the freehold land, buildings and equipment. The freehold land and buildings comprise Trinity Lodge and the former church hall site and car park, the Trinity Centre (formerly Hop & Vine) located in St Austell. Valuation is based Open Market and these have been carried out within the last 3 years. The Revaluation Reserve gives the uplift in value from the Historic Cost. Equipment is depreciated at 25% reducing balance. Buildings are not depreciated based on assumptions of long life expectancy and high residual value.

5(b) Investments - Deposit and Investment Funds

Market Value 1st January
Unrealised investment (loss)/gain in year
Market value at 31st December 2021
Cost At 31st December 2021
6 Debtors
Income Tax recoverable
Transforming Mission Grants Receivable
Prepayments and Accrued Income
7. Liabilities
7(a) Creditors ; Amounts falling due within one year
General Creditors, Accruals and Deferred income
Outside Giving - Funds held for Distribution
Trinity Centre Construction - Creditors
Christians Against Poverty (CAP)
2021
£
104,378
13,534
117,912
13,341
55,377
13,678
3,804
72,859
28,142
7,170
88,752
10,308
124,064
2,020
£
98,318
6,060
104,378
13,341
33,544
25,747
5,781
65,072
15,172
15,874
31,046

7

Parochial Church Council Of St Austell

Notes Con't

7(b) Creditors - Amounts falling Due Over 1 year

Truro Diocese TM Loan (5 Year Term Repayment 2/12/26)
Private Loans (Church & Trinity Project) Repayment terms 3-5 years/variable
25,000
405,000
430,000

Loans are interest free. Private loans include loans from members of th PCC (Heather Batho £100,000 and Richard Rashleigh £265,000)

8. Funds

Restricted Funds Movement
Balance at 1st January 2021
Incoming Resources
Resources Expended
Transfers To/From General Fund
Balance at 31st December 2021
Total
378,421
411,323
Church
Fabric
180,104
1,194
Transforming
Trinity
Mission
Centre
198,317
90,516
319,613
Transforming
Trinity
Mission
Centre
198,317
90,516
319,613
789,744
(140,573)
144,283
181,298
(36,116)
-
90,516
517,930
(90,516)
(13,941)
-
144,283
£793,454
£145,182
-
£648,272
9 Analysis of net assets by Fund
Fixed Assets - Tangible
Investments
Current Assets
Current Liabilities
Net Current Assets
Creditors - Amounts falling Due Over 1 year
Adj. Re Fixed Asset Revaluations (Trf to Separate Reserve)
Fund Balance
Unrestricted
General
Fund
£
468,740
(125,000)
Unrestricted
General
Fund
£
468,740
(125,000)
R evaluation
Reserve
137,105
Fabric
Endowment
Trinity
Total Funds
Funds
Funds
Centre Redev.
Agency
2021
£
£
£
£
£
1,042,275
1,511,015
125,000
117,912
117,912
<-------------------------------------------Restricted------------------------------------------->
Fabric
Endowment
Trinity
Total Funds
Funds
Funds
Centre Redev.
Agency
2021
£
£
£
£
£
1,042,275
1,511,015
125,000
117,912
117,912
<-------------------------------------------Restricted------------------------------------------->
Fabric
Endowment
Trinity
Total Funds
Funds
Funds
Centre Redev.
Agency
2021
£
£
£
£
£
1,042,275
1,511,015
125,000
117,912
117,912
<-------------------------------------------Restricted------------------------------------------->
Fabric
Endowment
Trinity
Total Funds
Funds
Funds
Centre Redev.
Agency
2021
£
£
£
£
£
1,042,275
1,511,015
125,000
117,912
117,912
<-------------------------------------------Restricted------------------------------------------->
Fabric
Endowment
Trinity
Total Funds
Funds
Funds
Centre Redev.
Agency
2021
£
£
£
£
£
1,042,275
1,511,015
125,000
117,912
117,912
<-------------------------------------------Restricted------------------------------------------->
Fabric
Funds
£
125,000
Endowment
Funds
£
117,912
Trinity
Centre Redev.
£
1,042,275
Agency
£
343,740
59,983
(15,598)
125,000
20,182
117,912 1,042,275
79,749
(88,752)
(19,614) 1,628,927
159,914
(123,964)
44,385 20,182 (9,003)
(385,000)
(19,614) 35,950
(405,000)
231,020 137,105 145,182 117,912 648,272 (19,614) 1,259,877

10 Audit and Accountancy Fees

Independent Examiners Fee

2021 2,020 £ £ 500 350

8

INDEPENDENT EXAMINER'S REPORT TO THE PAROCHIAL CHURCH COUNCIL OF ST AusfELL This report on the financial 5tstements of the PCC for the year ended 31" December 2021. which are set out on Pages I to 4, is in re5pert of an examination carrTes out in accordan￿ with the Church Accounting Regulations 2(￿ ('the Regulation<l and section 43 of the Charities Act 19931.the Arfl. Respecthe Responsrblit*s of the PCC and the Examiner As members of the PCC you are reswnsible for the preparation of the financial ststeMen￿ You consider that the audit requirements of the Regulations and section 43(21 of the Act do not apply. It is my ￿SpOnsIbl11ty to issue this report on those financial ststements in accordan￿ with the terms of the Regulations. Basis of tlds report My examination was carried out in accordance with the General Directions given by the Charity commission under section 4317)(bl of the Art and to be found in the Church Gumlance 2(X)6 edrtion, issued by the Finance Division of the Archbishop￿ Council. The examination includes a review of accounting records kept by the PCC and a cornparison of the accounts with those records. tt a150 includes considering any unusual items or disclosures in the financial sraternents and seeking explanations from you as trustees cOn￿rning any such matters. The procedures undertaken do not provide all the evidence that %￿Uld be required in and audit and consequently I do Rot express an audit opinion on the view given by the Accounts. Independert examlnerfs statenw In connection with my examirkltion. no matter has come to my attention: l. Whith gives me reasonable cause to believe that in ary material reSFEtt the requirements To keep atcounting records in accordance with sertion 41 of the Act: and to prepare financial Statements. which accord with the accounting records and compty wrth the requirements of the Act and Regulations have not been met: or 2. To which. in my opinion. attention shoukl be drawn in order to enable a proper understsndir of the accounts to be reached. Tlna Kelly Cud(00 House. Marshall Road, Nan5tallon. Bodmin. Comwall. PL30 SLD

Finance Report for the year ended 31[st] Dec. 2021

The accounts of the PCC are best viewed in two separate parts, namely those activities associated with what are termed Unrestricted Funds (funds that can be spent on any expense, routine or otherwise, that the church incurs in the course of carrying out its work) and those associated with Restricted funds (where money is specifically given and handled according to defined criteria e.g. for the maintenance of the Church’s buildings and fabric).

Overview to the 2021 Accounts

Before proceeding with the detailed section of the report, it is worth briefly commenting on the main events and activities of the past year. The effects of the Covid19 pandemic continued to influence income in particular affecting loose plate collections which before the pandemic annually raised about £17,000, This has dropped back to £2,441 this year, nevertheless because a good proportion of the church family support the church through planned giving the impact has been less severe than it might otherwise have been - enabling the church to fulfil once more its obligation to MMF as well as ensuring continued maintenance and care of the church building and the running of the church office. Turning to progress on the Trinity Centre, I’m pleased to say that the money raised from the church family (including pledges) so far is over £512,641. A great deal of work has been accomplished on the Centre to the point where the building should be ready for fitting out by spring 2022, with the main contractors having completed their work. Finally – the Transforming Mission initiative has also progressed. The pioneer team comprising Jonny Dant, Lesley Lawther and Heather Batho has been pleased to welcome Jamie Moore (as the worship minister). The church is therefore now actively engaged in the mission objectives. On a general note, although the early years of this initiative will be mainly funded by the Diocese in partnership with the Central Board of Finance of the Church of England, our contribution will be increasing each year - on the basis that church growth will aim to provide the funding required to support the mission in the longer term. (The accounts show that our contribution to the initiative in 2021 was £14,674 (from £3,045 (in 2020) and will rise by a further 5% in the coming year)

Commentary on Unrestricted Funds

The headline result for our principal church activities was a deficit of £17,462.

Income. (Please also refer to the expanded income statement in the notes and commentary section of the accounts)

Total income for Unrestricted Funds was £177,653. Commenting on particular items, I am pleased to report that Planned Giving £128,683 stayed almost at the same level as 2020. The detrimental effect of Covid19 on collections has already been commented on and has affected giving in the last 2 years. General donations have also dropped in the last two years but with the focus of donations being the Trinity Centre, that it is only to be expected. Total Voluntary giving by church members including tax recovered through Gift Aid came to £159,032 (down on 2020 by £3,618. Other income (including dividends, the car park and fees) came to £18,621 against £19,114 in the previous year.

Expenditure . Total expenditure on Unrestricted funds was £195,115 – an increase of £13,852 on 2020. Mostly due to extra staff costs of £9,746 and the increase in the parish’s support for TM of £11,629, - that taken with reductions in Outside Giving and a reallocation of Trinity Centre rates, offset some of the effect of the increases.

Remarking on a few other specific items: - We paid our full MMF (£98,356) to the Diocese. Outside Giving provision has regrettably had to be reduced given the prevailing deficit but in mitigation our TM contribution is mission orientated albeit more locally focussed.

Property Costs The freehold land and buildings comprise Trinity Centre (formerly the Hop & Vine) Trinity Lodge together with the Church Car Park located in St Austell. Valuation is based Open Market valuations, as reviewed within the last 3 years. The Revaluation Reserve gives the uplift in value from the Historic Cost .

During the year the Church Hall (School-room) at Porthpean was disposed of with net proceeds of £94,157 (From latest valuation not historic)

Restricted Funds

For Restricted Funds, income normally comes from specifically designated grants, appeals and legacies. The total income came to £411,323 in 2021 of which £319,613 was money received towards the Trinity Centre and £90,516 was funding received towards Transforming Mission.

By way of note, other sources of finance were provided by private loans towards the Trinity Project (£385,000) and £25,000 from the Diocese to provide working capital for Transforming Mission. Total expenditure on Restricted Funds was £1,156,097. The vast majority of that expenditure - £1,029,465 was incurred on the Trinity Centre (Refurbishment + Utilities, Rates & Insurance). 10 £90,516 related to Transforming Mission (staffing

and resourcing) and finally the re-ordering in the church - reconfiguring the arrangement of pews and opening up the church naïve - cost £35,135. Reserves Policy

Your PCC has agreed a Reserves policy (on the Free Reserves) of holding up to £50,000 as a Critical Reserve, and up to a further £50,000 as Discretionary Reserves (to maintain Children’s & Youth work, seed fund initiatives, provide money for new or replacement office equipment and as general contingency). At the year end the net current assets (Free Reserves) stood at £24,772 as against £12,246 at the end of 2020. Restricted Reserves which relate to the Church Fabric Fund and the Trinity Centre Fund) stood at £793,453. However, of this £125,000 is held as an internal investment loan to the General Fund which supported the initial purchase of the Trinity Centre (reduced from £150,000, £25,000 having been repaid in 2021),

Investments Policy

Your PCC has approved an investment policy that enables program related investments where the risk has been assessed as acceptable and provided a prudent level of cash reserves are retained to cover anticipated expenditure as well as possible contingencies that may arise. A more detailed policy statement is available for inspection. This policy has allowed for the loan arrangement set in place as described in the Reserves section above.

2022 Action

As a general objective - your PCC will continue to aim to achieve equilibrium between its income and expenditure, and maintain adequate free reserves to ensure the smooth running of the church’s financial affairs.

A primary focus in the coming months and year will be fund raising towards completing and implementing the work required to turn the Trinity Centre into a Café, Offices and Community Hub and base from which the church staff & Pioneer Mission team will be able to successfully operate.

On other matters, we as a church are committed to paying in full the Diocese’s MMF allocation (which in 2021 was £98,356). We aim to migrate the Parish Office to the Trinity Centre over the late spring/early summer.

It remains only to be said that the continuing and generous support and commitment of the PCC and congregation will be essential in meeting the challenges and making the most of the exciting opportunities that lie ahead.

Richard Rashleigh Treasurer

11

��!�$%�

� �!� &� �'%��  ����!���� ����#�� �� #��!���� �� ��(��) ��+� � ����! ����"���� �� ��,���� ���� ������ ���� � ��%���� � � ��%� # ��!� � !�� �+�� �� ��  �� !���� �� ��  ������ �� �� # ���� �� ��� ��� �� �� ������ ������ �� �� ��(������ ��-. ��"� � ��' ��-%����/ ��0��+�� �� "�� ���� ����������1��  �� � � ���� !%���� �� ��!��!����%������2����3�� �� ����! �� ��� � �� �� ����  �� �� �� ��"�� ��!����!��!����!������� �!� � &� �2�� ��0!���� ��  �� ���������� 4%��%��������1���� � �*��) ��5����������4���� ��&��+���� ����! "������ ��!� � ���� &��6���������� ��7 ��8���� ��������%�� ���� 

��!��

� � �� �� ������ # ��!�� ��+���� "������ ����������  � �  �� �� ������-. ��"���� �� ������) ��  ������ ����"��� ����� ������ "���� ���� �� �� ����*��(��6�� ���� ��9�� ��5��� ���������4��&��+�� �� �� ��������.����:������ ���� %�� ����� ����! ���� ��� � � �� � &� �(�� ��



��%����  ��



�� !�� ���� ���� �� ���� ��� �;  ��-   5��2����������! ����"���� ������ ��6�� ����7��� � ����   ����!��0������(! �� �� ��<����6��"���� �� � �� � ��  &� �  ����5�� �� �������� ����8�� ������ ��#� � ���� �� �� !��!��  �� ��1������!����  ��=��������� �!&� �/�



���� �� ���� ��!!�� ����*��2��� �! 7�� ���� ���� �� !������L��+ �� ��!!���� �� ������!��� �����!#��

��!������ ��-"��

�� �� ��2������ �� ����4��� � !������ �� �� �� ��! 7��! ������!�� %�� ��$ �� ��! �� ����� ���!��2�� �� ������1%������! "%���� �� ��#!����!��� 12

��������%��

����3�� �� ����� �#������11 �� %�� �� ������ "�� �� ����������*��+�

  �� ��' ��� �����%���� �� ��  ���� �� '��  ��� �   ��(�� ���� ��%�� ��) ��)����+ ������������ � � �� �� �� ������,�� �� �������������������� �� �� � � �� � �(���� �� �������������� �� ,���� ���� ���� ���� ��� �- � �� � �� � �%����!������ ����!�� ���������� �������� ��� ��� ����  �� ���� ��  ����,��%-�� ����. ��.����/��0��� �1 2���� '  � ���� �� � �� ' �� ��'������3 ��$�� �� ��$ ��45��  �� " �� ����� �������1 ����  2������ ��*�� ����  ������ ' ���������� � ����6 � �� ������� ���� ���� �� ���� ����& ������ ���� �� �� ��� �� "� ���� ��������� ���� �� �� �������� ���� ������ ��0��.����� � �78999� �� �0� � � � ��� �:�;� �<�=�'�  �

 � � �(���� �� ���� H=��1 ��H��= 2�� �� ���� ��78O99������ H=���� ����� � ���.�H� �H���� ������  ������ �� ��P����<��) ������ ������� � 0.��1��  ��0 ��. 2�� ����+Q��H������ ����������������R� � ����-  ��. ��+Q��% ������S��0������ ������ ����# � �  ��T������������ �� �� �� ��  ���� ����������13 � � ��  �� � �  �%����U� �!V�� � � � � �%���� �� �� ������������ �� �� �� ����W<������X���� �� ��� �� � � �

����  �� ��  �� & �� ��( �� ��  �� ��  �� �� ���� �� � � A �� �� ����  ������  =��   ��   ����   �� �� ��) � �  �� �� �� A ��  ����## �� �� ����  ��! �� 

B��C  D =���� ��EF��  � ��� �� ��% 



�� 

B��) ��) ���� ��# �� ;  ��

�� ��=�� ��% 



��%   � ���H ��  ���� ��# �� ��I)  ��%  @�� 

��  ��#���� ��  ��# ��  �� ��#& �� � � � � � � �  � �? @ � � �  � �  � � ��## � � � � �J/065K�L.:0901�1:./2M�N�OL25PQ�RK./Q8S�506�T.003PQ�RU:9L5:K�MP8..4�513S� ��� ��  �� �� ����   �� �� # ��V�� �� ��# �� ��W# ��*  =�� ��  �� � �  �� �� ��  �� ��  ��# ��

��  ��  #  ��������# �� @ �� ��&� � �� �� ��  ����  =��F=����X>��) �� �� �� ��# �� ���� ����    ��( ��  �� @ � � ��  ��# ��  ������  ����������# ���� @ �� ��& �� ���� � ��� A 

��  ��  =�� ��*��  ���� H �� ������  �� ��?# =����  =�� � ��� �� ���� ��Y  �� ��) ���� �� ��Z ���������� ��  �� �� ��� �  �� =�� �� ��@ ��  �� ��# ���� �� ��

��?@#��   �� �� ��(����% �� �� � ��� ��  ��  �� =�� ����#  �� �� ��&���� #��#  �� �� ��   ���� �� ��� � &� � � � �  � � � �� �  �! � ��#A� � � �J/0M8903�[.6643:�\:./2� �) ��  �� �� ��  # ��H ����FX��# ��] ^�� & ��) �� ��; <   ���� �� �� ��# � � ��  =�� ��  �� �� ��  �� ���� ��  =���� �� #����# �� < # ��) ��  �� ��# ������� �)  ��# ���� @ �� �� �� �� ��  ������ ��]��  ����#

^��) ��  �� ��_`� �

������ ���� �� ����Fabc`���� ��  �� & ��? @ ����  ��  �� �� ��   =� � �� �� ����d���� �� ����  ��# �� �� 

�� �� �� $ ����    ���� � � & �! & �� �� � #B��(=�e �f=�(b �"=� �C=� �� � �J./4�g9h3� ���C  �� �� ��    �� ����  ��) ��  ���� ��������  ���� @ �� � �  �� ��  �� �� ��  �� ��  ��# ����W#���� �� �� # �� ���� ��Fi ��) ���� � �  ��  ��FX����ci����  ���� ��  ��#����# >��) ��  �� A ���� �� # �� 

� � ��  ��  ��  ����d�� =��% 



=��% +��j  ����"&

��) �� =���� =�� � � �� ��  �� # ��A## �� ���� �� ��(   @ ��  ��  ���� ��  �� ��]��  �� ��

� �  ����

^���� &������ ���� �� ��# ����A �� �� �� ��# b#& >�� �� ����  � �  ���� =��  ����  �� ��A ��@ �� ��

 ����?@#�� �� �� ��  ��"���� � �  ���� 

�� ������  ��) �� �� ��

�� ��  ��# ��"����*k ��(��A �� �� � 14

��RSR21R�� �� ��$�� �� �� �� %��T  �� ����$��  ��$ ��E  �� ��� �7 ��7 �� ��7��D��-��U777D-V�� �� ��$�� �� ��$ �� �� ���� � ��� ����%���� ��  ��  ����  �� ��& ��7�� ���������� � � �� ��%���� �� ���� ��E �������� �� ��WX��$������ � �   $ %� ��� ����������$��6�� �� �� �� $  %��T  ���� ���� �� �� ���� � �  ���� ���� %�� �� $�� �� ���� �� �� H���� ���� � ��� ���� ��    ��  %��& ����0��$�� ��

�� �� ���� �� ��2R���� �� $ ��2Y� �!  � �� �� � �� � �� � � � %� ��� �� ��  $  �� ��Z13S��

�� �� �� �� �� �� �� �� �� ������  %��& �� �� � � �� �� ���� ���� ���� ���� �� �� �� ����6%��2[1 1 � �, �� �� ������20%\�� ��$�� �� 4��������  �� ��  �� %���� ��6� �  �� ����$��$���� �� %�� �� �� ���� �� ��  ��6�� ��  �� $ ��5�� � ��� ��W �� �� X%�� �� 4������ ��$�� �� $�� ��  ����$�� ���� �� �� ��� �%�]   �� ����  �^� �  � ���$  � ��%� �-�#�15 �& �7  �

7��1����1%��1�� ��6 � �# 

� 1 88% �%9��2 �� � 1 � 6 ��#

�� � 9� �( 1 �� �� �� ��, �� �� 6 ���� :  1 ���� ����% 7���� ��; ��#

��<1����&� � :1%�� ��& ������1 ��1 ,9��0%�� ��  ����  �� 6 ��= ��7��#�� �� 6 � � ;���� ��    7�� �� 6 ����% �� �� ��  ���� 7���� �� 6 ��%����119� ���1 ����  ��111 ����1&%>��(��?������ ���� �� �� ���� �� ��&����&

� ���1 �� ��  7�������� ��%���� ��1 ,�� �� 6 ��%��& ���� �� 1 �� 9�� � ��� ��1 �� ��

���� 6 ���� # ���� ��@�� ��1 ��  �� ���� 6 ����6������%� ���1�� �� 1 �� 9�� ���� �� ��%��  ������ ��7��6 ��%�� :����� �% �� ��

 9��(��1�� �� 1 �� 7����1&���� ��  ����&����  �� �� ��

�� 7� ���% � 6 7� ��� ��6��1�1%9� �'  �( �

����%����1%��1 ��L*M��N 9�� �� �� �� � �������6 ��   %�� ��3 ���� M6 ��

�� ��%������ ��#%�� 6 ����

� � , �� ��A ������

&%�� 9�� ��, �� ��#

��  ,���� ��

�� , ����  � ���1%�� �� ����  ��6���� 1 �� �� �� ��& �� �� �� 9��  �� 6 ��#

��1 � � �� �� ��%��  ��66 ���� ����O�� 1 7��  ������  ��  �� �� �� %�� ��  � ���# ����9��/&�� 7�� �� �� ����1 ����P��"�� ��Q ���� �� ��1%��� �# �� 1 ���  � � 6 M�% � � �  ��A 9� �R S� � �� �� �� ����% �� ������" ��A �� ��:�� 7�� �� 

�� �� ��%�� ��% �� � �6,�� �� ��O��, ������ 1T�� ��6 ����A 9��?M��#

���� ��6  ����

��  �� &� �1 ��� ,1� , � �A �� �  ��� �" �1 � �� �% 9� �UVF�WD�XSC� 16

��?��A ������ ��#

��Y �� ,�� �� ��� � �� �� %�� ����A 9��5 M6 ��

��Z�� ��66 �� �� ��1 ��6 �� ����1 �� � � ������ ��#

��6 %�� 1��

�� ��'%��2�� 6 ��

�� ���� �� ��  M��6 � �  � 

� M�#

�� 6 9�

�� ��) ��*+���� ��  �� ��  ��) ��   ,!��& �� ��) �� �� -  �� � � ����  

�� .������)���� �� ������ ��  )  ��  ��

.

���� ��  ���� � �  � ��  � � � �) �  �  � � !� �/012�345246�725890:� � �� ��  ��  �� �� ��  �� �� ������ ,  �� �� ��%  ; !��( ���� ���� � �   �� ��  �� ��  .����   ���� �� ����) ������)!�� �� � �   ����  �� ��  < ��  �� �� ���� ��  .�� ' !��=

$�� � �) � � �  � � � �� � �  � � ) � �  !� �>55?46�1@� ���  ����  �� �� �� - ��*A�� ���� ��) �� �� �� ������. ����
�� �� �� � �A+��B��C+$��  

������  ����   �� ��  ��  ��  �� ��D  ������  .!E��� � .�� �� �� �� �� ��

��) ��  �� ��  . ��FG��H ��I ��J $��) �� �� � � ��I ��% �� �� ��% 

!���� ��  �� �� �� . ��I ��%. ������  � � ������ �� ���� �� ��) ��  ������

�� . �� �� -  �� . ��  ��. ���� �� � �F��( ��&��  !������ ��  �� ��K�� �� ��) �� �� �� ��I ��% �� �� �� � ��� ��  �� ��  �� ����  .�� ��  �� $��  ������!   ! !�� ��K� � � !� �32970�LM�N7520O��P724Q�RSRT�U�291�RSRR� �& �  � . �  � �V) �  ��W�   �A+A,AA!� �& � ��X � � �  �  Y� �  �Z  �[\� �]�H  �A+A� � ��& � �"�G�]�� �� � ��I�Z  �A\��]��;  �A+A� �( �Z  �[\�^ �]� �A+AA� �& �  � �   �V) �; �_  �; �Z  �\�   �A+A*� ��` ��� �%  � !�& �  � ��  � ��A+AA!� �& � � 

 � ��  ��   �D^ �`-   �a�( E$�� �� � �� �  � �]b$�  �� � �K ��H  �A+AA!� �& � � � � . � �  ��   �  �� � �]�D^ $� � �a�= E� �Z%  �c]C\��D^ $�d  �a�_  ��e 

.�Z%  �f]b\�   � �  �� �A+AA!� � ��X � �

�) � �J  �Z  �[\�  � � �� �  �� � 17

� �# #%'& ��" ��  1�� ; �� ��" �� ' #��#��&+��&3'&�� ��%"��+;��9+#��&9��( ��#�� ; 6� �5& (&�� �� '��,$��%,# ����&��; 6��<"��%"(#%"�� ��(&%; �� ������ =$"��"&(# �� ���CD�&(#�� &# *� �,&&;� "&+ �"�3&3� (�"�3%� � '

�&9�"�3%6� �HI�

��&9��3&+#�� �� ��"��+��" ��&��%%��&��$"#$��&��@,��/0�� ��&(#� �%& (%'&��

 ��+ ��  �� ��+��#%" ��&(��&�� #=&��+"&�� $"��,��3$��&��2 6��>=��&� � ��+ ��& #&&; 1��+"%"�� ��+&��3&3��##  ������ #;1��%& 1�� 3=��"&($"��(&%; ��%"(#%"6��<"� �%%'&�� �� ��"����$#&(3��&9��( ��+#��,��&�� +%"��&�� �� ��F+��9&#��"#�� %& ��&9��"��+=� � '$ � &"=� # % � � +�"#�( ,# 6� �>(#��&=��9,#%�� ��J ��K( "#& ��" �� ( ��"��$3 ��#&( ��"��  #=�� &&#��" ��&9��"�� &# �� ��" � �?&# ����%(L$��"��#& �� #$ �� ��&33$�� "#(,,=��$#&+"��&$��"�� &("#1��" ��+��&�� &(,� �"3 �( �%& �"#&($"�( $ 6� � %(

& ��+"��J ��,&(�� ( %��9&#��&(#��$"#$ ��%&'(�� ���� ��&+��3#&3&  ��"��+��"#��� �#9(#, " ��%(##=��((  ��3# "��3&3�� ��:&��"��3# "�� (, %#3'&��&���� ( %�� # %��+"%"��+��&?#��( � ��� (%"��+ #�� �� &#��G8,��#$��&9��+&# "3�� &$ �� ��%%& 3  ��9&#��&(#��$"#$ 6��E��"&3��" � �+�3#& � #�&�( � &�"�( # (  �%�,�# �(3�&�&3#�6� �<"����) * �� ��$#&(3��%&'( ��&�� ����"��%"(#%"��,( $��&%����+;��&��<"(# = �� ��" ��,��� �

� (33&#�&�3&3�"#&($"� & �(#,(� � #

9(�'  6� �E��" ��,��33#&%" ��,=��"��F# "��5&(%��+"����&?#��,&(��%#$�� ��  $��# ��9&#��+ G&+# 1� � ��" ��+��,�� %(

 ��&$��+"��&"#��

( ��+"��&(#��& # (��5"(#%"��5&(%�� '$��; ��3%1��+"%"� �+�"&3�+�,��"�+M%�0N�O#%"6� #�O&(��

9(��9&#�� �� 1��F+6��<"��%"(#%"��+ ��&3 ��9&#��3# ��3#=#��� �7 #� � %&# �+"�3# #&  6� �HI�

6�X�" �,��&(  $� (%%

6� �X�� # ��+"����#  ��@ ' ����>%&,#��+"��YN����2 %��<"��+ ��9&&+ ��,=����%,#'&��&9��"��/00� � #

=��&9��"��%"(#%"��&��-��[&  ,#��/0/-1��<"#��+#��\0��3&3��9&#��"

1��]&,��7  ��$ ����8%� 18

& �� ��%#&�� # %��:( ��,9&#��5"#  6��5&%'& ��+#��& #��^-00��"� �" �$&�&�&=�<#=�&�"3�+"�"�%&  �&9�;3$�"�%"(#%"�&36�

��  �� �� �� �� ����!  ���� ���� �� " � � �� ���� �� ��

��#���� �� $�� ���� �� %�� 

 ����  ����� � �&  � �'  �&

��������'+�� ��, ���� ���  ��  % ����$�� ��'  �� �� �� ��&"����������( ��-  +��&  ���� � �(������*�� �� ������  ���� �� %��

%�� �� ���� + ��  � � ���� ����  �� "���� ��   ���� $���� �� �� $��. � � �� %  ��   �� ��  / ��  ��*�� �� ����  ����  ����  ��  � ��� � ��  � �  �� � ��0  �% � �1�� ����( ��-  +�� �� ����2 ��    �� �� "�� ��&����  �� � � �� �� ������! ��) ���� �� �� ��   �� ��3�� �� �� ���� � � ��  �� ���� �� ���� �� �� ���� �� ��  ��1�� �� �� ��� � �� ��  %����  ��2   ��  / 0  �� ����  �� ����1 ���� � ���  ��  ������ �� ���� ��$�� ��( ������ ��  ���� ����3������� � �  �� �-��   � �  �� � � � �'+�

 � �

�� �� ��% �� ���� ��  ������ + ��   ����  � �-  % �� � � � � % �  ���  � %� �>  �/�&&�-  �

���� �� �� �� ������ $ �� ������ ����-� �(  ��  ��#��I�� �� $��������J�� ��

��  ��  ���� ���� ���� ��� � $�� �� ��  ����

�� �� ��  ��  ��#  �� ���� % ���� ��  ��  �� � �# ��' $�� ��

$�� �� ��' ��#�� $�� �� ��  �� ���� ���� ��� � �� ���� ������ ��K�� ������ �� ����  �� �� ������1�� ��  � � "  �� �� �� L��1

 ���� �� �� �� �� $�� ���� ��  �� �� ��� �� ��&   � �� � � �  � � � � � � �

 �# � � ���� �� ���� �� ��  �� �� �� �� ������ $�� �� $�� �� � �  �� �� �� �� �� �� ������ �� I�� �� )  ���� �� �� $��� �,  �� �� �� �� ��  �� ��)�� �� ���� ���� �� �� ���� $� �#� � $� ��  � ) � �  �M  � 19

   �� �� �� ����**+��  �� �� ���� �� �� ��  ��   �� � ���  �� �� �� �� ��! ����!  �� ���� �� �� �� ��!�� �� ���� ��  �� � ���,  ���� �� �� �� �� ���� �� ��) �� ���� ���� !  �� �� �� � �    � �- �� �� �� �� �� ����   �� �� �� �� ���� �� �� �� ��! �� �� �� �� � �  ���� �� ��  �� �� ����  ��  ��) ��. .  �� + �� ��  �� ��! � �! �� �� ! ��  ����  ��!  �� ��  ��  �� ��  & �� %   ��� �  ��  �� ��  ����  �� �� ��  ���� ��  �� �� �� �� �� � �! � �( �� � ��� ! ����)
! ��  �� �� ��. ��/��0 ��  ���� ���� �� � � ��  ���� �� ��1 �� �� ��  �� ��! ��  ���� 1$ �� �� � � ���� ���� �� ��  �� �� ���� ��  ����  �� �� �� ���� �� � �    ��(  ��!��23143��  �� �� ������ ��  ��  ���� ��  �� � � !�� �� �� �� 1  ����  ��' ���� �� ��  �� ��  �� � � ��� � ��� �  � � ��# �� ��  �� ��5355�� ��! ��  �� �� �� �� ��  �� �� ��6��'����� ��� �� 

�� ��7  ��'�� �� �� ��, !��  �� �� �� ��   ��  �� �� � �  ����'  ��6 ���� ��# ��1 ��6 ��   �� �� �� ��  ���� �� �� � �(  ��� �   � �� � � � � � �   �  � � � � %�*5�  8� �1��7  �� �� ��  ����   �� ��  ��  ��9 �� %   :���� �� � � ��  �

�� �� ������ 1�� �� ��!��    ��20 =� � �� �� �� ��  ��  ��   ���� ��! ��   ��   ��& �� ���� � � � �!��  �

�� ��  �� ��  ���� �� � ��  � �  �   �1��! �!  � ��6  �� ��

 �� �������� ���� �� �� ��  �

����  ����"�� ������ �� ����������� ����� ���������������������� ���� ������ ����������� � � �#���� ��������������$��"%������ �������� ������ �� ����&� �!��%������ ������������������" ���� �� ���� ��������  ��� � ��  ������%���� ��������������������  ������ �� �� ��� � � �� ��������������� ���� �� 

�� ������ ���������� ��������� ��� �������� 

���� �� �� �� ���� ������ �������� �� � ����'� �(�) �

���� �� � � �������� ����D ��=���������� ���� ����������%�� ��� � �I�� �� � � � �G� � �� �   � ��������� ����  �������� ������ ������������ ��  � ���D  �������� �� ���� ���������� ������J��� ��� �� �� ������H���� �� 

�� �� ������I��������� �� 

�� ����FI �>>ABKBC� �%�� ����J������ ���������� ���� ���� ����  �� � ��� ���� ��=����  ������ ���� ������ �� ���� ��� ��� ��E�� ��L ����E �� ������ ������ ����M�� �� � �  �� � 

 ��� �#������ 

�� ������������ ��%���� 

���� ���� � ������� ����%�� �������� 

�� �������� �� ������ �� � �E�� ��  ����������  ��  �� ��#������H�������� �� � �����N �� 

������H������%��I���������� ����H� ���������%���� ������ �� ������ �������� �� ��� �����  ������%�������� ��G����#�� ��� � �����N��O� �����P���

� 22 �#��������  �� �� �� ��M������ ����!������Q������ �

 ���� �� ����   ����

 �� ��� �+ �' $��   �

 �� �� ����H���� 4 ����������4�������� ��@�� ��Q� ���� � ��  � �I�� � � � �@ ���� �

R� ���  � ���� �� ��PE� �C�� � �   � �� �   �� �Z�

 E� C� � � �   E��

���  � � ������ ��!�"�#$�%&'(�"�)%*� �$�+&� &"'�� �"�'%�'�&!�!�"�%"%"�!,&-� 33