Charfty registr•tion number 11990121Engl•nd and Wale81 THE KING'S CHURCH CHESHAM CIO ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Caladine Chorlered CerliFied Accountonls
THE KING'S CHURCH CHESHAM CIO LEGAL AND ADMINISTRATIVE INFORMATION Mr P J Reynold8 Mr G Gorton (chaian) Ms L Wade Ms A Berisford Ms A Wsky-Jilmn Ch•rlty number lengl•nd and Wal•$ 1199012 Prln¢lp•l addrn•• Trinlty Chrlstian Cijmmunty C•ntr• Red Llon Street Chesharn HP5 1EZ Ind•p•ndènt •x•rnln•r John C818dlna FCCA CTA FCIE Caladine Llmlled Chantry House 22 Upperton Road E981bourne Ea81 SvsÉ•x BN21 18F 8•nk•rn HSBC 92 Sycamore R Amersham Bvcklngharn3hlm HP8 SEW
THE KING'S CHURCH CHESHAM CIO CONTENTS P•90 Trustees. Teport Independtsnl •x8mln•rf8 report statemenl offin•ndal 8thNle• Slat•ment 0fnancIal staternent olea$h flow• Notes to the fln•nd•l statemenli 7-13
THE KING'S CHURCH CHESHAM CIO TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present thew annual report an¢J financial ststemen15 for the year ended 31 Dècèmber 2024. The financial statements have been prepared In Bccord8n¢e th the accounllng pollcles set out In nots 1 to the fin8ncl81 Ststements and comply the CIO'S Con5tilutlon daled 19 May 2022. the Charityes A¢t 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practlce apkqlcable to cha[85 preparing thelr aecounts in accordance wth the Financlal Reportlng Stsndard applicable in the UK and Republlc of Ireland IFRS 1021. leffedve 1 January 20191. ObJ•ctlve• •nd aetlvltl•s The CIO'S objects are the proclamation and furtherance ol Ihe Gospel of God conceming His Son, Jesus Chrfst OUT Lord, through m58$ion Uocalty and worldwide), in developlng rnaturfty In ihè membershlp, and in f8fl&ctlng the love of Chrfst. Publlc b8n8fft The Iru8teeJ have pald due regard to guldanc8 Issued by the Charfty Commlsslon In deddlng what aclivrtles Iht CIO should und¢rt8ke. Achl?v•monts and Perfoanc9 Significant 8ctiwlles 8nd &chievem8nts 8g8lnsl objectives Al pr•Bent, no operBlng a¢tlvltles have tsken pla¢• In th8 CIO. Durlng 2023, the CIO was grfted uwnershlp of the old Trlnlty Bapti31 Chuich Chesham buildbng. Th1$ has requlred renov8llon, uslng the lunds bulll up In Ihe exlsting charlty IThe Klng's Church Chesham, tharlty reglstration nurnbgr 2919901, 8nd the CIO wll18ventU81ty be the m8ln operational eharfty. Ph#s¢ One of the renov8tian of the Trinity building w4$ ¢ompleted duTlng 2024. Follo¥ng completlon of phaBe one, th¢ Office and rneetlng rooms transferred Irom UnR 11 Chess 8uslne68 Pork to th& Trinity bubkling. Flnanclal revl•w The accounts for the year show a surplu8 01 £42,063. The Income In the y•ar ar08e from donallon8. Relltal, sale of fvmtture and the tran$f•r of asset8 from King's Church Cheshaffl Icld thortyl. Expendltvr* In the year related lo th• r•novatlon8 works lo the buildlng and general malnten8nce, 3ervl¢èg and upkeep. Pl•n• lor luture p•rlod• It Is planned that all the avItieS of th& Klng's Church will transfer from the charlty roglstratlon number 291990 to the CIO Charfty at the 8tBrt ol JBnuary 2025. Phase 2 ofth¢ r•novatlon wlll commence when lunds are av¥ll8bl8. probabty durfng 2025. stTUCtur•> gov•rn•nce •nd man8g•ment The CIO is regisloretj with the Charty Commission for England and Wales Ino. 11990121. li Is govemed In accordance th 11$ Consltution dated 19 May 2022. The trustees %th0 Served durfng the ye8f and up lo thè dal• of Slgnature oflhe finan¢lal stalemenls were.. Mr P J RnoldS Mr G Gorion ICh8Smianl M8 Lwade Ms A Berisford Ms AWsky-Jitrn8n
THE KING'S CHURCH CHESHAM CIO TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Ractmen1 and oppnIMenl of tryee$ The trustees are minded to recruft 8nolher trust?9 95 500n as pos5iblo lo reF4oce the po$lllon left ty the ¢Jttath ol J*rgmy Browne lonè of the origknal tru8te•5 01 Ihe CIO) Non? of Iha trustees has any bgn8ficial iTrteres1 In Ihe company. A4 of tho Iru$tee$ ar8 member$ gf the company 8rHI guaT8nièe to contrlbule £1 In the event ol a winding up. The Irust8es' report was approvad by lh8 B08rd ol TfU81ee$. Mr G Gorton IChairmEnl TNst•• Oate.. ....
THE KING'S CHURCH CHESHAM CIO INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE KING'S CHURCH CHESHAM CIO I roport to the trustees on my examlnatlon of the flnonci81 ststsmenls of The King'8 Church Cheshom CIO (the CIO) for the year ended 31 December 2024. Regpon8lbllitl•¥ and b4s1¥ of report As the trustees ol the CIO you are responsible for the prepor8Jon of th8 finanrAal 8tatements In accordance with the requlr8ments of the Ch8rlties Act 2011 lthe 2011 Acll. I report In respecl of my 8xamlnallon of the CIO'S finandal statsments canied out under $e¢tion 145 of the Charftl•s Act 2011. In carrylng out my examination I have followed the Directions gfven by the Charity ConMnl8slon undèr 8ectlon 14515llbl of the Charitl8B Act 2011. Indep•nd•nt examln•rf• •tst•m•nt Your attenlbon Is drown to the fact that Ihe ¢harfty has prepared Ihe finand818tatements in accordance with th• relevant V8T8lon of the Statement ol R¢eommended Practice 8ppIIc8bl• to charitJ'e8 PTeparin8 Ihelr llnanclal 8lalement8 In accordance with the Flnanu81 Reportjng Standard 8ppllcAbl8 In the UK and Republlc of Ireland IFRS 1021 In prelarence to the Ac£ounllng and Reporting by ChJrflios.. Slatement of Recommendèd Practs'ce issued on 1 Aprll 2005 which 13 referred to In the extant regul803 bul has now been bwthdrawn. l undersland that Ihls haB been done In order for the finandal statements to provlda a true and fair vlew In accordance wth UK General Accepted Ac¢ountlng Pfoclice. I hav• completed ffly examlnotlon. I conflrm that no m8tteT8 hav4 ¢om• to my attentlon In nn8ctIon th the examinatlon ging me cause to belleve that In any maled31 re$pect'. accounllng racords were not kept In respeet of the CIO as requlred by 8•ctlon 130 of the Charltl*8Act 2011. the flnanclal 3tol¢m•nt9 do not accord th those f•cords,' or the financial statements do not comply wth the appllc8ble requlrements concerning the form and content of flnandal Blatements 581 out In Ihe Charllie$ (Aecounts and Report51 Regulations 2008 other than any requirement Ihat the financial 5tatemenl¥ glvo a trua And falr vlew, whleh 58 not a matter ¢onBidered a8 part of on Independent examlnation. I havè no concems and have com& across no other matters In ¢onn•ction wlth ihe examlnation to which attentic Should bè drawn In thls reporl in order lo enable a proper under$tsndlng of the flnanclal slalernent8 to be reached. John C•ladlne FCCA CTA FCIE CBl8dln¢ Llmlted Ctt8ntry House 22 Upperton Road Eastboum¢ East Sussex 8N21 18F Data..
THE KING'S CHURCH CHESHAM CIO STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrn•trfct funds 2024 Unrnjtricted funds 2023 Not Incom• and end07n•ts fvom.. Donations and legaues Olhar Income 42.255 106,926 1,200.OCIJ Total Incomè 149.181 1,2TrJ,000 Exp•ndltur• on.. Charitable actlvltiei 107,118 Total •xpendltuM 107,118 2.040 N•t Income mov•m•nt In fund• 42.083 1,197,980 R•cortclll•tlon of lund•: Fund balances al l January 2024 1,197,960 Fund lIncol •t 31 DeG•mb•r 2024 1.240,023 1,197,980
THE KING'S CHURCH CHESHAM CIO STATEMENT OF FINANCIAL POSITION AS A T 31 DECEMBER 2024 2024 2023 Ilot¢• Flx•d as*•ts PIop8ty, plant 8quiprnenl 11 1.234,673 1,200,LIJO Cury•nt a¥8•ts Cash at bank pnd In hand 6,550 Curr•nt Il•blliti 12 11,2CAI} (2.0401 Net ¢urr•nt ml(bIlItIe#l 5.350 {2,0401 Total a•••t8 lèBs ¢uThnt Il•bllltl•s 1,240,023 1,197,960 Thg fundJ ofth• CIO UThreÉtdcted lunds 13 1,240,023 1.197,860 1,240.023 1,197,960 11&12ozs Th• finanoal 8tat•rnenl8 WO approved by th• Iruste•s on ... ..................... MrPJRey Tru•to• Mr G Gorton Ichairmènl
THE KING'S CHURCH CHESHAM CIO STATEPAENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 CaBh flows Irom op•r•tlng actlvltl•• Ca3h g&neroled from operallons 16 58,845 1,200,TrJO Invmtlng •Ctlvttl Purchase of propety. plant and equlpmvnl {50,2951 11,200,000) Not cuh umd In Inve•ilng actlvltl 150,295) 11,200,000) Net In¢r•••• In ca•h and G••h •4ul¥•l•nl• 6.550 C8sh and cash equNal•nts 81 b8glnnlng of year CA•h And •h oqulv•l•nts At •nd of year 6.550
THE KING'S CHURCH CHESHAM CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Aeeounting polici Charlty InformatSon The CIO is registered wlh the Charty Commi8&on for England 8nd Wales Ino. 11990121. It 18 govomed In •ccordance wth Its Conslrtullon dated 19 May 2022. 1.1 Aeeountlnq conv•ntlon The financlal statements hav8 b8en prepared In accordance wlh the CIO'S governlng documenl. the Charltle5 Act 2011. FRS 102 'Thtr Flnandal Reporting Standard applicable in the UK and Republic of ITel8nd' fFRS 102.1 and the Charlt5e$ SORP'Accounlng and R8portlng by Chadtle8'. Slalement of Recommendèd Practice opplicable to charttle$ preparlng their accounts In accordance wilh the Financial Reporting Standard applicable in thè LIK and Republlc of Ir•land IFRS 1021" leff8Ctlve 1 January 20191. Th8 CIO Is B Puillc Benefit Enllty as defined by FRS 102. rhe finAnci81 statements departed from the Charllles IAccount8 and R8PQrtsl Regulation5 21)08 Onty to Ihe extent requlred to provlde a true and falr vlew. Thls departure h88 knvolved follong the Sl&tement of Recommended Pr8Ctice for charrties applylng FRS 102 rather Ihpn the verslon of the Slat6m•nt of Recommend¢d Prodlce whlch18 relerrod lo in lh• R8gulation6 bul whlch has since been wllhdrawn. Thè finandal statements are prepared In sterllng. whlth Is tha functlonal currènw of the CIO. Monetary amounts in these finenclal statements are rounded lo the nearest £. The flnanclal slaloments have been pr6p8red under the hlstorfcal cost conventlon. The prfnclpgl 8ccounng pollcies adopted Ère sal oul below. 1.2 Qolng ¢one•rn At the lirne of approvlng Ihe flnanclal 8t8lem•nts, the tru5tee8 have 8 rg8$onable expectallon that the CIO ha8 adequate wsource8 to conUnu8 In oparatlot)al existence lor the foreseeable future. Thu$ iha tm81ee8 conllnu• lo adopt the golng concem b)sls of accountlng In prtsparfng the flnanaal statements. In due course, the CIO VAII be taklng over th& •xl8ng 8CtlvilJes ol The Klng'8 Church Ch•sham, tharfty Teglstratlon number 291990. 1.3 Ch*rft•ble fund• Unreslrietad funds are 8vallabl• for use ot the dlscrellon of th¢ truste88 In furthar8nc• of thelr charitable obledlves. 1.4 Income Income 15 Tecognl¥?d when Ihe CIO 18 legaty •ntW•d to It after any pÉrfomgnce condltK)n8 ha been mel. the amount6 C8n be measured reliably, #nd It Is probable that In¢omo wlll be recelved. 1.5 Expendlture Expendf(ure Is recognised once thère is a begal or constructive obligauon lo Iransfvr Bconomic benefit lo thlrd paty, It is probable that 8 transfer of economic beneffts wll be required In setuement, and the amount of the obMg8tlon can be me88ured reliabty. Expenditure 18 classified by 8Ctivity. The ¢osts of &och activlty arè made up of the tDlal of dir&t costs and shared costs, Indudlng SUPPDrt costs Involved in undertaking each activity. Direct costs attributaNe to a Blnyle 8Ctlvlty are allocated diTectty to that acts'vity. Shartsd costs whith contribute to more Ihan one a¢tithty and support C06ts which ar8 not attributsble to a singlg odivity are apportioned between Ihose 8cb'vf(5 on a basls consislent with the use of re50urce3. Central staff costs are allo(Xted on the ba8is of tlme spent, and depred81ion charges are auocatsd gn th¢ portion ofthe asset'$ usè.
THE KING'S CHURCH CHESHAM CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Aeeountlng pollcleB Icontlnuedl 1.6 Propèrty, plant and equipment Property, plant and equiprn8nt are Inhlalty rneasud at C08t and 8ubsequentty rnea8ured at cost or v81uation. net of depreciatlon and Impelm)ent losses. D•preciAtion 18 recogni8ed 80 as to wthe off the c08t OT valuation of ass•ls less Ihelr resldual value$ owr tholr seful Ilves on the follo%ng b351s: Freehold land and bulldingB Flxtures and fittlng8 IT Equipment So years Stralghl Ilne 5 years 61raight Ilne 3 years straight Ilne Fr8•hold land 18 not depreaated. Following the receipt of tha Church buildlng, slgnfflcant renovoti work8 are requlred. whlch wlll be ndertaken durfng 2024. Th8c•fore, the bulldlng Ss not currendy In 8 State lo be used and th•rre no depT•tyatlon has yat b8•n charged. The galn or1055 arfslng on th• dlsposal of an asset 18 delomln•d a$ the difference betsveen the 801¢ proc8edB nd the c#rylng valuè of th• 888et, ond18 re¢oynl8ad In the statement of flnanclal Dcti1. 1.7 Impalrm•nt of non•current ••••ts At èach reporting end date, the CIO rpvlews the C8Trylng 8rnounls of Ils langlbla Assets to deteTmlne wheU)er there 18 any Indlcatlon that those g$8gls have suffered an irnpalrm*nt Ios8. 11 any such Indicallon exi8tS, the recoverable amount olthe 8$$81 Is e8tlm8led in order lo delermlne the exienl ol the Impolrwnt loss Irf Any). 1.8 Ca•h and c••h equlvahnts Cash and cash equlvalents Indude cash In hand, deposlls held al ¢811 wh b8nks, other 8hort-lenn Ilquld Investments wllh original maturtlles of thr•8 months OT le88, and bank overdrafts. Bank overdrafts are shown Ihln bOrrng5 In current Ilabllltl&$. B•slc fln•nrlal •8¥•ts B891c flnanclal assels, whlch Indude Ir8do and other recelvables and cagh and bank balances, are inllially meosured at transacb'on price In¢luding tran8action co813 and ort sub5equentty carried at 8mortlsed cost uslng the effective Inlere$l method unle8s the aThangement Constitutes a flnancAng transactlon. Whe Ih Iransaction 15 m888UT8d at the pre6ent value of the fulyr¢ roceipts discounled at a m8rkel rate of Intere3t. Financi810¥sets classffied 85 recelvable wtthln one year ar& not gmor115ed. 8•¥lc fift•nel•l Il•bllftl•s Basic fin8nryal liabilities. Induding trade and other payables and bank loans are Inllialty rtscognlsed at transaction prlcè unless the grrangem8nt Constitutes a flnandng transaction, ¥there the debt instrument 13 measuied at the present value of the firture payments discounted at a marktsl rale of InteresL Finandal Ilabllill6s dasslfied as payable wthln one yèar are not anKJrbsed. Debt InstnJmen18 are Bub8e4uentty rArrfed at 8morknsed cost, u8ln9 the effectlv8 Intere6t rate rnelhod. Trade payables are obllgatlons to pay for goods or Services that have been acquired in Ihe OTdlnary course of operations from suppllers. Amounts p8y?bl¥ are das5ified as current liabilitie5 rf payment is dve wthin one year or less. If not, they are presented 8$ non-current liabili.e3. Tradè payables are recogni5ed Inrbally al Iransaclon price and subaequenlty measured at arnortised c05t Using the effeclive interest method. Derecognltlon of flnanelal Ilablllu Financl81 liabilities are deCogniSed when the Clo's ¢ontroctual obligathons expire or are discharged or cancelled.
THE KING'S CHURCH CHESHAM CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Crhlcl eeounting e•tirn•t•• and ludgements In the appllcation of the CIO'S accounllng poll¢les, the truBtees are requlred to make ludgemenls, &stlmateB and assumpbon8 about the carrylng amount of ass•ts and liabllille5 th8t are not readily apparènt from other source8. The estlmates and associatèd assumptions are based on historical expertence and olher factor8 that are considered lo be relevant. Actual rg$uIts may dmfer from these gsllmates. Tho •$tlmates and underfylng assumpllons are revI$d on an ongolno basls. R8vislons to &ccountlng e$llm8les are recogn18ed In the period In whlch the estimate is revi8ed where the revision affects that period, or in the perlod of the revision and futuw periods where the revl¥lon affects both rrent and future periods. Incom• from don•tlon8 Ind l•gicl Unrmtrlcted Unr••tYletsd fund• fund• 2024 2023 Donations and gift8 Don8ted goods gnd 8eNlce8 42,255 1,200,000 42.255 1,200.0ty) oth•r Incomo Unr••trlcted UnrMtrtct•d tund• fund• 2024 2023 Transferfrom old ch8rtty 108.928
THE KING'S CHURCH CHESHAM CIO NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expendlture on ch•rit8ble *¢tlvltle8 Church actlvltle• Church oth"vities 2024 2023 Dlrect co•t• Depreciatlon and impaimient Gener81 expenses Building alteration8 15,822 87 78,447 94,168 Sh•r• of •upport and gov•rn•nc• ¢o•t• (s not• 81 Support Governance 9,662 3.300 2.040 107,118 2,040 An•ty81• by fund Unrestricted lund5 107,118 Support ¢o•ts alloc•t•d to •¢t1vI•8 2024 2023 Telephone In8uranc6 Repalrs & malnlon8nc8 Governance COBIB 119 4,110 5,433 3,300 2,040 12,962 2,040 Church acllvltSe8 12,982 2,040 2024 2023 GOv•rnan ¢o•ts comprlge.. Indep¢ndenl examination fees Legal and profe$$ional 1,200 2,100 2,040 3,300 2,040 10-
THE KING'S CHURCH CHESHAM CIO NOTES TO THE FINANCIAL STATEMENT31CONTINUED) FOR niE YEAR ENDED 31 DECEMBER 2024 Net mov•rnent In fund¥ 2024 2023 The net movement In lunds Is ststed 8fter chgr9lngll¢redlilngl'. Fees payable for the Independent ex8mOn8lon ofthe chanty8 ffnandal slglements Depredthn of owned prop•rty, plant and equlpment 1,200 15,622 2.040 Truste None of th• truit8e8 lor any per80n8 conneded wlth them) receed any remun8r8llon or benefft$ from the CIO durfng tha yaar. Durlng the year donations from trustees. and persons conne¢td to them. amounted to £25,00012023'. £Nill, Ernploytt• The average monthly number of employee8 dudng the year WAS.. 2024 Numb•r 2023 Numb•r Total There were no employet8 wh08& annual remuneralbon was mN• than £80,000. 10 Taxatlon The charlty Is exempt from laxatlon on Its aCtIvaS because 1 ils incorne 1$ •pplied for tharK8ble purpo$eg. 11 Prop•rty, pthnt and equlpm•nt Fr••hoid llnd FlxiurH •nd IT EqumMt •nd bulldlnq• ffl¢lng¥ Totsl At l January 2024 Addltions 1.200.OLKJ 1,200,000 50,295 8.571 41,724 At 31 December 2024 1,2TrJ,000 8,571 41,724 1,250,295 Depr•¢l•tlon and IMl1tnt Depraclatlon charged In the year 1.714 13,908 15,622 Al 31 Decernber 2024 1.714 13,908 1 S,622 Carrylng amount At 31 Decernber 2024 1.200,000 6,857 27.81fj 1,234,673 At 31 December 2023 1,200,000 1,200,000 11
THE KING'S CHURCH CHESHAM CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Property, plant and •qulpment Icontlnuedl Indvded Abov8 is the Property al Trinty Baptist Church Chesham. whith was glfted to us on 11 De¢embèr 2023. The property has therefore been brought in as a donated 888el, ba¥e¢J on Its valualon at that dal&. The operty was valued by Jagllard Madand. a firm of Independènt valualon experts. 12 Curr•nt Ilabilltl•• 2024 2023 A¢cru•l$ and der1ed income 1.200 2.040 13 Unre•trfct•d funds The unrestrScled funds of the ch•rfty comsxise the vnexpended balances ol dongtions and grants whlch gré not subject to gpecific condillons by donors and grantors 81 lo how th•y may be u8ed. These Includ• deslgnated fund8 whlth hav¢ been Set a61de out of unr•strlcted funds by the tru81eos for sp8dfic pu0888. At 1 January 2024 Incornlng R••oure•* r••ourc•• •xp•nded At31 D•¢•mb•r 2024 Ger¢eral fundB 1,197.960 149.181 1107,1181 1.240.023 Pr•vlou• y••r. At 1 J•nu•ry 2023 Ineomlng r••ourc•• Re•ourc•• •xp•nO•d At31 D•e•mb•r 2023 Gener81 fund8 1.200,000 12,0401 1,197,960 14 Rel•ted party tr•n••ellon• DUn0 the prlor year, the CIO w88 gffted th8 old Tflnlty Bap1181 Church buildin9. ThSs Is belng renovated, uslng the funds ralsed within the exl¥ting Klng's Churth Chesham charity. On 1st January 2025. the 8Ctlvftles of the Church will transfer acTO3¥ to Ihls CIO. who 11 continues ll'6 8Ctlvlll•s, The contrad for the bulldlng works ha5 been undertaken by Gullett & Sons, of whlch Mr P Reynolds Itruslee} Is a dlre¢tor and shareholder. Mr P Reynold5 was èxcluded from all conver8allon$ relating to this contract. The totsl poid to Gullett & Sons during the yearwa5 £144,00012023.' £01. 12-
THE KING'S CHURCH CHESHAM CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 C•sh genernted from op•ratlons 2024 2023 Surplus for the year 42,063 1.197.960 Adjustments for.. Depreaallon and Imp•lmienl of propety, plant and oqylpment 15,822 Movemonts In worklng capltal: IDecreaselnncrease In trade And other payat4eB (8401 2.040 Ca•h g•n•rat•d from opor•tlon• 56,845 1,200,000 16 Analy*l• of ch•ngM In n•t fund•lld•btl Th• CIO had no malerfal d•bt durtng the year. 13-