Charity number: Company number: 244075 826993 Hl8lwJ•y Trwt Uffllted la regislered charity and a company limited by guarantee) UD•udlt•d R•port and FIMMl•l St•tements For th• ye•r •nded 31 Dec•mber 2025 HIGHWAY TRUST UMITED (a reglstered charlty and a company Ilmlted by Dmranteel Rel￿ts and fln•ftcl•l statements for the year •nded 31 December 2025 Contents P4e: Company informatlon Trustees report Independent examiners report I￿11 Staiement of Ilnanclal actfvities 12 Balance Sheet 13 Notes to the flnancial statements 14-19 Th• followlni p*8•1 do not forni p•rt ol the ststirtory fln•nd•l st•tements Detalled Income and expendlture accounts 20-21 HIGHWAY TRUST LIMITED {* reKlst•r•d ch•iity•nd • ¢ornp•nylimtted by yJ•rnrt••) R•ports •nd fin•ndal stat•m•nts forth• y••r•nd•d 31 D￿rnbel 2025 COUNCIL OF MANAGEMENT 14n White Ichalrl Colln Rawllng ITreasurerl Ruth 8riddock (Secretary) Heather CJrn*r¢n SECREfARY Ruth 8Tkldock REGISTERÉD OFRCE Thornlelgh The Esplan•de Gr•n8trovef-Sands Cumbrla LAII 7HH ACCOUNTANTS R F Mlller & Co Doubletree Court IOA Cavendlsh Street v￿e1$ton Cumbr1• 12 7AD 8ANKERS The Co-operatlve Bank plc PO Box 250 Skelmergdale WN8 6WT Natwest Busln•ss 8anklng Bu￿ne$S Banklng Kendal 10 Elephant Yard Kendal Cumbrla LA9 4GS Barclay Bank UK pl¢ Lelcester LE87 28 c￿PANymUmBEA. 826993 Eryknnd •nd W•les CHARifi NUMBER: 244075 HIGHWAY TRUST LIMITED (a reilstered charlty and a compary Ilmlted by w¥anteel Reports and flnanual 5tstements forthe year ended 31 December 2025 TRUSTEES, REPORT The Trustees, who are also dire¢tOfS of the Charity for the purposes of the Companies Act, present their annual report and the unaudited financial statements for the year ended 31 De¢ember 2025. The financial statement5 hav* been prepared under the historical ¢ost convention, modified to include the revaluation of ￿rtain fixed as￿$. and in accordance wlth acceptable accounting policie5. The financial statements haNp been prepared in accordance with the Statement of Recommended Pradlce ISORPI, "Accounting and Reporting by CharSties" issued in October 2019 and ihe Financial ReportinR Standard 102 leffectlve January 20191 and applicable accounting standards. OBJEcfs OFThE CHARITY, PRINapAL AcfMllES AND ORGANt5ATION The Charitv Is constbtuted a5 • comp•ny Ilmited by guarantee. and is therefore ioverned bv Memorandum and Articles of Assocl•tlon. The Highway Trust grew out of an Advi50ry Coun¢ll representing Anglican. Methodist ènd Free Churches. They were incorporated in 1964 to provide facilitles for the advancement of the Christlan religlon initially through Hiihway Holidays which they had brought Into beln8 some two years e•rller. Over the years our act￿￿5 h•vt been conslstently •pplled to thls effect. In plannlng our artlvltles for 2025 we have taken Into conslderatk4n the Ch•rfty Comm1551on's guldance on publit beneflt, and specifically the guidance for the advancement of feli810n. On a regular basis the Trustees re￿eW our charitable ¢bject and mission statement. Our Charitable Object is: To further the Christian faith. To encourage Christian action and mission. To promote the tause of Christian Unity. Our mlsslon ststement Is: To pro¥Mle a unique Christian dimension io holidays and hospltallty. and reach out to others through social action and mission. to the glory of God. In the past we have performed our Misslon Statement in a number of ways but we have in the last few years foCu￿ed on seeking to give glory to God through offering travel and h05Pltalitv including opportunities for rest and recuperation in a Christian hotel. Thornlei8h Hotel (referred to as'Thornleigh' or'the hotel. hereafterl. More details on our activities in 2025 are given below. The Highway Trusys Trustees are not pald in any way. HIGHwAYTRUSTUM￿ED (a reglstered charlty and a company Ilmlted by 8uarartee) Reports and flnandal st•tern•nts for the year ended 31 De¢ember 2025 TRUSTEE5' REPORT contlnu•d DEVELOPMENT. AcnvmES AND ACHIEVEMENTS IN 2025 The HlqlA¥ayTrust Having re8ained some of the lost ground follo*yngthe 2020 Pandemlc, In 202S the Trustees have continued to work to strengthen its operation. In particular, they have commrtted themselves to plvotlng ihe work of the Trust further to its mission statement by initlatlng plans to introduce a Grants for Mission scheme to en83ge and support youn8 people. Throu8hout 2025 Hlghway Trust has been able to operate a full pro8ramme at Thomleigh, akhough glven the nature of the operation and the customers we appeal to, our full potentlal 15 stlll to be met. We have endeavoured to exceed both our customers. needs and wishes through enhanced cleaning and carrying out any ￿her tasks that would ensure customers book and 5ub5equently enjoy their stay. Thornlelth Hot•1 The Highway Tru# has operated Thornlei8h Since 1973. Its Inltial objecl was to pr¢)vlde "evan8elism throu8h leisure" for those in the Christian faith. and this remains rts object today. In the early years, house parties came to Gran8e￿er-SandS to enjoy reasonably-priced holldays with like-minded people. The accomMod￿10n was fairly basic, as was the provision of food. In contrast. the current facilities at Thornleigh are excellent and all the bedrooms are ensuite. The foodfjs sourced locally and cooked fresh each meal. Cafeful planning of the menus 8ives a variety of whole50me meals, a highlight whilst staying at Thomlei8h. Large parts of the hotel are easily accessible for guests and visitors With mobility i55ues, includin8 the 8arden at the front of the hotel. Thornlel8h Is metkulously clean and the attention to detail is dear for all to see. The lounges have dffFerent Styles of seating to suit all guests. The rooms are clean and comfortable for 8uest5 to ￿ lax in and admire the view, or simplyio chat with other guests. As well as the Individual en4ulte rooms, a space Is available on the ground floor which 8ue5ts can use for quiet time5 HIGHWAYTRUST UMITED (a re8lstered charlty and 4 company Ilmtted by I￿Antee) Reports and flnandal ststements for the year eTrd￿ 31 Dec•rnber 2025 TRUSTEES. REpoKf contlnued There are four bedrts)ms on the 8round floor that give accets suitable for disabled guesis and the1È5S able-bodied. One of the ground floor bedrooms has been refurbished to be fully accessible. A passenger lift enables guests to conveniethly reach the upper fl￿1$ in the main part of the hotel. A loop system has been installed at reception and in all public ri)oms to help those whh impaired hearln8. In addition, a 'deafguard' is available to enable 8uests wlth difflculty in hearing to be awakened should the fire alarm be sounded during the night. Trained a5s151ance dogs are perrnitted. Such addltlonal ass1Stance makes Thornleigh welcomin& inclusive and accessible for a wide range of people. Overnight cover, with a trained first4ider, 8ives all guests peace of mind. The Thomleigh management 15 committed to providing a personal and caring service to it5 guests. Thornlelgh 8ive5 the opportunlty to loln wlth people of similar interests whi15t on holiday. They feel safe and amongst friends due to the family atm05phere of the hotel. We have many elderly gue5tS who are holidaying alone for the first time and we offer the space they need. Meals are served in a family Style and. on request, all special diets can be catered for. The kitchen 15 maintained to the hlghest of standards and is awarded ihe top 8rade of fNe stars by the Environmental Heath Officer. The programme c¢)ntains many holldays that offer community artivities and devolions at the end of the day. Although standards are comparable to a middle grade hotel. Ihe tariff remalns at an affordable level and any profbt is re-lnvesled either into the fabric of the premlses or Into 5UPPOrtlng the work of the Hlghway Trust. Thomlel8h is a non-profit makin8 establishmert. Our employees at Thomlel8h are encouraged to maintaln the highest Standard5 expected - whlch can sixnetimes be challen8in8- but we strive constantly to build a safe and caring workin8 environment for employees who may feel vulnerable about the workplace. We actively encourage and support our staff in personal and professional development, includlng supporting further qualifications. Thornlei8h currently offers many Speclal Interest and Theme Breaks to indNiduals who enjoy lakin6 part In particular activitles: CreatNe Writin& Walkin& Enjoyin8 Music. Gospel Singin81 Bible Study Weeks, Fellowship Holidays. Craft and Knittin& Painting Tuition, Genealogy, Church Visits and explorlng the nearby Lake District by Coach. Guests can also come and just relax and find the space they need. Church partie5 use the hotel for weekend conferences. church holidays. one4ay events, retreats or clerical and lay training days. Thornlei8h provides local groups in the town, both religious and secular, with a place to meet. These include a monthly lunth for A8e UL provided at a reduced cost. and a monthly luncheon dub. HIGHWAY TRUST UMrrÉD (a re81stered charlty and a company Ilrntted by guarante•l Reports and financial statem•nts for the year ended 31 December 2025 TRUSTEES, REPORT conllnued The htheS started a Development Fund in 2017. to receive donations including those from guests and from the Frlends of Thornleigh Hotel. This Fund was created to assist in the planned rnulti-year refurbishment of the Hotel. As at 31 December 2025 we have continued to focus on other public areas, refurbishing a number of our bedrooms including making one fully accessable, along with upgrading slaff accommodatlon we have on site. The hotel also has a Bursary Fund which can provide granls to selected guests who. for various reasons, cannot afford to come on holiday. Nominations for grants are received from thlrd parties, and the fund dlstrlbuted on the basis of need alone, in strict tonfidence. The fund is available for partial, and sometlmes. full payment of the net value of the beneficiarfs Stay. The fund Is also avallable to provlde fLTrndin8 for speclallst equlpment that would be requlred for an Indlvidual or gTOUP to have a more fulfilling stay. sudi as rental of a wheel chalr access6ble minbus. Durin8 2025 support continued for many local and national charitles. Fund-raislng was undertaken for.. Chrlstlan Ald. Water ￿￿, Marle Curle. NCH Actlon for Chlldren. NSPCC 4e UK, FIX the Fells. Woodland Trust, Embrace and Gran8e-over-Sands community planting. Thornlei8h is committed In workln8 respon￿blY to help the local envlronrnerrt,. we were the first buslne55 In Grange to eèm the Love my Beach certrficale whith15 awarded to local buslnesses that adopt ec responsible practlces and support local envlronmental InftlatNes. TRAN&4cnoNS AND FINANCIAL POSITION The Statement of Financial Attivities shows a net deficlt for the year of £2,55512024 deficit of £8,2S81 from ordinary activities. Total funds stand at £1.474.51812024 £1,477,0731 at the year end. TANGIBLE FIXED ASSETS FOR USE 8Y THE CHARtTY Details of movements in fixed assets are set out in note 5 to the account5. The freehold land and buildings were valued on 31 March 2023. The Trustees consider that this valuation refiects their value as at 31 December 2024 and so the freehold land and buildin8$ have been Induded in these financial Statements at thls value. The Trustees conslder that the value of all other assets exceed the value they are included In the flnanclal statements. HIGHWAYTRUST LIMITED (a reglstered charlty and a company Ilmited by 8uarante•) Reyts and flnandal statements for the ye•r end•d 31 December 2025 niusTEES' REPORT c(#rtlnued RESERVES AND RISK MANAGEMEiir During 2025, the hotel ha5 been open in line wlth Its usual schedule, and is now oper*ing at previous levels of occupancy. The hotel has found it drfficutt to retain and recruit staff, but the hotel is dolng all it can to ensure staffing levels remain approprlate. to meet the hotels high levels of customer experience and service, whilst maintainin8 excellent value. We will Continue to review the staffing srtuation and our underlying financial position, allowin8 US to support continued a¢tNities at Thornleigh Hotel. the Charity, subsidiary activities, and the other charbtable objects of the Charity. and therefore the Trustees consider the financial position of the Charity to be satisfactory. The Charity h45 £1,470,979 of unrestricted funds at 311)ecember 2025. The TNstees actlvely review as part of their regular boanl meetings all potential areas of risk faced by the various arms of the Charity. Procedure5 are in place to identify and mitl8ate risks arising from adverse conditions. DIREcfoKs ANO TRUSTEES The dlrectors of the company are the members of the council of man•8ernent, whose names appear on page 3. All direclors are also Trustees of the Charity. The Trustees are not paid in any way. TRUSTEES, RESPON￿alU￿Es IN RELATION TO THE FINANCIAL STATEMENTS Company law requlres the Trustees to prepare financial staternents for each financial year whlch 8lve a true nd falr vlew of the state of affairs of the Charlty at the end of the financial year and of surplus or defic 5elert 5ultable accountlng pollcies and then apply them c<￿51StentIV,. make judgements and e5tirnate5 that are reasonable and prudent.. Slaie wh￿her applicable attounlin8 standards have been followed, subject to any material departures disclosed and explained in the financial statements. prepare the financial Statements on ihe going concern ba51S. HIGHWAYTRUST UMrrED la reulstered charlty and a company Ilmlted by 8uar•ntee) Reports and flnandal statements for the year ended 31 Decembw 2025 TRUSTEES. REPORT contlnu TRvsfEES' RESPONS181LrriES IN REiATIOP4 TO THE FINANCIAL STATEMENTS ¢onilnued The Trustees are re5pon5ible for maintainin8 proper accounting records which disclose with reasonable ac¢ura¢y at any time the financial posFtion of the Charty and enable them to ensure Ihat the financial statements comply with the Companies Act 1985. They are 4150 re5ponslble for safe8uarding the assets of the Charily and hence forlakin8 reasonable steps for the prevenllon and detertion of fraud and other irregularltles. Slgned on behalf of the Coundl of Management i aolL R Briddock- Company Secretary Date approved bythe Councll HIGHWAY TRUST UMrrED (a rqlstered tharlty and a comp￿¥ Ilmlted by ￿ar•rtee1 Reports and flnandal statements for th• qnded 31 December 2025 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HIGHWAY TRUST LIMITED I report on the accounts of Highway Trust Limited for the year ended 31 December 2025. which are sel out on pages 12 to 19. Respertlve respondbllltl•s of trust••s and •xamln•r The trustees (who are also directors of the company for the purposes of company law} are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year nder section 144121 of the Charities Art 2011 (the 2011 Act) and that an independent examination Is needed. The charlty's gr05s Income exceeded £250,000 and l am qualitied to undertake the examination belng a qualrfled member of the In5tbtute crf chartered Accountants In England and Wales. Havlng Stat15fied myself that the tharlty Is not sublect to audit under company law and is ell8ible for independent examination. it Is my responsibility to: examine the accounts under section 145 of the 2011 Acl: to follow the procedures lald down In ihe general fArectlons glven by the Charlty Commisslon under sectlon 14515llbl of the 2011 Act: and to 51ate whether ￿rtICular matter5 have Come to my attentlon. of Ind•p•nd•rt •xamln•r'$ Mport My examlnatlon was carrled out in accordan￿ with the general Directions given by the Charity Commisslon. An examlnatlon indudes a review of the accounting records kept by the charity and comparlslon of the accounts presented wfth those records. It a150 include5 consideration of any unusual iterns or disclosures in the accounts. and seeking explanations from you as trustees concernlng any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit. and consequently no opion is given a5 to whether the account5 present a "true and fair view. and the report is limited to thi)5e matters set out in the ststement below. io HIGHWAY TRUST UMrrED (a re8lstered charlty and a cornp￿ Ilmlted by warantse) Report$ *nd flnanclal statsments for the year •nded 31 December 2025 INDEPENDENT EXAMINER'S REPORTTO THE TRusfEES OF HIGHWAY TRUST UMFfEO Independ¢nt ex•rnlntr's statsment In connectlon wlth rny examination. no matter has come to my attention: 111 which gives me reasonable cause to believe that in any material respeL1 the requlrements: to keep accounting records in accordance w4th section 386 of the Companies Art 2006,. and to prepare accounts whlch accord wtth the accounting records, comply with the accounting requirement5 of section 396 of the Companies Art 2006 and with the methods and prindples of the Statement of Recornrnended Practlce: Accountln8 and Reporting by Charities have not been rnet; or 121 to whlch, In my opinion, attenilon should be drawn In order to enable a proper understandlng ol the accounls to be reathed. Anita Brook On behalf of li H￿HwAyTRL￿ UMtfED {• r•tst•r•rt th•rlty •ftd • (ompany Ilmlt•d bywJmnt••l R•ports•nd flnand￿ rt•t•m•nts forth• y••r qnd•d 31 DK•mb•r2025 St•t•m•nt of flnmneknl •cll¥lll•s Tot•1 Totsl 2024 INCOMING RESOUR Intarn• •nd •ndo¥nn•nts fvom pn•rnt•d funds Don4tlons and l•8ades 59 3.936 7,140 Income Irom Inb*stments In¢om•from th•rll•bl• •¢tlTAII•s Charges to guests- Thornlelgh Hot Other Incom• 536,991 16.423 536,991 26.483 502.841 6,183 iowi TOTAL INCOME AND ENI>OWMENTS 13,937 553,473 567,410 516,164 EXPENDITURE ON Expendlture on thiritsbl• ad¥ltl•s Thornlel8h hotel 13345 545,543 558,888 514,983 Trust 350 Gov•rn•nce costs 2.Q17 2,CK17 1.933 Other expendlture Int•r•st 8.669 8,669 7,156 TOTAL EXPENDITURE 13J45 556,620 569.965 524.422 N•t Ints)m• I l•xp•ndltur•l 592 13,1471 12,5551 18,2581 OThER GAINS AND LOSSES Transfer b•￿ten res•rves 12.3191 2,319 C•plt•lls•d durfn8 ye•r Galn on revalu•tlon ol assets movem•ni In funds li.n71 18281 12,5551 18,2581 B•l•n¢es brou8ht fonw•rd •t l J•nu•ry 2025 5265 IN71,W8 1.477.073 1.485.331 8alanc•s carrfed fc¥ward at 31 Decwnbw 2025 3539 1,470,979 1,474,517 1,477,073 The Ststement of Finandal Actfvltles Includes all galns and losses reco8nlsed In the year. The notes on pa$￿ 14 to 19 forni wrt of these fin•nd•l ststements. HIGHWAYTRUST UMITED (• vtdstered ¢h•rlty4nd • ￿p•Try Ilmlw bY￿r￿￿teel 2025 2024 FlXtDASSETS Tan￿bI• a55ets I.EOI.751 1.60700) CUItRtNY ASSTS Stock Debtuws Cash at bank and In hand 2,784 22,69? 152.658 178,139 27.183 134.915 cItEDITOIIS'. •mountsf•lllr4du• wtthkn or• ¥ur IIC6.729 1105J871 NET CURRENT LSS .177 72,752 TOTALA$5Efs LESS CUFtRV4T LIAoiunEs 1,661,928 1,680,552 cR￿lToRs.. 4ffl0urrt•f•l¥rqdu• rnor• th•n 1187,410i 1203.4791 NET ASSErs 1.474.518 1,477,073 INCOME FUNDS R￿tr1ded lunds Unr•strlrt•d fund5 TOTAL FU140S 3.539 1,470,980 1.474.518 5,265 1,471,81 1,477,073 For tho year •nded 31 D•cembqr 2025th• lo•xemptkni from iudtt settkn477 of th•Companles Aci 2C r•l*tln8 ta small tomp*fi￿$. Dlr•ctor5' ro5pon51bll1t￿S= The mÈmbers have not ￿quIred the comparty to obtain in 01115 acwuntsfortheyear In questkin In xcordance wtth 5ertlon 476-, and The dlrertor5 aeknor4v￿d4e thelr rtponslbilkitsfoitomptyir4wtth the requlrtmutts ofthe Act wfth respect to ac¢ourtlr rocord5 and the prepa11t￿n of accourrts These flnanclal stattments havo be*n prep*r•d In *ctothnt•wiih th•specI￿ app1*4b￿ to compafi1•55ubJea to th• Small companles re*me. These flna*tl*l statemeftts w•rt*ppiov•d bY1￿tI￿￿ees *nd I￿1￿15ed10l on and are sl8ned on their behalf b¥.. lan Whh• Ichalrl The nDtq50n pa8•$ 14to 19 fomi part of thÈsÈ Nmnualstatemerts. HIGHWAY TRLsf UMrrED {• rn*t•r•d th•rfty •nd • ¢¢)mp•ny Mmlt•d Not•s toth• fln•n¢l•l stst•m•Dtsf•rtr*y•nd•d 31 D•r•nknr 2025 Accou￿nN6 POLK*S I•￿S ofknuntl The Itnanclèl st3terMnts h•w be•n p￿￿red Ur￿eT the hlslorkal c05t con¥•nUon, modlfl•d to [￿lUde the rev41uation ol certaln flxed assets, and In ¥¢cordance wlth acceptsble &countln8 poll¢￿& The fflnanclal statements have bt•n prep•ied In K¢oYd•nce wich the Statement ol Recornrnended PfXtl¢e ISORPI,'A¢countlng and ReportlnK bv Char5tles" Issued In October 2019 and the Financ141 Report(n8 St•nd•rd 102 leffectr¥eJaTruary 20191 and appllcable •¢countln8 Star￿￿Td5. The Charhy has avoll•d its•Nol P•r•8rnph 4111 olsehedule l of the CompanlesArt 2rJ)6 and •Oopt•d the Compan￿9 Actformat5to reflertth• swdal r￿re ofthe CharW5 Klfvltle Th• Iln•n¢l•l st4t•rn•fits do not Include •c•5h flow ststement b•¢•us• th• comp•ny, •5 • srnall repDrtfni entlty. Is exempt Irorn the requlfernent to prepa￿ suth • st•t*m•nt under the Fln•Tr¢lal ReportlniSt•ndord 102 l*ffèctlve January 20151. Cornp•ny The Ch•TIty Is • ¢omp•ny Ilrnltsd byiu•r•ntse. Th ff*rnbers ofihe cornpwry •r• th• trust•es, r*•med on pue 3. In the ewnt of the Charfty b•ln¢wound up, th• Il•bllty In resp•rt of tho iuar4ntee Is Ilmrted to £1 per m•mb•rof th• Charlty. fjolrrfMnMrn Th¢ trustees ho¥e concluded that it Is •ppropr￿* to pr•p•r• •c¢ounts on the qotr+i Con￿rn baslsisthé Ch•rlty wlll have adequate cash resources •nd Iln•rKl•l proJ•ffllofis Indl¢•te th•t the Ch•rlty wlll cor*tlnue to trade wlthln hs •xlrtln8 and ne8otlated bank f•£llhl• Fund act0￿￿ Gener•1 funds •re unrestrkted fundswhlch ar• w451able for It th• dIS¢r•￿0￿ 01th•trust￿ In fvrth*rln￿ of th• leneral oblectlves of the Charfty which h•¥e not be•n desi¢n•tsd for other purpms. ReslTI(ted funds are fvnd5 whlch •r• to b• us•d in x¢ord•fiu wfth spocifl¢ T¢Strfctlons Imposed by donors or whlch h•v• be•n ralsed by th• CharRy for p•rti¢ul•r purpo￿. The cost ol raSslng and ￿rnIn1ster[nI Such lunds ar• ¢harK•d agal￿1 th• sp•¢lfi¢ lund. Th• •lm and of ••ch rw¢rfrt•d fvnd lsset out In the note5 to th• flnan¢lal st•t•m•nts. Governance costs are the costs aSSOtiated with th• 8ovem•n¢• •rr•npm•nts of the Ch•flty Includlng accountaThcv ¢4thS •nd the n¢¢¢s￿ry le8•1 proteduresfor compllance wlth statutory requiTernents 14 HI¢JIwAYTrU￿UMITm1 Tarylbl•flx•d 4swts•ThJ ￿•￿•d&￿￿ TanlN•flxod ass•tsare stated at¢051 le55 depr￿0￿￿ Ctxt rwttonts ￿￿th￿sePr*ef0vth*rk￿th1rtV IrKldthtal c05tsfo aCqU15itbn. ￿piÈt￿3￿￿) is pfoTrAded. aftertakin8•cC+￿rt0f￿ny￿tyts1￿t1W￿1e. •tthefc41(Y•JiryJnrn￿l r•te5 Inordertovrtlte (af t•ch •Is￿0ver its tttirnated ￿tfi1 lrfe.. FreelK>hl bdldiw-ItrAwnW Fkntol nt Jnd eqiipment hxture5andfittln Offite tyuipment •nd fvmttur• - builthnpc05t - ?5%￿ i*knlngba¢ar*e The l•ndeIEm￿I o1thtfrwtr￿d l•ndand b￿l￿rIS dppre£l•t• eelKJld •Dd bthlth4% aTl*Kh]d￿1nthtrX¢cAffl% al*Al￿balld￿ tk con%lstsofpurthas•d •iodsfN ieule. C05tr•pie5rtpwth•st ptrke tr4*her irry knud•ntal costs of 1cqu15lth￿, Stock Is ¥•lue¢•r ¢helwer ￿cLot￿nd netiul&s•blewluE. r•s11• (Y d¥tnbutiL¥iarenc4 knduded Inth•fih•n¢i•l st•t*wts untll they•r• s