Acorah Software Products - Accounts Production 19.1.200 false true 31 October 2024 1 November 2023 No description of principal activity true 1 November 2024 31 October 2025 31 October 2025 NI053517 Mr Kevin Le Quesne Mr Kevin Le Quesne Mr Andrew Nelson Mr Robert Mc Cormac 102397 false true true true true false Charitable Activity Raising Funds true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure NI053517 frs-core:Non-currentFinancialInstruments frs-core:BetweenOneFiveYears 2025-10-31 NI053517 2024-10-31 NI053517 2025-10-31 NI053517 2024-11-01 2025-10-31 NI053517 frs-core:Non-currentFinancialInstruments 2025-10-31 NI053517 frs-core:MotorVehicles 2025-10-31 NI053517 frs-core:MotorVehicles 2024-11-01 2025-10-31 NI053517 frs-core:MotorVehicles 2024-10-31 NI053517 frs-core:PlantMachinery 2025-10-31 NI053517 frs-core:PlantMachinery 2024-11-01 2025-10-31 NI053517 frs-core:PlantMachinery 2024-10-31 NI053517 frs-char:CharitableCompanyLimitedByGuarantee 2024-11-01 2025-10-31 NI053517 frs-bus:FullAccounts 2024-11-01 2025-10-31 NI053517 frs-bus:MediumEntities 2024-11-01 2025-10-31 NI053517 frs-bus:Medium-sizedCompaniesRegimeForAccounts 2024-11-01 2025-10-31 NI053517 frs-bus:Medium-sizedCompaniesRegimeForDirectorsReport 2024-11-01 2025-10-31 NI053517 frs-char:TotalUnrestrictedFunds frs-core:Non-currentFinancialInstruments 2025-10-31 NI053517 frs-char:TotalUnrestrictedFunds 2024-10-31 NI053517 frs-char:TotalUnrestrictedFunds 2025-10-31 NI053517 frs-char:TotalUnrestrictedFunds 2024-11-01 2025-10-31 NI053517 frs-char:UnrestrictedFundsGeneral 2024-10-31 NI053517 frs-char:UnrestrictedFundsGeneral 2024-11-01 2025-10-31 NI053517 frs-char:UnrestrictedFundsGeneral 2025-10-31 NI053517 frs-char:IndependentExaminationCharity 2024-11-01 2025-10-31 NI053517 frs-bus:CompanySecretary1 2024-11-01 2025-10-31 NI053517 frs-countries:NorthernIreland 2024-11-01 2025-10-31 NI053517 frs-char:Trustee1 2024-11-01 2025-10-31 NI053517 frs-char:Trustee2 2024-11-01 2025-10-31 NI053517 frs-char:Trustee3 2024-11-01 2025-10-31 NI053517 frs-char:Activity1 2024-11-01 2025-10-31 NI053517 frs-char:TotalUnrestrictedFunds frs-char:Activity1 2024-11-01 2025-10-31 NI053517 frs-char:Activity2 2024-11-01 2025-10-31 NI053517 frs-char:TotalUnrestrictedFunds frs-char:Activity2 2024-11-01 2025-10-31 NI053517 frs-core:Non-currentFinancialInstruments frs-core:BetweenOneFiveYears 2024-10-31 NI053517 2023-10-31 NI053517 2024-10-31 NI053517 2023-11-01 2024-10-31 NI053517 frs-core:Non-currentFinancialInstruments 2024-10-31 NI053517 frs-char:TotalUnrestrictedFunds 2024-10-31 NI053517 frs-char:UnrestrictedFundsGeneral 2023-10-31 NI053517 frs-char:UnrestrictedFundsGeneral 2023-11-01 2024-10-31 NI053517 frs-char:UnrestrictedFundsGeneral 2024-10-31 NI053517 frs-char:Activity1 2023-11-01 2024-10-31 NI053517 frs-char:Activity2 2023-11-01 2024-10-31
Company registration number: NI053517
Charity registration number: 102397
River Bann And Lough Neagh Association Company - The
Trustees' Report and
Unaudited Financial Statements
For The Year Ended 31 October 2025
TNCA Ltd T/a Nugent Chartered Accountants
33b Church Street
Antrim
Co. Antrim
BT41 4BE
Contents
Page
Trustees' Report 1—5
Independent Examiner's Report 6
Statement of Financial Activities (including Income and Expenditure Account) 7
Balance Sheet 8—9
Notes to the Financial Statements 10—18
Page 1
Trustees' Report
The trustees present their report and the financial statements for the year ended 31 October 2025.
Objectives and Activities
Aims and Objectives
The Company is established to promote the River Bann and Lough Neagh (hereinafter referred to as the 'area of benefit') for the benefit of the inhabitants of Northern Ireland (hereinafter referred to as 'the beneficiaries') without distinction of age , gender , disability, sexual orientation, nationality, ethnic identity, political or religious opinion, by associating the statutory authorities, community and voluntary organisations and the inhabitants in a common effort to advance education, and to provide facilities in the interests of social welfare for recreation or other leisure-time occupation, with the object of improving the conditions of life for the said inhabitants and in particular: 
a) to provide or assist in the provision of facilities in the interests of social welfare for appropriate recreation and leisure time occupation commensurate with the activities described above:
b) to advance public education in environmental and heritage matters in the area of benefit and the ways of
sustaining, conserving, protecting and improving the same.
For over 40 years the River Bann and Lough Neagh association has been involved in promoting the river and the lough and ensuring this important waterway is used properly without being spoilt. The association can trace its roots back to 1962 and came into existence officially in 1964 because of the threat of closure of the River Bann navigation between Toomebridge and Coleraine. Its aims and objectives are to preserve and promote the amenities of the Bann and Lough Neagh, their tributaries and associated waterways. The fact that navigation is
still possible between Toomebridge and Coleraine is due to the efforts of many people, but without the work of the RBLNA it is quite likely that navigation would have ceased to exist years ago. We have held many annual boat rallies over the years. The Association has produced a pilot book, a guidebook and helped with the production of a safety guide of Lough Neagh. RBLNA also organises boat rallies, environmental cleanups, canal walks, talks on a wide variety of topics, visits to places of interest to members and hosts visits to the System. In 2005 the RBLNA formed a company and signed a 30-year lease from Lord O Neill for Rams Island. In 2007 the company was recognised as a Charity by H M Revenue and Customs. At the moment and in the past, we have had no paid staff and all work administrative and hands on is done by volunteers. Rams Island Heritage Project volunteers have fundraised in excess of £300,000.00 for Capital Projects on the island such as building a new jetty, providing an interpretive centre, and providing a ferry boat. The physical work for these individual ventures was undertaken by volunteers. The project has a small team of committed individuals. The project focuses on environmental restoration of the island, enhancing habitat for wildlife and creating safe and free public access to the island.
Public Benefit
Since 2005 groups of volunteers from the River Bann and Lough Neagh Association Company have been working on Rams Island to make it accessible and attractive to the general public. The development on paths, walkways, a floating Visitors' Centre, wild camping area, poultry and duck enclosures, an excellent jetty and a ferry service are the results of our endeavours. Nearly every weekend, volunteers are working to maintain, repair and extend these facilities further. With minimal publication and steadily increasing we now welcome around 8,000 visitors of all ages, abilities/disabilities, creeds (or none) annually. Some come on the Ferry, many under their own steam. Some come for the novelty of travelling to an island, others to explore its sizeable area and perhaps have a guided tour and learn something of its human and natural history. Refreshments are available to all and except for a nominal charge to cover ferry costs everything is free, although a donation box is available to anyone who wishes to aid the project financially. No one benefits financially or receives any 'perks'
for their labours apart from the satisfaction of seeing a voluntary job well done. The River Bann and Lough Neagh Association Company regularly organises volunteer litter lifts around the shores and invasive species removal , these benefit the wildlife and visitors.
The project is unique in Northern Ireland, and the directors and volunteers are enthusiastic in their commitment to maintain and develop it further.
...CONTINUED
Page 1
Page 2
Public Benefit - continued
Members of the public who care to avail themselves of a visit to Ram's Island will not be disappointed - at least that is what thousands of previous visitors have said! Should they go for a ferry ride, a walk around the island, a guided tour encompassing its history, talks on ecological balance and conversation or just a cup of tea and a chat in its well-found Visitors Centre (barge) they will find it a refreshing and invigorating experience. as a get-away-from-it-all destination it is unique. As a world for children(of all ages) to explore it is filled with
mystery. As a social venue it is unsurpassed. As a place for reflection, it is limitless. the Directors believe that a visit to Rams island is a great tonic . everyone is welcome - and it is free! A visit to Rams Island may last a few hours or a few days. It may be done individually or a part of a group. It may be a fixed programme or laissez-faire agenda. It may be part of a celebration or for a time of quiet reflection. Whatever your reason to visit, Rams Island will not disappoint. Thousands of visitors over the past ten years will testify to this! The trustees confirm that they have complied with the requirements of the Charities Act (Northern Ireland) 2008 to have due regard to the public benefit guidance published by the Charity Commission for Northern Ireland.
The trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit.
Achievements and Performance
Main Achievements
During the period 2024/2025 we have continued to maintain Rams Island and have recently refurbished our boat the “Island Warrior”. We have recently installed a more robust metal roof on our glamping pod and are currently cleaning and repainting the exterior.
We continue to take people out to the Island to enjoy the peace and tranquillity that it has to offer, be it work parties made up of willing volunteers or people wishing to visit for the day or camp overnight.
We have also attracted some small grants to facilitate projects carried out on the Island by our volunteers, and received an award by Live here love here for the volunteer work carried out on the Island on a regular basis.
Financial Review
Financial Position
During the year total income received was £16,608 (2024: £14,270) income consist of donations, grants and income for books sales, boat charters, camping and charity events - see Note 3 page 10.
Expenditure for the year amounted to £15,841 (2024: £13,462), expenditure consists of charity expenditure which is outlined Note 6 page 11.
Other costs consist of costs of raising funds, these consist of advertising, barge expenses, book production and stationery costs.
At the beginning of the year, opening unrestricted reserves were £8,955 the net movement on funds during the year was £767 leaving a closing unrestricted balance of £9,722.
Structure, Governance and Management
Page 2
Page 3
Governing Document
Objectives and policies
The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.
Cash flow risk
The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures. Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.
Credit risk
The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments. The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance. Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.
Reference and Administrative Details
Trustees
Mr Kevin Le Quesne
Mr Andrew Nelson
Mr Robert Mc Cormac - Chairman
Company Secretary
Mr Kevin Le Quesne
Charity Number
102397
Company Number
NI053517
Registered Office
3 Hillview
Antrim
Antrim
Page 3
Page 4
BT41 2BT
Independent Examiner
Teresa Nugent Chartered Accountant
TNCA Ltd T/a Nugent Chartered Accountants
33b Church Street
Antrim
Co. Antrim
BT41 4BE
Page 4
Page 5
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The trustees' report was approved by the board of trustees and signed on its behalf by:
Mr Kevin Le Quesne
Trustee
Mr Robert Mc Cormac
Trustee
20/07/2026
Page 5
Page 6
Independent Examiner's Report to the Trustees of River Bann And Lough Neagh Association Company - The
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2025.
Responsibilities and Basis of Report
As the charity trustees of the Company (and also its directors for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent Examiner's Statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
  2. the accounts do not accord with those records; or
  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination; or
  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Teresa Nugent Chartered Accountant
20/07/2026
33b Church Street
Antrim
Co. Antrim
BT41 4BE
Page 6
Page 7
Statement of Financial Activities (including Income and Expenditure Account)
2025 2024
Unrestricted funds Unrestricted funds
Notes £ £
INCOME AND ENDOWMENTS FROM:
Donations and legacies 10,036 9,716
Other trading activities 3 6,572 4,554
16,608 14,270
EXPENDITURE ON:
Charitable activities: 5
Charitable Activity (12,318 ) (10,684 )
Raising Funds (3,523 ) (2,778 )
(15,841 ) (13,462 )
NET INCOME 767 808
NET MOVEMENT IN FUNDS 767 808
RECONCILIATION OF FUNDS:
Total funds brought forward 8,955 8,147
TOTAL FUNDS CARRIED FORWARD 14 9,722 8,955
The notes on pages 10 to 16 form part of these financial statements.
Page 7
Page 8
Balance Sheet
2025 2024
Unrestricted funds Total funds
Notes £ £
FIXED ASSETS
Tangible Assets 9 927 1,159
927 1,159
CURRENT ASSETS
Stocks 10 5,600 5,600
Cash at bank and in hand 10,026 9,619
15,626 15,219
Creditors: Amounts Falling Due Within One Year 11 (385 ) (977 )
NET CURRENT ASSETS (LIABILITIES) 15,241 14,242
TOTAL ASSETS LESS CURRENT LIABILITIES 16,168 15,401
Creditors: Amounts Falling Due After More Than One Year 12 (6,446 ) (6,446 )
NET ASSETS 9,722 8,955
FUNDS OF THE CHARITY
Unrestricted Funds 9,722 8,955
TOTAL FUNDS 14 9,722 8,955
Page 8
Page 9
For the year ending 31 October 2025 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
On behalf of the board
Mr Kevin Le Quesne
Trustee
Mr Robert Mc Cormac
Trustee
20/07/2026
The notes on pages 10 to 16 form part of these financial statements.
Page 9
Page 10
Notes to the Financial Statements
1. General Information
River Bann And Lough Neagh Association Company - The is a company limited by guarantee, incorporated in Northern Ireland, registered number NI053517 and registered charity number 102397 . The registered office is 3 Hillview, Antrim, Antrim, BT41 2BT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The charitable company is a Public Benefit Entity as defined by FRS 102.
2.2. Incoming Resources
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Grants receivable 
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Reducing Balance
Page 10
Page 11
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the statement of financial activities. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the statement of financial activities.
2.5. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
3. Income from Other Trading Activities
2025 2024
Unrestricted funds Unrestricted funds
£ £
Other Trading Activities - Book Sales 245 213
Other Trading Activities - Boat Charters 480 370
Other Trading Activities - Camping 4,794 2,840
Other Trading Activities - Charity Events 1,053 1,131
6,572 4,554
4. Net Income/(Expenditure)
The net income is stated after charging/(crediting):
2025 2024
£ £
Depreciation of tangible fixed assets - owned 232 880
Page 11
Page 12
5. Analysis of Expenditure
2025
Activities undertaken directly Support costs
(see note 6 )
Total
£ £ £
Charitable Activity - 12,318 12,318
Raising Funds 3,523 - 3,523
3,523 12,318 15,841
2024
Activities undertaken directly Support costs
(see note 6 )
Total
£ £ £
Charitable Activity - 10,684 10,684
Raising Funds 2,778 - 2,778
2,778 10,684 13,462
6. Support Costs
2025
Charitable Activity
£
Premises expenses:
Cleaning 259
Insurance. 2,056
General administration:
Biodiversity 58
Jetty Expenses 1,864
Boat Running Expenses 3,185
Berth Fee 1,025
Event Expenses 1,091
Volunteer Expenses 1,536
Independent examiner's fees 780
Professional fees 150
Charitable donations 50
Depreciation:
...CONTINUED
Page 12
Page 13
Depreciation of plant and machinery 232
Interest payable:
Bank charges 32
12,318
2024
Charitable Activity
£
Premises expenses:
Cleaning 319
Insurance. 1,853
General administration:
Biodiversity 437
Jetty Expenses 2,414
Boat Running Expenses 1,849
Berth Fee 1,025
Event Expenses 309
Volunteer Expenses 786
Independent examiner's fees 780
Depreciation:
Depreciation of plant and machinery 880
Interest payable:
Bank charges 32
10,684
7. Independent Examiner's Remuneration
2025 2024
£ £
Independent examination of the financial statements 780 780
8. Average Number of Employees
Average number of employees during the year was: NIL (2024: NIL)
- -
Page 13
Page 14
9. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 November 2024 230,581 746 231,327
As at 31 October 2025 230,581 746 231,327
Depreciation
As at 1 November 2024 229,422 746 230,168
Provided during the period 232 - 232
As at 31 October 2025 229,654 746 230,400
Net Book Value
As at 31 October 2025 927 - 927
As at 1 November 2024 1,159 - 1,159
10. Stocks
2025 2024
£ £
Stock 5,600 5,600
11. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Other creditors 377 969
Accruals and deferred income 8 8
385 977
12. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Bank loans 6,446 6,446
Page 14
Page 15
13. Loans
An analysis of the maturity of loans is given below:
2025 2024
£ £
Amounts falling due between one and five years:
Bank loans 6,446 6,446
14. Movement in Funds
As at 1 November 2024 Income Expenditure As at 31 October 2025
£ £ £ £
Unrestricted funds
General:
General unrestricted fund 8,955 16,608 (15,841 ) 9,722
Total funds 8,955 16,608 (15,841 ) 9,722
As at 1 November 2023 Income Expenditure As at 31 October 2024
£ £ £ £
Unrestricted funds
General:
General unrestricted fund 8,147 14,270 (13,462 ) 8,955
Total funds 8,147 14,270 (13,462 ) 8,955
15. Transactions with Trustees
None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year.
During the year the expenses reimbursed to the trustees or paid directly to third parties were as follows:
2025 2024
£ £
Page 15
Page 16
16. Related Party Disclosures
There have been no related party transactions in the reporting period that require disclosure, except for those disclosed in the Transactions with Trustees note.
17. Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
Page 16
Page 17
Detailed Statement of Financial Activities (including Income and Expenditure Account)
2025 2024
Total funds Total funds
£ £
INCOME AND ENDOWMENTS FROM:
Donations and legacies
Donations and gifts 1,852 841
Grants 8,184 8,875
10,036 9,716
Other trading activities
Other Trading Activities - Book Sales 245 213
Other Trading Activities - Boat Charters 480 370
Other Trading Activities - Camping 4,794 2,840
Other Trading Activities - Charity Events 1,053 1,131
6,572 4,554
16,608 14,270
EXPENDITURE ON:
Charitable Activities:
Charitable Activity
Cleaning (259) (319)
Insurance. (2,056) (1,853)
Biodiversity (58) (437)
Jetty Expenses (1,864) (2,414)
Boat Running Expenses (3,185) (1,849)
Berth Fee (1,025) (1,025)
Event Expenses (1,091) (309)
Volunteer Expenses (1,536) (786)
Independent examiner's fees (780) (780)
Professional fees (150) -
Charitable donations (50) -
Depreciation of plant and machinery (232) (880)
Bank charges (32) (32)
(12,318) (10,684)
Raising Funds
Opening Merchandise (5,600) (5,800)
Advertising, marketing, direct mail and publicity (784) (313)
Barge Expenses. (2,559) (1,780)
Book Production - (210)
Support and administration costs (34) (181)
...CONTINUED
Page 17
Page 18
Printing, postage and stationery (146) (94)
Closing Merchandise 5,600 5,600
(3,523) (2,778)
(15,841) (13,462)
NET INCOME 767 808
Page 18