REGISTERED CHARrrY NUMBER: 1016701 Report of the Trugtees and Audlted Flnandal Statements for the Year Ended 5 Aprll 2024 The Skerr]tt Trust Clayton & Brewill Statutory Auditors and Chartered Accountants Cawley House 149-155 Canal Street Nottingham Nottinghamshire NGI 7HR
The Skerritt Trust Contents ol the Flnanclal Ststements for the year ended S April 2024 Page Report of the Trustees Report of the Independent Auditors Statement of Financial Artlvltles Balance Sheet Notss to the Flnanclal Statements 9 to 13 Detailed Statement of Flnanclal Actlvltles 14
The Skerritt Trust Report of the Trustees lor the year ended 5 April 2024 The trustees present thelr report with the financial statements of the charity lor the year ended 5 April 2024. The trustees have adopted the provisions of Accounting and Reporting by Charltles.. statement of Recommended Practice appllcable to charftles preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS 102) (effective I January 2019). OBJECTIVES AND AcfIvITIES Objectives and aims The aims and objects of the Charlty are to SUPPOrt the housing needs of the elderly in the Nottingham area withln a ten-mlle radlus from the Nottlngham Market Square. The Charity carries out these obj'erts by provlding grants to projects and organisations that seek to aS515t the elderly in maintaining their Independence by belng able to stay in their own homes and also to provlde additional facllltles and comfort to the elderly in community houslng and associate amenitie5. Grantmaklnq The Charlty has establlshed Its grant maklng pollcy to achleve its objectlves for the public beneflt to improve the lives of the elderly, The Trustees revlew the grant making policy annually to ensure that It reflects the Charlty's objectlves and thereby advan5 publlc benefit. The beneflclaries of the grants are elderiy per50n5 Ilvlng in the Nottingham area within a ten-mile radius from the Nottingham Market Square, as Set out in the Trust Deed. Such persons either live In their own homes or communlty hou51ng. Any benefit received by the organlsatlons applying for fundlng Is purely Incldental to the objectives of the Charlty. The Charity Invltes appllcatlons for funding items and facilities from oryanisations who assist in the houslng needs of the elder5y either in community housing or in their own homes. Applications are to be made in wrlting with supporting annual accounts and detai15 of the cost of items or facllltles needed. ACHIEVEMENT AND PERFORMANCE Charltsble artlvltles Grants awarded totalled £58,000 (2023: £63,000). The Trustees decided to contlnue the grants to Age UK and Joint Homes Committee since they have dirert contsct wlth the elderly and can more easlly Identlfy thelr housing needs. The grant to Age UK amounted to £36,000 which help5 fund5 repairs and maintenance to homes, as well as mobility assistance items such as grab rails, stalr ralls and chalr Ilfts. The grant to Jolnt Homes Commlttee amounted to £20,000 for the year and the funds were used to cover the cost of items for residents in the variou5 housing associations for the elderly such as stalr Ilfts, floorlngi decorating, bedding and furniture. Grants to both Age UK and Jolnt Homes have been paid quarterly. The Trustees were pleased to receive the reports from both organisations, which set out clearly how the funds have a5515ted the houslng needs of the elderly. A grant of £1,000 was paid to Radford Care Group to cover part of the cost of a new caterlng oven and water boiler and finally a grant of £1,000 was paid to My Sight to help purchase items such as audio equipment and desktop magnlflers to a5515t Indivlduals with sight loss In their homes, Page I
The Skerritt Trust Report of the Trustees for the year ended S April 2024 ACHIEVEMENT AND PERFORMANCE Investment performance The trustees have wide investment powers afforded to them by the Trust Instrument and power to apply the annual income of the Charity for its charitable purposes. The trustees have not adopted an ethical investment policy. The trustees a150 have power to accumulate any income, which is not so used, and to add it to the capital of the Trust Fund. They also have power to Use the accumulated fund as though It was income arising during the then current year. The Charity's investments are held in safe custody by Freeths LLP and are registered In their Nomlnee Company Willoughby Corporate Trustee knmited for ease of administrntlon by the Charity. Brewin Dolphin Llmited and Sarasln & Partners provldes investment advlce. The Charity is reliant on its income from its investments. The gross income earned for the year ended 5 April 2024 amounted to £83,912 (2023: £85,853). The total grants awarded by the Tnjstees amounted to £58,000 {2023: £63,000) and the cost of administrating the charlty amounted to £17,441 {2023'. £30,268). The Charity's total income exeded its expenses, before deducting grants, by £58,463. The market value of the Charlty'5 investment5 ha5 increased in value by 2.2010 to £2,726,653. FINANCIAL REVIEW Reserves policy Tt Is the policy of the Charlty to always malntaln funds, which provlde sufficlent funds, to cover management, administration and 5UPPOrt costs for one year. The Tru5tee5 consider that £40,000 should be retalned for thi5 purpose. The Charity'5 total financlal reserves a5 at 5th Aprll 2024 are £2,773,638 which represents accumulated Income which may change from time to time. FUTURE PLANS It Is hoped that a more favourable investment cllmate wlll provide higher levels of income to enable the trustees to Increase the level of grants in the forthcoming year. The trustee5 would also hope to receive applications from a wider source within their geographical remit so as to prevent repetitlve grants. STRUCTURE, GOVERNANCE AND MANAGEMEKr Governlng document The charity is controlled by Its governlng document, a deed of trust and constltutes an unincorporated charity. The Skerritt Trust Is an unincorporated trust constituted under a Trust Deed dated 24th November 1992 by the then Chalmian and Dlrertor of the Nottingham Q)uncil for VolLtntary Service, following the bequest to the Council by the late Gertrude Annie Skerritt of her residuary estate following her death on the 20th January 1970. It was Mlss Skerritt'5 wish that her residuary estate be used for the housing needs of the elderly. Recrultment and appolntment of new trustees The power to appoint new trustees vests In the trustees from tlme to time appointed, there being maximum of twelve but no less than eight. At the time of trustees meetingi four trustees form a quorum with questions being decided by a majorlty vote, the Chalrman having a second or casting vote In the case of an equality of votes. Organlsatlonal structure At the trustee's quarterly meetings, the trustees consider applicatlons for grants, review Investments and flnancial reserves.There can also be speaal meetings, if a particular topic is needed to be discussed. The trustee5 keep the sklll requirements for the Trustee Body under revlew and in the event of there being a vacancy for a new trustee, recommendations are received from existing trustee5 of members of the community wlth skllls and an In depth knowledge of the housing need5 of the elderly. Related partles Some of the trustees of Skerritt Trust are also trustees of the recipients of the grants paid. All grants are awarded through the correct procedures wlth no reflectlon on the trustees Involvement. Detai15 of such related party tran&irtion5 durlng the year can be found in the notes to the accounts. Page 2
The Skerritt Trust Report of the Trustees for the year ended 5 Aprll 2024 REFERENCE AND ADMINISTRATIVE DETAILS Re9i$tered Charity number 1016701 Prlnclpal address PO Box 11228 Nottingham Nottinghamshire NG14 6YY Trustees D Lowe R Taylor S Wanyn5ka Mrs A Davles Mrs T Clayton Ms R Hatvie R Turner N Cullen Audltors Clayton & Brewlll Statutory Audltors and Chartered Accountants Cawley House 149-155 Canal Street Nottingham Nottlnghamshire NGI 7HR Solicitors Freeths LLP, Cumberland Court, 80 Mount Street, Nottingham NGI 6HH Advlsers Brewin Dolphin, 1st Floor Waterfront House, Waterfront Pla2a, 35 Statlon Street, Nottingham NG2 3DQ Sarasln & Partners LLP, Juxon House, 100 St. Paul's Churchyard, London EC4M 8BU STATEMENT OF TRUSTEE5' RESPONSIBIUTIES The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and Unlted Klngdom Accounting Standards (Unlted Klngdom Generally Accepted Accounting Practice), The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulatlons 2008 and the provislons of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the State Df affairs of the charity and of the incomlng resources and application of resources, Includlng the Income and expenditure, of the charity for that period. In preparing those financial siatements, the trustees a required to select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charity SORP; make judgements and estimates that are reasonable and prudent; prepare the flnancial statements on the golng concern basis unless it is Inappropriate to presume that the charity will continue in business. The trustees are responslble for keeplng proper accounting record5 which disclase with reasonable accuracy at any tlme the financial position of the charity and to enable them to ensure that the financial statements comply with the Charitie5 Att 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 3
The Skerrltt Trust Report of the Trustees for the year ended 5 Aprll 2024 Approved by order of the board of trustees on by: ..2.TrK>v and signed on its behalf N Cullen - Trustee Page 4
Report of the Independent Audltors to the Trustees of The Skerrltt Trust Oplnlon We have audited the flnancial statements of The Skerritt Trust (the 'charity') for the year ended S April 2024 whlch comprise the Statement of Financial Activitie5, the Balance Sheet and notes to the financlal statements, including a Summary of significant accounting policies. The financial reporting framework that has been applled in their preparation is applicable law and United Klngdom Accounting Standards (United Kingdom Generally Accepted Accounting Prartice), In our opinion the financial statement5- glve a true and fair vlew of the State of the charfty's affairs as at 5 Aprll 2024 and of Its Incoming resources and application of resources, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accountlng Practice; and have been prepared in accordance wlth the requirements of the Charltles Art 2011. Basis for opinion We conducted our audlt in accordance with International Standards on Auditing (UK) (ISAs (UK)) and appllcable law. Our responsibilitles under those standards are further descrlbed in the Auditors. responsibilities for the audit of the financial statements section of our report. We are independent of the charity In accordance wlth the ethlcal requlrements that are relevant to our audlt of the financial statements In the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responslbllltles In accordance with these requirement5. We belleve that the audlt evldence we have obtalned is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financlal Statements, we have concluded that the trustees, use of the golng concern basis of accountlng In the preparatlon of the flnancial statements is approprlate. 8ased on the work we have performed, we have not identified any materla5 uncertalntles relatlng to events or condition5 that, individually or collectively, may cast slgnlflcant doubt on the charity's ability to continue as a golng concern for a perlod of at least twelve months from when the financlal statements are authori5ed for issue. Our responsibillties and the responsibilities of the trustees with respect to going concern are described in the relevant sectlons of th15 report. Other Informatlon The trustees are responsible for the other Informatlon. The other Informatlon comprises the information Included in the Annual Report, other than the flnanclal statements and our Report of the Independent Auditors thereon. Our opinlon on the financial statements does not cover the other Information and, except to the extent otherwlse expllcltly stated In our report, we do not express any form of assurance concluslon thereon. In connectlon wlth our audlt of the flnancial statements, our responsibility is to read the other Infomatlon and, in doing so, consider whether the other inforniation is materlally Incon515tent with the financial statements or our knowledge obtalned sn the audlt or otherwlse appears to be materially misstated. If we identify such materlal incon515tencies or apparent material misstatements, we are required to determine whether this gives rise to a material mi5Statement in the financlal statements themselves. If, based on the work we have performed, we Conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothlng to report in this regard. Matters on which we are requlred to report by exceptlon We have nothing to report in respect of the following matters where the Charitie5 (Accounts and Reports) Regulatlons 2008 requires us to report to you If, in our opinion: the information given in the Report of the Trusttts is inconsistent in any material respect with the financial statements, or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records and returns. or we have not received all the information and explanations we require for our audit. Page 5
Report of the Independent Auditors to the Trustees of The Skerrltt Trust Responsibllities of trustees As explalned more fully In the Statement of Trustees, Responsibilities, the trustees are responsible for the preparatlon of the financlal ststements whlch glve a true and falr view, and for such internal control as the trustees determine is necessary to enable the preparatlon of financial statements that are free from rnaterial rnisstatement, whether due to fraud or error. In preparlng the finanoal statements, the trustees are responsible for assessing the charlty's ablllty to ontlnue as a golng concern, disclosing, as applicable, matter5 related to going concern and uslng the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operatlons, or have no realistlc alternative but to do so. Our responslbllltles for the audit ol the flnJnclal statements We have been appointed as auditors under Section 144 of the Charitles Act 2011 and report in accordance with the Act and relevant regulatlons made or having effect thereunder. Our objectlves are to obtaln reasonable assurance about whether the financial ststements as a whole are free from material misstatement, whether due to fraud or error, and to Issue a Report of the Independent Auditors that Includes our opinion. Reasonable assurance Is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material mlsstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influentt the economic decisions of Users taken on the basls of these flnanclal statements. The extent to which our procedures are capable of detectlng Irregularftles, Includlng fraud Is detalled below: Enqulry of management and those charged wlth governance around actual and potential litigatlon and claim5; Revlewlng flnancial ststement disclosures and testlng to supportlng documentation to assess cornpllance with applicable laws and regulatlons; Perfonning audlt work over the risk of management overrfde of controls, includlng testlng of Joumal entries and other adjustments for appropriateness, evaluating the business rationale of significant tran5artions outslde the normal course of business and reviewing accountlng estimates lor bias. A further descrlptlon of our SpOnsIbIlitIeS for the audlt of the flnanclal statements Is located on the Financial Reporting Council's website at www.frc.org.uk/audltorsresponsibllltles. Thls description forms part of our Report of the Independent Auditors. Use of our report Thls report Is made solely to the charity's trustees, as a bodyi In accordance with Part 4 of the Charltles (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustee5 those matter5 we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept Dr assume responsibility to anyone other than the charity and the charlty's trustees as a bodyi for our audit work, for this report, or for the opinions we have formed. Clayton & Brewill Statutory Auditors and Chartered Accountants Cawley House 149-155 Canal Street Nottingham Nottinghamshire NGI 7HR Date: ... Page 6
The Skerritt Trust ststement of Financial Activities for the year ended 5 April 2024 2024 Unrestricted fund 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Investment income 83,912 85,853 EXPENDITURE ON Raising funds 17,441 30,268 Charitable activitles Grants 58,000 63,000 other 8,008 11,817 Total 83,449 105,085 Net gains/(losses) on investments 82,837 (42,781) NET INCOME/IEXPENDITURE) 83,300 (62,013) RECONCILIATION OF FUNDS Total funds brought forward 2,690,338 2,752,351 TOTAL FUNDS CARRIED FORWARD 2,773,638 2,690,338 The notes form part of these financiBI statements Page 7
The Skerritt Trust Balance Sheet 5 April 2024 2024 Unrestricted fund 2023 Total funds Notes FIXED ASSETS Investments Investments Investment property 2,052,653 674,000 1,828,996 835,000 2,726,653 2,663,996 CURRENT ASSETS Cash at bank 68,399 50,767 CREDITORS Amounts falling due within one year (21,414) (24,425) NEf CURRENT ASSETS 46,985 26,342 TOTAL ASSETS Less CURRENT LIABILITIES 2,773,638 2,690,338 NEf ASSETS 2,773,638 2,690,338 FUNDS Unrestritted funds 2,773,638 2,690,338 TOTAL FUNDS 2,773,638 2,690,338 The flnanclal sta ements w re approved by the Board of Trustees and authorlsed for Issue on and were signed on its behalf by.. N Cullen - Trustee The notes form part of these financial stotements Page 8
The Skerritt Trust 14otes to the Flnanclal Statements for the year ended 5 April 2024 ACCOUNTING POLICIES Basls of preparlng the flnancial ststements The financial Statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accountlng and Reporting by Charitles.. statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The flnanclal statements have been prepared under the historical cost convention, wlth the exception of investments which are Included at market value, as modlfled by the revaluation of certaln assets. Income All income is recognised in the Statement of Financial Activltles once the charlty has entitlement to the funds, It Is probable that the Income wlll be recelved and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation commlttlng the charity to that expenditure, It Is probable that a transfer of economlc benefits wlll be required in settlement and the amount of the obllgation can be measured reliably. Expendlture is accounted for on an accruals basls and has been classifled under headlngs that aggregate all cost related to the category. whe c05ts cannot be directly attrlbuted to partlcular headings they have been allocated to actlvit5es on a basis consistent with the use of resources. Grants offered subject to condltlons whlch have not been met at the year end date are noted as a commitment but not accrued as expendlture. Ralslng funds The costs of generating funds con51St of investment management fees Charltable activities Costs of charitable actlvitle5 consist of grants made per note 5. Governance costs Governance costs comprise all costs involving the public accountabi1Sty of the charlty and Its compliance wlth regulation and good practice. These costs Include costs related to statutory audit and solicltors management fees. Fixed auet Investments Investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gain5 and losse5 arising an revaluation and disp05a15 throughout the year. Taxatlon The charity is exempt fmm tax on its charitable activities. Fund ac¢ountlng Unrestricted fund5 can be used in accordance with the charitable obj'ectives at the discretlon of the trustees. Reallsed galns and losses All gains and 10sse5 are taken to the statement of financial attivities a5 they arise. Realised gains and 1055es on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losse5 are calculated as the dlfference between the market value at the year end and opening market value (or purchase date if later). Reallsed and unrealised gains are not separated in the Statement cf Financial Actlvitles. Page 9 continued...
The Skerritt Trust Notes to the Financlal Statements - contlnued for the year ended 5 Aprll 2024 INVESTMENT INCOME 2024 2023 Rents received Fixed interest securities Dividends 29,028 9,483 45,401 32,381 2,210 51,262 83,912 85,853 RAISING FUNDS Investment management costs 2024 2023 Portfolio rnanagement Support costs 8,209 9,232 8,194 22,074 17,441 30,268 TRUSTEES, REMUNERATfON AND BENEFITS There were no trustees, remuneration or other beneflts for the year ended 5 Aprll 2024 nor for the year ended 5 Aprll 2023. Truste•s' expenses There were no trustees, expenses pald for the year ended S April 2024 nor for the year ended 5 April 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcrIvrrIES Unrestricted fund INCOME AND ENDOWMENTS FROM Investment Income 85,853 EXPENDrruRE ON Raising funds 30,268 Charltable activities Grants 63,000 other 11,817 Total 105,085 Net galnsl(1055es) on Investments (42,781) NEf INCOME/(EXPENDITURE) (62,013) RECONCIUATION OF FUNDS Total funds brought forward 2,752,351 TOTAL FUNDS CARRIED FORWARD 2,690,338 Page 10 continued...
The Skerritt Trust Notes to the Financial Statements - contlnued for the year ended 5 Aprll 2024 FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 6 April 2023 Addition5 Disposals Revaluations 1,828,996 312,804 (210,927) 121.780 At 5 April 2024 2,052,653 NET BOOK VALUE At 5 April 2024 2,052,653 At 5 April 2023 1,828,996 The Investments conslst of the followlng. UK Listed investments £1.106,889.48 {2023', £926,575) Global Listed investments £945,763.52 (2023.. £902,419) Cost or valuatlon at 5 AprS12024 15 repsented by.. Llsted investments Valuation In 2024 2,052,653 INVESTMENT PROPERTY FAIR VALUE At 6 April 2023 Disposals Revaluation 835,000 (140,000) (21,000) At 5 April 2024 674,000 NEf BOOK VALUE At S Aprll 2024 674,000 At 5 Aprll 2023 835,000 Fair value at 5 April 2024 is represented by.. Valuation in 2023 Valuatlon In 2024 835,OQO (161,000) 674,000 The fair value of the investment properties were valued at the year end date by the trustees with the assistance of a reputable property valuation website. Page 11 continued...
The Skerrltt Trust Notes to the Flnanclal Statements - continued for the year ended S Aprll 2024 CREDITORS: AMOUNTS FALLING DUE WITHXN ONE YEAR 2024 2023 Other creditor5 21,414 24,425 MOVEMENT IN FUNDS Net movement in funds At 5.4.24 At 6.4.23 Unrestrlcted funds General fund 2,690,338 83,300 2,773,638 TOTAL FUNDS 2,690,338 83,300 2,773,638 Net movement in funds, Included in the above are as follows.. Incomlng resources Resources expended Galns and losses Movement in funds Unre•trlcted funds General fund 83,912 {83,449) 82,837 83,300 TOTAL FUNDS 83,912 (83,449) 82,837 83,300 Comparatlves for movement In funds Net movement In funds At 5.4.23 At 6.4.22 Unrestrlcted lund$ General fund 2,752,351 162,013 } 2,690,338 TOTAL FUNDS 2,752,351 (62,013) 2,690,338 Comparative net movement in funds, Included In the above are as follow5: Incoming resources Resources expended Gains and losses Movement in funds Unrestrlcted funds General fund 85,853 (105,085) (42,781) (62,013) TOTAL FUNDS 85,853 (105,085) (42,781) (62,013) Page 12 continued..
The Skerritt Trust Notes to the Pinancial Statements - continued for the year ended 5 Aprll 2024 MOVEMENT IN FUNDS - continued A current year 12 months and prlor year 12 rnonth5 combined position 15 as follow5.. Net movement In funds At 5.4.24 At 6.4.22 Unrestrlcted funds General fund 2,752,351 21,287 2,773,638 TOTAL FUNDS 2,752,351 21,287 2,773,638 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incomlng resources Resources expended Gains and losses Movement in funds Unrestrlcted funds General fund 169,765 (188,534) 40,056 21,287 TOTAL FUNDS 169,765 (188,534) 40,056 21,287 10. RELATED PARTY DISCLOSURES Teresa Clayton is a trustee of the Jolnt Homes Committee who received total grants of £20,000 durlng the year. Sandra Warzynska Is a trustee of Age UK Nottm and Notts and also a trustee of Radford Care Group who received total grants of £36,000 and £1,000 during the year respectlvely. The grants were awarded through the correct procedure with no fferti0n on the trustee5 Involvement. Page 13
The Skerrttt Trust Detsiled Ststement of Flnanclal Actlvltles ft•r the year ended 5 Aprll 2024 2024 2023 INCOME AND ENDOWMENTS Investment Income Rents received Fixed Interest securitles Dividends 29,028 9,483 45,401 32,381 2,210 51,262 83,912 85,853 Total Incomlng resources 83,912 85,853 EXPENDITURE Investment management costs Portfolio management 8,209 8,194 Charltable actlvltles Grants to institutions 58,000 63,000 Other Investment property costs 8,008 11,817 Support costs Management Management fee 6,949 19,944 Flnance Bank charges Governance costs Audltors, remuneratlon 2,281 2,130 Total re50ur¢es expended 83,449 105,085 Net Income/(expendlture) before galns and losses 463 (19,232) Realised recognised galns and losses Galns/losses f a Inve Galns/losses Snv prop 121,780 (38,943) (123,781) 81,000 Net Income/(exp•ndlture) B3,300 (62,013) This page does not form part of the ststutory financial ststements Page 14