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REGISTERED COMPANY NUMBER: 02886300 (England and Wales) REGISTERED CHARITY NUMBER: 1033702
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 30 September 2024
for
The Rodolfus Foundation Limited
Orcadia Chartered Accountants 1 - 3 East Road Kirkwall Orkney KW15 1HZ
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The Rodolfus Foundation Limited
Contents of the Financial Statements for the Year Ended 30 September 2024
| Page | |
|---|---|
| Report of the Trustees | 1 to 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 to 9 |
| Notes to the Financial Statements | 10 to 15 |
| Detailed Statement of Financial Activities | 16 |
Docusign Envelope ID: 2BD57AE5-891D-4662-A4A4-0BA6A38BA6B6
The Rodolfus Foundation Limited
Report of the Trustees for the Year Ended 30 September 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 September 2024. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Charity's principal objects are to "promote, maintain, improve and advance the education of the public and of performers in the art of singing and of music in general". The charity achieves this by the maintenance, administration and support of the Rodolfus Choir and the organisation of eight annual Choral Courses for young people aged 8 to 21. In so doing, it encourages and fosters the study, performance, knowledge, understanding, appreciation and development of music and of the arts generally.
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The Rodolfus Foundation Limited
Report of the Trustees
for the Year Ended 30 September 2024
ACHIEVEMENT AND PERFORMANCE
Charitable activities
2023-2024 marked another year of progress for the Rodolfus Foundation. Our vision to inspire tomorrow's singers by providing children and young people from all communities the opportunity to benefit from high quality choral singing, was further advanced with 100 of the 334 course participants receiving financial assistance. This was up from 81 in the previous year, thanks to the generosity of our supporters, who include individuals and trusts and foundations. Our ambition is to provide at least half of course participants with financial assistance.
Rodolfus Choir
The Rodolfus Choir had a successful 40th anniversary year with concert appearances at the Fairfield Hall in Holst's The Planets, at the 2024 BBC Proms under the baton of Edward Gardner OBE in Busoni's Piano Concerto, as well as New Year concerts at Holy Sepulchre Church, Holborn and Douai Abbey. Perhaps the most special event was the 40th anniversary celebration concert at Holy Trinity Church, South Kensington, where the current choir were joined by alumni to give a performance that reduced the whole audience to tears. The concert was followed by a reception, where Rodolfus president, Roddy Williams gave an inspirational speech. The choir also took part in services of evensong at St John's College, Cambridge and Southwark Cathedral.
Choral Courses
In addition to the 5 senior and 2 junior choral courses for children and young people we held a successful choral course for adults aged over 21 which included evensong in Southwark Cathedral. The courses were led by Ralph Allwood, Katherine Dienes- Williams, Simon Toyne, Sarah MacDonald, Martyn Ford, James Bartlett and Charlotte Corderoy and were staffed by over 80 very experienced colleagues with a deep understanding of the artistic vision of Ralph Allwood. In addition, several distinguished artists visited, gave masterclasses, workshops and directed concerts and services. These were John Rutter, Helen Charlston, Rupert Gough, Imogen Parry, Andy Staples, Owain Park, Steven Grahl, Eamonn Dougan, Robert Hollingworth, Chris Gray, Owen Rees, Will Dawes, Ben Parry, Ellie Slorach and Tom Leech. The senior courses featured services in Westminster Abbey, Royal Holloway Chapel, New College and Queen's College Oxford, Selwyn College, St John's College and Trinity College Cambridge and York Minster. The services at Royal Holloway Chapel and St John's College, Cambridge were broadcast by the BBC.
Choral Academies
We continued running Choral Academies in four primary schools - two in Hackney and two in Kennington - offering weekly choral singing lessons to all pupils. The aim is to provide young children from diverse backgrounds with regular, high-quality choral singing lessons, enabling them to join the local community choir at St John-the-Divine Church, Kennington, and Hackney Children's Choir, and become skilled young musicians. We also extend our bursary places on our summer choral courses to any young singers who show particular interest.
The repertoire covered is wide-ranging and challenging, including hymns, specially written choral works for children that are broadly classical yet designed to be fun and upbeat, as well as Christmas carols and other seasonal pieces. As part of the teaching, children learn about musical notation, musical terms, and vocal techniques, including breathing, articulation, and using the head voice effectively. They also test their memory skills by learning complex songs with multiple verses, an aspect they find both challenging and rewarding. The scheme is now fully embedded in both schools, and as we move into year three, we plan to create joint performances and workshops to enhance their choral learning.
The choral singing lessons have become a welcome and regular fixture in the lives of the two schools in Kennington and Hackney. The children clearly enjoy them and greatly benefit from them in many ways. The two schools in Hackney have decided to partner with the St Paul's Cathedral Choral Outreach scheme, and so our Choral Academies in these two schools came to an end in July 2024. We are satisfied that the three years the project ran successfully embedded regular choral singing in the two schools and gave their senior leadership the confidence to progress to the St Paul's offering, which also includes religious education and invitations to the Cathedral!
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The Rodolfus Foundation Limited
Report of the Trustees for the Year Ended 30 September 2024
We will continue a strong partnership with the community choirs in Hackney and encourage their young singers to attend a choral course on a generous bursary. The strong connection with the community choirs is an important element, providing a pathway for the children and fostering a strong sense of identity as young musicians and valued individuals within their community. The opportunities provided by the community choir offer real potential to transform these children's self-identity and give them the confidence to aim high.
Trustees and Team
During the year we welcomed Rupert Darbyshire as a new trustee and began the process of searching for further new trustees to replace colleagues retiring from the board at the end of 2024. We welcomed Emily Owens to the role of partnerships and access manager and Peter Davis joined the team to manage the Rodolfus Choir, while Elinor Cooper is on maternity leave.
Forum for choral singing
During the year we initiated a forum of organisations dedicated to supporting children and young people involved in choral singing, including the National Youth Choir, Gabrieli Roar, Voces8, the National Schools Singing Programme, the Cathedral Music Trust and the Royal School of Church Music to explore how we could collaborate to achieve together what we might not be able to do as individual organisations.
Looking ahead to 2025
In 2025 we will be celebrating 45 years of Rodolfus courses. Many of our over 12,000 alumni will freely admit that they would not be doing what they are doing today had it not been for the experience, confidence and friendships they gained from going on one of our courses. We will also be celebrating Ralph Allwood, who will reach his 75th year, as the creative genius behind the whole endeavour.
FINANCIAL REVIEW
Financial Review
Total Incoming Resources were £442,569 during the year ended 30 September 2024 (2023: £416,843).
Total Outgoing Resources were £435,962 during the year ended 30 September 2024 (2023: £419,155).
In the year ended 30 September 2024, incoming resources exceeded outgoing resources by £6,607 (2023: outgoing resources exceeded incoming resources by £2,312).
Total Charitable Funds increased from £113,800 in 2023 to £120,407 in 2024.
The Chris Bennie Fund (restricted) has decreased to £973 in 2024. The Bursaries Fund (restricted) has decreased to £17,937 in 2024.
A new restricted fund has been created this year to support the Foundation's work in access and partnerships. £13,000 has been received into this fund as of 30 September 2024.
Reserves policy
The Trustees aim to maintain a fund of at least three months' outgoing resources, with a longer term goal of reaching up to six months' outgoing resources, in order to cover the extra costs of a temporary decline in income.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
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The Rodolfus Foundation Limited
Report of the Trustees for the Year Ended 30 September 2024
The Rodolfus Foundation Limited is a company limited by guarantee without share capital, governed by Memorandum and Articles of Association dated December 2016. The company was incorporated in England and Wales on 11 January 1994 and was granted charitable status by the Charity Commission in England and Wales on 23 February 1994.
Governance and Management
The company is governed by a Board of Trustees who appoint the Artistic Director. The trustees delegate to the Artistic Director and his staff the recruitment, staffing and organising of the Foundation's work. The Board supports the Director and staff through regular consultation and advice, and meetings as necessary. The Board meets at least quarterly.
Recruitment and training of new trustees
The Chairman of the trustees consults fellow Trustees and staff members about the needs for a balanced and proficient group of Trustees, and they agree methods of recruitment and selection, which will include advertisement of vacancies.
New Trustees are selected from candidates who have some knowledge and experience of choral music and of singing, are passionate about the mission of the charity, and who can also offer skills relevant to running the charity (such as education, charity law and finance).
Trustees are encouraged to avail themselves of Charity Commission publications, especially CC3 (The Essential Trustee).
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number 02886300 (England and Wales)
Registered Charity number
1033702
Registered office
The Music Base The Music Base Kings Place 90 York Way London England N1 9AG
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The Rodolfus Foundation Limited
Report of the Trustees for the Year Ended 30 September 2024
Trustees
S G Toyne (resigned 26.11.24) Revd W D N Weir (resigned 26.11.24) Ms J K Hasnip Mrs L E Oldfield B L K Philomin Ms S A Taylor-Denton J Steadman C E F Naylor Ms K Ashby (appointed 26.11.24) Ms H R Pugh (appointed 24.11.24) G A Richford (appointed 26.11.24) Ms M Rickard (appointed 26.11.24) R J Tanner (appointed 26.11.24) S Neill-O'Brien (appointed 26.11.24) Prof S Krüger Bridge (appointed 26.11.24) S D Holt (appointed 26.11.24) N J S Harries (appointed 26.11.24) A N Goodwin (appointed 26.11.24) A C Eadon (appointed 26.11.24) R H Darbyshire (appointed 17.9.24) Ms S H Crookes (appointed 26.11.24) K J L Cooper (appointed 26.11.24)
Company Secretary
J Steadman
Independent Examiner
Steven J Sinclair BA CA Orcadia Chartered Accountants 1 - 3 East Road Kirkwall Orkney KW15 1HZ
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 12 June 2025 and signed on its behalf by:
(Cc ......................................................................... 8CCC88EB90D3441... by: C E F Naylor - Trustee
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Independent Examiner's Report to the Trustees of The Rodolfus Foundation Limited
Independent examiner's report to the trustees of The Rodolfus Foundation Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2024.
Responsibilities and basis of report
As the charity's 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
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants of Scotland, which is one of the listed bodies.
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:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
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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
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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.
Steven J Sinclair BA CA Orcadia Chartered Accountants
16 June 2025
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Directors: Doris Hutchison CA, ATT Steven J Sinclair BA, CA Kazia J Watson CA, ATT
Registered in Scotland number SC272848 Registered Office: 1-3 East Road, Kirkwall, Orkney, KW15 1HZ Tel: 01856 872804 Email: accountants@orcadia-ca.co.uk Website: www.orcadia-ca.co.uk Registered to carry out audit work in the UK by The Institute of Chartered Accountants of Scotland
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The Rodolfus Foundation Limited
Statement of Financial Activities
(Incorporating an Income and Expenditure Account) for the Year Ended 30 September 2024
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 43,051 Charitable activities Choral Courses 309,334 Choral Concerts & Recordings 12,011 Investment income 2 2,174 Total 366,570 EXPENDITURE ON Raising funds 15,302 Charitable activities Choral Courses 245,233 Choral Concerts & Recordings 11,672 Concert Management and Administration 72,168 Administrative Expenses 22,219 Academy Sponsorship - Total 366,594 NET INCOME/(EXPENDITURE) (24) RECONCILIATION OF FUNDS Total funds brought forward 88,197 TOTAL FUNDS CARRIED FORWARD 88,173 |
Restricted funds £ 75,999 - - - 75,999 - 47,291 1,534 - 871 19,672 69,368 6,631 25,603 **32,234 ** |
2024 Total funds £ 119,050 309,334 12,011 2,174 442,569 15,302 292,524 13,206 72,168 23,090 19,672 435,962 6,607 113,800 120,407 |
2023 Total funds £ 64,558 328,293 23,992 - 416,843 12,476 289,222 12,124 57,885 23,321 24,127 419,155 (2,312) 116,112 113,800 |
|---|---|---|---|
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
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The Rodolfus Foundation Limited
Balance Sheet
30 September 2024
| Unrestricted fund Notes £ CURRENT ASSETS Debtors 5 8,681 Cash at bank 119,901 128,582 CREDITORS Amounts falling due within one year 6 (40,408) NET CURRENT ASSETS 88,174 TOTAL ASSETS LESS CURRENT LIABILITIES 88,174 NET ASSETS 88,174 FUNDS 7 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ - 32,233 32,233 - 32,233 32,233 32,233 |
2024 Total funds £ 8,681 152,134 160,815 (40,408) 120,407 120,407 120,407 88,174 32,233 120,407 |
2023 Total funds £ 8,784 172,955 181,739 (67,939) 113,800 113,800 113,800 88,197 25,603 113,800 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
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The Rodolfus Foundation Limited
Balance Sheet - continued 30 September 2024
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 12 June 2025 and were signed on its behalf by:
(Cc by:
.............................................
C E F Naylor - Trustee
............................................. C39D214352E34A1... R H Darbyshire - Trustee
The notes form part of these financial statements
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The Rodolfus Foundation Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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 financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| INVESTMENT INCOME | |||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Deposit account interest | **2,174 ** | - |
continued...
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The Rodolfus Foundation Limited
Notes to the Financial Statements - continued for the Year Ended 30 September 2024
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 September 2024 nor for the year ended 30 September 2023.
Trustees' expenses
Trustee expenses of £807 (2023: £149) were incurred during the year.
| 4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 37,658 Charitable activities Choral Courses 328,293 Choral Concerts & Recordings 23,992 Total 389,943 EXPENDITURE ON Raising funds 12,476 Charitable activities Choral Courses 256,006 Choral Concerts & Recordings 12,124 Administrative Expenses 23,321 Academy Sponsorship 13,127 Total 374,939 NET INCOME/(EXPENDITURE) 15,004 RECONCILIATION OF FUNDS Total funds brought forward 73,193 TOTAL FUNDS CARRIED FORWARD 88,197 |
Restricted funds £ 26,900 - - 26,900 - 33,216 - - 11,000 44,216 (17,316) 42,919 25,603 |
Total funds £ 64,558 328,293 23,992 416,843 12,476 289,222 12,124 23,321 24,127 419,155 (2,312) 116,112 113,800 |
|---|---|---|
continued...
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The Rodolfus Foundation Limited
Notes to the Financial Statements - continued for the Year Ended 30 September 2024
| 5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 7. MOVEMENT IN FUNDS At 1.10.23 £ Unrestricted funds General fund 88,197 Restricted funds The Chris Bennie Fund 1,330 Bursaries Fund - Academies Fund 24,273 Academies Fund - Steel Foundation - 25,603 TOTAL FUNDS 113,800 |
2024 £ 8,681 2024 £ 40,408 Net movement in funds £ (23) (357) 12,775 (24,273) 6,356 12,129 6,630 6,607 |
2023 £ 8,784 2023 £ 67,939 At 30.9.24 £ 88,174 973 12,775 - 6,356 12,129 32,233 120,407 |
|---|---|---|
continued...
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The Rodolfus Foundation Limited
Notes to the Financial Statements - continued for the Year Ended 30 September 2024
7. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds The Chris Bennie Fund Bursaries Fund Academies Fund Academies Fund Steel Foundation Katherine Jenkins TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Restricted funds The Chris Bennie Fund Bursaries Fund Academies Fund TOTAL FUNDS |
Incoming resources £ 366,570 (1) 37,000 17,500 7,000 13,000 1,500 75,999 442,569 At 1.10.22 £ 73,193 1,335 8,624 32,960 42,919 116,112 |
Resources Movement expended in funds £ £ (366,593) (23) (356) (357) (24,225) 12,775 (41,773) (24,273) (644) 6,356 (871) 12,129 (1,500) - (69,369) 6,630 (435,962) 6,607 Net movement At in funds 30.9.23 £ £ 15,004 88,197 (5) 1,330 (8,624) - (8,687) 24,273 (17,316) 25,603 (2,312) 113,800 |
|---|---|---|
continued...
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The Rodolfus Foundation Limited
Notes to the Financial Statements - continued
for the Year Ended 30 September 2024
7. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 389,943 Restricted funds The Chris Bennie Fund - Bursaries Fund 15,900 Academies Fund 10,000 Academies Fund 1,000 26,900 TOTAL FUNDS 416,843 A current year 12 months and prior year 12 months combined position is as follows: At 1.10.22 £ Unrestricted funds General fund 73,193 Restricted funds The Chris Bennie Fund 1,335 Bursaries Fund 8,624 Academies Fund 32,960 Academies Fund - Steel Foundation - 42,919 TOTAL FUNDS 116,112 |
Resources Movement expended in funds £ £ (374,939) 15,004 (5) (5) (24,524) (8,624) (18,687) (8,687) (1,000) - (44,216) (17,316) (419,155) (2,312) Net movement At in funds 30.9.24 £ £ 14,981 88,174 (362) 973 4,151 12,775 (32,960) - 6,356 6,356 12,129 12,129 (10,686) 32,233 4,295 120,407 |
|---|---|
continued...
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The Rodolfus Foundation Limited
Notes to the Financial Statements - continued
for the Year Ended 30 September 2024
7. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds The Chris Bennie Fund Bursaries Fund Academies Fund Academies Fund Steel Foundation Katherine Jenkins TOTAL FUNDS |
Incoming resources £ 756,513 (1) 52,900 27,500 8,000 13,000 1,500 102,899 859,412 |
Resources Movement expended in funds £ £ (741,532) 14,981 (361) (362) (48,749) 4,151 (60,460) (32,960) (1,644) 6,356 (871) 12,129 (1,500) - (113,585) (10,686) (855,117) 4,295 |
|---|---|---|
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 September 2024.
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The Rodolfus Foundation Limited
Detailed Statement of Financial Activities
for the Year Ended 30 September 2024
| INCOME AND ENDOWMENTS Donations and legacies Subscriptions Donations Gift aid Investment income Deposit account interest Charitable activities Contributions from course participants Concert fees, ticket & CD sale Total incoming resources EXPENDITURE Other trading activities Fundraising Expenses Charitable activities Choral Courses Choral Concerts & Recordings Concert Management and Administration Administration expenses Support costs Governance costs Accountancy fees Total resources expended Net income/(expenditure) |
2024 £ 8,192 106,856 4,002 119,050 2,174 309,334 12,011 321,345 442,569 15,302 312,196 13,206 72,168 21,455 419,025 1,635 435,962 6,607 |
2023 £ 7,202 54,292 3,064 64,558 - 328,293 23,992 352,285 416,843 12,476 313,349 12,124 57,885 20,498 403,856 2,823 419,155 (2,312) |
|---|---|---|
This page does not form part of the statutory financial statements
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