2021-03-31-accounts

CHARITY REGISTRATION NUMBER: 1041842

The Sinfield Nature Conservation Trust Unaudited financial statements

For the year ended

31 March 2021

The Sinfield Nature Conservation Trust

Financial statements

Year ended 31 March 2021

	Page
Trustees' annual report	1
Independent examiner's report to the trustees	5
Statement of financial activities	7
Balance sheet	8
Notes to the financial statements	9

The Sinfield Nature Conservation Trust

Trustees' annual report

Year ended 31 March 2021

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2021.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 published in October 2019.

Reference and administrative details

Registered charity name The Sinfield Nature Conservation Trust Charity registration number 1041842 Principal office Alde House Glemham Road Sweffling Saxmundham IP17 2BQ

The trustees

The trustees who served during the year and at the date of approval were as follows:

Mrs A S Daniel Miss C Daniel Mrs C Weatherby Independent examiner Mr M C Waters FCCA Lovewell Blake LLP Chartered accountants The Wherry Quay Street Halesworth Suffolk IP19 8ET Bankers Barclays 24 High Street Saxmundham Suffolk IP17 1AE Lloyds 15 Blackheath Village Blackheath London SE3 9LH

- 1 -

The Sinfield Nature Conservation Trust

Trustees' annual report (continued)

Year ended 31 March 2021

Objectives and activities

The charity's objectives are to advance the conservation of wildlife and wild places for public benefit. The policies adopted in furtherance of these objects are to manage its property in order to meet its objectives and there has been no change in these during the year.

The area of benefit is the county of Suffolk and Norfolk.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

The old cattle shed was converted to a covered outdoor event and workshop space to be ready for the relaxing of Covid restrictions. An area of woodland was also made suitable for outdoor activities such as Forest School. This will allow the Trust to continue its educational aims in outdoor spaces.

The Sinfield Trust continues to develop the range of activities being offered through third party event leaders to encourage wider access to nature inspired activities, while allowing its resources to remain focused on practical nature conservation.

The maintenance of nature trails, livestock fencing and management habitats and species-rich meadows continues.

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The Sinfield Nature Conservation Trust

Trustees' annual report (continued)

Year ended 31 March 2021

Financial review

During the year the Trust had net expenditure of £46,561 (2020: £1,300). At the year end, the Trust held unrestricted funds of £410,071 (2020: £456,632) and restricted funds of £Nil (2020: £Nil).

Reserves policy

At 31 March 2021 the Trust had no free reserves, the unrestricted fund current liabilities exceeded current assets by £41,229 (2020: £55,649).

The Trust has set a target level of reserves of £10,000 to be met by the end of 5 years. It should be noted that the current deficit would have been reduced to zero if the Business Interruption Claim against NFU Mutual for lockdown closure of Secret Meadows Limited during 2019 and early 2020 had not been rejected by the insurance company.

It was discussed and agreed that Secret Meadows Limited hope to set aside 4% of 2021 season bookings income in a contingency fund as 2% to cover self-insurance in case of future lockdowns and 2% for repair and maintenance of Sinfield Trust glamping assets.

It was discussed and agreed that to achieve the target level of reserves within 5 years, the Trust will to try to achieve 100% grant funding, probably from more than one source, for the rescue and renovation of the collapsing cart shed adjacent to the main barn to create a year round holiday let which could achieve an annual profit of £22,239 needed to meet the reserves target. This project would include charity and community use for a set number of weeks per year covering just our base costs. We already have staff who can handle the additional booking administration and cleaning.

Plans for the future

The trustees will continue to assess the possibilities for renovation and use of traditional buildings at White House Farm to increase the income of Secret Meadows which was badly affected by the Covid 19 lockdown restrictions. Secret Meadows was closed for three months at the beginning of the 2020 season and suffered from increased costs due to the Impact of Covid 19 when it reopened. We hope that an increase in income sources will make up the shortfall from this difficult year and increase the charity's resilience as well as preserving and utilising traditional buildings.

Impact of Covid

Covid 19 regulations and recommendations continued to affect Secret Meadows as we have been unable to access a suitable insurance scheme and NFU Mutual confirmed they won't accept any liability under our business interruption insurance. The trustees feel it would be appropriate for Secret Meadows to consider a self-insurance scheme. At the same time the difficulties of travelling abroad have increased booking percentages for Secret Meadows.

Structure, governance and management

Governing document

The charity was established by a charitable trust deed on 10 October 1994 and registered as a charity on 22 November 1994.

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The Sinfield Nature Conservation Trust

Trustees' annual report (continued)

Year ended 31 March 2021

Structure, governance and management (continued)

Trustee recruitment, induction and training

The Trust is administered by a board of trustees, of which there shall be at least three trustees, who have the power of appointing a new trustee or trustees based upon their personal or professional qualifications to make a contribution to the pursuit of the objectives or the management of the charity.

All trustees listed above held office throughout the year, unless otherwise stated.

On appointment to the board, trustees will be provided with copies of:

• The Trust Deed and amendment thereto

• Minutes of trustees' meetings

• Charity Commission guidance notes The Essential Trustee "What you need to know, what you need to do"

The trustees meet regularly to discuss all governance matters concerning the trust. At these meetings the trustees consider and make decisions on all actions to be taken in accordance with the trusts objectives.

Risk assessment

The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Related parties

On 26 March 2008 a wholly owned subsidiary, Secret Meadows Limited was incorporated. The company remained dormant until 1 April 2012 when it commenced in the non charitable trading activities of the trust.

True and fair override

The accounts (financial statements) have been prepared to give a "true and fair" view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair" view. This departure has involved Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic or Ireland (FRS102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Independent examiner

Mr M C Waters FCCA of Lovewell Blake LLP is willing to be appointed as independent examiner for the ensuing year.

The trustees' annual report was approved on 15 December 2021 and signed on behalf of the board of trustees by:

Mrs A S Daniel Trustee

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The Sinfield Nature Conservation Trust

Independent examiner's report to the trustees of The Sinfield Nature Conservation Trust

Year ended 31 March 2021

I report to the charity trustees on my examination of the financial statements of the charity for the year ended 31 March 2021 which comprise the statement of financial activities, balance sheet and the related notes.

Responsibilities and basis of report

As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

2. the financial statements do not accord with those records; or

3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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The Sinfield Nature Conservation Trust

Independent examiner's report to the trustees of The Sinfield Nature Conservation Trust (continued)

Year ended 31 March 2021

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.

Your attention is drawn to the fact that the Charity has prepared the accounts (financial statements) in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

Mr M C Waters FCCA Independent Examiner

Lovewell Blake LLP Chartered accountants The Wherry Quay Street Halesworth Suffolk IP19 8ET

20 December 2021

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The Sinfield Nature Conservation Trust

Statement of financial activities

Year ended 31 March 2021

		2021	2021	2020
		Unrestricted
		funds	Total funds	Total funds
	Note	£	£	£
Income and endowments
Donations and legacies	4	11,031	11,031	60,446
Charitable activities	5	27,486	27,486	24,845
Investment income	6	11,600	11,600	24,700
				
Total income		50,117	50,117	109,991
				
Expenditure
Charitable activities	7	96,678	96,678	111,291
				
Total expenditure		96,678	96,678	111,291
				
				
Net expenditure and net movement in funds		(46,561)	(46,561)	(1,300)
				
Reconciliation of funds
Total funds brought forward		456,632	456,632	457,932
				
Total funds carried forward		410,071	410,071	456,632
				

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 9 to 17 form part of these financial statements.

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The Sinfield Nature Conservation Trust

Balance sheet

31 March 2021

		2021		2020
	Note	£	£	£	£
Fixed assets
Tangible fixed assets	12		1,110,319		1,131,233
Investments	13		1		1
					
			1,110,320		1,131,234
Current assets
Cattle	14	10,450		10,100
Debtors	15	524		179
Cash at bank and in hand		60,174		4,163
				
		71,148		14,442
Creditors: Amounts falling due within
one year	16	(112,377)		(70,091)
				
Net current liabilities			(41,229)		(55,649)
					
Total assets less current liabilities			1,069,091		1,075,585
Creditors: Amounts falling due after
more than one year	17		(659,020)		(618,953)
					
Net assets			410,071		456,632
					
Funds of the charity
Unrestricted funds			410,071		456,632
					
Total charity funds	18		410,071 		456,632 

These financial statements were approved by the board of trustees and authorised for issue on 15 December 2021, and are signed on behalf of the board by:

Mrs A S Daniel Trustee

The notes on pages 9 to 17 form part of these financial statements.

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The Sinfield Nature Conservation Trust

Notes to the financial statements

Year ended 31 March 2021

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Alde House, Glemham Road, Sweffling, Saxmundham, IP17 2BQ.

2. Statement of compliance

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charites (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis.

(b) Going concern

The accounts have been prepared on the going concern basis and the Trust believes that no material uncertainties exist. The trustees have considered the level of funds held and the expected income and expenditure for the next 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Trust to be able to continue as a going concern.

The trustees have taken into account the effects of COVID-19 in making this assessment.

(c) Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal.

(d) Income

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

• income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

• investment income is included when receivable.

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The Sinfield Nature Conservation Trust

Notes to the financial statements (continued)

Year ended 31 March 2021

3. Accounting policies (continued)

(e) Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

• expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

• other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apprortioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

(f) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(g) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery - 20% and 10% straight line Fixtures and fittings - 20% straight line

White House Farm is not depreciated as it comprises 115 acres of pasture, woodland, ponds and hedgerows and the trustees consider that any depreciation of the buildings would not be material.

(h) Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

(i) Cattle

The cattle herd is included at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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The Sinfield Nature Conservation Trust

Notes to the financial statements (continued)

Year ended 31 March 2021

3. Accounting policies (continued)

(j) Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

4. Donations and legacies

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2021	Funds	2020
		£	£	£	£
	Donations
	Donations and gifts	10,141	10,141	50,091	50,091
	Grants
	Other general grants	–	–	10,000	10,000
	Subscriptions
	Memberships	890	890	355	355
					
		11,031	11,031	60,446	60,446
					
5.	Charitable activities
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2021	Funds	2020
		£	£	£	£
	Grants and farm subsidies	23,574	23,574	23,406	23,406
	Other income	3,912	3,912	1,439	1,439
					
		27,486	27,486	24,845	24,845
					
6.	Investment income
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2021	Funds	2020
		£	£	£	£
	Rental income	11,600 	11,600 	24,700 	24,700 

Investment income includes rental income from Secret Meadows Limited £6,500 (2020: £14,500) and Woodland House £5,100 (2020: £10,200).

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The Sinfield Nature Conservation Trust

Notes to the financial statements (continued)

Year ended 31 March 2021

7. Expenditure on charitable activities

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2021	Funds	2020
		£	£	£	£
	Cattle expenses	7,711	7,711	4,516	4,516
	Water rates	1,852	1,852	2,273	2,273
	Property costs	5,392	5,392	828	828
	Insurance	6,824	6,824	6,261	6,261
	Land management	14,309	14,309	20,946	20,946
	Equipment costs	4,087	4,087	3,418	3,418
	Governance costs	2,025	2,025	1,800	1,800
	Professional fees	665	665	230	230
	Office costs	1,971	1,971	2,404	2,404
	Depreciation	31,439	31,439	30,628	30,628
	Loan interest	18,665	18,665	22,974	22,974
	Bank charges	109	109	166	166
	(Profit)/loss on disposal of fixed assets	–	–	(55)	(55)
	Livestock building expenses	–	–	11,661	11,661
	Miscellaneous	1,629	1,629	3,241	3,241
					
		96,678	96,678	111,291	111,291
					
	Analysis of governance costs
		Unrestricted	Restricted	Total Funds	Total Funds
		Funds	funds	2021	2020
		£	£	£	£
	Independent examination fees	2,025	–	2,025	1,800
					
8.	Net expenditure
	Net expenditure is stated after charging/(crediting):
				2021	2020
				£	£
	Depreciation of tangible fixed assets			31,438	30,628
					
9.	Independent examination fees
				2021	2020
				£	£
	Fees payable to the independent examiner for:
	Independent examination of the financial	statements		2,025	1,800
					
10.	Staff costs

During the year staff costs of £14,093 were incurred from Secret Meadows Limited in respect of land management. Secret Meadows Limited is a company in which the trustees Mrs Amanda Daniel and Miss Charlotte Daniel are directors.

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The Sinfield Nature Conservation Trust

Notes to the financial statements (continued)

Year ended 31 March 2021

11. Trustee remuneration and expenses

None of the trustees (or any persons connected with them) received any remuneration during the year.

12. Tangible fixed assets

		Freehold	Plant and	Fixtures and
		property	machinery	fittings	Total
		£	£	£	£
	Cost
	At 1 April 2020	1,026,055	313,301	2,773	1,342,129
	Additions	–	10,524	–	10,524
					
	At 31 March 2021	1,026,055	323,825	2,773	1,352,653
					
	Depreciation
	At 1 April 2020	–	208,577	2,319	210,896
	Charge for the year	–	31,211	227	31,438
					
	At 31 March 2021	–	239,788	2,546	242,334
					
	Carrying amount
	At 31 March 2021	1,026,055	84,037	227	1,110,319
					
	At 31 March 2020	1,026,055	104,724	454	1,131,233
					
13.	Investments

	Other
	investments
	£
Cost or valuation
At 1 April 2020	1
Additions	–
	
At 31 March 2021	1
	
Impairment
At 1 April 2020 and 31 March 2021	–
	
Carrying amount
At 31 March 2021	1
	
At 31 March 2020	1
	

All investments shown above are held at valuation.

The charity holds the entire share capital of 1 ordinary share of £1 each in Secret Meadows Limited, a company incorporated in the United Kingdom. The principal activity of the company is running a glamping campsite. The results for the company for the year are:

	2021	2020
	£	£
Turnover	131,426	196,951
Profit for the year	9,068	49,467
Gifted to the charity	9,068	49,735
Net assets	603	603

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The Sinfield Nature Conservation Trust

Notes to the financial statements (continued)

Year ended 31 March 2021

14.	Stocks
		2021	2020
		£	£
	Cattle	10,450	10,100
			
15.	Debtors
		2021	2020
		£	£
	Trade debtors	524	179
			
16.	Creditors: Amounts falling due within one year
		2021	2020
		£	£
	Bank loans and overdrafts	13,266	13,187
	Trade creditors	4,513	5,524
	Amounts owed to group undertakings	61,071	47,896
	Accruals and deferred income	3,825	1,800
	Social security and other taxes	2,202	1,684
	Other creditors	27,500	–
			
		112,377	70,091
			
17.	Creditors: Amounts falling due after more than one year
		2021	2020
		£	£
	Bank loans and overdrafts	659,020	618,953
			

Included within creditors falling due after more than one year is an amount of £589,715 (2020: £589,715) in respect of liabilities which fall due for payment after more than five years from the balance sheet date and are secured on assets owned by the trust.

18. Analysis of charitable funds

Unrestricted funds

Year ended 31 March 2021
	At 1 April			At 31 March
	2020	Income	Expenditure	2021
	£	£	£	£
General funds	456,632	50,117	(96,678)	410,071
				
Year ended 31 March 2020
	At 1 April			At 31 March
	2019	Income	Expenditure	2020
	£	£	£	£
General funds	457,932	109,991	(111,291)	456,632
				

- 14 -

The Sinfield Nature Conservation Trust

Notes to the financial statements (continued)

Year ended 31 March 2021

19. Analysis of net assets between funds

	Unrestricted	Total Funds
	Funds	2021
	£	£
Tangible fixed assets	1,110,319	1,110,319
Investments	1	1
Current assets	71,148	71,148
Creditors less than 1 year	(112,377)	(112,377)
Creditors greater than 1 year	(659,020)	(659,020)
		
Net assets	410,071	410,071
		
	Unrestricted	Total Funds
	Funds	2020
	£	£
Tangible fixed assets	1,131,233	1,131,233
Investments	1	1
Current assets	14,442	14,442
Creditors less than 1 year	(70,091)	(70,091)
Creditors greater than 1 year	(618,953)	(618,953)
		
Net assets	456,632	456,632
		

- 15 -

The Sinfield Nature Conservation Trust

Notes to the financial statements (continued)

Year ended 31 March 2021

20. Related parties

During the year the following transactions were carried out with related parties:

Secret Meadows Limited is a company in which the trustees Mrs A Daniel and Miss C Daniel are directors. Included within the results for the year are the following transactions in relation to Secret Meadows Limited:

	2021	2020
	£	£
Rental income	6,500	14,500
Donations and gifts	9,068	49,735
Land management	(14,093)	(21,442)
		
	1,475	42,793
		

Included within creditors is a balance of £61,071 (2020: £47,896) which is owed to Secret Meadows Limited.

Miss C Daniel is a trustee of The Sinfield Nature Conservation Trust. Included within the results for the year are the following transactions in relation to Miss C Daniel:

	2021	2020
	£	£
Rental income	5,100	10,200
Water rates	253	158
		
	5,353	10,358
		

Included within debtors is a balance of £Nil (2020: £224) which is owed from Miss C Daniel.

Insight Rural Consultants Limited is a company in which the trustee Mrs A Daniel is a director. Included within the results for the year are the following transactions in relation to Insight Rural Consultants Limited:

	2021	2020
	£	£
Professional fees	100	230
Office costs	75	–
		
	175	230
		

Included within creditors is a balance of £Nil (2020: £90) which is owed to Insight Rural Consultants Limited.

- 16 -

The Sinfield Nature Conservation Trust

Notes to the financial statements (continued)

Year ended 31 March 2021

R N Creasy is a partnership in which the trustees Mrs A Daniel and Miss C Daniel are partners. Included within the results for the year are the following transactions which are expenses of the Trust that have been recharged from R N Creasy at cost:

	2021	2020
	£	£
Office costs	147	581
		

During the year memberships amounting to £50 were received from the Trustees.

- 17 -