REGISTERED CHARITY NUMBER: 1059151 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 FOR GRAND CHARITABLE TRUST OF THE ORDER OF WOMEN FREEMASONS Mccabe Ford Williams Chartered Accountants Building 1063 Cornforth Drive Kent Science Park Sittingbourne Kent ME9 8PX
GRAND CHARITABLE TRUST OF THE ORDER OF WOMEN FREEMASONS CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Page Report of the Trustees Independent Examlnerfs Report Statement of Flnanclal Actlville8 Balance Sheet Notes to the Flnanclal Slatements 8 to 15 Delalled Ststement of Financial Aclivitles 16 to 17
GRAND CHARITABLE TRUST OF THE ORDER OF WOMEN FREEMASONS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 The Iruslees present their report with the financial statements of the charily for Ihe year ended 30 June 2024. The tnjslees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102} {effective1 January 2019). OBJECTIVES AND ACTIVITIES Pollcles and objectives The charills objectives are the general charitable purposes where the Iruslees shall in their absolute discretion think fit to support or estsblish throughout the wodd. These include.. Medical - Assistance in getting operations or treatment carried out privately lo relieve pain or suffering where there is a long wail for NHS treatment. Relief of poverty - Assistance with costly utility bills where hardshlp to meel some has occurred. Accommodation - Help glven especially where floods or serious fires have occurred. Children, elderly and disabled - Donations mainly lo hospitals, hospital appeals and help wth mobility appliances. Grants to individualslorganisalions- Sponsorship always considered and special appeals. Other chariliesNolunlary bodies - Donations given when applications are made. It is the Trustees decision as lo the amount. Donations lo the trust fund are received through lodges and individual members, Applications to receive support are made through lodges and Individual members. Publlc applications are generally received through postal applications, In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the charity commission relating to public benefit. SIGNIFICANT ACTIVITIES Strategies for achieving objectives Regular meetings are held by the board of Trustees to discuss claims for assistance and to consider the requests of individual lodges lo make donations lo numerous outside charities, Activitles for achieving objectives Lodges initially raise funds and submit these on an annual basis to the Trust Fund for distribution as requested. Granlmaklng The Trust makes grants as follows'.- (a) It makes payments lo various Chaiilies at the request of individual Lodges after having reiVed approval by the Orderfs Board. Ib) It assists needy membefs particularly in glving financial help towards householdniving expenses and also towards medical expenses (c) It considers and makes payments to anybody applying directly to the Trust Page I
GRAND CHARITABLE TRUST OF THE ORDER OF WOMEN FREEMASONS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 ACHIEVEMENT AND PERFORMANCE Charitable actlvities During the year the Trust has paid grants lolalling £42,577 (2023- £109,932) lo outside charities. Specific gifts from members have also enabled the Trust lo make donations lo the Adelaide Litten Charitable Trust of £9,502 {2023 - £6,929}. The continued ability to make such gifts relies on the generous donations recelved. Fundralsing activities Fundraising is dealt with by individual lodges which are then submitted lo the Trust Fund on an annual basis, Inveslment perfomianca The Trust Deed authorises the Trustees to make and hold investments using the general funds of the charity. The investment policy is lo maintain a balance between income and growth by taking a moderate risk on investments held, The investment portfolio is managed by professional stockbrokers and the review of risk is ongoing. FINANCIAL REVIEW ReseNe8 poIIcy 11 Is the policy to keep cash reserves available equlvalent to six months running costs. Unreslrfcted fund The unrestricted fund consists of Ihe amounts available for Ihe general purposes at the discretion of the Trustees. Restricted funds The reslricled funds consisl of funds which are subject lo specific conditions which are legally binding to Ihe Trustees as to how the funds should be used. Funds available are sufficient to pemiit the Twsl to continue in operation in the medium temi, given the expected support of donors for a further year. Going concern After making appropriate enqLtiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopl Ihe going conrn basis in preparing the financial stalemenls, Further details regarding the adoption of Ihe going concern basis can be found in the Accounting Policies, FUTURE PLANS The charity has no new plans, except as staled above. The trustees will continue lo support Ihe objectives of the charity for the foreseeable fuliire. Informallon on fundraising pra¢tlces The charity did not partake In any fundraising activities during the 2023124 financlal year. STRUCTURE, GOVERNANCE AND MANAGEMENT Govemlng document The charity is controlled by ils goveming documenl, a deed of trust and constitutes an unincorporated charity. Page 2
GRAND CHARITABLE TRUST OF HE ORDER OF WOMEN FREEMASONS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE REFERENCE AND ADMINISTRATIVE DETAILS Independent Examlner Clair Rayner FCA, DChA Mccabe Ford Williams Chartered Accountants Building 1063 Comforlh Drjve Kent scien Park sitlngboume Bankers National Weslmlnster Bank pl¢ 46 Notting kHII Gate London Approved by,ordèr of the board oftnjslees on ......... (.9..,.(.0.2..4.....,.... and slgned on ts behalf ty; Z D Penn - Tniste
GRAND CHARITABLE TRUST OF THE ORDER OF WOMEN FREEMASONS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 Constltutlon The charily is constituted under a Trust deed dated 25 October1996, Recrullment and appolntment of new trustees The management of Ihe charity is the responsibility of the Trustees who are elecled and co4Jpled under the terms of the Trust deed, The Trustees named in the charity information have served throughout the year, Appointment of the Trustees is govemed by the Trust Deed of the Charily. The Board of Trustees is authorised lo appolnt new Truslees and fill vacancies arising through resignation or death of an existing Trustee. S Major resigned as trustee on 21 Oclober 2023 and LA Neale was appointed on the same date. Organisational structure As approved by the Charity Commission, six senior members of the Order automatically become Tnislees by virtue of the offices they hold, The Trustees have ultimate responsibility for decisions on expenditure and policy making. Inductlon and tralnlng of newtni8tees All newly appointed Trustees are senior and experienced members of the charity and In their careers have held responsible positions. There are therefore no policies adopted for the induction and training of new Trustees. Related parties The trust has close links with the Adelaide Litten Charitable Trust which also belongs to the Order. The Trusts are, however, two separate and distinct charities. Risk management The Trustees are conlinuing to assess the major risks to which the Trust is exposed, in particular those related to the operations and finances of the Trust, with a view to satisfying themselves that systems are in place to miligate our exposure lo the major risks. REFERENCE AND ADMINISTRATWE DETAILS Reglstered Charity number 1059151 Prlnclpal address 27 Pembridge Gardens London W2 4EF Trustees ZDPenn S Major (resigned 21,10,23) Dr l M Boggia Black M J Hooper E J Keitch E M Senior L A Neale (appointed 21,10.23) Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GRAND CHARITABLE TRUST OF THE ORDER OF WOMEN FREEMASONS Independenl examinerfs report to the trustees ol Grand Charitable Trust of The Order of Women Freemasons I report lo the charity trustees on my examination of the accounts of Grand Charitable Trust of The Order of Women Freemasons (the Trust) for the year ended 30 June 2024. Responsibilitie8 and basls of report As the charity tnjstees of the Trust you are responsible for the preparation of Ihe accounls in accordance with Ihe requirements of the Charities Act 2011 Ilhe ACV). I report In respect of my examination of the Trusvs accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145151(b) of the Act. Independent examinees statement I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the Trust as required by Section130 of the Act,. or the accounts do not accord with those records. or the accounts do not comply wth the applicable requirements conceming the form and content of accounts set oul in the Charities (Accounts and Reports) Regulations 2008 other Ihan any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other malters in connecllon with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. Clair Rayner FCA, DChA Mccabe Ford Williams Chartered Accountants Building 1063 Comforth Drive Kent Science Park Sittingboume Kent ME9 8PX Date,, Page 5
GRAND CHARITABLE TRUST OF THE ORDER OF WOMEN FREEMASONS STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024 30.6.24 Total funds 30,6.23 Total funds Unrestricted funds Reslricled fund Notes INCOME AND ENDOWMENTS FROM Donalions and legacies 86,696 9,502 96,198 91,071 Investment income 14,344 14,344 17,147 Total 101,040 9,502 110,542 108,218 EXPENDITURE ON Raising funds 6,302 6,302 6,165 Chafitable activities Support Costs Giant Funding of activities Activities undertaken directly 8,040 42,577 378 8,040 52,079 378 2,160 116,861 6,458 9,502 Totsl 57,297 9,502 66,799 131,644 Net gainslllosses) on inveslmenls 61,521 61,521 (11,624) NET INCOMEI{EXPENDITURE) 105,264 105,264 (35,050) RECONCILIATION OF FUNDS Total funds broughl foard 724,271 724,271 759,321 TOTAL FUNDS CARRIED FORWARD 829,535 829,535 724,271 The notes form part of these financial slalemenls Page 6
GRAND ABLETRUSTOF THE DER OFWOME FREEMASONS BALANCE SHEET 30 JUNE 2024 30.6.23 Total fiJnds Unrestricted funds Totsl tund$ fund Notes FIXED ASSETS Investhienis 653,270 CURRENT AssErs 13 3.020 10t,976 Cash atbank 101,976 104,996 CREDrroRS AM0ryts falling due wlhin one year (9,fj24) {9,624) (8,273) NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIAblLITIES 829,535 829,535 724,274 NET ASSETS 829,535 724271 Unrethtedfvnds 724,271 TOTAL FUNDS 724271 The flnancAal ststements Were approved by Ihe Board Of Trustees and authorfsed for IsBue on arid were slgned on Its behalf by: ZDPenn, J HoJper- Tntslee The notés fomi p4rt of thèse finand¥l stalem8nls
GRAND CHARITABLE TRUST OF THE ORDER OF WOMEN FREEMASONS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 CHARITY ADMINISTRATIVE INFORMATION Grand Charitable Trust of the Order of Women Freemasons is an unincorporated charity with the charity regislration number 1059151. The address of the registered office is 27 Pembridge Gardens, London, W2 4EF, The Charity's objectives are the general charitable purposes where the Trustees shall in their absolute discretion thlnk fit to support or establish throughout England and Wales, These include., medical,. relief of poverty., accommodation,. children, elderly and disabled. grants to individualslorganisations., other charilieslvoluntary bodies. ACCOUNTING POLICIES Basls of preparing the flnancial statements 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) 'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland {FRS 102) (effective 1 January 2019),, Financial Reporting Slandard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011, The financial slalements have been prepared under the historical cost convention, with the exception of inveslmenls which are included at market value, as modifled by the revaluation of certain assets. Income All income is recognised in the Statement of Financial Activities once the Chaflly has enlillement to the funds, it is probable that the income will be received and the amount can be measured reliably, Income lax recoverable in relation lo donations reiVed under Gift Aid or deeds of covenant is recognised at the lime of donation. Income tax recoverable in relation lo investment income is recognised at the lime the investment income is recelvable. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity lo that expenditure, it is probable that a transfer of economic benefits will be required in selllement 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 cosl relaled to the category. Where costs cannot be directly attributed to particular headings they have been allocated lo activities on a basis consislent with Ihe use of resources. Costs of generating funds are costs incurred in attracting voluntary Income, and those incurred in trading activities Ihal raise funds, Charitable activities are cosls incurred on the charity's operations, including support costs and costs relating lo the governance of the charity apportioned to charitable activities. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject lo conditions which have not been met at the year end are noted as a commitment, but not accnFed as expenditure. All expenditure is inclusive of irrecoverable VAT. Page 8 continued...
GRAND CHARITABLE TRUST OF THE ORDER OF WOMEN FREEMASONS NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 30 JUNE 2024 ACCOUNTING POLICIES - continued Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items, Taxatlon The charily is exempt from tax on ils charitable activilies. 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 statemenls. Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured al fair value al the Balance sheet date, unless fair value cannot be measured reliably in which case il Is measured al cost less impalrment. Inveslmenl gains and losses, whether realised or unrealised, are combined and shown in the heading 'Gainslllosses) on inveslmenls, in the Statement of financial activities, DONATIONS AND LEGACIES 30.6.24 Total fijnds 30,6.23 Total funds Unrestricted funds Reslricled funds Gifts for outside charities Undesignated Donations from Lodges 43,392 43,304 9,502 52,894 43,304 57,045 34,026 86,696 9,502 96,198 91,071 INVESTMENT INCOME 30.6.24 Total funds 30.6,23 Total funds Unrestricted funds Restricted funds Income from Listed Investments Bank & Other Interest 13,457 887 13,457 887 16,825 322 14,344 14,344 17,147 Page 9 continued.
GRAND CHARITABLE TRUST OF THE ORDER OF WOMEN FREEMASONS NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 30 JUNE 2024 RAISING FUNDS Investment managemenl c08ts 30,6,24 Total funds 30.6.23 Total funds Unrestricled funds Restricted funds Investment Management Fees 6,302 6,302 6,165 CHARITABLE ACTIVITIES COSTS Grant fundlng of aclivilles (see note Direct Costs (see note 71 Support costs (see note 91 Totals Support Costs Granl Funding of activities Activities undertaken directly 5,772 2,268 8,040 52,079 378 52,079 378 6,150 52,079 2,268 60,497 DIRECT COSTS OF CHARITABLE ACTIVITIES 30,6.24 30.6.23 Order of Women Freemasons Admin Charge Cost of Regalia Bank Charges 5,772 205 173 6,183 75 200 6,150 6,458 GRANTS PAYABLE 30.6.24 30.6.23 Grant Funding of activities 52,079 116,861 The total grants paid to institutions during the year was as follows.. 30,6,24 30.6.23 Adelaide Litten Charitable Twsl General 9,502 42,577 6,929 109,932 52,079 116,861 Page 10 continued...
GRAND CHARITABLE TRUST OF THE ORDER OF WOMEN FREEMASONS NOTES TO THE FINANCIAL STATEMENTS . contlnued FOR THE YEAR ENDED 30 JUNE 2024 SUPPORT COSTS Management Support Costs 2,268 Support costs, included in the above, are as follows.. Management 30.6.24 Support Costs 30,6.23 Total activities Accountancy fee 2,268 2,160 10. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration Of Other benefils for the year ended 30 June 2024 nor for the year ended 30 June 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 30 June 2024 nor for the year ended 30 June 2023. 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unreslricted funds Reslricled fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacles 84,142 6,929 91,071 Investment income 17,147 17,147 Total 101,289 6,929 108,218 EXPENDITURE ON Ralsing funds 6,165 6,165 Charltsble activities Support Costs Grant Funding of activllies Activities undertaken directly 2,160 109,932 6,458 2,160 116,861 6,458 6,929 Total 124,715 6,929 131,644 Nel gainslllosses) on investments (11,624) {11,624) Page11 continued...
GRAND CHARITABLE TRUST OF THE ORDER OF WOMEN FREEMASONS NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 30 JUNE 2024 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - contlnued Unreslricled funds Restricted fund Total funds NET INCOMEI(EXPENDITURE} {35,050) 135,050) RECONCILIATION OF FUNDS Total funds brought foNrd 759,321 759,321 TOTAL FUNDS CARRIED FORWARD 724,271 724,271 12. FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At1 July 2023 Additions Disposals Revaluations 653,270 90,271 170,899) 61,521 At 30 June 2024 734,163 NET BOOK VALUE At 30 June 2024 734,163 At 30 June 2023 653,270 Investments held within the UK - £357,496 (2023 - £288,270) Investments held oulside the UK- £376,667 {2023 - £365,000) Material Investments (those comprlslng Soh or more of the total market value) 30 June 2024 30 June 2023 86,205 Shares in Legal & General UT L&G SH DTD STG CRP BD IDX C 29,379 Shares in Royal London BD FD RL Sterling Credit Z GBP DI 42,133 Shares in UK (Govt ofj 20A SNR 0710912025 353 Shares In Vontobel Fund 24 Absl Rln Crd AQG 126 Shares in Vanguard Inv funds US EQ IDX Instl PIC 41,999 39,353 33,140 39,510 32,265 35,017 41,120 Total 83,119 180.285 Page 12 continued...
GRAND CHARITABLE TRUST OF THE ORDER OF WOMEN FREEMASONS NOTES TO THE FINANCIAL STATEMENTS . contlnued FOR THE YEAR ENDED 30 JUNE 2024 12. FIXED ASSET INVESTMENTS . contlnued Cost or valuation at 30 June 2024 is represented by,. Lisled investments Valuation in 2024 734,163 13. STOCKS 30,6.24 30.6.23 Jewelslsashes 3,020 3,225 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 30.6.24 30.6.23 Trade creditors Other creditors 1,584 8,040 649 7,624 9,624 8,273 15. MOVEMENT IN FUNDS Net movement in funds At 30.6,24 At1.7,23 Unrestricted funds General fund 724,271 105,264 829,535 TOTAL FUNDS 724,271 105,264 829,535 Nel movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestrlcted funds General fund 101,040 {57,2971 61,521 105,264 Restricted funds Restricted 9,502 (9,502) TOTAL FUNDS 110,542 (66,799) 61,521 105,264 Page 13 continued...
GRAND CHARITABLE TRUST OF THE ORDER OF WOMEN FREEMASONS NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 30 JUNE 2024 15. MOVEMENT IN FUNDS . contlnued Comparatives for movement In funds Net movement in funds Al 30.6.23 At1.7.22 Unreslrlcted funds General fund 759,321 (35,050) 724,271 TOTAL FUNDS 759,321 (35,050) 724,271 Comparative net movement in funds, included in the above are as follows: Incoming resources ReSoUS expended Gains and losses Movement in funds Unre8tricled funds General fund 101,289 1124,715) (11,624) (35,0501 Re8trlcted funds Restri¢led 6,929 (6,929) TOTAL FUNDS 108,218 {131,6441 (11,624) (35,050) A current year12 months and prior year12 months combined position is as follows.. Nel movement in funds At 30.6,24 At1.7.22 Unreslrlcted funds General fund 759,321 70,214 829,535 TOTAL FUNDS 759,321 70,214 829,535 Page 14 continued...
GRAND CHARITABLE TRUST OF THE ORDEROF WOMEN FREEMASONS NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 JUNE 2024 15. MOVEMENT IN FUNDS- contlnued A cuent year12 months and prior year12 months combined net movement In funds, included in the above are as follows., Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 202,329 {182,012) 49,897 70,214 Restricted funds Restricted 16,431 (16,431) TOTAL FUNDS 218,760 {198,443) 49,897 70,214 16. RELATED PARTY DISCLOSURES During the year the Charity has undertaken various transactions with The Adelaide Litten Charitable Trust of which M J Hooper is a Trustee, In the year the Charily has granted £9,502 to the Adelaide Litten Charitable Trusl (2023: £6,929). The Charity has paid £9,502 to the Adelalde Litten Charitable Tnjst (2023- £6,929). As al 30 June 2024, the Charity owed £nil (2023 - £nil) to The Adelalde Litten Charilable Tnjsl. Page 15
GRAND CHARITABLE TRUST OF THE ORDER OF WOMEN FREEMASONS DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024 30.6.24 Total funds 30,6,23 Total funds Unrestricted funds Restricted funds INCOME AND ENDOWMENTS Donatlons and legacles Gifls for outside charities Undesignated Donations from Lodges 43,392 43,304 9,502 52,894 43,304 57,045 34,026 86,696 9,502 96,198 91,071 Investment Income Income from Listed Investments Bank & Other Interest 13,457 887 13,457 887 16,825 322 14,344 14,344 17,147 Total Incomlng resources 101,040 9,502 110,542 108,218 EXPENDITURE Investment management costs Investment Management Fees 6,302 6,302 6,165 Charltable actlvities Order of Women Freemasons Admin Charge Cost of Regalia Bank Charges Gifts lo oulside chaiilles 5,772 205 173 42,577 5,772 205 173 52,079 6,183 75 200 116,861 9,502 48,727 9,502 58,229 123,319 Support Costs Management Accountancy fee 2,268 2,268 2,160 Total reSoUrS expended 57,297 9,502 66,799 131,644 Nel (expendltureyincome before galns and losses 43,743 43,743 (23,426) Reallsed recogn18ed galns and losses Carried fofward 41,475 41,475 (25,586) This page does not form part of the statutory financial statements Page 16
GRAND CHARITABLE TRUST OF THE ORDER OF WOMEN FREEMASONS DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024 30,6.24 Total funds 30.6.23 Total funds Unreslricted funds Reslricled funds Reallsed recognlsed galns and losses Brought forward Reallsed gainsl(losses) on fixed asset inveslmenls 41,475 41,475 (25,586) 61,521 61,521 {11,624) Net {expendltureVincome 105,264 105,264 135,050) This page does not fom) part of the slalutory financlal statements Page 17