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2020-10-31-accounts

REGISTERED COMPANY NUMBER: 3265057 (England and Wales) REGISTERED CHARITY NUMBER: 1059465

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020 FOR LEDBURY POETRY FESTIVAL LIMITED

LEDBURY POETRY FESTIVAL LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

Page
Report of the Trustees 1 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7 to 8
Notes to the Financial Statements 9 to 12
Detailed Statement of Financial Activities 13 to 14

LEDBURY POETRY FESTIVAL LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2020

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 31 October 2020. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard (FRS 102).

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

3265057 (England and Wales)

Registered Charity number 1059465

Registered office

The Master’s House St Katherine’s Ledbury HR8 1EA

Trustees

P Arscott N Falls J Gardosi D R Ingram L Jackson C G Noel U Owen S Parmar D Punter B M Read-Brown P Salt S Scott

Company Secretary D R Ingram

Independent examiner

Luke Keegan Chartered Management Accountant 1A The Homend Ledbury Herefordshire HR8 1BN

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its Memorandum and Articles of Association and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The liability of each member is limited to £10.

Recruitment and appointment of new trustees

Our policy for appointing new trustees is to search out people who have particular skills and characteristics who we feel will want to become similarly committed. The Festival recruits event managers from amongst its Friends Group and other well wishing local people; the Arts Council website offers names of people wishing to become trustees in arts organisations; existing trustees sometimes have interested contacts who are able to offer particular skills. All of these pools are sources for future trustees.

Induction and training of new trustees

On appointment the trustees receive a copy of the governing documents and Charity Commission documents regarding trusteeship. New trustees are briefed on the history, background and work of the charity.

Page 1

LEDBURY POETRY FESTIVAL LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT Related parties

Arts Council England The Creative Europe Programme of the European Union The Elmley Foundation The English Speaking Union (Worcestershire Branch) Friends of Ledbury and District Healthcare Garfield Weston Foundation The Garrick Club Charitable Trust Great Places Greendawn Accounting Herefordshire Council Invisible Arts Network Joanies Trust Ledbury Town Council Pennington-Mellor-Munthe Charity Trust Robert Gavron Charitable Foundation Tŷ Newydd Writing Centre Versopolis West Midlands Railway Worcester County Council

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity's objectives are to advance the education of the public in the appreciation of the arts in all their forms, including but without prejudice to the generality of the foregoing, the presentation, organisation and promotion of poetry.

The objectives of the charity are achieved through the production of the Ledbury Poetry Festival.

Significant activities

The significant activity is the production of the Ledbury Poetry Festival, which occurs every year over a ten day period during the summer months.

The event is organised by the directors of the company with the help of a part time paid Festival Director, part time paid Festival Manager, part time paid Finance Manager, part time paid helpers and numerous volunteers.

The Festival also runs a year round Poetry in the Community Programme and a Poet in Schools Programme. Both these programmes are subject to funding.

Volunteers

This very important group of people are sought from the: Friends of Ledbury Poetry Festival and their friends and neighbours. Unsolicited offers of help from members of the public who simply contact the charity.

ACHIEVEMENT AND PERFORMANCE

The trustees are aware of the Public Benefit provisions of the Charities Act 2006 and of the guidance on them published by the Charity Commission. They are satisfied that the objects of the charity and the activities of the charity are within the definitions of Charitable Purposes as set down in the Act. The trustees are not aware of any public detriment caused by the charity's objects or activities, and nor are they aware of anyone receiving any private benefit from the charity's activities.

Page 2

LEDBURY POETRY FESTIVAL LIMITED

REPORT OF THE TRUSTEES (cont) FOR THE YEAR ENDED 31 OCTOBER 2020

Charitable activities

The Festival 2020, celebrating its twenty fourth anniversary, was as vibrant, engaging and accessible as ever, but in an entirely digital way. Despite Covid 19, audiences were able to uncover genuine surprises as well as to experience well-established poets and writers such as Daljit Nagra, Robin Coste Lewis, Danez Smith and Raymond Antrobus. We offered poetry in translation and poet to poet conversations that enthralled our online audiences. The online presence boosted our numbers by 20,000 in 2020, and there was a more than respectable number of participants across schools and community programmes despite the obvious effects of the pandemic. The resilience and adaptability of the Festival was tested, and it thrived, and both staff and trustees, as well as the Festival volunteers, feel confident about the future and ambitious for poetry locally, nationally and internationally.

Ledbury Poetry Festival Online was a huge success, especially among poets and the poetry community and interestingly a younger demographic. It kicked off with a special Ledbury Poetry Festival edition of The Verb, on BBC Radio 3. And was followed by a launch with Simon Armitage on Saturday morning and 8 events over Saturday and Sunday, featuring leading American poets, Danez Smith, Kaveh Akbar, Robin Coste Lewis and Cathy Park Hong, plus Will Harris, Raymond Antrobus and Mary Jean Chan. Effective partnerships ensured good audiences and extended reach and publicity, such as a Spanish Translation Duel with Modern Poetry in Translation Magazine, and an event with the Poetry Translation Centre, featuring Eritrean poet Ribka Sibhatu with translator André Naffis-Sahely. There were also events that broadened participation, including a Poetry of the Lockdown reading welcoming poets who had responded to the online open call. Plus, a Ledbury Poetry Competition Winners’ reading, hosted by Daljit Nagra. The Creative Europe partnership continued with a Versopolis reading of European poets from Belgium, Iceland, Georgia and Italy, hosted by Kim Moore.

Many of the events had hundreds of people watching from all over the world and the reception was very positive. The crucial thing was that Ledbury Poetry Festival Online was not just a smaller version of the Festival we had planned. Instead it was a series of specially curated events responding to current times, Covid 19, Lockdown and Black Lives Matter. It felt really important to use this new platform for the Festival in a different way, which reflects how the online world is very immediate and responsive to current affairs. The Online Festival led to a sharp increase in website visits, and increased visibility across social media, but especially on Twitter. Also, lots of poets attended to support their fellow poets and many attendees said they hadn’t been able to come to a Festival event before because of disability or distance. It is now certain that Ledbury will continue to have a strong online focus and an annual online festival to complement the physical offering, which in 2021 will celebrate 25 years of Ledbury Poetry Festival!

The Community Programme

The Festival’s Community Programme targets demographics least involved in arts and culture, whether through lack of opportunity, or lack of access. When Covid 19 struck in March we quickly moved to online delivery of workshops where we could, so that continuity was maintained and the health and well being aspects of the workshops were still accessible when people needed them most. Segments monthly workshops use museum artefacts from Ledbury’s Butcher Row Museum as inspiration for poetry, often prompting memories and discussions. In lockdown, practitioner Sara Jane Arbury switched to sourcing artefacts from her within own home, covering topics such as “The Vinyl Revolution” and “Bread”. Similarly, Poetry and Pictures, a partnership with Herefordshire Mind mental health charity pivoted to online delivery quickly. The groups explore ekphrastic poetry as a great device for exploring feelings and experiences in a safe and supported environment. The Young Writers’ Collective continued to meet virtually throughout lockdown. Their fantastic film of Lockdown Poems from doorsteps and balconies was featured in the Versopolis Festival of Hope, and in our digital festival launch event, alongside UK poet laureate Simon Armitage.

Poets in Schools

The year started with a Young Shakespeare performance of Macbeth for 200 pupils, a series of after-school writing clubs for Ledbury Primary School, and a visit by Richard Osmond to John Masefield High School. This was followed by three Poetry Out Loud, Festival in a Day events at Hellens Manor. 200 pupils from four primary schools and one high school enjoyed intensive days packed with poetry performances, writing workshops and opportunities to showcase their poems, led by Mike Barfield, Matt Black and Jasmine Gardosi.

During Lockdown the Festival developed a series of homeschool writing prompts, which were shared directly to schools and families via Facebook.

Ledbury Emerging Poetry Critics

In June a new report was released by the Ledbury Poetry Critics Programme in association with Ledbury Poetry Festival and the University of Liverpool’s Centre for New and International Writing. It revealed that poetry reviewing is still too white despite coverage of poets of colour, and coverage by critics of colour, more than doubling in the three years since the launch of Ledbury Poetry Critics which was co-founded by poets Sandeep Parmar and Sarah Howe in 2017.

Page 3

REPORT OF THE TRUSTEES (cont) FOR THE YEAR ENDED 31 OCTOBER 2020

FINANCIAL REVIEW Reserves policy

In general, activities undertaken by the Festival are matched to the resources available. The company does carry a certain level of overhead, and reserves are needed;-

  1. To give trustees time to take action if income falls below expectations

  2. To cover troughs in the cash budget due to the unevenness of cash receipts and payments

  3. A small contingency fund to meet unforeseen operational costs

Following a review of the Festival’s budget, and guided by the nature of the overheads and nearly 20 years of experience, the trustees have concluded that an unrestricted reserve equivalent to 4 months overheads is sufficient to meet these objectives.

At the year end the charity had free reserves of £57,616 (2019: £46,203) which is the equivalent of seven months management, governance and finance costs

ON BEHALF OF THE BOARD :

S Scott - Director

25 May 2021

Page 4

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LEDBURY POETRY FESTIVAL LIMITED

I report on the accounts for the year ended 31st October 2020 set out on pages six to fourteen.

Respective responsibilities of trustees and examiner

The charity's trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is required.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of the independent examiner's report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view ' and the report is limited to those matters set out in the statements below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

have not been met; or

Luke Keegan Chartered Management Accountant 1A The Homend Ledbury Herefordshire HR8 1BN

Date: .............................................

Page 5

LEDBURY POETRY FESTIVAL LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2020

2020 2019
Unrestricted Restricted Total funds Total funds
funds funds
Notes £ £ £ £
INCOMING RESOURCES
Incoming resources from generated funds
Donations 2 88,193 56,294 144,487 164,159
Incoming resources from charitable activities
Poetry competition 9,372 - 9,372 4,215
Ticket and event sales 266 - 266 54,865
Other income 3,715 - 3,715 6,520
Total incoming resources 101,546 56,294 157,840 229,760
RESOURCES EXPENDED
Charitable activities
Promotion costs 1,667 - 1,667 5,062
Community programme - 15,040 15,040 24,676
Schools programme - 4,922 4,922 25,009
EU Project - 14,811 14,811 15,107
New Writers - - - 5,391
Second Collection - - - 6,000
BBI Project - 490 490 -
Emerging Critics - 2,023 2,023 5,398
Kickstarter - 50 50 4,818
Elmley Marketing Audit - 2,531 2,531 -
Overheads funding 5,500 - 5,500 5,902
Support costs 74,708 - 74,708 74,013
Core festival 2,501 - 2,501 38,452
Poetry competition 3,096 - 3,096 2,588
Ticket and event sales 590 - 590 3,712
Hospitality - - - 1,734
Advertising 572 - 572 3,222
Governance costs 1,500 - 1,500 1,500
Total resources expended 90,133 39,867 130,000 222,583
NET INCOMING/(OUTGOING) RESOURCES
BEFORE TRANSFERS 11,413 16,427 27,840 7,177
Gross transfers between funds - - - -
Net incoming/(outgoing) resources 11,413 16,427 27,840 7,177
RECONCILIATION OF FUNDS
Total funds brought forward 46,203 18,555 64,758 57,581
TOTAL FUNDS CARRIED FORWARD 57,616 34,982 92,598 64,758

The notes form part of these financial statements

Page 6

LEDBURY POETRY FESTIVAL LIMITED

BALANCE SHEET AT 31 OCTOBER 2020

2020 2019
Unrestricted Restricted Total funds Total funds
funds funds
Notes £ £ £ £
FIXED ASSETS
Tangible assets 6 - - - -
CURRENT ASSETS
Debtors 7 4,661 - 4,661 5,210
Cash at bank and in hand 62,144 34,982 97,126 69,121
66,806 34,982 101,788 74,331
CREDITORS
8 (9,190) - (9,190) (9,573)
NET CURRENT ASSETS 57,616 34,982 92,598 64,758
TOTAL ASSETS LESS CURRENT
LIABILITIES 57,616 34,982 92,598 64,758
NET ASSETS 57,616 34,982 92,598 64,758
FUNDS 10
Unrestricted funds 57,616 46,203
Restricted funds 34,982 18,555
TOTAL FUNDS 92,598 64,758

The notes form part of these financial statements

continued...

Page 7

LEDBURY POETRY FESTIVAL LIMITED

BALANCE SHEET - CONTINUED AT 31 OCTOBER 2020

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 October 2020 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies and with the Financial Reporting Standard applicable in the UK (FRS 102).

The financial statements were approved by the Board of Trustees on 25 May 2021 and were signed on its behalf by:

P Arscott -Trustee

S Scott - Trustee

The notes form part of these financial statements

Page 8

LEDBURY POETRY FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

1. ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard (FRS 102), the Companies Act 2006 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.

Incoming resources

All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Resources expended

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office equipment and Sound equipment – 33 1/3% on cost

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2. INCOME FROM DONATIONS

Public Funding
Private Trusts
Other
Grant – Elmley Foundation		 2020
£
85,597
32,516
8,374
18,000
144,487		 2019
£
86,158
38,700
27,301
12,000
164,159

Page 9

LEDBURY POETRY FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 OCTOBER 2020

3. NET INCOMING/(OUTGOING) RESOURCES

Net resources are stated after charging/(crediting):

Depreciation - owned assets
Other operating leases
Independent Examiner Fee		 2020
£
-
5,500
1,500		 2019
£
989
5,902
1,500

4. TRUSTEES' AND RELATED PARTIES REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 October 2020 nor for the year ended 31 October 2019.

As expressly permitted by the governing document trustees received fees for providing other services as under:

B M Read-Brown £406 (2019 £561) Community programme services. J Gardosi £762 (2019:£nil) School programme services.

Trustees' expenses

No Travel expenses were paid for the year ended 31 October 2020, (2019: £Nil).

5. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 Unrestricted
funds
Restricted
funds
Total funds
Total funds
2020
2019
£
£
£
£
58,233
10,094
68,327
66,072
2,247
-
2,247
2,394
4,076
-
4,076
3,955
64,556
10,094
74,650
72,421		 Unrestricted
funds
Restricted
funds
Total funds
Total funds
2020
2019
£
£
£
£
58,233
10,094
68,327
66,072
2,247
-
2,247
2,394
4,076
-
4,076
3,955
64,556
10,094
74,650
72,421
72,421

The average monthly number of employees (including part time staff) during the year was as follows:

llows:
2020 2019
3 3

No employees received emoluments in excess of £60,000.

The Staff costs show the full costs of employing three members of staff. Some of the staff costs are allocated to restricted funds in accordance with time spent on those activities. Total wages and salaries allocated to restricted funds: £10,094 (2019: £8,438)

Pension contributions are made to defined contribution pension schemes.

Page 10

LEDBURY POETRY FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 OCTOBER 2020

6. TANGIBLE FIXED ASSETS

Office and Sound equipment

COST
At 1 November 2019
Additions
Disposals
As 31 October 2020
DEPRECIATION
At 1 November 2019
Charge for year
Disposals
At 31 October 2020
NET BOOK VALUE
At 31 October 2020
At 31 October 2019
7.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Pre-payments
Other debtors
8.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Taxation and social security
Other creditors
9.
OPERATING LEASE COMMITMENTS
The following operating lease payments are committed to be paid within one year:
Expiring:
Within one year		 2020
£
-
4,661
2020
£
6,590
1,099
1,500
9,190
2020
£
5,500		 £
4,934
-
-
_____
4,934
4,934
-
-
4,934
-
-
2019
£
-
5,210
2019
£
6,999
1,074
1,500
9,573
2019
£
5,500

Page 11

LEDBURY POETRY FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 OCTOBER 2020

10. MOVEMENT IN FUNDS
Net movement Transfers
At 1.11.19 in funds between funds At 31.10.20
£ £ £ £
Unrestricted funds
General fund 46,203 11,413 - 57,616
Restricted funds
Community programmes 11,579 (3,537) - 8,042
School projects 1,190 10,158 - 11,348
EU Projects - - - -
Elmley Marketing Audit - 3,469 - 3,469
New Writers 1,109 2,500 - 3,609
BBI Project - 5,010 - 5,010
Kickstarter International 749 (50) - 699
Emerging Critics 1,928 (1,123) - 805
British Council 2,000 - - 2,000
18,555 16,427 - 34,982
TOTAL FUNDS 64,758 27,840 - 92,598
Net movement in funds, included in the above are as follows:
Incoming Resources Movement in
resources expended funds
£ £ £
Unrestricted funds
General fund 101,546 (90,133) 11,413
Restricted funds
Community programmes 11,503 (15,040) (3,537)
School projects 15,080 (4,922) 10,158
EU Project 14,811 (14,811) -
Elmley Marketing Audit 6,000 (2,531) 3,469
New Writers 2,500 - 2,500
BBI Project 5,500 (490) 5,010
Kickstarter International - (50) (50)
Emerging Critics 900 (2,023) (1,123)
British Council - - -
Core Festival - - -
56,294 (39,867) 16,427
TOTAL FUNDS 157,840 (130,000) 27,840

11. COMPANY LIMITED BY GUARANTEE

The company is limited by guarantee and has no share capital. Every member of the company undertakes to contribute to the assets of the company, in the event of it winding up, such an amount as may be required, not exceeding £10.

12. GENERAL INFORMATION

Ledbury Poetry Festival Limited, is a private company, limited by guarantee, incorporated in England and Wales, registered number 03265057. The registered address is The Masters’s House, St Katherine’s, Bye Street, Ledbury, Herefordshire, HR8 1EA.

Page 12

LEDBURY POETRY FESTIVAL LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2020

INCOMING RESOURCES
Voluntary income
Public funding
Private trust
Other
Grants - Elmley Foundation
Grants – Garfield Weston
Incoming resources from charitable activities
Ticket and event sales
Poetry competition
Other income
Total incoming resources
RESOURCES EXPENDED
Charitable activities
Website costs
Venue hire
Production costs
Hospitality
Performers' fees and costs
Brochure and other event costs
Ticket costs and box office
Merchandise
Community programmes
School programmes
Poetry competition
Kickstarter Costs
EU Project
New Writers
BBI Project
Second Collection
Emerging Critics
Governance costs – Independent examiner’s fees
Support costs
Management
Salaries
Employers national insurance
Pension contributions
Rent
Computer and Internet
Insurance
Telephone
Printing and stationery
Carried forward		 2020
£
85,597
32,516
8,374
18,000
-
144,487
266
9,372
3,715
13,353
157,840
-
-
-
-
2,928
192
164
404
12,040
1,922
3,096
50
10,717
490
2,531
-
2,023
1,500		 2019
£
86,158
38,700
27,301
12,000
-
164,159
54,865
4,215
6,520
65,601
229,760
475
2,777
9,064
1,734
25,775
5,931
3,712
265
18,906
24,009
2,588
4,818
11,519
4,591
-
5,750
5,398
1,500
38,057
68,327
2,247
4,076
5,500
1,756
1,563
1,875
1,420
86,764		 128,810
66,072
2,394
3,955
5,902
1,371
1,380
1,569
1,864
84,507

This page does not form part of the statutory financial statements

Page 13

LEDBURY POETRY FESTIVAL LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2020

Management
Brought forward
Advertising and publicity
Sundries
Professional fees
Travelling
Training
Subscriptions
Donations
Depreciation of office and sound equipment
Finance
Bank charges
Credit card charges
Total resources expended
Net (expenditure)/income		 2020
£
86,764
2,046
27
875
706
470
18
-
-
90,906
169
868
1,037
130,000
27,840		 2019
£
84,507
3,222
247
1,346
1,652
33
18
-
989
92,015
185
1,573
1,758
222,583
7,717

This page does not form part of the statutory financial statements

Page 14