The Beltex Sheep Society Limited (A company limited by guarantee) Annual Report and Financial statements 31 March 2024 Company registration number: 02547862 Charlty reglstratlon number.. 1118873 dOdd&co
The Beltax Sheep Soclety Llmited Contents Reference and Administrative Details Trustees, report Trustees, responsibilities in relation to the finanaal statements Independent èxaminers report Statèment of financial activitie8 Balance sheet Notes to the financial statements
The Beltex Sheep Soclety Llmlted Reference and Adminlstrative Detalls Charlty name The Beltex Sheep Society Limited Charlty registralion numbor 1118873 Company registration number 02547862 Prlnclpal office Holme House The Dale Ainstable CARLISLE CA4 9RH Registered offjce Holme House The Dale Ainstable CARLISLE CA4 9RH Trusteeg A Bishop (Resigned 7 December 2023) K R Buckle (Resigned 7 De¢ember 2023) AJPEvans {Resigned 7 December 2023) G R Evans R G Findlay J Howieson (Appointed 7 December 2023) (Appointed 7 De¢ember 2023) G M Ireland (Appointed 7 December 2023) H C Jewitt J C Little J A M¢Garva A Morton E O'Neill DEOwen {Appointed 7 December 2023) K Preston K C B Shuttleworth S Wo¢)d (Resigned 7 December 2023) Secretsry A Ryder (Appointed 1 December 2023) A¢¢ountant Dodd & Co Limited FIFTEEN Rosehill Montgomery Way Rosehill Estate CARLISLE CA12RW Page 1
The Beltex Sheep Society Llmfted Trustees, Roport for the Year Ended 31 March 2024 The trustees who are also directors of the charity for the purposes of the Companies Aci 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities". Ststement of Recommended Practice applicable to charilies preparing their accounts in accordan with the Finanoal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 20191. OBJECTIVES AND ACTIVITIES The objects ofthe Society are.. To promote the science and practice of agriculture by encouragement. promotion and improvement of the breeding of Beltex Sheep and the maintenancE ofthe purity of the breed in the Uniled Kingdom. - To enurage. promote and improve the breeding of Beltex Sheep to ensure the preseatIon of the breed for the public benefiL - To undertake research on sheep breeding and matters relating thereto and to disseminate the usefvl resutts of research for the Dublic benefit. The main activities of the So¢iety are to maintain a register of members, pedigree Beltex Sheep in the United Kingdom and to promote the breéd at agri¢ultural shows and events. The Society continues to improve services offered to members. and continues to encourage production of lean meat to fulfil consumer demand and the public health objedive. We have referred lo the Charity Commission's general guidance on public benefit when reviewing our aims and obje¢tive$ and in planning our future aclivrties. In particular. the Direclors consider how planned activities will contribute to the aims and objectNes they have set. ACHIEVEMENT AND PERFORMANCE The Soaety's rnembership and registrations remains conslanl from the previous year, the details of which are induded in the Offi bèarers, reports to the membership. Through continuous promotion. the breed 1$ now recognised as one of the leading teminal sires used in the UK, and in tum members are gaining this acknowledgement in the show rings. Beltex sired lambs continue to attain top accolades and prie4s at Primestock shows with many commer¢ial farmers turning to the breed to improve Ggrcases. The Society is perfomiing well with this increase of interest and give5 good value to the membership. The Society introduced DNA Te$ling for stock sir&s for all lambs Birth Notified l Registered in 2019 onwards, this policy was ehanged in August 2022 with approval from the membership with DNA testing now being voluntary and not compulsory. This ha5 resulted in a drop in DNA testing income and expenditure. Since the beginning of 2021 after Brexf(, the rules changed for exports to not only Europe. but also Northem Ireland the animal must be Group One genotype or from a Scrapie Monitored flod(, which the breeder can find QLrt before other tests have to be carried out. FINANCIAL REVIEW The Society's financial position at the end of the financial period remains sound. All funds held are available for the wide-ranging running of the Society. The Society's policy is to hold reserves sufficient to cover at least a yea¢s operating costs. in case the sheep industry or the breed fall on lean times. Free re%rves at 31 March 2024 were £306,984. Society membership continues to remain steady, which generally influences the number of sheep registrations. Many new members initially have a small flock which increases year on year. This year Breeders have registered less sheep which has resulted in a reduction in Birth registration income. The busiest time of the year is betsveen May - October with travelling to major agricultural shows. events and Society breed sales across lh8 country. The Pfogram for Breed Promotion Officer is agreed by the Directors in the Society's budget for the coming year. The Council Members continually review business and operational risks whith the charity faS which in tum enables regular reports to be produced $0 that necéssary recommendations can be made to lessen these risks. Page 2
The Beftex Sheep Soclety Llmited Trustees, Report for the Year Ended 31 March 2024 The Directors do not at present cnsiderthaI there are any significant financial risks facing the Society. FUTURE PLANS The Society aims to continue to increase its membership numbers and its pedigree sheep register in accordance with its objectives. The SoGiely Gontinues to attend and have a nOtiable presen at major shows and agricultural events to promote the merits of the breed. The Society has tasked a small group to further promote the bed with the younger generation known as Beltex Young Breeders. this falls into two age groups under 16's and over 16's. STRUCTURE. GOVERNANCE AND MANAGEMENT Govorning document The charity is controlled by its goveming document, a deed of trust. and con$titute$ a limrled Company, limited by guarantee, as defined by the Companies Act 2006. Recruitment and appointment of now trustee8 The Artides ofAssociation require the election of a Council of Management from the membership which must not be less than five, nor more than e1ve in number. Council members. {who are also directors of the company), are eleed by Ihe members in General Meeling and are subject to retirement at the third annual general meeting after the annual general meetin9 at which they were appointed and may not serve more than two nSecutive tem)s. The Council Members have the power to CA)•OPt to the Board to fill va¢an¢ies. All members within the region of the tiring Council Memb8r are circulated with invitations to nominate Council Members prior to the AGM. The Council Members adminisler the So¢iely in accordance wilh the governing document. Induction and tralning of new trustees New Council members (Directors) receive an infomiation pack detailing responsibililies and legal obligations under charity and comp?ny law, the Memorandum and Ariides of Association. the budget and budget updates. Small company provisions This report has been prepared in accordance with the small companies regime under the Companies Act 2006. Approved by the Board on 21 November 2024 and signed on its behalf by: K C B Shuttleworth Trustee Page 3
The Beltex Sheep Society Llmlted Trustees. Responslbllltles In rnlatlon to the Flnanclal Statements The trustees {who are also direciors of The Beliex Sheep Society Limited for the purposes of wmpany law) are responsible for preparing the Trustees. Annual Report and the finan1 slatemenls in accordan with applicable law and the Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.. Company law require5 the trustee$ lo prepare financial statsments for each financial year which give a true and fair view of the stste of affairs of the charitabl• company and of the incoming SOurCeS and application of Sources, including income and expenditure. of the charitable Mmpany for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them $nsiStently.' observe the m8thods and principles in the Charities SORP" make judgements and estimates that are reasonable and pruden( state whether applicable UK a¢counting standards have been followed. subject to any material departures disdosed and explained in the financial statements- and prepare the financial statements on the going nM basis unless it is inappropriate to presume that the charitable company will continue in business. The trustses are responsible for keeping proper accounling COrdS that disclose with reasonable accuracy at any time the financial position of the ¢harit8ble company and enabl8 them lo ensure that the financial statements comply yth the Companies Act 2006. They are also responsible for safeguarding the assels of the charitable ¢ompany and hen for taking reasonable Steps for the prevention and dete¢lion of fraud and other irregularities. Page 4
Independent Examln8rfs Report to the Trustees of The Beltex Sheep Soclety Llmltsd l Rport on the accounts of the company for the year ended 31 March 2024, which aré sét out on pages 6 to 15. Respectlve responslbllltles of trustees and examiner The trustees (who are also the directors of the company for the purposes of company lawl are responsible for the prepaialion of the accounts. The Iruslees consider that an audit is not required for this year under section 144{2) ofthe Charities Act 2011 as amended by the Charities A(a 2022 (the Act) and that an independent examination is needed. Having satisfied myself that the charity is not subject to audii under Part 16 of the Companies Act 2006 and is eligible for independent examination, it is my responsibility to.. examine the accounts under Section 145 of the Act.. follow th8 prOdureS laid down in the General Directions given by the Charity Commission under section 145 (51 Ibl of the Act,. and state whether parbcular matters have come to my attention. Basls of Independent examlnetr$ report My examination was c4rried out in accordance wth the General Directions given by the Charity Gommi$$ion. An examination include5 a review of the accounting cordS kept by the charity and a comparison of the accounts presented with those records.11 also includes consideration of artry unusual items or disclosures in the accounts, and seeking éxplanations frcm you as trustees concerning any such matters. The procedure5 undertaken do not provide all Ihe evKlence Ihal would be required in an audit and consequently no opinion is given as to whether the accounts present a 'lrue and fair view and the report is limited to those matters set out in the ststement below. Independent oxafflingrfs statement In connection with my examination, no matter has come to my attention_. (1) which gives me reasonable cause to believe that in any material respect the requirements= lo keep accounting records in accordan with section 386 of the Companie5 Act 2006: and to prepar8 accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practi.. Aunting and Reporting by Charities have not been met., or (21 to whith, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. FIFTEEN Rosehill Montgomery Way Rosehill Estate CARLISLE CA12RW e Thomlinson FCA d & Co Limited artered Accountants 21 November 2024 Page 5
The Beltox Sheep Soclety Llmited statement of Flnancial Activities {includlng Incomè and Expendlture Account) for the Year Ended 31 March 2024 Unrestricted Totsl Funds Total Fund8 Fund8 2024 2023 Note Income and endowmènts from: Donations and legaci88 Investments Chariiabl8 activities Totsl income and 8nd0vents 5,537 3,239 173.266 182,042 5.537 3,239 173.266 182,042 3,125 502 198,931 202,558 Expenditure on: Charitsble activities Total expenditure 173,372 173,372 173,372 173.372 192,294 192,294 Net mov8ments in fund$ 8,670 8.670 10,264 Reconciliation of fund$ Total funds brought fomard Total funds carried forward 300,140 308.810 300,140 308,810 289.876 300,140 All of the Charity's aclivities derive from conlinuing operations during the above periods. Income and expendilure in the prior perod relate to unrestricted funds. The notes on pages 8 to 15 fom an integral part of these financial statements. Page 6
The Beltex Sheep Soclety Llmlted Company registration number: 02547862 Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Tangible assets 1.826 2.436 Current assets Stock Debtors Cash al bank and in hand 6.779 50,204 265.996 322.979 6,501 45.501 256.635 308,637 Creditors: Amounts falling due within one year 10 (15.9951 110,933) Nel current assets 306.984 297.704 Net assets 308,810 300.140 The funds of the charlty: Unrostri¢tsd fund$ Unrestricted income funds 308.810 300,140 Totsl ¢harity fund$ For the financial year ended 31 March 2024, the charity was entitled to exemption from audit under section 477 of the CompaniesAct 2006. 308,810 300,140 The members have not required the charity to obtain an audit of its accounts for the year in question in acrdanCe with section 476 of the Act. The d1CtorS ad(nowledge their responsibilities for complying Wlth the requirements of the Act with speCt to accounting records and the preparation of accounts. These accounts have been prepared in accordan with the provisions applicable lo Companies subject to the small companies regime. Approved by the Board on 21 November 2024 and stgned on ils behatf by: Shuttleworth Trustee A Ryder Secretary The notes on pages 8 to 15 form an integral part of these financial stslements. Page 7
The Beltex Sheep Soclety Limited Notes to the Flnanclal Statements for the Year Ended 31 Mah 2024 Accounllng pollcles Summary of slgnlfl¢ant accounting policies and key accountlng e5timat88 The princ4pal accounting policies applied in the preparation of these financial statements are sel out below. These policjes have been consistently applied to all the years pre5enled, unless otheiSe slated. Slatemgnt of compliance 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 accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeciive 1 January 2019)- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the CompaniesAct 2006. Basi8 of preparntion The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabiliti85 are inib.ally reco9nised at historical cost or transaction value unless otherwise ststed in the relevant accounting policy notes. Going concern These financial statements have been prepared on a going concem basis. The truste8s assess whether the use of going concern is appropriate i.e. wh8ther there are any material uncertainties related to evenls or conditions thal may cast significant doubt on the 8bility of the Charity to continue as a going ¢on¢ern. The tTUStees make this assessment in respect of a period of one year from the date of approval of the finan¢ial Statements. Fund ac¢ountlng policy Unrestricted income funds are general funds that are available for use at the trustees. discretion in furtherance of the objective5 of the charity. Further details of each fund are disclosed in note 14. Income and endowments Income from Govemment and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has enlillement to the funds, any perlornance conditions attached lo the grants have been met, it is probable that the income will be received and the amount can be measured reliably is not deferred. Where servii%s or facilities are provided to the Charity as a donatioll that would normally be purchased from our suppliers. this benefit is included in the financial statements at its fair value unless its fair value cannot be realiably measured, then at cost to the donor or the resale value of the goods that are to be sold. Investment income is recognised on a 1Vable basis. Income from charitable activities inctudes income recogniserj as eamed las the related goods or servi$ are provided) under Contract or where entitlement to grant funding is subject to specific perfomance conditions. Grant income included in this category provides fundin9 to support programme activities and is recognised where there is entitlement. certainty of receipt and the amount can be measured with sufficient reliability. Page 8
The Beltex Sheep Soclety Limlted Notes to the Flnanclal Statements for the Year Endod 31 March 2024 continued Expènditure Liabilities are recognised 8s soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on 8n accruals basis and has been dassified under headings that aggregate all costs related to the category. Charitable expenditure comprises those costs incurred by the charity in the delivery of ils activities and services ft)r its beneficiaries. It includes both costs that can be allocated directly lo such activities and those costs of an indirect nature necessary to support them. Support costs Support Costs include central functions and have been allocated to activity cost Categories on a basis consistent with the use of resources, for example. allOting property costs by floor aas. or per capila, staff costs by the time spent and other costs by their usage. Irrecoverdble VAT Irrecoverable VAT is charged against the category of SoUrceS expended forwhich it was incurred. Taxatlon The Charity is considered to pa55 the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a charitable company for UK rPoratIon lax purposes. Accordingly. the Charity is potentially 8xempt from taxation in respect of income or capital gains re1Ve4 within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the TaxatlDn of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively lo charitable purposes. Fixed assets Individual fixed assets costing- or more are initially recorded at cost. Depreclallon Depreciation is provided on tangible fixed asséts so as to write off the cost or v81uation, less any estimatsd residual value, over their expe¢led useful economic life as follows- Plant and machinery 25 10 reducing balance basis Office equipment 250/D reducing balance basis Stock Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling pri less anticipated costs lo completion and selling costs. Items donated for resale or distribution are not included in the financial statements until they are sold or distributed. Trade Debtors Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effeclive interest method, less provision for impairment. A provision for the impaimient of trade debtors is established when there is objective evidence that the Charity will not be able to collect all amounts due according lo the original terms of the receivables. Cash and Cash Equivalonts Cash and cash equivalents comprise cash on hand and ¢all deposits, and other short-leTrn highly liquid investsnents that are readily convertibl8 lo a known amount of cash and are subject to an insigniffint risk of hange in value. Page 9
The Beltex Sheep Society Llmlted Notss to the Flnanclal Statements for the Year Ended 31 March 2024 .. continued Liabilities Trade ¢reditors are obligation$ to pay for goods or services that have been ao4uired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Charity does not have an unconditional right, at the end of the reporting period, to defer Settlement of the creditor for at least Iwelve monlhs after the reporting date. If there 1$ an unconditional right to defer settlement for at least elve months after the reporting date, they are presented as non4urrenl liabilities. Trade creditors are recognised initially at the transaction Pri and subsequently measUd at amortised C05t using the effective interest method. Financial instruments Financial assets and financial liabilities are renised when the charity becomes a party to the contractual provisions of the instrument. Financial liabililies and equity instruments are cjassified according to the substance of the tt)nlraclual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Charity after deductin9 all of its liabilities. All financial assets and liabilities are initially measured at transaction price (including transaction costs). except for those financial assets classified as at fair value through profit or loss, whith are initially measured at fair value {which is nomally the transaction price excluding transaciion costs). unless the arrangement constitutes a financing transaction. If an arrangement conslilutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments di$¢ounted at a market rate of interest for a similar debt instrument. Finanaal assets and liabilities are only offset in the slatement of financial position when, and only when there exists a legally enfortkabie rsght to Set off the recognised amounts and the Chariiy intends either to settle on a net basis, or lo realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when al the contractual lights to the Cash flows from the financial asset expire or are Settled, b) the Chariiy transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Charity, despite having retained some, but not all, signifi¢anl risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obli9ation spe¢ified in the contract is discharged, cancelled or expires. Donations and lega¢ies Unreslrfcted Tolal Funds Total Funds Fund8 2024 2023 Donatlons and legacies Gift aid clairn Donations 3.322 2,215 5,537 3,322 2,215 5,537 3,079 46 3,125 Page 10
The Beltex Sheep Society Llmlt•d Notes to th• Flnanclal Statements for the Year Ended 31 March 2024 . continued Invoslments Unrestrictod Total Fund$ Total Funds Fund$ 2024 2023 Interest on ca8h deposits 3,239 3,239 502 Charitable actlvltle$ Unrnstrlcted Total Fund$ Totsl Funds Funds 2024 2023 Membership subscription5 New membership subs¢ripion$ Pedigree sales Commissions Year book advertising Birth gIstratIonS Embryo règistration Promotional goods DNA sample testin9 DNA parentsge ts$ting 23.482 1,375 21,411 8,100 83,438 33,026 909 1,458 67 173,268 23,482 1,375 21,411 8.100 83,438 33,026 909 1,458 67 173,2e6 23,782 1.450 19,576 7,918 100,476 35,642 1,103 440 198.931 Page11
Tho Boltex Sheep Society Limited Notes to the Financial Statements for th• Year Ended 31 March 2024 . continued Expenditurn Promoting and Improvlng the breed Total 2024 Total 2023 Direct eosts Opening stock Purchases Website and social media Year book expen5e5 Closing stock Show and sale expenses Sponsorship and prizes Regional club sponsorship Advertising and prornolion Travel and accommodation DNA sample testing DNA parentage testing 6,501 3.851 1.869 11,737 (6,7791 24,863 5,399 2,635 29.504 7,882 1,426 135 89,003 6,501 3,851 1,869 11,737 16,7791 24,863 5,399 2,635 29,504 7.862 1.426 135 89,003 7.052 2.590 1,189 9.876 (6.501) 26.732 5,550 3.370 38.426 5.305 9,720 480 103,789 Support Costs Insurance Office management Telephone and fax Computer running costs Printing, postage and stationery Trade subscriptions Accountanw fees Independent examiner's fee Council expenses AGM expense5 Bad debts written off Bank tharges Depreuats'on 2.619 66,000 406 1,633 4.818 225 1,238 750 3.189 208 685 1,988 610 84,369 2,619 66,000 406 1,633 4,818 225 1,238 750 3.189 208 685 1.988 610 84,369 2.646 66.000 839 1.452 4,872 300 1.841 720 4.016 2.394 2.613 812 88.505 173,372 173,372 192.294 Tru8tees' romuneratlon and expenses In the year, 412023.. 11 Trustees received inspectors expenses and travelling expenses of £1,268.3612023: £5731. Page 12
The Beltex Sheep Society Llmit•d Not•s to the Flnanclal Statements for the Year Ended 31 March 2024 . continued Net in¢ome Net incrne is stated after charging.. 2024 2023 Depreciation of tangible fixed assets 610 812 Tanglblo fixed assets Plant and machlnery Fixtures, including motor flttlngs and vehiclos equlpment Total Cost As at 1 April 2023 and 31 March 2024 5,765 3,266 9,031 Depre¢lallon As at 1 April 2023 Charge for th6 yèar As at 31 March 2024 4,830 234 5,064 1,765 376 2,141 6,595 610 7.205 Net book value As at 31 March 2024 As at 31 March 2023 701 1,125 1,501 1,826 2.436 935 Debtor5 2024 2023 Trade debtors Other debtors Prepayments and accrued in¢ome 42,008 3,261 4,935 50,204 25,997 3,074 16,430 45.501 Page 13
The Beltex Sheep Society Limited Notss to the Financial Statements for the Year Ended 31 March 2024 . crjntinued 10 Crnditorg: Amounts falllng due wlthln one year 2024 2023 Trade CdItors Taxation and SOCAal security Accruals and deferréd income 6.519 3.955 5,521 15,995 413 1.620 8.900 10,933 11 Members. Ilabilty The charity is a private company limrted by guatatrtee and consequently does not have share capital. Each of the members is liable to contribute an amount not exedIng £1 towards the assets of the charity in the event of liquidation. 12 Relatod parti09 Controlllng entity The Charity is controlled by the trustees who are all dirèctors of the company. Relatsd party transaetlons A Bishop (Trusteel was paid £561 in the prior year for sale inspection services and £180 for the loan of sheep in the prior year. K Preston reiVed £200 for DNA sampling. The services were provided on normal commercial terms. Finally. A Morton and A Bishop reiVed £200 and £50 respectively in prize money. 13 Funds held by Clubs Funds totalling £29,834 IPY. £41,262) are held by a number of Beltex sheep breeder clubs in Britain and Ireland. Th8 society has no control over these ndS whilst these clubs remain active and so the amount has not been gnised in the balance sheet. The dub rules, which have been 8pproved by the society, stipulate thal the fund5 will transfer to the society in the event of a club winding up Page 14
Tho B•ltsx Sheep Soclety Llmlted Notes to the Financlal Statements for tho Year Ended 31 March 2024 . conlinued 14 Anaty8i8 of funds At 1 Aprll 2023 Incomlng resources Regour¢oS expondod At 31 March 2024 .General Fund$ Unrestricted income fvnd 300.140 182,042 1173,372} 308.810 Prior porlod At 1 Aprll 2022 Incoming re8ource5 Resources expended At 31 March 2023 General Fund$ Unrestricted income fund 289,876 202,558 {192.2941 300.140 15 Netassets by fund Unrestricted Funds Totsl Funds 2024 Total Funds 2023 Tangible assets Current 8ssets Creditors.. Amounts falling due wthin one year Nel assets 1,826 322,979 (15.9951 308,810 1,826 322,979 {15,9951 308,810 2,436 308.637 {10.933> 300,140 Prior period Unrestricted Funds Total Funds 2023 Total Funds 2022 Tangible assets Current assets Creditors.. Amounts falling due within one year Net assets 2,436 308,637 {10,9331 300,140 2.436 308,637 {10.9331 300,140 3.248 302.369 115,7411 289,876 Page 15