Rights & Equality Sandwell (A Company Limited by Guarantee) Annual Report and Financial Statements Year ended 31 March 2024 Charity number.. 1122030 Company Number: 05145052 Feltons Chartered Accountants Birmingham B1 3JR
Rights & Equality Sandwell (A Company Limited by Guarantee) Report and financial statements Year ended 31 March 2024 Contents Page Reference and administrative details Report of the trustees Independent Examiner's report on the financial statements Statement of financial activities incorporating income & expenditure account Balance sheet Cash flow statement Notes forming part of the financial statements, incorporating Statement of accounting policies 10 other notes to the financial statements 13
Rights & Equality Sandwell {A Company Limited by Guarantee) Reference and Administrative Details Chair Ann E Llewellyn Trustees Abdulgadir Ali Nargis Bostan Ann E Llewellyn Davinder Kaur Registered office Victoria Park Skills Centre Corbett Street Smethwick B66 3PU Charity number 1122030 Company registration number 05145052 Independent examiner Feltons 8 Sovereign Court 8 Graham Street Birmingham B13JR Bankers Co-operative Bank plc Head Office 1 Balloon Street Manchester M60 4EP Solicitors Sydney Mitchell Solicitors Apsley House 35 Waterloo Street Birmingham B2 5TJ Page 1
Rights & Equality Sandwell (A Company Limited by Guarantee) Report of the trustees Year ended 31 March 2024 Networking and partnerships The interim chair and the consultant, on a voluntary basis played an instrumental part across a range of networks to keep at the forefront concerns of local people, feedback and community involvement in the co-design of health, social care. education and other social justice measures. These included the following.. Sandwell Networks Group- turning connections into actions Public Health and Faith Leaders Steering Group - being apprised of key national and local related developments Sandwell Integrated Care Partnership - transition of health and social care provision across the region Hate Crime Partnership group- Critical reflection and peer review of third party reporting measures Complainant aid casework and social injustice clini¢s RES continued provision of advice, aid and assistance to the most vulnerable, across a range of social care and welfare areas, employment, education and community safety and incidents of discrimination and hate rhetoric. Voices of Colour A small Lottery fund grant of £10,000 was awarded to fund core activities from April 4th to March 31st and to employ a caseworker for 10 hours per week from 6.6.22 until 31.3.23 on a consultancy basis. This project was successfully completed meeting all its projected outcomes. An information sharing report was circulated to partners highlighting the success of the project. The case work was particularly successful dealing with 12 cases of which 6 were Complex. involving working in collaboration and partnership with housing, local authority, employers, education and health. Making Voices Matter Differently A further lottery bid for £33,000 was successfully submitted to further fund core costs and activities including case work from 1.2.23 to 31.1.24. Recruiting to the 24 hours per week post, namely a development Co-ordinator was initially problematic even though a competitive wage was offered. The successful candidate took up the post on 24.5.23. The impact of105s of funding ha5 been Significant on RES. Efforts for the coming year will be to focus income generation activity. This will include a mix of small and medium to longer term funding initiatives. RES'S Continued effort5 working with local people and services has highlighted there is much to be done to address structural inequalities and the disproportionate impacts of the pandemic on different protected characteristic groups. Recovery work designing services to come together to work holistically, working in partnership with communilies with the lived experience and rebuilding trust and confidence in public services is essential. RES will explore pathways to secure new areas of funding and partnerships to aid these efforts. Board of Trustee, 2025 Page 2
Rights & Equality Sandwell (A Company Limited by Guarantee) Report of the trustees (continued) Year ended 31 March 2024 Investment Policy The trustees have kept available funds on deposit with Co-operative Bank plc. The invested ftjnds achieved an average interest rate of 0.120A. Reserves policy and going concern ReseNes are needed to bridge the gap between the spending and receiving of income and to cover unplanned requirements. The trustees consider that the ideal level of reserves is 6 months. The financial statements have been prepared on a going concern basis. The trustees believe this is appropriate with the current situation. However Ihere are some concerns over the future level of funds held and the expected level of income. The charity has rentlY been successful with a funding bid and have asked for further funding to support the overheads from different funders. The future ability of the charity is dependent on being successful in obtaining more funding moving forwards. As it stands now the trustees believe adopting the going concern assumption is appropriate. Plans for future periods As this report highlights there is much that remains to be done. It is encouraging that RES remains at the forefronts to challenge unfairness, inequalities and tensions. Each section above highlights the range and scope of RES'S activities and the key challenges that we will continue to address in the short and long term. It is essential that we address the causes, culture and drivers that perpetuate disadvantages, exclusion and disengagement for many people. These inequalities are of significant concern for RES and we will continue to stretch new targets to reduce all forms of disadvantage and discrimination. structure, Governance and Management Governing document Righls & Equality Sandwell is a company limited by guarantee governed by its Memorandum and Articles of Association dated 2 June 2004 with subsequent amendments and is registered as a charity with the Charity Commission. There are currently 5 members, each of whom agrees to contribute £1 in the event of the charity winding up. Membershlp is open to professionals from the public, private and third sector. Appointment of trustees As set out in the Articles of Association new trustees are appointed by the board of trustees after applying to the cornpany in the form required by the trustees and after being approved by the board of trustees. Trustee induction and training New tnjstees are briefed on their legal obligations under Gharity and company law and the Charity Commission guidanGe on public benefit, and are informed of the content of the Memorandum and Articles of Association, the committee and decision-making proGesses, the business plan and the recent financial performance of the charity. Page 3
Rights & Equality Sandwell {A Company Limited by Guarantee) Report of the trustees (continued) Year ended 31 Ivjarch 2024 Organisation The board of trustees, which can have up to 15 member5, administers the charity. The board normally meets quarterly. The Chief Executive who was appointed by the trustees to manage the day-to-day operations of the charity left RES on redundancy in November 2021. To facilitate effective operations, the role o f the Chief Executive who had delegated authority, within terms of delegation approved by the trustees, for operational matters including finance and general purposes is now being overseen and managed by the Trustees and the Interim Chair. Related parties and co-operation with other organisations None of our trustees receive remuneration or other benefit from their work with the charity. Any connection between a trustee or senior manager of the charity with a client or supplier must be disclosed to the full board of trustees in the same way as any other contractual relationship with a related party. Related party transactions in the urrent year are described in note 16 to the accounts. Pay policy for senior staff There are no senior staff employed on a permanentor full time basis. The Interim chair works between 10 nad 20 hours per week on a voluntary basis. Risk management The trustees have a risk management policy which comprises . an annual review of the principal risks and uncertainties that the charity faces., the establishment of policies, systems, and procedures to mitigate those risks identified in the annual review- and the implementation of procedures designed to mitigate or manage any potential impact on the charity should those risks materialise. This work has identified that financial sustainability is the major financial risk for the charity. Key elements in the management of financial risk are a regular review of available liquid funds to settle debts as they fall due, re9ular liaison with the bank. and active management of operational debtor and creditor balances to ensure sufficient working capital by the Trust. Attention has also been focussed on non-financial risks arising from health and safety. These risks are managed by ensuring aGcreditalion is up to date, having robust policies in place, and regular awarene5S training for staff working in these operational areas. Trustees. responsibilities in relation to the financial statements The charity trustee5 (who are also the directors of the charitable company for the purposes of company law) are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Page 4
Rights & Equality Sandwell (A Company Limited by Guarantee) Report of the trustees (continued) Year ended 31 March 2024 Trustees, responsibilities in relation to the financial statements (continued) Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP-, make judgements and accounting estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounling records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The ti'uslees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company'5 website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Statement as to disclosure to our independent examiners Insofar as the Trustees are aware . there is no relevant information of which the charitable company's independent examiner is unaware., and the Trustees have taken all step5 that they ought lo have taken to make themselves aware of any relevant information and to establish that the independent examiner is aware of that information. This report has been prepared in accordance with the special provision5 of Part 15 of the Companies Act 2006 relating to small companies. By order of the board of trustees Ann Llewellyn (Chair of Board of Trustees) I I I ,:1 ..JoJ.5 Page 5
Independent Examiner's Report to the Trustees of Rights & Equality Sandwell (A Company Limited by Guarantee} I report to the charity trustees on my examinalian of the accounts of the company for the year ended 31 March 2024 which are set out on pages 7 to 17. Responsibilities and basis of report As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company's accounts as carried out under section 145 of the Charities Act 2011 {'the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5){b) of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Gompany as required by section 386 of the 2006 Act., or the accounts do not accord with those records., or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination-, or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understandin9 of the accounts to be reached. David W Farnsworth FCA {Senior Statutory Auditor) For and on behalf of Feltons 8 Sovereign Court 8 Graham Street Birmingham B1 3JR 13 l*14oas Page 6
Rights & Equality Sandwell (A Company Limited by Guarantee) Company number . 05145052 Charity number . 1122030 Statement of financial activities (including income and expenditure account) for the year ended 31 March 2024 Unrestricted funds Designated fund Restricted funds Total Total 2024 2023 Note5 Income Donations and grants 34,444 34,444 11,116 Income from charitablg aclivities.- Miscellaneous 1,152 1,152 Investment income 101 Total Income 1.152 34,444 35.596 11,217 Expenditure Charitable aclivilies.. Operational and support costs 35.432 35.432 32,721 Total expenditure 35.432 35,432 32.721 Net expenditure before transfers 1,152 (988) 164 (21,504) Gross transfers beeen funds 12 (988} 988 Net movement in funds 164 164 (21,5041 Reconciliation of funds Total funds brought fotwar 12 241 241 21,745 Total funds carried forward 405 405 241 All of the charity's activities derive from continuing operations during the above two financial periods. The statement of financial activities includes all gains and losses recognised during the year. Page 7
Rights & Equality Sandwell {A Company Limited by Guarantee) Company Number . 05145052 Charity number: 1122030 Balance sheet as at 31 March 2024 2024 2023 Notes Fixed assets Tangible assets Current assets Debtors Cash at bank and in hand 10 2,331 15.720 18,051 1,715 12.527 14,242 Creditors: amounts falling due withln one year 11 17,646 14,001 Net current assets 405 241 Net assets 405 241 Funds of the charity . Restricted funds General fund 12 Unrestricted funds General fund Designated fund 12 12 405 241 405 241 Total funds 405 241 The company is entitled to exemption from audit under Se¢lion 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required the cornpany to obtain an audit of its financial s18temenls for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for.. al ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and b) preparing financial statements which give a true and fair view of the stale of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating lo financial slalemenls, so far as applicable lo the company. These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. The notes on pages 10 to 17 form part of Ihese accounts. The financial statements were approved by the board of trustees on 11 April 2025 and were signed on its behalf by . Ann Llewellyn Chair of Board of Trustees Page 8
Rights & Equality Sandwell (A Company Limited by Guarantee) Statement of cash flows for the year ended 31 March 2024 Notes 2024 2023 Cash flow from operating activities 15 3,193 121,788) Net cash flow from operating activities 3,193 {21,788 Cash flow from investing activities Interest received 101 Net cash flow from investing aGtivities 101 Net increasel(decrease) in cash and cash equivalents 3,193 <21,687) Cash and cash equivalents at 1 April 2023 12,527 34,214 Cash and cash equivalents at 31 March 2024 15,720 12,527 Page 9
Rights & Equality Sandwell (A Company Limited by Guarantee) Notes to the financial statements for the year ended 31 March 2024 1. Accounting policies a) General information Rights & Equality Sandwell is a charitable company limited by guarantee and incorporated in England. Its registered office can be found on the reference and administrative details page. b) Basis of preparation 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 in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. Rights & Equality Sandwell meets the definition of a public benefit entity under FRS102. The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the charity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless Otherwise stated. c) Going concern The financial statements have been prepared on a going concern basis. The trustees believe this is appropriate with the current situation. However there are some concerns over the future level of funds held and the expected level of income. The charity has recently been successful with a funding bid and have asked for further funding to support the overheads from different funders. The future ability of the charity is dependent on being successful in obtaining more funding moving forwards. As it stands now the trustees believe adopting the going concern assumption is appropriate. d) Income recognition All incoming resources are included in the Statement of Financial Activities {SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. Grants receivable Grants are included in the Statement of Financial Activitie5 on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received. the income is accrued. The charity receives a government grant in respect of Voluntary Sector Funding Allocation. Income from government and other grant5 are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred. Page10
Rights & Equality Sandwell (A Company Limited by Guarantee) Notes to the financial statements for the year ended 31 March 2024 {continued) 1. Accounting policies (continued) d) Income recognition {continued) Donations Donations are recognised on a receivable basis where there is certainly of receipt and the amount can be reliably measured. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. Donated services and gifts in kind Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, il can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure. Gifts in kind Fixed asset gifts in kind are recognised when receivable and are included at fair value. They are not deferred over the life of the asset. Interest receivable Interest on funds held on deposit 15 included when receivable and the amount can be measured reliably by the charity., this is normally upon notification of the interest paid or payable by the bank. Other income other income. including the hire of facilities, is recognised in the period il is receivable and to the extent the goods have been provided or on completion ofthe service. e) Expenditure recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the followlng headings.. Costs of generating funds These are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. Charitable activities These are costs incurred in activities undertaken to further the purposes of the charity and their associated support costs. Governance costs These include the costs attributable to the trust's compliance with constitutional and statutory requirements, including audit. strategic management and trustees, meetings and reimbursed expenses. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Page11
Rights & Equality Sandwell (A Company Limited by Guarantee} Notes to the financial statements for the year ended 31 March 2024 (continued) 1. Accounting policies (continued) f) Fund accounting Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to sel aside la use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the trust's work or for specific artlslic projects being undertaken by the trust. g) Critical accounting estimates and areas of judgement Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no critical accounting estimates or areas of judgement. h) Allocation of support costs Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs and adminislralive payroll Costs. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities. The bases on which support Costs have been allocated are set out in note 5. i) Tangible fixed assets Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the a55et capable of operaling as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows.. Office equipment 250kn per annum on a straight line basis jl Operating leases Rentals payable under operating leases are charged to the SOFA on a straight line basis over the period of the lease. k) Taxation The chartty is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. l) Pension benefits The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. Page 12
Rights & Equality Sandwell (A Company Limited by Guarantee) Notes to the financial statements for the year ended 31 March 2024 (continued) 2. Donations and grants Unrestricted Restricted funds funds Total 2024 Total 2023 Grants 34,444 34,444 11,116 Grants were received from the following Communily fund Making Voices Matter Differently WMCA- Multiply 9,961 1,155 33,282 1,162 33,282 1,162 34,444 34,444 11,116 3. Investment income Unrestricted Restricted funds funds Total 2024 Total 2023 Depos11 account interest 101 4. Expenditure on charitable activities Total 2024 Total 2023 Operational and support costs Slaff costs Direct costs Premise5 Costs Support COSts (see note 5) Governance costs {see note 5} 8,207 723 6,764 17,353 2,385 6.863 23,326 2.532 35,432 32,721 Total expendilure on charitable activities wa5 £35,432 (2023 £32.721) of which £nil (2023 £nill was unrestricted and £35,432 {2023 - £32,721) was restricted. Page 13
Rights & Equality Sandwell {A Company Limited by Guarantee) Notes to the financial statements for the year ended 31 March 2024 (continued} 5. Analysis of support and governance costs Basis of allocation General support Governance function Total 2024 Total 2023 Training and recruitment Information technology General office costs Examination fees TrLJStee expenses Accountancy services Legal and other professional Staff time Usage Usage Governance Governance Usage Usage 49 4,282 1,245 2,190 342 710 17,040 5,011 2,412 5,011 2,412 2.100 285 1,334 8,596 2,100 285 1,334 8,596 17.353 2,385 19.738 25,858 6. Net expenditure for the year Net expenditure is stated after charging.. Total 2024 Total 2023 Operating lease rentals Prernises Independent examiner's remuneration Independent Examiner fees 6.000 6,000 2.100 2,190 7. Trustees remuneration and expenses The trustee5 neither received nor waived any remuneration during the current or previous year. One trustee was reimbursed travelSing expenses of £285 (2023 - £342) during the year. 8. Analysis of staff costs and numbers Staff Gosts . Total 2024 Total 2023 Wages and salaries 8,207 8,207 Page 14
Rights & Equality Sandwell (A Company Limited by Guarantee) Notes to the financial statements for the year ended 31 Ddlarch 2024 (continued) 8. Analysis of staff costs and numbers (continued) No employees received total employee benefits of more than £60,000. Stsff numbers . The average monthly number of employees and full lime equivalent5 during the year was as follows- 2024 Number 2024 FTE 2023 Number 2023 FTE Management 9. Tangible fixed assets Office equipment Total Cost At 1 April 2023 and at 31 March 2024 6.115 6.115 Depreciation At 1 April 2023 and at 31 March 2024 6,115 6,115 Net book values At 31 March 2024 Al 31 March 2023 10. Debtors Total 2024 Total 2023 Debtors from operations Prepayments 935 1,396 2,331 1.335 380 1,715 Page 15
Rights & Equality Sandwell (A Company Limited by Guarantee) Notes to the financial statements for the year ended 31 March 2024 (continued) 11. Creditors - amounts falling due within one year Total 2024 Total 2023 Creditors from operations Accruals and deferred income 3,093 14.553 17,646 2,369 11.632 14,001 Deferred income Deferred income at 1 April 2023 Resources deferred in the year Amounts released from previous years Deferred income at 31 March 2024 7,455 11,338 7.455) 11,338 9,961 7,455 (9.961 7,455 At the balance sheet date the charity was holding funds received in advance for seNices to be delivered after the year end. 12. Analysis of funds Balance at 1 April 2023 Balance at 31 March 2024 Incoming resources Resources expended Transfers Restricted funds Total funds 34.444 35,432) 988 Unrestricted funds General fund Designated fund 241 1,152 {988) 405 241 1.152 988) 405 Total funds 241 35.596 35,432) 405 Name of fund Description, nature and purpose of fund Restricted general fund Money given lo the charity where the donor require5 that a grant or donation be spent for a specific projeGt. Unrestricted general fund The free reserves of the charity which are not designated for particular PL(rposes. Designated fund Unrestricted income for which the Iruslees have designated a particular purpose. Page 16
Rights & Equality Sandwell (A Company Limited by Guarantee) Notes to the financial statements for the year ended 31 March 2024 (continued) 13. Analysis of net assets heeen funds Fund balances at 31 March 2024 are represented by.. Unrestricted Designated funds fund Restricted funds Total funds Current assets Current liabilities 405 17,646 (17,646) 18,051 (17,646) Total net assets 405 405 14. Capital Commitments There were no capital commitments al 31 March 2024 nor at 31 March 2023. 15. Reconciliation of net incomel{expenditurel to net cash flow from operating activities Total 2024 Totsl 2023 Nel expenditure for the year Interest receivable (Increase) / decrease in debtors Increase l (decrease) in Greditors 164 (21,504) (101} 240 (423) (616) 3.645 Net Cash flow from operating activities 3,193 {21,788) 16. Related party transactions The following related party transactions took place during the period-. Ileys Community Association in which Abdulgadhir Ali (trustee) is Chief Executive Officer 2024 2023 Expenditure to related company during the year Amount due to related company at year end 6,103 6,000 500 Page 17