ST PETER'S CHURCH, DE BEAUVOIR TOWN
TRUSTEES' REPORT & ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Contents
1. Administrative details of the charity and trustees – page 2
2. Trustees' report – pages 3 to 5
3. Independent examiner's report and accounts – pages 6 to 14
This report and accounts were approved by the trustees on14th May 2022 and signed by the chairman on the trustees’ behalf by:
................................................ Rev Dr Simon Cuff, vicar
………………………………
Mr. Paul Snow, acting treasurer
Page 1
1. Administrative details of the charity and trustees
Trustees and members of the parochial church council (PCC) Rev. Preb. Julia Porter Pryce until 31/1/21 Rev. Dr. Simon Cuff from 21/11/21 Amanda Bart-Plange Gillian Borrie Sarah Dallas Anna Dalton Amanda Davies (RIP) until 19/2/21 Boachie Dankwah Wasiu Eleshin until 23/5/21 Hope Fredericks until 23/5/21 Mae Fredericks Margaret Glover from 23/5/21 Jacqueline Grace Kate Green Jane King Stephen King Liz Kohler (RIP) until 21/12/21 Eckart Marchand Paul Snow Rosie Wesemann until 3/11/21 Lorna Whilby Jeannette Wilkes
Charity registered number
1130111
Principal office
St Peter’s Vicarage, 86 de Beauvoir Road, London N1 5AT
Bankers
National Westminster Bank Plc
Stoke Newington High Street, London N16 7GA
Website
www.stpeterdebeauvoir.org.uk
Page 2
2. Trustees' report
St Peter's Church is situated in De Beauvoir Town, Hackney, London, N1. It is part of the Diocese of London within the Church of England.
Objectives and Activities
- a. Policies and objectives
St Peter’s PCC has the responsibility of cooperating with the vicar and other parish clergy to promote the whole mission of the church, pastoral, evangelistic, social and ecumenical within the parish. It also has maintenance responsibilities for the whole church building, including the crypt and the parish house at 16 De Beauvoir Road.
The church relies substantially upon the commitment, enthusiasm and professionalism of many volunteers, both within the church and from the wider community and is profoundly grateful to them.
b. Public Benefit Statement
In producing their assessment of the benefit to the public provided by the charity, the trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefits, Charities and Public benefit.
- c. Activities undertaken and achievements
The church is a thriving place of worship. As a parish church it remains a focus of much community activity and also attracts a wider geographical spread of worshippers. Inclusive congregational events including Lent programmes, Christmas carols and other services, Harvest supper, and the Petertide barbeque mark the church year.
Our outreach activities evidence our core mission and include the Freedom Club, Noisy Church, a Community Café and various activities for young people. Among our current projects is support for homeless people, mothers and young children and refugees with support for Hackney Playbus, Happy Babies and Woven Gold choir.
Our buildings are a valued community space used by a wide range of mission based and community activities. Income from this source continues to recover from the Covid-19 pandemic which impacted adversely on resources and made some of the above activities impossible.
Mrs Julie Talbot is our Operations Manager and Mr Haren Copeland carries out building maintenance and repairs.
Page 3
Achievements and performance
a. Financial review
The PCC’s Funds are divided into General, Restricted and Endowment Funds. Restricted Funds can only be used for the purpose for which they are established and we benefit from income derived from the Endowment Funds.
Total income was £159,200 (2020: £117,781, 2019: £174,497) including £42,895
(2020: £42,176, 2019: £46,366) planned giving by the congregation. Loose plate collections, donations and Gift Aid supplement this giving. Income from letting church and crypt premises was £38,436 (2020: £24,434, 2019: £63,845) but a pleasing diversity of users are returning now that pandemic restrictions are easing.
We also benefit from the huge and irreplaceable voluntary input from a wide section of the community into our various activities.
Our contribution of £12,000 (2020: £40,600, 2019: £80,600) to the Common Fund has temporarily been reduced but we plan to increase this again over the next five years. b. Going concern
After making appropriate enquiries, 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 adopt the going concern basis in preparing the financial statements. c. Reserves policy
Reserves are designed to act as a cushion against uncertainties about future risks and costs. The major uncertainties are: maintenance of the fabric of this historic Victorian church and crypt; possible fluctuations in the letting income; the need for continuing investment in staff and maintenance in the crypt space and possible loss of income from 16 De Beauvoir Road if it is used for other purposes such as a house for service.
The PCC considers that free reserves of six months' expenditure are prudent and reviews this policy annually. Total expenditure in 2021 was £109,079 (2020: £154,808, 2019: £204,475). At the balance sheet date, total designated funds were £88,415 and unrestricted funds (including designated funds) stood at £151,682 (2020: £123,658, 2019: £152,673). This is higher than PCC policy dictates, based upon current or pre-pandemic expenditure levels, but considerable funds are budgeted during the next few years for expenditure postponed because of uncertainty due to Covid and the interregnum in addition to the need to increase our Common Fund contribution over the next five years.
Page 4
Structure, governance and management
a. Constitution
The Parochial Church Council (PCC) is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure. The PCC is registered with the Charity Commission (charity number 1130111).
b. Method of appointment or election of Trustees The method of appointment of Church Wardens and PCC members is set out in the Church Representation rules.
c. Organisational structure and decision making All church attendees are encouraged to register on the Electoral Roll and at the Annual Parish Church Meeting held on 23 May 2021 there were 162 (2020: 163, 2019: 155) members.
Day to day management is carried out by the incumbent, church wardens and PCC members. Early in 2021, our incumbent retired and we are delighted that a new incumbent joined us in November 2021.
The PCC carries out its work through regular meetings and also through sub-committees and teams with delegated tasks. The Standing Committee has the power to transact the business of the PCC between meetings.
All buildings are fully insured and regular fire inspections held. A safeguarding policy is in place and the PCC has complied with the duty under section 5 of the Safeguarding and Clergy Discipline Measure 2016 to have regard to House of Bishops’ guidance on safeguarding children and vulnerable adults.
d. Risk management
The PCC members have assessed the major risks to which the church is exposed, in particular those related to the operations and finances of the church and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.
Plans for future periods
Before the coronavirus outbreak, the PCC envisaged a period of consolidation coupled with a drive to increase the involvement of the local community who do not worship regularly but who value the presence of the church. It is now recognised more than ever that community fundraising and seeking grants will be vital to rebuilding the church in the years ahead – both financially and socially.
Page 5
3. Independent examiner's report
Accounts for the year ended 31[st] December 2021
Respective responsibilities of the Trustees and the examiner
The charity’s trustees are responsible for the preparation of the accounts and they consider that an audit is not required for the year under section 144(2) of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. It is my responsibility to:
Examine the accounts under section 145 of the Charities Act
to follow the procedures laid down in the general directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
to state whether particular matters have come to my attention.
Basis of the Independent Examiner’s statement
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 these records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required for 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 statement below.
Independent examiner’s statement
In connection with my examination, no material matter has come to my attention which gives me cause to believe that in, any material respect:
Accounting records were not kept in accordance with section 130 of the Charities Act, or the accounts do not accord with the accounting records
I have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Date: 13[th] May 2022
Signed:
Stephen Hendy
Page 6
St Peter de Beauvoir church
End of Year Financial Statements
Year ending 31 December 2021
1. Introduction
These statements are prepared on a cash basis. Please refer to the trustees’ report above for further notes.
Statement of Financial Activities
| Unrestricted Restricted Endowment Total Prior year funds funds funds funds total funds |
|
|---|---|
| Receipts Planned giving Collections and other giving Other voluntary receipts Gift Aid recovered Other receipts Activities for generating funds Investment Income Receipts from church activities Total income Payments Cost of generating funds Missionary and Charitable Giving Parish Share Clergy and Staffing costs Church Running Expenses Hall Running Costs Church Repairs & Maintenance Hall Repairs & Maintenance Governance Costs Total expenditure |
42,895 — — 42,895 42,176 4,416 — — 4,416 4,673 — 21 — 21 2,541 12,579 — — 12,579 10,490 3,130 19,396 — 22,526 5,891 61,603 — — 61,603 37,134 14,201 — — 14,201 14,098 954 — — 954 774 |
| 139,781 19,418 — 159,200 117,781 195 — — 195 2,264 — 770 — 770 4,427 12,000 — — 12,000 40,600 37,526 — — 37,526 38,862 15,160 — — 15,160 17,073 29,717 — — 29,717 43,670 5,101 — — 5,101 1,450 477 — — 477 — 8,130 — — 8,130 6,459 |
|
| 108,309 770 — 109,079 154,808 |
Page 7
| Net income / (expenditure) resources before transfer Transfers Gross transfers between funds - in Gross transfers between funds - out Other recognised gains / losses Gains / losses on investment assets Gains on revaluation, fixed assets, charity's own use Net movement in funds Total funds brought forward Total funds carried forward Represented by Unrestricted General fund Designated 16 De Beauvoir Building maintenance Community Development Crypt & Heating & Refurbishment De Beauvoir Welcome Refugees Deposit Legacy Hustwayte Medical Supplies Revaluation reserves Trade Restricted Agency collection Community Development Crypt & Heating & Refurbishment DWR Afghan De Beauvoir Welcome Refugees Donations for Gifts Nightshelter Organ Parish Retreat Trade Vicar & Warden Youth Project Endowment Endowment |
31,472 18,648 — 50,120 (37,026) 56,924 0 21,177 78,102 18,588 (60,373) — (17,728) (78,102) (18,588) — — 58,384 58,384 3,448 — — — — (1,803) |
|---|---|
| 28,023 18,648 61,833 108,505 (35,381) |
|
| 123,659 13,409 670,154 807,223 842,605 |
|
| 151,683 32,057 731,988 915,729 807,223 63,267 — — 63,267 75,543 21,133 — — 21,133 2,732 15,000 — — 15,000 — 5,475 — — 5,475 29,475 — — — — — — — — — — 880 — — 880 780 35,485 — — 35,485 11,485 — — — — 195 — — — — 3,448 10,442 — — 10,442 0 — — — — — — — — — — — — — — — — 19,396 — 19,396 — — 8,612 — 8,612 9,382 — 500 — 500 500 — 376 — 376 354 — — — — — — — — — — — — — — 0 — 3,173 — 3,173 3,173 — — — — — — — 731,988 731,988 670,154 |
Page 8
Balance sheet
| General Designated Restricted Endowment This year Last year |
|
|---|---|
| Fixed assets Tangible assets Investments Current assets Cash at bank and in hand Liabilities Creditors: Amounts falling due in one year Net current assets less current liabilities Total assets less current liabilities Total net assets less liabilities Represented by Unrestricted General fund Designated Building maintenance Revaluation reserves Medical Supplies Community Development 16 De Beauvoir Crypt & Heating & Refurbishment Trade Deposit Legacy Hustwayte De Beauvoir Welcome Refugees Restricted DWR Afghan Youth Project Parish Retreat Agency collection Community Development Nightshelter Vicar & Warden Crypt & Heating & Refurbishment Organ Trade Donations for Gifts De Beauvoir Welcome Refugees Endowment Endowment Funds of the church |
— — — 260,000 260,000 260,000 — — — 471,988 471,988 413,603 |
| — — — 731,988 731,988 673,603 63,667 88,415 32,374 — 184,458 133,936 |
|
| 63,667 88,415 32,374 — 184,458 133,936 400 — 316 — 716 316 |
|
| 400 — 316 — 716 316 |
|
| 63,267 88,415 32,057 — 183,741 133,620 |
|
| 63,267 88,415 32,057 731,988 915,729 807,223 |
|
| 63,267 88,415 32,057 731,988 915,729 807,223 63,267 — — — 63,267 75,543 — 15,000 — — 15,000 — — — — — — 3,448 — — — — — 195 — 5,475 — — 5,475 29,475 — 21,133 — — 21,133 2,732 — — — — — — — 10,442 — — 10,442 0 — 880 — — 880 780 — 35,485 — — 35,485 11,485 — — — — — — — — 19,396 — 19,396 — — — — — — — — — — — — — — — — — — — — — — — — — — — 376 — 376 354 — — 3,173 — 3,173 3,173 — — — — — — — — — — — — — — — — — 0 — — 500 — 500 500 — — 8,612 — 8,612 9,382 — — — 731,988 731,988 670,154 |
|
| 63,267 88,415 32,057 731,988 915,729 807,223 |
Page 9
Fund movement by type
| Opening Incoming Outgoing Transfers Gains/losses Closing |
|
|---|---|
| Building - Building maintenance Designated Sub-total for Building DwrA - DWR Afghan Restricted Sub-total for DwrA MedS - Medical Supplies Designated Sub-total for MedS General - General fund Unrestricted Sub-total for General CD - Community Developmen Designated Restricted Sub-total for CD NS - Nightshelter Restricted Sub-total for NS VW - Vicar & Warden Restricted Sub-total for VW 16DB - 16 De Beauvoir Designated Sub-total for 16DB CHR - Crypt & Heating & Re Designated Restricted Sub-total for CHR O - Organ Restricted Sub-total for O Trade - Trade Designated Restricted Sub-total for Trade E - Endowment Endowment Sub-total for E D - Deposit Designated Sub-total for D DFG - Donations for Gifts Restricted Sub-total for DFG Legacy - Legacy Hustwayte Designated Sub-total for Legacy DBWR - De Beauvoir Welcome Designated Restricted Sub-total for DBWR Y - Youth Project Restricted |
— — — 15,000 — 15,000 |
| — — — 15,000 — 15,000 — 19,396 — — — 19,396 |
|
| — 19,396 — — — 19,396 195 — — (195) — — |
|
| 195 — — (195) — — 75,543 78,305 75,776 (14,804) — 63,267 |
|
| 75,543 78,305 75,776 (14,804) — 63,267 29,475 — — (24,000) — 5,475 — — — — — — |
|
| 29,475 — — (24,000) — 5,475 354 21 — — — 376 |
|
| 354 21 — — — 376 3,173 — — — — 3,173 |
|
| 3,173 — — — — 3,173 2,732 23,167 4,766 — — 21,133 |
|
| 2,732 23,167 4,766 — — 21,133 — — — — — — — — — — — — |
|
| — — — — — — — — — — — — |
|
| — — — — — — 0 38,209 27,766 0 — 10,442 0 — — 0 — — |
|
| 0 38,209 27,766 — — 10,442 670,154 — — 3,448 58,384 731,988 |
|
| 670,154 — — 3,448 58,384 731,988 780 100 — — — 880 |
|
| 780 100 — — — 880 500 — — — — 500 |
|
| 500 — — — — 500 11,485 — — 24,000 — 35,485 |
|
| 11,485 — — 24,000 — 35,485 — — — — — — 9,382 — 770 — — 8,612 |
|
| 9,382 — 770 — — 8,612 — — — — — — |
Page 10
| Sub-total for Y ParishRetr - Parish Retreat Restricted Sub-total for ParishRetr ZReval - Revaluation reserves Designated Sub-total for ZReval Grand total |
— — — — — — — — — — — — |
|---|---|
| — — — — — — 3,448 — — (3,448) — — |
|
| 3,448 — — (3,448) — — |
|
| 807,223 159,200 109,079 — 58,384 915,729 |
Analysis of income and expenditure
| Total | |||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Designated | Restricted | Endowment | This year | Last year | ||
| INCOME AND ENDOWMENTS | |||||||
| Planned giving | |||||||
| CAF | — | — | — | — | — | — | |
| Payroll Giving | — | — | — | — | — | — | |
| Gift Aid Bank | 38,832 | — | — | — | 38,832 | 38,908 | |
| Coloured Envelopes - Non GA | — | — | — | — | — | 1,253 | |
| Coloured Envelopes - GASDS | 90 | — | — | — | 90 | 90 | |
| Bank - Non GA | 3,973 | — | — | — | 3,973 | 1,924 | |
| Total | 42,895 | — | — | — | 42,895 | 42,176 | |
| Collections and other giving | |||||||
| Collection - regular Sunday | 278 | — | — | — | 278 | 1,307 | |
| Collection Special Services | — | — | — | — | — | — | |
| Collection Wedding and Funeral | 30 | — | — | — | 30 | — | |
| White Envelopes | — | — | — | — | — | — | |
| Ad Hoc Donation - Non Gift Aid | 3,833 | — | — | — | 3,833 | 3,215 | |
| Ad Hoc Donation - Gift Aid | — | — | — | — | — | — | |
| Gift days | — | — | — | — | — | — | |
| Donation for gifts | — | — | — | — | — | — | |
| Online giving | 275 | — | — | — | 275 | 150 | |
| Total | 4,416 | — | — | — | 4,416 | 4,673 | |
| Other voluntary receipts | |||||||
| Night Shelter | — | — | 21 | — | 21 | 318 | |
| De Beauvoir Welcome Refugee | — | — | — | — | — | — | |
| Medical Supplies | — | — | — | — | — | 2,223 | |
| Legacies | — | — | — | — | — | — | |
| Hymn books | — | — | — | — | — | — | |
| Total | — | — | 21 | — | 21 | 2,541 | |
| Gift Aid recovered | |||||||
| Gift Aid Collected -unrestricted | 11,379 | — | — | — | 11,379 | 9,937 | |
| Gift Aid Collected - restricted | — | — | — | — | — | — | |
| GASDS | 1,200 | — | — | — | 1,200 | 553 | |
| Total | 12,579 | — | — | — | 12,579 | 10,490 |
Page 11
| Other receipts Save the Music DWR Afghan Grant recurring Grant non recurring Souper Tuesday and Open Crypt Donations Youth Projects Parish Retreat Organist Insurance Claim Credit for utility overpayment Transfer from NatWest Deposit Account Bank charges - wrong deposit Transfer from CBF Total Activities for generating funds Rent 16 De Beauvoir Hiring Crypt - regular Hiring Crypt - one off Hiring Church - regular Hiring Church - one off Total Investment Income Income from Endowment M&G Income from Endowment CCLA Interests from CCLA CBF Fund 623386001D Interests from Natwest Deposit Account Interests from Vicar & Wardens Account Total Receipts from church activities Fees for PCC Deposit (Deferred income) Parish Events Community Events Art Projects Total |
3,060 — — — 3,060 1,930 — — 19,396 — 19,396 — — — — — — — — — — — — 3,869 68 — — — 68 91 — — — — — — — — — — — — — — — — — 0 — — — — — — 0 — — — 0 — — — — — — — — — — — — — — — — — — — |
|---|---|
| 3,130 — 19,396 — 22,526 5,891 — 23,167 — — 23,167 12,700 — 28,086 — — 28,086 20,341 227 6,931 — — 7,158 3,463 — 940 — — 940 630 — 2,251 — — 2,251 — |
|
| 227 61,376 — — 61,603 37,134 4,553 — — — 4,553 4,122 — — — — — — 9,648 — — — 9,648 9,966 — — — — — 9 — — — — — — |
|
| 14,201 — — — 14,201 14,098 854 — — — 854 774 — 100 — — 100 — — — — — — — — — — — — — — — — — — — |
|
| 854 100 — — 954 774 |
|
| INCOME TOTAL | 78,305 61,476 19,418 — 159,200 117,781 |
| EXPENDITURE Cost of generating funds Fees paid to fund raisers Costs of fundraising Costs of stewardship campaign Fundraising event Medical supplies Revaluation(gain)/losses on investment Total |
— — — — — 155 — — — — — — — — — — — 81 — — — — — — 195 — — — 195 2,028 — — — — — — |
| 195 — — — 195 2,264 |
Page 12
| Missionary and Charitable Giving Charitable Giving Vicar & Churchwarden discretionary fund De Beauvoir Welcome Refugee Nightshelter Project Support Gifts to individuals Total Parish Share Common Fund Total Clergy and Staffing costs Operations Manager Open Crypt Co-ordinator Casual Steward Organist Music director Housekeeper Pension Scheme Payroll Fees Vicar - expenses Other clergy - expenses Pastoral assistant expenses Housing Staff Training Total Church Running Expenses Hospitality Noisy Church Youth Work Freedom Club Lay Training Cafe in the Crypt Parish events DO NOT USE Community and Parish events Nurture Course Communication - Church Comms printing and design Website maintance & development - Church Church running cost Cost of services Caring for church ground Printing & Stationary Church Choir Music Related Costs Save the Music Church - electricity Chuch -Gas Church - water Pest Control Church Telephone - Church Church - Refuse Collection Parish Retreat Total |
— — — — — — — — — — — — — — 770 — 770 — — — — — — 4,164 — — — — — — — — — — — 263 |
|---|---|
| — — 770 — 770 4,427 12,000 — — — 12,000 40,600 |
|
| 12,000 — — — 12,000 40,600 20,021 — — — 20,021 17,279 — — — — — 5,785 — 3,033 — — 3,033 546 1,980 — — — 1,980 1,190 — — — — — — 8,699 — — — 8,699 9,077 1,556 — — — 1,556 1,578 442 — — — 442 — 1,041 — — — 1,041 1,935 125 — — — 125 500 — — — — — 550 586 — — — 586 — 39 — — — 39 420 |
|
| 34,493 3,033 — — 37,526 38,862 — — — — — — — — — — — 54 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 305 — — — 305 — — — — — — 395 72 — — — 72 127 4,547 — — — 4,547 5,347 1,639 — — — 1,639 2,894 — — — — — 195 277 — — — 277 533 — — — — — — 1,464 — — — 1,464 2,186 3,400 — — — 3,400 1,250 437 — — — 437 209 1,798 — — — 1,798 1,503 48 — — — 48 1,301 252 — — — 252 252 406 — — — 406 298 512 — — — 512 522 — — — — — — |
|
| 15,160 — — — 15,160 17,073 |
Page 13
| Hall Running Costs Crypt maintenance Printing & Stationary Crypt Cleaning Crypt - elctricity Crypt -Gas Crypt - Water Crypt Pest Control Telephone - Crypt Crypt furniture 16 De Beauvoir Crypt running costs Crypt - Refuse Collection Electrical appliances Communication - Crypt Website Maintenance & Development - Crypt Open Crypt/Souper Tuesday Refund of crypt hire Broadband crypt - EE Kitchen consumables Kitchen non-consumables Crypt cleaning supplies Depreciation Total Church Repairs & Maintenance Church maintenance Major Repair Church Organ refurbishment Total Hall Repairs & Maintenance Drains Major Repair Crypt Major Repair - 16 De Beauvoir Total Governance Costs Auditing & Examination PCC Cost Computer and Maintenance Bank charges Legal fees and surveyors Faculties Admin Insurance Total |
— 806 — — 806 3,232 — — — — — 204 — 14,345 — — 14,345 10,659 — 3,801 — — 3,801 2,431 — 2,060 — — 2,060 543 — 83 — — 83 (32) — 252 — — 252 252 — 303 — — 303 298 — — — — — — — 4,766 — — 4,766 18,377 — 1,282 — — 1,282 1,802 — 512 — — 512 522 — — — — — 4,273 — — — — — — — — — — — — — — — — — — — 1,285 — — 1,285 749 218 — — — 218 354 — — — — — — — — — — — — — — — — — — — — — — — — |
|---|---|
| 218 29,498 — — 29,717 43,670 2,041 — — — 2,041 1,450 3,060 — — — 3,060 — — — — — — — |
|
| 5,101 — — — 5,101 1,450 477 — — — 477 — — — — — — — — — — — — — |
|
| 477 — — — 477 — 585 — — — 585 — 1,217 — — — 1,217 239 79 — — — 79 — 357 — — — 357 376 — — — — — — — — — — — — — — — — — — 5,889 — — — 5,889 5,843 |
|
| 8,130 — — — 8,130 6,459 |
|
| EXPENDITURE TOTAL | 75,776 32,532 770 — 109,079 154,808 |
| GRAND TOTAL | 2,528 28,944 18,648 — 50,120 (37,026) |
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