Registered Charity number: 1132146
Parochial Church Council of
St Mary, Old Swinford
Trusteos, Report and Financlal Statements
31 December 2024

Parochial Church Council of
St Mary, Old Swinford
Financial Statements
for the year ended 31 December 2024
Contents
Pages
Trustees, Annual Report
Independent Examiner's Report
Statement of Financial Activities
Balance Sheet
Notes to the accounts
9-17

Parochial Church Councll of St Mary, Old Swinford
Trustees, Annual Report
for the year ended 31 December 2024
The Parochial Church Councll presents its report and the accounts for the year ended 31 December 2024.
Reference and Adminlstrative Information
The Parochial Church Council has delegated routine matters to a slanding Committee which consists of the
Rector, both Churchwardens, Secretary and Treasurer.
It is registered with the Charity Commission under reference number 1132146.
The Parochial Church Council of St Mary, Old Swinford is also known as PCC.
Princlpal Address
The main address for contact is...
Old Swinford Rectory
Rectory Road
Slourbridge
West Midlands
DY8 2HA
Trustees
The Trustees at 31 December 2024 were:_
Judith Hall
Judith Nex
Peter TIK)mpson
Antony Walter Talford
Stanley Ernest Williams
Drew Owen
Elaine Buchan
Mark Allan Fussell
Sus8n Elizabeth Wakeley
Michael Thomas Blaxland
Malcolm Walter Frost
Mary'orie Ferguson
Chnstine Mccullagh
Jill Finney
Katharine Frances Fletcher
Revd. Jonalhan Frederick Flitcroft
Revd. Jonathan Frederick Flitcroft was the Chair of the Charity.
Page 1

Parochial Church Council of St Mary, Old Swinford
Trustees, Annual Report
for the year ended 31 December 2024
continued -
Structure Governance and Management
The PCC has been formed under the Parochial Church Council Powers Measure (1956) as amended and
Church representation rules.
The Trustees are elected at the election of the Churchwardens and the Annual Parochial Church Meeting
(APCM). Their appointment is recorded in the minutes of the meeting and no signatures of acceptance are
required. The Council has power to co-opt other members.
Objectives and Actlvltles
Our principal objective is to follow Christ through worship, outreach and mission.
Whilst undertaking the above-mentioned activities, the Trustees had due regard to guidance published by
the Charity Commission on public benefit issues.
Achievement and Performance
In 2024, St Mary's PCC continued to maintain the fabric of our buildings, to engage our community in the
Good News of Jesus Christ whilst also responding to challenges which have arisen in relation to plans to sell
the existing Rectory.
Since February 2024, our Vision Team have been meeting with Mission Accompanier, Chris Bright. We have
crealed a Mission Slatement which we hope will focus our planning for mission over Ihe foreseeable future-.
'Care for all through God's transforming love., As well as pointing to the future. the statement reflects our
understanding of the current strengths of St Mary's, especially in relation to pastoral care and loving service
to our community. The remaining steps for the Vision Team include finalising a Vision Statement which
focuses on our work for the next 5 years and creating a Health and Sustainability Plan which will include
concrete plans for developing the mission of St Mary's over the next one to two years. These plans will aim
to help us to reach the goals set out in the Vision Statement. We aim to share these goals with the whole
Church community in the next few months.
In February 2024, the Diocese informed the Rector that a Quinquennial inspection of the Reclory carried out
in November 2023 had revealed 'necessary' or 'essential' repairs to the building which would cost around
£250,000. Plans shared with the PCC in 2022 for Ihe sale of the current Rectory were therefore to be
brought forward and a new Rectory purchased as soon as possible. There are significant challenges for St
Mary's and the PCC as a result of this proposal, and facing these will inevilably involve some loss of rental
income and a need for unexpected expenditure on relocating the Parish Office and ensuring continued
disabled access to the Church.
The PCC made the difficult decision to relocate the Parish Office to the flat behind the Church Hall which.
regreffully, required the repossession of the property from the couple who had lived there for 17 years
causing them a great deal of uncertainty and anger. Further repercussions from this significant challenge will
inevitably follow. We must trust to God for wisdom and hope regarding these changes and repent the
occasions we get things wrong.
Rev'd Claire, ordained Priest in June. has continued to bring energy and innovation to her curacy. Under her
leadership a new congregation, 'Singing Angels,, began meeting on the second Sunday of each month in
March. Singing Angels continues lo thrive., above Iwo-thirds of those who allend were new to St Mary's and
this service is their only point of contad. In January of the present year. we also launched a new monthly
service, 'Morning Praise, which provides a place for adults who have learning difficulties to share in worship.
Both of these services respond to the ethos of our Mission Statement: 'Care for all through God's
transforming love.,
Page 2

Parochial Church Council of St Maryi Old Swinford
Trustees. Annual Report
for the year ended 31 December 2024
continued-
Achievement and Performance ..
Iconlinued
We are blessed at St Mary's by the many teams who enable our outreach and mission. Some of those
teams, such as that around our Youth Group, need strengthening and we make regular appeals for
volunteers.
As a Church community we face challenges which are common to many organisations and institutions in
these times. However, we are a body of people who neither rely on our own strength nor trust in our own
wisdom. In as far as we are able to trust God in Jesus Christ, we will have nothin9 to fear and 'all will be well
and all manner of things will be well.
Financlal Review
The accounts record a modest surplus of £5,304 and a small increase of 2Vo in the total level of income
received.
As recorded in last year's accounts, the way in which donor income is recelved continues to change. We
continue to see a movement away from the use of envelopes both for gift aid and general giving purposes.
The Parish Giving Scheme was successfully launched in April 2024. Payments are collected by direct debit
at the very beginning of each month. The benefit to St Mary's is that the scheme administrators collect the
income lax recoverable from HMRC and credit this lo our bank account each month. There are no costs
incurred in scheme administration. To date, 28 donors donate through the scheme providing a monthly
income of £2,060 and tax recoverable of £515. 1 wish to record my thanks to all donors who support St
Mary's so generously. Without your support, we would not be able to meet our financial obligations in the
way that we do. Thank you.
l am appreciative of the support, both financial and of the time that is freely given that for obvious reasons is
not clearly reflected in these accounts. The work involved in ground maintenance. donations to the Church
Flower Fund, afternoon teas, events organised by the Social Committee, the Craft Fayre days to name just
a few. Additionally. repair works are often carried out on both the Church and Church Hall which significantly
help to control Church expenditure on a day-to-day basis.
Ministry Share payment to the Diocese totalled £58,000 against an expected payment of £70,424. This
shortfall has not been included in the accounts. Regular payments are made each month to the Diocese. the
PCC are updated at successive meetings and are committed to making its Ministry Share payment in full as
finances allow.
The age and design of the buildings together with ongoing Church grounds maintenance does mean that we
continue to be faced with substantial ongoing costs. Two planned substantial areas of expenditure in the
short-term relate to the organ and work on the east window. Monies for these and other necessary repairs in
the longer term simply cannot be found from our regular sources of income. There is a need for grant
applications to be made both Ihrough the Diocese and perhaps further afield. l am pleased that David Cook
has agreed to carry out this important work.
The PCC agreed to transfer £2,000 for the work of the Mission Committee. Charitable donations have been
made to a number of identified causes both overseas and much closer to home. Further donations have
been made to the Black Country Food Bank and the Children's Society.
Finally, my sincere thanks go to the Finance Team for their continued hard work, expertise and at times
welcome advice to help make sure Church finances. both income and expenditure are carefully managed.
Page 3

Parochial Church Council of St Maryj Old Swinford
Trustee5' Annual Report
for the year ended 31 December 2024
continued -
Reserves Pollcy
The Trustees consider that the funds within the Charity should be at a level to cover operational costs for at
least 3 months.
The reserves are needed to bridge the trading gap between spending on the Charity's overheads and the
receipt of new funds.
The reserves include cash at bank. The Trustees monitor the cash levels on a regular basis.
Worcester Dlocesé
The Church is required to contribute towards central costs (which include cler9y Stipends and pensions).
During the year, the Charity Incurred the following..
2024
2023
Ministry share
Wedding and other fees earned by
the clergy
58,000
64,500
6,414
5,679
64,414
70,179
Page 4

Parochial Church Council of St Mary, Old Swlnford
Trustees, Annual Report
for the year ended 31 December 2024
conlinued -
Trustees, Responsibilities
The Trustees are responsible for preparing the Trustees. Annual Report and the financial statements in
8ccordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally
Accepted Accounting Practice).
The law applicable to Charities in England & Wales requires the Trustees to prepare financial statements for
each financial year which give a true and fair view of the stale of affairs of the Charity and of the incoming
resources and application of resources of the Charity for thal 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 2019 (FRS 102).,
make judgements and estimates that are reasonable and prudent,.
state whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the financial statements,,
prepare the financial statements on the going concern basis unless it is inappropriate lo presume
that the Charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy
at any time the financial position of the Charity and enable them to ensure that the financial statements
comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions
of the trust deed. 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 Trustees are responsible for the maintenance and integrity of the Charity and financial information
included on the Charity's website. Legislation in the United Kingdom governing the preparation and
dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the Trustees on 27 April 2025 and signed by:
Jonathan Frederick
litcroft (Chalrman)
Page 5

Independent Examiner's Report to the Trustees
of Parochial Church Council of
St Mary, Old Swinford
I report to the Charity Trustees on my examination of the accounts of the Charity for the year ended 31
December 2024 which are set out on pages 7 to 17.
Responsibilities and basis of report
As the Charily's Trustees you are responsible for the preparation of the accounts in accordance with the
requirements of the Charities Act 2011 ('Ihe Act.).
I report in respect of my examination of the Charity's accounts carried out under section 145 of the Act and in
carrying out my examination I have followed the applicable Directions given by the Charity Commission
under section 145(5){b) of the Act.
Independent Examiner's Statement
I have completed my examination. I confirm that no material matters have come to my attention in
connection with the examination giving me cause to believe that in any material aspect:
accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
2. the accounts do not accord with those records,. or
3. the accounts do not cofflply with the applicable requirements concerning the form and content of
accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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 understsnding of the accounts to be
reached.
Mr D l Hotchkiss
Chartered Accountant
Brook House
Moss Grove
Kingswinford
West Midlands
DY6 9HS
27 April 2025
Page 6

Parochial Church Council of St Mary, Old Swinford
Statement of Financial Activltles
for the year ended 31 December 2024
Unrestricted Restricted TOTAL FUNDS
Funds
Funds
2024
2023
Notes
Incoming Resources
Incomlng resources from
donors
Other voluntary incoming
resources
Income from operating activities
to further the Council's objectives
to generate funds
Income from investments
Other income
2a
67,764
67,764
72,619
2b
27.929
27,929
25,116
2c
2d
2e
17.391
25,655
12,231
(429)
17,391
25,655
12,231
(42g)
13,711
24,774
11,118
513
Total Incoming resources
150,541
150.541 147,851
Resources Expended
Grants
Activities directly relating to
work of Church
Church management and
administration
Cost of generating fund
3a
2.960
2,960
3,274
3b
100,303
100,303 108,561
3c
3d
26.245
15.729
26,245
15,729
22,555
13,272
Total resources expended
145,237
145,237 147,662
Net incoming resources
5,304
5,304
189
Transfers be￿een funds
Net movement in funds
5,304
5.304
189
Total funds brought forward
122.608
61,214
183.822 183.633
Total funds carried forward
127,912
61,214
189,126 183.822
Page 7

Parochial Church Council of St Mary, Old Swinford
Balance Sheet at 31 December 2024
2024
2023
Notes
Fixed assets
Investment assets
58,903
58,903
Current assets
Debtors
Cash at bank and in hand
Investment assets at cost
(market value £31,036)
9,820
122,038
9.446
11,475
115,483
9,446
141,304
136,404
Llabilities (amounts falling due
within one year)
(11,081)
(11,485)
Net current assets
130,223
124,919
Net assets
189,126
183,822
Funds
Unrestricted
Restricted
127,912
61,214
122,608
61,214
10
189,126
183,822
The financial statements on pages 7 to 17 were approved by the Trustees on 27 April 2025 and signed on ils
behalf by'.-
Revd. Jonathan Frederick Flitcroft (Chaimian)
Page 8

Parochlal Church Council of St Mary, Old Swinford
Notes to the Financial Statements
for the year ended 31 December 2024
Accountlng Policies
The Parochial Church Council of St Mary, Oldswinford is a registered Charity in the United Kingdom.
The principal contact address is given in the Charity information on page 1 of these financial
stalements. The nature of the Charity's operations and principal activities are outlined on page 2 of
these financial statements.
The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have
been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended
Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting
Slandard applicable in the UK and Republic of Ireland {FRS 102) issued in October 2019, the Financial
Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities
Act 2011 and UK Generally Accepted Practice.
The financial stalements are prepared on a going concern basis under the historical cost convention,
modified to include certain items at fair value.
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 slated.
Basis of Accountlng
The accounts have been prepared on an accruals basis. The financial statemenls are prepared in
sterling. which is the function currency of the entity-
Statement of compliance
The Charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a
cash flow statement on the grounds that it is applying FRS 102 Section 1A.
Funds
General funds represent the funds of the Charity that are not subject to any restrictions regarding their
use and are available for application on the general purpose of the Charity. Funds designated for a
particular purpose by the Charity are also unrestricted.
Restricted funds are to be used for specrfic purposes as designated by the Trustees and as laid down
by the donor.
The accounts include all transactions, assets and liabilities for which the Charity is responsible in law.
They do not include the accounts of church groups that owe their main affiliation to another body nor
those that are informal gatherings of Church members.
Incomlng Resources
Voluntary income and capital sources
Collections are recognised when received by or on behalf of the Charity.
Planned giving is recognised only when received.
Income tax recoverable on gift aid donations is recognised when the income is received.
Grants and legacies to the Charity are accounted for upon receipt, the amount due is quantifiable and
its ultimate receipt by the Charity is reasonably certain.
Funds raised by the fayre. garden party and similar events are accounted for gross.
Sales of books and magazines from the Church bookstall are accounted for gross.
Page g

Parochial Church Council of St Mary, Old Swinford
Notes to the Financial Statements
for the year ended 31 December 2024
Accountlng Policies (continued)
Other income
Rental income from the letting of Church premises is recognised when the rental is due.
Income from investments
Dividends and interest are accounted for when due and payable.
Gains and losses on investments
Realised gains or losses are recognised when investments are sold.
Resources Expended
Grants
Grants and donations are accounted for when paid over, or when awarded, rf that award creates a
binding obligalion to the Charity.
Activities direGtly relating to the work of the Church
The Diocesan and Parish share is accounted for when paid.
Fixed Assets
VA T reclaimable
Where VAT is reclaimable on any eligible expenditure. Ihe amount reclaimed is netted against the cost
of the expenditure.
Consecrated land and buildings, and movable church furnishings
Consecrated and beneficed property is excluded from the accounts by the Charities Act 2011.
No value is placed on movable Church furnishings held by the Churchwardens on special trust for the
Charity and which require a faculty for disposal, since the Charity Considers this to be inalienable
property. All expenditure incurred during the year on consecrated or benefice buildings and movable
Church furnishings, whether maintenance or improvement, is written off as expenditure in the SOFA
and separately disclosed.
Other fixed assets
Individual items of equipment with a purchase price of £1,000 or less are written off when the asset is
acquired.
Investments
Investments are valued al historical cost at 31 December 2024.
Current assets
Amounts owing to the Charity at 31 December 2024 in respect of fees. rents or other income are shown
as debtors less provision for amounts that may prove uncollectable.
Short term deposits include cash held on deposit either with the CBF Church of England Funds or at the
bank.
Page 10

Parochial Church Council of St Mary. Old Swinford
Notes to the Financial Statements
for the year ended 31 December 2024
Accounting Policies (continued)
Current liabilities
Amounts payable within one year are recorded at transaction price and are shown as accrued charges.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the
contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement
constitutes a financing Iransaction. where it is recognised at the present value of the future payments
discounted at market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value with any changes recognised in
profit or loss with the exception of hedging instruments in a designated hedging relationship.
Page11

Parochial Church Council of St Mary, Old Swinford
Notes to the Financial Statements
for the year ended 31 December 2024
Unrestricted Restricted
Funds
Funds
TOTAL FUNDS
2024
2023
Incoming Resources
2a. Incoming resources from donors
Planned giving:
Donations by Gift Aid
Income tax recoverable
Other planned giving
Collections (open plate) at all services
6,649
14.845
42,451
3,819
6,649
14,845
42,451
3,819
8.800
14.309
42.974
6,536
67,764
67,764
72,619
2b. Other voluntary inGoming resources
Donations, appeals, etc.
Legacies
Donations received for specific purposes
14,065
10,000
3,864
14.065
10.000
3.864
17,393
7,723
27,929
27.929
25,116
2c. Income from operating activities..
to further the Council's objects
Magazine & bookstall
Fees
Candle rack
Work with children
Social committee and coffee
15.716
129
56
1.490
15,716
129
56
1,490
12,618
92
1,001
17.391
17,391
13,711
2d. Income from operating activities."
to generate funds
Magazines (advertisement fees)
Use of Church
Christmas market
Photocopying
Hall lettings
70
60
865
50
23,729
1,623
1,623
24,032
24,032
25,655
25,655
24,774
2e. Income from investments
Dividends and interest including any
reclaimable tax
Church Hall flat rent
9,365
2,866
9,365
2,866
6,472
4,646
12,231
12.231
11,118
2f. Other income
VAT reclaim on repairs
Insufance claims
(559)
130
(559)
130
513
(429)
(429)
513
Total incoming resources
150,541
150,541
147.851
Page12

Parochial Church Council of St Mary, Old Swlnford
Notes to the Financial Statements
for the year ended 31 December 2024
Unrestricted Restricted
Funds
Funds
TOTAL FUNDS
2024
2023
Resources Expended
3a. Grants
Missionary and charitable giving
2,960
2,960
3,274
3b. Activities directly relating to the work
of the Church
Ministry: Diocesan Parish share
Clergy expenses
Running expenses
Repairs and maintenance
Upkeep of Churchyard
Organist fees and choir expenses
Other expenses
Social Committee and coffee
58,000
3,272
20,458
4,001
1,890
9,352
2,430
900
58,000
3,272
20,458
4,001
1.890
9.352
2,430
goo
64,500
578
19,810
6,554
5,097
9,288
2,734
100,303
100.303 108,561
3c. Church management 8nd administration
Administration-
Administrator's salary
Printing and stationery
Subscriptions, bank and professional charges
Independent Examiner's fee
Fees.. Wedding, Funerals. Baptisms and other
8,971
1,209
520
2.810
12.735
8,971
1,209
520
2.810
12,735
8,668
1,650
226
2,700
9,311
26,245
26,245
22,555
3d. Costs of generating funds
Church Hall expenditure
15,729
15,729
13,272
Total resources expended
145,237
145,237 147,662
Page13

Parochial Church Council of St Mary, Old Swinford
Notes to the Financial Statements
for the year ended 31 December 2024
2024
2023
Staff Costs
Wages and salaries
25.792
23,497
25.792
23,497
The average number of persons employed by the Charity during the year. including the Trustees was 3
(2023- 3).
Investmont Assets
These represent:.
2024
2023
Central Board of Finance of the Church
of England's investment fund
(market value £123,986 {2023 - £121.211)
Shares in Traidcraft Ltd
57,878
57.878
1,025
1,025
58,903
58,903
Unrestrlcted Restricted
Funds
Funds
Analysls of Net Assets by Fund
Total
Fixed assets for Church use-
Investment fixed assets
Current assets
Current liabilities
1,025
137,968
(11.081)
57,878
3,336
58,903
141,304
(11,081)
Fund balan
127,912
61,214
189,126
Page 14

Parochlal Church Council of St Mary, Old Swinford
Notes to the Financial Statements
for the year ended 31 December 2024
2024
2023
Debtors
Income tax recoverable
Prepayments
2.838
6.982
3.562
7.913
9,820
11.475
2024
2023
Liabilities (amounts falling due
within one year)
Accrued charges
11,081
11,485
Page15

Parochial Church Council of St Mary, Old Swinford
Notes to the Financial Statements
for the year ended 31 December 2024
Unrestricted Funds
The balances on each Designated Fund as at the end year are as follows:.
2024
2023
Deslgnated Funds
Clergy Housing
Church Legacies and Gifts
Organ Fund
Church Hall
Bells Fund
Anchor Bereavement
The Children's Fund (Inc. Agatha Downing Children Fund)
Graveyard Fund
Tower Fund
Friends of the Music
Rectors Charities
Water Aid
Social Committee
St Mary's Youth Club Work
Contactless Digital Giving
St Mary's Mission
Churchwardens Charities
2,599
2,599
14,128
14.128
596
596
68,319
81,490
(2,653) (2.277)
30
30
5,974
5,974
(1,014)
467
6,626
2,129
477
2,119
1,740
1,354
1,634
1,552
467
7,251
2,129
605
2,624
1.775
1.770
1.120
1.552
108.286
99,624
General Funds
Church
17.528
20,941
Other Balances
Church Flowers
2,098
2,043
Total
127,912 122.608
The Clergy Housing Fund represents monies used for maintenance of the clergy accommodation.
The Church Legacies and Gifts Fund represent monies held for legacies and gifts that are not restricted
in their use.
The Organ Fund represents monies used for the maintenance of the Church organ.
The Church Hall Fund represents monies used to maintain the Church Hall and manage its finances.
The Bells Fund represents monies used for maintenance of the Church bells.
The Anchor Bereavement Fund represenls monies used to support those who are bereaved.
The Children's Fund (Inc Agatha Downing Children Fund) represents monies used for the Church's
work with children.
The Graveyard Fund represents monies used to maintain the Church graveyard.
The Tower Fund represents monies used for maintenance of the Church tower.
The Friends of the Music Fund represents monies used to fund development of music within the Church
environment.
Page 16

Parochial Church Council of St Mary, Old Swlnford
Notes to the Financial Statements
for the year ended 31 December 2024
Unrestricted Funds (continued)
The Rector's Charities represents monies for charitable giving at the Rector's discretion.
The Water Aid fund represents monies used for charitable overseas water provision.
The Social Committee Fund represents monies available to fund Church social events.
The St Mary's Youth Club Work Fund represents monies available for the work with youth within the
community.
The Contactless Digital Giving Fund records the amounls received from contactless donations made
using the card machine.
The St Mary's Mission Fund represents monies used for charitable donations both overseas and locally.
The Churchwardens Charities Fund represents monies available to Churchwardens for charitable
donations.
The General Funds represents the Church's working capital.
The Church Flowers Fund represents monies used to fund the Church floral decoration.
10. Restrlcted Funds
The balances on each fund as at the year end are as follows:_
2024
2023
Legacies and Grft Fund
St John's Church Hall Fund
Fabric Fund
3,000
57,878
336
3.000
57.878
336
61.214
61.214
The Legacies and Gift Fund represents monies used for legacies and grfts for a specific purpose.
St John's Church Hall Fund represents the Charity's capital reserve, Interest is earned on the capital
sum.
The Fabric Fund represents monies used for the improvements and maintenance of the Church
building.
11. Related Party Transactions
There are no related party transactions during the current and previous year.
12. Controlllng Interest
The Charity was under the control of the Trustees throughout the current and previous year.
Page 17