## R.U.B. WHITE CHARITABLE TRUST
## **Trustees’ Report**
## **and Unaudited Financial Statements**
for the year ended 31 December 2020
**Registered Charity Number 1135303**
## **R.U.B. WHITE CHARITABLE TRUST**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
## **INDEX**
|**Charity information**|**1**|
|---|---|
|**Trustees’ report**|**2**|
|**Independent Examiner’s report**|**4**|
|**Statement of financial activities**|**5**|
|**Balance sheet**|**6**|
|**Accounting policies**|**7**|
|**Notes to the financial statements**|**9**|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
## **R.U.B. WHITE CHARITABLE TRUST**
## **CHARITY INFORMATION**
## **Trustees**
Mr Robert Blower Mr Stephen Harvey Mr Peregrine Littleboy Mr Robert Partridge
## **Principal office**
c/o Charles Russell Speechlys LLP 5 Fleet Place London EC4M 7RD
## **Registered charity number**
1135303
## **Independent Examiner**
Geoffrey Frost Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY
## **Bankers**
CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
## **Investment managers**
Brewin Dolphin Limited 12 Smithfield Street London EC1A 9BD
## **Solicitors**
Charles Russell Speechlys LLP 5 Fleet Place London EC4M 7RD
**Page 1**
## **R.U.B. WHITE CHARITABLE TRUST**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
## **TRUSTEES’ REPORT**
The trustees have pleasure in presenting their annual report for the purposes of the Charities Act 2011, together with the accounts for the period ended 31 December 2020. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
## **STRUCTURE GOVERNANCE AND MANAGEMENT**
R.U.B. White Charitable Trust is a registered charity constituted under a trust deed dated 30 January 2009 and registered as a charity 30 March 2010.
The trust is controlled by the trustees. The power to appoint and remove trustees rests with the trustees.
On agreeing to become a trustee of the charity, the new trustees are thoroughly briefed by the existing co-trustees on the history of the trust, the day-to-day management, responsibilities of the trustees, the current objectives and future plans.
The trustees have assessed the major risks to which the charity is exposed and are satisfied that they have established effective controls over financial and other systems to mitigate those risks.
## **OBJECTIVES AND ACTIVITIES**
## The charity’s objects are:
“To further such other objects or purposes which are exclusively charitable according to the law of England and Wales in any part of the world and in such manner as the trustees may in their absolute discretion think fit.”
In pursuance of its objects for the public benefit, the charity’s income and capital is applied in making grants to charitable organisations amounting to £650,000 (2019: £335,000) in the year to 31 December 2020.
In determining how the charity should pursue its objects, the trustees have had regard to the Charity Commission's guidance on public benefit.
## **ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW**
Total income for the year amounted to £78,469 (2019: £113,005) and comprised income arising on the charity’s investments.
Charitable expenditure in the year comprised grants to charitable organisations, bank charges and governance costs, totalling £705,718 (2019: £364,158) while investment management fees totalled £21,820 (2019: £27,175) giving total expenditure of £705,718 (2019: £391,333).
As at 31 December 2020 free reserves were totalled £3,758,780 (2019: £4,278,425) to support the charity’s ongoing grant making activities.
## **PLANS FOR FUTURE PERIODS**
The trustees intend to continue to utilise both income and capital to continue the charity's grant-making activity, in accordance with the objectives and activities outlined above.
**Page 2**
R.U.B. WHITE CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMEMfs FOR THE YEAR ENDED 31 DECEMBER 2020
TRUSTEES, REPORT
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The trustees are responsible for preparfng the Trustees, Rèport arKI the financial statements in accordance with
apICable law and United Kingdom Accounting Standards (United Kingdom Gen&rally Accepted Accounting praCte).
The law apPIable lo eharilies in England & Wales r8quires the twslegs lo wepare financial slalemenls IOT each
financial year which give a true and lair view ol Ihe state ol allairs i)f the charity and ol the incoming resources and
application ol resources of the charity lor th81 period. In preparing these financial slalemenls, the Iruslees are requlred
lo-.
select suitable accounlino policies and then apply them consistently.,
observe Ihg methods and principles in the Charities SORP;
mak8 jLJdggmenls and eslimales that are reasonable and prudent-
slate whether applicable accounting standards have been followed, subject lo any material departures disclosed
and ex*ained in tho financial slalemenls.,
prepare the financial statements on the going concern basis unless il is inaFpropriale to presuffle that the charity
will continue in operation
The Iruslees are respons1te lor keeping Proper accounting records that disclose with reasonable accuracy al any
time the linancial position ol the charity and enable them lo ensure that the financia1 slalgments comply with the
Charities Act 2011, the Chalily (Accounts and Reports) Regulations 2008 and the provisions ol the trusl deed. Th8y
are also responsible lor safeguarding the assels ol the charity and h8nce IOT taking reasonable steps lor the provgnlion
and dgleclion ol fraud and other irregularities.
AppoIKfMENT OF AN INDEPENDENT EXAMINER
During the year under review the charity remained below the audit threshold and the trustees rglaingd Geollrey Frost
ol Blue Spire Limited as independent examiner. Geollrey Frost has expressed his vwillingness to continue as examiner
to the charity provided the charity remains below Ihe audit Ihreshold.
Approved by the truste95 arKI sigriod on their behalf.
Trustee
Dale
Page 3
## **R.U.B. WHITE CHARITABLE TRUST**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
## **INDEPENDENT EXAMINER’S REPORT**
## **Independent Examiner's Report to the Trustees of R.U.B. White Charitable Trust**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2020 which are set out on pages 5 to 13.
## **Responsibilities and basis of report**
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 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 all 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 respect:
1. 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 comply 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 understanding of the accounts to be reached.
Geoffrey Frost BSc(Hons) FCA Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY
Date[29 October 2021]
**Page 4**
## **R.U.B. WHITE CHARITABLE TRUST**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
## **STATEMENT OF FINANCIAL ACTIVITIES**
|**Note**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
**1**
Investments
**2**
**Total**
**EXPENDITURE ON:**
Raising funds - Investment management fees
**3**
Charitable activities
**4**
**Total**
Net gains/(losses) on investments
**Net income/(expenditure) and movement on funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**12**
**Total funds carried forward**
**12**|**31 Dec 2020**
**Unrestricted**
**Total**
**Funds**
**£**
448
78,469
78,917
21,820
683,898
705,718
107,156
(519,645)
4,278,425
3,758,780|**31 Dec 2019**
**Unrestricted**
**Total**
**Funds**
**£**
-
113,005|
|---|---|---|
|||113,005|
|||27,175
364,158|
|||391,333|
|||517,697|
|||239,369
4,039,056|
|||4,278,425|
None of the charity's activities were acquired or discontinued during the above two financial years.
The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.
**Page 5**
R.U.B. WHITE CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
BALANCE SHEET AS AT 31 DECEMBER 2020
31 Doc 2020
31 D•¢ 2019
Not•
FIXED ASSETS
Inw5tments- m•n•ged fiJnd$
3,564.174
3,688.581
CURRENT ASSETS
Debtors
Cash al hand and in bwk
Toi•l ¢¥n•nt ••••
16,523
383,384
400,007
207.121
207,121
CURRENT LIA81LITIES
CreditOtS. 8tnount& falllng due Wrfhin one year
N•tGuvrnnt•iHtsllliabiliti•il
11
12,515
10,163
194.606
389.844
N•t4•MNIbIltt1•Sl
3,768.780
4.278.425
THE FUND3 OF THE CHARITY
Unr•tstrict•d fundl
12
3.758.780
4278.426
Total ¢h•rlty fvnd•
3,768.780
4,278.425
The nol88 on p8geB 910 13 fomi part of the fit)8ncl81 slalemonts.
The finonual 518tements on p4geg 510 13 we approbrd and •uIhored for i5%* by Ihe trustees on.....
gnÈd on thebehatsy".
021
Ju6
Trusts
Pag• 8
## **R.U.B. WHITE CHARITABLE TRUST**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
## **ACCOUNTING POLICIES**
## **General information, scope and basis of the financial statements**
The R.U.B. White Charitable Trust is an unincorporated association constituted under a deed of settlement. The address of the principal office is given in the reference and administrative details section and the nature of the charity’s operations and principal activities are given in the trustees' report.
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 to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
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.
## **Cash flow statement**
The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a statement of cash flows on the grounds that it is applying FRS 102 Section 1A.
## **Incoming resources**
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.
Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.
## **Resources expended**
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 following expenditure headings:
● Raising funds; these include investment management fees charged by the charity's investment managers
● Charitable activities; these include grants to third parties and the costs of administering the charity inclusive of governance costs
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
Support and governance costs are those that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in the governance of the charity and primarily associated with the constitution and statutory requirements.
## **VAT**
The charity is not registered for VAT and is unable to recover VAT incurred. On this basis costs are recorded inclusive of VAT within the SOFA.
## **Taxation**
The charity is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the charity's activities.
**Page 7**
## **R.U.B. WHITE CHARITABLE TRUST**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
## **ACCOUNTING POLICIES**
## **Investments**
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Where investments are denominated in currencies other than Sterling, transactions are translated at the rate prevailing at the date of the transaction and year end values are calculated using the exchange rate prevailing at the year end.
## **Debtors receivable and creditors payable within one year**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## **Cash and cash equivalents**
Cash and cash equivalents includes cash at bank and in hand and cash balances within the investment portfolio available for investment transaction purposes.
## **Fund accounting**
Unrestricted income funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
## **Going concern**
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
**Page 8**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
## **R.U.B. WHITE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
|**1. Donations and legacies**
Income tax recoverable
**2. Income from investments**
Income from investments
Interest receivable
**3. Expenditure on raising funds**
Investment management fees
**4. Expenditure on charitable activities**
Grants (see note 5)
Transaction charges
Support and governance costs (see note 6)|**31 Dec 2020**
**Unrestricted**
**Total**
**Funds**
**£**
448
448
**31 Dec 2020**
**Unrestricted**
**Total**
**Funds**
**£**
78,003
466
78,469
**31 Dec 2020**
**Unrestricted**
**Total**
**Funds**
**£**
21,820
21,820
**31 Dec 2020**
**Unrestricted**
**Total**
**Funds**
**£**
650,000
60
33,838
683,898|**31 Dec 2019**
**Unrestricted**
**Total**
**Funds**
**£**
-|
|---|---|---|
|||-|
|||**31 Dec 2019**
**Unrestricted**
**Total**
**Funds**
**£**
112,409
596|
|||113,005|
|||**31 Dec 2019**
**Unrestricted**
**Total**
**Funds**
**£**
27,175|
|||27,175|
|||**31 Dec 2019**
**Unrestricted**
**Total**
**Funds**
**£**
335,000
60
29,098|
|||364,158|
**Page 9**
## **R.U.B. WHITE CHARITABLE TRUST**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
## **NOTES TO THE FINANCIAL STATEMENTS**
|**5. Grants awarded to institutions**
_Disability Assistance_
Back Up
Canine Partners
Dogs for Good
Fight for Sight
Henshaw's Society for Blind People
Orbis
_Hospices and Palliative Care_
St Christopher's Hospice
Two grants
St Francis Hospice
Two grants
St Luke's Hospice
Two grants
St Clare's Hospice
Two grants
St Michael's Hospice
Two grants
Farleigh Hospice
Two grants
Marie Curie Cancer Care
Two grants
Sue Ryder
Two grants
Greenwich & Bexley Community Hospice
Two grants
Hospice UK
_Medical Research_
Bowel Cancer UK
Brain Tumour Charity
Brain Tumour Research
Macmillan Cancer Support
Medical Detection Dogs
Prostate Cancer UK
Target Ovarian Cancer
_Overseas Aid_
Help Tibet Trust
Medicins Sans Frontieres (UK)
Motivation
Operation Smile UK
Xavier Project
_Poverty Relief_
Chelsea Physic Garden Community Outreach
Crisis
Help the Homeless
Jamie's Farm
St Mungo's
Switchback
The Big Issue Foundation
The Connection
The Salvation Army
_Total carried down_|**31 Dec 2020**
**Unrestricted**
**Total**
**Funds**
**£**
10,000
10,000
10,000
10,000
10,000
10,000
60,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
10,000
280,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
70,000
10,000
10,000
10,000
10,000
10,000
50,000
5,000
15,000
15,000
10,000
Two grants
15,000
15,000
15,000
15,000
15,000
120,000
_580,000_|**31 Dec 2019**
**Unrestricted**
**Total**
**Funds**
**£**
10,000
10,000
10,000
10,000
10,000
10,000|
|---|---|---|
|||60,000|
|||10,000
10,000
-
-
-
-
-
-
10,000
10,000|
|||40,000|
|||10,000
10,000
10,000
10,000
10,000
10,000
10,000|
|||70,000|
|||10,000
10,000
10,000
10,000
10,000|
|||50,000|
|||5,000
10,000
10,000
15,000
10,000
10,000
10,000
10,000
10,000|
|||90,000|
|||_310,000_|
**Page 10**
## **R.U.B. WHITE CHARITABLE TRUST**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
## **NOTES TO THE FINANCIAL STATEMENTS**
## **5. Grants awarded to institutions (continued)**
|**5. Grants awarded to institutions (continued)**||||
|---|---|---|---|
|_Total brought down_
_Other_
DEC - Cyclone Idai
Essex Community Foundation
National Emergency Trust
The Oxford Trust
**Total grants**
**6. Support and governance costs**
Charles Russell Speechlys fees - administration of the charity
Charles Russell Speechlys fees - legal fees
Independent examiner's fees (See note 7)|**31 Dec 2020**
**Unrestricted**
**Total**
**Funds**
**£**
_580,000_
-
10,000
60,000
-
70,000
650,000|**31 Dec 2020**
**Unrestricted**
**Total**
**Funds**
**£**
20,766
11,182
1,890
33,838|**31 Dec 2019**
**Unrestricted**
**Total**
**Funds**
**£**
_310,000_
5,000
10,000
-
10,000|
||||25,000|
||||335,000|
||||**31 Dec 2019**
**Unrestricted**
**Total**
**Funds**
**£**
17,841
9,607
1,650|
||||29,098|
During the year under review £5,940 was paid by the charity in respect of Charles Russell Speechlys fees for the comparative year and resulting in the fees shown above not appearing comparable.
## **7. Independent examiner's remuneration**
|**7. Independent examiner's remuneration**|||
|---|---|---|
|Independent examiner's fees - examination fees
Independent examiner's fees - other accounting services|**31 Dec 2020**
**Unrestricted**
**Total**
**Funds**
**£**
1,440
450
1,890|**31 Dec 2019**
**Unrestricted**
**Total**
**Funds**
**£**
1,440
210|
|||1,650|
**Page 11**
## **R.U.B. WHITE CHARITABLE TRUST**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
## **NOTES TO THE FINANCIAL STATEMENTS**
## **8. Related party transactions**
Fees payable to Charles Russell Speechlys, for whom one of the charity's trustees is a consultant and another is a partner with the firm, are authorised under section 4 of the trust deed dated 30 January 2009. Fees are included with support and governance costs in note 5 with £2,458 accrued the balance sheet date in respect of fees payable to Charles Russell Speechlys.
The charity has no employees, all administration being carried out by the trustees. None of the charity's trustees were remunerated or received expenses.
During the year one of the trustees, Robert Partridge, paid a grant of £5,000 to Jamie's Farm on an agency basis for the charity. This amount was reimbursed to Robert Partridge and no benefit was received by him through these transactions.
## **9. Fixed asset investments - managed funds**
|Market value brought forward
Additions at cost
Disposals at carrying value
Gain/(Loss) on revaluation
**Market value carried forward**
_Gains/(losses) on investments:_
Unrealised gains/(losses) on investments
Realised gains/(losses) on investments|**31 Dec 2020**
**£**
3,888,581
708,740
(1,177,516)
144,369
3,564,174
**31 Dec 2020**
**£**
144,369
(37,213)
107,156|**31 Dec 2019**
**£**
3,797,385
804,178
(1,167,010)
454,028|
|---|---|---|
|||3,888,581|
|||**31 Dec 2019**
**£**
454,028
63,669|
|||517,697|
## **10. Debtors**
|Tax recoverable
**11. Creditors: amounts falling due within one year**
Accruals - independent examiner's fees
Accruals - investment management fees
Accruals - Charles Russell Speechlys fees|**31 Dec 2020**
**Total**
**Funds**
**£**
-
-
**31 Dec 2020**
**Total**
**Funds**
**£**
1,440
5,488
5,587
12,515|**31 Dec 2019**
**Total**
**Funds**
**£**
16,623|
|---|---|---|
|||16,623|
|||**31 Dec 2019**
**Total**
**Funds**
**£**
1,440
6,265
2,458|
|||10,163|
**Page 12**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
## **R.U.B. WHITE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **12. Net movement in funds**
|**12. Net movement in funds**||||||
|---|---|---|---|---|---|
|Unrestricted funds
**13. Financial instruments**|**Total funds**
**brought**
**forward**
**£**
4,278,425
4,278,425|**Total**
**incoming**
**resources**
**£**
78,917
78,917|**Total**
**resources**
**expended**
**£**
(705,718)
(705,718)|**Gains/**
**(losses) on**
**investments**
**£**
107,156
107,156|**Total funds**
**carried**
**forward**
**£**
3,758,780|
||||||3,758,780|
|||||||
The carrying amounts of the charity's financial instruments are as follows:
|**31 Dec 2020**
**Total**
**Funds**
**£**
_Financial assets_
Measured at fair value through net income/(expenditure):
Fixed asset investments
3,564,174
3,564,174
The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows:
**31 Dec 2020**
**Unrestricted**
**Total**
**Funds**
**£**
_Income and expense_
Financial assets measured at fair value through net income/(expenditure)
Investment income
78,003
Investment management fees
(21,820)
56,183
_Net gains and losses (including changes In fair value)_
Financial assets measured at fair value through net income/(expenditure)
Unrealised gains/(losses) on investments
144,369
Realised gains/(losses) on investments
(37,213)
107,156|**31 Dec 2019**
**Total**
**Funds**
**£**
3,888,581|
|---|---|
||3,888,581|
||**31 Dec 2019**
**Unrestricted**
**Total**
**Funds**
**£**
112,409
(27,175)|
||85,234|
||454,028
63,669|
||454,028|
Fixed asset investments are held at fair value with valuations obtained using last traded or closing mid/bid market prices as available.
**Page 13**