ANNUAL REPORT 2024 ## Contents Page |Legal and Administrative information|3| |---|---| |Trustees’ report|4-20| |Independent Examiners’ report|21| |Statement of financial activities|22| |Balance sheet|23| |Notes|24 – 30| 2 ## Legal and administrative information 31st December 2024 Charity Number 1142636 Company Number 07461119 Registered address: Old Boat Corner Community Centre Carden Park Carden Hill Brighton East Sussex BN1 8GN Independent Examiner Bulldog Accounting Limited 12 Brogdale Place Faversham ME13 0AF Bankers Virgin Money 40 St Vincent Pl, United Kingdom, 3 ## Old Boat Annual Report and Accounts 2024 ## Vision and Mission We envision a thriving and resilient community where every individual feels safe, supported, and connected. The Old Boat is a community hub in Hollingbury, Brighton where individual and community needs are met, through food to recreation, clothing to companionship. It is a warm, safe, inclusive place that connects and supports people. Everyone is welcome. We listen. We solve problems. We connect people. We lend a hand. ## Our Charitable Objectives To promote the benefit of the inhabitants of the local area (Patcham and Hollingbury Ward) by associating together the said inhabitants, the local authority, voluntary and other organisations in a common effort to advance education and to provide facilities in the interests of social welfare for recreation and leisure-time occupation with the object of improving the conditions of life for the said inhabitants; establishing a community centre and maintaining and managing the same in furtherance of the above objects. The Old Boat Corner Community Association Limited was incorporated on 6th December 2010 and registered as a charity on 29 June 2011. We ensure that we deliver public benefit by providing facilities and amenities to the public which would not otherwise be available in the local area. We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when planning for the future. Registered address: Old Boat Corner Community Centre Carden Park Carden Hill Brighton East Sussex BN1 8GN Bankers Virgin Money Independent Examiner Bulldog Accounting 4 ## **What we do** Our Universal Services Our main services are our low-cost café, affordable under 5’s soft play and stay and play, Boatopia (pay as you feel charity shop) and venue hire (one-off and long-term partners). We also offer fun days and events, a community cinema, a Play Café for young children and a free Costume Library (at Halloween and World Book Day). Our Community Services We offer the Pantry (only non-referral food bank in the city), a Food Waste project, community garden, Data Bank, distribution of Household Support Fund and distribution of Healthy Neighbourhoods Fund, which are available to those who need it. Our Targeted Services We offer Youth sessions and development work, Older Persons Group and Hollingbury International Women’s Group. 5 ## Key Achievements in 2024 _5385_ community sessions attended to support younger people, older people, preschool and _11,818 kg_ international _4 tonnes_ women Clothing repurposed Food waste into the community composted creating or other charities 1 tonne of living compost _£17,553_ donations from our community _8_ Community events delivered _5712_ Volunteer hours given _26,073 kg_ Surplus food distributed into the community 6 ## Youth Project Development 'We have gone to the marina and for days out which have been cool. There isn't anywhere else for us to go where we don't get stared at. People always think we are doing something wrong, We actually want something to do and a space to be. This has given us that ' We ran a weekly drop in youth club with, 2 basketball sessions a week,(one mixed, one girls), 3 football sessions a week (8-12,12-19 and girls only) with the Albion, 3D Pen art club and provision over summer for the community. Over 75 young people a week attended the various sessions. Future plans are to re-vamp the hall with new sports facilities and look at converting the loft space into a bigger youth club. We developed a Youth Coordinator Role, and our model of delivery was recognised as best practice in the local charity sector. We have partnered with PAYPR, Brighton Sparks, Albion in the Community and Trust for Developing Communities who are considered the best at what they do to help us deliver our services. 7 ## Caring For Our Environment “This year, by onboarding local people—two team members to lead the project and >40 volunteers, new passions have ignited, local bonds have grown, and challenges are solved quickly and creatively, such as building a system for veg gluts. Inspired by training with local compost expert, we developed food use advocates who manage the compost system and track all food waste. This has produced a ton of compost for our orchard and community garden. To reach all centre users, not just food project participants, we trained the wider team in composting using our popular 'Fact or Fiction' quiz. Long-term changes include a switch to organic tea bags, a reusable cup discount, clear bin signage encouraging better waste habits, and continuing to share homemade surplus ready meals .” - Reyna, CEO We achieved 4-year National Lottery Climate funding for a food waste project worker for 10 hours a week, in partnership with 16 other organisations around the city. We were also delighted to receive significant funding at the end of the year in order to carry our energy efficiency measures in the building, achieving a long-term aim. We are planning to develop our community garden and composting offer for the community to engage in. This will help reduce waste not only within the centre but in the surrounding households. We will be asking the community to help design and build a garden they can engage with nature and the importance of harnessing and working with natural resources. The aim is to utilise wasted food, rainwater collection to support a food forest to then supplement our pantry. This sharing of knowledge and building skills we hope will feed its way into the community and their own homes. 9 ## Supporting those who need it 'I come to the Pantry when I attend a group. I started coming because after paying all my bills I was struggling to buy food. I use it to top up my weekly food shop and find it a useful service when money that week is tight. ' 'I was approached by the centre manager when she saw me outside the centre before they opened. I was accessing the free WiFi by standing outside of the building. She explained about the data bank and how it worked. I am grateful as it means that I can access other services with my phone instead of going into the centre which I find difficult ' The Pantry supported on average 89 households a week with food. We increased the variety of food available through our own funds and added home cooked meals from the café to what was available. We gave out £16426.01 in Household Support Fund and 42 people accessed the Data Bank (free mobile credit). 10 ## Partnership Development 'Working together in a building like the Old Boat is ideal. We have manage to tap into a huge number of people already accessing help and offer an additional service. The Old Boat is a trusted space and this partnership working means that we get to the people that need the support quicker and speak about the other services that we know of too. ' We believe we can’t be the experts on everything and worked hard to develop partnership with the following organisations this year. This enables additional support and wrap around care. Family hubs Together co Bhesco Citizens Advice Bureau Asphaleia Hey Girls Brighton and Hove Food Partnership The Trust for Developing Communities Pelican parcels Smarter uniforms. PAYPR Org Brighton Sparks Healthy Lifestyles team We also partnered with Brighton and Hove Council for the Take Part Festival, running a local event as part of the main central one. 11 ## A Place for Hire ## Groups that hired the space in 2024 5th Patcham Brownies and Guides Rainbows Childminder Group Adult Basketball Little Learners Brighton and Hove Libraries Olu’s Kitchen Brighton and Hove Food Partnership Albion Foundation Brighton Guide Depot Mothers Uncovered B-Right-on Basketball In Mind Dementia Cafe Dragon Fencing Camilla Morgan Yoga Gemma Shrub Pilates Edge Tumble Tots Paul Townsend Band Sama Group Reptylers Bridging Change 12 ## Challenges Challenges in 2024 included the continuing rise of complex needs of users of the building, the increase in numbers of people needing support, rising costs, ensuring staff safety and wellbeing on a small budget and ensuring we have the right structures in place to manage the continued growth of the organisation. Looming budget cuts within the council have meant that other organisations have needed to reduce, restrict or stop their service. This has had a knock on effect with additional users in our services as well as the number of organisations applying to funding streams. Overall we have been stable due to the diverse income streams but it is something that we will need to continually keep a close eye on. The rising costs of utilities was also a challenge for the charity and the general wear on the building with the number of users. The building itself is aging and things like the plumbing have needed attention. 13 ## Our senior management team is made up of the Centre Manager, Reyna Kothari who is responsible for leading the day-to-day operations and management of the organisation. We had on average 19 members of staff during the course of 2024. This is an FTE of 5.6. We are a Brighton Living Wage employer, and roles included Centre Manager, Café Manager and Assistants. We also have Project Leads for our separately funded projects. We focused on developing the staffing structure that supports central operations in the second half of the year, adding an Operations Manager, Administrator and Volunteer Coordinator to the team. We ran a wellbeing survey for staff and volunteers, to ensure focus and support on this important issue. Staff at all levels had access to training, including health and safety, first aid and a CEO Wellbeing Day. A wellbeing was 1 member of staff achieved a Distinction in their Level 5 Leadership and Management Training certified by the CMI (Chartered Management Institute). Staff turnover is low, and the team is strong and reliable. It is one of the biggest reasons the Old Boat is successful, and we would like to thank them for their dedication. We had on average 28 volunteers attending the centre each week to support in the delivery of our community services. This gives an average of 5712 hours with a value of £85,680 this year. Services supported include our charity shop Boatopia, the Pantry, the Older Persons and International Women’s Groups. Ad hoc volunteers enable delivery of Costume Library, Community Fun Days and delivery of the Healthy Neighbourhood Fund to small local groups and projects. We are incredibly grateful to everyone who gives their time and energy. 14 ## Plans for the future We are going to be looking at how we can remain sustainable with the numbers increasing especially with the support around food. We will be looking at different models and how to expand the options to include things like a social supermarket or other support services. options that are more of a long term solution rather than small weekly handouts. At he beginning of 2025 we were able to upgrade the heating, lighting, insulation and refurbish the doors and windows, Later on in 2025 we are going to be painting the main spaces in the building to make sure that the space remains bright and welcoming. As the wraparound services increase at the Old Boat we are going to be structuring and consulting our community to make sure that what we are doing is needed and the services we are providing are relevant. We will also look at making new partnerships with organisations that could support with physical and mental health as the need for this has increased in the building. The second year of the food use places project will include a recipe book developed by our international womens group as well as large scale plans to include community composting and a food forest. Working with the community, our aim is to learn ways of food use, not food waste and how the old Boat can support. The growing number of young people engaging with the youth service highlights a rising demand for the provision that is both accessible and relevant. We’re currently designing an expanded youth service that will include creative outlets such as art, movement-based activities like exercise, and a dedicated drop-in space for girls and young women. We’re also exploring the feasibility of different age sessions to allowing a younger entry point, from age 8 onward as we are seeing a gap for people at this point. This shift would allow us to reach young people earlier with inclusive, free programming that aligns with their interests. Lastly, we’re actively seeking funding to expand our physical youth space. As attendance grows, so does the need for an environment that can safely and comfortably support all who participate 15 ## **Financial Overview** The financial statements are set out on pages 22to 23. 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) (effective 1 January 2015). Total Total Income Total Expenditure unrestricted £368,470 £336,488 reserves £45,012 ## Overview 2024 saw another increase in both income and expenditure at the charity, reflecting a busy year. Total income of £368,470 (2023: £281,582) was received. There was also a significant increase in expenditure, with £336,488 being spent in the year (2023: £276,203). This reflects the increased investment in the community from the funds raised. Overall, the charity recorded net income over expenditure of £31,982 (2023: £5379) of which, £32,152 of net income over expenditure in restricted funds, and £(170) of net expenditure over income in unrestricted funds. The Charity received a total of £21,582 in donations to the Centre which was a decrease from £22,405 in 2023. Restricted income received during the year comprised £12,092 from Brighton and Hove Food Partnership for the Food Use Places Partnership funded by the National Lottery, and £21,604 was received to fund the growing youth project from Chalk Cliff, Coop, Police Crime Commissioner fund and Fonthill Foundation. A further £20,000 was received from Brighton and Hove Council for the charity to distribute to households from the Household Support Fund. Homity Trust supported with £900 towards a volunteer coordinator role and the Dodgson Foundation supported the older people's work with £5160. Lastly we received £55,649 from the National Lottery Cost Living Fund to support with core and service costs. Total funds carried forward are £105,857 of which £60,845 is restricted and£45,012 is unrestricted. 17 ## Governance ## **Organisational Structure and Management** The Old Boat Corner Community Association is a charitable company limited by guarantee: it was incorporated on 6th December 2010 and registered as a charity on the 29th June 2011. It was established under a Memorandum of Association, which describes the objects and powers of the charitable company; it is governed under its Articles of Association at the Annual General Meeting. ## **Trustees** Lisa Mytton (chair) Bryony Barrass (vice-chair) Sarah Cutler Gavin Musimbe-Rix James Bacharew Mairi Mitchell The following trustees were re -elected by members at the 25 Februar y 2025 AGM: Br yony Barrass and Sarah Cutler Gavin Musimbe -Rix , Mairi Mitchell and Lisa Mytton continued to be trustees. James Bachare w resigned on 10 June 2024, due to work commitments. Even though only with us for a short time, we’d like to thank him for his contribution. The above are all Trustees and Company Directors. Each person has their own area of responsibility such as safeguarding, HR and impact reporting. Trustees meet quarterly and discuss topics according to our Governance Calendar and any high-risk areas. We held a board away day in June and our AGM in Februar y 2025 (postponed from September). In 2024, we were proud to strengthen our governance and continue our board de velopment journe y in the following ways. We appointed a treasurer, strengthened our financial policies and procedures and presentation of our budget and management accounts, as income continued to grow. We allocated areas of responsibility for each trustee and set up dedicated email addresses. We de veloped an action plan for strengthening HR practices, working culture and professional boundaries. We investigated whether we needed to set up the Café as a separate trading arm and based on the professional advice received agreed this did not bring any benefits. We focused on updating our policies, procedures and risk processes. 18 ## Governance ## **Governance and decision making** Voluntary and not-for-profit associations and organisations which wish to support or further the aims of the Association may become affiliated groups on payment of an annual fee. Affiliated groups may nominate a representative to vote at general meetings. The Trustees of the Association share the overall management of the Association and form the Trustee Board which meets every two months and oversees the running of the centre. The Centre Manager, Reyna Kothari is charged with the day to day running and decision making of the centre, with guidance set by the Trustees. The duties and responsibilities of Trustees are explained to candidates before the elections at the AGM. The first Trustee Board meeting after the AGM is largely taken up by an induction session for newly elected Trustees. Trustees are encouraged to attend appropriate training provided by local organisations and refer to appropriate sources of information, in particular the Charity Commission Website. ## **Risk Review** The Trustees have conducted their own review of the major risks to which the charity is exposed and systems have been established to mitigate those risks. Internal risks are mitigated by the implementation of procedures for authorisation of all transactions and events and to ensure consistent quality of delivery for all operational aspects of the charity. These procedures arr reviewed periodically to ensure that they still meet the needs of the charity. 19 Governance emen rustee Responsibilities The Trustees are responsible for preparing the financial statement in accordance with the applicable law and United Kfrngdom Generally Accepting Accounting Practice. Company law requires the Trustees to prepare the financial statements for each ftnancial year. which give true and fair view of the state of affairs of the company and of the results of the company for that period. In preparing these financial statements, the Trustees are required to select suitable accounting policies and then apply them consistently: make judgment and estimate5 that are reasonable and prudent; prepare the financial statements on the growing concern basis unless it is not appropriate to presume that the company will continue in business. The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enables them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irTegularitie5. This report have been prepared in accordance with the Statement of Recommended Practice Accounting and Reporting by Charities and in accordance with the special provisions of Part IS of the Companies Act 2006 relating to small companies. Approved by the Trustees on their behalf by: and signed on Lisa Mytton (Director/Trustee). 20 C••iwM•*r 14S5Xb) •(aE 2011 .￿" (F7SiOJ 130AF 21 **Statement of Financial Activities for the year ended 31 December 2024** There have been no recognised gains or losses other than the result for the financial year and all surpluses or deficits have been accounted for on an historical cost basis. The Statement of Financial Activities also complies with the requirements of an income and expenditure account under the Companies Act 2006 The notes on pages 24 to 31 form part of these financial statements. W•7 45J 125 RfphlirgfbEknIIFL$ 1•2llelYx•¥e l I*•￿ Y)15 ## Notes to the Financial Statements for the Year Ended 31 December 2024 ## 1. Accounting Policies ## (a) 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 (FRS102) (effective 1 January 2015) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). The charity meets the definition of a public benefit entity under FRS 102. These financial statements have been prepared on the going concern basis. The charity has sufficient reserves, and the trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. (b) Accounting Convention The financial statements are prepared under the historical cost convention (c) Grants Receivable Grants are recognised on an accruals basis, accounted for in relation to the period that they relate. Where grants have been received for capital items, the total grant has been disclosed in the SOFA and depreciation, in accordance with the accounting policies, has been charged against that income over the estimated useful economic life of the asset. Where grants are received during the year under review but relate to a later period the amount is deferred under Grants in Advance in the Balance Sheet. (d) Expenditure Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered. Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration on each activity, comprising the salary and overhead costs of the central function, is apportioned on a basis which is an estimate, based on the proportion of cost of each activity to the total cost of all activities. Tot 2024 Tolkl Fwids Fwi(L 34.941 BtilrDU & H￿'E CLTh" BTLlrDD & H[￿.￿ FLNW Part￿eT￿l fDr Det*lt¥inr Héa]th" bt)thtsI FI￿a 11.0 94 I"oucb Leo for I'ou Oficè Df sU5￿p0]i￿. and Cnme Ctbt)lllli¥sion 4.g4X. 4Si4 i.lOC. 4.i-.S ).] Erllx Y￿e￿ Fol￿dau0 sc.) $C4) 121.14a 9&63Y Tot 2024 Tolxl 2fj23 F￿dS FMI Hu< LetEtL¥5 atta Joft pkn" Cafè itiCDme 03.611 fji.081 UllTe5tiicted RÈ5tTi(ted Fwids Tot 2024 DEEoxiatit S.104 TotAI 2023 F¥• 2024 Fulldru"LSW EIWI Costs 1.031 l.oul 4.03-, I,C.?6 l threslrictirt Rtttri(Itd Totsl Fi• 2024 Tot 2023 pro1￿cOll¥ 160 1fj6 394 ]c.ogo i.i!o 10.gso .Ii_- Old PèDpLe5 PTQI Siippjrt HEaiikn" HDll1LTh7l￿r4. Fulld Fot>l TDt*] PrD)￿t CD5ts 4QOI sc 1:.403 j 416S l.9fj3 3ffj,31* LQ27 19.407 Resources ￿pended - Choruoble Aclii'ilies (conlinued) Lmrntrxted Restricted Funds Fllnds Total 2024 Total 2023 C￿'ldren's to!7 and pkn" eqll￿￿ Staff costs Traitl and subsistette 147 24,673 147 181,863 14 14j.19? 157.1 ifyj 552 1,095 i.iio 3il 4.799 Buildmg rates liater Tates Insurallce Li2bt and beat 4)) 2.588 13,678 3.636 4,570 1,413 18. 5.049 792 lJ20 201 8,1 338 2291 106 225J43 14.305 3.178 788 clea￿D8 and refitse collectson Liceaces Subs¢nptions Depre¢￿ttOn Eqwpmellt & Re>)urces Adjwtrient for VAT Sundnes Tot￿ Direct Cmts 455 7239 1,422 237 106 192J29 33Jll4 183,750 rtco Office supphes A￿trt￿ll12 & Nlthtmg l.T. expenses Telepbone Bank & cretht eard fees 930 930 597 678 678 895 494 1,121 2,879 839 494 1.121 2,879 Consultanrn. fees Legal and professional expen Tot￿ Support 566 6.4JO 6Jb67 930 TOT.4L CEL4R￿.1BLE A￿￿TTlE5 •09 10. esources Lrpended- Tradinz oclil'ilies IArestrKied Restricied FllMd3 Fllnds Tot Tot Cafe rtems TOT.4L TIL4DLNG ACTIIITIES .891 Sioff Costs li"'ages and Salaries Social Securih. Co Pettsion Costs 170,738 5271 1.499 131.661 3.053 181863 143 197 The aiTTage numbff ofpffwns kn" the compm.. dwwg the l'ear Th7$19 C023: IT) Boatd of TrLUtee5. 12. Truslees, Remuneration andReimbursed Erpenses £NIL p￿d to Tnutees dunng the for Board expen*s" 0023.. DJ]l). *+ 13. Tangible FiYtdAs$ets Offiet Equipment Cornpllter Kitthen & Cafe Equiprnenl Equipment Plant a lachiner) To¢ Cosi or i"ah•tiou At l Januan. 20?4 Addrtions At 31 DeLember !024 304 1,504 34,573 359 36,:,40 304 359 Depre¢i•tioll Ai l JanuaTh. 7024 Charge fi)r the Iyar 91 12,428 7.455 162 32 13.791 8.131 615 61 15: At 31 De£ember !024 19.883 194 Llet book i'alne Ai l Januan. 7074 At 31 ￿emE¢r ?0?4 213 15: 394 197 165 18.8',8 14. Deblors 2024 2023 Prepa!Inellts Olkr Delrto 150 150 5.116 4i99 Is. Creditors.. Amountsfalling due •viihin one}'ear 794) 25.4;, 2J35 1.411 4.408 Li.oiTr P￿To[l 5.818 16. Ana4'5ts ofhelAssets befveen Funds r￿ed Net cwye￿ Assets .455ets Total ?0•4 Restiicted FuDds Ullteslncted FuDd¥ 60,845 60,YA5 105 $57 Fixed liet c•ryt￿ Assets .Issets Total Restricted Fu UllTeslncted Fund¥ 33,750 33,750 22.949 17. ,Vow'ement ix Funds l *094 31Dff Restritted Fllmds ¥*tionai Lotten" Co* of Lnw AAird Trust for DNtloPU￿ COmD￿￿e%- 34.941 (32J38) (1,031) 1.031 Tnut for Dttylopmg ComDYkn- Health" HollmJTbuTh" Fuud Tn￿t for DeiElOpu￿ Coumullrtx¥- CCTV Communth. Garden Access C(w￿ull￿. KrtdM ProJe&t Ho￿ebOld Supp)rt Chddren's kn's aDd pkn. Clth IIemonal FuDd Fcd Projects Oldu People Project outh Project olullteet Co-ordjnator saf￿ UL Sussex JubJee Full Dai" (1.120) 820 (I,oio) (I Q.654) 1,557 3.080 287 772 16,894 194 (1:,4￿) (147) 1.151 (1,151) 1,151 9.775 3,977 20.730 3238 8,039 5.160 23.191 (10.5C(I) (￿) 727 727 3J.750 10? 416 (i.OiT) 60W5 17. .V0w'ew￿Hz in Funds (continued) l J•n 9024 31Dff Lnre5triCted Fuds 66,054 5.057 Deugnated !66,054 45,012 Total Fuds 73 875 368 470 336 488 105 857 Pre￿.0¥$Y B*l*xtt Im¢￿* Expendithrn Transftn B￿*￿te l Jan •02J 31Dtt 2023 Restrkted Funds Trust for Det*lopll18 Cc0]m￿th￿- Comrllunth" ei"eDt Trl￿ for [knElopu￿ CcffjllllUllitie5- Healtkn. Holl]ngbuTh" Fund ComllLUllrti" GaTden.4ecess Communrti. Krtchell Project One Clwrth. CHONIP Household Supwrt Fufyl: COVID Nlusiea] Perfonnallce 1.031 (1,626) 2J75 3.718 {168) 3132 1557 193 (CQ4) (4) (11.674) (1.6￿) (390) (189) 19.413 7,739 (172) Sussex C0￿Mun￿. Foundabo c￿ldren'S kn's and plm. Clth Nlemonal FuDd s￿ll$bU￿. s ￿e￿bOurh. Fund BnEhton & H￿"e Fcd Older People Proj￿t l'outh Proiect Jubdet Full Dai. 172 518 1.151 1605) 974 iJsi (5.(W) (5.1x61) 751 iJ88 1.188 2.127 727 1,188 9,470 (8,743) 8J84 51J34 (37,41D oi InreJtii¢ted F•mds 988 137 IJ 118.122 43,495 DellgDated 35,488 118,122 45995 Total FnAd% 47.543 144 V4 l•9J93 la RslAr6dyLrn' IT¢UEML¥zoNs There WETe no rellted part)" traDsaCtibx￿ In the )"ear eTbled 31 Decerllber ￿24.