Charity registration numb¢r.' 1143277 The Alexander and Caroline Simmons Trust Annual Repon and Financial slemen1$ for the Year End 31 tkcemb¢r 2023
The Alexander Ydnd Caroline Simmons Trust Contents (continued) Reference and AdrninistrJtive Details Trustees, Report 2103 Sment of Tru5tees' Responsibilities Independent Examinevs Report Statement of Financial Adivlties Balance Sheet Notes to the Financial Stsiernents 8t0 17
The Alexander and Caroline Simmons Trust Reference and Administrative Details Chair Mrs K M Edgtnton Trnstees Nlr A R Brow Mrs K M Edginton MrPWKeThl Bishop R J Milner Bishop P Hill 1143177 Charity ReKi5tralion Tr*'umber Principal Office Abkj Cottage AIN'erton Nollingham NGI.-I gPB Indtpetsdtnt Examiner RII'B CA Lirniwl Nonhgaie House North Gate New Basford Nottingham NG7 7BQ Page I
The AlexaDder and Caroline Simmons Trust Truslees, Reporl The injsiees present the annual report together '1th the financial statements of the Charity. for the year ended J I DeLember tiO)I. Objectii'es xnd g¢ti%'ities Ubj¥ci.f ftinL% Thc pritnarj objeilive of ihe charitv is the prol'ision of 0mmOdation for Fetired or disabled clerg)'men or their widows and dependents or church work'crs or those impacied b>. rK>%'ens' ai the managing irusiee's dJsLretion and to make gr)ts to chIcheS to defra}. the c05t of repair or restoration. Publi¢ benefii The iTUSttts have LnSidered their obligatin5 under the Charities Act ?0 I I wilh respect to publi¢ benefjl. The churches suP)rted Temained public place5 of Worship and ihus ihe irusitts belieNe ihew have iunlinued to deliver beThefit to ihe public &s a whole. The irusie¢s confim thai th<% haie Lomplied 1th Ihe re4uiremenis of 5¢clioTh 17 of the Charities Act 101 I to have due iegJaTd tu the publiL knefit gujdance published bi the Chariti CorDrnission for England and Wales. Achie%'enient$ and perforrnance Th¢ Inioiiie of the Trust has increased 10 £80.212 1202?: £70.?961. There has been an increase In expenditure. 17.¥?8 120??: £60.014i. mainls. due io increased repairs Iliis y¢ar. .4fter mak"IDg transfer5 to reserves in aLcordance wilh the Tnisi Deed ihere is a deficii of £?1.969 1?0: surplus of £4)ii for ihe vear and an Incr¢as¢ Jn rnarkei %aliie of the Trnst's investm¢nts L(Trmpared ith Ik¢rThber ?Ory• The CXFtCLg1ion for ?024 Is ihat reiums 111 remajn StsiJL and anwwits ai'3ilabl¢ foi grants will be Similar to ?0?" Fin4n¢i#l rei'ie Ai • l DeLember ?O?l unr¢siri¢i¢d r¢s¢rves w¢r¢ £539.i55 1?01?: £5?6.4171.Whilst rK) fomial d¢si&yn¥¢ions hav¢ be¢n mad¢. £i77.0151?02?: £j:6.9611 of re5¢rves is held within tnvesimenis for generning Jnrom¢ whilst nel assets btine negative of £?0.6001?0fj2.. £16.5 561. After pa)'yneTht of oulstsnding crediEors this approxima w slightlv nK)rc than one year s eXnditure on suppL)II L0515 in a norn)al Jear. .4s the irusiees th) rM)i [) In diJnre ihe level of grdni applications it is felt Ihai this Is a pwd¢nt l¢N'el of re5eTres lo hold in order io mtti futur¢ 4rani requ¢sts. To eThsure the chariry ¢3n meet Ils d¢v¢ltspm¢nt aims and objectives the tnjstees will ThseSS the reset¥'¢s lI¢V on an annual b25ig. Pvlia. OK re5eri'es Th¢ Iwsiees have ¢on5idered the reserves held by the chan'ty at 31 Decemb¢r 20?- The charitv needs reserves to enabl¢ li to deN'¢lop its long tern aim& as well as ensuring the rontinuation of its iurrent <¥iiies. In order iu meet their reswnsibililies and to ensure ihai the chartry ¢oniinues to operdte on a going ionL¢rn basis ihe trnstees have rewiew¥d the requirements and risks laced by ¢harilv in both ihe short aiid mediuni rerni. Strutture. guiern#nrt aNd Thanagement AppliLaiion io the Chariti Cornmissioner5 w&s graThied with full re4istrnion 5 July 201 l. The regisirntion rLfLrenLe number Is 1143?77. Page 2
The Alexander and Caroline Simmons Trust Trustees, Report (continued) Major risks andmttnuiemeni ofihose rxsks The iNsiees have examined the principal ar¢&s of the chariry's operdiion and considered the major risks faced in each of ihese areas. In the opinion of the tru51ee5 lh¢ ¢haritv has ¢siablish¢d resources and revieM' sysiem which, under natural conditions, should allow th¢s¢ risks w be miiigaied w an accepied level in its day io day operation5. The annual report was approved by the trustees of the Charity on 4 March 2024 and signed on its behalf by". Mrs K M Ldgi on Chair and inJsi¢¢ Page 3
The Alexander and Caroline Simmons Trnst Statement of Trustees, Responsibilities The trustees are responsible for preparing the mLsiees' report and ihe fjnancial 51ateTnents in ac¢ordance with the United Kingdom Accouniing Standards (unld Kingdotn Generally Accepted Accouniing Practice) and applicable la and regulations. The law applicable to charities requir¢s the trustees to prepare flnancial statements for each financial year which give a true and fair view of ihe stale of affairs of the ChariThr and of the incoming resource5 and application of resources ofrhe Charity for that period. In preparing rhese financial stsiernen(s. Ihe m15tees are required io.. select Suitable accounting policies ond then applv them consislenily. observe the methods and principles in the Charities SORP- make judgements and estimattt thai are reasonable and prudeni". sraie whether applicable accounring standards have been followed. subject to any material d¢partures disclosed and explained in ihe financial 51atemenis", and prepare the fanCIal statements on the going concern basis unless it is inappropriate io presume that the Charity will continue in business. The tN51¢¢5 arc r¢5ponsible for keeping proper a¢counting records that disclose M'iih reasgnable aceuracs ai any titne the financial position of the Charity. and enable them io ensure ihat the financial statements comply 1th the Charities Act 2011. the Chariiies (Accounts and Reports) Regulations 2008, and the provisions of ihe ¢onstitution. The trustees are also responsible for safcguarding the assets of the Chariry and hence for taking reasonable 5tep5 for the prevention and dereciion of fraud and other irre(pularitl¢5. The rrnsiees are responsible for the maintenance and iniegriry of the corporate and financial infomialion included on ihe charitable company's ebSIle. Legislation governing the preparation and dissemination of rinancial staiemenis may diff¢r frorn legislation in o(her jurisdiciions. Approved by ihe trusiee5 of th¢ Charity on 4 March 2024 and signed on its behalf by= Mrs K M Edgi on Chatr and trustee Page 4
The Alexander and Caroline Simmons Trust Independent Examiner's Report to the trustees of The Alexander and Caroline Simmon5 Trus1 I ieport to the truste¢s on tny cxatninalion of the accounts of The Alexander and Caroline Simmons Trust for the )'ear ¢nd¢d i l D¢c¢mber 202). Respon5ibililit5 and basis of report As the CharifN Itustee5 of The Alexander and Caroline Simmons Trust you are responsible for th¢ pr¢parntion of the accot5 in accordance wilh the requirements of th¢ Charities Act 2011 ('the Act,). I report in respect of tny exarnination of the The Alexander and Caroline Simmons Tnjstts accounts carried out undcr section 145 of the 2011 Aci and in ¢arrvin out Tny examination I have followed all Ihe applicable l)irccrions given by ihe Charity Commission und¢r scaion 145{5Xbl of Th¢ A¢¢. Independent exgminer's statement I hdTrC compleied my e.Kaminaiion. I confim) lh no maierial matters have corne to my attention in connection wilh the examination giving me caus¢ io b¢li¢ve that in anv nthteiial iespeci.. accounting record5 were noi kept in respeci of The Alexander and CarolÈne Simmons Trnsi as required by section 130 of the Act: or 2. Ihe accounis do noi accord with those records- or 3. Ihe accounts do not cotnply with the accouniing requiremenis concerning the form and conteni of accounts set oui in Lhe Charitie5 (Accounis and Repons) Regulation5 2008 other than any requiremeni ihai the accounts give a 'true and fair view. whi¢h is not a rnaticr considered as part of an independent exatninaiion. I have no concerns and have come across no other matters in conneaion with the exarnination io which aneniion should be draMTJ in this report in order to ¢nabl¢ a proper understanding of the accounts io be reached. Neil Co and FCA DChA NOrthga House North Gate New Basford Notttngham NG7 7BQ 4 Mah 2024 Page 5
The Alexander aDd Caroline Simmons Trust Statement of Financial Aetii'ities for the Year Ended 31 December 2023 Unresiricted funds Endov4ment runds Total 2023 Note Income and Endowrnent5 from: Investment income 80.212 80,212 Total income 80,212 80,212 Expenditure on: Charirabl¢ activities {97.8281 140,000) 1137,828 Total expendiiure Gainsi'losses on investment assets 197.8281 34,887 140.0001 51.519 1137.8281 86,406 Nei income Gross transfer5 between fi]nds 17.271 14,35i) 28.790 4.353 Other reeognised gain$ and loss Other 8ain511055e5 1.394 1,394 Nei moyemeni in funds 12.918 17266 30.184 Reconciliation of funds Toial ndS brought forward 526.417 2.350.189 2,876.606 Total funds ca¥ried forward 539.335 2,i67,455 2,906.790 Unrestricted funds Endowment funds Totgl 2022 Note Incorne Endowments from: Investmeni income 70,296 70,296 Total income 70,296 70,296 Expenditure on: Charitsble aciiviiies (60,015) 160,015) Total expenditure Gainolosses on investment assets {60.0151 {66.7631 160.0151 173,600) (6,837) Net expenditure Gross transfers between fiEnds 156,4821 (9,8.$61 {6,837) 9.856 163,319) Net movement in funds 166,3381 i.019 (03.3 191 Reconciliation of funds Tot21 ttdS brought fon¥ard 592,755 2.J47,170 2,939.925 Total fund5 carried forward 13 526,417 2.350,189 2.876.606 All of the Charity's activities derive from coniinuing operations during the above two periods. The noies on page5 8 to 17 fomi an integral part of these financial statements. Pag¢ 6
The Alexander and Caroline Simmons Trusl {Re%istration nurnber: 1143277) Balance Sheet as at 31 De¢ember 2023 2023 2022 Note Fixed 455eis Investsnents 2,927,390 2.860,070 Current ass¢t5 Debtors 10 976 36.199 160 53,293 Cash at bank and in hand 37.175 Si.453 Creditors: Arnount5 falling due wiihin one year 12 {57.7751 136.917) let current Iliabilitie5Va5S¢ts {20,600) 16,5i6 Net assets 2,906,790 2.876,606 Funds of th¢ Chari¢y: Endowment fund$ 2,367.455 2.350.189 Unrestricted income fund5 Unrestricted fiEnds 539,335 526.417 Total funds 13 2,906,790 2,876,606 The financial statemenis on pages 6 w 17 were approved by the tsuseS. and authorised for issue on 4 March 2024 and signed on their behalf by.. Mrs K M Edgin Chairman and tru51ee The note5 on pages 8 to 17 forni an Ingra1 pan of these financial statements. Pa8e 7
The Alexander and Caroline Simmons Trust Notes to the Financial Statements for th¢ Year Ended 31 December 2023 l Aetouniing policies Staternent of compllance The financial statements have been prepared in accordance with the second ediiion of the Charities Siatemcnt of Recommended Practice issued in October 2019. the Financial Reporting Swidard applicable in the United Kingdom and Republic of Ireland {FRS 102) and the Chatilies Aci 2011. Ba515 of preparation The Alexander and Caroline Simmons Tnl mttts thc definiiion of a public benefit entity under FRS 102. The accounts {financial statements) have been prepared under the hisiorical cost convention 'ith items r¢co(pni5ed at cosi or trdnsaction value unless oiherwise Stated in the relevant notels} to these accounts. Exemption frorn preparing 4 cash floTh' st3terntnt The Carity The charity opted io early adopt Bulletin I published on 2 Febrnary 2016 and have therefore not included o cash flow staternent in these financial statements. Going concern The trustees consider ihat Ihere are no material uncertainties about the Charitys ability to coniinue as a going concern. Income and endowments Delerredincome Deferred income repr¢5¢nts amounts received for futhre periods and is released io incoming resources in the period for which. Li has been received. Inveslmenl income Interest on funds held on dep05kt is in¢lud¢d i%hen receivable and the amount can be measured reliably by the charity,. this is nom)ally upon notifjcation of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Rental incorne is recognised in the periLKI to which the Ictting relates. Expertditure All cxpcnditure 15 r¢¢ognised once there 15 a legal or construciive obligation io thai expenditure. it is probable 5ettletnent is required and rhe amouni can be measured reliably. All costs are allocated 10 the applicable expenditure heading thai aggregaie similar costs 10 thai caiegorv. Where costs cannot be direcilv 3ttribllted to partitular headings ihey have been allocated on a basis consisieni with rhe use of resources. wilh central statT ¢osts allocated on the basis of time spent, and depreciaiion charge5 allal¢d on the portion of the asset's use. Oiher support Cosrs are allocated based on the spread of siaff costs. Chariloble octivitie Charitabl¢ expenditure Comprises those costs incurred by the Charity in ihe delivery of its actlVLties and services for lis beneficiaries. It includes both cos(s thai can be allocated directly io such activiiies and those costs of an indirect nature necessary to suppon them_ Page 8
The Alexander Ydnd Caroline Simmons Trust Notes to the Financial Statements for the Year Ended 31 December 2023 (continued) Gruftlprovisions Provisions for granis are made wh¢n the inieniion io make a grdni has been comrnunic#t¢d to the recipieni bui th¢re is uncertainty aboui either Ihe timing of thc grant or the amouni of grdni payabl¢. Support costs Support cosis include cenTrl fi]nctions and have been allocated to activity cosi ¢ategories on a basis consistent with the use of resources, for example, alloC1ng property costs by floor areos, or per capiia. siaff costs by the time 5peni and oiher costs by their usage. Govtrnance costs These include the cosis allribuTable to (he charl s compliance with constitutional and stsiutory requimnents. including audit, Strategic manag¢meni and inlee$ meetings and reimbursed expenses. Taxation The Charity is considered to pass ihe trsts set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore li meets the definiiion of a chariiable cotnpany for UK ctsrporaiion purposes. Accordingly. the Charity is poieniially exempi froTn taXlon in resp¢ct of incom¢ or capital gains received M'iihin cate¥ories covered by Chaprcr 3 Part I l of the Cotpofdiion Tax Aci 2010 or Seclion 256 of the Taxaiion of Chargeable Gain5 Aci 1992. 10 ihe exieni ihai such income or gains are appli¢d exclusively to charitsble purpose5. IniestmL•nt properties Invesiment property is carried ai fair value, derived from the current markd prices for comparable real esiate detem)ined annually. The valuaiions are undertaken by the Trustees. based upon p¢riodic exiernal valuaiions. Th¢ valuers use observable market prices. adju51ed if ne¢e55ary for any difference in the naiure, location or condition of the specific asser. Changes in fair value are r¢cognised in profit or loss. Fixed asset investrnents Fixed ass¢L invesunenis, othei Ihan progTamme related invesun¢nts, are included at maTk¢t value ai the balance sh¢¢t dale. Realis¢d oains and losses on invesThen15 are calculated as the difference b¢tween sales proceeds and Ih¢ir markei value at the sian of the year. or iheÈr subsequcnt COSL and are charged or credited to th¢ Statement of Financial AcLivi(it5 in ihe period of disposal. Unrealised gain5 and losses represent the movemeni in marker values during the year and are crediied or charged to the Staiement of Financial Activiiies based on the markei value ai the }'ear end. Trade d¢btor5 Trade debior5 are rents due. Trade debiors are recognised initially ai ihe transaction price_ A provision for the impaimient of trade debtors is established wh¢n there is obj¢dive evidence ihai the charity will noi be able io collect all amounts due according io the original 1¢rn15 of the receivables. C8sh and cash equivalent5 Cash and cash cquivalents comprise eath on hand eall deposits. and other 5hort-ierni highly liquid invesiments Ihat are readilv convertible w a known amouni of cash and are 5ubje¢t io an insignificant risk of hange in value. Page 9
The AlexaDder and Caroline Simmons Trust Notes to the Financial SiatemeDts for the Year Ellded 31 De¢¢mber 2023 {continued) Fund structure Unrestricied income fijnds are general thai are available for use at the trustees discretion in furtherance of the objectives of the Charity. Endowment funds are those fidS dcrived from the gift5 of assets that are io be held for fvture use by the Charity- 2 InvestJRent ineome Unrestricted funds Gener#1 Total 2023 Total 2022 Income from dividends; Income from UK lisied invesrrnents Interest receivable and similar income- In¢eresi receivable on bank deposits Inc(Trme from rents 43,523 43,523 38.408 387 36,302 387 36,302 133 31,755 80,212 80,212 70.296 3 Expenditure on ch8ritAble AetiTrities Unrestricted funds C¢tter81 Endowrnent funds Expendable Total 2023 Grants Repairs and maintenan¢e Legal and pr(Trfes5ional Insurance Council t Light and heal i6,850 46,44) 5,367 5,646 1.761 248 36.850 86.443 40,000 5.646 1.761 248 96,315 40,000 136.i15 Unrestricted fund5 General Tot#1 2022 Grants Repairs and main¢enance Legal artd professional Insurance Council lax Light and heal General expenses 38.000 9,856 3,883 5,134 1,216 9.856 3.883 5.134 1,216 363 143 143 58,595 58,595 Page 10
The Alexander 2nd Caroline Simmons Trust Notes to tbe Financial Statements for the Year Ended 31 De¢ember 2023 {continued) 4 Analysi$ of governance Ind support Costs (Jovernance costs Unrestricted funds GtNeral Total 2023 Total 2022 Ind¢p¢nd¢ni examiner fees LxaminatiL)n of rhe financial staiements Clerk's fees and legal costs 1.260 253 1,260 253 1.200 220 1.513 1,513 1,420 5 Crant-making Analysis of grant% GraDts to institution5 2023 2022 Analysis Granis - InsritUTional 36,850 38,000 The support COSts associated with grnnt-making are £Nil (31 December 2022- £Nil). Pag¢ll
The Alexander and Caroline Simmons Trust Iyotes to the FiDaDcial Statements for the Year Ended 31 December 2023 {conlinued) Below are dethi15 Of material grants made to insiiiuiions. 2023 2022 Name of institution St Helena- West Leake St Nieholas - Bawtry St Cyprian - Sneinton St George's The Meadows - Nottingham Si John the Evangelisl - Carlton in Lindrick Si Luke-Kinoult(Trn Si Luke's - Hickling Si Margaret's-Ow¢horpe St Mary & St Martin- B1h Si Mary's The Blessed Virgin - West Sto¢kwith Si Michael & All Angels - Bramcole Si Siephen's - Sneinion St Peter- Clayworth St Helen - Trowell 2.500 2,400 2.000 3,000 500 3.0(K> 1.500 2,600 3,000 6,000 6,000 5,000 3.000 3.000 St John the Evangelist - Worksop Sr Andrew - Langar St Barnabus Inham Nook - Chilwell St Helena- West Leake Christ Church - Cinderhill St Michael the Archangel - Halarn St Mary- Kilvington Hgly Triniry with St Frdncis - Clifton Bradmore church and Mission rooms- Bradmore 8.000 3,000 3.0(H) 2,0(M) 250 2,100 8,000 2.000 36,850 38.000 6 Tru5tee5 remuneration and txpen5es No trustee5, nor any persons wnnffied with them, have received any remuneration frorn the Charity during the year. No irus¢ees have re¢eiv¢d any reimbursed expenses or any other benefits from the charity during ¢h¢ year. Y Ind¢p¢ndent ¢xAmin¢r's remuneration 2023 2022 Examination of the financÉal statements 1.260 1,200 Page 12
The Alexander and Caroline Simmons Trust Notes to the Financial Statements for the Y¢xr Ended 31 December 2023 (continued) 8 Taxation The Charity is a re8lStered charity and is ther¢for¢ ¢x¢mpi from taxation. 9 Fixed asse¢ inv¢$tments 2023 2022 Investment properties Other investrnenrs 1,560,000 l.i67.390 1,560,000 1,300,070 2,927.390 2,860,070 Investment properti¢5 Inwestrnent propertie5 C051 or Valu8tion Ai l Januarv 20?3 1.560,000 Provision At J l December 2023 Net book value At i l Decembe¥ 2023 1,560.000 Ai i l December 2022 1,560,000 The valuaiion of Ihe invesrrnent properties were und¢rtaken by Alasdiar MOlsn of Alasdair Morrison & Partner5, Chartered Surveyors as ai l F¢bruar) 2022. on an open markei valuation. The TrnSe$ believe thai the curreni market value is noi significanilN' different frotn this value. Pog¢ l)
The Alexander and Caroline Simmons Trust Note5 to tbe FinaD¢ial St21ement5 for the Year EDded 31 December 2023 (eontinued) Other iNwestments Listed investments Unlisted iDie5ttntnts Total Cost or Valuation At l January 2023 Revaluation Additlons 1,123,674 86,406 176,396 1,300,070 86,406 19,520 {)8,6061 19,520 Disposals {38.6061 At 31 December 2023 1,171,474 195.916 l.i67.390 Net book value At 31 December 2023 ,171,474 195,916 I,i67.i90 At 31 December 2022 1,12i.674 176,396 1,300,070 Page 14
The Alexander and Caroline Simmons Trust Notes to the Financial Statements for the Year Ended 31 Deeember 2023 (continued) 10 Debtor5 2023 2022 Trdde debtors 976 160 I I Cash cash equivglents 2023 2022 Cash ai bank 36,199 53,293 12 Creditors: amounts falling due within one yr 2023 2022 Oiher crediiors A¢¢ruals Dcfcrrcd income 52.600 l.i80 i.795 35,000 1,320 597 57,775 36,917 2023 2022 Deferred income ai l January 2023 Resources deferred in the period Amounts released from previous periods 597 i,795 {5971 597 DefetTed income ai vear end i,795 597 Page 15
Thc Alexander and Caroline Simmons Trust Notes to the Financial Statements for the Ye¥r Ended 31 December 2023 (continued) 13 Funds Othcr recognistd goins11105ses) Bal4nc¢ 8t 31 D¢cernber 2023 Balance at I J8nu8ry 2023 Ineoming rtsourees R¢sources expended Transfers Unrestrictcil Cjcneral S26,417 80.212 (97.8?81 (4.353) 34,887 539,335 Endvwment Perindnei)I 2.126,151 51,519 2,177,670 F.xpcndable 224,038 140,000} 4,353 1,394 189,785 Tolal endowmtnt 2.3.50.189 140.000) 4.353 52,913 ? 367,455 Total funds 2.870.006 80,212 1137,8281 87,800 ?.906.790 Enduwmtnt funds Pemianent 1'h¢ P¢rnianent endowmcnt fund5 were established in the original sch¢mc of l 8 January 1957. Expendable A Reserve Fund 15 hcld in accordance wilh clause 26 (21 of the 1957 sch¢mc. A tran5fcr has been made from th¢ unrcstricted General Fund io the Reserve Fund under Clause 2612} in the ainount of £4.1531?022.. £9,656), bcing 200/0 ol-Ih¢ nci in¢oinc for thc year {bcforc thc i55uing of grani8} of £20,7661202?: £48.?¥1). An Exiraordinary Repair Fund is hcld under clause 25 (1) of the 1957 schemc to fijnd the extraordinary repair. improvement or rebuilding of the property belonging ¢0 the chiifiiy. A transfer has been madc from thc unrestricted General Fund io the P.xiraordinary Repair l-.und in the amount of£20012022.' £200). PagFe 16
The Alexander and Caroline Simmons Trust Notes to the Financial Statements for the Year Ended 31 December 2023 (coDtinued) 14 Analysis of net assets between funds Unrestricted funds General Total funds al 31 December 2023 Endowment funds P¢rrnaneni Expendable Fixed a5Sd investtnenis Curreni assets Current liabilities 559.935 37.175 {57,775) 2,177.670 189,785 2,927,390 37,175 {57,7751 Toial nei assets 539.335 2,177,670 189,785 2,906,790 1 S Rel#ied party trnnsactions Th¢re w¢re no related party transactions in ihe year. Page 17