Charity re8i5tratw)n No: 1144367 Company Regi5¢ration No. 07677479 IEngland and Wales) THE BRIDGET RILEY ART FOUNDATION ANNUAL REPORT AND HNANCIAL 5TAIEMENTS FOR THE YEAR ENDED 30JUNE 2022
THE BRIDGEf RILEY ART FOUNDATION LEGALAND ADMINISTRATIVE INFORMATION Trustee5 Sir John Lei8hton Mr M H Wyld CBE Professor R K Kudielka Mrj A firkland P Johnson CBE M5 F M Follin Mr P J Young Charity number 1144367 Company number 07677479 Registered office 2Th1 Floor. Regis House 45 Kin8 V(Illiam5 Street London EC4R 9AN Auditor Azets Audit Service5 2nd FIoDr. Regis House 45 King William Street London EC4R 9AN Bankers Natwest Wictoria Branch PO Box 1357 169 Wictoria Street London SWIE SNA Investment Managers JM Finn 25 Copthall Avenue London EC2R 7AH J.P. Morgan Bank Luxembourg S.A. 25 Bank Street Canary Wharf London E14 5JP
THE BRIDGET RILEY ART FOUNDATION CONTENT5 Trustees, report Independent auditors, report &9 Statement of financial activities io Balan sheet li Notes to the accournts 12-17
THE BRIDGEf RILEY ART FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 30JUNE 2022 The Trustees (who are also dirertors of the charity for the purpose5 of the Companies Act) are pleased to present their annual report tO8ether with the financial statements of the charity for the year ended 30 June 2022. The financial statement5 comply with current statutory requlrements, the requirements of the Charitable CompanV5 governing document and the Statement of Recommended Practice ISORPI. applicable to charities preparing their accounts in accordance with section IA "small entities" of the Financial Reporting Stsndard applicable in the UK IFRS 1021 leffective I January 20191. Strurturep governan and management The Foundatlon was incorporated on 21 JuTre 2011 as a company limited by guarantee and was registered as a charity With the charity commission on 20 October 2011. Each mernber promises that rfthe Foundation is dissolved while he or she remains a member or within twelve month5 ofterwards to contribute up to £1 towards the costs of dissolution and the liabilities incurred by the foundation while he or she was a member. Appointment and re-appointment of Trustees is by Trustee resolution. New Trustee5 are chosen for the particular skills and experience they can brin8 to the Foundation. When a new Trustee joins the board, they re1ve minutes of Trustee< recent meetings and other mana8ement and financial reports and a encouraged to attend a trairling seminar for new Trustees organised by extemal bodies. Obiertives and activities The Trust was established to promote education in the arts and in particular to promote understandinB of Abstract Art and its antecedents in Post-Impressioni5t and lrnpressionist palnting and its ancestry in earlier European art. It is committed to promoting the practice of drawing at all levels and to encouraging the studyof drawings by art students. students of art history and by the general public throughout the UK. ft is in addition intended to protert the reputation of Bridget Rilevs work as an artist and to keep a proper record of that work, and to be responsible, eventually, for maintaining a core collection of it and an associated archive for the benefit of the public. Publk benefft We have referred to the guidan contained in the Charity Commi55ions general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
THE BRIDGEf RILEY ART FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2022 Organlsatlonal Strurture The trustee5 are responsible for the overall management and decision making for the Foundation. TheTrustees of the charity, who are the trustees of the company forthe purposes of company law, who served during the period were: Martin H Wyld CBE Professor Robert K Kudielka John A C Kirkland Pennyjohnson CBE Frances M Follin Phillip J Young Sir John Leighton (apF)ointed- 9 February 2022} The trustees met twice during the year- on 24 September 2021 and 26 January 2022. Achievernents and performance The Foundation made grants of £213,171 (2021: £82,372} during the year towards achieving Its charitable objectives. Flnanclal review The initial rnonetary funding has arisen from donations made by the patron (Bridget Riley) and her company. The patron has undertaken to make ongoing annual donations of at least £5.000. Reserves remain very healthy and the trustees are confident thatthey will be able to maintain their grant commitments in the future. Golng Concem The trustees are confident thatthe Foundation can continue to fiind grants at its current level in the rnedium term. Investments have been impacted by recent market volatility but these investments are targeted at long-term growth and are gUlarlY monitored by the investment sub-committee.
THE BRIDGET RILEY ART FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 30JUNE 2022 Revlew of the year and plans for the future The Trustee5 Yre delighted that Sir John Leighton became a trustee this year and look forward to his contributM)ns to the Foundation. The Trustees continued to support a range of arts oryanisations. artists and educational work. The Foundation continued its long-standing relatior15hip with the British School at Rome where we agreed to fvnd a further 3 years of residenaes which will have led to a total of 9 years of residencies. As well as thi5 ongoing sUPPOrt the trustee5 also supported in the year the purthase of new equlpment at The Drawing Room and arthival work on the de Sausmarez archive at the University of Leeds. The partnership with the Courtauld has pn)ved fTUitful and theTrustees agreed post year end to fund the extension of the curatorial assistant post13s they did at the National Galleries of Scotland) and have agreed to support a new 2 year Curatorial Fellowship. Similarly our support for New Contemporaries was refreshed with a further 3 year grant. Reserves policy Since inception income has arisen mainly from Bridget Riley and her company donations. The trustee5 have sOU8ht to ensure the commitments on grants and governance c05t5 are seen to be well within the cash reserves. It is anticipated that this source of income may well continue in the short term and the trustees intend malntaining a close control over its expenditure for the foreseeable future in the event that donations are reduced or cease completely. At present no commitrnents extend further than three years from the date of this report and are fully covered by the reserves in place. Risk Management TheTrustees assess the major risks towhich the charity is exposed, and this process continued during the year. In the opinion of the Tnjstees the tharity has estsblished, and continues to operate, systems and controls to mitigate risks to an acceptable level In day-to-day operation5. Grant making Policy Applications for funding are considered at meetings of Trustees. Areas of focus include education in the arts and in particular understanding of Abstract Art and its antecedents in Post-lmpresslonist and Impressionist paintin8 and Its ancestry in earlier European art.
THE BRIDGET RILEY ART FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 30JUNE 2022 Investment policy A committee of two Trustees. Frances Follin and Jack Kirkland. plu5 the Company Secretary oversee the funds placed with J P Morgan andj M Finn. Both Investment Managers report on a quartelly basis and acrivity on each account can be viewed online by the committee members. It is not currently intended to draw income from these investments althou8h they are readily reallsable. The committee reports to the full membership of Trustees at each Trustee meetin8. 5fATEMENT OF TRUSfEES' RESPONSIBIUTIES The Trustees (who are also the Directors of The Bridget Riley Art Foundation for the purpose of company lawl are responsible for preparing the Trustees. Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accounting Practice). The report and accounts have been prepared in accordance with the provision5 in the Compantes Art 21J)6 relating to small companies. Company law requires the Trustees to prepare accounts for each financial year which give a true and falr view of the state of affairs of the charitable company and of the incoming resources and application of resources. including the income and expenditure, of the charitable company for that year. In preparing these accounts. the Trustees are required to- select suitable accounting policies and then apply them consistently," observe the methods and principles in the Charities SORP: make jud8ement5 and estimates that are reasonable and prudent: state %vhether applicable UK accounting Standards have been followed. subject to anv material departures dlsclosed and explained in the financial statements. and prepare the accounts on the going concem basis unles5 it 15 inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the accounts comply with the Companies Act 2006. They are 2150 responsible for safeguarding the assets of the charitable company and hen for takin8 reasonable steps for the prevention and detection of fraud and other irregularities.
THE BRIDGET RILEY ART FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2022 In so far as the trustees a aware- there is no relevant audit information of which the charitable compan*s auditors are unaware: and the trustees have taken all steps that they ought to have taken to make themselves aware of any levant audit information and to establish that the auditors are aware of that Infomatlon. Audltors The auditor5, Azets Audit Services, will be PTOP05ed for re-appointment at the forthcoming Annual General Meeting. srATEMENT OF TRusfEES' RESPONSIBILfflES ICONTINUED) This report has been prepared in accordance with the Statement of Recornmended Practice= 'Accountin8 and Reporting by Charitie5' and in accordance with the special provisions of Part IS of the Companie5 Act 2LM)6 relating to smaller entities. Approved by order of the board of trustees on 2 4. 1 . 202Jand signed on its behalf by: Jo A. C. Kirkland Trustee
THE BRIDGEf RILEY ART FOUNDATION INDEPENDEKf AUDITORS. REPORT TO THE MEMBERS OF THE BRIDGEf RILEY ART FOUNDATION Oplnlon We have audited the finanaal statements of The Bridget Riley Art Foundation {the 'charitable compan¢} for the year ended 30 June 2022 which comprise the Statement of Financial Activities, the Balance Sheet, and notes to the financial statements. including a summary of significant accounting policies. The finanaal reporting framework that has been applied in their preparation 15 applicable law and Untted Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Stsndord applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: 8ive a true and fair view of the State of the charitable compan5 affair5 35 at 30 June 2022 and of it5 incoming resources and application of resource5, for the year then ended; have been properly prepared in accordance with United Klngdom Generally Accepted Accounting Practice: and have been prepared in accordance with the requirements of the Companies Act 2006. Ba5 for oplnlon We conducted our audit in accordan with Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements sectlon of our report. We are independent of the charftsble company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, induding the FRC5 Ethical Standard and the provisions available for small entitie5, in the circumstances set out in note I to the financial statement5, and we have fulfilled our other ethical responsibilities In accordance with these quIrernents. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our oplnion. Conclusions relatlng to Eoing concern In auditing the financial statements. we have concluded that the Report of the Trustee5' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfonned. we have not identified any material uncertaintie5 relating to events or conditions thaL indmdually or collectively, may cast significant doubt on the charitable companWs ability to continue as a going concern for a period of at least twelve months from when the finanual statements are authorised for issue. Our re5pon5ibilitles and the responsibilities of the trustees with respert to going concern are described in the relevant section5 of this report.
THE BRIDGET RILEY ART FOUNDATION INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF THE BRIDGEf RILEY ART FOUNDATION ICONTINUED) Other Informatlon The other information comprises the infomiation included in the annual report other than the financial 5tatefflents and our auditorfs report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financlal statements does not cover the other infomiation and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other infonnation is materially inconsistent with the financial Statements or our knowledge obtained in the course of the audit. or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material rnisstatements. we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fart. We have nothing to report in this regard. Opinlons on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the Course of the audit: the information given in the trustees, report {incorporatin8 the directors, reportl for the financial year for whith the finandal statements are prepared is consistent with the financial statements- and the trnstees, report has been prepared in accordance with appllcable legal requirements. Matters on whlch we are requlred to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included within the trustees. report. We have nothing to report in respett of the following matters in relation to which the Companies Art 2006 qUireS us to report to you if, in our opinion: adequate accounting record5 have not been kept, or returns adequate for our audit have not been received from branches not visited by us." or the financlal statements are not in agreement with the accounting records and returns; or certain disclosures of trustees. remuneration specified by law are not made; or we have not receNed all the information and explonations we require for our audit,. or the trustees We not entitled to ppa the financial statements in accordan with the small companies, regime and tske advantsge of the small companie5. exemptions in preparing the tru5tee5' report and from the requirement to prepare a strategic report.
THE BRIDGEf RILEY ART FOUNDATION INDEPENDEpif AuorroRS' REPORT TO THE MEMBERS OF THE BRIDGEf RILEY ART FOUNDATION {CONTINUED) Responslbllltles of trustees A5 explained more fully in the trustee< responsibilities statement. the trustees (who are a150 the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial ststernents and for bein8 satisfied that they give a true and falr view, and for such internal control as the trustees determine 15 necessary to enable the preparatlon of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the tru5tee5 are responsible for assessing the charitable companws abilityto continue as a going conrn, disdosin& as applicable. matters related to going concern and using the going concem basis of accounting unle55 the trustees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative l)ut to do so. Audlto¢5 re5pon51bilitie5 for the audit of the finandaj statements Our objertives are to obtain reasonable assurance about whether the finanaal statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit tondurted in accordance with ISAS IUK} will always detert a material mi55tatement when it exists. Mi55tatements can arise from fraud or error and are considered material if. individualfy or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial staternents. Irregularities. induding frdud. are inStsn5 of non-compliance with law5 and regulations. We design procedure5 in line with our responsibilities. olrtlined above. to detect material misstatements in respect of irregularities. induding fraud. The specific procedures for this engagement and the extent to which these are capable of deterting irregul3ritie5, including fraud is detailed below: Enquiry of management and those charged with 8overnance around actual and potential litigation and claims as well as actual. suspected and alleged fraud; Reviewing minutes of meetings of those charged with governan. A55e55ing the extent of compliance with the laws and regulations considered to have dirert material effect on the financial statements or the operations ofthe cornpanv through enquiry and inspectton: Rewewing financial statement di5dosures and testlng to supporting documentation to assess compliance with applicable laws and regulations: Performing audit work over the risk of management bias and override of controls, including testin8 of journal entries and other adjustment5 for appropriateness, evaluating the busine55 rationale of 5i8nrficant transartions outside the normal course of business and reviewlng accounting estimates for indicators of potential bia5.
THE BRIDGET RILEY ART FOUNDATION INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF THE BRIDGET RILEY ART FOUNDATION {CONTINUED) Because of the inherent limitation5 of an audit, there is a risk that we will not detect all irre8ularitie5, includin8 those leading to a material mi55tatement in the financial statement5 or non-compliance with regulation. This risk increases the more that compliance with a law or re8ulatlon is rernoved from the events and transactions reflected in the financial statements, as we will be less likelyto become aware of instances of non-compliance. The risk 15 also greater regarding irregularltie5 occurrlng due to fraud rather than error, a5 fraud involves intentional cOnalment, for8ery, collusion. omission or misrepresentation. A further description of our responsibiltties is available on the Financial Reportin8 Council's website at: https:/lwww.froorg.uk/Our-WorklAudit/Audit-and-assurancelStandard5-and- guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for- audit/Description-of-auditorsrfesponsibilitie5-for-audiLaspx. This description form5 part of our auditorfs reporL Use of our report This report is made solely to the charitable companvs members. as a body, in accordance with Chapter 3 of Part 16 ofthe Companies Art 2CM)6. Our audit work has been undertaken so that we might state to the charitable companvs members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the tharitable company's members as a body, for our audit work, for thi5 report. or for the opinions we have formed. J Howard FCA {Senior Statutory Auditor) for and on behalf of Azets Audit Services Statutory Auditor Floor Regis House 45 King William Street London EC4R 9AN Date: 20 February 2023
THE BRIDGET RILEY ART FOUNDATION srATEMENT OF FINANCIAL AcnvmES FOR THE YEAR ENDED 30JUNE2022 2022 2021 Notes Income: Donations and legacies Investment income 406.250 34.926 56,250 26,010 Total Income 441,176 82,260 enditure Cost of raising funds Charitable activities: Promotion of education in the arts 19360 14,971 223.098 93,848 Total expenditure 242,458 108,819 Net income/ (expenditure) 198,718 126,559) Net ILossesllGains on investment a55ets 1614.9601 645.456 Net movement in fund5 {416.242) 618,897 Fund balances at l July 2021 5,053331 4,434.434 Fund balances at 30 June 2022 4.637.089 5,053,331 All Income and expenditure ha5 arisen from continuing activitie5. All recognised gains and losses a included in the Statement of Financial Activities. All income and expenditure relates to unrestricted funds. The accompanying notes form part of this Statement of Financial Acttvitie io
THE BRIDGEf RILEY ART FOUNDATION BALANCE SHEET AS A T30JUNE 2022 2022 2021 Flxed assets Investments 4,189.199 4.888,656 Current a55ets Debtors Cash at bank and In hand 2.51 439.661 445.911 219,402 221.902 Creditors: amounts falling due within one year 198.0211 57.227 Net current assets 347.890 164,675 Total assets less current Ilabllttles 4.637.089 5,053,331 Income funds Unrestricted funds Unrestricted income funds Accumulated 8ains & losses 4,399541 4,200,823 237Y8 852,508 4,637,089 5,053,331 4.637.089 5.053,331 These financial statements have been prepared in accordance with the speaal provislons of Part IS of the Companies Act 2006 relating to small charitable companies. The accounts were approved by the Board on 2023 John A. C. Kirkland Company Registration No. 07677479 li
THE BRIDGET RILEY ART FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30JUNE2022 Acwunting policies 1.1. Basls of preparatlon The financial statement have been prepared in accordance with the Statement of Recommended Practice- 'Accounting and Reporting by Charities, preparing their accounts in accordance with the financial reporting standard applicable in the UK and Republic of Ireland IFRS 102), Charities SORP, the Charities Att 2011 and the Cofflpanies Act 20C6. The charity meets the definition of a public benefit entity under FRS 102. Goin concern The Trustee5 consider that there are no material uncertainties over the Foundations ability to continue as a 80in8 coThcem due to its significant cash balances, investments and reser4es. 1.2. Income All income is recognised once the Charity has entitlement to the income. It is possible that the income will be reiVed and the amount can be measured reliably. Donations are recorded in the accounts when receivable. 1.3. Expenditure Raisin funds Costs of raising funds represents amounts paid to the Foundation's extemal investment advisors. Charitable ex enditure Grants payable in furtherance of the charitvs objects are recogni5ed in the year in which the grant is formally approved by the Charty and has been communicated to the recipient, expect to the extent that it 15 Subject to conditions that enable the charity to revoke any award. ort Costs Support costs represent other costs and governance costs, whith are recognised on an accruals basis. Governance costs repsent those costs a550ciated with the governance arrangements relating to the general running of the charity. Such costs Include extemal audit fees. related trustee costs and compliance with statutory requirements. 12
THE BRIDGEf RILEY ART FOUNDATION NOTES TO THE ACCOUNTS ICOPrnNUED) FOR THE YEAR ENDED 30JUNE2022 1.4. Investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at fair value as at the balance sheet date using the quoted market price. Net 8ain5 and losses arising on revaluation and dt5P05a15 reflected in the ststernents of financial activities. 1.5. Cash at bank and in hand Cash at bank and in hand includes cash and short-term deposits with a maturty if three months or less. 1.6. Flnandal Instruments The Foundation has financial assets and finafflcial liabilitie5 of a kind that qualify as basic financial instruments. Basic financial Instruments are initially reco8nlsed at transaction value and subsequently measured at amortised cost using effective interest method. Finanaal a55ets held at amortised cost comprise cash at bank and in hand and accrued income. Financial liabilities held at amortised cost comprise grants payable, accruals and amounts owed to Bridget Riley Seryices Limited. Investment5 are held as part of an investment portfolio and are held at fair value at the balance sheet date. with gains and losses being recognised within income and expenditure. 1.7 Critical estimates and significant judgements In preparing the financial ststements the tru5tee5 are required to make estimate5 and assumptions whlch affect reported income, expenses. assets and liabilities. Use of available information and application of judgements are inherent in the formation of estimates, together with past experience and expectations of future events that are belleved to be reasonable under the Circumstan$. Actual results in the future could differ from such estimates. In the view of the Trustees, no assumptions concernin8 the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a rnaterial adjustment to their carrying amounts in the next financial year 2. Donatlons 2022 2021 Donations from institutions: Bridget Riley Service5 Limited Donations from individuals Glft aid income 50,000 5,000 1,250 1.250 406.250 56.250
THE BRIDGEf RILEY ART FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR EAIDED 30JUNE 2022 3. Investment income 2022 2021 Interest receivable Dividends 65 34.861 23 25,987 34.926 26.010 4. Cost of ralslng funds 2022 2021 Investment managernent costs 19,360 14.971 14
THE BRIDGEf RILEY ART FOUNDATION NOTES TO THE ACCOUNT5 (cof4TINUED) FOR THE YEAR ENDED 30 JUNE2022 5. Charitsble artivities Support costs Grant funding Total 2022 Total 2021 Grants paid and committed other costs 213.171 213,171 82.372 9,927 9,927 11.476 9,927 213,171 223,098 93.848 Grants 2022 2021 National Galleries Scotland The British School at Rome The De la Warr Pavilion The Drawing Room Hart Club Studio Voltaire Courtauld Institute New Contemporary Le55: Grants repaid 10,495 15601 60,000 91,270 88,401 23,500 10,0 22.437 40,0 150,OCNJ} 213.171 82,3n Other costs 2022 2021 Web51te & IT Professional fees and taxation Bank char8es Governance costs: Trustee expenses Audlt and accountancy fees 155 1,232 152 107 2.830 192 440 7,948 887 7,4&J 9,9Z7 15
THE BRIDGEf RILEY ART FOUNDATION NOTES TO THE AccouNfs ICONllNUED) FOR ThIE YEAR ENDED 30JUNE 2022 6. Trustee5 The Trustees. being the key management personnel. received no remuneration and 2 was reimbursed £44012021: 1 was reimbursed £8871 for travel and related expense5 during the year. 7. Flxed asset investment Market value of investments at l July 2021 Cash held by investment managers for re investment Balance at l July 2021 4.854,701 33.955 4,888,656 Acquisition5 at cost Disposals at market value Chan8e in value in the year 505.361 1565,9021 1614.9601 Market value of investments at 30June 2022 Cash held by investment managers for rInveStMent Balance at 30 June 2022 4.179.200 109.998 4,289,199 Historical cost: At 30June 2022 4,170,128 At 30June 2021 4,073,952 Investments comprise the following: Equities {Li5ted) 4,179,200 8. Debtors 2022 2021 Accrued income 2.500 16
THE BRIDGET RILEY ART FOUNDATION NOTES TO THE AccouNfs (CONTINUED) FOR THE YEAR ENDED 30 JUNE2022 9. Creditors: amounts falllng due wlthln one year 20Z2 2021 Amounts owed to Bridget Riley Services Limited Grants payable Accruals 9,771 82.000 6,250 98.021 10.977 40,000 6.250 57,227 17