**REGISTERED CHARITY NUMBER: 1155463** Report of the Trustees and Financial Statements for the Year Ended 31 March 2021 for Dudley Voices for Choice Lewis Smith & Co. Chartered Certified Accountants The Old Doctor's House 74 Grange Road Dudley West Midlands DY1 2AW Dudley Voices for Choice Contents of the Financial Statements for the Year Ended 31 March 2021 |||Page|| |---|---|---|---| |Reference and Administrative Details||1|| |Report of the Trustees|2|to|5| |Independent Examiner's Report||6|| |Statement of Financial Activities||7|| |Balance Sheet||8|| |Notes to the Financial Statements|9|to|15| |Detailed Statement of Financial Activities|16|to|17| Dudley Voices for Choice Reference and Administrative Details for the Year Ended 31 March 2021 **TRUSTEES** Mrs C Ochel Mrs A Parkes Mrs A Evett Mr J A A Cokeley Mrs A Ochel **CHIEF OFFICER** Mrs S Offley **PRINCIPAL ADDRESS** DY1 Building Stafford Street Dudley West Midlands DY1 1RT **REGISTERED CHARITY NUMBER** 1155463 **INDEPENDENT EXAMINER** Lewis Smith & Co. Chartered Certified Accountants The Old Doctor's House 74 Grange Road Dudley West Midlands DY1 2AW **BANKERS** NatWest Bank plc Chatham Customer Service Centre Waterside Court Chatham Maritime Chatham ME4 4RT Page 1 Dudley Voices for Choice ## Report of the Trustees ## for the Year Ended 31 March 2021 The trustees present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of 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 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The objects of the charity are to promote social inclusion among individuals with disabilities and learning disabilities living in England in particular but not exclusively within Dudley Metropolitan Borough who are socially excluded from society, or parts of society by: 1. Providing a local network group that encourages and enables participation more effectively in the wider community. 2. Increasing, or co-ordinating, opportunities for people to engage with service providers; to enable those providers to adapt services to better meet their needs. 3. Raising public awareness of the issues affecting the needs of people with disabilities and learning disabilities. 4. Providing workshops, forums, advocacy and general support. Nothing in the constitution shall authorise an application of the property of the charitable incorporated organisation for the purposes which are not charitable in accordance with section 7 of the Charities and Trustee Investment (Scotland) Act 2005 and section 2 of the Charities Act (Northern Ireland) 2008. ## **Public benefit** In setting our objectives and planning our activities, the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit The objects of the charity are to promote social inclusion among individuals with disabilities and learning disabilities. Page 2 Dudley Voices for Choice for the Year Ended 31 March 2021 ## Report of the Trustees ## **ACHIEVEMENT AND PERFORMANCE** ## **Trustees Foreward** A year disrupted by Covid 19, trustees are happy to report that DVC has continued not only to successfully support people with a learning disability and autism through a pandemic but to also maintain existing and develop new programmes. The team has continued to drive the engagement element of the ‘Regional Transforming care project’ with the model achieving recognition as an example of excellent practice. Work has continued with a range of partners such as universities, hospitals and GP’s alongside other public and private organisations to promote the engagement of people with learning disabilities and autism to make improvements for services for all. The team is re-establishing local networks following pandemic disruption and is slowly re-introducing face to face meetings whilst maintaining the use of zoom to keep people connected. Adaptions have been made to ensure training programmes continue to be delivered remotely and the lottery funded self advocacy network project has remained active and continues to develop the skills of the link workers. The demand for services that DVC offers is continuing to increase and we are in the process of recruiting additional support staff to ensure a positive response to demand. We are also recruiting additional trustees to expand the skill base of the team in response to the growth of business. The trustees wish to thank and congratulate our staff team for continuing to develop our services and maintain such high standards during this challenging year. We look forward to facing exciting challenges in 2021/22 and continuing to make a positive difference to the lives of people with a learning disability and autism across the Black Country and West Midlands. Page 3 Dudley Voices for Choice Report of the Trustees for the Year Ended 31 March 2021 ## **ACHIEVEMENT AND PERFORMANCE** ## **Chief Officer Annual Review Financial Year 2020/2021** In a year where the world stood still because of the Covid 19 pandemic I am proud to say that our team learnt a new way of working and were able to create and deliver a limited and robust support network for the people we work alongside and create new opportunities using technology innovatively and for some the first time ever. There have been times of pure desperation and soul searching looking for ways to make sure everyone is safe and well, and getting the interactions they need to prevent isolation for those that live alone but in amongst all of this there has being some outstanding achievements and we can proudly say that we have all survived relatively unscathed. There have of course being lots of positives these have included: - Learning new skills using technology. - Engagement has increased as more people have time to partake. - We have joined together with other groups from around the country and have all worked together to make change and influence decision making in particular around vaccinations and making sure that information is accessible to all with us all collectively sharing easy read documents to all of the self advocates, this has happened locally, regionally and nationally. - We have supported people who have spent time in Assessment and Treatment units to share their experiences with decision makers to influence changes in practice. - We have held weekly sessions with self advocates on zoom to share peoples thoughts and ideas for the post pandemic world. - We were successful in gaining funding from NHSe, supporting a family peer support network for people who are on the risk register in the Black Country. - We have worked locally and regionally with self advocates to make sure that their voices are prominent and heard in meetings where decisions are made about their services and their communities. - We continue to co-chair the Learning Disability Partnership Board and Autism Partnership Board. - We have supported the SEND strategic team to gather information and engage on the new strategy in Dudley, particularly the 16-25 years old. - We have developed training sessions and presented to the local authority, University of Wolverhampton and University of Birmingham and Birmingham City University. - We have trained 314 student medical professionals in our bespoke simulation training in partnership with Dudley Group of Hospitals. - We have campaigned against the use of DNAR’s for people with learning disabilities and people with autism, raising significant awareness that resulted in the CCG’s responding and challenging all DNAR’s. - We have continued to support the LeDeR team making sure that where engagement can happen it does and that information is accessible to all. - We have supported Care and Treatment Reviews and Care Education Treatment Reviews using microsoft teams. - Supported and built new relationships,friendships,self confidence ,self esteem and overall good well being of the self advocates and the team. - We have worked in partnership with Mary Stevens Hospice and Jed Jerwood to create the #NoBarriers work reducing equalities in end of life care. This work has created opportunities which have included delivering co produced and co developed sessions with people who have a learning disability and/or autism, speaking and sharing on national BBC news and the making of the short film #nobarriers No Barriers Here . - The West Midlands Self Advocacy network has grown and has used technology to benefit and upskill the link workers who are employed by the project again whilst maintaining contact to support good health and wellbeing. Whilst we celebrate all of the great work achieved we have saved the best to last, in 2020 Dudley Voices for Choice were acknowledged and presented with the Queens Award for Voluntary Service. We are so proud and pleased to have this award and will be celebrating when it is safe to do so. We have survived the pandemic and have come out stronger for it. Self advocacy and the voices of people who live with disabilities is in the forefront of people's minds. We need to use this to benefit, influence and empower in all aspects of life including better housing, more employment opportunities, and an equitable life for all. Page 4 Dudley Voices for Choice ## Report of the Trustees for the Year Ended 31 March 2021 ## **FINANCIAL REVIEW** ## **Financial position** The Statement of Financial Activities for the year ended 31 March 2021 shows income for the year of £181,736 (2020 - £247,770) and expenditure for the year of £125,290 (2020 - £101,331). This gave a net surplus of income over expenditure for the year of £56,446 (2020 - £146,439). The charity's total funds at the end of the year were £300,010 (2020 - £243,564). This included unrestricted funds of £132,401 (2020 - £93,891) and restricted funds of £167,609 (2020 - £149,673). The increase in income, net surplus and restricted funds this year is due to the money recieved from the National Lottery, as mentioned above and as can be seen in note 11 of the accounts. ## **Reserves policy** The reserves policy is to retain sufficient funds to meet the ongoing liabilities of the charity together with funds for the development of the charities objectives. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust, and constitutes a Charitable Incorporated Organisation (last amended 24 January 2014). ## **Recruitment and appointment of new trustees** As set out in the charity's constitution, new trustees are appointed by the board of trustees. ## **Organisational structure** The charity is run by a board of trustees who are responsible for the overall strategic management of the organisation. The body of trustees consists of a minimum of three trustees. ## **Induction and training of new trustees** New trustees receive a full copy of the constitution, a copy of the latest trustees report and accounts and any other information necessary for them to undertake their role within the charity. Approved by order of the board of trustees on ............................................. and signed on its behalf by: .......................................................................... Mrs A Evett - Trustee Page 5 ## Independent Examiner's Report to the Trustees of Dudley Voices for Choice ## **Independent examiner's report to the trustees of Dudley Voices for Choice** I report to the charity trustees on my examination of the accounts of Dudley Voices for Choice (the Trust) for the year ended 31 March 2021. ## **Responsibilities and basis of report** As the charity trustees of the Trust 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 Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all 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 Trust 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. Mr C A Beale FCCA Lewis Smith & Co. Chartered Certified Accountants The Old Doctor's House 74 Grange Road Dudley West Midlands DY1 2AW Date: ............................................. Page 6 Dudley Voices for Choice ## Statement of Financial Activities ## for the Year Ended 31 March 2021 |Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
1,291
**Charitable activities**
4
Grants receivable
75,423
Other trading activities
3
8,678
**Total**
85,392
**EXPENDITURE ON**
**Charitable activities**
Direct costs
69,933
Support costs
8,944
**Total**
78,877
**NET INCOME**
6,515
**Transfers between funds**
11
31,996
**Net movement in funds**
38,511
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
93,891
**TOTAL FUNDS CARRIED FORWARD**
132,402|Restricted
funds
£
-
96,344
-
96,344
45,240
1,173
46,413
49,931
(31,996)
17,935
149,673
167,608|31.3.21
Total
funds
£
1,291
171,767
8,678
181,736
115,173
10,117
125,290
56,446
-
56,446
243,564
300,010|31.3.20
Total
funds
£
18
235,913
11,839| |---|---|---|---| ||||247,770
93,628
7,703| ||||101,331| ||||146,439
-| ||||146,439
97,125| ||||243,564| The notes form part of these financial statements Page 7 Dudley Voices for Choice ## Balance Sheet ## 31 March 2021 |Unrestricted
fund
Notes
£
**FIXED ASSETS**
Tangible assets
8
1,868
**CURRENT ASSETS**
Debtors
9
20,434
Cash at bank and in hand
117,460
137,894
**CREDITORS**
Amounts falling due within one year
10
(7,361)
**NET CURRENT ASSETS**
130,533
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
132,401
**NET ASSETS**
132,401
**FUNDS**
11
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Restricted
funds
£
299
161
167,149
167,310
-
167,310
167,609
167,609|31.3.21
Total
funds
£
2,167
20,595
284,609
305,204
(7,361)
297,843
300,010
300,010
132,401
167,609
300,010|31.3.20
Total
funds
£
1,035
1,997
243,303
245,300
(2,771)
242,529
243,564
243,564
93,891
149,673
243,564| |---|---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: ............................................. Mrs A Evett - Trustee The notes form part of these financial statements Page 8 Dudley Voices for Choice Notes to the Financial Statements for the Year Ended 31 March 2021 ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Government grants are recognised at the point that they are receivable and there is reasonable assurance that the company will comply with the conditions attached to them. They are valued at the consideration received or to be received. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Computer equipment - 33% on cost ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Pension costs and other post-retirement benefits** The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. continued... Page 9 Dudley Voices for Choice Notes to the Financial Statements - continued for the Year Ended 31 March 2021 ## **2. DONATIONS AND LEGACIES** |Donations
**3.**
**OTHER TRADING ACTIVITIES**
Other income
**4.**
**INCOME FROM CHARITABLE ACTIVITIES**
Grants
Grants received, included in the above, are as follows:
Dudley MBC
National Lottery Community Fund
Furlough grants|31.3.21
£
1,291
31.3.21
£
8,678
31.3.21
Grants
receivable
£
171,767
31.3.21
£
72,422
96,344
3,001
171,767|31.3.20
£
18
31.3.20
£
11,839
31.3.20
Total
activities
£
235,913| |---|---|---| |||31.3.20
£
72,900
163,013
-| |||235,913| ## **5. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020. ## **6. STAFF COSTS** |**STAFF COSTS**||| |---|---|---| ||31.3.21|31.3.20| ||£|£| |Wages and salaries|72,933|65,670| |Social security costs|297|799| |Other pension costs|887|919| ||74,117|67,388| |The average monthly number of employees during the year was as follows:||| ||31.3.21|31.3.20| |Number of employees|7|7| continued... Page 10 Dudley Voices for Choice ## Notes to the Financial Statements - continued for the Year Ended 31 March 2021 ## **6. STAFF COSTS - continued** No employees received emoluments in excess of £60,000. ## **7.** |**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
18
**Charitable activities**
Grants receivable
72,900
Other trading activities
11,839
**Total**
84,757
**EXPENDITURE ON**
**Charitable activities**
Direct costs
74,462
Support costs
6,341
**Total**
80,803
**NET INCOME**
3,954
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
89,938
**TOTAL FUNDS CARRIED FORWARD**
93,892|Restricted
funds
£
-
163,013
-
163,013
19,166
1,362
20,528
142,485
7,187
149,672|Total
funds
£
18
235,913
11,839| |---|---|---| |||247,770
93,628
7,703| |||101,331| |||146,439
97,125| |||243,564| continued... Page 11 Dudley Voices for Choice Notes to the Financial Statements - continued for the Year Ended 31 March 2021 ## **8. TANGIBLE FIXED ASSETS** |**8.**|**TANGIBLE FIXED ASSETS**||| |---|---|---|---| ||||Computer| ||||equipment| ||||£| ||**COST**||| ||At 1 April 2020||3,520| ||Additions||2,618| ||At 31 March 2021||6,138| ||**DEPRECIATION**||| ||At 1 April 2020||2,485| ||Charge for year||1,486| ||At 31 March 2021||3,971| ||**NET BOOK VALUE**||| ||At 31 March 2021||2,167| ||At 31 March 2020||1,035| |**9.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||| |||31.3.21|31.3.20| |||£|£| ||Trade debtors|13,910|921| ||Other debtors|1,434|-| ||Prepayments|5,251|1,076| |||20,595|1,997| |**10.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||| |||31.3.21|31.3.20| |||£|£| ||Trade creditors|5,796|348| ||Taxation and social security|814|1,537| ||Other creditors|751|886| |||7,361|2,771| continued... Page 12 Dudley Voices for Choice ## Notes to the Financial Statements - continued for the Year Ended 31 March 2021 ## **11. MOVEMENT IN FUNDS** |At 1.4.20
£
**Unrestricted funds**
General fund
93,891
**Restricted funds**
Shine 2017
1,048
Regional Forums
6,139
National Lottery Community Fund
142,486
149,673
**TOTAL FUNDS**
243,564
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**Restricted funds**
National Lottery Community Fund
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**Restricted funds**
Shine 2017
Regional Forums
National Lottery Community Fund
**TOTAL FUNDS**|Net
movement
in funds
£
6,514
-
-
49,932
49,932
56,446
Incoming
resources
£
85,392
96,344
181,736
At 1.4.19
£
89,938
1,048
6,139
-
7,187
97,125|Transfers
between
At
funds
31.3.21
£
£
31,996
132,401
-
1,048
-
6,139
(31,996)
160,422
(31,996)
167,609
-
300,010
Resources
Movement
expended
in funds
£
£
(78,878)
6,514
(46,412)
49,932
(125,290)
56,446
Net
movement
At
in funds
31.3.20
£
£
3,953
93,891
-
1,048
-
6,139
142,486
142,486
142,486
149,673
146,439
243,564|At
31.3.21
£
132,401
1,048
6,139
160,422| |---|---|---|---| ||||167,609| ||||300,010| ||||56,446| ||||At
31.3.20
£
93,891
1,048
6,139
142,486| ||||149,673| ||||243,564| continued... Page 13 Dudley Voices for Choice Notes to the Financial Statements - continued for the Year Ended 31 March 2021 ## **11. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**Restricted funds**
National Lottery Community Fund
**TOTAL FUNDS**|Incoming
resources
£
84,757
163,013
247,770|Resources
Movement
expended
in funds
£
£
(80,804)
3,953
(20,527)
142,486
(101,331)
146,439|Resources
Movement
expended
in funds
£
£
(80,804)
3,953
(20,527)
142,486
(101,331)
146,439| |---|---|---|---| ||||146,439| A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
**Restricted funds**
Shine 2017
Regional Forums
National Lottery Community Fund
**TOTAL FUNDS**|At 1.4.19
£
89,938
1,048
6,139
-
7,187
97,125|Net
movement
in funds
£
10,467
-
-
192,418
192,418
202,885|Transfers
between
funds
£
31,996
-
-
(31,996)
(31,996)
-|At
31.3.21
£
132,401
1,048
6,139
160,422| |---|---|---|---|---| |||||167,609| |||||300,010| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**Restricted funds**
National Lottery Community Fund
**TOTAL FUNDS**|Incoming
resources
£
170,149
259,357
429,506|Resources
Movement
expended
in funds
£
£
(159,682)
10,467
(66,939)
192,418
(226,621)
202,885|Resources
Movement
expended
in funds
£
£
(159,682)
10,467
(66,939)
192,418
(226,621)
202,885| |---|---|---|---| ||||202,885| continued... Page 14 Dudley Voices for Choice Notes to the Financial Statements - continued for the Year Ended 31 March 2021 ## **11. MOVEMENT IN FUNDS - continued** ## **Purpose of Funds** ## Unrestricted General Fund This fund represents the free funds of the charity that are not designated for particular purposes. ## Restricted Funds ## **Shine 2017** This money was raised from Shine 2016 ticket sales and was intended to be used for the Shine 2017 festival. A SHINE event will now be happening in 2021 as we were unable to source a suitable venue. Money from this restricted fund will be used for this purpose as previously mentioned. ## **Regional Forums** This money is to be used for the work of regional forum only. The regional forum is a collective group of self-advocacy groups from across the West Midlands. The money is to be used to support the forums which includes paying for meeting rooms, support staff and expenses incurred by the group. ## **National Lottery Community Fund** This money is to be used for West Midlands regional self advocacy work. The grant is to be paid half yearly until July 2022. ## **12. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 March 2021. ## **13. ULTIMATE CONTROLLING PARTY** The charity is controlled by the trustees as listed in the Report of the Trustees. Page 15 Dudley Voices for Choice |Detailed Statement of Financial Activities||| |---|---|---| |for the Year Ended 31 March 2021||| ||31.3.21|31.3.20| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Donations and legacies**||| |Donations|1,291|18| |**Other trading activities**||| |Other income|8,678|11,839| |**Charitable activities**||| |Grants|171,767|235,913| |**Total incoming resources**|181,736|247,770| |**EXPENDITURE**||| |**Charitable activities**||| |Wages|72,933|65,670| |Social security|297|799| |Pensions|887|919| |Rent|3,750|6,950| |Literature|8|16| |Training|35,042|15,900| |Room hire|-|766| |App|770|-| ||113,687|91,020| |**Support costs**||| |**Other**||| |Insurance|385|385| |Telephone|1,487|1,413| |Printing and stationery|573|510| |Sundry expenses|359|10| |Resources, repairs & renewals|1,216|649| |Travelling|1,548|2,710| |Internet and IT costs|1,527|614| |Meeting refreshments|153|1,038| |Subscriptions|1,115|842| |DBS checks|344|24| |Payroll services|660|450| |Accountancy|750|670| |Bank charges|-|4| |Depreciation of computer equipment|1,486|992| ||11,603|10,311| This page does not form part of the statutory financial statements Page 16 Dudley Voices for Choice Detailed Statement of Financial Activities for the Year Ended 31 March 2021 |Detailed Statement of Financial Activities
for the Year Ended 31 March 2021||| |---|---|---| ||31.3.21|31.3.20| ||£|£| |Total resources expended|125,290|101,331| |**Net income**|56,446|146,439| This page does not form part of the statutory financial statements Page 17