``` REGISTERED COMPANY NUMBER: 08867700 (England and Wales) REGISTERED CHARITY NUMBER: 1162051 ``` ## **`Report of the Trustees and`** ``` Unaudited Financial Statements for the Year Ended 31 March 2021 ``` ## **`for`** ## **`SWANSIDE COMMUNITY CENTRE`** ``` Butterworth Barlow Chartered Accountants Butterworth Barlow House 10 Derby Street Prescot Liverpool Merseyside L34 3LG ``` ``` SWANSIDE COMMUNITY CENTRE ``` ``` Contents of the Financial Statements for the Year Ended 31 March 2021 ``` ||**`Page`**| |---|---| |**`Report of the Trustees`**|`1 to 3`| |**`Independent Examiner's Report`**|`4`| |**`Statement of Financial Activities`**|`5`| |**`Balance Sheet`**|`6 to 7`| |**`Notes to the Financial Statements`**|`8 to 13`| |**`Detailed Statement of Financial Activities`**|`14`| ``` Report of the Trustees for the Year Ended 31 March 2021 ``` ## **`SWANSIDE COMMUNITY CENTRE`** ``` ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheir report withthefinancialstatementsofthecharityfortheyearended31March2021.Thetrusteeshaveadopted the provisionsofAccountingandReportingbyCharities:StatementofRecommendedPracticeapplicableto charities preparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublic of Ireland (FRS 102) (effective 1 January 2019). ``` ## **`OBJECTIVES AND ACTIVITIES`** ## **`Objectives and aims`** ``` To supportthe communityof Swansidein developingsocial interaction,play, learningand physicalactivity.To provide ameetingplaceforthedevelopmentofideasthatimprovethecommunityofSwanside.Tocreatelong term sustainable support for the community of Swanside. ``` ``` Page 1 ``` ``` SWANSIDE COMMUNITY CENTRE ``` ## **`Report of the Trustees for the Year Ended 31 March 2021`** ## **`OBJECTIVES AND ACTIVITIES`** ## **`Achievements and performance`** ``` Whata yearit hasbeen?Butona positivenote,thisyearhasdefinitelybroughtourcommunitytogethereven more andallowedustoidentifythemostvulnerablepeopleinourcommunityandsupportthemineverywaythat we possibly can. ``` ``` Wehavedeliveredmealseachdaytoourolderandvulnerableresidentsaswellasfamilies.Wehavedelivered food parcels,collectedprescriptions,shoppedforpeople,supportedfamilieswithCOVID-19bydeliveringfood and essentialstotheirhomes.Westartedapenpalsystemandwedeliveredpicturesandletterswrittenbythe local childrentoouroldercommunityandthiswasalifelinetosomanypeople.Wehavesungondoorsstepsaswell as chatting and giving our time to our older and isolated community. ``` ``` Weweresupportedbyeveryoneinourcommunityaswellasourlocalshopsbyfoodandtoiletrydonations which helped us to open a food bank in our centre and this again was a life line to so many people. ``` ``` Oursocialmediapagehasplayeda hugepartinidentifyingthosemostinneedandpeoplegotintouchevery single dayeitherto passon informationregardingsomeoneneedinghelpor forthemselves.It was alsoa fantastic platform in keeping our community updated with the latest COVID information and what's happening in our centre. ``` ``` We carriedonwithourbreakfastclubeachmorningtosupportallofourkeyworkingparentsandwhen restrictions lifted,wereopenedsomeofourgroupsforouryoungerandoldercommunitybutthiswasonlyforashort while before restrictions were reinstated. ``` ``` We starteda knityourselfthroughCOVIDscheme,whichgot everyoneknitting,especiallyourolderresidentsand we are planning an open day to show off the beautiful scarves as well as our pen pal letters and pictures. ``` ``` We delivered packed lunches each day to support struggling families as well as craft packs. ``` ``` WeopenedourWinterwonderlandandgrottoinoursensorygarden,byusingabookinginsystemwhichwas very successfulandreallybusy.We madethisa free eventforeveryoneandmadesurethateverychildgotthechance to meet Santa.We delivered30 ChristmasdinnersonChristmasdayandsangcarolsandwe deliveredlovelyparty food and gift boxes for our older and isolated residents on New Year's Eve. ``` ``` Because of all the fantasticwork that Swansidehas deliveredthroughoutthe pandemic,we were also lucky enough to wina brand-newkitchenfromMagnetKitchens.Thiswasbecausewe werenominatedbyhundredsofpeoplein our community. ``` ``` Wehavebeensupportedbysomanyorganisationsthroughoutthistime,shops,restaurants,communityand local businesses.Wehavebeenluckyenoughtosecurefundingfromdifferentorganisationswhichhashelpedus to continue supporting the most vulnerable in our community. ``` ``` KnowsleyCouncilhas playeda key role with fundingand supportand we have workedwith them on their community and support line to identify even more vulnerable people and families. ``` ## **`Public benefit`** ``` The trustees can confirm that they have compliedwith their duty to have due regard to the guidanceon public benefit published by the charity commission in exercising their powers or duties. ``` ## **`FINANCIAL REVIEW`** ## **`Reserves policy`** ``` Thetrusteesaimtoholdanamountinreservesatleastequaltosixmonthsrunningcostsofthecentreto maintain operations in times of reduced revenues. ``` ``` Page 2 ``` ``` SWANSIDE COMMUNITY CENTRE ``` ``` Report of the Trustees for the Year Ended 31 March 2021 ``` ## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`** ## **`Governing document`** ``` Thecharityiscontrolledbyitsgoverningdocument,adeedoftrust,andconstitutesalimitedcompany,limited by guarantee, as defined by the Companies Act 2006. ``` ## **`Recruitment and appointment of new trustees`** ``` Trusteesare recruitedbasedon skillsaccordingto the needsof the charityassessedby the existingtrustees. Trustees must be appointed by a resolution of the other trustees. No external body is entitled to appoint trustees. ``` ## **`REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number`** ``` 08867700 (England and Wales) ``` ## **`Registered Charity number`** ``` 1162051 ``` ## **`Registered office`** ``` Willoughby Road Huyton Liverpool Merseyside L14 6XA ``` ## **`Trustees`** ``` Mrs I Doyle Trustee Mrs M Edwards Treasurer Mrs V M Kelly Secretary Mrs J P Owens Trustee & Development Manager Mrs R J Holland Trustee ``` ## **`Independent Examiner`** ``` Butterworth Barlow Chartered Accountants Butterworth Barlow House 10 Derby Street Prescot Liverpool Merseyside L34 3LG ``` ## **`FUNDS HELD AS CUSTODIAN FOR OTHERS`** ``` No funds or assets are held as custodian for others. ``` ``` Approved by order of the board of trustees on 8 November 2021 and signed on its behalf by: ``` ``` Mrs I Doyle - Trustee ``` ``` Page 3 ``` ``` Independent Examiner's Report to the Trustees of ``` ## **`Swanside Community Centre`** ## **`Independent examiner's report to the trustees of Swanside Community Centre ('the Company')`** ``` I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021. ``` ## **`Responsibilities and basis of report`** ``` As the charity'strusteesof the Company(andalsoits directorsfor the purposesof companylaw)youare responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). ``` ``` Having satisfiedmyself that the accountsof the Companyare not requiredto be auditedunder Part 16 of the 2006 Act andareeligibleforindependentexamination,Ireportinrespectofmyexaminationofyourcharity'saccounts as carriedoutundersection145oftheCharitiesAct2011('the2011Act').IncarryingoutmyexaminationI have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. ``` ## **`Independent examiner's statement`** ``` Ihavecompletedmyexamination.Iconfirmthatnomattershavecometomyattentioninconnectionwith the examination giving me cause to believe: ``` `1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or` `2. the accounts do not accord with those records; or` `3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or` `4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).` ``` Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhich attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. ``` ``` Butterworth Barlow Institute of Chartered Accountants in England & Wales Butterworth Barlow 10 Derby Street Prescot Merseyside L34 3LG ``` ``` 8 November 2021 ``` ``` Page 4 ``` ## **`SWANSIDE COMMUNITY CENTRE`** ## **`Statement of Financial Activities for the Year Ended 31 March 2021`** |`Unrestricted`
`fund`
`Notes`
`£`
**`INCOME AND ENDOWMENTS FROM`**
`Donations and legacies`
`13,650`
`Other trading activities`
`2`
`12,265`
**`Total`**
`25,915`
**`EXPENDITURE ON`**
`Other`
`34,529`
**`NET INCOME/(EXPENDITURE)`**
`(8,614)`
**`RECONCILIATION OF FUNDS`**
**`Total funds brought forward`**
`85,370`
**`TOTAL FUNDS CARRIED FORWARD`**
`76,756`|`Restricted`
`fund`
`£`
`58,677`
`-`
`58,677`
`49,859`
`8,818`
`46,399`
`55,217`|`31.3.21`
`Total`
`funds`
`£`
`72,327`
`12,265`
`84,592`
`84,388`
`204`
`131,769`
`131,973`|`31.3.20`
`Total`
`funds`
`£`
`47,580`
`32,384`| |---|---|---|---| ||||`79,964`
`70,214`| ||||`9,750`
`122,019`| ||||`131,769`| ``` The notes form part of these financial statements ``` ``` Page 5 ``` ## **`SWANSIDE COMMUNITY CENTRE`** ## **`Balance Sheet 31 March 2021`** |`Unrestricted`
`fund`
`Notes`
`£`
**`FIXED ASSETS`**
`Tangible assets`
`7`
`60,029`
**`CURRENT ASSETS`**
`Cash at bank`
`18,545`
**`CREDITORS`**
`Amounts falling due within one year`
`8`
`(1,818)`
**`NET CURRENT ASSETS`**
`16,727`
**`TOTAL ASSETS LESS CURRENT LIABILITIES`**
`76,756`
**`NET ASSETS`**
`76,756`
**`FUNDS`**
`9`
`Unrestricted funds`
`Restricted funds`
**`TOTAL FUNDS`**|`Restricted`
`fund`
`£`
`-`
`55,217`
`-`
`55,217`
`55,217`
`55,217`|`31.3.21`
`Total`
`funds`
`£`
`60,029`
`73,762`
`(1,818)`
`71,944`
`131,973`
`131,973`
`76,756`
`55,217`
`131,973`|`31.3.20`
`Total`
`funds`
`£`
`64,468`
`73,861`
`(6,560)`
`67,301`
`131,769`
`131,769`
`85,370`
`46,399`
`131,769`| |---|---|---|---| ``` The charitablecompanyis entitledto exemptionfrom audit under Section477 of the CompaniesAct 2006 for the year ended 31 March 2021. ``` ``` Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyear ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006. ``` ## `The trustees acknowledge their responsibilities for` - `(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and` - `(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.` ``` The notes form part of these financial statements ``` ``` continued... ``` ``` Page 6 ``` ``` Balance Sheet - continued 31 March 2021 ``` ## **`SWANSIDE COMMUNITY CENTRE`** ``` Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitable companies subject to the small companies regime. ``` ``` ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon8 November2021 and were signed on its behalf by: ``` ``` Mrs J P Owens - Trustee ``` ``` Mrs I Doyle - Trustee ``` ``` Mrs M Edwards - Trustee ``` ``` The notes form part of these financial statements ``` ``` Page 7 ``` ``` SWANSIDE COMMUNITY CENTRE ``` ``` Notes to the Financial Statements for the Year Ended 31 March 2021 ``` ## **`1. ACCOUNTING POLICIES`** ## **`Basis of preparing the financial statements`** ``` The financialstatementsof the charitablecompany,whichis a publicbenefitentityunderFRS 102,have been preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities: Statement ofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial ReportingStandardapplicablein the UK and Republicof Ireland(FRS 102) (effective1 January2019)', Financial ReportingStandard102 'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. ``` ## **`Income`** ``` All incomeis recognisedin the Statementof FinancialActivitiesoncethe charityhasentitlementto the funds, it is probable that the income will be received and the amount can be measured reliably. ``` ## **`Expenditure`** ``` Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement andtheamountof theobligationcanbe measuredreliably.Expenditureis accountedforonanaccruals basis andhas been classifiedunderheadingsthataggregateall costrelatedto the category.Wherecostscannot be directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwith the use of resources. ``` ## **`Tangible fixed assets`** ``` Depreciationis providedat the followingannualrates in orderto write off each asset over its estimated useful life. ``` ``` Improvements to property- 25% on cost, 10% on cost and 2% on cost Computer equipment- 25% on cost ``` ## **`Taxation`** ``` The charity is exempt from corporation tax on its charitable activities. ``` ## **`Fund accounting`** ``` Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. ``` ``` Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. ``` ``` Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial statements. ``` ``` continued... ``` ``` Page 8 ``` ``` SWANSIDE COMMUNITY CENTRE ``` ## **`Notes to the Financial Statements - continued for the Year Ended 31 March 2021`** ## **`2. OTHER TRADING ACTIVITIES`** |**`2.`**|**`OTHER TRADING ACTIVITIES`**||| |---|---|---|---| |||`31.3.21`|`31.3.20`| |||`£`|`£`| ||`Fundraising events`|`9,303`|`2,072`| ||`Room hire`|`510`|`6,440`| ||`Clubs and events`|`2,452`|`23,872`| |||`12,265`|`32,384`| |**`3.`**|**`NET INCOME/(EXPENDITURE)`**||| ||`Net income/(expenditure) is stated after charging/(crediting):`||| |||`31.3.21`|`31.3.20`| |||`£`|`£`| ||`Depreciation - owned assets`|`5,609`|`5,633`| |**`4.`**|**`TRUSTEES' REMUNERATION AND BENEFITS`**||| |||`31.3.21`|`31.3.20`| |||`£`|`£`| ||`Trustees' salaries`|`25,563`|`25,567`| ## **`Trustees' expenses`** ``` Therewerenotrustees'expensespaidfortheyearended31March2021norfortheyear ended 31 March 2020. ``` ## **`5. STAFF COSTS`** ``` The average monthly number of employees during the year was as follows: ``` ||`31.3.21`|`31.3.20`| |---|---|---| |`Employee`|`1`|`1`| ``` No employees received emoluments in excess of £60,000. ``` ``` continued... ``` ``` Page 9 ``` ## **`SWANSIDE COMMUNITY CENTRE`** ## **`Notes to the Financial Statements - continued for the Year Ended 31 March 2021`** ## **`6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`** |`Unrestricted`
`Restricted`
`fund`
`fund`
`£`
`£`
**`INCOME AND ENDOWMENTS FROM`**
`Donations and legacies`
`-`
`47,580`
`Other trading activities`
`32,384`
`-`
**`Total`**
`32,384`
`47,580`
**`EXPENDITURE ON`**
`Other`
`35,127`
`35,087`
**`NET INCOME/(EXPENDITURE)`**
`(2,743)`
`12,493`
**`RECONCILIATION OF FUNDS`**
**`Total funds brought forward`**
`88,113`
`33,906`
**`TOTAL FUNDS CARRIED FORWARD`**
`85,370`
`46,399`
**`7.`**
**`TANGIBLE FIXED ASSETS`**
`Improvements`
`to`
`Computer`
`property`
`equipment`
`£`
`£`
**`COST`**
`At 1 April 2020`
`72,367`
`3,717`
`Additions`
`-`
`1,170`
`At 31 March 2021`
`72,367`
`4,887`
**`DEPRECIATION`**
`At 1 April 2020`
`9,918`
`1,698`
`Charge for year`
`4,446`
`1,163`
`At 31 March 2021`
`14,364`
`2,861`
**`NET BOOK VALUE`**
`At 31 March 2021`
`58,003`
`2,026`
`At 31 March 2020`
`62,449`
`2,019`|`Total`
`funds`
`£`
`47,580`
`32,384`| |---|---| ||`79,964`
`70,214`| ||`9,750`
`122,019`| ||`131,769`| ||`Totals`
`£`
`76,084`
`1,170`
`77,254`
`11,616`
`5,609`
`17,225`
`60,029`
`64,468`| ``` continued... ``` ``` Page 10 ``` ## **`SWANSIDE COMMUNITY CENTRE`** ## **`Notes to the Financial Statements - continued for the Year Ended 31 March 2021`** ## **`8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`** |`Social security and other taxes`
`Other creditors`
**`MOVEMENT IN FUNDS`**
**`Unrestricted funds`**
`General fund`
**`Restricted funds`**
`Restricted fund`
**`TOTAL FUNDS`**
`Net movement in funds, included in the above are as follows:`
**`Unrestricted funds`**
`General fund`
**`Restricted funds`**
`Restricted fund`
**`TOTAL FUNDS`**|`At 1.4.20`
`£`
`85,370`
`46,399`
`131,769`
`Incoming`
`resources`
`£`
`25,915`
`58,677`
`84,592`|`31.3.21`
`31.3.20`
`£`
`£`
`822`
`5,478`
`996`
`1,082`
`1,818`
`6,560`
`Net`
`movement`
`At`
`in funds`
`31.3.21`
`£`
`£`
`(8,614)`
`76,756`
`8,818`
`55,217`
`204`
`131,973`
`Resources`
`Movement`
`expended`
`in funds`
`£`
`£`
`(34,529)`
`(8,614)`
`(49,859)`
`8,818`
`(84,388)`
`204`| |---|---|---| ## **`9. MOVEMENT IN FUNDS`** ``` continued... ``` ``` Page 11 ``` ``` SWANSIDE COMMUNITY CENTRE ``` ## **`Notes to the Financial Statements - continued for the Year Ended 31 March 2021`** ## **`9. MOVEMENT IN FUNDS - continued`** ## **`Comparatives for movement in funds`** |`At 1.4.19`
`£`
**`Unrestricted funds`**
`General fund`
`88,113`
**`Restricted funds`**
`Restricted fund`
`33,906`
**`TOTAL FUNDS`**
`122,019`
`Comparative net movement in funds, included in the above are as follows:`
`Incoming`
`resources`
`£`
**`Unrestricted funds`**
`General fund`
`32,384`
**`Restricted funds`**
`Restricted fund`
`47,580`
**`TOTAL FUNDS`**
`79,964`|`Net`
`movement`
`At`
`in funds`
`31.3.20`
`£`
`£`
`(2,743)`
`85,370`
`12,493`
`46,399`
`9,750`
`131,769`
`Resources`
`Movement`
`expended`
`in funds`
`£`
`£`
`(35,127)`
`(2,743)`
`(35,087)`
`12,493`
`(70,214)`
`9,750`| |---|---| ``` A current year 12 months and prior year 12 months combined position is as follows: ``` |**`Unrestricted funds`**
`General fund`
**`Restricted funds`**
`Restricted fund`
**`TOTAL FUNDS`**|`At 1.4.19`
`£`
`88,113`
`33,906`
`122,019`|`Net`
`movement`
`in funds`
`£`
`(11,357)`
`21,311`
`9,954`|`At`
`31.3.21`
`£`
`76,756`
`55,217`| |---|---|---|---| ||||`131,973`| ``` continued... ``` ``` Page 12 ``` ``` SWANSIDE COMMUNITY CENTRE ``` ## **`Notes to the Financial Statements - continued for the Year Ended 31 March 2021`** ## **`9. MOVEMENT IN FUNDS - continued`** ``` A currentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedinthe above are as follows: ``` ||`Incoming`|`Resources`|`Movement`| |---|---|---|---| ||`resources`|`expended`|`in funds`| ||`£`|`£`|`£`| |**`Unrestricted funds`**|||| |`General fund`|`58,299`|`(69,656)`|`(11,357)`| |**`Restricted funds`**|||| |`Restricted fund`|`106,257`|`(84,946)`|`21,311`| |**`TOTAL FUNDS`**|`164,556`|`(154,602)`|`9,954`| ## **`10. RELATED PARTY DISCLOSURES`** ## **`MALVERN MUMS`** ``` MalvernMumsareanotforprofitcommunityorganisationconsistingofthecentre'sTrusteesand other communityvolunteers.Thisorganisationrunsthecentre'skidsandyouthclubs,receivingtheattendance fees and paying the running costs. ``` ``` MalvernMumspaysforroomhireinordertoruntheclubsonan'armslength'basis.MalvernMums also make a contribution to the centre's running costs such as gardening and window cleaning. ``` ``` Page 13 ``` ## **`SWANSIDE COMMUNITY CENTRE`** ## **`Detailed Statement of Financial Activities for the Year Ended 31 March 2021`** ||`31.3.21`|`31.3.20`| |---|---|---| ||`£`|`£`| |**`INCOME AND ENDOWMENTS`**||| |**`Donations and legacies`**||| |`Grants`|`72,327`|`47,580`| |**`Other trading activities`**||| |`Fundraising events`|`9,303`|`2,072`| |`Room hire`|`510`|`6,440`| |`Clubs and events`|`2,452`|`23,872`| ||`12,265`|`32,384`| |**`Total incoming resources`**|`84,592`|`79,964`| |**`EXPENDITURE`**||| |**`Other`**||| |`Event costs`|`2,486`|`13,874`| |`Food parcels & support`|`29,648`|`-`| ||`32,134`|`13,874`| |**`Support costs`**||| |**`Management`**||| |`Trustees' salaries`|`25,563`|`25,567`| |**`Finance`**||| |`Depreciation of tangible fixed assets`|`5,610`|`5,632`| |**`Other`**||| |`Rates and water`|`1,105`|`1,166`| |`Insurance`|`2,110`|`2,069`| |`Light and heat`|`4,207`|`5,046`| |`Telephone`|`856`|`896`| |`Cleaning and sundries`|`6,211`|`8,228`| |`Licences and subscriptions`|`401`|`233`| |`Property repairs`|`4,031`|`4,210`| |`Equipment for centre`|`-`|`1,133`| |`Accountancy`|`2,160`|`2,160`| ||`21,081`|`25,141`| |`Total resources expended`|`84,388`|`70,214`| |**`Net income`**|`204`|`9,750`| ``` This page does not form part of the statutory financial statements ``` ``` Page 14 ```