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2025-06-30-accounts

Charity number: 1167421

THE JAZZ CENTRE (UK)

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

THE JAZZ CENTRE (UK)

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 18

THE JAZZ CENTRE (UK)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2025

Trustees D Fairweather
M R Fisher
A Green (resigned 14 May 2025)
P Richards
J P Wilson
Y Charles (appointed 16 August 2024)
K F Buck (appointed 16 August 2024)
S Levrant
A J Bacon (appointed 18 June 2025)
K Pearson (appointed 18 June 2025, resigned 6 October 2025)
E Saunders (appointed 14 August 2025)
Charity registered
number
1167421
Principal office
Beecroft Art Gallery
Southend-on-Sea
Essex
SS2 6EW
Accountants
Venthams
Chartered Accountants
Millhouse
32 - 38 East Street
Rochford
Essex
SS4 1DB

Page 1

THE JAZZ CENTRE (UK)

TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2025

The Trustees present their annual report together with the financial statements of the Charity for the 1 July 2024 to 30 June 2025.

Objectives and activities

a. Policies and objectives

In setting objectives and planning activities, the Trustees have given due consideration to the general guidance published by the Charity Commission regarding public benefit. Our mission is to preserve, promote, and celebrate the art of jazz in all its forms.

The objective of the charity is to establish a national cultural centre for jazz in the UK. We aim to advance the arts for public benefit by acquiring and curating vital cultural artefacts for public display and providing information and educational resources for musicians, students, enthusiasts, the curious, and stakeholders. Through its activities and live music events, The Jazz Centre UK fosters a dynamic platform for both emerging and established artists, encourages community engagement, and celebrates contributions to UK jazz.

b. Activities undertaken to achieve objectives

The charity actively maintains a publicly accessible physical premises, serving as a Cultural Centre dedicated to the display, celebration, and promotion of jazz in all its forms. Additionally, we organize external activities and exhibitions throughout the UK, aiming to broaden our outreach and bring the stories of jazz to diverse communities.

Our cultural activities include weekly programmes of live music, jazz-related films, art exhibitions featuring local/national/international artists and photographers, heritage celebration via its museum and walk-through history of jazz (1910-2020), definitive collections of jazz recordings on vinyl and CD, two fully-equipped performance spaces, displays of jazz musicians’ memorabilia, on-line personal study facilities, jazz workshops and master classes, lectures and discussion groups by visiting musicians, critics and authors, a quarterly e- magazine ‘Centrepiece’, leisure facilities and a jazz record and bookshop.

To preserve jazz, The Jazz Centre UK continues to maintain and improve its archival space, bibliographic library and research facilities on-site. The Jazz Centre continues to hold notable collections including those of Ronnie Scott, Humphrey Lyttelton, Jimmy Skidmore, Ken Colyer and Sir John Dankworth. It has negotiated an increase of space within the building and invested in improvements to our facilities and storage space this year to improve our collections capacity.

c. Main activities undertaken to further the Charity's purposes for the public benefit

The Jazz Centre UK has revitalized its board by welcoming new members, including CEO and Trustee Kevin Buck, Trustee Yolanda Charles MBE and Trustee Alan Bacon who bring significant expertise and substantial value to the organization across business, music, heritage, education and charity sectors. On June 18, 2025, Trustee Stephen Levrant was elected Secretary to the Chair following the resignation of Adrian Green from the board. Adrian, a founding member of the charity, was celebrated for his significant contributions throughout the years. His departure is noted with gratitude for his dedicated service and impactful work.

Over the past financial year, we have dedicated time to refining our vision and strategy with the goal of establishing ourselves as a nationally focused entity. We have explored projects and strategies aimed at significantly increasing our income, funding, and outreach. We successfully applied for and obtained two grants that will commence in FY26. These grants are designed to enhance our educational outreach within Essex and bolster resources for our preservation initiatives.

Page 2

THE JAZZ CENTRE (UK)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

Achievements and performance

a. Live music at the Beecroft

For the reporting period, 53 ticketed live music events were held at the Beecroft. Almost 2100 tickets were sold for these events showing continual increase and growth YoY. This included 24 events which the charity hosted for jazz promoters Susan May’s “Spikes Place” and Trevor Taylor’s “Jazz825”. Great efforts were made to ensure that jazz “in all its forms” was represented. Three events were held in support of charities – Southendon-Sea Mayor’s Charity Fundraising, and Softpower Education.

The wide variety of styles included performances:

Our full listing of past events can be found on our website: https://www.thejazzcentreuk.co.uk/past-events

A variety of workshops and lectures were also held, and regular attendees to our film club, and record listening club ‘Listen In’.

b. Exhibition

The history of jazz exhibition has been maintained for visitors to enjoy, special exhibitions of local photographers as well as new items which were added to our collection including a Pianola, rare posters and artwork.

c. Website & Social Media

There were 3,210 unique visitors (individual people) to the charity’s website over the reporting period, with 92% of visitors from the UK and 8% from elsewhere around the world. Of our UK visitors, 15% from our local area in Southend, but over 50% from Greater London and the rest from further afield such as Birmingham, Manchester and Glasgow. The charity has 2200 followers on Facebook and 3,150 followers on Instagram. Social media data also suggests that we are connecting with people of all ages. The website mailing list has 1322 subscribers, as well as 244 website members.

d. Volunteers

The charity has worked hard to attract, train and retain a team of volunteers to make its operations deliverable. The pandemic did erode the volunteer support but the charity runs a continuous campaign to address this. The charity now has a core team of 26 volunteers, 9 Trustees and a further 17 reserve volunteers. The Charity onboarded Three Rings volunteer management system to better manage its rotas and volunteer communications.

Financial review

a. Going concern

The Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence. The remaining time on the 15 year lease with SCC continues to provide security of tenure for the charity. The Charity continues to seek funding for development and increased space to meet its objectives, as well as developing its live music programme, website membership, major events and other strategies to increase income and stability.

Page 3

THE JAZZ CENTRE (UK)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

b. Reserves policy

The maximum reserves shall be equivalent to the minimum operational costs required for The Jazz Centre UK, as per legal contracts, to cover expenses for the upcoming 12 months

Structure, governance and management

a. Constitution

The charity was established as a Charitable Incorporated Organisation by a Constitution on 2 June 2016.

b. Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Constitution.

c. Organisational structure and decision-making policies

Trustees are elected who have specialist skills including I/T and digital media, accountancy, musical outreach, fundraising, strategic and business planning, law and charitable research. The Trustees meet formally at least four times per year, but additional ad hoc meetings are held as required.

Plans for future periods

Plans for future periods. For the reporting period, The Jazz Centre (UK) carried out its activities under Chairman (Matthew Fisher), Secretary (Stephen Levrant), Treasurer (John Wilson) and CEO (Kevin Buck). The trustees are actively engaged in finding ways forward for developing The Jazz Centre UK into a nationally recognised organisation.

In particular:

Page 4

THE JAZZ CENTRE (UK)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Constitution. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on their behalf by:

M R Fisher Trustee

Date: 8 December 2025

Page 5

THE JAZZ CENTRE (UK)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 JUNE 2025

Independent examiner's report to the Trustees of The Jazz Centre (UK) ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 30 June 2025.

Responsibilities and basis of report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no 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 Charity as required by section 130 of the 2011 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.

Signed: Stuart Harrison

Dated: 8 December 2025

FCA

Venthams

Chartered Accountants Millhouse 32 - 38 East Street Rochford Essex SS4 1DB

Page 6

THE JAZZ CENTRE (UK)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2025

Note
Income from:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income
Expenditure on:
Charitable activities
6
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward
Unrestricted
funds
2025
£
2,281
34,440
777
37,498
39,969
39,969
(2,471)
46,705
(2,471)
44,234
Restricted
funds
2025
£
57
-
-
57
969
969
(912)
7,162
(912)
6,250
Total
funds
2025
£
2,338
34,440
777
37,555
40,938
40,938
(3,383)
53,867
(3,383)
50,484
Total
funds
2024
£
1,859
30,663
778
33,300
35,616
35,616
(2,316)
56,183
(2,316)
53,867

Page 7

THE JAZZ CENTRE (UK)

BALANCE SHEET FOR THE YEAR ENDED 30 JUNE 2025

Note
Fixed assets
Tangible assets
10
Current assets
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
11
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
12
Unrestricted funds
12
Total funds
44,627
44,627
(786)
2025
£
6,643
6,643
43,841
50,484
50,484
6,250
44,234
50,484
45,480
45,480
(701)
2024
£
9,088
9,088
44,779
53,867
53,867
7,162
46,705
53,867

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

M R Fisher Trustee

Date: 8 December 2025

Page 8

THE JAZZ CENTRE (UK)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

1. General information

The principal activity of the charity continued to be to advance the arts by the promotion, preservation and celebration of jazz music in all its forms.

The charity is registered with the Charity Commission under charity number 1167421.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Jazz Centre (UK) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

After making appropriate enquiries the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, subject to the continued support of Southend City Council. For this reason they continue to adopt the going concern basis in preparing financial statements.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 9

THE JAZZ CENTRE (UK)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following bases:

Fixtures and fittings - 25% Reduced balance method
Computer equipment - 33% Reduced balance method

2.7 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 10

THE JAZZ CENTRE (UK)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

2. Accounting policies (continued)

2.8 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.9 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.10 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Income from donations and legacies

Donations
Total 2024
Unrestricted
funds
2025
£
2,281
1,575
Restricted
funds
2025
£
57
284
Total
funds
2025
£
2,338
1,859
Total
funds
2024
£
1,859

Page 11

THE JAZZ CENTRE (UK)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

4. Income from charitable activities

Income from charitable activities - Preservation of Jazz
Music
Total 2024
5.
Investment income

Investment income - local cash
Total 2024
6.
Analysis of expenditure on charitable activities
Summary by fund type
Unrestricted
funds
2025
£
34,440
30,663
Unrestricted
funds
2025
£
777
778
Total
funds
2025
£
34,440
30,663
Total
funds
2025
£
777
778
Total
funds
2024
£
30,663
Total
funds
2024
£
778
Preservation of Jazz Music
Total 2024
Unrestricted
funds
2025
£
39,969
35,616
Restricted
funds
2025
£
969
-
Total
2025
£
40,938
35,616
Total
2024
£
35,616

Page 12

THE JAZZ CENTRE (UK)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

7. Analysis of expenditure by activities

Preservation of Jazz Music
Total 2024
Analysis of direct costs
Advertising
Bank charges
Equipment
Insurance
Event expenses and volunteer sundries
Postage and stationery
Sundries
Professional Fees
Website
Internet
Rent and service charge
Governance costs
Total 2024
Analysis of support costs
Activities
undertaken
directly
2025
£
38,493
32,680
Support
costs
2025
£
2,445
2,936
Preservatio
n of Jazz
Music
2025
£
1,391
92
1,170
795
23,957
272
2,337
2,160
473
-
5,000
846
38,493
32,680
Total
funds
2025
£
40,938
35,616
Total
funds
2025
£
1,391
92
1,170
795
23,957
272
2,337
2,160
473
-
5,000
846
38,493
32,680
Total
funds
2024
£
35,616
Total
funds
2024
£
2,396
35
693
751
23,548
156
1,882
-
489
29
1,999
702
32,680

Page 13

THE JAZZ CENTRE (UK)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

7. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Total Total
funds funds
2025 2024
£ £
Depreciation 2,445 2,936

8. Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £786 ( 2024 - £762 ).

9. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .

During the year ended 30 June 2025, expenses totalling £ 301 in respect of event sundries were reimbursed or paid directly to 2 Trustees (2024 - £ Nil).

10. Tangible fixed assets

Cost or valuation
At 1 July 2024
At 30 June 2025
Depreciation
At 1 July 2024
Charge for the year
At 30 June 2025
Net book value
At 30 June 2025
At 30 June 2024
Fixtures and
fittings
£
27,797
27,797
20,859
1,736
22,595
5,202
6,938
Computer
equipment
£
10,123
10,123
7,973
709
8,682
1,441
2,150
Total
£
37,920
37,920
28,832
2,445
31,277
6,643
9,088

Page 14

THE JAZZ CENTRE (UK)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

11. Creditors: Amounts falling due within one year

2025 2024
£ £
Accruals and deferred income 786 701

Page 15

THE JAZZ CENTRE (UK)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

12. Statement of funds

Statement of funds - current year

Unrestricted funds
General Fund
Restricted funds
Heritage lottery grant fund
Spike Robinson Scholarship fund
Total of funds
Statement of funds - prior year
Unrestricted funds
General Fund
Restricted funds
Heritage lottery grant fund
Spike Robinson Scholarship fund
Total of funds
Balance at 1
July 2024
£
46,705
2,261
4,901
7,162
53,867
Balance at
1 July 2023
£
49,306
2,261
4,617
6,878
56,184
Income
£
37,498
-
57
57
37,555
Income
£
33,015
-
284
284
33,299
Expenditure
£
(39,969)
(969)
-
(969)
(40,938)
Expenditure
£
(35,616)
-
-
-
(35,616)
Balance at
30 June
2025
£
44,234
1,292
4,958
6,250
50,484
Balance at
30 June
2024
£
46,705
2,261
4,901
7,162
53,867

Page 16

THE JAZZ CENTRE (UK)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

13. Summary of funds

Summary of funds - current year

General funds
Restricted funds
Summary of funds - prior year
General funds
Restricted funds
Balance at 1
July 2024
£
46,705
7,162
53,867
Balance at
1 July 2023
£
49,306
6,878
56,184
Income
£
37,498
57
37,555
Income
£
33,015
284
33,299
Expenditure
£
(39,969)
(969)
(40,938)
Expenditure
£
(35,616)
-
(35,616)
Balance at
30 June
2025
£
44,234
6,250
50,484
Balance at
30 June
2024
£
46,705
7,162
53,867

14. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Tangible fixed assets
6,643
Current assets
38,377
Creditors due within one year
(786)
Total
44,234
Restricted
funds
2025
£
-
6,250
-
6,250
Total
funds
2025
£
6,643
44,627
(786)
50,484

Page 17

THE JAZZ CENTRE (UK)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

14. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Total
Unrestricted
funds
2024
£
-
-
-
-
Restricted
funds
2024
£
-
7,162
-
7,162
Endowment
funds
2024
£
9,088
38,318
(701)
46,705
Total
funds
2024
£
9,088
45,480
(701)
53,867

15. Operating lease commitments

At 30 June 2025 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years
2025
£
5,000
20,000
40,000
65,000
2024
£
5,000
20,000
45,000
70,000

16. Related party transactions

The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 30 June 2025.

Page 18