Company reglstratlon nun*)er: 09973689 Ch•tty rogistratlon number: 1170230 Wllllams College Foundatlon (UK) Limlted Annual Re)rt arml Flrwnclal Statemont for the Year Erwjed 30 June 2025 SKS Audit LLP Chartered Accounlant 3 Sh8en Rd Rl¢hmond rN9 1AD
Williams CDUege Foundatkon (UK) Limited Cont•nts Reference and Adrninistrali4E Details Trustees, Rep 2to4 statement of Tiustees. ResponsibltIeS Independent Examinerfs Report statement cl FinancAal Activibes Balance Sheet Notes to the Fknandal Statements 9t015
Wllllamj Colkge FouDdadon (UK) Llmtt Refornnc• and Admlnlstratlv• Dotalls S Staley M Mccomish ELlfjm M F Wagner V Myer5 Prlnclpal Olllco 99 Durlston Rd Lond( England E5 8RP Rogl•t•r•d Offlc• 99 Dwfston Rd LorKlon England E5 8RP Company Regl8tratlon Numbgr 09973689 Charity R•gi¥tralion Numbor 1170230 Bank•rs Barclays Bar{ Indopondont Examln•r SKS Audtt LLP 3 She8ry Rd Rtchmornj TW9 1AD
Wllllami Colkge Foundatlon (UK) Ltinited DIRECTORS. AND TRUSTEES. REpoirr FOR THE YEAR ENDED 30 JUNE 202S The trustees who are also dlrectors of tre charKy for the pwposes of the Companles Act 2006, prvdent their report with the financial statements of the charity fDr the year ored 30 June 2025. The tnJst8es have adopt8d the pmvlsk)ns of the Statemerrt of Rewnmended Practice {SORP) (effectfve 1 January 2019). applicable to charitles prepartng thelr accounts In accordance wilh the Financial Reporting Standard appllcable In the Unlted Klngdom (FRS 102). ObJecilves and actlvltles The objects and alTh of the charity are: a) the advancement of188ming and 8ducaton in particular al Williams College and: b) such other axdusiveiy charit*e purposes as the tru5t885 may in their absolute discretion dotamilne. Th8 chartty aims to achigvg its objectives by providing grants to Williams Colleg8. Durfng the per tha chaiity was abla to provide ants totaulng £39.996 through donations and gift recelvod during the perlod. Publlc benffi7t Durlng the year under revlew grants to aducatknal estatllshments of £39,996 were made in fvrtherance of the alms of the chadty. The trustees beliavg that the grants uliimatety result in benefiting the wider throwjh furtherT£ educalirm. The trustees confrni th81 Ihey have (x>ff.Oi8d ¥rith the rpqurem8nts of sedKin 4 of Iho Charftlas Act 2011 to have due regard to th8 publrc n8ftt guidancx published by th8 Charfty COmms1on for England and Wab& The Williarn College Foundalion UK Ltd has assisted lIaMS Colleg8 over the past year in various ways. It has done this through soliciting giftts from alumni. parents and friends. Future d•volopmont The fijture developments wlll be to wnllnue to advance educall)n by provkling gr8nts to Williams College for furKling for Sdent 8nd faculty aid. capbtal rnnovat#)ns. teaching and research. Transacuons and financlal posltlon The Statomont of Financial Activities shcw toial incornirwJ resources for the year of £39.996 (2024: £410,257) and net defol of £122 (2024: £9331 Re8ervos pollcy The Twstees have resolved to commit as much of the charity5 resources as PL)S51ble lo expendlture grants,wthibt retaining very modest reseNes to meet day to day adminlstrative $ts a8 they fall due. At the year-end unrestrideo reserves st(KKI at deficit of £1,349 and with r8stdct8d funds at surplus of £5,464 givir¥J total Trserves of £4,115.
WllllAmJ College Foundation (UK) Llmlted DIRECTORS, AND TRUSTEES. REPORT FOR THE YEAR EIIDED 30 JUNE 2025 Risk fBViOW The Tru8te8s havè conducted their own revlew of the major rlsks to which the charity is exp088d and have concluded that the followrng systems thal have been estsblished provid8 reasonabl8 but not absolute assurance that Ih05e risks are auately managed: (i) The retention of a professional secxew to adminlstrate the foundation: (ii)The retentKin of a professional accounting frm lth 8XP8rf8nc8 In the area tr) adUCt an examination: {iii} Th8 rotenti¢Jn of a law flrm wlth extensive experience In thls area; (iv) Tho requiremenl that any transfer of knds by the knjndation be approwj by Iwo authorized signatories.. and (Y) Final reconciliation by slaff of Wjlliarns Cdlog8 of Wdli8m* don8trve and 8ccountirKJ r8cords with tho financials of the Foundation. The trustees have also had du8 regard to kIanc¥ published by the Charty Commission on publlc benefft. Stru¢turei gov•rnanc• •)d manag•m•nt The Wlllams College Foundation (UK) Limited was incorporated on 27 January 2016, r8gist8r8d as charity on17 Novembw 2016 arnl commenced trading on that date. The tharity is incorpordted is constiiul8d and •d by its m8rnorandum and arllcles of association dated 27 January 2016. The Truste8s who 8re also dlrectofs of th8 compary. elect membors as and whw required. Th8 Board currenty consksts of three employees of William College arKI two dependent directors. When voting to approve grants lo Williams College the employees do not parh'cipate in any vote du8 ) a potentral confllct of interest. Pagc 3
Wllliams College Foundatlon (UK) limited DIRECTORS. AND TRIJSTEES. REPORT FOR THE YEAR ENDED 30 Juno 2025 Small company provlslon This report has been prepared in accordance with tho Small mpanIeS. r8glme under the Companies Act 2006. The annual report was approved by the ISte8S ofthe chth on on ts behalf by. and slgnad Valerte Tr*Jer5 Trustee
Wlal College FouDdatlon IUK) Limited Slatmn of Trust••s' R••ponslbllliles The trustees (who are th the dlrectors cl Wlliams Colege FoundatK)n (UK) Linited for the purpos8 of company law) are responsible for preparir¥J the INSt8, rep(xt and the finanal statemerrts In accordance wrth applicab18 law and United Kingdom Ac¢ounttNJ Standards {Unlted Kingdom Generalty Accepted Accounung Praclice) including Finandal Reporting Standard 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland" Company kqw requires the trustee5 to prepar8 financia statements for each fjnanoal year. Under company law the trustees must not approve the finandal statements unless they are satisfied that they give a tru8 and fair vlew of the state of affairs of the charilable company and of its inoJning r8sourc8s arKI appltcatlon of resources. including fts Inccxne and expenditure, for that period. In preparing these flnancial statements. the ITUStees are requir1 to: select suilable acwunling polici88 8nd apply th8m nsISnty. observe the methods and princlples In the Charltlès SORP 2019 (FRS 102),. make judgements and estimates that are rOnable and mKlenL State whether applicable UK Accounting Standards have been foll(YA*d. 8ubj8Ct to any materlat departures disclosed and explained in the financial statements.. and preparn tho anCIal statun6nts Iha gokng concem basls tt is Inappropriate to presUn that the tharltable company wll Mnlinue in buslnes& The tntst88s are respon61ble for keeping adequate accountlng records that are suffici8nt to sh¢)w and explaln the charhable companvs transa(aions and disclos8 With rwonable accurdcy at any tlme the finanrial position of the chaTTlable company and enable them to ensure that tha financial stslements cornply with the Companie5 Act 2006. Thay tre also responsib for safeguardlng the assets of the tharttab18 company and hence for taklro reasonablo stops for th8 preventh)n and detection of fraud and other lff8gularities. The Trustees are responsli Jle for the malntenance and int&Jrity of the and the ffnandal Inf0MtIon indud8d on the charitrfs webstte in accordance With legislatlon In the Unltad lQngdom goveming tha pr8paralion and disseNMnalion offinancaal statements. Approved by the trusl808 of the charity on I}>oCp.c.LATr.as.ar signed on its behalf ty: Val8ri8 My8rs Trust88
Wffliama Colkgt Foundallon UK Umlte41 t account8 of th& CQnVVky for the yw énd 30 2025 (xxnwyae the Statoment of Finar181 AGt 2011. My th ha8 boen WKlertakan so that I might state to IM chlVB lJusteu matters l am Part 16 01 tha 20( Azt and arn 8iigftkn for 1rydepw examlnthn. I rerKt In ot ry o¥wr#nth of your ctharW8 actots a• cwrnd out uKler 86Cthx* 145 of th• Chwlllos kt 2011 2011 Act"). In 145(5Mb) rf tho 2011 Act (FRS 102}J. For ¥KI on b8h8¥ of SKS AJJtht LLP 3 sho Rd TW9 1A0
Wlam$ College Foundation (UK) LInted Statement of Fjnanefial Acthvhies for the ye Ended 30 June 2025 (]ncludlng Income and Expenditure Account) Total ExpwKllur• on: ChwvIab acti%ib'8S Total expondRuro 40,118 40.118 40.118 40,118 Not Ey4nd*U 122 122 (122) {122) RemnollatK of funds Tolal fijrwts Lyought fd (IrKkKlrvJ Strwe Capl (1,227) 4,237 12 T¢Jtal 2024 14.541 14,541 395,716 39&716 410.257 410,257 Total Chariiable aclNib'es Total axpndltur• 15,378 15.378 395,812 395.812 411.1 411,190 ExpwMIIturn 837 933 Not nv)vernnt In funds (837) (96) (933) Totd funds oUght f{x8rd (InchKlir¥J Stsre C¥•AI) {1} 5,170 12 4.237 Tho Slatemorrt of Finan¢id AGtsvib'es 8180 [lp11$ vrti lJ)e rnqulrernents of an Inme and expendi under the Companies Act 2006. AJI amounls r8late to contlNing activitres ofthe chwitablo (¥1mp. Th8 Statamant of Financid 1vIlle9 irKaude5 all gains and k)sseg rwntsèd In ts cury8nt year. Page 7
Wl]liami Colkge Found•tion (UK) Limlted IReglstration number: 09973689) Balance Shoet as at 30 Jun• 2025 Current axrt8 C&8h at bonk In hand 4,415 4.237 Currert Lknblllues CrlitorS f1r0 due vAthin ong year {3Q)) 4.115 4.237 Fund• al th ¢harty. 12 w) sh catx 11 Tol81 ihr8slrict£d Fur {1,349) {1,22n Total Fund5 4.115 4,237 The charitable company is 8nli118d to exemptKin fmm audit under Sadton 477 of Companies Act 2006 ft>r the year ended 30 Jun8 2025. The members have not requlred the compary to obtain an audlt of Its flnancial slatements for the year ended 30 June 2025 In accordan with Sevion 476 of the Companies Act 2006. The trustees acknowledg8 their ra8ponslbNfttos for (a) ensurir¥J that the charitablè company keeps accourrtlng records that compty wlth Sections 386 and 387 otthe Companies Act 2(106 and (b) praparfng financial statements whi¢ give a true and fair vlvw of lh8 Stat8 of affair8 of tho charitable company as at the end of each finarKial year and of ts surplus or deficit for èach ancial year in accordance with the requirnents of S8ctions 394 and 395 and whK oth8Mse comply with the requirements or the CcxnplO9 21K16 relatlro to finan(ial statements. so far as applicable to the charitable company. These financlal statements have been prepared in accordance wilh the prDvisions appll¢able to charitable companies subject to th8 small cornpani83' regirne within pwi 15 of Ihe Compani8s Act 2006. The nala1 nts on page8 7 to 15 wore approved by the Irusiees. and authorised for issue on gne(l on thelr tsehal tsy: Valefie Myers Trustse
Wl]]lams College Foundallon (UK) Llmlted Notss to the Flnancial StatementJ for the Year Ended 30 June 2025 1 Accounllng pollcles Summary of slgnlflcant accounllng polldes and koy a¢counllng esllmates The principal aCunting policies appll8d in the pr8paralion of these finandal slatements are 58t out below. Thes8 polldes have been conslstsnty appled to all the years presented, unless 0th8pMts8 ststomont of compllance Th8 finan(xal 5tstements hav8 been prepared in a(urdance wmh AUnng and Rewting by Chariii8s.' Statemont of Remrnended Practice (applicable to charil]'es preparing thr accounts In accordance wlth the Flnandal R8POrtfng Standard appIable In the UK and R8publlc of Ireland (FRS 102) (effecttve 1 January 2019) - (Charibes SORP (FRS 102) Revised). th8 Flnancral Rept)rting Standard applicable In the UK and Republic (rf Iraland (FRS 102) and the Companles Act 2006. General Infomiation and basis (rf prnparatlon Wtlllams College Foundatbon (UK) mited is a ch8rit8bb compary Ilmttad by sharè Pital, Incorporated In England. Th8 registerBd office address is: 99 Durlston Rd London England E5 8FiP The prtndpal actlvlties and operatlons cf th8 charity are sTrKy•m (m page 2 of Iho80 finandal ststemonts. The Cha rneets the definitlon (rf a public ben8fft entity under FRS 102. As6eis and liabilities ar8 Initially recognised at hlstorfcAI cost or trarctIOn Val unless otherwise stated in the rnlevant Accountlng polty notes. accounts are we8ented in sterling to the nearest £1. Golng con¢•rn The ChathW5 Financlal Statements show tolal incom8 of £39.996 (2024: £410.257} for the year and total reserve5 of £4.115 (2024: £4.237). Th8 trustees hav8 assessed whether the use of the going conc8m assumption is apprwiate in praparfng these fjnancial slatements wtth respect to a p8riod of at t one y8ar from th• date of approval of Ihase flnancid statements indudlng consydering th8 impa of Ukrdine crlsls and Cost of Imng on the charTVs income, expenditijre and re8erv8s.' and Its benefklarfes. They have concluded that there are no material uncertainlies relatsd to events or conditK)ns that may cast significant doubt on the ability of the charfty to conlnuo as a golng concem and are fully engaged on a strategy to create a sustainable and reslllent organlsalon durlng Chalknging tlm88. The Charity contlnu8s to have finanyal support from Its parent company Iwilliam College based In USA). Therefore. the trustees are of opinion that the finan(aal statemerts for the year ended June 2025 Can be prepared on a golng concem basis. Inconm and ondowmont• All Income is recognised once the Charity ha8 entitlement to the intxme. tt Is probable that tho Income will be received and the amount of th8 In&)me rwlvablo can bo measured rellably. Donallons and 1•ga¢S Donatn5 are recognised when the Cherity has b88n nollfied In wrftrng of both the amount and setuement date. In the event that a donatw)n is subject to conditions that requiro a thl of performance by the Ch8rity before lh8 Chanty Is 8ntrtled to the funds. the Income Is deferred and not reojgnised until 8lther those nditionS are llY mat. or the fulfilment of those CondIOn8 Is whoily vfithin the control of th8 Chadty and It is probable that thase condflions wll be fulfilled in the reporting PTOd.
Williams College Foundadon (UK) Llmited otej to the Finan Staiements for the Year Ended 30 June 2025 Expondltur• All 8xpendlture is regnISed once there 15 a legal or construclfve obligatlon to that expenditurn. It probable sethement Is requlred and the amount (an be measured reliabty. NJI costs are allocated to Ihe appllcable expenditur8 heading Ihose aggregate similar costs to that catsgory. Where (¥sts cannot be directy attributed to particular headlngs.tr8y been allocated on a basis conslstent with the use of resourc85, With central staff costs allo¢ated on the basis of time spen( and depre(lat)n charg8s allocated on th8 POrth)n of the assefs use. Other support ox8ts are allocated based on the spread of staff costs. Irrecoverable VAT is charged as a cost agaSnst the athity for which th8 8xp8ndlture was Incurred. Charltabh actlvllla Charitable expendllure comprises th(yae (x>8ts In(rrnd by the charity in th8 dellvary of tts actmles and serrfices for ts benelan@s. It includes both costs that can alkc8tad directy to such aGlviUes and th088 costs of an indirect nabjre necessary to support Grant Provlllons Provlsbns for grants are m&le when the irtention to make a grant has been Communi to the reclpleni but there Is CorL9lnty about eilh8r the timlry dthe nt (Y thg amount ol grant payabk. Support (x)sts indude central fiJnction5 and hav8 been allocated to a(vty cost catsgorles on a basis consistent with the uso of resources, for exampl8. allocatlng pn¥arty costs by areas, or per capits, staff costs by the tlme spent an41 other costs by th81r usag8. Tamtion The drity is a reglstered ¢*aTity and, therefore. Is not fiable for Incom8 Tax or Corp(YaUon Tax on income derirfed from its charitable actiwles. as il falls Wtthin the fdfK)US 8xempti)ns available to registerBd cha17tle8. Ca•h and cash •qulvalénts Cash and cash equrvai8nts comprlse cash on hand and call depostts. other short-temi highly liquid inv8s1ments that are readty convertlt40 to a known amount of cash and are subject to an insignmlcant rfsk of change in value. D•blor4 Other dabtor8 are amolmts due from HMRC in respect of gfft ald ¢Jue M donalion8. Cr•dltor• Other credit(Ks ind8 the anUnt payable to Wlliam Collego. Foreign exchange Transactlons In foreign currencieJ are recorded at the Tate ot 8xchang8 at the date of the transaction. Monetary assets and liabilities denominatsd in foreign currencl88 at th8 balance Sheet date are reported al the rate8 of exchange prevaili at that dat8. The results of overseas operalions ar? transla at the average rates of exthang8 during the pwbd and their balance sheets at th8 rat8s Nling at th8 balanc8 slwt data. Exchange dlfferences arfsing translation of the opening net assets and r8sults of OVeaaS operations a rwirted in athAr compr8h8nslve ineome and accumulatsd In equlty (attributed to non-controlling interests as appropnata). Page io
Wllllams College Foundallon (UK) Iimited Notes to the Financial Statements for the Year Ended 30 June 2025 Other exchange dlfferences arn recognised in the Statement of Flnandal in 1he perfod in which they arise except for. 1) exthange differences on transacti(ms ertered into to hwjge rtain foreign (yjrrency rfsks (see above),. 2) exchange difference5 arising on gains w losses non-monelary tiems whith are r8cognis8d In olher cornprehensive In)me. and 3) In the case of Ihe consolidated financial statemants, exchange differen(5 on rn18tary items receivable from or payable to a forewJn operation for whKh settlement is netther planned ior likely to occur (th8r8fDr8 formlng part of the nel irwestment in the foreign operation). whlch are re(aJgnised in other comprehensive Incom8 and rep(ted uThJer equty. Fund stru¢turo UnrastrfctJ Income funds are general fvrKls that are avallabl8 for use at the trustees discr81ion in fijrtherance of the objectives of the charity. Restricted Income funds are those donated for use In a parthxkn ar8a or for specific purposes, the use ol wthlch Ls restrictod to that area or purposo. Judgm•nt and kny sourc•s of •stlmatlon Unthinfy Estlmat88 and ludgomonts are continualty evaluated and based on hlstorkal experience arKI other factors. Indudlng expectatsns of fiJbJre events that are bollevod to bo reasonable under th8 ¢kMStances. The company makes estinates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual re8uIts. Th8 Ostlrnalos and assumptions that have a signrfi¢2nt risk of causing a material adjustrnent to tho carrying amounts of assets and liabililres within Ihe nexi financial yew are addres1 below. - Allocatlon of shared cost beiN%een MU1le actlvftles: Support costs relate to those functions thal 8SSiSt the work of Ihe charTty but do not directly relate to charTtable activftles. Support (xists indude financ8 cost and governance costs which support the charitys programmes and acvits8s. These CA)sts have been alk>cated b8tween cost of (alslw fund8 arxl èxpondiiuro on tharltablo 8thiti8S. The estlrnates and underlying asslwnpttons are revlew8d on an onIng basis. Revisions to 8ccounlng estimatgs arn recognised in the peri(xJ in which th8 estimate ts revs88d rf the revision affects only that pwiod, or In ts period of the rBvision and Ire peri(xts Ir tl reviBk)n affects both currant and future P8riods. Flnandal Instruments The charfty onty has financlal assets and financial liabllitles of a kind that quaftfy as basic financial Instruments. Baslc finandal Instruments are initially recognised at transaction v81u8 and suwuentty measur8d at Iheir s8ttlement value wilh the exptIOn of bank bans which are subs8qU8nty maasured at amorlised cost using the 8ff8ctiv8 Int8r8st n*lld. Pageii
William8 College Foundathn (UK) LIllted Notu to the FlnaDclal Statements for the Year Ended 30 June 2025 Z Income from donadons and1ogacla• Funth Funds 2024 D(xfi( fr(xn IrKliN4dual ()ft Aid r1rr 32.1 12.1 407,355 410,257 The donatlons and legacles In 2024, totslling £410251 c(sIsted of £14.541 altrJbut8d to unrestricted funds and £395,716 to rgstricted funds. . Exp•ndlturn on charltablo actmo Funds Funds lknt furKlirwJ of xli%iti85 410.997 193 122 122 40,118 411.190 The lotsl above indudes £40,118 (2024: £15,378) attribulable to unrestricted funds and £NlI (2024: £395,812) to restricted fund. 4. Anatysls of Support ¢osts Support co•ts allocated to clMrttabl• actlvltl•s FIMnc• Costs BaBIB of alloG•tknn (>ant furdrKJ rf acmes 122 122 122 122 PaBe 12
Williams Co]lege Foundation (UK) Llmfited Nots¥ to the Flnanchl Statrments for the Year Ended 30 June 2025 Tnt. r•munoratlon and No trustee5, nor any persons conn8(ed wllh them. have re(lved any ramuneratlon from the charity during the year. No trust88s hwrfe recelved any reimbursed expens or any olher benefits from the charfty durtry the year. Donatlons made by the trustees without any conditions attached tota118d £1.2(YJ for the year (2024: £1,300). 6. Indepgnd•nl Examlnorfs F••s Indep8nd8nt Examinerfs fees are paid for by Williams College (parent company) u) b8half of charity. Fees payabl8 In rBspect of the year to 30 2025 are £2.090 nat of VAT {2024: £2.090 net of VAT). 7. Taxatlon The c*aTity is a regi6ter8d charlty and Is ther6for6 exempt from taxatk)n. 8. Debtorn . Cash and Cash Eqthalent Cth on kknd Cash at 4,114 4.115 4.237 10. Crndltors Page 13
Williams College Foundallon (UK) Llmited Notes to the FIDanclal Statements for the Year Ended 30 June 2025 11. Sharn Capital Allotted. called up and fully pald $harn8 Ckd1 Shwes of £1 each 12.Fund• on 01.072ir24 30..2025 Urr•strlct•d Fund8 General re Cepltal (1.228) (40,118) (1,350) R••trlGl•d Funds FurK 40.118 4.115 .07.%ll3 30.2024 Unrestrlct•d FundB L*wal (391) 14,541 (15,378) (1.228) ReStrkI Funds Akjnml FurKIs (95) 395,716 411.1 5.170 410,257 4.237 Pa8¢ 14
WiUiam8 College Foundation (UK) Limited 1¥4otes to the Financial Ststements for the Year Ended 30 J•ne 2025 spedfK purposes for which the funds affj to Le applied ar8 as loNows: Alumnl Fund: Alumni FurKI gfrfts received are being used by WilaM$ college to assist Voryth funding th8 College dUrg the challenging combination Df Ihe endryne reduclion ar¥J increase in inflation. Arts Musèum Projed: Project (rf developing a new buildirvJ for the Williams College Museum of Art (WCMA) n Wllliamstown. The Project would provide the fff5t stand4lone facility for WCMA whose cdlectK)n has been housed since 1851 n LaY4Tence Ham, the college's flrst library bu,Iding. 13. Analysls of net as$th b•twe•n funds Unrestrlcted Funds Total funds at 30 Junè 2025 4,415 {300) 4.415 {3LKI) Current Liabilities 4.115 Analysls of fund balanees between net assets for the prnvlous year. unr8Strk Total lunds at Funds 30 Juno %)24 Current assels CrIent Liabilities 4.237 4.237 T(al net assets 4.237 illiams College (Parent) Ouring the financial period willaft Conege incurred costs of £8.542 {2024: £8,521) m behalf of wliamS College Fndation (UK) Liniled it is requesting 1mbur$eMent. At the balance sheet dat8. amounl due to Wllllams Coleg8 {Parw) vras £300 (2024: £NII). Eugene Klm (Trustee) During the year. Ewne lfjm made a dOnatK of £1.2CK) (2024.. £1.3) to the charlty. 14. Parnnl and ultimate parent undertakng Williams College Foundation (UK) Limiled 15 a subsityiary of Williams College. Wii flams College is a US Thjt ftjr profit organizalim whose address is 880 Main St, Wthliarnstown, MA 01267, USA. WilarnS College Foundatrln {UK) Limited is contrclled by its own Trustees who are all directors of the company. Page 15