Company registration number.. 07886344 Charlty registration number.. 1175470 Chester le Street Amateur Rowing Club IA Company limited by guarantee) Annual Report and Finat)cial Statements for the Year Ended 31 March ?025 McManu5 Hall Ltd Cl l MaTqUiS Court Team Valley Gateshead Tyne and Wear NEII ORU
Chester le Street Amaleur Rowing Club Contents Reftr¢nc¢ and Adminisirdtive Detai15 Tru5tees' Report 2to3 Independent Examinerfs Report Statement of Financial Activities 5t06 Ba]an¢e Sheet Note5 to the Financial Ststemellls 8t0 16
Chester le Street Amateur Rowing Club Reference and Administrative DetaiLs Chief Executivo Offictr Mr Garry Steven Smith Trustees Ms Lindsey Burford Mr Gordon John Clark Mrs Victoria Jane Payne Mr Garry Steven Stntih Unit Cl l. Marquis Court KÉng5way South Tefym Valley Trading Estaie Gatesh¢ad Tyne & Wear NEII ORU R¢gi5ter¢d Office The charity is incorpordted in England and Wales. 07886344 Company Regl$trgtion Number Clkarity RegistrAtioM Number 1175470 Independent Examiner Mcmanus Hall Lid Cl l Marquis Court Team Valley Gateshead Tyne and Wear NEII ORU Page I
Chester le Street Amateur Rowing Club Trustees, Report The irustees, tho are direetors for the purposes of company law, present the annual report together with the flnancial Statements of th¢ charitable company for the year ended 31 March 2025. ObJective5 And Activities Objec15 fjims The promotion of community parti¢ipatton in tli¢ healthy relOO in particular by the provision of faciliiie5. encouragement and irtstruction in the sport of rowing for the inhabitants of Chester le Street and the surrounding area. Objeclive5, 51rftlegies undftctivilies The Inain activities undertaken during the year were-. Provisioli of trairsill(T eqiiipment. facilities and coaching to m¢mber5 and the wider community. Development of junior members to CoMe at National. Inrnational and World level, including GB rowing teaTh participation. Giving all rowiiig [nebers the opportunity to compete in lo¢al events. Publlc beiiefil The Charity has provided training equipmeni. fa¢iliiies and Coaching io the wider Community, for the public beiiefsl. The irnsiees confirn) that ihey have ¢on)plied with the reqU1ments of $tIOn 17 of the Cliariiies Act 201110 have due regard ¢0 the public benefit guidance published by the Charity Commission for England and Wal¢s. Flnan¢lMI review During (he year the c.harity operated a cafe from space that they had recently taken over. Cafe sales and renial generated a surpliis of £4,491. Membership numbers increased, Wlth aTh increase in subscriptions income of £2,958. Costs continued to be closely moniiored during the year leading to an overall surplu5 of £19.929., There were significant addÉtton to equtpment totalling £44,027 ar leasehold improvements totalling £13,270. Grants of £3? 787 wer¢ se¢ured to mitigate the C4PLI81 costs. Overall t Charity h85 experienced a period of investment and growth. Strutturel governante mangement Nulure ofgoverninx élocumenl The governing d0Mertt of the Charity is ihe memorandum and articles of associaiion. Recruilmenl uiidnppoinm¥nl oflrusle£ Trustees are appointed in accordance with the Charity's articles of association. Organisulionalslnic'tsire The eharity is constituted as a company limited by guarantee. Page 2
Chester le Street Amateur Rowing Club Trustees, Report ststement of tru5tee5' responsibilitie5 The twstees (who ar¢ also tlie dsrectors of Chester le Street Amateur Rowing Club for the purposes of conipany lawl are responsible for Preparing the trustees, IEPOrt and the financial statements in accordance with applicable law and United Kingdom Accounting Standards IUnit¢d Kingdoni Generally Accepted Accounting Ptice includtng FRS 102 "The Financial Reporting Standard applicable in the UK and R¢publt¢ of Ir¢laThd'. Company law requires the trustees to PTepare financial Stsiemenis for each financial year. Under ¢ompany law the trustee5 Inust not approve the financial staten)ents unless they are sa¢isfied ihat ihey give a tre and fair view of the state of affairs of the charitable conipany and of the iroming resources and appliration of sotsrce4 including it5 income and expendilure, of the ¢haritable tpartY for that period. In preparing these financial statements, Ihe trusiees are required to- se11 Suitable accounting li¢jeS and apply them ¢on$ist¢oily; observe the methods and principles ID the Charities SORP.. make judgernent5 and estimates that are Teasonable and prudetLt' stale whdher applicable a¢¢ounting siandards, comprising FRS 102 have been followed, subject to any maierial departures disclosed and explained in the financal statements: and Prepare the financial siaiemenis on the going con¢¢m basis unless it is inappropriate to presume that the charitable company will conttnue in business. The trustees are re5pon5ible for keeping proper accounting records that can disclose wyih reasonable accuracy at any time the finarEcial POSTtron of the charttable company aiid enable thetn to eRsure that the financial Stateme[S comply with the Companie5 Act ?006. They are also responsible for safeguarding tlie asseis of the ¢harttsbl¢ company and hence for taking reasonable 5teP5 for the PT¢venlion and detr¢tion of fraud and other irregularities. The trustees art re5ponsibl¢ for the niaitjtenance and int¢¥rity of the COTporate artd fiJwi¢ial infomatio included on tlie charitable company's webslte. Legislation governing the preparation and dissemination of flnancial statcments may dilTeT from le8151ation in other juri5dictiors5. Small compmle$ provision $t#tement This report has been prepared in accordance with the Thall companies regime under the Companits Act ?006. The annuaj re2gtLwas approved by the trustees of the charity on 5 November 2025 and sigiied on its behalf by.. Mr datry Steven Smith Chief Executive Officer and Trustee Page 3
Chester le Street Amateur Rowing Club Independent Examiner's Report to the trustees of Chester le Stred Amateur Rowing Club ('the Company'} I report to the ¢harity trustees on my exaniiTra¢itsn of the accounts of ihe Compony for the year ended 31 March 20?5. Re$pon5ibilities xud bx$i$ of report A5 the ¢haTity'S lrnstees of the c.ompany land also ils directors for tlie Purposes of company lawl you are respx)nsible for the preparation of the accounts in accordan¢e with the r¢quireii)ents of the Compaiiies Aet 2006 {'the 2(K)6 Act.). Having satisfied myself that the accounls of the Company are not Twuired tts be audited under Part 16 of the ?006 Act and are elioible for in(lependent exafftination, I report Tn respect of my exaiDtnation tsf your ¢harity'S accouDts as ¢arried out under Section 145 of the Charitt¢s Act 2011 I'the 2011 Act-l. In carrying out my exan)irtatLOlI I have followed the Dire¢tions given by the Charity Commission under section 14515llbl of the 2011 Art. Independent examlner'$ $txtemÈnt have ¢ompleted my examiiiatiots. l ¢onfJrm ihat no matters have come to my alteniion sn connection with the exaniination giving m¢ cause io beli¢ve'. aceountiiig reeords were not kq>t in respect of Chest¢T le Street AinateuT Rowng Club as reqUId by section 386 of the ?006 Act" or 2. the accounts do not accord with those rordS. or 3. the accounis do not Gomply With ihe accounttng requirements of section 396 of the ?006 Act other than any requireinent that the accounts give a'irue and fatr view, which is not a matter considered as part of an independent examinaiion,. or 4. the a¢counts have noi been prepared in accordance with the methods 2nd princlples of the Statement of Recomniended Practice for accountingj and reporting by ¢harilies [appli¢able to cl)arilies pieparittg th¢5r accounts iii accordance with the FiRancial Reporting Stalldard appli¢able in the UK and Republic of Ireland {FRS 10?11. I have no concerns and have come acr095 no otlier rnatters in connection with the examination to which attention should be drawn in thi5 report ill order to eiiabl¢ a proper understanding of the a¢¢ounts to be reached. MT4 M. J. M¢Manus FC.A Mcmanus Hall Ltd Cl l Marquis Court TeaTn Valley Gaieshead Tyrte and Wear NEI I ORU Date:.. I <IK 202 Page 4
Chester le Street Amateur Rowing Club Statement of Financial Activities for the Year Ended 31 Mareh 2025 (Including IDcome and Expenditure Account and Statement of Totthl Recognised Gains and Losses) Unrestricted funds Total Note Income Endowments from: Donations and legaci¢s Charitable aeiiviites Investm¢nt iiicome 13,366 31,889 13.366 31.889 Total incoine 45,406 45,406 Expenditure on: Charitable a¢¢ivi¢ies 125,4771 1?5.4771 Total expenditure 175,4771 1?5,4771 Nei ineome 19,929 19,929 Nei movement in funds 19.929 19.929 RteoncillxtÈon of funds Total lllnds brought forward Total fund$ carried forward 51,702 14 Unreslricted fund$ 71,631 71,631 Tot81 2024 Rtricted funds T4ot¢ Income and Endowments frorn: t)ofiations and legacie5 Charitable activiiies Invesimeni income ?4.559 20.414 82 ?4.559 20,414 82 Total income 45,055 45,05) EApenditure on: Charitable activities 143,4201 143.4201 Total expenditure Gainsllosses on investment &5Stts 143.4201 122,4601 {4J.420) 1?? 460} Nei expenditure Transfers between funds 120,8251 ?6.476 1?0,8251 14.0161 Nei movement in funds 5.651 14.0161 1,635 Reeoncill4tlon of furtd$ Total tunds brought forwdrd Total funds carried forward 46.051 4.016 50,067 14 51.702 51,702 All of ihe ¢harity's activities derive from contining operation5 during the above two periods. The notes on page$ 8 to 16 forn) an iniegral part of these financial statemcnts. Page 5
Chester le Street Amateur Rowing Club Ststemenl of Financial Activities for the Year Ended 31 March 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) The funds breakdown for 2024 is shown in note 14. The notes on pages 8 to 16 form an iiite8ral part of these financial Statements. Page 6
Chester le Street Amateur Rowing Club {Registration number: 07886344) Balante Sheet as at 31 Mareh 2025 2025 2024 Note Flxed Assets Taiigible a55ets 78.272 28,461 Current Assets Debtors C&sh at bank atmi in hand 10 4,567 29,571 1,855 23,944 34,138 ?5,799 Creditors: Amounts falling du¢ wlthin one yer 12 140.7791 12.5581 Net current (libilitie511gssd$ 16.641 I ?3,241 Net 1155ets 71,631 51,702 Funds of the charity: Unr¢$triettd Income funds Unrestricted funds Revaluation Teserve 28.215 43,416 8.286 43,416 Total unr¢stricled funds 71,631 51,702 Total fund5 14 71,631 51,702 For the financial ytrdr ending 31 March ?045 the charity w&s entitled to exemption froin audit under section 477 of th¢ Companies Act 2006 relating to sinall coinpanies. Direetors, responsibilities-. The members liave not required the charity to obtsin aTh audit of its account5 for Ihe year in question in accordance with section 476- and The dire¢tOTS acknowledge their resrM)nsibilities for complyiiig wtth the Tequirenients of the Act with respect to a¢¢outtttng records and the preparation of accounts. These fjnancial statement5 have been prepared in xcordance with the special provSSLOtkS Telating io ¢ompanie5 subj¢¢t to the Sm[ companies regime within Part 15 of the Companies Act 2006. The financial s¢a¢ments on pages 5 to 16 were approved by the trustees. and autliorised for issue on 5 Ntsveynber 20 d signed on th¢ir behalf by.. Mr Ciarry Steven Smith Chief Executive Officer and TrLLStee The notes on page5 8 to 16 form an integral part of these finan¢ial st*ements. Page 7
Chester le Street Amateur Rowing Club Notes to the Financial Statem¢nts for the Year Ended 31 March 2025 I Chrity st4tss The ¢harity is Itmtted by guarantee, incorpordted in Engtand and Wales. and consequently does not have share capital. Each of the meinbers is l£abl¢ io contribute an amount noi exceeding £10 towards ihe assets of the charity in the event of liquidation. The address of its regi5teFed offsce is.. Unli Cl I, Marquis Court Kirtgsway Soutli Teain Valley Trdding Fstate Gatesliead Tyne & Wear NEII ORU These finan¢ial statements were auihorised for issue by the trustee5 on 5 November ?025. 2 AcCotIllg pollcles Summary of significaDt xreountiDg poliric5 and k¢y ¢rouuting estimxtes The principal aLcounting policie5 applied iji the pr¢paralioii of these financial statemerbts are set out below. Thes¢ policies have been con515tenily applied to all the ye4r5 present. unless otherwise stated. StAtement ofcompliance The finaiicial 5tatement5 have been prepared in accordance with Accounting and Reporting by Charitl¢5.' Staterneiit of Re¢ortLmended PTa¢ti¢e applicable io Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of ITeland IFRS 1021 leff¢ctive l January ?0151- Icharities SORP IFRS l O?11, Ihe Fsnancial Reporting S¢andard applicable in the UK and Republic of Ireland IFRS 1021 and th¢ Cvmpanies A¢t 2006. B#$i$ ofprep#rAtion Chester le Street AlTteu1 Rowng Club meds tlie definition of a public benefit entity Under FRS 10? Assets and liabilit1¢5 are inittally ie¢ognised at histtsri¢al ¢osi or transaction value unless Otherwise stated in the relevant a¢counting policy notes. Going conttrn The tru5tee5 consider that theTe aTe no n)aterial uncertainlies obout the ¢liarity's ability io Continue as a going concem HOF any signifi¢ani areas of uncertainty that afTe¢t the ¢arrying value of asseis held by ihe charity. Income And endowrnent5 All income is re¢ognised once the charity has entitlement lo the income, it is probable that the income will be received and the amollrÈt ofthe income receivable can be mthsured reliably. Page 8
Chester le Street Amateur Rowing Club Notes to the Financial Statements for Ihe Year Ended 31 March 2025 Donalions aiidlegacies Donaiions are recognised when the charity h&s been notified iji writlJl8 of both the amount and settlejnent date. In the event that a donation is subject to coiiditions that Teqiiire a level of Perfornl)ce by tlie charity before the charity is entitled to tlie funds. tlie income 15 deferred and iiol recognised until either those conditions are fvlly Inet. or the fvifilment of those ¢onditions is wholly within the conirol of the charity and it is probable ihat these Conditions will be fulfilled in the reporting period. Grnnts receivable Granis are recognised wheii the charity has an entitlement to the fund5 and any conditloT15 linked io the grants liave been met. Where perforniance conditlQn5 are attached to the grant and are yet to be met, th¢ in¢otn¢ is recognised a5 a liability and included on the balance 5h¢et as deferred in¢oiMe to be released. Deferred InconiÉ Defrrred income repTesents amounts received for fytu periods and is released to in¢oming Tesources in the period foi whi¢h. i¢ has been re¢¢ived. Such in¢ome is only deferred whet).. The donor specifies that the Yant or donation n)ust only be used in futUTe o¢countirtg periods; or The dollor has itnpostd ¢ondition5 whi¢h ¥nu5t be mel before th¢ ¢lwÉty un¢onditi(pnal entitlemeni. Expettditsre All expenditure is Teco¥Dised once there 15 a legal or constructive obligation lo thai ¢¥penditure, tt is probable settlernent is requId and ihe amoJni Can be measured reliably. All eosts ate allocated to the applicable expenditure heading that aggrega¢e similar costs to that ¢a¢e¥ory. Where costs cannoi be directly attributed io particular headiiigs they Iiave been allocated on a basis consistent with the use of rcsouTC¢S. with cenlral 51aff C4)sis allocated on the basis of time spent, and depreciation charge5 allocated on the portion of the ¥55et's use. Other support costs are allOted based on the spread of staff costs. Charitable activilies c.haritable expeiiditUTe comprises those costs incurred by tlie charity in t13e delivery of ils aciivities and services for its beneficiarie5. It includes lTroth ¢05ts that can be allocated directly to such a¢tivilies and those Cosis of a indirect natUTe necessary to support the]n_ Coverttmeni grants Governtt]eiit gyTants are recognised based ort the a¢¢nl model and are measured * the fair value of the ass received OT re¢eivabl¢. Grants arr classified a5 r¢latiiig either to rewthue vr 10 ass¢t5. Grants relating io revenu¢ arc Tecognised in ii)come over the period in wliicl) the related costs are recogni5ed. Grants relating to assets aT¢ recognised over the expected usefiil life of the asset. Where part of a gr&r]t relating to an asset is deferred. it is recogtjised a5 deferred in¢ome. TAxgtion The charity ts considered to pass the tesis set out in Paragrapli I Schedule 6 of the Finance Act ?010 and tlierefore it n?eets the definition of a charitable company for UK corporation tax purposes. A¢¢ordingly, the Charity is potentlolly exempt from t&110 in respeci of income or capital gains received within categories ¢oveTed by Chapter 3 Part I l of the Corporaiion Aci 2010 or Section 956 of the TatIOn of chargble Gains Act 1992. to the extent that such income or gains are applied exclusively to charitable PUT$¢$. Tangible fixed *ets Individual fixed as5¢ts costing £500.00 or more are initially recorded at cosL Page 9
Chester le Street Amateur Rowing Club otes to the Financial Statements for the Year Ended 31 March 2025 Depreti8tion and amortlsation DepTeciaiion is provided on (angible lixed asset5 50 as to write off the cost or valuation, less any eStiTted T¢5idual v¥lu¢, over their expected useful economic Isfe as follows.. Asset ela5S Plant & machinery Leasehold improvements Dtpretiatlon method And rate IOYO and 200/0 Straight line 20Vo siraight lin¢ Trade debtors Trade debioTS are amounts due from customers for merchandise sold or services performed in the ordinary cOut of business. Trade debtors are reeognised initially at the transaction price. They are subsequently measured at hrnort15ed c05t using the effective interest method, less provision for impairinenl. A provision for the irnpairn)¢nl tsf trade debtors is esiablished when there is objective evidence that the charity will noi be able to ¢oll¢¢t all amounis due according ¢0 ihe origitial ierms of the receivables. Cash cash equiv*lents Cash at)d cash equivalents comprise cash on hand and call deposits. and other short-term highly liquid investments tlial are readily convenible to a known amount of cash and are subject to an insignificant risk of change in value. Trxde ¢red5tors Trade creditors are obligations to pay for goods or services that have been aequired in th¢ ordinary course of busine55 frotn suppliers. A¢¢ount5 payable are classified as curreni Iiabiliiies if the charlty doe5 not have an unconditional right, at the eftd of the Ttporting period, io defcr settlcmeni of the creditor for at Iwt twelve )onths afteT the reporting date. If there is an unconditional right to defer settlernent for at least twelve tnonths afteT ihe rep(>rttttg dai¢. Ihey ale preseDied as non-current liabilities. Trade trediiors are recognised initially at the trdllS2Ction price and subsequently Tneasured at amortised rost using the effective interest method. Fund structure Ullr¢s¢rirted in¢ome funds are general funds thai are available for use at the tru51ees discretion in furtherance of the objectives of the Charity. Page 10
Chest¢r 1¢ Str¢et Atnateur Rowing Club Notes to the Finaneial Statements for the Year Ended 31 March 2025 3 Income frts dongtlons #nd Itgatl¢$ Unrestrleted furtd$ Gther4l Tot1 2025 Donions and legacies. Donations from individuals Glanis, includinv capital grant5. Governinent grants Grants from other charities 3,749 3,749 4.568 5.049 4.568 5,1>49 13.366 13.366 Unrestrieted funds G¢nerAI TotAt 21124 Donations and legacies. Donations from Éndividuals Grants, inLluding Cdpiidl grants. Govemmeni grants GTants from other eharities 6.29X> 6,2 17,270 17,?70 ?4,559 ?4,559 4 Intomt from chAritAble #ctivities UnreslrlctI fuDds Gen¢rAI Total funds Amateur sport 31.889 31.889 Totgl for 2025 31.889 31,889 Total for 2024 ?0.414 5 Investment income Unresirided funds Gener#1 Tot41 funds Itjterest receivable and similar incoiiie. Interest receivable on bank dep051ts Total for 2025 Total for 2024 82 82 Pagell
Chester le Street Amateur Rowing Club Notes to the Financial Siatements for the Year Ended 31 March 2025 6 Expenditure on £harit#ble actlvltle$ Unre5trleted ruNd$ Gener#1 Tot#1 funds Note Amateur sport Depreciation, amorti5ation and other 5imilaT Costs 17,W2 7,485 17,992 7,485 Toi#l for 2025 25,477 25,477 Total for 2024 43,420 43,420 Page 12
Chester le Street Amateur Rowing Club Notes ¢0 the Financial Statements for the Year Ended 31 March 2025 Total expenditure 7 Net incomingloutgoing resources Net incomillg resour¢es for the year irt¢lude'. 21125 21124 Depreciation of fixed assets 7.485 8,699 8 T#i#tlon The charity is a registered charity and i5 therefore extmpt from taxation. 9 TAngible fixtd assets Land gnd buildings Furniture And equiprnent Tota Co$t At l April 2024 Additions Disposals 3,079 13,270 164,136 44,0?7 12,6001 167.?15 57.?97 12,6(X)I At 31 Mar¢h 20?5 16.349 205.563 ?21.91? Deprttiation At l April 2024 ChaTge for ihe year Elirninated on disposals 3.079 1.236 135,675 6.?50 1?6001 138,754 7.486 I?,6} At 31 Mar¢h 2025 4.315 139.325 143,640 Net book value At 31 March 2025 12,034 66238 78,272 Ai 31 March ?0?4 28.461 In¢luded within the iiet book value of land and buildings above is £Nil 12024- £Nill in respect of freehold land and building5 and £l).03412024- £Nill respect of leasehold5. JO Debtors Page 13
Chester le Street Amateur Rowing Club Notes to the Finaneial Statements for the Year Ended 31 March 2025 21125 2024 Trade debtor5 ?.337 2,230 359 1,503 Prepayments 4.567 1,855 I I Cfisb 2nd Cash equivalellts 2024 C&sh on hand Cash at bank 174 29.397 764 93,180 29.571 23,944 12 Credttors: amotsnts falling due wlthin one yur 21125 2024 Trade creditors Accruals DeferTed income 70 2,615 38.094 102 2,456 40,779 2,558 13 Reservts Unrestricted revy4luatloJb reservo Totsl At l April 2024 143,4161 143,4161 Uore$trleted rev*lu#tion reserve Totsl At l April 2023 Other reserve movements 165.8761 22,460 165.8761 2.460 At 31 March 20?4 143.4161 {4i.4161 Page 14
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Chester 1¢ Street Amateur Rowing Club Detailed Statement of FingD¢ial Activities for the Year Ended 31 Mareh 2025 TotAI TotA 2024 Ineome and Endowments from: Donation5 and le¥a¢ies lartalysed below) Charitable a¢iivilies lanalysed below) Invesio)eni income lanalysed below) 13.366 31,889 24,359 20,414 Total income 45.406 45,055 Exptndlturt on: Charitable activitie5 lanalysed below) 125,4771 143.4201 Total expenditure 125,4771 143,4201 Net income TraDsfers bdween fvnds lanalysed below) 19,929 1,635 Net movement in funds 19.929 24,095 Retontiliition of fund$ Total funds brought forward 8.286 115.8091 Totsl fijnds carrted forward 8.?86 This page doe5 not ft>mi pan of the slaiutory financial stat¢m¢nts. P4¢ 17
Chester le Street Amateur Rowing Club Detailed Statement of Financial Activities for the Year Ended 31 March 2025 Total Total 2n24 Dtshrtllons legneies Appeals and donations UK Government grdnls Gran¢5- other agen¢ies 3.749 4.568 5.049 6.290 17.270 999 13.366 24.559 Cliurliuble udlvilies Subscriptions Fees 8nd supplie5 15,41 16,478 31.889 12.453 7.961 ?0,414 Inveslmenlincoffte Interest on cash deposiis 82 82 Charilable aclivldes DIrt f05ts Reni Water rdte5 Repair5 and mait)renance Plant repairs Insurance Cojiiputer software and inaintenance costs Legal and professional fee5 (Profitllloss on sale of Tangible fixed assets held for chartty's own use Staff training TravelSin8 Teleplione and f Accotjntsncy fees Bank char¥es Depre¢iatiott of long leasehold property Depreciatioo of plant and machiiiery 17,6731 {?901 {1341 16,5431 12901 118,328} {5581 14.5761 12381 11,7661 15JOII {?391 ?.5(X> 1991 11 ??81 11661 {5951 {1,3661 1338} 13,079} 15,6201 14441 11,2361 16,2491 1?5,4771 143,4?01 Transfers beiiveenfvnds FutKls- TrnnsfeT from another fund Funds- TTansfrr io another fund 26.476 14.0161 22,460 This pa8e doe5 not fom part of the statutory fis)an¢io1 statem¢nts. Page 18