REGISTERED COMPANY NUMBER: 10847931 (England and Wales)
REGISTERED CHARITY NUMBER: 1180575
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2020
FOR
OINOUSSAI BENEVOLENT FUND
(A COMPANY LIMITED BY GUARANTEE)
Gibbons Mannington & Phipps LLP
Chartered Accountants
20 Eversley Road
Bexhill-on-Sea
East Sussex
TN40 1HE
OINOUSSAI BENEVOLENT FUND
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020
----- Start of picture text -----
Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 10
Detailed Statement of Financial Activities 11
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OINOUSSAI BENEVOLENT FUND
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST DECEMBER 2020
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006, present
theirreportwiththefinancialstatementsofthecharityfortheyearended31stDecember2020. The
trusteeshaveadoptedtheprovisionsofAccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
ThesearesetoutintheRulesandintheArticlesofAssociation.Theobjectivesremaintoprevent or
relievepovertyinOinousses,Greeceandforthepublicbenefittopromoteeducation, town/rural
regeneration in areas of social and economic deprivation.
Public benefit
ThetrusteeshavereferredtotheguidancecontainedintheCharityCommission'sgeneralguidance on
public benefit when reviewing the charity's aims and objectives and in planning its future activities.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Althoughitwasintendedtoarrangeanannualdinner/danceincentralLondoninmid-November 2020,
theCOVID-19pandemicresultedincancellationoftheevent.Theusualattendeeswererequested to
offersomefinancialsupporttotheFundinlieuoftheirannualsupportofthedinner/dance,and the
requestwaswell-received,meaningthatalmostalloftheexpectedlostnetincomewasearned within
2020.ThisincomewasconsideredanimportantcontributiontowardstheFund'sbudgetfor 2021.
Combinedwiththeregularannualdonations,theFundcollectedsufficientmoniestobeableto make
somelimitedcharitabledonations.However,thenumberofdonationsisexpectedtodecreaseinthe next
financialaccountingperiod,againlargelyduetotheCOVID-19pandemic.Themajorityof charitable
donationsweremadetoindividualsandinstitutionsonOinoussai.TheFundgavefinancialsupport to
severalneedycompatriotsdirectly,tothe'FundfortheNeedy'whichisrunbytheFriendsof Oinoussai
Society,totheteachingstaffintheschools,totheschoolchildrenandalsotoassistwiththe running
expensesofSt.Nicholaschurch.TheFundhadarrangedforsomeexternalrepairstoStNicholas Church
andthesurroundingcourtyardin2019andearly2020,sothebalanceoftheserepairswassettled in
2020.TheFundcontributedtotherunningexpensesoftheSchools'BoardingHouse,though this
remainedclosedforalargepartoftheyearduetoCOVIDrestrictions.Financialsupportto the
'subsistencefund',whichprovidessubsidisedmealsforthecadetsoftheNavalAcademy,was not
requiredthisyearastheAcademywasclosedformostoftheyearduetothepandemic.InLondon, it
wasnotpossibletodistributethetraditionalholybreadsonStNicholas'sDayanddespiteappealing for
theusualdonations,limitedamountswerereceived.Itwasnotpossibletoarrangeaneventonthe island
atChristmastimeduetothepandemic,howevergiftswerepurchasedbytheFundasinprevious years,
andgiventoeverychildontheislandthroughthe'ClickandCollect'systemoperatedbythetwo gift
shopsontheisland,supportingthelocalcommunityasalways.Thewebsiteandsocialmediapages have
provedpositiveinenhancingawarenessoftheFundanditsactivities,aswellasfacilitating online
donations.Allsupportcostswereconsciouslykepttoaminimum,inordertomaximisethe amount
available for charitable donations.
FINANCIAL REVIEW
Financial position
Thetotalincomefortheperiodto31December2020amountedto£100,176.Total expenditure
amountedto£33,448,ofwhich£33,025representscharitableexpenditure,whilst7%wasspent on
support costs.
Investment policy and objectives
Atpresent,thepolicyforthetrustremainstoinvestonlyincashdeposits.Onlycapital-guaranteed, no
risk products could be considered in the future.
Reserves policy
Thetrusteeshavedecidedthatitwouldbeprudenttoholdtheequivalentof6monthsexpenditure on
keyoverheadsandkeyannualcharitabledonationsinreserve.Withanannualexpenditureof around
£30,000 in the UK and in Greece, the trust will retain around £15,000 in reserve.
Page 1
OINOUSSAI BENEVOLENT FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2020
FINANCIAL REVIEW
Going concern
TheTrusteesassesswhethertheuseofgoingconcernisappropriatei.e.whetherthereareany material
uncertaintiesrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheabilityofthe charity
tocontinueasagoingconcern.TheTrusteesmakethisassessmentinrespectoftheperiodofone year
fromthedateofapprovalofthefinancialstatements.Afterreviewingthefund'sforecasts and
projections,theTrusteeshaveareasonableexpectationthattheTrusthasadequateresources to
continueinoperationalexistencefortheunforeseeablefuture.Thekeyfactorsforthisexpectationare as
follows:-
1)Theannualdinner/dancefundraisingeventiswellattendedbybetween325and400 people,
generatinganetincomeofaround£15,000eachyear.Theannualdinner/dancefor2021isscheduled to
takeplaceinmid-November2021andisexpectedtobewell-attendedfollowingthelengthyperiod of
restrictions for large gatherings due to the COVID-19 pandemic.
3) The annual contributions and donations from members are regular at around £15,000.
FUTURE PLANS
Theannualdinner/danceisscheduledtotakeplaceincentralLondoninmid-November2021.After a
prolongedperiodoflockdownsandrestrictionsonlargegathering,itisanticipatedthattheeventwill be
well-attended.Therequestsforannualdonationsandcontributionswillbesentoutinearly2022. The
Fundhasbeenapproachedtoconsiderassistingwiththefinancesrequiredtorefurbishthebuilding which
willbeusedforthenewMaritimeSafetySchool.TheGreekgovernmenthasconfirmedthattheState will
befinancingtheacquisitionoftrainingequipmentandtheoperationalcostsoftheSchool.The Maritime
SafetySchoolislikelytocommenceoperatingonOinoussaiislandinQ42021orearly2022,setback due
toseveralfactors,includingtheCOVID-19pandemic.TheFundhasalsobeenapproachedto consider
contributingtowardsthecostofrefurbishingaspacewithinthe'Skylitseio'HospitalinChios,tobe used
as a chemotherapy treatment room.
TheFundaimstogivefinancialsupporttoseveralneedycompatriots,tothe'FundfortheNeedy'which is
runbytheFriendsofOinoussaiSociety,tothe'SubsistenceFund'providingsubsidisedmealsfor the
cadetsoftheNavalAcademy,totheteachingstaffintheschools,totheschoolchildrenontheisland and
also to assist with the running expenses of St. Nicholas church.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
Theorganisationisacharitablecompanylimitedbyguarantee,incorporatedon3July2017 and
registered as a charity on 6 November 2018.
Thecompanywasestablishedunderamemorandumofassociationwhichestablishedtheobjects and
powers of the charitable company and is governed under its articles of association.
Membershipisopentoallpersonswithheritagefrom,oranyfamilyconnectionto,theisland of
Oinoussai,Greece,includingthoselivingintheUnitedKingdom,officesofcompaniesworldwide with
Oinoussians in position of senior management.
Recruitment and appointment of new trustees
TrusteesaretheDirectorsofOinoussaiBenevolentFund,whoareelectedtotheExecutiveCommittee in
accordancewiththeArticlesofAssociationandtheRulesoftheOinoussaiBenevolent.Members are
electedtotheExecutiveCommitteeatanAGMoranyothertimeasdeterminedbythe Membership.
MembersoftheCommitteeserveforatwo-yearperiod.Electionsareheldwitheitherofthe procedures
setoutintheRules,aschosenbytheCommittee.Therearenorestrictionsregardingthere-election of
members of the Committee.
Induction and training of new trustees
NewtrusteesareprovidedwiththerelevantGuidanceNotesandtheGovernanceCodeissuedby the
CharityCommission,toensurethattheyareawareoftheirlegalobligationsundercharityand company
law.IfnotfamiliarwiththecontentoftheArticlesofAssociationandtheRules,theyarebriefedon these
aswellastheGrant-MakingPolicyandthedecision-makingprocesses.Trusteesareencouragedto attend
appropriate external training events where these will facilitate the undertaking of their role.
Page 2
OINOUSSAI BENEVOLENT FUND
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST DECEMBER 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT
Related parties
The current trustees are directors of member office John C. Hadjipateras & Sons Ltd.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
10847931 (England and Wales)
Registered Charity number
1180575
Registered office
24 Baltic Street West
London
EC1Y 0UR
Trustees
J M Hadjipateras
J P Hadjipateras
Independent Examiner
Carol Barfoot FCA
Gibbons Mannington & Phipps LLP
Chartered Accountants
20 Eversley Road
Bexhill-on-Sea
East Sussex
TN40 1HE
Bankers
Metro Bank
One Southampton Row
London
WC1B 5HA
WORKING NAME
Tameion Efpragias Oinousson
Approved by order of the board of trustees on 22nd September 2021 and signed on its behalf by:
J M Hadjipateras - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
OINOUSSAI BENEVOLENT FUND
Independent examiner's report to the trustees of Oinoussai Benevolent Fund ('the Company')
IreporttothecharitytrusteesonmyexaminationoftheaccountsoftheCompanyfortheyear ended
31st December 2020.
Responsibilities and basis of report
Asthecharity'strusteesoftheCompany(andalsoitsdirectorsforthepurposesofcompanylaw)you are
responsibleforthepreparationoftheaccountsinaccordancewiththerequirementsoftheCompanies Act
2006 ('the 2006 Act').
HavingsatisfiedmyselfthattheaccountsoftheCompanyarenotrequiredtobeauditedunderPart16 of
the2006Actandareeligibleforindependentexamination,Ireportinrespectofmyexaminationof your
charity'saccountsascarriedoutundersection145oftheCharitiesAct2011('the2011Act').In carrying
outmyexaminationIhavefollowedtheDirectionsgivenbytheCharityCommissionundersection 145(5)
(b) of the 2011 Act.
Independent examiner's statement
Ihavecompletedmyexamination.Iconfirmthatnomattershavecometomyattentionin connection
with 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)).
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationto which
attentionshouldbedrawninthisreportinordertoenableaproperunderstandingoftheaccountsto be
reached.
----- Start of picture text -----
Carol Barfoot FCA
----- End of picture text -----
Carol Barfoot FCA
Gibbons Mannington & Phipps LLP
Chartered Accountants
20 Eversley Road
Bexhill-on-Sea
East Sussex
TN40 1HE
23rd September 2021
Page 4
OINOUSSAI BENEVOLENT FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2020
|
|
2020 |
2019 |
|
|
Unrestricted |
Total |
|
|
fund |
funds |
|
Notes |
£ |
£ |
INCOME AND ENDOWMENTS FROM |
|
|
|
Donations and legacies |
2 |
83,752 |
23,830 |
Other trading activities |
3 |
16,424 |
70,395 |
Total |
|
100,176 |
94,225 |
EXPENDITURE ON |
|
|
|
Raising funds |
|
|
|
Other trading activities |
|
(2,343) |
61,869 |
|
|
(2,343) |
61,869 |
Charitable activities |
4 |
|
|
Donations |
|
2,758 |
- |
Grants in furtherance of the charity's |
|
|
|
objects |
|
30,267 |
34,987 |
Other |
|
2,766 |
7,716 |
Total |
|
33,448 |
104,572 |
NET INCOME/(EXPENDITURE) |
|
66,728 |
(10,347) |
RECONCILIATION OF FUNDS |
|
|
|
Total funds brought forward |
|
62,440 |
72,787 |
TOTAL FUNDS CARRIED FORWARD |
|
129,168 |
62,440 |
The notes form part of these financial statements
Page 5
OINOUSSAI BENEVOLENT FUND
BALANCE SHEET 31ST DECEMBER 2020
|
|
2020 |
2019 |
|
|
Unrestricted |
Total |
|
|
fund |
funds |
|
Notes |
£ |
£ |
CURRENT ASSETS |
|
|
|
Debtors |
9 |
5,366 |
5,822 |
Cash at bank and in hand |
|
124,907 |
63,015 |
|
|
130,273 |
68,837 |
CREDITORS |
|
|
|
Amounts falling due within one year |
10 |
(1,105) |
(6,397) |
NET CURRENT ASSETS |
|
129,168 |
62,440 |
TOTAL ASSETS LESS CURRENT |
|
|
|
LIABILITIES |
|
129,168 |
62,440 |
NET ASSETS |
|
129,168 |
62,440 |
FUNDS |
11 |
|
|
Unrestricted funds |
|
129,168 |
62,440 |
TOTAL FUNDS |
|
129,168 |
62,440 |
ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct 2006
for the year ended 31st December 2020.
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsforthe year
ended 31st December 2020 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
(a)ensuringthatthecharitablecompanykeepsaccountingrecordsthatcomplywithSections386 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.
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicableto charitable
companies subject to the small companies regime.
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
22nd September 2021 and were signed on its behalf by:
J M Hadjipateras - Trustee
The notes form part of these financial statements
Page 6
OINOUSSAI BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS 102,
havebeenpreparedinaccordancewiththeCharitiesSORP(FRS102)'Accountingand Reporting
byCharities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheir accounts
inaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicof Ireland
(FRS102)(effective1January2019)',FinancialReportingStandard102'TheFinancial Reporting
StandardapplicableintheUKandRepublicofIreland'andtheCompaniesAct2006.The financial
statements have been prepared under the historical cost convention.
Thecharitablecompanyhastakenadvantageofthefollowingdisclosureexemptionsin preparing
thesefinancialstatements,aspermittedbyFRS102'TheFinancialReportingStandard applicable
in the UK and Republic of Ireland':
the requirements of Section 7 Statement of Cash Flows.
Income
AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlement to
the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefits will
berequiredinsettlementandtheamountoftheobligationcanbemeasuredreliably. Expenditure
isaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregate all
costrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadings they
have been allocated to activities on a basis consistent with the use of resources.
Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedas a
commitment but not accrued as expenditure.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretionof the
trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsof the
charity.Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedfor particular
restricted purposes.
Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.
2. DONATIONS AND LEGACIES
DONATIONS AND LEGACIES |
|
|
Donations
Members voluntary contributions |
2020
£
83,152
600
83,752 |
2019
£
15,529
8,301 |
|
|
23,830 |
continued...
Page 7
OINOUSSAI BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2020
3. OTHER TRADING ACTIVITIES
3.
OTHER TRADING ACTIVITIES |
|
|
|
Fundraising events
4.
CHARITABLE ACTIVITIES COSTS
Donations
Grants in furtherance of the
charity's objects
5.
GRANTS PAYABLE
Grants in furtherance of the charity's objects
The total grants paid to institutions during the year was as
follows:
Junior School
Friends of Oinoussai Society
St Nicholas Church
6.
SUPPORT COSTS
Management
£
Other resources expended
1,459 |
2020
£
16,424
Grant
funding of
activities
Direct
(see note
Costs
5)
£
£
2,758
-
-
30,267
2,758
30,267
2020
£
30,267
2020
£
1,554
6,791
16,271
24,616
Governance
Finance
costs
£
£
1
1,104 |
|
2019
£
70,395 |
|
|
|
Totals
£
2,758
30,267 |
|
|
|
33,025 |
|
|
|
2019
£
34,987 |
|
|
|
2019
£
1,939
5,227
19,917 |
|
|
|
27,083 |
|
|
|
Totals
£
2,564 |
7. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31stDecember 2020
nor for the year ended 31st December 2019.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31stDecember2020norforthe year
ended 31st December 2019.
continued...
Page 8
OINOUSSAI BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2020
8. STAFF COSTS
Average number of employees for 2020 - 0 (2019 - 0)
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
Grants paid in advance
10.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
11.
MOVEMENT IN FUNDS
At 1/1/20
£
Unrestricted funds
General fund
62,440
TOTAL FUNDS
62,440
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
100,176
TOTAL FUNDS
100,176
Comparatives for movement in funds
At 1/1/19
£
Unrestricted funds
General fund
72,787
TOTAL FUNDS
72,787 |
|
2020
£
5,366
-
5,366
2020
£
1,105
Net
movement
in funds
£
66,728
66,728
Resources
expended
£
(33,448)
(33,448)
Net
movement
in funds
£
(10,347)
(10,347) |
2019
£
4,096
1,726
5,822
2019
£
6,397
At
31/12/20
£
129,168
129,168
Movement
in funds
£
66,728
66,728
At
31/12/19
£
62,440
62,440 |
|
|
|
|
|
|
|
|
continued...
Page 9
OINOUSSAI BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2020
11. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
94,225
94,225 |
Resources
expended
£
(104,572)
(104,572) |
Movement
in funds
£
(10,347)
(10,347) |
|
|
|
|
A current year 12 months and prior year 12 months combined position is as follows:
|
|
Net |
|
|
|
movement |
At |
|
At 1/1/19 |
in funds |
31/12/20 |
|
£ |
£ |
£ |
Unrestricted funds |
|
|
|
General fund |
72,787 |
56,381 |
129,168 |
TOTAL FUNDS |
72,787 |
56,381 |
129,168 |
Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,included in
the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
194,401
194,401 |
Resources
expended
£
(138,020)
(138,020) |
Movement
in funds
£
56,381
56,381 |
|
|
|
|
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st December 2020.
13. LIMITED LIABILITY OF MEMBERS
The liability of members is limited.
Everypersonwhoisamemberofthecharity/companyundertakestocontributesuchamount, not
exceeding£1asmayberequired,totheassetsofthecharity/companyifitshouldbewound up
whilstthatpersonisamemberorwithinoneyearafterthatpersonceasestobeamember, for
paymentofthedebtsandliabilitiesofthecharity/companycontractedbeforethatperson ceases
tobeamember,andthecosts,chargesandexpensesofwindingupandfortheadjustmentof the
rights of the contributors among themselves.
Page 10
OINOUSSAI BENEVOLENT FUND
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2020
INCOME AND ENDOWMENTS
Donations and legacies
Donations
Members voluntary contributions
Other trading activities
Fundraising events
Total incoming resources
EXPENDITURE
Other trading activities
Event expenses
Charitable activities
Donations
Grants to institutions
Grants to individuals
Other
Currency exchange difference
Support costs
Management
Advertising and website
Postages
Room hire
Catering
Finance
Bank charges
Governance costs
Annual return fee
Accountancy fees
Independent examination fees
Late filing penalties
Total resources expended
Net income/(expenditure) |
2020
£
83,152
600
83,752
16,424
100,176
(2,343)
2,758
24,616
5,651
33,025
202
916
237
144
162
1,459
1
-
736
368
-
1,104
33,448
66,728 |
2019
£
15,529
8,301
23,830
70,395
94,225
61,869
-
27,083
7,904
34,987
987
4,538
-
567
113
5,218
31
13
728
364
375
1,480
104,572
(10,347) |
|
|
|
This page does not form part of the statutory financial statements
Page 11