THE LORNAAND YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 5 APRIL 2021
THE LORNAAND YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION CONTENTS Pag8 Legal ar admirFistrative infomatic Trustees, report Independent examin*s report Staternent of finanoal actIveS Balance sheet Slatem8nt of cash flows Notes to th& financaal statem8nts 10-15
THE LORNAAND YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Reference and administrative infomknition OffiGial charlty name The Loma and Yuti Chemajovsky BK)medical Research Foundalion Charlty Registration number 1184405 Registered offlce The Chemajovsky FoundatK)n PO Box 1198 Whr15table CT5 9DW Trustees Yuti ChernaN)¥sky PhD FRCP Loma Chemaiovsky PhD Paul PeterTak MDPhD Admlnlstrators and legal ad¥lser5 Cripps Pemberton Greenish Number 22 Mount EFthraim Tunbridge Weus Kent Bankers Coutts & Co 440 Strand London WC2R (X)S Independent Examiner steven Waked ACA Dixon WILgJn Charterered Accrwntants 22 Chancery lane Lond WC2A1 LS The trustees are apinted in a¢cordance w&th the terrns of Ihe Trust deed dated 9 July 2019 and have the appyopriate knowledge and expefase to manage arKI administer the Charity. The trustees have complied with the guidance iwed by the Charity Commiss)n. The charity does not mak8 use of voluntser5.
THE LORNAAND YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION TRUSTEES. REPORT For the year ended S April 2021 Report of the trustsps for the financlal year ended 5 Aprll 2021 The trustees present their report and the financial statements of the tharity the period 10 5 April 2021. The financial statements have been prepared in accordance ryth the aco)unting policie5 set out in note 1 to the finanaal statements and comply with the thanvs Trust Deed, the Charities Act 2011 and the Statement of Recommended Practi.. Accounting and RepoTting by Charities (FRS 102 SORP 2019). Objectives and a¢tiVStie5 Under the tems of the original TnJst Deed, the trustees have tJiscretN)n to PrOTrle, advance and support charities, charitable ganiSatiOns. charitable WTF and charitable (xuses induding bLrt not limited to: The pTolection and promotion of the health of the FMJtAic by Ihe pyovision of grants to support biomediLxI research in the fields of auloimmunity. inflammation. irrfecti(MJS diseases and ageing especially focussed on the development of practical apiCalnS in the fc of new targeled treatmen1& The trustees must use the income arbj may use the capta of the charity in promoting the obieclives. The trustees, having regard to the Public Benefft Guidance published ty the Chanty Commission in accordance with Section 17 of the Charities Act 2011. consder that the purposes and activities of the charity satisfy the requirements of the public benefft te sel wt in section 4 of the same ACL The trustees have paid due reganj to guidan isgJed by the Charity Commission in deciding what activities the Larity should undertake. Review of the year Following th¢ public launch on 23rd Oct¢tsr 2019. a wblic (all for PhD sbjdentships was announced requesting Qlaritable organisations to aPFty for funding fc4lowing indeFen¢Jent peer review. the ttee$ reviewed 28 applications and those to fund 7 grants based uwn remit. scientific quality, innovation and value for money. The to cost ¢)ver the Idl duration of the grants was £785.089. The start dales of some of the grants were delayed because ofthe impact of Covid. Instalments for the grants awarded in the 5 Aprd 2021 year have been paid in accordan with the agreements reached wrth the dee. The Covid pandemic nerEssitated that al meetiS of trustees and outside organisatt0 were held virtualy and the pandemic dominated much of Ihe year. The grant wev1S awarded to the British Society for Immunology {BSI) to communicate abt CoMd to scientists, public and policy makers allowed a series of webinars to take ptace with attendance of an average of over 1000 with the most wpular drawing over 2000 people. Sir Patiick Vallance. UK G)vemment Chf Saentific Advisor requested briefings for SAGE from a Cowd Task Force set up by the BSI and oral and written evidence was provtded to the House of Commons Select Committee on Science and Technology irNuiry into Gbbal Disease Oulbreaks. During the year the FoundatiC ented irrto discussi$ Connect Immune Re5earc*. a gnjup of medical research charities comprising of Versus Arthritis, the Multiple Sderosis Soaety and Juvenile Diabeles Research Fund to explore ways of w01ng trjether to furnl research aimed at developing new treatrnents eGross autoimmune diseases. In support of the development of the Autoimmune Transktijnal Research Initiative. the Foundation agreed to part fund a post at the BSI for £15.000 for 12 mthS to faalitate and drive the initiative. Incoming resources for the period amounted to £717,948. Reserves wll be maintained to Provide fvlure incoming resourc and awarded as granls when arwriate charitable institutions and causes are identified or when Costs become payable.
THE LORNAAND YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION TRUSTEES. REPORT For the year ended S April 2021 Structurej govemance and management The charity is an uninGorporated registered tharity. cOtrUed urKkr a Trust Deed dated 9 Jufy 2019. The trustees hd the capitsl and income oflhe charitys Tnjst Fund uwn trust to apply the inco and. as far as may be necessary, the Capit for the purposes set out in dause 22 of the Ttust Deed. The minimum number of trustees required by the Trust Deed is 3 and the maxirrnjm is 5. Futur8 tnjstees must be appointed by resolution of the trustees and must h(Ad office for al le8St three years from the date of th6ir appointment. As required by the Trust Deed. the trustees meet no less than tsVI a year. Except where otherwlse provided, every issue may be detemiined by a simpte majority of the votes cast at a meeting of the trustees but a resolution which is in writing and SHJned by all the tnjstees is as valid as a resolution passed at meellng. For this purpose the resolution may be contained in mDre than one d(rnet ar vAll be treated as passed following receipt of th8 necessary written appruval. Every trustee has one vote on each issknE. In the event of a tie. the calmn shall hav8 the deciding vote. The trustees have not adopted any poliues wocedures for the induction and training of trustees. RosgTVOS poIi¢y It is the trustees, pdicy not lo aIn re$ as the charitys overheads are bw. Plan$ for the future Ouriro the coming financial year 2021122 the tnjstees io SUFPOrt the PhD projects awarded from the first The trustees wll develop further tIAUtr)1MrnUne Reseath Inibative with tharity partners which aims to use common pathological ProsseS in autoimmune disease5 as taryJets to develop novel theratpeutics that can be beneficial aGross many diseases. An intematicnal suentific experi meeting i8 planned for 5th May 2021 to aid priority setting for translational research folknillg brdi[$toMlIrQ by leaéers in the field. It i8 aimed to have a phased grant support with initial funding of competitive pilot grants to provide prf of principle. On ¢pletion of the iylot stlieS, the most promIn9 wll be selected for fvrther investment The charity will expl? avenues of CL4latx)ration with other medical research tharfties in other 8$ wth an aim of building overdrching programmes of translation researL ac•)ss multith disciptine* Achievements and performance The tnJstees' overall investrnent obiecbve as Stated the inveslment management agreement is to maintain multi-asset portfolio and achieve 8 balan of Inc( and tapital growu). The charity does operate an ethical investmerrt poliGy. The performance of the Trust investmenl kKJrtFofio is ¢cdered al regular intervaLs with the investment manager and is benchmarked against various market iTrJices (Ind1ng the FTSE WMA Stock Market Balanc1 Index) to ensure that the funds held are perfLYmin9 well. This manager. which is regLdated by the Financial Conduct Authority in the United Kingdom, manages the investments within the restrictions set out in the inwestrnent management a9ernent. Any issues are addressed with the trtte•S as and when they arige. The trustees were satisfied with the perforrnance of the •ivestments during the pemé. Investments at the pericKJ end had a market value of £1.717.865. Risk rnanagernent When making decisions, the tnjslees assess the risks to which the chaThty might be exposed. The truslees cary out due diliger on charitsble iTblUtIOnS before grants are made and document all major decisions. As part of the grant making process. the irustees agree to folluw up with the d(mee to ensure that fvnds have been applied for the agreed purpose. This eoukl be by way of a prow reporL peTrol visit by on¢ of the trustees or completion of arl evenL t>onation receipts are cthined from each th)nee.
THE LORNAAND YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION TRUSTEES. REPORT For the year ended 5 April 2021 statement of responslblllties The trustees ar¢ sponsible for preparing Ihe Trustees Report and the financial ststeffnts in accordance with applicable law and United Kingdom Accounting Stsndards (United lQngdom Generally Accepted Accounting Practice)- The law applKxble to charities in ErKJland and Wdes requires the trustees to prepare finanaal ststements for each finanaal year whic give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity forthat year. In preparing these finanaal statements. the ITUStees are required to: - select suitable accounting p)li¢ies and trn apply them Stently. - obs8rv8 the methods and prinoples in the Charities SORP. - make judgements and estimates that are reasonat4e and prlent Stale whether applicable accounting standards have been folkjwed. subject to any material departUTes dIsded and explained in the statemerts" and prepare the financial statements on Ihe g(Mng cOrM basis unless it is inappropriate to presume that the charity will contirsue in operation. The trustees are restK)nsible for keeping s¥Jifiaent accounting reccKds that disclose with reasonable ac¢ur8¢y al any time the financial wsition of the charity and an3? tham to ensure that the financial slatam8nts comply with the Chartiies Act 2011. the Charity (A(tounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsitrAe for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fra¥Jd and other irregularities. Dls¢losure of information lo Independent Examln In so far as the trustees are awa, at the time of approving our tru5tees' gnwal pOrt.. - there is no relevant inftjrnwtion. being infornbon needed by the independent examiner in connection with preparing their report. of which the charivs independenl examiner is unaware: and the trustees, having made enquiries of fellow trustees arKJ the charivs independent examiner that they ought lo have individualfy taken, have eadi taken all steps that Ihey are otrAiged to take as trustees in order to make themselves aware of any relevant indepeTvJent exarnination infrmation and to establish that the independent examiner is aware of that infomialion. Yuti Chemajovsky For and on behalf of the trustees
THE LORNAAND YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2021 Independent examinerfs report to the trustees of tho Chernaiovsky Foundatlon I report lo the trusiees on my examination of the accounts of the TTUSt for the year ended 5 N)ri12021. Responsibilities and basis of report As the charity trustees of the Trust you are resps)nsitAe the preparation of the acUnts in accordanc8 with the requiremenls of the Charities Act 2011 fthe Acf). You are satisfied that an audit is not required for this year under charity law and that an irKlependent examination is needed. I report in respect of my 8xaminakn.on of the Tru5Vs a(Unts carried out under se¢tion 145 of the 2011 Act arKJ in Carrying out my examination I have followed all ts aprAicable Directions gwen by the Charity Commission under section 145 (5) Ibl of the Art An independent examination chjes rK)t involve gathering all the evidence th8t would be required in an audit and eonsequently does tK>t eA)ver all the matters that an audttor u)nsiders in giving their opinion on the accounts. Thè planning and Conduct of an audil goes beyond the limited assurance thal an independent examination can provide. Consequenyy. l express no opinion as to whether the accounts present a 'true and fair view and my report limited to those specffic matters set out in the independent examiners statement Ind8pendent exarninerfs ststsment l am qualified to undertake the examination by being a qualffied member of the Institute of Chartered Acc(wnlants in England ar Wales. I have completed my examination. I confimi that no material matters have come lo my attentK)n in connection with Ihe examination givbng me cause to believe that in any material resped: 1- accounting records were rK)t kept in resFect of the Trusi as required by section 130 of the ACL. 2 - the eexounts do not aCCd wbth those rec(¥ds', or 3 - the accounts th) not comply the apF4i¢at4e requirements 0cerning the form and content of the ac(yJunts set out in the Charities (Accounts aThJ Reports) Regulations 2008 other than any requirement that the accounts give a Irue and fair whidi is not a matter o)nsidered as part of an independent examination. 4 - the accounts have nol been prepared in accordanG8 with the methods and prin¢iFles of the Statement of Recommended Practice for accounting and reporting by tharities applicable to charits'es preparing their accounts in accordance with the Financad Reporting Stsndard applicable in the UK and Republic of Ireland (FFiS 102). I have no concems and have come auoss no matters in connection wtih the examination to which attention shoutd be drawn in or(kr to enable a prrser understanding ofthe accounts to be a¢he. STEVEN WAKEFIELD ACA Dixon Wilson 22 Chancery Lane London WC2A 1 LS Dale.. 5 Fobruary 2022
THE LORNAAND YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES For the year ended 5 Apn"12021 2021 2020 me and endow Investmenl InMe Royalties 21,789 5.891 696.158 2.303,600 Total income 717.947 2,309,491 endlture on: Raising funds 1,230 Charitable actiVeS 803,340 26,678 T<)lal expendiiurn 803,827 27.908 Net gains1{ losses) on investments 84,433 (107,2691 Net (expenditure)lincome 11.44n 2.174.314 Re¢onciliatlon of funds Funds brought fwward 2.174.314 Funds carried forwanl 2,172.867 2.174,314
THE LORNAAND YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION BALANCE SHEET AS AT 5APRIL 2021 2020 Flxed assets Investments Current assets Debtors Cash at bank and in hand 1.717.865 1,045,006 351,522 854.595 459,000 678,708 1.2(6,117 1.137.7Q8 Creditors: amounts falling due within onè y•ar {751.115) (8,4(M)) Net current assets 455,002 1.129.308 Total assets less current liabilities 2,172,867 2.174,314 The Funds ol the Charity Unrestrfcled fvnds 2.172,867 2,174,314 2.172.867 2,174,314 The finan¢ial statements on pages 7 to 15 were approved by the Truslees on 412122 an igned on their behalf by.. Yub Chemaiovs Trustee
THE LORNAAND YUTI CHERNAIOVSKY BIOMEDICAL RESEARCH FOUNDATION STATEMENT OF CASH FLOWS for the year ended 5 April 2021 2020 Net m0M•nt in (1,44n 2,174,314 Less Income frorn 1nveslrrrrts (21,790) (5.8911 Income froTn Royalties (696.158) (2,303.6001 Net SSeS on inyestsnents (84.433) 107,269 Decrease in debtors 107.478 1459.Cm) Increase in creditors 742.715 8.400 (478.5081 Not cash used In operaung activltles dividends and interest 717.948 2.309.491 FKoGeeds from Sale of investments 1.012.595 31. purchase of investments (1.601.021) (1,183,965) 129.522 1,157216 Net cash used by Ilnanclng actlvities change in Cash and eash equNalents cash and cash equivalents brcwght forward ehanges in cash value due to exchange rate movements cash and cash equNalents ¢arried forward 175.887 678,708 678.708 67&708
THE LORNAAND YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 5 Apnl 2021 ounting PDliGies The principal accounting wlicies applied in Ihe preparati)n of Ihese financial ststements are set out below. These polictes have been consistently applJ¢d to all the years presented. unless otherwise staled. The finanaal statements have been prepared under the historical cost convention with itgms recognised at cost or transaction value unless othetwtse ststed in Ihe relevant notes to these accounts. The financi81 staternents have been prepared in accordance wth Statement of Recommended PTactice: Account and Reporting by Charities preparing their armunts in accordance th the Financial Reporting standa applicable in the UK and Republic of Ireland {FRS102) effectwe on 1 January 2019. the FinancAal Reporlng Standard applicable in the UK and Republic of Irdand {FRS 102} and the ChariliesAcl 2011. The Trust constiltstes a public berfft entrty a$ defin by FRS 102. 1.1 Going concern The trustees consider that there are no material uncertainties about the Trust's ability to continue as a gOg concern, and that there are no key aSSumpnS that affect items in the aLxounts. 1.2 Funds structure The ¢h?rity has an unrestrthd fund created by the assignment of royaltks and the income of the Trust is unrestricted. the lerms of the TrLESt dlow the (aixtsl of the fvnd to be spent rf trte Trustees so detemine. Unrestricted income comprises fvnds which the tnBtees are free to usp for any purpose in futheranco of the charttable obiects. Unrestricted funds indude des3nated fvnds where Ihe trustees. at their disL¥etion, have created a fund for a specific purpose. 1.3 Income recognition l income is recognised the charity has entitlement to th8 income. it is prrt>abte that the income Mll be received and the amcNJnt of income receNaile be measured reliabty. Donations and legacies are recognlsed wknen Ihe charity has been nOttrd Sn wr4ting of both the 8mour)t and the setuement date. Dividends are accounted for on an ex4ivi(Jend acwals basi& Inte$l on deposits and fixed intsrest se(xJrities are 8c¢x)unted ft)r on an accruals basis. 1.4 Support and governance costs The charity does not incur support costs. Govemance costs comprise all costs involving the public accA)untability of the chaThty arKI its compliance with regulatson and g)C4J practice. Govemance costs relate lo charitable aclivthes. 1.5 Exp&ndlture rncognltSon Liabiltties are recognised as expendiiure as soon as there is a legal or (x)nstru¢tive obligation committing the charity to that expendiiure. it is probable th Settment wim be required. and the amouffl of the obligation can be measured reliabity. Grafits payable are payments made to third parties in the furtheran of the charitable objects of the Trust. This is accrued once the recipient has been notif of the grant award. 10-
THE LORNAAND YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the financial year ended 5 Apnl 2021 Accounting poIIGles (connued) 1.6 Fixed asset investments Investsnefits are a form of b8sic finanoal inslnJment arnj are inltially recognised at Iheir transaction value. Listed investrnerkts are subsequendy measured at their fair value as at the balance sheet date using the dosing quoted market price. Unlisted investments are sub5equenlly meaSUd at fair value. unles5 fair value cannot be measured reliatAy, in which case they are measured at cost less impairmenL The Trust does not acquire put options. derivatives or olher CoMX finanaal instwments. The statement of financial a¢tivities indudes the net gains and losses 8rising on revaluati and disposals throughout th8 period. The main fom) of financial risk fa by the charity is that of YOtty in equity markets and investment markets due lo wider economic conditions. the attibAe of investors to invesknent risK and thanges in sentiment (ncernIng equities and wthn parlicLdar sectors or sub*ctots. 1.7 Foreign currencies Transactions in foreign currenoes are reccrfjnised at the rate of exchan9e at the date of the transaction. Monetary assets and fbilitieS are translated into sterling at the exchange rate on the balanGe sheet date. Al exchange differences are rerngnised through the statement of financial activities. 1.8 Financial instruments Financial instruments are dassified and accounted for, acccidirwJ to the substante of the cctractUal arrangemenl, as financial assets or finanetal liabiSrknes. 1.9 Realised gains and losses I gains and losses are taken to Ihe Statement of Finanoa Activities as they arise. Realised gains and losses investments are calculated as the difference betweet) sales proceeds and their opening carrying value or their purchase value rf acquired subsequent to the first day of the financial year. Unrealised gains and losses a tl¢u1aled as the d[Ireren belween the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are C(tsned in the Statement of Financial Activities. 1.10 Taxation The charity is exempt from taxatM)n under 521 to 536 of the Incon7e Tax Act 2007. Invgstments 2021 2020 UK fixed interest UK dividends UK bank interest Overseas fixed interest Overseas dividends 873 1,427 349 14,276 4,865 2,291 2,827 773 21,790 5,891 Investrnent income for the year was attrilxrtable to Ihe Unrestrided IncLYne Fund 11
THE LORNA AND YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the financial year ended 5 Apnl 2021 Other Income 2021 2020 Royalties from YEDA 696.158 2,303,600 By a Deed OIASgnMenI dated 14 August 2019 roylieS due to Yuti Chemaiovsky were formally assigned to theTrustees unld fijrther notKe Ralslng Funds Expenditure on raising fiJnds dursng the year consisted wholly of investment management fees and was bank tharge$ which a atlributaile to the Unrestricaed Fund. 2021 2020 Bank fees 487 1,229 Analysis of expenditure on charftable activi 2020 ACC)untancY ServIS Legal fees Administrative ¢osts Alit Independent examination fee Tnjstee travel expenses 7,059 5,137 3,055 2.400 7.588 10,319 6,000 371 18,251 26.678 Grants and donations 785,089 803,340 26,678 12-
THE LORNAAND YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION NOTES TO THE FINANCIALSTATEMENTS (CONTINUED) For the financial year ended 5 Apnl 2021 Grants and donations Grants and donations paid to Charitab causes and instslLrtI. 2021 2020 British Immunology Soaety Universty of Surrey- Maluquer de Motes arwj Gutierrez Univetsity of Surrey- Mc Vey Pandha MS Society- Pingen BSRA- McGettrick arHJ Edwards Sh8ffield University- Wilson. Toth. BalntUC0 and FO"Lards Birmingham Universty- Dhruv Parekh and Davwj Thicket WHRI- PeettI and Cooper 20,000 83,500 95,981 106.764 143.790 98,138 142,908 785,089 Investrnents 2021 2020 Quoted invgstmgnts Fair value brought forward al 6 Aprffl 2tf20 Additions at cost Disposal prLKeeds Net gainsllosses on investments Unrealised gains on investrnents I.045.6 1.601,021 (1,012.595) 7,975 76.458 1,183.985 131,6901 {15,3611 (91,9081 Fair value at 5 Aprfl 2021 1.717.865 1,045,006 Invgstmènts at fair valuè conslst ol: UK holdlngs Fixed interesl securiti8S Quoted equities 784,293 179,449 822.938 88,357 Overseas holdings Fixed interest securities QiJot8d equities 428,477 325.646 133.711 Fair value al 5 Awil 2021 1,717,865 1.045.006 The net losses on Invesknent assels during the perJd were attributable to the Unrestrictsd Fund 13-
THE LORNAAND YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 Debtors 2021 2020 Amounts falling due wlthin one year. Accrued Ir Accrued irm from YEDA 349 458,651 351.522 351,522 459,000 Creditors: amounts falling due within one year 2021 2020 D¢?tiOnS grants Independent examination fee Audit fee AccoLFnlanGy fee 735,215 3,000 6,000 6,900 6,000 2,400 751.115 8.400 Related party transactlons The trustees are authorised by Ihe Trust Deed lo pay wofess*)nal clwrgeg to trustees engaged in a professional capatity on ts instrwfiorF ofthe other trustees. 14-
THE LORNAAND YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2021 10 Financial assets and liabilities The folh)wing are financial assets and liats'lities that qualify as basic financial instruments and are initially recryJnised at tr8nsactw)n value and subsequenty measured at their fair value. Financiai assets 2021 2020 Accrued investment income Accrued income from YEDA 36.570 351.523 349 458,651 388.093 459.000 Flnandal Llabilities Donations and grants payable 735,214 The f(Alowing are financial assets that qUafy as b*ic finanoal instruments arKI are inibally recognised at their transact value and subsequenuy measured at their fair value as al the banL% sheet date using the dosing quoted market price. Financial assets Investsnents 1,717,865 1,045,006 15-