REGISTERED CHARITY NUMBER: 1194083
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 March 2024
for
SHAKESPEARE’S SCHOOLROOM TRUST
SHAKESPEARE’S SCHOOLROOM TRUST
Contents of the Financial Statements FOR THE YEAR ENDED 31 MARCH 2024
| 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 | 14 |
| Detailed Statement of Financial Activities | 15 | to | 16 |
SHAKESPEARE’S SCHOOLROOM TRUST
Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present their report with the financial statements of the Charity for the year ended 31 March 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the Charitable Incorporated Organisation is for the public benefit is to:
1) preserve and maintain the property known as Shakespeare's Schoolroom and Guildhall, Church Street, Stratford-upon-Avon, Warwickshire which is of particular historical and architectural interest; and
2) establish and maintain a museum in the property.
Significant activities
Shakespeare's Schoolroom Trust operates from the 600-year-old building where William Shakespeare went to school. It shares the use of the building with King Edward VI school which uses the building as a classroom every day. The museum offers guided tours through the building including a Tudor school lesson with Shakespeare's teacher. Through the year, it welcomed 31,000 visitors from all over the world including over 5,700 school students from the UK and Europe. Work was done on the building in relation to the lighting and accessibility infrastructure.
Public benefit
The Trustees have had due regard to the Charity Commission guidance on public benefit in deciding what activities the charity should undertake and confirm that all the charity's activities are undertaken to further our charitable purposes for the public benefit.
Volunteers
An average of 35 volunteer guides participated over the course of the year. Volunteer hours totalled 4,326, or 1,442 3-hour guiding shifts. The museum was open for 6 hours per day for 363 days in the year.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
In the course of the year, the museum welcomed 31,000 visitors from all over the world. This included over 5,700 school and university students from the UK, Europe, Asia and the USA. Visitors learnt about the school, the town, the Shakespeare family and, in particular, the early life and education of William Shakespeare.
Maintenance work was carried out on the building throughout the year and included the installation of a new rooflight to replace the light installed during the restoration in 2016. Other maintenance activities at no, or minimal, cost were shared with the school.
Raising of funds
The main source of funds, around 75% of the total, is ticket entry to the museum. Revenue from the giftshop provides around 23% with a small amount of other income from evening events including the annual Christmas wine-tasting with local independent vintner, Vin Neuf.
FINANCIAL REVIEW
Financial position
During the year, total income was £314,285 (2023 - £258,618). The main source of income was museum entry fees of £236,895 (2023 - £180,232) with £71,543 (2023 - £55,295) raised from retail sales. Costs relating to the upkeep of the Guildhall totalled £321 (2023 - £5,921) with costs of providing the museum being £207,635 ((2023 - £192,231) costs relating to the raising of funds totalled £88,289 (2023 - £77,329). Total net income was £18,040 (2023 - net expenditure £16,863).
Page 1
SHAKESPEARE’S SCHOOLROOM TRUST
Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024
FINANCIAL REVIEW
Reserves
Reserves are held to help the charity operate effectively. Trustees monitor the level of reserves held throughout the year. In this way trustees will be aware of the build-up of excess reserves or of reserves being unexpectedly or rapidly depleted.
At the year end, there were total unrestricted reserves of £79,607 (2023 - £61,027).
FUTURE PLANS
It is the intention of the Trustees to continue to drive the increase of museum admissions to fund the preservation of the buildings for the benefit of the Grammar School of King Edward VI of Stratford-upon-Avon which owns the building as well as for those with historical and architectural interest and the wider community, particularly those with an interest in the life of William Shakespeare.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity is governed by its Constitution, signed by all formation Trustees on 29 March 2021. The Charity is a Charitable Incorporated Organisation, registered on 14 April 2021.
The Trustees are determined to ensure good practice is followed and are aware of their obligation to abide by charity and other relevant law including the reporting of adverse incidents occurring in the life of the Charity to the relevant authorities, as necessary.
The Board meet regularly throughout the year to review the activities of the Charity.
Recruitment and appointment of new trustees
The constitution states that there must be at least three trustees at all times. If the number falls below this minimum, the remaining trustee or trustees may act only to call a meeting of the charity trustees, or appoint a new charity trustee. There is no maximum number of charity trustees that may be appointed to the CIO.
The Trustees may at any time decide to appoint a new charity trustee, whether in place of a charity trustee who has retired or been removed in accordance with the constitution, or as an additional charity trustee. Trustees are elected to serve for a period of three years at a time.
Induction and training of new trustees
The Trustees will make available to each new charity trustee a copy of the constitution and a copy of the CIO's latest trustees' annual report and statement of accounts.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1194083
Principal address
King Edward VI Grammar School Church Street Stratford-Upon-Avon CV37 6HB
Trustees
A P M Bird OBE (resigned 5.2.24) J R Downes C A Hill D Austin (appointed 5.4.24)
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SHAKESPEARE’S SCHOOLROOM TRUST
Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Conor G O'Sullivan Haines Watts Chartered Accountants Bath House 6 - 8 Bath Street Bristol BS1 6HL
Bankers
Lloyds Bank Plc 25 Gresham Street London EC2V 7HN
Approved by order of the board of trustees on 30 January 2025 and signed on its behalf by:
D Austin - Trustee
Page 3
Independent Examiner's Report to the Trustees of Shakespeare’s Schoolroom Trust
Independent examiner's report to the trustees of Shakespeare’s Schoolroom Trust
I report to the charity trustees on my examination of the accounts of Shakespeare’s Schoolroom Trust (the Trust) for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Conor G O'Sullivan The Institute of Chartered Accountants in England and Wales
Haines Watts Chartered Accountants Bath House 6 - 8 Bath Street Bristol BS1 6HL
30 January 2025
Page 4
SHAKESPEARE’S SCHOOLROOM TRUST
Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2024
| 2024 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 3,803 Charitable activities 4 Establish and maintain museum 236,895 Preserve and maintain Schoolroom and Guildhall 2,044 Raising funds 3 71,543 Total 314,285 EXPENDITURE ON Raising funds 88,289 Charitable activities 5 Establish and maintain museum 207,635 Preserve and maintain Schoolroom and Guildhall 321 Total 296,245 NET INCOME/(EXPENDITURE) 18,040 RECONCILIATION OF FUNDS Total funds brought forward 61,027 TOTAL FUNDS CARRIED FORWARD 79,067 |
2023 Total funds £ 14,549 180,232 8,542 55,295 258,618 77,329 192,231 5,921 275,481 (16,863) 77,890 61,027 |
|---|---|
The notes form part of these financial statements
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SHAKESPEARE’S SCHOOLROOM TRUST
Balance Sheet 31 MARCH 2024
| 2024 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 12 4,417 CURRENT ASSETS Stocks 13 24,246 Debtors 14 26,431 Cash at bank 61,379 112,056 CREDITORS Amounts falling due within one year 15 (37,406) NET CURRENT ASSETS 74,650 TOTAL ASSETS LESS CURRENT LIABILITIES 79,067 NET ASSETS 79,067 FUNDS 16 Unrestricted funds 79,067 TOTAL FUNDS 79,067 |
2023 Total funds £ 1,444 12,588 13,421 56,622 82,631 (23,048) 59,583 61,027 61,027 61,027 61,027 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 30 January 2025 and were signed on its behalf by:
D Austin - Trustee
The notes form part of these financial statements
Page 6
SHAKESPEARE’S SCHOOLROOM TRUST
Notes to the Financial Statements FOR THE YEAR ENDED 31 MARCH 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the Charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Shakespeare's Schoolroom Trust is a Charitable Incorporated Organisation in England and Wales. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. The address of the registered office is given in the charity information on page 2 of these financial statements.
The financial statements are prepared in sterling which is the functional currency of the charity and are rounded to the nearest £.
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concern.
Income
All income is recognised in the Statement of Financial Activities once the Charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Donations, gifts and grants are accounted for when received. Income tax in relation to amounts received under gift aid is included in the same period as the income to which it relates.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Allocation and apportionment of costs
Support costs have been apportioned on the basis of income between raising funds and charitable activities: establish and maintain museum.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost Computer equipment - 33% on cost
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
continued...
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SHAKESPEARE’S SCHOOLROOM TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
1. ACCOUNTING POLICIES - continued
Taxation
The Charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees.
Financial instruments
The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the charity's contractual obligations are discharged, cancelled, or they expire.
2. DONATIONS AND LEGACIES
| Gift aid Donations Revenue grants received |
2024 £ 2,713 1,090 - 3,803 |
2023 £ - 4,139 10,410 |
|---|---|---|
| 14,549 |
continued...
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SHAKESPEARE’S SCHOOLROOM TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
| 3. RAISING FUNDS Guidebook sales Retail sales 4. INCOME FROM CHARITABLE ACTIVITIES Activity Admissions and related income Establish and maintain museum Sundry income Establish and maintain museum Admissions and related Preserve and maintain Schoolroom and income Guildhall 5. CHARITABLE ACTIVITIES COSTS Direct Costs (see note 6) £ Establish and maintain museum 37,099 Preserve and maintain Schoolroom and Guildhall 321 37,420 6. DIRECT COSTS OF CHARITABLE ACTIVITIES Wages Social security Pensions Upkeep of Guildhall Ticketing costs Event costs Depn of computer equipment |
2024 £ 7,411 64,132 71,543 2024 £ 235,928 967 2,044 238,939 Support costs (see note 7) £ 170,536 - 170,536 2024 £ 25,942 134 154 85 6,417 4,180 508 37,420 |
2023 £ 5,248 50,047 55,295 2023 £ 180,227 5 8,542 |
2023 £ 5,248 50,047 |
|---|---|---|---|
| 55,295 | |||
| 188,774 | |||
| Totals £ 207,635 321 |
|||
| 207,956 | |||
| 2023 £ 26,242 113 136 1,537 9,573 4,494 473 |
|||
| 42,568 |
continued...
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SHAKESPEARE’S SCHOOLROOM TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
7. SUPPORT COSTS
| Governance Management costs £ £ Other trading activities 48,138 3,363 Establish and maintain museum 159,399 11,137 207,537 14,500 Support costs, included in the above, are as follows: 2024 Establish Other and trading maintain Total activities museum activities £ £ £ Wages 33,615 111,309 144,924 Social security 1,069 3,537 4,606 Pensions 501 1,658 2,159 Light and heat 4,981 16,493 21,474 Insurance 721 2,389 3,110 Cleaning 809 2,679 3,488 Maintenance and safety 209 691 900 Postage and stationery 366 1,213 1,579 IT software and consumables 509 1,688 2,197 Marketing 3,674 12,166 15,840 Sundries 337 1,116 1,453 Bank charges 1,141 3,778 4,919 Depn of computer equipment 206 682 888 Examiner's remuneration 580 1,920 2,500 Examiner's remuneration for other work 2,783 9,217 12,000 51,501 170,536 222,037 |
Totals £ 51,501 170,536 222,037 2023 Total activities £ 135,529 4,275 2,049 11,660 2,400 3,624 1,560 1,159 1,285 16,708 2,527 3,452 206 2,500 14,385 203,319 |
|---|---|
8. EXAMINER'S REMUNERATION
Amounts payable to the independent examiner for independent examination and other accounting services were £2,500 (2023 - £2,500) and £12,000 (2023 - £14,385) respectively.
continued...
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SHAKESPEARE’S SCHOOLROOM TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
10. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Average number of employees No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Establish and maintain museum Preserve and maintain Schoolroom and Guildhall Raising funds Total EXPENDITURE ON Raising funds Charitable activities Establish and maintain museum Preserve and maintain Schoolroom and Guildhall Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward |
2024 2023 18 19 Unrestricted fund £ 14,549 180,232 8,542 55,295 258,618 77,329 192,231 5,921 275,481 (16,863) 77,890 |
|---|---|
11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
continued...
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SHAKESPEARE’S SCHOOLROOM TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Unrestricted | ||||
|---|---|---|---|---|
| fund | ||||
| £ | ||||
| TOTAL FUNDS CARRIED FORWARD | 61,027 | |||
| 12. | TANGIBLE FIXED ASSETS | |||
| Fixtures | ||||
| and | Computer | |||
| fittings | equipment | Totals | ||
| £ | £ | £ | ||
| COST | ||||
| At 1 April 2023 | 116 | 2,036 | 2,152 | |
| Additions | - | 4,397 | 4,397 | |
| At 31 March 2024 | 116 | 6,433 | 6,549 | |
| DEPRECIATION | ||||
| At 1 April 2023 | 29 | 679 | 708 | |
| Charge for year | 29 | 1,395 | 1,424 | |
| At 31 March 2024 | 58 | 2,074 | 2,132 | |
| NET BOOK VALUE | ||||
| At 31 March 2024 | 58 | 4,359 | 4,417 | |
| At 31 March 2023 | 87 | 1,357 | 1,444 | |
| 13. | STOCKS | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Stocks | 24,246 | 12,588 | ||
| 14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Trade debtors | 23,181 | 12,308 | ||
| Prepayments and accrued income | 3,250 | 1,113 | ||
| 26,431 | 13,421 |
continued...
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SHAKESPEARE’S SCHOOLROOM TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Social security and other taxes VAT Accruals and deferred income |
2024 £ 3,958 2,935 10,623 19,890 37,406 |
2023 £ 4,143 3,065 6,800 9,040 |
|---|---|---|
| 23,048 |
| 16. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
At 1.4.23 £ 61,027 61,027 Incoming resources £ 314,285 314,285 At 1.4.22 £ 77,890 77,890 |
Net movement At in funds 31.3.24 £ £ 18,040 79,067 18,040 79,067 Resources Movement expended in funds £ £ (296,245) 18,040 (296,245) 18,040 Net movement At in funds 31.3.23 £ £ (16,863) 61,027 (16,863) 61,027 |
Net movement At in funds 31.3.24 £ £ 18,040 79,067 18,040 79,067 Resources Movement expended in funds £ £ (296,245) 18,040 (296,245) 18,040 Net movement At in funds 31.3.23 £ £ (16,863) 61,027 (16,863) 61,027 |
Net movement At in funds 31.3.24 £ £ 18,040 79,067 18,040 79,067 Resources Movement expended in funds £ £ (296,245) 18,040 (296,245) 18,040 Net movement At in funds 31.3.23 £ £ (16,863) 61,027 (16,863) 61,027 |
|---|---|---|---|---|
| 18,040 | ||||
| At 31.3.23 £ 61,027 61,027 |
||||
| 61,027 |
continued...
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SHAKESPEARE’S SCHOOLROOM TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
16. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 258,618 258,618 |
Resources Movement expended in funds £ £ (275,481) (16,863) (275,481) (16,863) |
|---|---|---|
17. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
In the prior year the Charity agreed to take on the activities and assets of KES Trustees Ltd for which Mr Bird (who was a trustee) was also a director of the company. Net assets totalling £3,244 were transferred to the Charity at fair value.
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SHAKESPEARE’S SCHOOLROOM TRUST
Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2024
| INCOME AND ENDOWMENTS Donations and legacies Gift aid Donations Revenue grants received Raising funds Guidebook sales Retail sales Charitable activities Admissions and related income Sundry income Total incoming resources EXPENDITURE Raising funds Opening stock Cost of goods sold Depn of fixtures and fittings Closing stock Charitable activities Wages Social security Pensions Upkeep of Guildhall Ticketing costs Event costs Depn of computer equipment Support costs |
2024 £ 2,713 1,090 - 3,803 7,411 64,132 71,543 237,972 967 238,939 314,285 12,588 48,417 29 (24,246) 36,788 25,942 134 154 85 6,417 4,180 508 37,420 |
2023 £ - 4,139 10,410 14,549 5,248 50,047 55,295 188,769 5 188,774 258,618 13,511 28,642 29 (12,588) 29,594 26,242 113 136 1,537 9,573 4,494 473 42,568 |
|---|---|---|
This page does not form part of the statutory financial statements
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SHAKESPEARE’S SCHOOLROOM TRUST
Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2024
| Support costs Management Wages Social security Pensions Light and heat Insurance Cleaning Maintenance and safety Postage and stationery IT software and consumables Marketing Sundries Bank charges Depn of computer equipment Governance costs Examiner's remuneration Examiner's remuneration for other work Total resources expended Net income/(expenditure) |
2024 £ 144,924 4,606 2,159 21,474 3,110 3,488 900 1,579 2,197 15,840 1,453 4,919 888 207,537 2,500 12,000 14,500 296,245 18,040 |
2023 £ 135,529 4,275 2,049 11,660 2,400 3,624 1,560 1,159 1,285 16,708 2,527 3,452 206 186,434 2,500 14,385 16,885 275,481 (16,863) |
|---|---|---|
This page does not form part of the statutory financial statements
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