REGISTERED CHARITY NUMBER: 207164 Report of the Trnstees and Financial St*tements for the Year Ended 31 December 2024 for Ceorge Edward Smgrt Homes
George F4lward Smart Homes Report of the Tru5tee5 for the YearEnded 31 December 2024 The trustees prcsent tlieir report with the financial statement$ of the charity for tlic yeai" ended 31 Decembcr 2024. The Iruslees have adopted the p]Dvisions of A¢countillg and Reporting by Charities.. Sialemeiil of Recominended Pra¢tice applicable to charities prwring tlieir accounts in accoi'danee with thc rinancial Reporting Standard applicable in thc LIK and Republic of Ireland (FRS 102) (effective l January 2019). Objectives and activities Aims: The primary aim of th# charity is lo provide quality ac¢0mmodatio care alld support for older people while acknowledging the Tights of each person to indcpuKlence that i5 fillly supported alld maintained in a stimuIaling environment. Thc charity's philosophy is bas on enburing individuals are liyalcd with resp, their dignity is prcserved al all time5 and their righi io privacy and confidentiality is alway8 observed. The Home encourdgcs and supports rrsidents in maintaining a full ]d contenteAI life whilst ¢nsuiing tliey have choic¢ and thc abillty lo convey thetr thoughts aud feelings about all asMs oftheir daily life. The FUtre. As of Decemb¢r 2025 George Edward Smart Homcs will transler its trade and net assets to Combe Hay. Gcorge Edward Snrt Hornes will cse on 31 December 2025 and Combe Hay will start January 2026. Significant aetivities: The charityhab continued to focus on its work on meeting the accommodation, G2re and support nced8 ofolder people in line with our objr£tiv¢s. The charity actively strives to inake a differnce in people'5 lives and in meeting residents, necds, wishcs and aspirations. Quality and Care Stsndards: We are registered with the Care Quality Con)mi&8ion (CQC) under thc Carc Standards Ath 21)00. Following the latest inspection the Home is actively working on thc wints raised by inspcctors to bring improvements and Chalig to 8yStems and prOcureS to provide go quality standards. The fvll report can be viewed by visiting the CQC wcb Site at www.cqc.org.uk or by contacting your Ivcal CQC office. Accommodation: The 14ome is r¢LFistered lo provide accommodation to a maximum occupancy of 60 residents, the oc¢upancy fluctuated during th¢ year and the Truslc£s are moniioring the siluation. The Horne bas six flatslaparttneiils givillg accommodation for two pcople although in the main th&se rooms have had single occupants. In addition to pennancnt residcllts the Home also provides rwite care acCommation. This has been well used with peoplc making reluTn visits with a view to long terni slay. Ncw rtsidents are assessed and accepted bascd OD ability lo mect necds. Fces include 24 hours a day care, all iD.cals and g¢nernl laundry. Residents can also make use of the dom&qti¢ laLLndry facility enabling them to inaintaill their indepcndence. Cleantngv is provided on a daily basis by the housekeeping lum. As a residcntial caTc home, il Is largely ¢xpccled for theresidcnls to be self cariii& howevcr the impletnentatioll of the policy introduced in 2007 for providing exts3 carc and suptx)rt if Tcsidents b0[ne frailcr and in need or additional hclp bas provd to bc bencficial and has prevcnted r&sidents having to move io other accommodation. Page I
Geor¥e FAlward Smart Homes Report of the Trnstees for the YeAr Endeil 31 December 2024 Objeetives and activities Trustees and management are WTnmiltI to JJJaintaiDing the buildiug to tlic highest standard, with ongoing upgrades and refurbl8hmts. Wb¢rever tK)ssible. work is conts3 lo local tradespcople and SLTppliers. aloiigside the Home's s.killed in-liouse inainlenance teatn. Gardens.. Our gardet)8 are a much-loved fcature of the Home, providing r¢sid¢nts with Telaxation, enjoyment, and acc&8s to varied outdoor spaces. Maintained by two full-lime gardenets. The team continually enhances the gardens by planting new shThbs, managing grnh, and creaiing fresh displays. Herbs and pr(Kluce aTe grown for use in the kitchffj while homegrown flowers brighten the inlcrior, adding to the Home's sclf_gutt¢iency. StnffIPeRnlle1: Managernent is appointed by Trusle&s. who a(*ively support staff development and trdining to tbe higlicst standard8. The CEO and Hcad of Home and seniorstatThold thequalifications required by national regulations. All Carc Managets are also workillg towards levcl 5 in mat]agem¢llL The largest staff group provides direct carc and supporL with most holding NVQ Levd 2 in Care. Othcr8 are currently working toward NVQ L£vcl 2 qualifications in efjrc. cleanin& and supw)rt services. Care Managers StRff CommunieAtion: With more than 80 cmployeas, Clear and eonsi3tent communication is e&8ential. This is achieved through daily handovers, monthly staff and managen]ent meetings, mollthly supervisions, and annual appraisals. Inforniation and MarketAllg: 111¢ Flome maintainb a coMphenslv£ rc¢ently rolthigncd website aIongside a widc range of print information leaflets. Thf%C matcrials aim to ensure the wider community 15 well-infornied alx)ut the Home and its services. Open days atLd Lommunity events a]so PTomole the Home. and vacan¢ics are regularly advertised in the loc press Pub]icBenefit The Charity follows the Charity Commissions guidance on Public Bcnefit when Teviewing its aims and objectives and when planning its activitirs. The Public Bencfii which is derived from the Charity's services and activitie8 is.. "to relieve Ih08e in necd due lo age. ill health ordisabilitybypmviding ruidential accommodation and per80nal 3(Kial care lo peTSODS mainly over 65 years of agc or younger if approved by the tnjslees. The Charity's area of operation AS h'orth Yorkshire and it currently serves the ScarlK)rough area. The Charity aims to complunent stalulory social carc and health service provisioii and as 8uch is designed lo provide value for money and equal access, without restrictio within its areas of opcrdtion. 'fhe Cbarity is mind1 of prcvailing social and tTonomic conditions and has dcmonstralcd through its continucd abilily to secure and attract new residcnts that il is achicving its objective. Thc service is also designed to med not only the indAvidual n(%ds of the rcsidents bul also the broad objcctives of goN'crnment policy. The Charity wntinucs to use ils financial and other resources to support a range of individuals who are Rn need of help and support. Invcstment inboth the fabric andqualily ofaccommodation as well as provisioi) of Irainiiig for staff in discharging their duties demonstrat&% ttle Charity's commitmalt to eoiitinuous servic¢ improvcments. CEwitable donations arc always US towards the fimding of such improvenients. Pag¢ 3
George Edward Smart Homes Report of the Trustees for the Year Ended 31 Dec¢mber 2024 nanciAI revie Goi1 concern The TrU81C have preparcd th¢ accounts on a going conccrn basis on the 01]d$ that the charity has healil)y bank balances and rcadily rliSable funds and a reasollable eXptatIOn that ongoing occupancy levels will be adequate for thc charity to continue to operate and, as such. thcre arc llo terial uncertainties regarding going collc¢rn. Future plans The Trnstccs will conliThuc to opctate the Home safeguarding and ruaintaining th¢ assets and rcsources of the Horne while providiiig facilities. care and support to all r&5idenls enabling a comfortable and safc living environm¢nl. Structure> governance and management Governing document The charity is govemcd by its Trust Deed dated 5 July 1963 and amendrd by supplemcntal deeds datcd 21 April 1980 and 27 May 2002 and is a registered charity numbcr 207164. The TDJStees continue to comply with Ibe requircments of the Cbarities Act 2011 88 amended and Ihc guidb"ne8 published by Ihc Charity Commission. Recruitment ind appointment of new trustees Thc appointment of new Trnstees is the rwnsibility of wntinuing Trnstees. The appoAntment of the chaimll and vice cbairman is by clection allnuaily at the annual general meetiJ)g. OrgAnisational structure Tru5tces norn]ally havc meetings six timcs a year to rcview the financial and operdtional management of the charity. as well as approving tK)Ii¢y, strategicplans and ensuring propcrgovemallce. Certain tasks are del¢galed to Tru5tcc Commitltts, the charity's day lo day financial and operational managevnent is delegated by thc Trustees to the Hd of Home. Induction alld training of new trustees The Trusttts induction process for thc appointment of n¢w Tn(¢5 is revIcw by the chaim)an and manager. I"rustecs, staff and residents are involved in the induction prncess. TnLStees havc leave to attend extemal COUTses appropriatc lo thcir role and spccial intere6L Reference and 4dmini5trative details Registered Charity number 207164 Principal address Stepney Drive Scarborough Y012 5DJ PasFe 5
George Edward Smart Ilomes Report ofthe Truste for the Year Ended 31 Decen)ber 2024 Ststement of truste, responsibilities The trustces are respollsilJle for prepariiig thc Rq)ort of the Trustecs and the financial statemaits in accordaii¢e witli applicable law and Unit&l Kingdom Accounting Standards (Ui)itcd Kingdom Gencrally Ae¢cpted Accoiiiiting Practice) including Financial RqK)rting Standard 102 "The Financial Rcporting Standard applieable in Ilie UK and Republic of Ireland" The law applicable to charities in England and WaI&8. thc Chariti&s Act 2011, Charity (Accoujils and Reports) Regulations 2008 and the provisions of the trust deed rquircs Ihc [nle¢S to prepare financial ststejncnts for each financial year which ve a truc and fair vicw of thc state of affairs of the charity and of the incoii)ing resourccs and application of rcsources, including the income and expendituo of the charity for that period. In preparing Iliose finarneial slalements. the In1C¢S atE rqllid to select suitablc aceounling wlÉcies and t[ apply them consistently. observe the methods and principles in the Charity SORP,. make judgements and estimates ihat are reasonable and Prud stste whether applicable accounting standards have bccn followed. subject to any material departures disclosed and explained in the funCIal stat¢n]ents' prepare the financial statemcnts on the going collcern basis unless it is inappropriate lo presume that the oharity will continuc in business. The tntstees are responsible for keeping proper accounting records which disclose with reasonable accuracy al any time the fman¢ial position of the charity and to able them lo ensure that ihe fJJ)ancial statements comply with the Charllics Act 2011, the C]wity (Accounts a1 RqKJrts) Regulations 2008 and the provisions of the trust dc£d. Thev are also responsible for safeguarding the assets of the eharity and haicc fortsking reAsonablc steps for the piEvcntion and detcction of fraud and other iTrCgulitAQg. Approved by or of the knard of streS on 2 October2025 and signed on its behalfby.. altcrson- Trustee <ql,.J Page 7
Report of tbe Independent Auditors to theTI'vstee8 of George Edward Smart Hom¢s M4ltters oil which we are required to report bv exception We Iiave nothing lo rcport in respcct of the follow'p.g matters where the Charities (Accounls and Reports) Regulations 2008 rcquires us to rcport to you if, in our OPllllOII- the iTJfoiination given in the Report of the Truste is inconsistetrt in ally matla] respccl with the fiiiaiiGial stala]]cnls; or sufficient accounting records have not been kept" or the fUcial sta1ffli:tS are not in agreejnent with the accounting records and return& or we have not received all thc ll]fornwtion and explanations we rcquire forour8udit. Responsibilities of trnstees As explained more fully in ihe Statement of TTUStees' Responsibilities, the truste¢s are responsible for the pr¢paration of the financial statemetlts which give a true and fair view. atld for such ll]temal control as lh¢ trustees ddcrmine is necessary to enable the preparation of fll7an¢ial statemellls thai arc free from material mi8Staternent. whether due to fraud or error. In preparing the financial Statements. tbe trust are rwonsiblc for 2&s&8sillg the charitys ability to continu as a going cOncCr disclosin& as applicable. matters relaied to going concern and using the goiiig wncern basis of accounting unless the trusl¢es eitber intcnd to liquidate thc charity or to cease operations, or have no realistic altenMtive but to do so. Oiir respon5ibilitics for the audit of the finhncial ststements We have becn appoint¢d as auditors under Section 144 of thc Charities Act 2011 and rewrt in accordancc with the Act and relevant regulations adC or havtng ¢ff1 thcreunder. Our objectives are lo obtain reasonable assurancc aix)ut whdber the fina781 stalemcThts as a whol¢ are free froin material niisstal¢menL hether due to fraud or error, and to issue a Report of the Indq)endent Auditors that includes our Opinio Reasonablc assurancc is a bigb level of assur8nce. but is not a guaranlee that an audit conduclfxl tn accordancc with ISAS (UK) will always dctect a matcrial misstatemeul when it exists. MisstaleJncnts can arise from fraud or crror and arc Consider matcrial if, individually or in thc aEgrcgate, they could reasonably bc eXpt¢d to influencc the ecotLOmiC dccisions of users takcn on thc basis of thesc financial statemcnts. The extent to which 0urpr(KedUr arc capable of detecting irregu]aritie4 including fraud is deLqiled below: Irrcgularities, including fraud, are instances of non-compliallce with laws and regulations. We design procedure8 in line th OUT respinsibilities. outli[L abov4 to dete£t matuial misslatements in respect of irrcgular1ti, including fraud. The extent to which our pr(lureS arc capable of dete£ting irrcgularitLes, including fraud is detailed bclow. Our audit procedures havc iDclude<L. Perfonning audit work ovcr the risk of management override of controls, illcluding reviewing accounting e81in]ates for bias and tcsting journal cntries and other adjuslmEnts for appropriateness" Reviewing minutes of meetings olthosc charged with governan Reviewitig fitmncial slaiement disclosures lo assess compliance with applicable laws and rcgula¢ions Enquiry of management and those Charg witb govemance conccrning wTrtCDtial litigation and claims. We consider that thcsc predUreS. tOEethcr with evidence acquired from our other audit work, provide an oudit approach enabling a reasonablc likelihood of dctcclion of irrcgularilies. A further d&£criplion of ourreSnS1bt1ttit for thc audit of thc financial statemcnts is lo(xted on thc fiinancial Reporting Council's wcbsile at www.frc.org.uklauditorsrcsponsibilitii%. This description fomjs part of our Report of Il)e Independent Auditors. Pag¢ 9
George Edward Smart Homes Statement of Financial Activities for the Y¢Ar Ended31 December 2024 2024 Total funds Unrestrictcd RcstricleJJ Elldowma funds 2023 Tot81 funds Notes Income and endowments from Donations and l¢gaci&g 1.426 IA26 10,000 Charitable thctivitie8 Provision ofaccommodatio care and support 2A42266 2,442266 1,776,025 Investnicnt income Oiher income 106,700 1,137 IOQ700 1.137 103,459 1,595 Totsl 25129 2551,529 1,891,079 ExpendfitUTe on C.harit8ble activities ProS1on of accomtn(Klatio care and support 1617N51 2,617,451 2.215.043 Net gains on invastrnents 115,668 115,668 409,792 NET INc0E 49,746 49,746 85,828 Ileconciliation of funds TolEkl fiJnd8 brought forward 4N7J44 424,143 249501 S,220,988 5,135,160 Total Funds carried forward 4597,090 424,143 249501 5,270,734 5,220.988 Th¢ notes forni pArt ofthcse financial stalemcnts Pagell
Gee Edward snrt Home8 C•sh flow 8tAtemeiit forthe Year Ended 31 December 2024 2024 Notes 2023 Cash flows fi'om operAting activities Casli gencrated from operalioi]s (152J36) 1338,939) Net ca8h used tn operating activities {152J36) 1338.939) Cash flow5 froln investing activities Pw'¢hase of tall[e fixed assets Sale of fixcd asset invcsttnenls h)tercst re1Ved Dividends reccived (8339) (29,275) 350,000 2,041 101,418 3,252 103,448 Net cash pmvtdcd by investing activitic5 23,161 424,184 Challge ill cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period (129,175) 85,245 283,793 198548 C&sh and eash equivalents atthe end of the reporting period 154,618 283,793 The notcs form part of those f]naocial statemcnts Page13
George Edward Sllrt Home8 Notes to the Fii)*ncial Statenients fortheyear Fnded 31 December 2024 Accounting polieies Basis of preparillg the rtnancial stli tements The funCIal statcmenl% of Ihc charity. which is a public b)efit cntity undcr FRS 102, have bcen prcpared in accordancc with the Cliarilies SORP IFRS 102) 'Accounling and Rq)ortuig by Cliariliw.. Statemcnl of Recommended Practs"ceapplicable to charities pr¢paring their accouiits in accordance witli the financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effeclivtr I Jalliry 2019),, financial Rqx)rting Standard I02 The Financial Reporting Standard applicable iii Ihc UK and Rcpubli¢ of Irelalld, and the CTharities Act 2011. Thc financial statements have bcen prepar&1 under the historical cost c0J)Ventio with the cxception of investments which are includ1 al maTket value, as mi)dified by the revaluation of certain asscts. tncome All incon]e is recogni81 in the Sialement of Financial Activities on¢¢ the charity has ¢ntLtlemenl to thc funds, it is probable that the incomc will bc received and the amount can be nieasurcd reliably. Government grants Govcrnment grants are recognised al the fair value of the asset received or receivable when there is reasonable assurance Ihal the eompany will comply with collditiolls allaching to thcm and thc grants will be rcceived. using the perfom]arLce model. Expenditure Liabilitics are recogM'S as expeDditurc as 500n as there is a legal 0rc0nstntive obligAtion committing the charity to that expendityrc. il is prolxible that a transfer of economic bencfits will be required in scttlement and ihe amount of the obligation can be measured reliably. Expcnditure is accowited for on an accruals basis and has b¢en cla&8ificd under headings thai aggregate all c4)st related to the calcgory. NVhcTe costs cannot be directly attribut to particular headillgs they have bcen allocated to activities on a basis con8isl¢nt with the usc of nxyurces. Tangible fixed assets Depreciation is provided at the following annual in order to wTite off the cost Icss estimated rcsidual value of asset over its eslin]ated useful life. Freehold property Fjxtures and fittings Motorvehicles - 20Q/o 011 Cost 'Ih¢Te is a capilalisation threshold of £l.IXJO fortangible fi] assds. Stocks Siocksare valued at the lower of ¢(tandett£all8ableva[Ue. Tixation The charity is exanpt fromt8x on its charitable aclivities. rund Iccounting unre3lTiCted funds can be used in accoTdancc with the charitable objeelives at the discretion of thc Restrlctcd funds can oaty bc used for particular r&8tricled puOseS within the objects of the eharity. R¢slrictions arisewhen Specifi by thedonor or when funds are raisd forparlicular rcstrictcd purposes. Pagc 15 conlinucd...
George Edward Smart Homfs Notes to the Financial StAtemeDts- eontinued for the Year Ended 31 Deceinber 2024 I)OntionS and legAei&s 2024 2023 Donations 1,426 10,o(x) Investmeut income 2024 2023 Income from un]isted invthnents Bank interest 103,448 3252 101,418 2,041 106,700 103.459 Income frotD chwritable *ctiviti&s 2024 Activity Provision of accommodatiw care and SUPPOrt 2023 Residents, fees 2,442266 1,776,025 Charitable activities costs Sup¢ costs (se£ Dote Costs ( te6) Totsls Pmvision of accommodatio carc and support 4483.451 134,000 2,617,451 Direct costs of charitable activifie5 2024 2023 Staff costs Cat¢ring, amcnities, mtxlicat and rates Insurancc Ligh4 h1 and wat Telephone Printing, postage aThl statLonery Rcpairs and maintentmce Clw)ing Websitc, computer and advE7ts Staff tsaining Staff welfare Gcnerdl cxpenscs Computcr cosls 1,839,009 170,121 33,534 184,769 7,103 9051 91,822 791 12,019 4J81 2248 34,043 14,157 I,5(,482 181,906 33,548 155.148 5,344 7.278 105,872 10,734 7,W)4 2,382 38,564 12,025 CarTied forward 2,409,848 2,072,827 Page17 continued...
George Edward Smthrt Homes Note5 to the Finxncial St*tements- continued for the Year Ended 31 December 2024 Support costs- continued Govei'llAnee costs 2024 2023 Provision acconunodatioi), care and support Total activities Auditors, remunerntion 7000 Auditors, ren)uneration 2023 Fecspayable lo Ibe clwitgs auditOTS forthe audit olthe ¢l]aritys financial stateMets 7,800 8.360 Trustses, remuneration alld benefits Therc were no tnTStees' remuneratton or otber benefits for th¢ year ¢nded 31 December 2024 nor for the year ended 31 Dcc¢mber 2023. Tnee5, expenses Th¢Te were no Irustces. expens paid for the year euded 31 Dttember 2024 llor for the year ended 31 December 2023. io. Staff costs 2024 2023 Wagcs and salari&s Social security ( Oihcr pension w8ts 1,761,966 128,367 52,704 1.396,989 97,599 47.837 1943,037 1.542.425 The avcrage monthly nun]ber of employecs during theyearwas as follows: Care staff Domcslic, catering, mainteanCe, garden Support staft. 2024 2023 37 29 32 75 67 Page 19 continucd...
George Edrd Smart Homes Notes to tlte Financial Statements- eontiiiued for tht Year Ended 31 Decelnber 2024 12. Tangible fixed Assets Fixtures Fre£hold property Motor vehicles fittings Totals Cost Al l January 2024 Addition5 lJ13,855 907,035 83.539 35,678 2,256568 8339 At 31 Dc¢ember 2024 lJ13055 990,574 35,678 2,340,107 Depreeiatio At l January 2024 Charge for year 715571 34,777 824,986 38,826 35.678 1,576,235 73,603 At 31 December2024 750J48 863012 35,678 1,649,838 Net book value At 31 Deccmber 2024 s637 126,762 690,269 At 31 Dccernber 2023 598.284 82,049 680,333 The markct value of the frechold pn)perty on a (aurcnt use basis is estimatcd by the trustees to be in the region of £3,5(Xl.000. 13. Fixed asset investments Unlist inveslma Market value At l January 2024 Revaluations 4J27,573 115,6( At 31 December 2024 4,443241 Net book value Ai 31 December 2024 4.443,241 At 31 De¢etnber 2023 4,327,573 Thcre we no iDvesttnent outside the UL The unlistcd invcsttnents portfolio at 31 Dccember 2024 is as follows".- 2024 2024 2023 Market Market value valuc 2023 Cost Charilies Official Inveslment Fund tncome Fund 3,777.744 2,094,225 3,694.288 1094,225 Page21 continued...
George Edward Smart Homes Trlotes to the Finincial Statements - continiIed for the Yeir Ended 31 Dccember 2024 16. Creditor5: amounts falling due within oneyear 2024 2023 Trade ¢redTtors Other creditors Accruals and deferr incom¢ 37,593 54J07 27.926 39,761 73,579 78,854 119,826 192,194 17. Leasing Agreements Miiiimum lease paYll]tS under non•cancellable operating leases fall duc as follows.. 2024 2023 'ithin one year Between onr and five ycars 11947 24.089 10,641 33,098 36.036 43,739 Includcd within the costs of charitsble activities are chaTges relating to operatlng lease rentals of £11,947 {2023- £11,036). l& Movement in fullds movemcnt in fimds At 1.1.24 Unre5tiic¢ed funds Gener fund Dcsignateil tninibus fimd 4,513,010 34J34 49,746 4.562,756 34J34 Restricted funds Extraordiw repairs fiuKI 4547J44 49,746 4,597,090 424,143 424,143 EndoTrvment funds Fertnanent cndowmert fund 249501 2493)1 TOI'AL FUM)S $220,988 49,746 5270,734 Page 23 colltinued...
George Edward Smart Hovnes otes to the FinRnci*l Statenients- continiied for tbe Year Euded 31 December 2024 Movement in funds- continued 18. Tlie charity's governing trust deed requires tl)e lrnslces to cstablish an extraordiiwry repairs fuiid foT the puoJ)se of providing for extraordinary repaiTS, improvejnenl or rebuilding of tlie Hoines. The cxtrdordinary repaiTS fund i5 lo be established and maintsincd out of income of the clwity. The initial documents setting up the charity slipiilated that a pernianent endowment fund be created, the llicome from wluch would be used for thc generdl niillihng of the Homes. 19. En)ployee bellefit obligations P¢llsion contiibuuons amounting to £22,899 (2023 - £19.784) weredue at the balance shect date. 20. Related party disclosures A family rnemb of a trustee is employed by the charity in an administrdtxve rol4 also acting as clerk to the trustecs. This apw)intment was made in opa) compctition aiid the trustee was not involved in the decision-making process regarding appointmcnl. The mle is paid at an independ6ntly commercial level wholly commen5ufdte with thc individual's qualification ana contribution to the charity and relveS no special treatment as a r&8ult of the relationship to a trustee. 21. Financial assets alld liabilities 2023 FI[nCIal asscts measurcd 8t fair value through SOFA 4,413,240 4,327,573 Financial asstts measurcd at fatr value c4miprise inv&stments held al market value. Pagc 25