The Church Welfare Association (Incorporated) (a charitable company limited by guarantee) Company Number 00112964 Charity Number 209992 REPORTS AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2022
CONTENTS Pa 34 Reference and Administrative Infomiation Council Mémbers, Re Indepèndent Examiner's Re Income and Ex nditure Account Balance Sheet Notes to the Financial Statements 10 12-16 Page 2of 16
The Church Welfare Association (Incorporated) (a ¢hariiable company limited by 9uarnnt8e) REPORTS AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 REFERENCE AND ADMINISTRATIVE INFORMATION Status Th• Church Waifare Assodakn Is a chai1180 c(rfnpany li by guarnnt8e and having a share capbtsl. iTK£Aporated on 30 November 1910. and registered 8$ a tharity on 18 Cttober 1962. REGISTERED COMPANY NUMBER: 00112964 REGISTERED CHARrrY NUMBER.. 209992 Regl$tored Offlce.. 25 Ctittingh$ Drh Norwid) NR6 6PS Llnkod Charltlos The follrmlng tharilles Ilnked wlth The Churth Wellare AsstsS8tlon w8re removed by The Chanty Commission from register of tharitb&S in tho year. FELLOWSHIP OF ST MICHAEL AND ALL ANGELS TRUST FUND- Registered Charity Number. 20999211 tRemoved (&e to exisll 14 January 20221 LEICESTER HOME SCHOOL- Regisigr8d Chafity Numbgr.. 20999213 IRemovd (ceased to èxlst) 14 January 202 Tru$t•es l Dlrnctorn Tho folkwng tmste6s {th8 Coundll are aleo direLors of the c*arltable o)mpany.' Lorralne Briffitt (Chairl lfrom 7 July 2022] Adeline CO Iresigned 7 Juty 2022] Daphne C(KJk Ichairl Ire$vJned 7 July 2022] Margaret Fufford Ire51gnod 7 Juty 20221 Rav Hugo Foxwood Ilrcrfn 7 July 20221 Madelaine L¥)ddard (Vice Chairl Sylvia Hafford Iresvjned 7 July 2022] Mark Heyboumg (Secretary until 7 Juty 2022, Twstee from 7 Juty 2022) Gillian Reevè Iresigned 1 March 20221 LirKla Salier Iresigned 7 Juty 2022] Laursnce Singlehurst tlrom 7 Juty 2022] Mark Wakelng (Hon. TSurer) Logal Advlsers Anlhony Colllns Solidth LLP 134 Edmund Street BlmilnghI B3 2ES Page 3 of 16
The Church Welfare Association (Incorporated) (a ¢harilat4e cijmpany linlted by guaTantee} REPORTS AND ACCOUNTS FOR THE YEAR ENOED 31 DECEMBER 2022 Inveslment Advisors Chades Stanl•y & Co. Llmited 55 Bishopsgote LoThkn EC2N 3AS Epwh Investrngnt Managtrnent Umlted 9 Bonhill Street Lonth)n ECZ4 4PE CCLA Inveslmenl Manag8mant Limrbj 85 Queen Victori8 Street Lorthn EC4V 4Er Bankers Lloyd$ Bank plc 25 Gresham Strget London EC2V 7HN COUNCIL MEMBERS, REPORT The CouncAI ol Trustses and th& dirgctys of thg chailatjle company have PaSure In submlthng thr Council Memberfs Annual Ram *nd A¢(nts for tha year erbjed 31 December 2022. STRUCTURE, GOVERNANCE AND MANAGEMENT Structure The company is Imited by guarantge and dogs not have a share capTtal. M8mb8ts of the charity guar8nl¢e to conlribuie an amjnI t exceediThJ £1. to Ihe charity Sn th8 eV8nl of winding up. Govomlng Document The company was inc4Yporated on 30 November 1910 under a memorandum of association, which estatl$he the objects and Fth%WS of the charitable company. and il is goverr under its arbdes of associalion as amerKled by special resoluti¢x)s pass on 19 November 1953, 18 February 1954 and 25 October 1995. 8nd r8sokJtion mad undor SectKJn 74121 of The Charitie5 Act 1993 on 25 January 1999. Page 4 of 16
The Church Welfare Association (Incorporated) la chafiiable company limiled by guarantee) REPORTS AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 Management Trut••s The Council of Trustses detemkne the genèral p)IKy of the Asswation. It Is the poli of the Asscrfjabon lo #chi& Ihè ob)8cts of the Asscdation. Collaborntlv• Agr••rn•nt A Collaborali Agreement Charity and Beyotvj ihe Stre¢ts IBTSI sKJned on 20 June 2022 inclwjes the pwsion of adminlslralive swFort by BTS. Do•d of Grant A Deed of Grant Agrernt betr•4èèn the Charlty Igrantorl and BTS Igrante81 slgnèd on 7 July 2022 makes a corKlitional provision for a grnnt of £163,125 annualty befvleen 2022 and 2026. OBJECTS Thè Association is an ¢stablished ¢(ffPOTalion administering monies for ihe benèfit of Sodal Work in connection vthh the Churth of England. It ¢an also.. maks maintenance grants to rnsidenti81 projects undertaking the shellgr, training or rehabilliation of women or glrls, wbthoul inf8nts, in ne&d of care and moral support" 2. support Day Care prciects dgswJned to a$t and $LVWJrt thildren, p8rticulèrly single par•nt familYa$, 8nd- 3. 8Ct as Custlan Trustee f(Ir relevant PTopeities. and grants to retired persons who h8ve work8d on Church Social Work. Tho aim¥ and obiectsves crfeach ¢harity linkod to the As$ction in Ihe yearwere". The mainlgnance of a home for lh8 use ol w(Knen or girfs of better edLThtion and so¢lal F£¥sition who have fallen and ar8 not surtab16 for ordlnary rnalwnity homos or lor rescue work in the (FELLOWSHIP OF ST MICHAEL AND ALL ANGELS TRUST FUND) For frjrthering moral wetrare work wnory %brJmen ILEICESTER HOME SCHOOLI DIRECTORS. RESPONSIBILrriES The directors are resFrt)wble for epari the rewwi of the Trusta8s and the financial statements in 8ccordance with applirble and Unite(l Kingd Gèneralty Accepted Accounting Praclice {UK &WI. The directors 8re required to pare the report of the Tnjstees and finan(•Jl ststements for each finarrial period. which gtve a true and fair ¥1 ofthe state of affairs of the charitsble o)mpony and of ts incomiry resour(s and awli(abon ol resources, including Page sof 16
The Church Welfare Association (Incorporated) (a charilable wmpany lThited by guarantee) REPORTS AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 income and expenditure for the In prepariThJ those finanual statements a¢counls. the directors are rw4uired to." selèct suitable 8¢u)untlng policies aThJ th8n 8wty them COrlstenY.' make judgements and estimales that are reasonalje and prudent., Stale whether ap1¢able accounling Standard5 and stalements of rec<xnmended practsce have bean folbwed, subiecl to any material departures discjosed and expLained in the finan¢ial statements: prepare thè accounts the wing conCM ba818 unbss il is inapprcprlale to presume that the company will ntsnUè In operation. The directors are responsible for keeping adequate accounting rècords which disclose wSth reasonable accuracy al any time th& financtral F¥)sibon of the ¢rrfnpany and lo enable them to ènsure that the financi81 statements comply wÉth the Companies Act 2006. Thgy ar8 81s0 responsible for safegv8rdlng the assets of tho compgny and hence for takbng r8asonable steps for th$ prevention and det¢dion ol fraud and olher irregulari.•$ This rèport h8s b8en preparod In aecordance Vlilh Ihe small o)mpanlès r8gim8 under section 419121 of the Companies Act 2006, and in accord8n¢e with Accounting and Rgporbng by Charitigs.. Statem8nt of Re¢ommend8d Practice *FWicab to charftlos preparing their accounts in accordance th FRS 102. ACHIEVEMENTS AND PERFORMANCE Background Th& Purpose of the Chwch Wellare Assoc4ation Is to SLt for woman wl have been expk)iled or are al risk of being exploitad through prostitull¢)n. Its alms have wdeMd over the yews to support resident1 8nd day Care prgects. holiday clubs, parttiNj ¢ourses for leentyers etc., most of which fiJncts'on in deprivad are88. Povaty disproportionalety affects women and children 8nd mst projecis in this rield olwork function on very tight gets, ualty wth the invalua8 h&lp of many volunteers. Publ1¢ Benefft The ChUh Wetrare Associa is a pmknlic benefft entity urbjer FRS 102. The Trustsgs have Lmdertaken lo ensurv ¢0mplian wth the Charity Comml$$ion's public benefit gUklar when setting grant-making policy aThJ reviwwng the aims and objectives of the charity, arKI of the ¢hanlies linked lo IL Summary of the Year 2022 was a year of great charKJe. seeiThJ a significant Char of faces on ihe Board. Continuing lo be admirably led by Daph Cwk as Chair of Trustees until the AGM and Board Meèttng in July 2022. the incredie legao of Board mernbers who laithfvlly served and offered tr1[ wisdom drew to a dose. Thts was an intentional culmination of 3 years, prayerful refiections. as per Daphne's words in our 2021 'The work of CWA will start a new thapter.. Page 6of 16
The Church Welfare Association (Incorporated) la charitable cornpany limited by guardnteel REPORTS AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 I would like lo thank all the Truslees who stepped drywn in Juty 2022, Their time and ¢ommitrnent has poS¥Y impacled so many lives and charilable activibes ovèr the last decado. of the most signrficant impacts is the CollatK)ralion beknn CWA and Beyond the Streets - given the recognition of a shared mission. We look fOard to continuing lo dèvekjp this partnership. confid1 that we can positively impact the amount of appropriate support f(Kwomen VLlnorable lo sexual exploits across the UK. During the year, the TrLbslees rnel online on Z(N)m. and in person in London In July 2022. The Boafd mel lo review applications ar award frJrKlin9 where there was resonance and 8llgnment th8 core obi•ctsvos ol CWA. As the year drew to a close, a renewed commitment to focus on tho original objectivos- supporbng women curTentty, or al risk of being, exploitsd through prostitution- has drawn on the Board's kgacy of lanseMr¥J Trustees gnd ullllsad t diverEe 9XperiCe of nower Board membe. I would rSOnalty like to thank 811 of tho Board Members who Stepped down In July 2022. Your dillgenc¢ lo hold CWA ovér tht yaars has ffant nvm&rous projects have offered vitsl support lo w¢)men experienung sexualty exploitation. I have laken up the balon and will do 8111 Gan lo ensure we continue to evc4ve lo supwrt vulnerable women, develop Innovative support through bjnding and tsrget fiJnding that has kindngss and inclusSon 8t its heart. Lorraln• BrSffitt Ch•lr of Tru8t•e• FINANCIAL REVIEW Summary of Tran8a¢tions and the Flnanclal Posltlon as at 31 December 2022 Dvrfng Iho year under revbw tho valuè of the Churth W*lfare AssociaOn Iln(rrporal8dl lunds decreased overnll to £1.252,59312021.. £1.631,2581 as shovm on Pa9e 10 oftho finan¢i81 slatements. The tharity distributed 13 grants to v#rkyJs org8nisatlons anK)unting lo £196.12512021". £80,10)l. Grants awarded to Ihe tharity Boyond Ihe Stseots comprised the first of five annual grants of£163,125 but Wh Temained unpaid as at 31 December perKling a transfer of funds12021.. £48.500, including £15.)0 authorised in 2020 but awarded latel. Smaller grants paid to other organisations wothTrJ witr) wcrfnon expgri•ncin9 or Vulnerab to sexual ewoitation were.. £3.500. The Boat Tnjst tDi¢Jcese of Manche5tsr] costs lorat-tisk asylum-s8ek#yJ in sh8r8d housing £3.000, Jacobs Wdl tDK)cese of Derbyl R8s1O Pe¢l £3.(N]O. lknnls Iclapham, Diocese of Southwark] Safe hotjw forwomen in SeXualxploativé stluatsons Page 7 of 16
The Church Welfare Association (Incorporated) (a charriatAe company Ivnried by guarantee} REPORTS AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 £3.000. All Souls Serve The Cty tDK)cese of Londonl £3.000. Yasha IDK)¢ese of Lid)fie Proi6d Saffires £3.. B8bved. Sl Agnes Chur¢h. Bristol IDKKtte ofLichfield] Support lo ¥wmen woity in the trth)r sex intlusty in 8rtstolam• £3,IJOO, Saffires. Knighlon Free Church [DISe of Leicesterl The P8rtour Outr88ch Ftrryr8mm8 £3.000. Embrace Wa1(h1re. cOty EM Church IDiocese of Coventyl SUpng lemale on slrget sèx-wk•rs In Ctw•nty £3.000. Luminary Ltd IDiocese ofWestsninstw] Training, 8mpknyment and community Itydisadvantapd womén In London £2.500. Azalea IDictes¢ of St AJans] Proj'ed Encompass £2.CNJO. Safehaven Womgn. St Peterfs Churth. Brbh¢on toiocese of Chi10r] Proiecl.. Mother and Baby Supw Gr(4 £1.000, Iyf th& fgn¢g Ltd IPortslade. ol ChKheslerl Gateway Women s Centre The value of CWA'S investmenis. shown al Maet Value unlgss otheM8e ststed, have IreaSed ovgrall lo £1.216,91812021.. £1.432,0541 as shthvn on Page 11. Investments The managemènl of the AssoclI0Th'S investmenls on a day lo day basts Is overseen by the Hon. Trgasurer and the AssocK4tion's investment ath5ers. The guidelines that have been s81 down aro for t4)th ¢apltal grtrwih and irtomè Mlh modlum risk. On bohalf ol the Board Mr M H•yboum• Hon. Se¢r•tary Page 8 of 16
The Church Welfare Association (Incorporated) (a charitable Lxxnpany lwnited by waranteel REPORTS AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 EXAMINERS REPORT TO THE TRUSTEES ON THE UNAUDrrED ACCOUNTS OF THE CHURCH WELFARE ASSOCIATION (INCORPORATED) I report on the financial 8tst8ments for tho year erwjed 31 Dacember 2022 set crtrt on pages 10 to 16. Responslbllitles and Basls of Report As the charity's Trust of thè compat)y (8nd also Its directors for Ihe purposes of company lawl you are re$ponsitrAe for the preparation of the accounts in accofdancg with the rèquirements ol the Companies Act 20061'the 2006 Act'l. The ¢harity'$ Trusleos nsider that an audit is not required for the year under Section 14412} of the Ch8rities Act1th0 2011 Act) and that an Indepotwjenl eXamallOn Is n¢•d8d. H8ng satlsfied th8t Ihe accounts ofthe company 8re not requid to be auditsd under Part 16 of the 2006 Act and are eluible for indep8ndenl examination. I report in respect of my oxamlnation of your tharitys accounls as carried ¢xJt under section 145 of the Charities Act 2011 Ith&'2011 ACYI. In carrying out my enInation I have followed the Oireclions gwen by the Charity Commission under section 145{5llbl of the 2011 Art. Independent Examlner's Report As th¢ company'5 gross in¢ome did not exceed £250,000. I conffinn that l gm qualifbed lo undertake th¢ examination. I hav8 completed my èxaminakn. I confinn that no matters have come to my att8ntlon In connection wth the examination gimng m8 cause to bèlieve: accounting records were r1 kopt in respecl ol the company as requirgj by section 386 of the 2006 Act.. or th8 accounts do not acD)rd with those #c£ounting records: OT the accounts do not comply with the ac(ntIng rèquirements of Secti 396 of thè 2006 Act other than any requirement that the accounts give a 'true and fal view whsch 1$ not a matter cons*Jered as part of an independent examination., or the acctyJnts hav8 nol b8en prepared w) accor(lance with the melh¢xls and principbes of Ihe Staternenl ol Re¢(mended pracb'ce for accounting and reporb.ng by tharilies I hBve no Lxncerns and have across no olh•r maliers In connection th8 examination to which attentbon should be drawn in this report in order to enablg a proper underslanding of Ihe accounts to be reached. Mlchael John Harris MIAB J Harris Solutions 18a Ghurth Road Bishopstok8 Eastleigh S050 6BH 20171n Page 9 of 16
The Church Welfare Association (Incorporated) (a charriable company linited by guarantee) REPORTS AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 STATEMENT OF FINANCIAL ACTWMES Ilncludlng Income and ExndIture Account) Note 2022 2021 Incomlng Resources Donatrons Investrnent InCe 39,884 44,010 Total Incomlng R•sourc•s Resou0$ Expended Direct Charitable Expenditure Grants Managem8nl & Administration of th6 Charity 196,125 22.095 80, 100 14,407 Total Resources Expended 218220 Net Incomlng Resources Less ResourGes Expended (178.3351 (50,497) Tran$fer>in Galns (or Losses) On Dispos81 of Fixed Assets Nel Unrealised Investment Gains (or Losses) on Revaluation 168,561 > {131.769) (2,052) 87,299 Nel Movemonl In Funds 1378,665) 34,731 Balances brought forémrd 1 January 1,631,258 1.596.508 Balances carried forward 31 December 1252,593 1,631,258 Page 10of16
The Church Welfare Association (Incorporated) (a charitabb c(xrpany limiled by guarantee) REPORTS AND AccourS FOR THE YEAR ENDED 31 DECEMBER 2022 BALANCE SHEET Noto 2022 2021 Fixed Assets Investments 1,216,916 1,432,054 Current Assets Accrued Incom8 Income held by Agents Cash al Bank & with Agents 520 6.947 1. 166 198 790 Total Currenl Assets 199,661 199,963 Currenl Llabllltl•s cdItors.. Amounts fallir¥J due wlthin ong year (163.983) (758) 1252 $93 1631258 Net A88•ts Represènted by Unrestricted Res•rv For the ye8r end•d 31 D8cwnber 2022. fv comp8rry wa$ ontitbj to exempllon from audit under Saction 477 Companies Act 2016. and no notico has been deposited under Section 476. The directo ackn(Mledge Iheir responsits"lities for ensuring thai Ihe Company kegps 8ccountir¥J COld$, which c(NnY with Section 386. and Pfèparing a¢counis, which give a Irne and fair wew of the Sta of affairs ol the company as 8t the end of the period and of its income and expenditure for the financial rep1. in awrdanc¥ with the requirements of Se¢lion 394 8nd 395. and which othetwisè comp4y with the requirements of the Companies Act 2tNJ6 rolatiThJ to accounts, so far as applicab* to thg Company. The 8ixovnts are prepared in acD)rdance with Ihe ¥>eci81 prowsions of Part 1S of Ihe Comp8nios Act 2006 rel8Jng to small Compan$. Al figures shown have been rounded to the nearest £1. 1252 $93 1631258 10(d13 Page 11 of16
The Church Welfare Association (Incorporated) la charitable company l#mited by guarantee) REPORTS AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 1. NOTES TO THE FINANCIAL STATEMENTS 1.1.Accountlng Convention The financial slatements have been prepared in ac(x)rd8nc8 with ihe Financi81 Reporbng Stsndtyrd applicable in the UK and Republic of Ireland (FRS 1021 the A¢¢ounbrwJ and reportiro by Charili6s." Statement of R8commended Practice applicable to Charities prepariro Iheir a¢)Unts in acCOrdar wth FRS 102, and the Companies Act 2006. Th8 eh8rity meets the definS1ion ofthg pulAic b8nefft anffjty [r FRS 102. Assets and liabilities are initially lenISed at hist¢yi¢al cost or transathn value unk8s5 othewse staled in the relevant accounting polw note beh)w. Thg a¢¢ounts have boen prtyared on the or#Joing ¢on¢em basi$. Th•re aro no material uncertainties about the charitys abilty to continue. 1.2. Basis of Preparatlon The financi81 ststemènts are prepargd on an accruals ba$ls and indude In¢omo and expenditure as they are 8ame<J or incurred, ralhef Ihan as cash is r8¢eived or pald. 1.3.Incomo Investment income wmpri885 Iriterest and divKJends received in the year from th• Fund's Investrnen15, and indudes any assocAated iaxation that is reuJvgrat4e from HMRC. Grant In¢ome and donations ar¢ recognised in tho Stslement of Finanoal Activities onc8 th8 ch8rity has enlitlemenl to the funds, it is probable Ihat th9 income 11 be received 8nd the arrKJunt can bè moasured reliabty. 1A. Expendlture Expenditure is recognised in Ihe period in whith tW are intyrred. Resourcos expended include attributab VAT whh cannot be recovered. 1.5.Fund A¢counting The charity holds unrestricted funds irrpOrating the folknwng gaa$. Miss Elsie Heame HF Musket aThJ Miss L W Bdl All other income less expenses of the charity arè h8kl in unrestrlcl8d fvrKl3. The charity hokls no Designated or Restrided Funds. Page 12 of16
The Church Welfare Association (Incorporated) (a charilatle company limiled by guarantee) REPORTS AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 1.6. Galns and Losses on Instment Assets realisèd gain or loss ari8irKJ on salè ofthè FuThYs invostrnents is cakulal as the difference belween the sale of prrmds and the given Market Value 8t the prevK)us 31 Decembèr or Ihe cost if purchas1 during the year. Thè unre81ised gain or loss 1$ the adjustrnènt required to stale inve5trnents at Ihe gbven Markot Valu8 at the ar $nd. 1.7.Flx•d Assets The Inve8trMnts hold ty thè Fund at 31 December arn intjuded In the B8lanc* Sheel al Market Value unless stated OU)87$8 In Note 4. 2. Invostmont Incomo 2022 2021 Dwldend Incom8 Charles StanY & Co Inve$trn8nl Fwxttobo DNidends from other Shares Epworth Investment Management (Epworlhl portfollo CCLA- COIF Charlties knvestmenVFixed Interest Funds CCLA - CBF CofE Investmènt Fund Bonk Interest Epworth- Affirnatlve Deposit Fund CCLA- COIF Charthes Deposit Fund CCLA. C8F CofE Deposlt Fund 20,709 27,353 5.732 4,507 9,194 10,181 2,004 1,939 40 1.999 206 24 Total Inveslment Incoff 44,010 Page 13of16
The Church Welfare Association (Incorporated) la chartable company Iwntied by guarantee) REPORTS AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 3. Management and Admlnlstrallve Charyes 2022 2021 Tru$leg$ and Offi¢grs Expenses Accountsncy Fees stockbrokers Fees Investment Fees Icha$ Stan* & Co) Fees & Expenses (Epworth) Other Shares Legal & Professional Fees Company Registrar Fees Website Fees Printing and Postage Compan19s Hous8 Fees Gifts and Donation Other 317 745 11.613 1.089 9. 166 1.359 7,421 2.611 185 338 287 183 330 13 Total Manag•m•nt & Admlnlstrallv• Charg 407 The Association has no staff. No memb8r of Ihg Council rg¢eived any r8muneration during the year. Expenses inuJrred on of Ihe A$8ociation reimbufsed lo mamb8rg or rfjlated parb8s thgrgof were £1.08912021.' £1511. Page 14of16
The Church Welfare Association (Incorporated) la charitable company Ivnited by guarantee) REPORTS AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 Investments includlng at Market Value Companles 2022 2021 Listed Securities Other Fixed assets 1.177.708 1.430,976 Total Invostmonts 1216916 1.432 054 5. Cash •t Bank and whh Ag•nl• 2022 2021 Cash 81 Bank- Lloyds Cash on Deposll- Epwth1h IAffimiative Depos¢t Fundl Cash on Deposll- CCLA ICOIF] Cash on D8posit- CCLA ICBF CofEI 13,233 76.310 3,521 163,996 15.612 163,347 15,612 Total Cash at Bank and wlth Ag•nts 192 194 198 790 6. Uablllty of Members c(panY is limited by guarantee, hamng no share capitsl and under the temi$ of tha Memorandum of ASsocialn every member of the LX)mpany undertakes to contribute to the assets of the company in the ev8nt of it boing wound up which he or she is a member, or w1n one yaar after he or she ceases to bè 8 member, such a¢t as may be required not exceeding one PouThJ. l(J (8111 Page 16 of 16