REGISTERED CHARITY NUMBER: 226134
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 December 2023
for
Scarborough Trinity House Seafarers' Trust
Ashby Berry Coulsons 2 Belgrave Crescent Scarborough North Yorkshire YO11 1UB
Scarborough Trinity House Seafarers' Trust
Contents of the Financial Statements for the Year Ended 31 December 2023
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 17 |
Scarborough Trinity House Seafarers' Trust
Reference and Administrative Details for the Year Ended 31 December 2023
| Trustees | P Holtby MN |
|---|---|
| S Kennington MN | |
| D Richardson | |
| A Locker | |
| M Donnelly | |
| J Dyson | |
| J Robinson | |
| R Taylor | |
| G Kell | |
| Clerk | Mrs M Livingstone |
| Holder of title to property | The Official Custodian |
| Principal address | 43 Newlands Park Grove |
| Scarborough | |
| North Yorkshire | |
| YO12 6PT | |
| Registered charity number | 226134 |
| Independent examiner | Ashby Berry Coulsons |
| 2 Belgrave Crescent | |
| Scarborough | |
| North Yorkshire | |
| YO11 1UB | |
| Solicitors | N P Tubbs |
| 106 Victoria Road | |
| Scarborough | |
| North Yorkshire | |
| YO11 1SL |
Page 1
Scarborough Trinity House Seafarers' Trust
Report of the Trustees for the Year Ended 31 December 2023
The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. 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
The general objective of the charity is to provide Almshouse accommodation to persons of limited means, principally retired seafarers and their dependents. The Charity maintains two properties for this purpose. The policy is to continue to provide comfortable accommodation for qualifying persons with constant review of maintenance and upgrade of properties.
The trustees have given due regard to public benefit guidance published by the Charity Commission and consider that in fulfilling its above objective, the charity meets its responsibilities to provide benefit to the public.
Achievement and performance
The trustees are satisfied with all the affairs and management concerning the trust through this period.
However, on one occasion this year we have not managed to gather sufficient Trustees to our meeting to form a quorum.
We are finding it more difficult to recruit new trustees who qualify for this position with reference to our Letter of governance from the Charity commission.
We are proposing to the Commission some sensible changes to our letter of Governance to redress this issue.
Through this year we have achieved almost 100% occupancy of our flats. We are pleased to have two flats occupied by two single Ukrainian ladies under the Homes for Ukrainian Scheme.
We continue to use Utility Aid to manage our Gas and electricity contracts presently with SSE. The increase in charges for our utilities is absorbed mostly by ourselves plus a small increase in our weekly maintenance charge. The proposed further increases will be monitored closely.
Maintenance and improvements to our properties continue as and when required. We feel in general that all the properties are well maintained and our residents are comfortable in our flats.
We are planning to upgrade our heating systems at our two properties at Tollergate, which include a new boiler and renewing of old piping in the boiler houses. This will improve the efficiency of the system and hopefully save money in the long run.
Other planned maintenance for 2023, as mentioned in our 2022 statement is progressing. We have requested several estimates for this work and also considering to apply for grants to offset costs.
Overall we feel the trust is coping well with the rapidly changing times and price increases of utilities.
We are satisfied that the management of the trust and care of our residents is in line with the aims and objects of Almshouse charities.
Page 2
Scarborough Trinity House Seafarers' Trust
Report of the Trustees for the Year Ended 31 December 2023
Financial review
The statement of Financial Activities shows a profit for the year of £23,057 before investment gains and losses (2022: £19,259) and net profit of £36,934 (2022: £3,139). It is necessary for the charity's reserves to be sufficient to cover major repairs to the two properties as and when the need arises. The charity is restricted by its membership of the Almshouse Association as to the level of rent it can charge to residents, which limits the scope for the charity to raise the rents in line with utility and other costs. The charity therefore needs to maintain additional reserves to underwrite any significant increase in costs which is unlikely to be capable of being matched by an equivalent increase in rent. Liquid reserves (net current assets plus investments) amounted to £254,855 at 31 December 2023 of which £133,340 was held within the designated extraordinary repair fund. The trustees consider that these reserves will be adequate to meet anticipated needs. The trustees consider that specialised investments designed for the charity sector meet their requirements to generate both income and capital growth in the long term.
Structure, governance and management
The charity was founded on 21 December 1602 and was registered with the Charity Commission in 1963. It is governed under Charity Commission schemes dated 4 June 1971 and 2 October 1998.
The administration of the charity is controlled and directed by a body of trustees consisting of no more than fifteen members. Under the trust deed, trustees must be owners, masters or commanders of ships, master mariners or holders of Her Majesty's Commission in the Royal Navy. New trustees are appointed for a period of five years at a special meeting of the trustees.
Statement of compliance with prevailing laws and regulations
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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) issued in October 2019.
Approved by order of the board of trustees on 4 October 2024 and signed on its behalf by:
P Holtby MN - Trustee
Page 3
Independent Examiner's Report to the Trustees of Scarborough Trinity House Seafarers Trust
Independent examiner's report to the trustees of Scarborough Trinity House Seafarers' Trust
I report to the charity trustees on my examination of the accounts of Scarborough Trinity House Seafarers' Trust (the Trust) for the year ended 31 December 2023.
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
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.
Anna Wiffen FCCA
Ashby Berry Coulsons 2 Belgrave Crescent Scarborough North Yorkshire YO11 1UB
7 October 2024
Page 4
Scarborough Trinity House Seafarers' Trust
Statement of Financial Activities for the Year Ended 31 December 2023
| Notes Income and endowments from Donations and legacies 2 Charitable activities Contributions from residents Investment income 3 Total Expenditure on Charitable activities 4 Accommodation and support Net gains/(losses) on investments NET INCOME Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted funds £ 11,350 90,728 4,929 107,007 83,950 13,877 36,934 286,701 **323,635 ** |
Endowment fund £ - - - - - - - 1,070,000 1,070,000 |
2023 Total funds £ 11,350 90,728 4,929 107,007 83,950 13,877 36,934 1,356,701 **1,393,635 ** |
2022 Total funds £ - 92,287 3,678 95,965 76,706 (16,120) 3,139 1,353,562 1,356,701 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 5
Scarborough Trinity House Seafarers' Trust
Balance Sheet 31 December 2023
| Notes Fixed assets Tangible assets 9 Investments 10 Current assets Debtors 11 Cash at bank Creditors Amounts falling due within one year 12 Net current assets Total assets less current liabilities NET ASSETS Funds 14 Unrestricted funds Endowment funds Total funds |
2023 £ 1,138,780 162,828 1,301,608 4,965 93,351 98,316 (6,289) 92,027 1,393,635 1,393,635 323,635 1,070,000 **1,393,635 ** |
2022 £ 1,139,518 144,119 1,283,637 4,077 73,098 77,175 (4,111) 73,064 1,356,701 1,356,701 286,701 1,070,000 1,356,701 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 4 October 2024 and were signed on its behalf by:
P Holtby MN - Trustee
The notes form part of these financial statements
Page 6
Scarborough Trinity House Seafarers’ Trust
Notes to the Financial Statements for the Year Ended 31 December 2023
1. Accounting policies
General information
Scarborough Trinity House Seafarers' Trust is a unincorporated charity in England governed under Charity Commission schemes. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principal activities are to provide Almshouse accommodation to persons of limited means, principally retired seafarers and their dependents.
Basis of preparing the financial statements
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
Statement of compliance with prevailing laws and regulations
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
Accounting policies
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Judgements and key sources of estimation uncertainty
The trustees consider that no judgements, apart from those involving estimates, have been made in the process of applying the above accounting policies which have had a significant effect on amounts recognised in the financial statement s.
The trustees consider that no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date have been made which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year .
Funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
continued...
Page 7
Scarborough Trinity House Seafarers' Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
1. Accounting policies - continued
Funds- continued
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The extraordinary repair fund is a designated fund to which a credit is made each year under the Charity Commission's scheme of 1971. Under the scheme, any investments standing to the credit of the fund may be applied for the extraordinary repair, improvement or rebuilding of the almshouses.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
The Endowment Fund has arisen from the original endowment of the charity and is represented by the value of the two properties owned by the charity.
Comparative information
All movements in the current and previous year relate to unrestricted funds and therefore full fund movement and comparative information is available from the Statement of Financial Activities and Balance Sheet.
Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised at fair value when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.
Income received in advance of the provision of specified services is deferred until the criteria for income recognition are met.
Donated services and facilities
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).
continued...
Page 8
Scarborough Trinity House Seafarers' Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
1. Accounting policies - continued
Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
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 settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the statement of financial activities.
Expenditure on charitable activities includes the costs of activities undertaken to further the purposes of the charity and their associated support costs.
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include administrative and governance costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.
Irrecoverable VAT
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Recognised gains and losses
All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the statement of financial activities.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
Land and Buildings Pictures, ship models and furnishings Fixtures, fittings and equipment
No depreciation No depreciation 20% on cost
continued...
Page 9
Scarborough Trinity House Seafarers' Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
1. Accounting policies - continued
Tangible fixed assets and depreciation
Freehold land and buildings and pictures, ship models and furnishings are stated at deemed cost (2014 valuation) following the transition to FRS102 as agreed by the trustees. Additions of equipment and furnishings following the transition are capitalised at cost. The trustees consider that the ongoing property refurbishment programme and the nature of the donated assets is such that their residual value is at least equal to their net book value. Any corresponding depreciation would not be material and therefore is not charged in the statement of financial activities. Due to nature and age of the fixed assets the original cost is unknown. The trustees will continue to revalue fixed assets periodically to ensure there is no impairment.
Investments
Investments held as fixed assets are revalued at mid-market value at the balance sheet date and the gain or loss taken to the statement of financial activities.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Staff costs
When staff have rendered service to the charity, short-term benefits to which they are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. They expect that the income received by the charity going forward, together with its existing reserves, will be sufficient to enable it to continue as a going concern for a period of at least 12 months from the date of signing of these financial statements.
continued...
Page 10
Scarborough Trinity House Seafarers' Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
| 2. Donations and legacies Donations 3. Investment income Income from COIF shares Deposit account interest Income from National Savings Bond 4. Charitable activities costs Accommodation and support Comparatives for Charitable activities costs Accommodation and support |
Direct Costs £ 72,634 Direct costs £ 66,428 |
2023 £ 11,350 2023 £ 2,867 1,760 302 4,929 Support costs (see note 5) £ 11,316 Support costs £ **10,278 ** |
2022 £ - 2022 £ 3,250 349 79 3,678 Totals £ 83,950 Total £ 76,706 |
|
|---|---|---|---|---|
All of the above costs were attributable to unrestricted funds.
Included in charitable activities costs is £4,000 ex gratia payment to former resident. The Trustees sought legal advice and payment was conditional on vacating the premises occupied.
continued...
Page 11
Scarborough Trinity House Seafarers' Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
5. Support costs
| Governance | |||
|---|---|---|---|
| Management | costs | Total | |
| £ | £ | £ | |
| Accommodation and support | 9,540 | 1,776 | 11,316 |
| –––––– | –––––– | –––––– | |
| Governance costs, included in the above, are as follows: | |||
| Governance | |||
| costs | |||
| £ | |||
| Independent examination | 1,776 | ||
| –––––– | |||
| 1,776 | |||
| –––––– | |||
| Comparatives for support costs | |||
| Governance | |||
| Management | costs | Total | |
| £ | £ | £ | |
| Accommodation and support | 8,550 | 1,728 | 10,278 |
| –––––– | –––––– | –––––– | |
| Governance costs, included in the above, are as follows: | |||
| Governance | |||
| costs | |||
| £ | |||
| Independent examination | 1,728 | ||
| –––––– | |||
| 1,728 | |||
| –––––– | |||
| Independent examiner’s remuneration | |||
| 2022 | 2021 | ||
| £ | £ | ||
| Independent examination and accounts preparation current | year | 1,728 | 1,680 |
| –––––– | –––––– | ||
| 1,728 | 1,680 | ||
| –––––– | –––––– |
continued...
Page 12
Scarborough Trinity House Seafarers' Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
6. Trustees' remuneration and benefits
No remuneration was paid to any of the trustees (2022: £Nil).
Trustees' expenses
No trustee had any expenses reimbursed (2022: £Nil).
7. Staff costs
| Wages and salaries The average monthly number of employees during the year was as follows: Clerk (part time) Caretakers (part time) |
2023 £ 16,510 16,510 2023 1 1 2 |
2022 £ 14,790 |
|---|---|---|
| 14,790 | ||
| 2022 1 1 2 |
No employees received emoluments in excess of £60,000.
Full time equivalent is not appropriate as work only minimal number of hours.
8. Comparatives for the statement of financial activities
| Income and endowments from Charitable activities Contributions from residents Investment income Total Expenditure on Charitable activities Accommodation and support |
Unrestricted funds £ 92,287 3,678 95,965 76,706 |
Endowment fund £ - - - - |
Total funds £ 92,287 3,678 |
|---|---|---|---|
| 95,965 | |||
| 76,706 |
continued...
Page 13
Scarborough Trinity House Seafarers' Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
8. Comparatives for the statement of financial activities - continued
| Net gains/(losses) on investments NET INCOME Reconciliation of funds Total funds brought forward Total funds carried forward 9. Tangible fixed assets Cost At 1 January 2023 and 31 December 2023 Depreciation At 1 January 2023 Charge for year At 31 December 2023 Net book value At 31 December 2023 At 31 December 2022 |
Freehold property £ 1,070,000 - - - 1,070,000 1,070,000 |
Unrestricted funds £ (16,120) 3,139 283,562 286,701 Artefacts & pictures £ 68,780 - - - 68,780 68,780 |
Unrestricted funds £ (16,120) 3,139 283,562 286,701 Artefacts & pictures £ 68,780 - - - 68,780 68,780 |
Endowment fund £ - - 1,070,000 1,070,000 Fixtures and fittings £ 3,698 2,960 738 3,698 - 738 |
Endowment fund £ - - 1,070,000 1,070,000 Fixtures and fittings £ 3,698 2,960 738 3,698 - 738 |
Total funds £ (16,120) 3,139 1,353,562 1,356,701 Totals £ 1,142,478 2,960 738 3,698 1,138,780 1,139,518 |
|
|---|---|---|---|---|---|---|---|
continued...
Page 14
Scarborough Trinity House Seafarers' Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
10. Fixed asset investments
| Market value At 1 January 2023 Additions Revaluations At 31 December 2023 Net book value At 31 December 2023 At 31 December 2022 There were no investment assets outside the UK. Cost or valuation at 31 December 2023 is represented by: Valuation in 2023 Debtors: amounts falling due within one year Trade debtors Other debtors Prepayments and accrued income |
Unlisted investments £ 144,119 4,832 13,877 162,828 162,828 144,119 Unlisted investments £ 162,828 2023 2022 £ £ 1,927 1,486 - 47 3,038 2,544 4,965 4,077 |
|---|---|
11. Debtors: amounts falling due within one year
Page 15
continued...
Scarborough Trinity House Seafarers' Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
12. Creditors: amounts falling due within one year
| Trade creditors Other creditors Accrued expenses |
2023 £ 1,139 12 5,138 6,289 |
2022 £ 1,828 80 2,203 4,111 |
|---|---|---|
13. Analysis of net assets between funds
| Fixed assets Investments Current assets Current liabilities |
Unrestricted funds £ 68,780 162,828 98,316 (6,289) **323,635 ** |
Endowment fund £ 1,070,000 - - - 1,070,000 |
2023 Total funds £ 1,138,780 162,828 98,316 (6,289) **1,393,635 ** |
2022 Total funds £ 1,139,518 144,119 77,175 (4,111) 1,356,701 |
|---|---|---|---|---|
Comparatives for analysis of net assets between funds
| Fixed assets Investments Current assets Current liabilities |
Unrestricted fund £ 69,518 144,119 77,175 (4,111) 286,701 |
Endowment fund £ 1,070,000 - - - 1,070,000 |
Total funds £ 1,139,518 144,119 77,175 (4,111) 1,356,701 |
|---|---|---|---|
Page 16
continued...
Scarborough Trinity House Seafarers' Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
14. Movement in funds
| Unrestricted funds Extraordinary repair fund General fund Endowment fund |
At 1 January Incoming 2023 resources £ £ 116,271 2,332 170,430 104,676 286,701 107,008 1,070,000 **- ** |
Resources expended £ - (83,951) (83,951) **- ** |
Transfers £ 2,500 (2,500) - |
Gains/ (losses) £ 12,237 1,640 13,877 **- ** |
At 31 December 2023 £ 133,340 190,295 323,635 1,070,000 |
|---|---|---|---|---|---|
| **- ** |
| Unrestricted funds Extraordinary repair fund General fund Endowment fund |
At 1 January Incoming 2022 resources £ £ 122,326 2,717 161,236 93,248 283.562 95,965 1,070,000 - |
Resources expended £ - (76,706) (76,706 ) - |
Transfers £ 5,000 (5,000) - |
Gains/ (losses) £ (13,772) (2,348) (16,120) - |
At 31 December 2022 £ 116,271 170,430 286,701 1,070,000 |
|---|---|---|---|---|---|
| - |
15. Related party disclosures
There were no related party transactions for the year ended 31 December 2023.
Page 17