## **Trustees' Annual Report for the period**
Period start date Period end date Day Month Year Day Month Year
**From**
**To**
## Section A Reference and administration details
**Charity name** Harrison Almshouse Charity
**Other names charity is known by**
**Registered charity number (if any)** 234295 **Charity's principal address** 273 Chesterfield Road
Matlock Derbyshire **Postcode DE4 5LE**
## **Names of the charity trustees who manage the charity**
**Name of person (or body) Dates acted if not for Trustee name Office (if any) entitled to appoint trustee whole year (if any)** 1 Rev Brian Smith Chair 2 Christopher Gale 3 Martin Smith Rev Mark 4 Crowther- Alwyn 5 Alexandra Mastin Clerk 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
## **Names of the trustees for the charity, if any, (for example, any custodian trustees)**
**Name Dates acted if not for whole year**
March **2012**
**TAR**
1
## **Names and addresses of advisers (Optional information)**
**Type of adviser Name Address**
## **Name of chief executive or names of senior staff members (Optional information)**
## **Section B Structure, governance and management**
## **Description of the charity’s trusts**
Type of governing document
Trust Deed
- (eg. trust deed, constitution)
Trust How the charity is constituted
- (eg. trust, association, company)
Appointed by Trustees Trustee selection methods
- (eg. appointed by, elected by)
## **Additional governance issues (Optional information)**
You **may choose** to include additional information, where relevant, about:
- policies and procedures adopted for the induction and training of trustees;
- the charity’s organisational structure and any wider network with which the charity works;
- relationship with any related parties;
- trustees’ consideration of major risks and the system and procedures to manage them.
## **Section C Objectives and activities**
March **2012**
**TAR**
2
To provide affordable and comfortable accommodation for elderly, financially challenged people from the local area.
## **Summary of the objects of the charity set out in its governing document**
The charity receives applications for vacant cottages from the general public, either via word of mouth, a recommendation from the church; citizens advice or after an advert is placed in the local paper. The Trustees assess the applications and award the vacant cottage. The Trustees consider the financial need of the applicant, however, their physical and mental health needs are also a factor in awarding vacant cottages.
**Summary of the main activities undertaken for the public benefit in relation to these objects (include within this section the statutory declaration that trustees have had regard to the guidance issued by the Charity Commission on public benefit)**
The Trustees endeavour to keep the maintenance charges for the cottages below market value. They also maintain the cottages to the highest standard possible, ensuring safety, comfort and minimal outgoings for the residents.
## **Additional details of objectives and activities (Optional information)**
March **2012**
**TAR**
3
You **may choose** to include further statements, where relevant, about:
- policy on grantmaking;
- policy programme related investment;
- contribution made by volunteers.
Section D Achievements and performance
March **2012**
**TAR**
4
Section D Achievements and performance
**Summary of the main achievements of the charity during the year**
During the year 2020, the charity has secured funding from the local council to enable the total refurbishment of a cottage that has been empty and uninhabitable for more than two years. This had a financial impact on the income of the charity. Receiving the grant from the council means that the cottage can be bought up to current standard and be available to a needy person instead of standing empty. These improvements also mean that the charity can charge higher maintenance costs to ensure the future of the cottage is safe, and high quality maintenance can be carried out. The local council has assured the charity that further funding is available for the remaining five cottages, and through an eco grant, we will be able to have solar panels for each individual dwelling, ensuring lower electricity costs for the residents.
## **Section E Financial review**
March **2012**
**TAR**
5
## **Brief statement of the charity’s policy on reserves**
**Details of any funds materially in deficit**
In this financial year, the grant moneys left over is being carried over to 2021. Any moneys from the local council that is not used specifically for its intended purpose, will be returned. Regarding the charity’s income from maintenance fees and any investments, these moneys are used to continue to maintain the properties and keep up legal inspections (heating and electricity).
none
## **Further financial review details (Optional information)**
You **may choose** to include additional information, where relevant about:
- the charity’s principal sources of funds (including any fundraising);
- how expenditure has supported the key objectives of the charity;
- investment policy and objectives including any ethical investment policy adopted.
## **Section F Other optional information**
The charity will continue to use local council funding in 2021 to ensure all of the properties owned by them are bought up to standard, have good efficiency ratings and are well insulated. The Trustees are in the process of producing a financial forecast in order to ensure the future maintenance/replacement of high cost items; such as heating systems, solar panels/inverters etc.
The Council has also agreed to offer a grant to overhaul the outside of the properties, so the pathways are safe with even surfaces, low level lighting and a sheltered area for mobility scooters, with charging points. The charity are keen to create areas for gathering, so as to keep a sense of community and to ensure the residents do not suffer loneliness.
One of the residents is a representative of the Harrison Almshouse community and the Clerk to the Trustees is in regular contact for feedback. Alongside this, the clerk is a regular visitor to the residents to ensure their wellbeing.
## **Section G Declaration**
**The trustees declare that they have approved the trustees’ report above.**
**Signed on behalf of the charity’s trustees**
**Signature(s)**
**Full name(s)** Alexandra Mastin **Position (eg Secretary,** Trustee/Clerk to the Trustees **Chair, etc)**
March **2012**
**TAR**
6
Date
TAR
March 2012
**REGISTERED CHARITY NUMBER: 234295**
## **REPORT OF THE TRUSTEES AND**
**UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **FOR**
## **THE HARRISON ALMSHOUSES**
Sibbalds Limited Chartered Accountants and Business Advisers Oakhurst House 57 Ashbourne Road Derby Derbyshire DE22 3FS
**THE HARRISON ALMSHOUSES**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
**----- Start of picture text -----**
Page
Report of the Trustees 1 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Statement of Financial Position 7 to 8
Notes to the Financial Statements 9 to 13
Detailed Statement of Financial Activities 14
**----- End of picture text -----**
**THE HARRISON ALMSHOUSES**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020**
The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. 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 aims of The Harrison Almshouses charity are contained in the charity's governing document dated 11 October 1983.
The main objective is the provision of almshouses for poor persons aged sixty years or more (except in special cases to be approved by the commissioners) are inhabitants of the area of the former urban district of Matlock.
## **Significant activities**
The charity provides six one bedroom almshouses with small gardens at a below market rent.
The charity also rents out a small cottage.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
The charity continues to operate and maintain the almshouses and cottage for the benefit of local pensioners. due to the generosity of DDDC in providing grants, we are currently undertaking a programme of improvements to the properties.
## **Investment performance**
The charity invests surplus and restricted funds in narrow range investments.
## **FINANCIAL REVIEW**
## **Financial position**
The operating surplus for the 12 month period before revaluations was £1,208 (2019 surplus £98).
General unrestricted funds amounted to £21,661 (2019 £14,333).
Rents received are consistent with the prior year at £13,398 (2019 £14,600).
Grants from DDCC received and spent in the year amounted to £22,099 (2019 £nil).
Investment income from units and cash deposits was £157 (2019 £74).
Charitable activity spend for the year was £31,072 (2019 £12,549), most of the increase being the additional spend on the refurbishment of the almshouses.
Governance costs for the year were £3,374 (2019 £2,762) the increase being due to the requirement to have an independent examination of the accounts.
Due to the adoption of the charities SORP this year, the Trustees have revalued the investments and properties to market value, which has resulted in a surplus of £1,225,000 for the properties and £6,120 for the investments.
## **Principal funding sources**
The principal funding source is from rents received for the properties.
Page 1
**THE HARRISON ALMSHOUSES**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020**
## **FINANCIAL REVIEW**
## **Investment policy and objectives**
The trustees monitor the performance of the investments and receive regular statements from the bankers and fund managers.
## **Reserves policy**
The Trustees aim as far as possible to maintain a year's resources expenditure in general funds.
The Endowment capital fund is for the purpose of providing investment income for the charity.
The Charity commission extraordinary reserve fund is for the purpose of providing for extraordinary repair, improvement or rebuilding of the almshouses.
## **FUTURE PLANS**
The Charity will continue to use grants from the DDDC to complete the refurbishment of the remaining cottages together with the outside areas; making improvements to the pathways and gardens and creating a community area for the residents.
The charity will investigate the possibility of making similar improvements to the privately rented cottage. All improvements will enable the charity to charge a maintenance charge closer to market value, whilst still being more affordable than similar properties in the local area.
The charity will produce a business plan and a budget forecast, which, amongst other essential annual maintenance works, will enable the charity to maintain or replace the solar panels at the end of the system's lifetime.
The charity will continue to maintain the almshouses in an acceptable condition, including applying for local authority grants when available to enable compliance with current building regulations and energy efficiency rating requirements.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
## **Recruitment and appointment of new trustees**
The Trustees have maintained a board of five trustees, including representatives from the local clergy, legal profession and administrators.
## **Decision making**
Decision making is undertaken by the board of Trustees.
Page 2
**THE HARRISON ALMSHOUSES**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Risk management**
The Charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk.
## **Cash flow risk**
The Charity's activities expose it primarily to the financial risks of development projects. The Charity will use a project planner to ensure spend is within budget and available resources. There is a small fund available to cover for extraordinary spend.
The Charity's investments and return are dependent on base rates and the performance of the stock market. The Charity uses fund managers to handle the day to day control of these funds and should the Charity require further funds for any purpose they can be released and made available.
## **Credit risk**
The Charity's principal financial assets are bank balances, rent and other receivables and investments.
The Charity has no significant concentration of credit risk with exposure spread over a large number of counterparties and customers.
## **Liquidity risk**
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Charity uses a mixture of long-term and short-term investments to maximise the Charity's return.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
234295
## **Principal address**
273 Chesterfield Road Matlock Derbyshire DE4 5LE
## **Trustees**
Rev B M Crowther- Alwyn Mrs A Mastin M Smith Rev B Smith C D Gale
## **Independent Examiner**
Sibbalds Limited Chartered Accountants and Business Advisers Oakhurst House 57 Ashbourne Road Derby Derbyshire DE22 3FS
Page 3
**THE HARRISON ALMSHOUSES**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020**
Approved by order of the board of trustees on 23 December 2021 and signed on its behalf by:
Mrs A Mastin - Trustee
Page 4
**INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE HARRISON ALMSHOUSES**
## **Independent examiner's report to the trustees of The Harrison Almshouses**
I report to the charity trustees on my examination of the accounts of The Harrison Almshouses (the Trust) for the year ended 31 December 2020.
## **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:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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.
Hari Vasdev FCA Sibbalds Limited Chartered Accountants and Business Advisers Oakhurst House 57 Ashbourne Road Derby Derbyshire DE22 3FS
23 December 2021
Page 5
**THE HARRISON ALMSHOUSES**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020**
|2020
Unrestricted
Restricted
Total
funds
funds
funds
Notes
£
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
22,099
-
22,099
Investment income
3
13,555
-
13,555
**Total**
35,654
-
35,654
**EXPENDITURE ON**
**Charitable activities**
Property maintenance
26,514
-
26,514
Property rates
2,600
-
2,600
Property utilities
870
-
870
Sundry fees and subscriptions
1,088
-
1,088
Other
3,374
-
3,374
**Total**
34,446
-
34,446
Net gains on investments
181,120
-
181,120
**NET INCOME**
182,328
-
182,328
**Other recognised gains/(losses)**
Gains on revaluation of fixed assets
1,050,000
-
1,050,000
**Net movement in funds**
1,232,328
-
1,232,328
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
14,333
15,116
29,449
**TOTAL FUNDS CARRIED FORWARD**
1,246,661
15,116
1,261,777|2019
Total
funds
£
735
14,674
15,409
7,725
2,992
827
1,005
2,762
15,311
-
98
-
98
29,351
29,449|
|---|---|
The notes form part of these financial statements
Page 6
## **THE HARRISON ALMSHOUSES**
## **STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2020**
|Notes
**FIXED ASSETS**
Tangible assets
7
**Investments**
Investments
8
Investment property
9
**CURRENT ASSETS**
Debtors
10
Cash at bank
**CREDITORS**
Amounts falling due within one year
11
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**|Unrestricted
funds
£
1,050,000
8,581
175,000
1,233,581
553
58,889
59,442
(46,362)
13,080
1,246,661
1,246,661|Restricted
funds
£
-
-
-
-
-
15,116
15,116
-
15,116
15,116
15,116|2020
Total
funds
£
1,050,000
8,581
175,000
1,233,581
553
74,005
74,558
(46,362)
28,196
1,261,777
1,261,777|2019
Total
funds
£
-
2,461
-
2,461
385
27,503
27,888
(900)
26,988
29,449
29,449|
|---|---|---|---|---|
The notes form part of these financial statements
continued...
Page 7
## **THE HARRISON ALMSHOUSES**
## **STATEMENT OF FINANCIAL POSITION - continued 31 DECEMBER 2020**
|**FUNDS**
12
Unrestricted funds:
General fund
Charitable Property Funds
Restricted funds:
Endowment Capital Account
Charity Commission Extraordinary Repair Fund
**TOTAL FUNDS**|21,661
1,225,000
1,246,661
3,612
11,504
15,116
1,261,777|14,333
-
14,333
3,612
11,504
15,116
29,449|
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 23 December 2021 and were signed on its behalf by:
A Mastin - Trustee
The notes form part of these financial statements
Page 8
**THE HARRISON ALMSHOUSES**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **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, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **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.
## **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.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
## **Investment property**
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
## **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.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
Page 9
**THE HARRISON ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020**
## **2. DONATIONS AND LEGACIES**
|Unrestricted
Restricted
funds
funds
£
£
Donations
-
-
Grants
22,099
-
22,099
-
Grants received, included in the above, are as follows:
Improvement grants
**3.**
**INVESTMENT INCOME**
Unrestricted
Restricted
funds
funds
£
£
Rents received
13,398
-
Dividends received
58
-
Deposit account interest
99
-
13,555
-
**4.**
**TRUSTEES' REMUNERATION AND BENEFITS**
Trustees' fees|2020
Total
funds
£
-
22,099
22,099
2020
£
22,099
2020
Total
funds
£
13,398
58
99
13,555
2020
£
1,850|2019
Total
funds
£
735
-
735
2019
£
-
2019
Total
funds
£
14,600
58
16
14,674
2019
£
1,850|
|---|---|---|
During the year one of the Trustees, Mrs A Mastin received remuneration relating to administration services provided to the charity amounting to £1,850.
## **Trustees' expenses**
The trustees have not received any reimbursed expenses or any other benefits from the Charity during the year.
continued...
Page 10
**THE HARRISON ALMSHOUSES**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020**
## **5. STAFF COSTS**
The average monthly number of employees during the year was as follows:
|Administration
No employees received emoluments in excess of £60,000.
**6.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
funds
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
735
Investment income
14,674
**Total**
15,409
**EXPENDITURE ON**
**Charitable activities**
Property maintenance
7,725
Property rates
2,992
Property utilities
827
Sundry fees and subscriptions
1,005
Other
2,762
**Total**
15,311
**NET INCOME**
98
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
14,235
**TOTAL FUNDS CARRIED FORWARD**
14,333|2020
1
Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
15,116
15,116|2019
1
Total
funds
£
735
14,674
15,409
7,725
2,992
827
1,005
2,762
15,311
98
29,351
29,449|
|---|---|---|
||||
continued...
Page 11
**THE HARRISON ALMSHOUSES**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020**
## **7. TANGIBLE FIXED ASSETS**
|**COST OR VALUATION**
Revaluations
**NET BOOK VALUE**
At 31 December 2020
At 31 December 2019|Freehold
property
£
1,050,000
1,050,000
-|
|---|---|
The freehold properties were revalued to fair value during the period by the Trustees on the advice of a qualified professional.
## **8. FIXED ASSET INVESTMENTS**
|**FIXED ASSET INVESTMENTS**||
|---|---|
||Listed|
||investment|
||£|
|**MARKET VALUE**||
|At 1 January 2020|2,461|
|Revaluations|6,120|
|At 31 December 2020|8,581|
|**NET BOOK VALUE**||
|At 31 December 2020|8,581|
|At 31 December 2019|2,461|
There were no investment assets outside the UK.
The fixed asset investments were revalued to fair value during the period.
## **9. INVESTMENT PROPERTY**
|**FAIR VALUE**
Revaluation
At 31 December 2020
**NET BOOK VALUE**
At 31 December 2020
At 31 December 2019|£
175,000
175,000
175,000
-|
|---|---|
The freehold investment property was revalued to fair value during the period by the Trustees on the advice of a qualified professional.
continued...
Page 12
**THE HARRISON ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020**
|**10.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Prepayments and accrued income
**11.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors|2020
£
553
2020
£
46,362||2019
£
385
2019
£
900|
|---|---|---|---|
## **12. MOVEMENT IN FUNDS**
The specific purposes for which the funds are to be applied are as follows:
Description and nature of restriction by fund
Unrestricted funds: Used for the general day to day running of the charity.
Charitable property reserve: Funds are equivalent to the revaluation of the properties.
## **Restricted funds**
Endowment Capital Account: Amount provided in 1898 and used to purchase investments to provide an income for the Charity.
Charity commission Extraordinary Repair fund: Used for extraordinary repairs which are out of the normal cyclical maintenance of the properties.
## **13. RELATED PARTY DISCLOSURES**
There were no related party transactions in the period.
## **14. FIRST YEAR ADOPTION**
The charity exceeded the turnover threshold for the first time this year and as a result, has fully adopted the reporting requirements of the Charities SORP (FRS 102) and FRS 102. The financial effect of the adoption was the revaluation of the properties and investments to market value which resulted in an increase in funds of £1,231,120.
Page 13
**THE HARRISON ALMSHOUSES**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020**
||2020|2019|
|---|---|---|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Donations and legacies**|||
|Donations|-|735|
|Grants|22,099|-|
||22,099|735|
|**Investment income**|||
|Rents received|13,398|14,600|
|Dividends received|58|58|
|Deposit account interest|99|16|
||13,555|14,674|
|**Total incoming resources**|35,654|15,409|
|**EXPENDITURE**|||
|**Charitable activities**|||
|Rates and water|2,600|2,992|
|Insurance|750|758|
|Light and heat|120|69|
|Sundries|173|25|
|Repairs and maintenance|26,514|7,725|
|Subscriptions|172|170|
|Agent's fees|743|810|
||31,072|12,549|
|**Support costs**|||
|**Governance costs**|||
|Trustees' fees|1,850|1,850|
|Auditors' remuneration|1,524|912|
||3,374|2,762|
|Total resources expended|34,446|15,311|
|**Net income**|1,208|98|
This page does not form part of the statutory financial statements
Page 14