PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY)
Financial Statements
For the year ended 31 March 2024
CHARITY NUMBER 242266

PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY)
Contents of the financial statements
Forthe year ended 31 March 2024
Page
Trustees, report- statutory information
Trustees, report
Independent auditor's report
Statement of fi nancial activities
Balance sheet
io
Statement of cash flows
11-15
Notes to the financial statements

PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY)
Trustee's report- statutory information
For the year ended 31 March 2024
TRUSTEE
The Pilgrims Friend Group (Registered Charity No. 1134979 and Company No. 071698751 was the sole trustee and
the ultimate holding company servi ng during the year. Its directors are as follows:
Michael Abbott (Chairman)
Alan Copeman Ivice-chairmanl
Andrew Symonds Ivice-chairmanl
Dr Judy McLaren
Genefer Espejo
Max Robinson Iresigned 24 July 20231
Sylvia Clovey
John Edwards
Herbert Mark Curran
Robin Turnbull (resigned 31 December 20231
Sheila Warnes
Martin Hallett16 October 2022 to 19 June 2023}
Bryan Jarvis Ivice-chairmanl (resigned 31
December 20231
Legal title to the assets of the charity are held by 3 nominee company, The Aged Pilgrims, Friend Society Trust
Ltd. A charity trustees, i ndemnity insurance policy is mai ntained by the group of charities.
REGISTERED OFFICE
175 Tower Bridge Road
London
SEI 2AL
CHARITY NUMBER
242266
BANKERS
Lloyds Bank plc
25 Gresham Street
London
EC2V 7HN
AUDITORS
Jacob Cavenagh & Skeet
Chartered Accountants
5 Robin Hood Lane
Sutton
Surrey SMI 2SW
KEY MANAGEMENT PERSONNEL
The Key Management Personnel of the charity were the Trustees and the members of the Senior Management
Team of Pilgrims, Friend Society, whose names and responsibilities are listed below:
Stephen Hammersley
Maureen Sim
Andy Walsh
Joshua Field
Alexandra Davis
Julian Hillman
Debbie Buggs
Chief Executive Officer
Director of Operations
Director of Property Services
Director of Human Resources Gnd IT
Director of Morketing
Director of Finonce (appointed 4 December2023)
Director of Finance (resigned 9 October2023)
Page I

PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY)
Trustee's report
For the year ended 31 March 2024
The trustee is pleased to present its report, together with the fi nancial statements of the charity Ihereafter in this
report referred under the short name of Pilgrim Homes) for the year ended 31 March 2024.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Pilgrim Homes is a registered charity (number 2422661 established as a trust and governed by Charity Commission
Schemes of 23 December 1993, 22 December 2003 and 18th October 2004. The Pilgrims Friend Group Iformerly
APFS 18071 acts as the sole corporate trustee. Responsibility for the day-to-day operations of the charity is
delegated to the Chief Executive and Senior Management Team of Pilgrims, Friend Society which has been the
main operatingcharity forthe group.
On 31 March 2020, 311 of the charity's assets were gifted, under the authority of a Charity Commission Scheme to
the Pilgrim Homes Trust, a fellow subsidiary of the Pilgrims Friend Group incorporated as a successor to this
charity. The only anticipated income for the charity is expected to be the occasional legacy, which will be
transferred to Pilgrim Homes Trust when received,
OBJECTIVES AND ACTIVITIES
The objects of the charity are to provide grants, housi ng and care for needy Protestant Christians over 60 years of
age for the public benefit and to the glory of God,
The charity owned a number of care homes and housing schemes all of which are made available to Pilgrims,
Friend Society (the Pilgrim Homes Restricted Fund) free of charge to operate as Care Homes and Housing
Schemes. All the residents in these homes are qualifying benef iciaries of the Pilgri m Homes Restricted Fund withi n
Pilgri ms, Friend Society, and as this restricted fund req uires identical criteria for beneficiaries to this charity all
would be qualifying Pilgrim Homes beneficiaries. As already mentioned all ofthe assets ofthe charity were, on 31
March 2020, donated to Pilgri m Homes Trust- an i ncorporated charity sharing identical objectives to this charity.
The charity's trustee has considered the guidance regard ing public benefit when considering and planning its
objectives and activities for the year.
ACHIEVEMENTS AND PERFORMANCE, FUTURE DEVELOPMENTS AND GOING CONCERN
The charity has now ceased to trade but will remain open for a period as it Is antici pated that there may be legacies
i n the future due to the charity. For an overall view of The Pilgrims Friend Group please see our consolidated
accounts.
FINANCIAL REVIEW
Overall, the charity received legacy income of £63,00012023,. £5,0001. The income receivable for the year was
matched with an equal amount of grants to Pilgrim Homes Trust. The remaining debtors will be realised and the
resulting funds passed across to Pilgrim Homes Trust on receipt.
A more detailed breakdown ofthe results may be found on page 8 and the related notes to the accounts.
RESERVES POLICY
All of the reserves of the charity were transferred to the Pilgrim Homes Trust on 31 March 2024 and all further
income will be passed on as it arises.
Page 2

PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY)
Trustees, report (continued)
Forthe year ended 31 March 2024
RISK MANAGEMENT
The only remai ning risk facing the charity is that there may be a challenge to the legacies receivable by the charity.
STAFF ISSUES
The Charity does not have any employees.
KEY MANAGEMENT PERSONNEL
The key management personnel of the charity lall of whom are employed by Pilgrims, Friend Society, a fellow
member of the Pilgrims Friend Group, are listed on page 11 are in charge of directing, controlling, running and
operating the charity on a day-to-day basis. Details of their remuneration and expenses reimbursed, and other
related party transactions are disclosed i n Note 8 to the fi nancial statements of the Pilgri m Friends Group. Their
pay is reviewed annually.
FUNDRAISING POLICY
The charity does not seek to raise donations, directi ng these instead to Pilgrims, Friend Society.
RELATED PARTIES
The trustees of the charity consider the followi ng to be related parties:
l. Key Management Personnel of Pilgrims, Friend Society
2. The following charities:
a. Pilgrims, Friend Society {charity no. 1045920, company no. 30270711
b. The Pilgrims Friend Group (formerly APFS 18071 (charity no. 1134979, company no. 71698751
c. Pilgrim Homes Trust- (charity no, 1183226, company no. 116856241
d. Strathclyde House Trust- (charity no. SC025550, company no. SC1698481
3. PFG Trading Limited- a limited company
4. Aged Pilgrims, Friend Society Trust Limited - a limited company which holds title to the properties owned
by Pilgrim Homes Trust.
STATEMENT OF TRUSTEE'S RESPONSIBILITIES
The trustee is responsible for preparing the Trustee's Report and the financial statements in accordance with
applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102.. The
Financial Reporting Standard applicable in the UK and Republic of Ireland IU nited Ki ngdom Generally Accepted
Accounting Practice).
Page 3

PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY)
Trustees, report (continued)
For the year ended 31 March 2024
The law applicable to charities in England & Wales requires the trustee to prepare financial statements for each
financial year which give a true and fai rview of the state of affai rs of the charity and of the income and expenditure
of the charity for that period. In prepari ng these fi nancial statements, the trustee is requi red to:
select suitable accounting policies and then apply them consistently.
observe the methods and principles in the Charities SORP.
makejudgments and accounting estimates that are reasonable and prudent.
State whether applicable accounting standards have been followed, subject to any material departures
d isclosed and explained in the financial statements, and
prepare the financial statements on the going concern basis unless it is inappropriate to presu me that the
charitywill continue in business.
The trustee is responsible for maintaining proper accounti ng records which disclose with reasonable accuracy at
any ti me the financial position of the charity and enable them to ensure that the financial statements comply with
the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust's
governing documents. The trustee is also responsi ble for safeguardi ng the assets of the charity and hence for
taking reasonable steps for the prevention and detection of fraud and other irregu larities.
STATEMENT OF DISCLOSURE TO AUDITOR
So far as each person who was a trustee at the date of approving this report is aware, there is no relevant audit
information of which the charity's auditor is unaware. Additionally, the trustees individually have taken all the
necessary steps that they ought to have taken as trustees in order to make themselves aware of all relevant audit
i nformation and to establish that the charity's aud itor is aware of that information,
AUDITORS
Jacob Cavenagh & Skeet were the charity's auditors during the year and have expressed their willingness to
continue in that capacity.
The financial statements complywith current statutory requirements, FRS 102"The Financial Reporting Standard
applicable in the UK and Republic of Ireland" I'FRS 102,1 and 'Accounting and Reporting by Charities" the
Statement of Recommended Practice for Charities applying FRS 102.
Approved by the trustee and signed on its behalf by
J Edwards
Director of The Pilgrims Friend Group
Date- 18 July 2024
Page 4

PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY)
Independent auditor's report to the trustees of Pilgrim Homes
Forthe year ended 31 March 2024
OPINION
We have audited the financi31 statements of Pilgrim Homes {the ch3rityl for the year ended 31 March 2024 which
comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to
the financial statements, including a summary of significant accounting policies. The financial reporting
framework that has been applied in their preparation is applicable law and United Kingdom Accounting
Standards, including Financial Reporting Standard 102 rhe Finonciol Reporting Standardopplicable in the UK and
Republic of Irelond (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements..
give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming
resources and application of resources for the yearthen ended.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice,, and
have been prepared in accordance with the requirements ofthe Charities Act 2011.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS {UKII and applicable
law. Our responsi bilities under those standards are further described in the Auditor's responsi bilities for the audit
of the financial statements section of our report. We are independent of the charity in accordance with the eth ical
requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical
Standard, and we have f ulfilled ou r other ethical responsibilities in accordance with these requirements. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opi nion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the fi nancial statements, we have concluded that the director's use of the going concern basis of
accounting i n the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, i ndividually or collectively, may cast significant doubt on the charity's abi lity to continue as a
going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the
relevant sections of this report.
OTHER INFORMATION
The other information comprises the information included in the annual report, other than the financial
statements and our auditor's report thereon. The directors are responsible for the other information contained
within the annual report. Our opinion on the financial statements does not cover the other information and,
except to the extent otherwise explicitly stated in our report, we do not express any form ofassurance conclusion
thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other i nformation is
materially inconsistent with the fi nancial statements or our knowledge obtained in the course of the audit, or
Othe￿Ise appears to be materially misstated. If we identify such material inconsistencies or apparent material
misstatements, we are required to determine whether this gives rise to a material misstatement in the financial
Page 5

PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY)
Independent auditors, report to the trustees of Pilgrim Homes (continued)
For the year ended 31 March 2024
statements themselves. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact.
We have nothingto report in this regard.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the
audit, we have not identified material misstatements i n the d irectors, report included with the trustee's report.
We have nothingto report in respect ofthe following matters in relation to which the CompaniesAct 2006 requires
us to reportto you if, in ouropinion..
adequate accounting records have not been kept, or returns adequate for our audit have not been
received from branches not visited by us. or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees, remuneration specified by law are not made. or
we have not received all the information and explanations we requireforouraudit.
RESPONSIBILITIES OF THE TRUSTEE
As explai ned more fully i n the trustee's responsibilities statement, the trustees {who are also the directors of the
charitable company for the purposes of company lawl are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view, and for such internal control as the trustee
determines is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
I n preparing the financial statements, the trustee is responsible for assessi ng the charity's abi lity to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the goi ng concern basis of
accounting unless the trustee either i ntends to liqu idate the company or to cease operations, or have no realistic
alternative but to do so.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
We have been appointed as auditor under section 145 and report in accordance with the Act and relevant
regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our
opi nion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAS IUKI will always detect a material misstatement when it exists.
Misstatements can arise from fra ud or error and are considered material if, individ ually or i n the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.
The extent to which our procedures are capable of detecting i rregularities, i ncludi ng fraud is detailed below:
Based on our understandi ng of the charity, we identif led that the pri ncipal risks of non-compliance with laws and
regulations related to charity financial reporting legislation and we considered the extent to which non-
Page 6

PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY)
Independent auditors, report to the trustees of Pilgrim Homes (continued)
For the year ended 31 March 2024
compliance might have a material effect on the financial statements. We also considered those laws and
regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011.
We assessed the susceptibi lity of the charity's f inancial statements to material misstatement, including obtaining
an understanding of how fraud might occur, by making enquiries of management, considering the internal
controls in place and discussion amongst the engagement team.
We determined that the pri ncipal risks were related to:
recognition of legacy income
In response to the risks identified we designed procedures which included, but were not limited to:
reviewing legacy correspondence
reviewing Trustees, meeting minutes
There are inherent limitations in the audit procedures described above. The more removed that laws and
regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they
may involve deliberate concealment or collusion.
A further description of our responsibi lities for the audit of the fi nancial statements is located on the Fi nancial
Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our
auditor's report.
USE OF OUR REPORT
This report is made solely to the Charity's trustee in accordance Part 4 of the Charities (Accounts and Reports)
Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's trustee those
matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's
trustee, for our audit work, for this report, or for the opinions we have formed.
Jacob Cavenagh & Skeet
Chartered Accountants
Statutory Auditor
5 Robin Hood Lane
Sutton
Surrey
SMI 2SW
Date..
zz
loZ4
Jacob Cavenogh & Skeet is eligible forappointment as auditorof the charityby virtue of its eligibility for appointment
as auditor of a company under section 1212 of the Companies Act 2006.
Page 7

PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY)
statement of financial activities
For the year ended 31 March 2024
2024
Unrestricted
Funds
£000
2023
Unrestricted
Funds
£000
Note
Income from:
Donations and legacies
Total income
Expenditure on:
Charitable activities
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
All assets and operations were transferred to Pilgrim Homes Trust on 31 March 2020 and all further income
receivable is passed on as it arises.
The notes on pages 11 to 15 form part of these financial statements.
Page 8

PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY)
Balance sheet
As at 31 March 2024
2024
2023
Note
£000
£000
£000
£000
Current assets
Debtor5 and prepayments
Cash at bank and in hand
2,646
2,585
287
2,971
2,872
Creditors: Amounts falling due
within oneyear
Net current assets
Total assets less current liabilities
Funds..
Unrestricted funds
Restricted funds
Total Funds
The financial statements were approved by the Trustee on 18 July 2024 and signed on its behalf by:
J Edwards
Director of The Pilgrims Friend Group
The notes on pages 11 to 15 form part of these financial statements.
Page 9

PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY)
Statement of cash flows
For the year ended 31 March 2024
2024
£000
2023
£000
Cash flows from operating activities
Troding and donations
Net income
Net cash provided by trading and donations
Working capital movements
Ilncreasel in debtors
Increase in creditors
{ 61)
12961
Net cash provided by/{used in) working capital movements
12fj21
Netcash provided byl(used in) operating activltle5
12fi21
Net cash inflowl(outflow)
38
12691
Cash and cash equivalents at l April 2023
287
Cash and cash equivalents at 31 March 2024
The notes on pages 11 to 15 form part of these financial statements.
Page 10

PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY)
Notes to the financial statements
For the year ended 31 March 2024
ACCOUNTING POLICIES
Pilgrim Homes is a registered charity Inumber 2422661 established as a trust and governed by Charity
Commission Schemes of 23 December 1993, 22 December 2003 and 18th October 2004. Its principal place of
business is 175 Tower Bridge Road, London SEI 2AL.
The principal accoLJnti ng policies adopted, judgements and key sources of estimation uncertai nty i n the
preparation of the financial statements are as follows:
la. Basi5 of accounting
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting
Standard applicable in the UK and Republic of Ireland" I" FRS 102,1, 'Accounting and Reporti ng by Charities"
the Statement of Recommended Practice for Charities applying FRS 102, the Charities Act 2011 and UK
Generally Accepted Accounting Practice. The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Moneta ry
amounts in these financial statements are rounded to the nearest £1,000.
The financial statements have been prepared on the historical cost convention, modified to include certain
investments and fi nancial instruments at fai r value.
This charity is a qualifying entity for the purposes of FRS 102, being a memberofa group where the parent of
that group prepares publicly available consolidated financial statements, i nclud i ng th is charity, which are
intended to give a true and fair view of the assets, liabi lities, financial position and su rplus or deficit of the
group. The charity has therefore taken advantage of exemptions from the requirement to disclosure
transactions with other group undertakings.
The financial statements of the charity are consolidated in the fi nancial statements of The Pilgri ms Friend
Group. These consolidated fi nancial statements are avai lable from its registered off ice at 175 Tower Bridge
Road, London SEI 2AL.
Ib. Going concern
At the ti me of approving the fi nancial statements, the trustee has a reasonable expectation that the charity
has adequate resources to continue i n operational existence for the foreseeable future. Thus the trustee
continues to adopt the going concern basis of accounting in preparing the fi nancial statements.
Ic. Income
Voluntary income and donations (including legacies) are accounted for once the charity has entitlement to
the income, it is probable the income will be received and the amount of income receivable can be reliably
measured. Where material assets are donated to the charity for its use, these are capitalised atthe estimated
market value at the date of the gift and included under income.
Id. Expenditure
The charity passes all income to Pilgrim Homes Trust as a grant.
Page 11

PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY)
Notes to the financial statements (continued)
For the year ended 31 March 2024
ACCOUNTING POLICIES (continued
le. Fund accounting
General funds are unrestricted funds which 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.
If. Debtors
Debtors are included at the settlement amount due.
Ig. Cash and cash equivalents
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of
three months or less from the date of opening ofthe deposit.
Ih. Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation arising from a past event
that will probably result in the transfer of funds to a third party and the amou nt due to settle the obligation
can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.
Flnancial Instruments
The charity only has fi nancial assets and liabilities of a ki nd that qualify as basic financial instruments. Basic
financial instruments are initially recognised at transaction value and subsequently measured at their
settlement value.
INCOME FROM DONATIONSAND LEGACIES
2024
£000
2023
£000
Legacies receivable
EXPENDITURE ON CHARITABLE ACTIVITIES
2024
£000
2023
£000
Grants to Pilgrim Homes Trust
Page 12

PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY)
Notes to the financial statements (continued)
For the year ended 31 March 2024
NETINCOME
2024
£000
2023
£000
This is stated after chorging..
Aud itors, remuneration for audit services
Auditors, remuneration for other services
The auditors, fees are borne by other group entities.
DEBTORS AND PREPAYMENTS
2024
£000
2023
£000
Due from group entities and associated undertakings
Other debtors and prepayments
1,796
85
1,286
CREDITORS AND ACCRUALS: amounts falllng due within one year
2024
£000
2023
£000
Due to group entities and associated undertakings
Page 13

PILGRIM HOMES (FORMERLY AGED PILGRIMS, FRIEND SOCIETY)
Notes to the financial statements {continued)
For the year ended 31 March 2024
ANALYSIS OF NET ASSETS BETWEEN FUNDS
General
Funds
£000
Total
Funds
£000
2024
Current assets
2,971
2,971
Current liabilltles
(2 971)
Total Net Assets
2023
Current assets
2,872
2,872
Current liabilities
87
Total Net Asset5
FUNDS
Funds
brought
forward
£000
Funds
carried
forward
£000
Income
Expenditure
£000
£000
2024
Unrestricted funds
General fund
63
{ 63)
Total funds
2023
Unrestricted funds
General fund
{ 5)
Total funds
Page 14

PILGRIM HOMES {FORMERLY AGED PILGRIMS, FRIEND SOCIETY)
Notes to the financial statements (continued)
For the year ended 31 March 2024
RELATED PARTY TRANSACTIONS
The Pilgri ms Friend Group is the ultimate controlling charity of the group, whose pri ncipal activity is to run
Christian care homes. It is a charitable company limited by guarantee incorporated i n E ngland and Wales. Its
registered office is 175 Tower Bridge Road, London SEI 2AL. Company number.. 07169875. Charity number:
1134979.
The charity is a subsidiary of The Pilgrims Friend Group by virtue of that charity being the sole trustee of
Pilgrim Homes. Transactions with The Pilgrims Friend Group and its other group undertakings are not
disclosed as consolidated financial statements for the group are publicly available,
Expenditure on charitable activities i ncludes grants made to Pilgri m Homes Trust, a fellow group charity, in
the year of £63,00012023: £5,000),
None of the trustees have been paid any remuneration or incurred any expenses.
10. LIFE TENANCY
I n 2012 the charity was notif led of a legacy which included a share of a freehold property, which is subject to
a life tenancy. The conditions for recognition of this income have not been met and therefore this legacy is
not included as income in the accounts. The estimated value ofthe legacy is unknown at present.
Page 15