ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FLI%D FIACIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 21124 Charlty l%llmbtr 243719
ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND
INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| Members of the board and professional advisers | Page 1 |
|---|---|
| Trustees' annual report | Pages 2 to 5 |
| Independent examiner's report | Page 6 |
| Statement of financial activities | Page 7 |
| Balance sheet | Page 8 |
| Notes to the financial statements | Pages 9 to 13 |
ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND
Page 1
MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS
| The Board of Trustees | P Firth |
|---|---|
| Air Commodore L Griffin | |
| Rt Rev Bishop P Mason (Ex Officio) | |
| Wing Commander C P Thorpe | |
| Rev D E Skillen (Ex Officio) | |
| Group Captain J McAllister | |
| Principal Address | Chaplaincy Services |
| The Medical Centre | |
| RAF Northolt | |
| West End Road | |
| Ruislip | |
| Middlesex | |
| HA4 6NG | |
| Independent Examiner | Mark Dickinson FCA |
| Shaw Gibbs (Audit) Limited | |
| Wey Court West | |
| Union Road | |
| Farnham | |
| Surrey | |
| GU9 7PT | |
| Bankers | Royal Bank of Scotland |
| Holts Farnborough Branch | |
| 200 Fowler Avenue | |
| Farnborough Business Park | |
| Farnborough | |
| Hampshire | |
| GU14 7JP | |
| Investment Managers | BlackRock Investment Management (UK) Limited |
| PO Box 9036 | |
| Chelmsford | |
| Essex | |
| CM99 2XD |
ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND
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TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024
The trustees have the pleasure in presenting their report and the financial statements of the charity for the year ended 31 March 2024.
Legal Status
The Royal Air Force Roman Catholic Church Purposes Fund was created by a Declaration of Trust dated 20 December 1954, as varied or affected by a Scheme of arrangement of the Charity Commissioners dated 22 June 1978. The Governing document was amended by order of the Charity Commissioners on 6 January 2003, and by resolutions dated 21 July 2005, 6 July 2006 and 24 January 2013.
The Royal Air Force Roman Catholic Church Purposes Fund is a Registered Charity, charity number 243719.
Trustees Appointments and New Trustee Proceedings
The Ex-officio trustees are appointed by virtue of their respective offices. Co-optative trustees are appointed by a resolution of the trustees passed at a special meeting.
The chairman of trustees contacts new ex-officio trustees and potential new lay trustees prior to attendance at their first trustees meeting, to tell them about the background and activities of the trust. All new trustees are also provided with a copy of the Charity Commission guide "The Essential Trustee: what you need to know".
Objects of the Trust
The objects of the trust are the advancement of the Roman Catholic Religion among members of the Royal Air Force and the welfare of Roman Catholics in the Royal Air Force.
Connected Charities
The following Charities are connected to the Royal Air Force Roman Catholic Church Purposes Fund.
| Vicariate Headquarters Trust | The Army Roman Catholic Trust |
|---|---|
| 26 The Crescent | St. Michael and St. George Parish Office |
| Farnborough | Queens Avenue |
| Hampshire | Aldershot |
| GU14 7AS | Hampshire |
| GU11 2BY | |
| Royal Navy (Roman Catholic) Trust | The Roman Catholic Bishopric of the Forces (GB) |
| Royal Navy Catholic Chaplaincy | Wellington House |
| The Chaplaincy | St Omer Barracks |
| HMS Collingwood | Aldershot |
| Newgate Lane | Hampshire |
| Fareham | GU11 2BG |
| Hampshire | |
| PO14 1AS |
Investment Powers
Under the Trust Deed, the charity has the power to make any investment which the trustees see fit. BlackRock Investment Management (UK) Limited invest all of the funds into the Armed Forces Charities Growth and Income Fund.
ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND
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TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024
Risks
The major risks to which the charity is exposed, as identified by the trustees, have been reviewed and systems have been established to mitigate those risks.
Reserves
The trustees are resolved to ensure that income is expended upon the objects of the charity, taking one year with another. Reserves, which principally arise from the appreciation over time of the portfolio of investments, are resolved to be invested to procure a steady and rising income over time so as to ensure that the expenditure upon charitable objectives may be increased.
Achievements and Performance
The Trust's assistance has allowed an excellent level of support to the RAF PRCC, his chaplains, and the RAF Pastoral Advisory Group (PAG) as they continue to provide a mix of enduring annual faith opportunities, as well as new opportunities, for the whole RAF Roman Catholic, and contribute to the wider Bishopric, families. The International Military Pilgrimage and the HCPT Easter Pilgrimage are once again thriving with the distribution of the COVID-19 pandemic firmly behind us. Likewise, the 4 annual opportunities for retreat are as popular as ever with the first ever retreat taking place in Scotland.
This past year RAF involvement in the running of the Apostolat Militaire International (AMI) movement has gone from strength to strength with an RAF RC Chaplain taking the lead in organising the forthcoming gathering in Kenya (Sep 24). After the success of the Bishopric of the Forces Camino Pilgrimage to Santiago de Compostela in 2022 we were able to provide a once-in-a-lifetime experience for a number of young serving personnel who attended the World Youth Day event with the Holy Father and thousands of other young Catholics and clergy from across the globe.
The 2 annual Masses for the RAF at the military Cathedral in Aldershot and at the Central Church of the RAF in London are now firm fixtures and continue to mature. Both offer an opportunity for worship and thanksgiving as does the solemn Mass of Remembrance at Westminster Cathedral.
Opportunities for on-line Bible study and fellowship continue to be offered alongside a variety of stand-alone initiatives. We continue to promote and encourage the use of The Catholic Military Connect App, a very useful prayer and information resource. This resource is targeted particularly at the miliary community and helps personal and group faith development calling upon contemporary stimuli.
Finally, grants continue to be considered for the improvement of the worship spaces, and for other Church-based initiatives, on RAF stations which can benefit the experience of their RC members. In addition, funding has continued to benefit the Sacramental preparation of several RAF families by the RAF RC Chaplaincy team.
Financial Review
The trust showed a surplus of £78,515 for the year before gains on investments, which totalled £100,889 giving an overall increase in funds for the year of £179,404 (2023 decrease of £846,257).
The trust's investments are managed by BlackRock Investment Management (UK) Limited and have been invested in the Armed Forces Charities Growth and Income Fund. Investment income has increased over the previous period and the market value of investments has increased.
Plans for Future Periods
Following the very successful Camino Pilgrimage of Sep 22, and attendance at the WYD event in Aug 23, a walking pilgrimage is planned and will take place between Norwich cathedral and Walsingham in Sep 24. This will once again be led by the Bishop of the Forces and promises to be a memorable initiative.
Next years' retreat programme is already in the planning with the opportunity to build on this year’s first ever retreat in Scotland. Following on from the forthcoming Walsingham pilgrimage work will begin to identify a future pilgrimage event to support the spiritual growth of the RAF RC Whole Force community. It is still my hope that an RAF Memorial Chapel will be created within the military Cathedral, capacity of PAG members who can take this on permitting.
Support will continue to be available to both RAF chaplains and the laity to undertake formal religious education programmes which would, in turn, benefit the RAF RC family through their service to the RC community.
General
The financial statements comply with current statutory requirements, the requirements of the Statement of Recommended Practice, and with the charity's governing document.
ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND
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TRUSTEES' ANNUAL REPORT
FOR THE YEAR ENDED 31 MARCH 2024
Funds
The Funds held are unrestricted and are held to further the objects of the Trust. These funds are available and are adequate to fulfil the obligations of the trust.
Trustees Decision Making Process
Major decisions are made by a majority of trustees either at bi-annual trustees' meetings or by telephone discussion.
Grant Making Policies
Budgets are produced annually including proposed grants, and are agreed in advance by the Trustees. The Principal Roman Catholic Chaplain has discretion for grants below £1,000.
Investment Performance Against Objectives Set
Given the volatility of the markets, investments have performed adequately in the year under the management of the investment manager.
Public Benefit
The Trust facilitates the faith practice of Roman Catholic members of the Royal Air Force, their families and those other Service personnel who wish to associate with them by providing for their participation in events which foster and develop their spiritual lives, enhance their sense of humanity and improve their sense of belonging and citizenship. It enables Chaplains to provide the best pastoral care and resources, and to engage people more deeply with the moral component of their military responsibilities. In addition, it supports the pastoral ministry of the Bishop of the Forces to those same people.
Recruiting to the Service – and thereby to benefiting from the Trust - is based on competence and character alone, and not determined by the Trust but by the Ministry of Defence. The Trust makes a point of supporting servicemen and women affected by Operations. The Trust supports all Service personnel, Roman Catholic or not, who wish to be part of the outreach of the Roman Catholic community in the Royal Air Force. Particular care is taken that those on lower incomes, typically those under training, are given additional financial support.
No private benefits are received by anyone.
The Trustees
The trustees who served the charity during the period were as follows:
P Firth Air Commodore L Griffin Rt Rev Bishop P Mason (Ex Officio) Wing Commander C P Thorpe - chairman Rev D E Skillen (Ex Officio) Group Captain J McAllister
ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND
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TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024
Trustees' Responsibilities
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:
-
Select suitable accounting policies and apply them consistently;
-
Observe the methods and principles in the Charities SORP;
-
Make judgements and estimates that are reasonable and prudent;
-
State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
-
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records which disclose with reasonable accuracy at any time 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 deed. The trustees are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the trustees
Padre D Skillen Trustee
Date: 4 July 2024
ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND
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REPORT OF THE INDEPENDENT EXAMINER UNDER SECTION 144 OF THE CHARITIES ACT 2011 TO THE TRUSTEES OF ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND
I report on the financial statements for the year ended 31st March 2024 as set out on pages 7 to 13.
The accounts have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
Respective responsibilities of trustees and independent examiner
The charity’s trustees are responsible for the preparation of the accounts.
The charity's trustees consider that an audit is not required for this year (under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to
ꞏ examine the accounts under section 145 of the 2011 Act;
-
ꞏ to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
-
ꞏ to state whether particular matters have come to my attention.
Basis of independent examiner's statement
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent Examiner's Statement
In the course of my examination, no matter has come to my attention:
- which gives me reasonable cause to believe that, in any material respect, the requirement:
ꞏ to keep proper accounting records in accordance with section 130 of the 2011 Act; and
-
ꞏ to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or
-
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Mark Dickinson FCA Shaw Gibbs (Audit) Limited Wey Court West Union Road Farnham Surrey GU9 7PT Dated : 4 July 2024
ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND
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STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Notes INCOME AND ENDOWMENTS Investment income 2 General donations and legacies 3 TOTAL INCOME EXPENDITURE Charitable Activities Grants paid 4 Other charitable activities 4 TOTAL EXPENDITURE NET INCOME/EXPENDITURE AND NET MOVEMENT IN FUNDS BEFORE GAINS AND LOSSES ON INVESTMENTS Net gains/(losses) on investments 7 NET MOVEMENT IN FUNDS BEFORE TRANSFERS Transfers General unrestricted Designated unrestricted NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS FUNDS AT 1 APRIL 2023 FUNDS AT 31 MARCH 2024 |
2024 2023 Total Total Funds Funds £ £ 219,479 209,990 336 763 |
|---|---|
| 219,815 210,753 |
|
| 80,351 310,091 60,949 89,997 |
|
| 141,300 400,088 |
|
| 141,300 400,088 |
|
| 78,515 (189,335) 100,889 (656,922) |
|
| 179,404 (846,257) - - - - |
|
| 179,404 (846,257) 5,662,455 6,508,712 |
|
| 5,841,858 5,662,455 |
All movements are in unrestricted funds.
The statement of financial activities includes all gains and losses recognised in the year.
All incoming resources and resources expended derive from continuing activities.
ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND
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BALANCE SHEET
FOR THE YEAR ENDED 31 MARCH 2024
| Notes FIXED ASSETS Investments 7 CURRENT ASSETS Debtors 8 Cash at bank CREDITORS: Amounts falling due within one year 9 NET CURRENT ASSETS NET ASSETS REPRESENTED BY: FUNDS Unrestricted: 12 Designated General TOTAL FUNDS |
£ £ £ £ 5,603,742 5,502,853 5,603,742 5,502,853 400 2,042 241,602 161,400 242,002 163,442 (3,885) (3,840) (3,885) (3,840) 238,117 159,602 5,841,858 5,662,455 49,800 49,800 5,792,058 5,612,655 5,841,858 5,662,455 2023 2024 |
£ £ £ £ 5,603,742 5,502,853 5,603,742 5,502,853 400 2,042 241,602 161,400 242,002 163,442 (3,885) (3,840) (3,885) (3,840) 238,117 159,602 5,841,858 5,662,455 49,800 49,800 5,792,058 5,612,655 5,841,858 5,662,455 2023 2024 |
|---|---|---|
| 5,662,455 | ||
| 49,800 5,612,655 |
||
| 5,662,455 |
These financial statements were approved by the members of the committee on 4 July 2024 and are signed on their behalf by:
Wing Commander C. Thorpe Chairman
ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting Policies
Basis of accounting
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice : Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The accounts have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The trust constitutes a public benefit entity as defined by FRS 102.
Incoming Resources
General donations and bank interest are accounted for on a receivable basis.
Resources Expended
Charitable activities costs include grants made and governance costs as shown in note 4.
Investments
Investments are managed under discretionary agreements by Blackrock Investment Management (UK) Limited.
Investments are accounted for by reference to the bargain date shown by the contract note issued in respect of their purchase or disposal.
Investments are a form of basic financial instrument and are initially recorded at their transaction value and subsequently measured at their fair value as at the balance sheet date using the bid price. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year.
The Trust does not acquire put options, derivatives or other complex financial instruments.
ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting Policies (continued)
Investment income
Income arising from investments is included by reference to the normal date of payment of dividends or interest on that investment. Provision is not made in the accounts for dividends to be received in the next accounting period on investments declared ex-dividend prior to 31st March 2024.
Taxation
As a qualifying charity, the trust is not liable to UK taxation.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term creditors are measured at the transaction date.
| 2 3 4 |
Investment Income UK quoted investments Bank interest receivable Voluntary Income Donations Charitable Activities Grants Paid HCPT Pilgrimage Bishopric of the Forces Vicariate HQ Trust |
2024 2023 £ £ 216,777 209,171 2,703 819 |
|---|---|---|
| 219,479 209,990 |
||
| 2024 2023 £ £ 336 763 |
||
| 336 763 |
||
| 2024 2023 £ £ 1,050 176 76,356 71,415 2,945 238,500 |
||
| 80,351 310,091 |
ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
4 Charitable Activities (continued)
| 5 | Other Charitable Activities Lourdes Military Pilgrimage Sundry Principal Chaplain's Pastoral Advisory Group and Retreats Printing and Books PRCC Costs Catholic Truth Society Subscriptions Travel, Subsistence and Accommodation Chaplains' Dinner Training and Development World Youth Day Accountancy (see note 5) Chaplain's Assistant Salary, Pension and Expenses RAF Mass RAF Northolt Stained Glass Window Grants and Donations Camino Pilgrimage Paid out of designated fund Paid out of general unrestricted fund Accountancy Accountancy and Secretarial Bookkeeping Fees Independent Examination Fees |
2024 2023 £ £ 17,026 29,042 653 423 3,006 2,888 193 407 2,916 1,842 5 1,320 359 264 2,571 4,341 6,222 4,145 715 346 991 7,901 6,984 6,918 11,570 10,422 1,838 1,753 - 3,000 4,867 1,416 1,031 13,569 |
|---|---|---|
| 60,949 89,997 |
||
| - - 60,949 89,997 |
||
| 60,949 89,997 |
||
| 2024 2023 £ £ 5,574 5,568 - - 1,410 1,350 |
||
| 6,984 6,918 |
6 Trustees' Emoluments
There was no remuneration payable to the trustees in the current or previous years.
During the year two trustees were reimbursed expenses incurred on behalf of the trust totalling £150. (2023: two trustees were reimbursed £506 for expenses incurred on behalf of the trust.)
ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
| 7 Investments Listed Investments Armed Forces Common Investment Fund Movement in Market Value Market value at 1 April 2023 Acquisitions at cost Net gains/(losses) on revaluations in the year ended 31 March 2024 Market value at 31 March 2024 Historical cost at 31 March 2024 8 Debtors Other Debtors Prepayments 9 Creditors: Amounts falling due within one year Accruals Net Wages Creditor PAYE/NI Creditor Pension Creditor |
2024 2023 £ £ 5,603,742 5,502,853 |
|---|---|
| 5,502,853 6,159,776 - - 100,889 (656,922) |
|
| 5,603,742 5,502,853 |
|
| 4,347,644 4,347,644 |
|
| 2024 2023 £ £ 203 625 197 1,417 |
|
| 400 2,042 |
|
| 2024 2023 £ £ 2,972 2,971 706 502 180 343 27 24 |
|
| 3,885 3,840 |
10 Vicariate Headquarters Trust
The RAF Roman Catholic Church Purposes Fund has contributed funds to the Vicariate Headquarters Trust for the purchase of a property and the subsequent refurbishment of the property. The Trustees of the Vicariate Headquarters Trust have confirmed that in the event of the Trust being wound up, they would return surplus funds to the contributing parties. In the eventuality, 43.43% of any surplus would be returned to the RAF Roman Catholic Church Purposes Fund.
11 Related Party Transactions
A grant was paid during the year to the Roman Catholic Bishopric of the Forces (GB) of £76,356 (2023: £71,415 ). The charities are connected by virtue of having some Trustees in common.
ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
12 Analysis of net assets between funds
| alysis of net assets between funds | |
|---|---|
| Fund balances at 31 March are represented by: Investments Net Current Assets Total funds (Unrestricted) Split of unrestricted funds Designated General The designated fund was set up by the Trustees for Former Chaplains' Welfare. Designated fund balance at 1 April 2023 Transferred from general unrestricted Expenditure - Other Charitable Activities Designated fund balance at 31 March 2024 |
Total Funds Total Funds 2024 2023 5,603,742 5,502,853 238,117 159,602 |
| 5,841,859 5,662,455 |
|
| 5,841,859 5,662,455 |
|
| 49,800 49,800 5,792,059 5,612,655 |
|
| 5,841,859 5,662,455 |
|
| 49,800 49,800 - - - - |
|
| 49,800 49,800 |