2023-12-28-accounts

Charity RcgisttslioTh NUM1￿.. 248397 The Spencer Homes Charity Annu*l Repon Ind FinarKiNI for the Year Bnthd 28 D¢ttmber 2023

The Spencer Homes Charity Contents Referu￿e al￿ Ad]nint51rative Del8ils TnJstee5' Report 2103 epcndent Examinetrs Report Siaiement of Fioancial Activilie8 Bal￿¢ s￿ Notes its th¢ FinHnctal Sla*ments 7t0 13

The Spencer Homes Charlty Reference and Administrative Details Charity Registr*tlDn Nuthber 248397 Almihts￿jt Assoclatlon Membtr Number 1022 Trustees Mr G Carr (Chair) J Y Smilh Rev G l. Hall Mrs H R MaT5hall MrDABrow Mr K N8rry Dr S Ha￿lSOn Setrellry MrSBrn Prlnclp•l om¢¢ Fold Housc. 6 Tr Fold LNh¢rsdal¢ Kcighlcy West Yorkshirr BD20 8HD BAnkers yorkshi￿ BAnk Pl¢ 14 bTo4dwoy Bradford W¢$i yo￿$hI[¢ BDI IEZ Independent Exxmlner Sclina J Annit¥8¢ trCA Watson ljubklc Limit IrKiCp¢t￿e[1f Examiner Yvrk Hot Cotiinxley B￿lnesS P4Tk Biodford BD16 IPE P#ge I

The Spencer Homes Charity Trustees, Report The Trustees present tb¢ hnnual report ¢ogcth¢r with the financial 5tstements of the charity for ihe ycar ended 28 Dccemb¢T 2023. Strueturel govtrngDte #nd The Charity is Ihe owmer of six houses ¥TrJ ort flat at RoS¢-in-t1￿ DwlG Lothersdale. When there is i vacancy the TTusl¢¢$ try ¢0 find H Tesi(knt of ￿h¢[5da1¢ suithbl¢ for appoinnnent as almsperson. bui because of Ihe lack of transport and shopping fBcilities in Ihc villa8e. there difficulti&8 in fithlittg 5uitsble applicants. Cornsequenily. iii the &bscncc of 8 suiiablc appliLant. the Tnjsiees m8k¢ th¢ PTOP¢rtiC5 a￿lIable for Ic¢ting lo the gcncrdl public PriOTIIy is ¥iv¢n its $om¢ott¢ in T¢dUG￿ ¢iT¢urrk4lanc¢s or IbviThg in 9j1￿slanda1d accoM￿lI0Th or wkn has some conneciion Loih¢rsdile. All new Tru8tee5 are given an introduction lo the of lh¢ Tnw by lh¢ exi$tittg Tms¢8 and are Also provid¢d wilh Chsriiy Commission publi￿11￿n CC3 '7k FAgeniiil Tn￿¢C¢. whli y¢Ju ned to know, Bnd CCIO 'The 14allmHrk5 of an EtT¢Lti¥¢ Charily,. The Trustees of the Chftrity hold meelui88 ¢very thffe uDle5s Ihcrc wrc Tccial ¢i￿umStanceS Ihjl rcouirc addiiiunml mL￿Lnus. Th¥r¢ hav¢ b¢¢n no changes lo Ihc Trustec5 this year. Maintaining the numbcr of Truslees Al $cvcn is uf wat be￿rit and cnabks the Truslees to coniinue the resp)rthbiliiies of pYoJw mgnwent and a¢iing &q rc5POll8Lblc Social Landlord. In 8¢ttin8 and revhewin8 our iims lh¢ Tnth¢es knve given careful considerati¢Jn lo Ihe Charity Commission'5 guid&nce on public benefil. Obltetfvt$ nd att1￿￿ The Trusiees review Ihc rents annually in Mar¢h after ¢0tt8id¢ration ofthc Budw of wrtd cxpcndilurc. Thi5 yCllT lh¢ Tru8iee$ d￿lded 10 mth tto Incre￿ lo thE Tenls. they ¢onsbthr the current maiTrtena￿e charge is achievin8 value fur m(Trncy. Thc Twsleex hav¢ contithu¢d to mainiaiTh Ihc propcrfic5 lo a bigh slandard of re￿iT aryj scek lo make imwovLments cithcr whcn prop¢rt1¢5 bccomc va¢4nt or when nceth are idcThtifi¢d. The Five Yearly Quinquennial Insp¢¢iiott 10 idenlify and impleJJKnt planned Mallltenar￿ and imwivemeni$ ¢4rried out in S¢p¢¢mb￿ 2019. Thc Tru51 propErtics havc 8 privale walcr Supply atw] etLSuring that boih the qualÉly 8nd quantity of ihc water is mainlained is a constant COELcern. Watu quality tein8 h&s been maintsits￿ and run¢di41 WOTk5 id¢rtlifi¢d dult with. Houslng Pmperty A¥Jets Details of Lhan¥e5 to the chariticq asws are ill ThM¢ 10 and I l. Po81 Bolinee Sheet Evenij We consider that Ihere have no evenls $itte the year ¢nd th•1 hav¢ hJ a siBnifKAnt cffe¢i on th¢ tW51% financi&l po%ition. Goln% Concern Aft¢r makinE enqijiries. Ihe Tm$ict8 a re¥onobk ¢Al￿%￿lIon tht the charity has adcquHte Te50urces lo continue in opcrational ¢xi5nc¢ for Ihc foTcKcablc fulure. knng a period ofThvelve months after the dale on which ihe report and financial slal¢rncn15 are signed. FOT this re8son, li coniinues 10 adopt the going toncern b8sis in th¢ finÈnci81 $￿tementS. Pag¢ 2

The Spencer Homes Charity Trustees, Report ReseTheb pollty The Twslecs have Tw¢wed thr Chlritys for the reserves in line wsth the ￿lIdance issued by the Charity Commi￿10￿ and consider It PTudeni Ihat reswves sknuld bt suffiti¢nt io Avoid th¢ necessily 10 1¢4lÈs¢ fixed assets. The Tn)siee8 ore confident that fi]tUTe income will enablc the Chwrity to meet its for&￿•ble need5 on thc ba5i5 of pl&thrl ¢xp¢ttdiiurc. Tolal charity funds at 28 Deccml)er 2023 werc £417.273 {2022 - £382.6271. The a￿U￿1 of rc¥e¥vc5 Aftes m8kin8 allo￿ne¢S for reskncied funds And lied up in tangib￿ fixed asxts or proBrammc Telalcd invcslmcnts &mouni¢d io £43,39612022- £37.807). Rljk mattgg¢m¢nt Thc Tru51ces give considcraiion to the mjor risk$ 10 whith the Chwity 1$ $￿en￿ which Ire d¢&i￿d lo mitigaic ihose risks on an ongoin8 bas15. Ind￿rndeNt ex4mlntT Th¢ re appoinlm¢nt of Wat$oD Byckle Limited wL8 agteed by the Trustees. Publlc benefit Th¢ Tru$1¢¢5 ronfimi thai Ihey hv¢ ¢omplied with the rtquirunents of section 17 of ihe Ch8Tithes Act 201 I to have due regard lo the public benefit guidance ￿blished by the Ch•rity Commiswon for Engi4rn14nd W•l¢8. Value for money Thc 'fnL8l¢¢s mindfvl of lh¢ ne¢d ￿ obtain value for 1Th￿cY in all tfallS8¢1ions enlered into on behalf of the charity when major work¥ &re un(krtaken a com￿1117¥¢ l¢nd¢r is urri¢J out. Thc charity ftgul#rly rcviews 11$ investmcnls perfonnance to e￿￿te they still achieve a goDd raie of rdum. The annuul report w$ approved by the TnJst¢¢s of Ihe chariiy on 3 Jun¢ 2024 ind $i8ned on its bghalf by.. Mr G (Chgir) Trustee Page 3

The Spencer Homes Charity

Independent Examiner's Report to the trustees of The Spencer Homes Charity

I report to the charity trustees on my examination of the accounts of the charity for the year ended 28 December 2023 which are set out on pages 5 to 13.

Respective responsibilities of trustees and examiner

As the charity’s trustees of The Spencer Homes Charity 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 Spencer Homes Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the 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 Spencer Homes Charity 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 accounting 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.

...................................... Selina J Armitage FCA Independent Examiner Watson Buckle Limited Bradford

5 June 2024

Page 4

The Spellcer Hom¢s Charity Stalement of & inancl41 Aclivitie5 for the Year Ended 28 December 2023 (Including Income and Expenditure Account) Endowmetsl fuiids UTrrestrSctcd fund5 Revaluation reserve Totsl 21123 Total 2022 General Perrnanent Note Ineome and emdoiYment$ from Invebimenls Charitable activilies Other incotne 6.643 33,105 129 6,643 33.105 129 5,035 31,874 129 Total Incon￿ and elldoivtneDts 39.877 37,038 ipendlture Charitable activities 119,985) (19,985} {27,017} Net income Gain51105ses on Inve51tnent asset5 19,892 19.892 14,754 10.021 125.954) Is 14.754 Net movement in funds 19.8Y2 14,754 34,646 15,933) Recfrnclllatlon Of funds Tolul funds i)rou8h¢ forward 371,473 382,627 398.560 Total fvnds carried folw￿ 391,365 14,754 11,154 417.273 382.627 The funds breakdown for the Current and prior yeaT is shown in Dote 15. Page 5

The Speneer Homes Charlty (Registration number: 248397) Balance Sheet Is at 28 De¢cmb¢r 2023 2023 2022 Note Fixed 455ets Tangible assets Inve5tsnent5 10 142,550 211.025 132,669 191.505 353.575 324,174 Current #ssets DEblvrs Cash at bank in hand 12 1,466 71.507 1.085 66.860 72,973 67,945 Creditors: Amfjunts f&lling wlthln one year 13 4,056 4,1461 Net turrent assets 68,917 63,799 Total assets le$5 current liabilities 422,492 387,973 Crertitors: Atnounts f8lllng due after more than ye&r Net assets 14 5,219 15,346 417,273 382.627 Funds of the ¢h*rity: Reserves Unrestricted ￿ndS Unrestyicled revaluation reserv¢ Ei]dDwffl¢nt funds 391,365 14.754 11.154 371,473 11.154 Total Re$erve5 15 417,273 382,627 The financial siaternents on pages 5 to 13 were approved by th¢ twstees, and authorised for issue on 5 June 2024 aiid signed on their behalf by-. Mr G Carr (Chair) Mr8 H R Marshall Ti'usle¢ riuslee Page 6

The Spencer Homes Charity Notes to the Financial Statcments for the Year Ended 28 December 21123 l Gener81 Infornifition Cener41 Information The entity i5 an uninctsrpoiated regi5ter¢d chai'ily governed by their constitlllion, registered iii Bngland and Wales. The addres5 of Ihc registered office is: Fold House, 6 Th¢ ?old Lotlicrsdtjlc Keighlcy Wesi YorkshiiE BD20 8HD Charity registsalion ntsinber.. 248397 2 Aceounting p(blieies Statement of ¢ompll&nce The Fin8n¢ial sialeinenls have been prepared in accordance witb Accounting and Rew)rting by Chatilies.. Statemenl of Reeollllntrnded Ptacli¢¢ {SORP} 4pplicable to rbdrities preparing their accoutkts in accordance with the Fin&ncial Reportitig Standard applicable in ibe UK and Republic of Iieland (FRS 102) lefftctive l Javuary 2015) - (Charitics SORP I>RS 1021). the Financial Reporting Standard applicable in thc UK and Republic of Ireland {bRS 102) and th¢ Charities Act 2011. Bas15 of prepar#tlon These f]nancial stalements have been PiEpared using the ht'storical cost convention exc¢pt that as disclosed in the couniing policies certain items are shown at fair vxlue. The charity constitutes a public benefit entity as defined by FRSIO2. The charitys functional and presemtation currency is pound sterling. Income and endowments GovevnwieiiigroiiLS Goveiiim¢nt g¥ants from Th¢ Housing Corporation 2rc received in rcspect of the Spcncer Homes Charsty. Th￿¢ grants are reci)gniscd at thc faiT vali1¢ of the assei r¢¢eived. Wherc thc asscls arc accounted for using thc cost tnodel then Ihe govemment grant 1$ accounted for using thc accruals model. The ditTerence b¢tween Ihe fair value of the asset and the eonsideration is recognised as a liabiliiy and amoriised over the useful econoEnic life ofthe asset. This amonisJlion is re¢ognised within illCOllJe. ChaNlable ￿¢lIvI11eS Weckly ￿￿]ntenance charges from housing properties is recognised on ￿￿¢1]Ial$ basis. DÉJÉrrediiicoNie Deferred inci)mc Ycprcscnts amounts received fvi fuiur¢ periods and is r¢leased io in¢oJiullg resources in Ihe period lor whidi. it has been received. Such llicome is only defe￿¢(] when.. Tl)e donor spccifies that the gTttnt oi. doiiatioji Inusl only bc used future ac¢ourtting pcriods,. or 'rhe donor ha5 imposed ¢ondilions which must be mct bcfoir (he charity has unconditional entitlcment. Page 7

The Spencer Homes Charlty Notes to the Finanemal Statemenls for the Year Ended 28 December 2023 Inve51menl iiiconie Income is earned from holdinx fixed asscts foi investment purpose5 and is rccognised when receivable and th¢ amoiinl at) be m¢aSUT¢d reliably by the charity. lThterest on funds held on deposlt is includ¢d when receivable and the atnount caD be measured reliably by the ¢harity. Expendlture All cxpcnditure is Fccogniscd once th¢r¢ is a legal or ronstructive obligation lo that expendtture. it is piDbable settleinent is reqllired and the amourti Can bc measured rcliably. All Costs arc allo¢aled to the applicable expcndilure heading th#t aggregate similaT Costs to that category. Wh¢re costs cannot bc dsrectly attributcd to particulai. heading tbey have becll allocated on a basis ¢onsist¢nt wilh the usc of resources, with ¢¢ntral 8laff ¢osis allocat¢d on the basis of time spent, and depre¢iotitsn charges allocated on the )x>rtion of the asset's use. Other support Costs are allocated based on the spread of staff costs. C￿￿￿¢&ble dertvlrtes ChaTitable expenditure cOm￿.iSeS ihuse costs incu￿ed by the Charity in the drlivery of its activities and serV￿ceS for its beneficiai'ies. It includes boih cosls that can be allo¢aled directly to such activilies and those costs of an indirect nature necessary to support them. GDv¢rn?n¢¢ costs These include the Costs attributable to the charity's compliance with constitutional and sta￿tOry requirements. including audit. straiegi¢ managi¢me￿l and trustees, ￿￿etIngS and reimbursed expenses. Taxation The charity is considcjrd to pass the te5t5 Set out in Paragi?ph I Schedule 6 of the Finan¢¥ Act 2010 8nd th£rBIoL"e it meets thc definition of a charitable company for UK ¢orporation tax Purposes. Accordingly, the charity 15 Potentially e%empi from taxation in respect of ineome or capital gains received wiihin categories ¢overed by Lhapt¢r 3 Pall I l of the Co￿￿ratIOn Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to Charitablc purposes. Tangible fixed a55ets Individual fixed a5sels costing £100.00 or more are iiiitially recor(kd at cost. Depreelation and #mortl8atloD Depreciation is provided on langible fixed assets so as to write off the c05t or valuotion, less any estimated residual value. over th¢ir ¢xpected useful economic life as follows.. Asset cla55 Original stTUCture Roofs Doois aiid windows Boilers Bathroom Kitchcns Electrical and healing iDStallations Depreciation method rate 50 years 50 y¢ars 30 years 15 years 25 years 20 years 25 years MajoT COiDpon¢nts of hoiising prop¢rties have been a¢¢ounted foi and deprcciatcd Scparatcly from the eODne¢ted housing piDperty, over Ibeir expected useful economic lives. The cost of Tepla¢ing these components is Lapitalised i ful. The rv5t of pai1i&lly replacing or repairing these components. are Charged to the Lharitable aetiwilies. Pag¢ 8

The Spencer Homes Charity Notes to the FlnAnclal Statements for the Year Ended 28 December 2023 SigThificaDt judge￿entS and estimates Preparaiion ofihe financial st8ieii)thilS requires management to make significant jUdgen￿Thts and estimates. The ilems in the finaiicial slal¢Jnents wh¢re ll)¢se jud￿n¢￿t$ and ¢stiJiJat¢s have been inad¢ include: Depietidlioit Managcment ieviews ils esliniatc of the useful lives of dq)r¢ciable as5cts at each repoilin8 date based on the expected utility of thc a￿cts,. howcvcr. by tljcir naturc, component lifc cannot bc dct¢miin¢d with ab%olulc ccrthinty- Fixed i55et illvestments Fixed ¥ssel lliveblnienls. otber than progtan]me related investmenls, are included at Dwkel valu¢ ai the balallc¢ sh¢et date. Realised gains and losses on inv¢stmentb' are ¢dl¢u10ted as the diffeiEn¢e between sales proceeds their rnaTket valu¢ at the start of the year. OT their subsequent C05t, and are charged or credited to the Sialtm¢nl of Financia Activitics in thc pcriod of disposal. Unrealised gains and log5e5 represent the movement in rnarket values dllring the y¢ar and are ¢wdited or ¢harged to the Statement of Finan¢ial Activities based on the market value at the y¢ar end. Debtthrs Debtois are recogni8ed initially when they become due at the tsansadion priee. They are subscquently measured at amorliscd cost usEng the efftdive intcicst rdte method, Icss provision for smpainnent. A provision for impainnent of d¢htors is e8tAhli$hed when there is objective evideii¢¢ tliat the Charity will not be able to ¢ollc¢t all amounls due according to ihe original ternjs of the debtOTS. Creditors Creditors are obligations to pay for goods and services that have been acquired by the ¢haTily. Creditors are initially reLognised ar the ttBns&ciion price and subscquenily mtra5ured at #mortised cost using the ¢ffe¢tive ittt¢rest m¢tbod. Chsh And tash tqwlvaltnts Cash and cash cquivalents cornprise cash on hand and call dcp05its, and other short-temi highly liquid inv¢stm¢nt$ that are r¢adsly convertible to a known amount of cash and are subje¢l to 011 In8ignificani risk of chartge in valuc. Financlal in5tuments The Lharity only has fiDancial assets and financial liabilities of a kind that qualify as ba¥i¥ financial instrumentb.. Basic rinatt¢ial insli'llmenls arc initially recogni$¢d al Iran.%a¢li(>n valuc and subs¢quenlly tn¢a5ured at IlLell' 5eiileTnent value. 3 Income from inve8tment8 UDrestrleted Total 2023 Total 2022 General Interest receivable and similar incorne,. Interest rcecivablc on bank dcposits Other incomc from fixcd asset inVC5tments 1,877 4,766 1.877 4,766 554 4,481 6,643 6,643 5,035 Page 9

The Spencer Homes Charity Notes ¢0 Ihe Financial StatemeJ)¢s for the Year Ended 28 Deeember 2023 4 1n¢ome from ChArlt4ble 8¢tlvllles Unr¢strieted Tot￿1 Totxl 2022 CJener&l Weckly mainl¢nance chaiges Voids 33,105 33.105 32,624 (750} 31,874 5 Other income UBre5tricted Tot#1 2023 Total 2022 General Amorlisation of 8rants Oihei income 127 127 127 129 129 129 6 Expendlture on Charltable Actlvltles Unrestrleted funds Total 2023 Total 2022 Cener%l Rale5 Light, heat and powcr Insurance RepasTS and Teiiewals Tiadc subscriptions Sundry expenses Management ¥lwges pay#ble Indcpendcnt cxamiiici's fec Le¥al and professional fees DepiEciation of freehold property 1.477 1,768 1,607 6,100 343 1.477 1,768 1,607 6,100 343 1.367 855 1,419 14.557 415 250 1,200 1,260 836 4,858 1.200 1,260 1,200 1,260 6,230 6,230 19,985 19,985 27,017 Pag¢ 10

The Spencer Homes Charity Notes to the Financial Statements for the Year Ended 28 Deeember 2023 7 Analysls tsf governfinee and support eosts Govern8nce costs Unrestrleted TotRI 2023 Tol41 21122 General Inde￿NIen1 ¢xamtn¢¢s fee 1,260 1,260 1,260 8 Trustecs remuncratlon and expenses No trustees 112ve received ￿lY remuneration or reimbursed expenses from the charity during the current or previous year. 9 Key mADagement personnel Thc charity considcrs its key man8gem¢nt p¢rsonn¢l compris¢ th¢ tTUStce$. The total key inanagemetht peisonnel remuneration benefits were £Nil (2022 - £Nil). 10 Tangible fixed assets Hollslng prDperfies for letting Property improvements Tot*1 C05t At 29 De¢eJnber 2022 Additions 41,817 157,529 199.346 Ai 28 DecembeT 2023 41,817 173,640 215,457 Depreciation At 29 Dcccmber 2022 Charge for the year 5,852 836 60,825 5,394 66,677 6,230 At 28 D¢¢ember 2023 6,688 66,219 72,907 Net book value At 28 December 2023 35,129 107,421 142,550 At 28 Decembcr 2022 35.965 96,704 1.32,669 JI Fixed asset investment% 21120 21122 Listed inveslments 211,025 191,505 Pagell

The Spencer Homes Charity Note5 ¢0 the Financial Statements for the Year Ended 28 December 2023 Other investment$ Listwl investm¢ntS Total Cost or Valuation At 29 December 2022 Revaludtilin Addilions 191.505 14,754 4,766 191.505 14,754 4,71)6 At 28 December 2023 211.025 251,025 Net book value At 28 December 2023 211,025 211.025 At 28 December 2022 191,505 191.505 The foir value of listed investments is detennined by reference to the quoted price for identical asset5 in an active market at tlie balance sheet date. Historical Costs of inveslm¢nts are £207,154 {2022- £202,385). 12 Debtors 2023 2022 Prepaymcnts WMC aiyears 1,216 250 1.085 1.466 1,085 13 Creditors: amounts fxlling due within one year 2023 2022 Other creditors A¢cn]als Gixnt5 1,380 2,549 127 1.763 2,256 127 4.056 4.146 14 Credltors." falling due Hfter one yeAr 2023 2022 Grants 5.219 5.346 Housing As50¢iaiion Grants have been received. this will be repaid if the properiies are sold. The Housing Asso¢iatioii Granis are being recognised in incoin¢ on a sysiemali¢ b2$i$ ov¢r Ihe expected usefvl life of the stNctt]re1S0 years). Page 12

The Spencer Homes Charity Notes to the Financial Statements for the Year Ended 28 December 2023 15 Funds Bal#nee at 28 December 2022 Other reeognl$ed gainsll105ses) Balance at 28 Deeembtr 2023 Ineomlng resources Resources expended Unrestricted Gcjierdl 371,473 39,877 (19,9851 391.365 Other 14,754 14,754 I'otal unrutrlcted 371,473 39.877 (19,9851 14.754 406,119 Endoivment Permanenl 11,154 11.154 Total funds 382,627 14,754 417.273 Balance at 28 December 2021 Other recogni5ed gAin￿{1(b$S¢S) Balance at 28 December 2022 IThcot￿1ng resources Resources expended Unrestrlcted Gen¢ral 372,332 37.038 127.017) (10.880) 371,473 Other 15,074 15.074 Total unre$trl¢t¢d 387,406 37.038 (27,017) 125.954) 371,473 Endoivment Pernunent 11.154 11,154 Total funds 398,560 37.038 (27,0171 25,954 382,627 16 An8ly$h of •et 4s$¢ts b¢tween fund5 UDrestricted E￿d0￿ment funds fiinds General Permanent funds funds Other funds Total funds Tangible fixed aswls Fixed a55el iiivcsiments Current assets Current liabilities Creditors over l yeai. 142,550 196,271 61,819 (4,0561 (5.219) 142.550 211,025 72,973 (4,0361 5.219 14,754 l ot21 net assets 391.365 14,754 417,273 Pag¢ 13