REGISTERED CHARITY NUMBER: 292070 GOI) I b C)Ll li (-,Ll I l)l-_ Report of the Truste83 and Finan¢lal Statements for the Year Ended 31st March 2024 for Th¢ Masons, Company Craft Fund Grenfèll J8mÈg Associates Limited 13 The Courtyard Timothys Bridge Road Stratford Upon Avon Warwickshire CV37 9NP
The Mason5' Company Craft Fund Contents of the Financial Ststements forthe Year Ended 31 March 2024 P4e Report of the Trustees 3to5 Independenl Examiners Rewt statent of Finanual ALtrrt Stat8ffnt of Financial Po%bons Notes tts the Financial Statènnts 9t015
The Ms8ons' Cornpany Craft Fund Chalrman Roport for the Yoar Endod 31 March 2024 E WORSH L COMPANY OF THE ONS COMPANY CFIAF FUND Tru8tses' Annual Re ear ended 31" March 2024 ort lor the R8ftrenGe and Adrnlnlsiratlon Dètalls ol the Charfty, hs Trusts05 and Advl84rs The Masons, Carnp8ny Craft Fund is ¥ reoiskred tharily. No 292070. The tharity trms part of lh& trJrporale Saure of tha Worshipf Companyol MAwn¥ of the Cityol Lond. ono of the City's anclenl Livery Cornpanie8 The Tru¥¢e•s CN) the date ol approval ol thls reptsrt were. MrAdrlan Munn8' appolnièd 85 a Trustee on 1 Apdl 2021. and relecttd a5 Chairman on 25 Awil 2024. Mr L8urence Virchattert0Th' appolniad as a Trustee on 1 April 2020 contynues lo ill Trefjsur. and 8s Oeputy ChBlrmsn from 15 June 2Q24. Ir Robert Meny. appolnied 88 8 Trustee on 28 July 2022 rAlan Kr$v¢n 8povnled as a Tru5tea 15 June 2024 ThAr Nichdas Wooltrwarth cornp1eted his s¢Nlce 8s a Trusiea and Daputy Chairman on 14 June 2024. Mr Peter Brindle ond 8 Trustee en 11 July 2024. The Fund 18 administared by Mrs Jol•ni• Gla5. Admlnislratorof ty)0 Worthpfvl Cornpany of M880ns, 8ntl this Inclvdos the mainlenaK¢ ¢1 the Cran Fund's botskJol a¢wJnt Thè Stkbroker& to the Fund are J M Finn & Co Ltd al 25 Cap11 Avonw, London F¢2R 7AH Tho Cornpany 4180 man&g• inv•8im•nt8 on tsgh811 of the Worehipful Company ol IA850ns MgllAoem?ni of thé Cr8ft Fund'8 Inv•51mtnli Is exerc15eo by Mr Mark P¢wdl. If In legg1 ¥dvice 18 reouiraJ. this la on ho¢ b•s18 trom Rook9 RWJor sdi¢ii¢fs, Ch•llonw Heu8•, 19 Clerkanwell Close. Lon()n. EC1R ORR. Tha Trwte•o ¢ld not ne 10 seek logal advict durinq the year Structum, Qovèrnanc• and Management Th8 Ma8w' C¢np8ny Craft Fund Is tknn5dttJtod by Oethj ofTru8ldaied 9° May 198& Tho origin81 Tru81e88 were appointed by the Court of A&stants of the Worshipful Comp8ny ol Masons. UNJar presanl protdures now Twstees appoinlad by lh8 Court WAII seNe for ol live rs, with Ihe eplKn of further 2-ye2r periods11 Caurt sgre9slh such recommendation fr(m the Triisiee$. Tfusi8es acknovAedg¢ the import8nc• of en8unng tt)ai they have &uffiuar)I knad98 to Cpry Oul thèir dutya8. 8nd rec8lve approprl8te training In new developmerts relevant lo Ihelr role as I18t3 New Tru$t¢es 8r0 requir8d to sion a Dec18r8lion of Eliuibility. They a 88ktJ 10 SiLY the Cherily Commission's webslle and are en¢our8oed to allend one of iegular training events or(anis by brokers JM Finn 8 Co Ltd., th8 mst ro¢eDI such event was held on 17 November 2022, the next event 1$ pL4nned fty Novernr 2024. 11 is b2lieved that the Trustees are compeieni to carry out their role. TFUBlee5 are provided with relevBnl Ink(mBIIDn Btrh)Ut ttto Trust 8$ part ol Ihelr inducbon. Th8 Ttuslees connuet0 mon11 their gxp03ure to n¥Ji. R18k In usln9 Inlernot banklng arrangémÉnlS h&y baÉn mibgaled by ¢nyurlno that Ihe Ch81rm8n of tho Fund, the Trustees and the Administrator (xn all view onI 9nd brd(er det8115 separately 818Dy tme. Paymen18 from fund are made by on4ine bankirva and require8ulhons81 separ8iely bytwo Trustees. P9oe S
Otye¢lNes and Activities to ¢h¢ Public Benefrt The prinopal object rthe (thty is to Kxom(Xe any charilatrAe rMJrrKJsethalTrA•.' al enrA)urdge the exercise and maintai the aNrdsoflhE t>3ft of SeMa5 bl preseNe ané Imwe the craft of stonernasry cl ftsster, woMote and increase Ihe interestofts kma14 in(Saft of 5t(Nwa5Cryy. The TrJstee$ art mindfiJl of the ruIre[l to erre that the tharity has tiecves thai to the put4K befit The uaft of si¢nem8sonry was a Fminenl IraJE nIrieS ¥wy many of UKS most buildings are btsilt of thè. Th¢ puilic has a cjtrar wish to preserve suth buiksmgs la5vMthes8aY by the str<w popular and media Interest In the built hernagel gnd to create ones, butthss Is under threat thro IIE of fiJndirKJ to swrxjrt ts Iianing of $emanS. Cr8ft Fund eks lo ?Ilewate this problem, The Trustees 1Chn urKler OpeTrtronal GUdIre5 a nUty, ttw)5t rendY 31 July 2024. when a Equality, Oiversty Indusivene5s IEDII pr11cywas Ir9c3Id PAÈetiThJs are W foJrbrDes a year and Tru51ees consult inftThally as often as necessary. If required additn91 extradInary meebngs may be hdd for In5tsnce in earty Juty each year •) addOn81 mèeting Is hdd lo conduct an Iniiial a$SMen1 of grant applicabus Ihe forthcwing acJric The Tnjstees dithrge Iheir dubes by moniiorino the fund's 1nvesknl pcthio afft every quarter arKI wr1rj for the Incame arfyrKJ to stnt wnwly on SPDnsonng Ihe trainino of $tonernasons. The TNstees also make donaticS 10 wherÈ SttKlents lÈam ab)ut st¢xmary ana Testcabon, and where Information aul stonemasonry Is rnade availab and Ihe csaft Is to ts puWi¢ EwBndrtures are ty)ntrdled an(J mwilwed tywdy of wnual tyJdgetaTh# irxJMthJ81 [t$are 8pr(thJ Trustee& Achiey&meDts aDd Performan¢• Dunng the year the Craft Fund rnntsnuedto supprt thjents at PAJiklry CraHsCrA8Je (1, Cty8 of London ATts &ool ICGLASI. and at mou and Bath ge5 22 grants wtreawathl al takth up In FN 2023r24125 In 2022r231. Of these 18 Were awardod to skndents leamw the 3 10 gr&luare and a S(M•frts Prue(kn ofkniwi Builtsng ISPABI Fdow5hip, 811 to Iha value of £ 38.133 1£ 37.750 in 20221231. In the r[rent financral ywl2024f251 tts de. 34 mhave been apy0V¥J. Ths a 9gnificani Irwyease io thearvarani number ofsLlents who 8re awa of the MaS CcryJry Craft thegr8ntswlich Truses award, there is aL40 * irKxease th15 year in students undertaking o)nbnuatKJn trainiw. Noiing the 9nlent rise b) gant app1Ks year. and le1 ofTrabl In, the TruStee5dJJ al their fneebng on 31 July 24 notto Inuease the Trrdlu&olgratsawatrtsJ tslhe •xmr2o24r2S. Funds were also ProVe¢s to c£Aleges forpnzes. wlyth weenhwd ty (vJtrJde swsorgknip. The Craft Fund also made grants of £2,500 ¥h lo Building Crafts Colkge and City & Guids of L0ndC Arts SdxxA for SILMlerrt &JFy)ti T¥iY) but53ry awths were madefrom the Enc Bmokes Fund. arwj from th& Sydney Ma¥<) FuThJ An 2ttwal is made in the accounts at eatsh &ear lo any unpwd trwning ts the rrent ac&Jamic yw for the Fund has m&le a It shoukl be noted t a commtrrrt Is made to a strhJeni at a brne. even though the urSe may be f¢r more than ¢ year. The thdent rewlw each fLY o gr is rIred kn I{me fft)m or htr tutar of satisfècw performanc8 when reappl>irJ.
Financial Revtew forthe Year2023124 Investment and fftntsl forlhe year was £ 64.lE65 4411 cty)wswv4 reveme the fwxls wrtrdios, Includiry the SIneY Mason 8nd Enc&mk funds and therf¥Cjrt OtrrirKorne was £34.6861£37,4781 coms¥s9&1 mwnlyoFoknaticrftsfrom Lwwy ¢CryYMembs•dgI21d reCOble gswdl as the Ilg5andIng offw 8rtsDgenTent ctyaThJ &jd5 Lthn Arts Totel IrKxJrne wgj £99.0401£102.9191 re¥wrS expertyj wtre £99 OJ1 If89 920) resLIDNJ In InryJniNJ resourt5 of £15 1£12,9991. Expenditure5 Indude<t £10.1951£10,7561 knthe fund fEes wwth ts Invethnl por10.$ pthrman and £14.1751£13,2921 thinistrab(hi ccétspawj tOlhÈ M&sons' cMpanY. The fund's invÈstrneni portr01 1$ manawd a ttsl reln b$ Gains M wwestsnents thiing the Were£s,975 Oas88s uf £245.7991 due to a stsknlisèbon and Irrprovement in trwketsenbment d Ill infiati and the 125sabon afifMyeas in InIt pies. As 8131 Mar 24 the netas%ets oflht luThtsvre £1,689,4121£1.634.4221 in h9ndof£82.668 1£64.4031. Plans torthe Firture The Tmstees 11 continue to fL4sewith maiwtranw (xAe5. othwapwDwate bod$ Thgean rreaSe In aP5tiOnS far grdnts kn 5UPWrt the tr¥rrirvJ ofthwnagons In tt u TheTnJstees belw F11 bnUeto shrwswttssowtscLNThf*J yEaFs in the 8mIent0f its airns and objectivè On behalf olthe Tru3te8S 4lr18n Munns OBE Chaiman 21--24 P8$
The Masons. Company Craft Fund Independent Report for thè Year Ended 31 Mah 2023 THE WORSHIPFUL COMPANY OF MASONS THE MASONS. COMPANY CRAFf FUND Independent Examiners report to the Trustees of the maso1. Company Crnft Fund lth• Fundl We report on the accounts ofthe Fund for the year erbjed 31st March 2023. whith are Set CAJt on pages 2 to 6. Respective ResponsibilrttÈ$ of Trustses and Examiners The Fund's trustees are responsible for the prep8ralKJn of the accwnts. The charity's tnjstees cA)nsiderthat an audit is not required forthis year under section 144121 of the Chanues A¢t 2011 (the 2011 Act) and that an indepeThJent exarnination Is neoded. It is our responsibility to examine the accounts under secbon 145 of the 2011 Ad", to follow the procedures laid down Ln Ihe general DIreth0 gNen by the Charty Ccnmission undersection 14515llbl of the 2011 Act", and lo state whether particuL8r rnattws have come to our 8ttÈnthon. Basis of Independent Exarninern report Our exarnination was carri1 oul in armrdance ¥Mth the General Dire¢bon$ gwl by the Charty ComrnissneTr. An examination includes a remew of the ac£ounbng records kept by the Fund and a companson ofthe accounts presentsd with those record5. It also indudes considerab'on of any unusual iiems or disdosures in the accoullts. ancl seoking èxplanations from you as trustees conmIng any SUL rn3tt8. The woVre$ undertaken do nol provide all the evidence that would be reqUId in &n audit and. consequentty, no opinion L8 gNen as to whether the a¢counts prewt a and fair vie%V and the report is limited to those matters set out in next statement. Indep•nd8nt Examiners statement In connection with our examination. no rnatter has cx)me to our attenton". 111 which gives us reasonable cause to believe that in any material respett the WU1ments. to keep a¢counb"ng record5 in accwdance ¥t section 130 of the 2011 Act, and lo prepare 8ceA)unts which ar£ord wth the acthuntsng re(x)rds and ComY wrth the accounting reqvirements ofthe 2011 Act have not been rnet. or 121 to which, In our opinion. attention should L* drawn order to enab a proper understanding of the accounts tri be reached. 8 P Wodward FCA 2 Firs Clo$e Bledingto DLRees Thakes 33 The Street Manuden OX7 6UA CM23 1DF Datè: Page 6
The Masens. Compgny¢raft Fund Statèmènt ol Financkil Act118 forthe Year Endod 31 MaTch 2024 Syd Eric Brookès Fund 2024 2023 Totsl Funds hlaln Fund Mason Fund Total Fun¢Js INCOMING RESOURCES Incorning resour¢es from gerlat•d funds InvlMeNt Income Other Inwme 59.700 2,724 64,960 34.686 65,441 37 478 Total Incornlng rUre8$ 2.724 102.919 RESOURCES EXPENDED Donatlons Gr8ois & Donabons City & Guilds London Arts SChC- Annud Grant City & Guildsof London Irtsbtute-JV Prowx Sydney IlsM Fund Other Pnzesand Awards Building Crafts cle- Annual Grant c ¢ke5 aUrry 11.494 2.500 10.(MJO 11.494 2.500 10.000 5.000 9,679 2,500 10,000 1.943 2,500 1.500 2.750 2,750 Ti)tal Oonabon5 29.378 1750 37.128 28.122 tudent Grants Buildlrvj Crats Colkge Weymouth Colegt mln B8th City & Gimlds of London Ajt Sthor Calh8dral Grants. ApprceShi 11fA3 12.633 11.750 3,000 13.350 11,250 11.250 Totsl Grants 38.133 38,133 37,750 Other Fund Manager5 Fee5 Omin13trati eyp8TWS 10.195 14.115 10,195 14.175 10,756 13,292 Total re¥our¢es expended 91.821 5.1ts0 1750 99.631 89.920 NET INCOMING RESOURCES 12.5241 1261 15 12,999 OthÈr recogni%d gain5 Illossesl G21n8 l Otsssesl t InVestrrnI assd5 Nèt mowmoTrt in fund5 1585 II524) 1261 12,999 Total funds troughlforward fQTAL FUNDS CARRIED FQRWARD &5$5 IIS24) 12,¥99 TOTAL FUNDS BROUGHT FORWARD 1.468.300 81.974 84.148 1,834,422 1,867,222 Gainsllbsse81 on Investmt8$Sets 1.322 1.389 54,975 1245,7991 TOTAL FUNDS CARRIED FORWAJID 1.523.129 80,772 85.511 1.689.412 1.634,422 P¥Je 7
The Masons. Cornpany Craft Fund Balance Shèet fof the Year Ended 31 March 2024 Sydn Ma$on Fund EriG Brook•s Fund 2024 Total Funds 2023 Total Funds Main Fund Notss FIXED ASSErs Investments 1,477.971 79,320 83.378 1,640,669 1,585,900 CURRENT AsseTS Debiors Prepayments & accrued income Cash 81 bank 4,811 12,748 78.284 7rJ) 5,511 12,748 82.669 28,269 84,403 752 3.633 95.843 1.452 100,928 93,824 CREDITORS Atnounts falhng due within one year 150.685) {1,5) {52.1851 145.1021 NET CURRENT ASSETS 45.158 2.133 48,743 48,522 TOTAL ASSETS LESS CURRENT UABILITIE< 1.523.129 &fj.511 1.689,412 1,634,422 NET ASSETS 1.523.129 80.772 85.511 ,689.412 1,634A22 FUNDS Unrestncted funds Restricted funds 1.523,129 166 283 1.488,299 166,123 1,689,412 1.634.422 The fin8ncial ststernents %re approved bylhe Board of Tr ils behalf by.. arKI sKJned on Trustee Trustee TTU5te Ttustee knrm part 01th f4J8n(¥altsnTen15 Page 8
The MwJon$' Compwry Craft F¥nd
No¢•$ to the Flz)anclal Statements
forthe Ye¥rEndBd 3114Èrth 2024
I ACCOUNllNG POUCIES
ounting conv•trt
ithare induded 01 rrkgrtet vae. as r4Ua0f¢ 4S8tsarl
FinarKI81 ReptKting Stard I02Y FInants Rep5tAiolltd?r
InUdI the prow$8 dsecton 1A Enibes.. the Chwib8s Arl 201 l and th8 5thtait
Inc
The Masons. Company Craft Fund Notès io the Financial Statements for the Yèar Ended 31 March 2024 5 FIXED ASSET INVESTMEKrs Main Fund Eric Brookes Sydney Mason Fund Fund TOTAL 2024 TOTAL 2023 PORTFOLIO VALUATION Book Cost Revaluations 1.419.825 58,146 81.989 1.389 77,998 1.322 1.579,812 60,857 1.826.551 {240,6511 Markot Value 1.477,971 83,378 79.320 1.640.669 1,585,900 6 DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 other debtors 5,511 952 S,511 9S2 7 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Prepayments & accrued Intrne Ye¢man Masons Fund Accruals 520 51,685 45,102 52.185 45,102 Th8 Th*es fi¥m partof ¢lrese Ilnanwlslatements Page 10
The Masons, Company Craft Fund Notes to the Flnanclal Ststements for tho Y8ar Endad 31 March 2024 8 MOVEMENT IN FUNDS Balance as at Q110412023 Net In¢omlng Galns I ILos$esl r8sources Investments Balance as at 3110312024 Unr8Strlctod funds Main Fund 1.468,300 2.56S 52,264 1.523.129 Rèytrlctod lund¥ Sydney M8son Fund Er¢ Brookes Fund 81,974 84,148 12,5241 1261 1.322 1,289 80.772 85,511 TOTAL FUNDS 1,634,422 15 54.97S 1,689,412 9 SYDNEY MASON FUND 2024 2023 INCOME Donation from Main Fund Bank Deposit Interest Investment In¢om8 2.$3e 2,312 2,536 2,312 EXPENDITURE Student Gr8nl$ & Other Expenses s.oeo SURPLUS FOR THE YEAR 2.524 2,240 la ERIC BROOKES FUND 2024 2023 INCOME Oonation from Main Fund 8ank Dep051t Interest Inw£imèni Income 2.724 2,729 2.724 2,729 EXPENDITURE Student Grants & Other Exp8n888 2.7SO 1.500 SURPLUS FOR THE YEAR 1261 1,229 The notes forni p3rtollh&se Thnancialstatemènls Page11
10. THE WORSHIPFULCOMPAMY OF MASIX4S C INVESTr&pir PORTFOUO AT 31 RCH 2024 Mark Val 31.03.24 IUnwestrfGted} UNITED KINGDOM TREASURY4.25% 07KVJJ32 UNITED NGDOm TREASURY4 2S% 07103r2Q UNITED KINGt)OM TREASURY4.25% 07109r2039 19.588 17,926 34,492 34.708 20.378 18.476 36.(X)O 34.796 UNITED NGDOm TREASURY4.25% 07112r2040 MI TWENTYFOUR DYNAMIC BONO GROSS I INC NAV JANUS HENOERSON FD MGMT UK LTD FiXEO INTEREST M(wfHLY I 37,944 36.962 Pt•fèrènc• ShÈYes 2.30 13.250 Eede9astiQ In5u[an Offts4.625% IRRD PRF GBP 15,000 Lkyds BankJTVJ Grtyjp 9.25% IRR PRF SHS 31.003 ra 760 DHgeo Ckd GBP 0.28935185 14.082 22.234 cmIe#l$ 1.24% 637 Johnsw M8tthey(&-d GBP 1.047619 BOUGHT 375 CRODA INTL ORD G8PO.1C60 25.026 18.383 Electronic & Electrical E 224 2,280 Hatha Ord G8P 0.10 10,721 33,152 Financial Semces 1.92% LONDQN sTK EXCHANGE GROUP ORO GBPO 691 24.n7 20,470 Ga8 Water & MthliutilJtie8 2.310 NaiK)n81 Grid Ord GBP 0.113953 19.402 24.625 Industrial Én ineerin 1.gJ% 280 Spirar(X) En01m L¥d GBP 0.269230769 20.811 28.140 INDUSTRIAL SUPPORT SERVICES DIPLOMA PLC ORD GBPQ05 109 11.439 30.893 1.210 Ord GBP 0.05 sIT01&1 caffd loThYard: Page 12
THE WORSHIPFUL COIIPANY OF IIASONS C FUND INVESTMENT PORTFO T 31 AIARC 2024 Markei Valu Maln Trust Fun lUDr8Strie) Sub Totsi broughlfon¥ard 351313 413.446 Media 1,160 RELX PLC GBPO.1444 14.8 34.411 PERSONAL CAR DRUG & GROCERY ST ES 725 Unlver Pk Ord GBP 0.031111 17.808 28,822 Pharrnac•uii¢als & Biotechnol GSK PLC ORD GBPO.3125 32.824 37.213 Roal Estate In 5,090 Segro GBP 3.085 DERWENT L(0cl ORD GBPO.0S 14.348 41.394 15.176 TAILERS WH SMITH PLC GBPO.2209 25.010 21.882 AVEL & LEISURE IPITERNATIONAL CONSOLIOATED WRUNE Q 22.122 22,76S NVESTMENT FUNDS 165% MERCANTILE INVESTUENT TST PLC(THE) ORD 36,788 30.274 INDUSTRIAL METALS & MINING RIO TINTO ORD GBPO.10 15,1C6 28,08a erf¢8 211W. 12,210 JP Morgan AJnwcan Irbve51rrErt Tr1 Ord GBO.05 Ishares Core S 8 PYJO uts EfF USD Int INVESCO MARKETS111 PLC EOQQ NASDA(>1fy) UCITS 27.442 41.831 120.391 111.418 .045 Sub Totsl cathod fonvayd 935 P*p 13
12. THE WORSH PFUL COMPANY OF MASONS CRAFT FUND INVESTMENT PORTFOLIO AT 31 MARCH 2024 Market Valu• 31.03.24 COST n Trust Fund (Unrestricted) BIF Sub Total brought I00rd 703,936 1,008,306 Asla Ex Ja 4.26 18,330 Schroder Oriental Income Fund C¥d GBPO.01 HSBC s PLC MSCI PACIFIC EX JAPAN IGBPI 24,953 24.972 38,849 26.233 Global 8.36% VANGUARD FUNDS PLC SE ALLWORLD ETF INC NAV FUNDSMITH SUSTAINABLE EQUITY FUND SUSTAINABLE Eourry INC 47,75S 50,338 e8,499 55.169 NVESTMENT FUNDS SCOTTISH MORTGAGE INV TRUST ORD GBPO.0S IMPAX ENVIRONMENTAL MARKETS ORO SHS GBPO.10 13,154 24,958 81.354 24,351 ra The Renewabks Infrastruclure GRP Ord NPV Fo$Ight Sdar Fund Ltd NPV 31 Infr08trudurtr NPV 20,017 23.494 17.689 16.783 18,793 29.258 GRESHAM HOUSE ENERGY 29.682 35,c($7 33,024 9.530 16.903 7,314 SDCL ENERGY EFFICIENCY INCTST PLC ORD DIGITAL 9 INFRASTRUCTURE PLC ORD NPV Graoncoat UK Wind PIC ORD GBP 0.01 28,502 Pro 3.40 23.800 Picton Property Inccme Ltd BOUGHT 18000 HOME REIT PLC ORD GBPO.01 WP5HK1 11,630 Tntax Box Rert Pl Ord GBP 0.01 9.878 18.020 21.947 15,518 6.849 27,950 GBP 1-HO 1 121 667 1478 160 CASH 8Frfi FMFNT Ar.r.niJMT CASH ON DEPOS INCOME ACCOUNT 1,327 1,327 Total accur8d interest 880 480 367 1 122984 Pa9e 14
13. THE WORSHIPFUL COMPANY OF MASONS THE MASONS COMPANY CRAFT FUND INVESTMENT PORTFOLIO AT 31 MARCH 2024 Market Value 31.03.24 COST Sydney Mason Fund (Restricted) 68,881 Coleman Street Invs Inc Units 78,218 79,320 Market Value 31.03.24 COST Eric Brookes Fund {Restricted) 44,11J> Loieman ètreet Invs Inc portroiio 90.000 83.378 Thé page does not forni part of the slatutory financial slatements Page 15