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St John's Trust, Chichester Contents of the Financial Statements for the Year Ended 31st December 2020 Page Report of the Trustees I to 4 Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8 to 15 Detailed Statement of Financial Activities 16
St John's Trust, Chichester Report of the Trustees for the Year Ended 31st December 2020 The trustees present their report with the fmancial statements of the charity for the year ended 3 1st December 2020. The 11 11 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 l January 2019). OBJECTIVES AND ACTIVITIES By the Scheme of June 2009 the Objects of the newly merged charity are to further the religious and other charitable work of the Church of England in the Parishes and the extra-parochial area: broadening and sustaining the work of the Church of England within the City of Chichester; working in conjunction with all those churches recognised as part of the Churches Together in Chichester organisation or any successor organisation at the discretion of the trustees; and undertaking such charitable work within the City of Chichester as the trustees deterniine at theii discretion. INVESTMENT POWERS AND RESTRICTIONS The investment powers of the trustees are laid down by stathte, there being no specific powers contained within the Scheme of knangement of 2009 or the Deed of Administration 2009. 11 ACHIEVEMENT AND PERFORMANCE This charity has two propety interests. 62 Swanfield Drive, Chichester, is jointly owned with The PCC of the parish of St Pancras and St John and in the custodian Trusteeship of Chichester Diocesan Fund and Board of Finance. The propety is well maintained and is i broadly satisfactory condition. The property is used as accommodation by approved staff of the parish of St Pancras and 11 11 St Jolm. If it is not used for that purpose the propety is let. The St John's Hall in St Jolm's Street Chichester is kept in reasonable repair. The trustees have made the Hall available to Chichester Foodbank. They believe the lease to the Foodbank satisfies the Object of using the resource for the benefit of the people of Chichester. Grants have been made to the Foodbank to install heating and to undertake other essential 11 work. The trustees continued to support the work of the Chichester Anna Chaplaincy by funding its Chaplain. The trustees have made grants to St Wilfrid's Church PCC to upgrade AV facilities, St Paul's Church PCC to extend youth services 11 and the Chichester HEART project to fund an outreach worker working with homeless people. In addition the trustees have made a one-off grant to Pregnancy Options a local charity that supports women considering abortion. PUBLIC BENEFIT The Trustees conf]rni that they have paid due regard to Part I Section 4 of the Charities Act 2011 and the Charity Commission's guidance on public benefit in deciding what activities the Charity should undertake. The guidance makes it clear that what constitutes the public will vary depending on the charity's purposes and can include beneficiaries defmed by geographical area. Any restriction must by rational reasonable and justifiable. The Trustees are satisfied that while the charity has a narrow geographical restriction its objects and activities are sufficiently wide to constitute a public benefit in that the grants made are for the benefit of a wide section of the public in the geographical area. 11 FINANCIAL REVIEW Financial position The net movement in funds this year amounted to a surplus of £5,827 (2019: £185,878) for the year. This consists of a surplus on the unrestricted fLmds of £4,848 (2019: £15,835) and a surplus on Endowment funds of £979 (2019: £170,043). Net gains on investments were £6,221 (2019: £183,322) and gains on the revaluation of fixed assets was £5,603 (2019: £11,573). Page I
St John's Trust, Chichester Report of the Trustees for the Year Ended 31st December 2020 FINANCIAL REVIEW Investment policy and objectives The charity has an investment portfolio worth £1,312,070. The funds are invested in a well spread portfolio with the 11 111 aim of producing a balance between income receipts and capital growth. The trustees require their investment advisers, J M Filln and Co, to look for investments and maintain the portfolio in sound leading stocks, with reliable income 11 streams and strong balance sheets capable of weathering a difficult period. Ethical considerations are taken into account when detern]ining investment strategy. RESERVES POLICY The trustees have reviewed the reserves policy in accordance with the guidelines of the Charity Commission. A Management Reserve is maintained which represents 25 % of the average annual expenditure on charitable activities and governance of the Trust, of three years up to the date to which the latest examined accounts were drawn. 11 The trustees have designated investments totalling £168,559 at 31 December 2020 which in their opinion will generate 11 sufficient investment income to meet unrestricted expenditure. In future years the balance on this fund will be the 11 market value of investments as allocated. IMPACT OF COVID-19 The impact of the Coivd-19 pandemic on the Trnst's activities was minimal. It is seen in the accounts that investment 11 11 11 income was £3,367 less in 2020 compared with 2019 an amount which did not impact the Trust's grant making activity 11 11 in the year. Trustee meetings were held using Zoom and the project to refLbISh the forecourt to St John, s Chapel was 11 put on hold because of market uncertainties. FUTURE PLANS The trustees continue to review the use of assets. Grants will continue to be made in furtherance of the mission of the Church as provided in the governing documents of which the latest are the Scheme of the Charity Commission and the 11 Deed of Administration, both of June 2009. In 2019 the trustees embarked on a project to refibISh the Forecourt to St Jol)n's Chapel with a view to transferring it to the Churches Conservation Trust. Because of market uncertainties resulting from the COVID 19 pandemic, the Trustees have put this project on hold and will review their position in 2021. INDEPENDENT EXAMINER The independent examiner, Mr Paul Wright, a partner of Sheen Stickland, has expressed a willingness to continue in the office of independent examiner for the next year and a resolution to reappoint him will be proposed at the next Trnstees, 11 meeting. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated Charity. The Charity was created by an Act of Parliament in 1812 and varied by a Scheme of knangement of the Charity 11 Commission. Arising from that Scheme completed on 9th November 1978 there were two charities both registered with 11 the Charity CollLmission with registration numbers: Church Hall Charity for Ecclesiastical Purposes number 298111 number 298112 Under a further Scheme of knangement of the Charity Commission dated 22nd June 2009, the two charities were 11 amalgamated into one under the registration number 298111. The Clerk to the trustees is Mr S H Holloway. All correspondence regarding the administration of the Charity should be sent to the principal address. Page 2
St John's Trust, Chichester Report of the Trustees for the Year Ended 31st December 2020 STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees Trustees are appointed under the ternis of the Trust deed. There must be at least six trustees and all trustees shall hold 11 office for a maximum of thIee years. The maximum number of trustees shall be twelve. One third of trustees shall retire 11 11 11 11 by rotation each year at the Annual General Meeting, although all trustees shall be eligible for reappointment. Those selected to retire shall either be those who have held office for the longest period or shall be selected by lot. Trnstees may be nominated or co-opted as follows: up to three nominations by the Dean and Chapter (all of whom should be of Habitual Worshippers at the 11 Cathedral) one nomination by and from the City Council of Chichester up to four nominations, one by and from each of the City Parishes, (all of whom should be of Habitual 11 11 Worshippers in the respective parishes from which they are nominated) up to four trustees to be co-opted by the other trustees PROVIDED THAT the appointment of any such co-opted trustee shall be ratified in general meetings. 11 Full induction and training is provided to new trustees. Risk management 11 The trustees have reviewed and assessed the risks relating to the trust and are satisfied that they have taken all reasonable steps to limit or provide cover for the major risks. This matter will be kept under rolling review. 11 REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 298111 Principal address The Royal Chanty Cathedral Cloisters Chichester West Sussex P019 IPX Trustees Michael Darby Timothy Schofield (resigned 31.3.20) David Siggs (resigned 29.2.20) Stephen Waine (appointed 1.4.20) Andrew Gibson Catherine James (appointed 10.11.20) Colin Mckenna Timothy Ratledge (resigned 9.11.20) Sally Chittleburgh Anne Scicluna Independent Examiner P E H Wright FCA DChA Sheen Stickland Chartered Accountants 7 East Pallant Chichester West Sussex P019 ITR Page 3
St John's Trust, Chichester Report of the Trustees for the Year Ended 31st December 2020 REFERENCE AND ADMINISTRATIVE DETAILS Clerk S H Holloway Bankers Barclays Bank plc 74/75 East Street Chichester West Sussex P019 IHR Investment advisers JMFinn&Co 4 Coleman Street London EC2R STA Approved by order of the board of trustees on . and signed on its behalf by: Stephen aine - Trustee Page 4
Independent Examiner's Report to the Trustees of St John's Trust, Chichester Independent examiner's report to the trustees of St John's Trust, Chichester I report to the charity trustees on my examination of the accounts of St Jol)n's Trust, Chichester (the Trust) for the year ended 3 1st December 2020. Responsibilities and basis of report As the cbarity 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 Trnst's accounts carried out under section 145 of the Act and in carrying out 11 my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of 11 the Act. Independent examiner's statement I have completed my examination. I Collf that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Trust as required by section 130 of the Act" or the accounts do not accord with those records; or the accounts do not comply with the applicable requirements concerning the forn] and content of accounts set 11 11 out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give 11 11 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 11 be drawn in this report in order to enable a proper understanding of the accounts to be reached. P E H Wright FCA DChA Sheen Stickland 7 East Pallant Chichester West Sussex P019 ITR Date: . Page 5
St John's Trust, Chichester Statement of Financial Activities for the Year Ended 31st December 2020 2020 Total funds 2019 Total funds Unrestricted funds Endowment fund Notes INCOME AND ENDOWMENTS FROM Investment income 42,212 42,212 45,579 EXPENDITURE ON Raising fLmds 5,034 5,034 5,146 Charitable activitxes Religious and Charitable Work of the Church of England 43,175 43,175 49,450 Total 48,209 48,209 54,596 Net gains/(losses) on investments 10,845 4,624) 6,221 183,322 NET INCOME/(EXPENDITURE) 4,848 (4,624) 224 174,305 Other recognised gains/(losses) Gains on revaluation of fixed assets 5,603 5,603 11,573 Net movement in funds 4,848 979 5,827 185,878 RECONCILIATION OF FUNDS Total funds brought forward 182,620 1,700,682 1,883,302 1,697,424 TOTAL FUNDS CARRIED FORWARD 187,468 1,701,661 1,889,129 1,883,302 The notes forn] part of these fmancial statements Page 6
St John's Trust, Chichester Balance Sheet 31st December 2020 2020 Total funds 2019 Total funds Unrestricted funds Endowment fund Notes FIXED ASSETS Tangible assets Investments 538,819 1,143,511 538,819 1,312,070 533,216 1,320,323 168,559 168,559 1,682,330 1,850,889 1,853,539 CURRENT ASSETS Debtors Cash in hand 10 4,500 17,528 4,500 36,859 19,331 36,383 22,028 19,331 41,359 36,383 CREDITORS Amounts falling due within one year 11 (3,119) (3,119) (6,620) NET CURRENT ASSETS 18,909 19,331 38,240 29,763 TOTAL ASSETS LESS CURRENT LIABILITIES 187,468 1,701,661 1,889,129 1,883,302 NET ASSETS 187,468 1,701,661 1,889,129 1,883,302 FUNDS Unrestricted funds Endowment funds 12 187,468 1,701,661 182,620 1,700,682 11 TOTAL FUNDS 1,889,129 1,883,302 The fmancial statements were approved by the Board of Trustees and authorised for issue on . and were signed on its behalf by: Stephen aine - Trustee The notes forni part of these fmancial statements Page 7
St John's Trust, Chichester Notes to the Financial Statements for the Year Ended 31st December 2020 ACCOUNTING POLICIES Basis of preparillg the financial statements The f]nancial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in 11 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 11 Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The fmancial statements have been prepared under the historical cost 11 11 convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. Financial reporting standard 102 - reduced disclosure exemptions The charity has taken advantage of the following disclosure exemptions in preparing these f]nancial statements, as perniitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,: the requirements of Section 7 Statement of Cash Flows. 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 11 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. 11 Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Raising funds Costs of generating funds comprise those costs directly attributable to publicising the Charity. Charitable activities Resources expended on the charitable activities of the Trust include the direct costs of grants madc. Tangible fixed assets Fixed assets are initially recognised at their current open market value. Valuations have been derived for these assets as shown below: 62 Swanfield Drive, Chichester (half share) - an infornial valuation by a surveyor Hall - insured value The parish obtained an infornial survey of the propety which forms the basis of the 2018 figures which the trnstees consider to be satisfactory. The Hall is now used as part of Chichester Foodbank operation which the trustees consider satisfies the charitable objects and in light of this no quinquennial inspection was undertaken. Professional advice continues to be taken in that regard. Assets purchased with an initial cost exceeding £500 are capitalised. Depreciation Land is not depreciated. No depreciation is provided on freehold propety as they are maintained in reasonable repair and it is considered that residual values are such that depreciation is not significant. The requirement to complete an impairment review is undertaken annually. Page 8 continued...
St John's Trust, Chichester Notes to the Financial Statements - continued for the Year Ended 31st December 2020 ACCOUNTING POLICIES - continued Taxation The Charity is exempt from direct Lqxation on its charitable activities. 11 Reserves Unrestricted reserves General funds are unrestricted funds which are available for use at the discretion of the trustees for particular purposes. A sum equivalent to 25% of the average annual expenditure, on charitable activities and governance of the Trust, of the thiee years up to the date to which the latest accounts were drawn, is designated to a management reserve. This is adjusted annually at the meeting of the trustees at which the trustees receive the accounts. 11 A sum equivalent to the market value of the unrestricted investments is designated as an investment fund. Endowment fund 11 The Endowment fLmd represents investments which must be held pernianently. 11 11 11 Unrealised gains and losses relating to the investments held by the endowment fund of the Charity are allocated 11 to the endowment fund. The trustees intend that these funds will be held for the foreseeable future to generate income to enable them to fulfil the purposes of the Charity. Income receivable relating to these investments are allocated to the unrestricted fund. INVESTMENT INCOME 2020 2019 Investment income Deposit account interest 42,163 49 45,560 19 42,212 45,579 CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note Direct Costs (see note 4) Support costs (see note 6) 5) Totals Religious and Charitable Work of the Church of England 6,940 31,250 4,985 43,175 Page 9 continued...
St John's Trust, Chichester Notes to the Financial Statements - continued for the Year Ended 31st December 2020 DIRECT COSTS OF CHARITABLE ACTIVITIES 2020 2019 Insurance Repairs and maintenance 11 1,089 5,851 1,064 1,417 6,940 2,481 GRANTS PAYABLE 2020 2019 Religious and Charitable Work of the Church of England 31,250 40,000 The total grants paid to institutions during the year was as follows: 2020 2019 St Pancras & St John's PCC St Wilfrid's PCC Chichester Drop-in Centre Anna Chaplancy Chaplain and A(Iministrator 5,000 4,083 11,000 3,000 14,000 3,000 5,000 4,000 11 6,000 3,000 9,167 4,000 Pregnancy Options Chichester HEART Project St Paul's PCC 31,250 40,000 SUPPORT COSTS Governance costs Management 11 Totals Religious and Charitable Work of the Church of England 2,525 2,460 4,985 Included in governance costs are Independent examination fees of £2,460. TRUSTEES, REMUNERATION AND BENEFITS No trustee or person related or connected to them received any remuneration from the Charity during the current or preceding year. The Clerk to the trustees received an honorarium of £2,300 (2019: £2,300). 11 Page 10 continued...
St John's Trust, Chichester Notes to the Financial Statements - continued for the Year Ended 31st December 2020 TRUSTEES, REMUNERATION AND BENEFITS - continued Trustees, expenses There were no trustees, expenses paid for the year ended 31st December 2020 nor for the year ended 31st 11 December 2019. Any trustee expenses claimed or incurred are subject to the Charity's nornial internal controls and authorisation 11 procedures. TANGIBLE FIXED ASSETS Freehold propety COST OR VALUATION At 1st January 2020 Revaluations 533,216 5,603 At 31 st December 2020 11 538,819 NET BOOK VALUE At 3 1st December 2020 538,819 At 3 1st December 2019 11 533,216 Freehold propety includes a half share in 62 Swanfield Drive, Chichester and St Jolln's Hall, St John's Street, Chichester. The half share in 62 Swanfield Drive has been valued at £160,000 based on an infonnal valuation obtained by the trustees in 2018. The previous infornial valuation had been carried out in 2009 when the value was stated as 11 being £90,000. St Jolm's Hall is included at a valuation of £378,819. This value is the insured value as notified by the insurers at the latest renewal date being l July 2020. This revalued amount has increased by £5,603 compared with the previous year. FIXED ASSET INVESTMENTS Cash and settlements pending Listed investments Totals MARKET VALUE At 1st January 2020 Additions Disposals Revaluations 1,290,475 186,044 (276,138) 38,104 29,848 243,793 (200,056) 1,320,323 429,837 (476,194) 38,104 At 3 1st December 2020 1,238,485 73,585 1,312,070 NET BOOK VALUE At 3 1st December 2020 1,238,485 73,585 1,312,070 At 3 1st December 2019 1,290,475 29,848 1,320,323 Investment assets held are detailed as follows: Pa£e 11 continued...
St John's Trust, Chichester Notes to the Financial Statements - continued for the Year Ended 31st December 2020 FIXED ASSET INVESTMENTS - continued 2020 2019 1,200,284 38,201 1,247,710 42,764 Pacific ex Japan Investments that are individually material within the investment portfolio are detailed as follows: 11 2020 Scottish Mortgage Investment Trust Scottish American Investment 78,910 64,960 11 10. DEBTORS: AMOUNTS FALLING DttE AFTER MORE THAN ONE YEAR 2020 2019 Grants paid in advance 4,500 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2020 2019 Trade creditors Grant creditor Accruals and deferred income 500 3,000 3,120 3,119 3,119 6,620 12. MOVEMENT IN FUNDS Net movement in funds Transfers between nds At 31.12.20 At 1.1.20 Unrestricted funds General Fund Management Reserve Fund Designated - Investment Fund 10,380 14,527 157,713 (5,998) (753) 753 3,629 15,280 168,559 10,846 182,620 4,848 187,468 Endowment funds Endowment Fund 1,700,682 979 1,701,661 TOTAL FUNDS 1,883,302 5,827 1,889,129 Page 12 continued...
St John's Trust, Chichester Notes to the Financial Statements - continued for the Year Ended 31st December 2020 12. MOVEMENT IN FUNDS - continued Net movement in funds, included in the above are as follows: 11 Incoming 11 resources Resources expended Gains and losses Movement in fLmds Unrestricted funds General Fund Designated - Investment Fund 42,211 (48,209) (5,998) 10,846 11 10,845 42,212 (48,209) 10,845 4,848 Endowment funds Endowment Fund 979 979 TOTAL FUNDS 42,212 48,209) 11,824 5,827 Comparatives for movement in funds Net movement in funds Transfers between funds At 31.12.19 At 1.1.19 Unrestricted funds General Fund Management Reserve Fund Designated - Investment Fund 21,051 12,873 132,861 (9,017) (1,654) 1,654 10,380 14,527 157,713 24,852 166,785 15,835 182,620 Endowment funds Endowment Fund 1,530,639 170,043 1,700,682 TOTAL FUNDS 1.697.424 185.878 1883 302 Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General Fund Designated - Investment Fund 45,579 (54,596) (9,017) 24,852 24,852 45,579 (54,596) 24,852 15,835 Endowment funds Endowment Fund 170,043 170,043 TOTAL FUM)S 45,579 54,596) 194,895 185,878 Page 13 continued...
St John's Trust, Chichester Notes to the Financial Statements - continued for the Year Ended 31st December 2020 12. MOVEMENT IN FUNDS ~ continued A current year 12 months and prior year 12 months combined position is as follows: Net movement 11 in fimds Transfers between fLmds At 31.12.20 At 1.1.19 Unrestricted funds General Fund Management Reserve Fund Designated - Investment Fund 21,051 12,873 132,861 (15,015) (2,407) 2,407 3,629 15,280 168,559 35,698 166,785 20,683 187,468 Endowment funds Endowment Fund 1,530,639 171,022 1,701,661 TOTAL FUNDS 1,697,424 191,705 1,889,129 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are 11 11 as follows: Incoming resources Resources expended Gains and losses Movement 11 in funds Unrestricted funds General Fund Designated - Investment Fund 87,790 (102,805) (15,015) 35,698 35,697 87,791 (102,805) 35,697 20,683 Endowment funds Endowment Fund 171,022 171,022 TOTAL FUNDS 87 791 (102 805) 206,719 191,705 The Management Reserve fund represents 25 % of the average annual expenditure, on charitable activities and governance of the Trust, of the three years up to the date to which the latest examined accounts were drawn. Transfers between funds represent the movement requiied to increase the fund value in line with 25 % of the average annual expenditure. The Designated Investment Fund represents the market value of unrestricted investments held, in order to 11 generate investment income. Transfers between funds represents cash movements between the general and 11 designated investment fund during the year to increase the value of investments held to meet unrestricted expenditure. Endowment fund gains relate solely to the unrealised gain on the revaluation of investments held to market value at the balance sheet date. Page 14 continued...
St John's Trust, Chichester Notes to the Financial Statements - continued for the Year Ended 31st December 2020 13. RELATED PARTY DISCLOSURES St Pancras & St John's PCC, who M Darby is also a trustee of, received grants totalling £5,000 during the year ended 31 December 2020 (2019: £11,000). 14. CHARITABLE COMMITMENTS 2021 Bell Tower Drop In St Paul's PCC Chichester HEART Project Chichester Anna Chaplaillcy 6,000 3,000 5,000 2,250 16,250 11 11 All charitable commitments are to be supported by future income from unrestricted flds. Page 15
St John's Trust, Chichester Detailed Statement of Financial Activities for the Year Ended 31st December 2020 2020 2019 INCOME AND ENDOWMENTS Investment income Investment income Deposit account interest 42,163 49 45,560 19 42,212 45,579 Total incoming resources 42,212 45,579 EXPENDITURE Raising donations and legacies Investment management fees 11 5,034 5,146 Charitable activities Insurance Repairs and maintenance Grants to institutions 1,089 5,851 31,250 1,064 1,417 40,000 38,190 42,481 Support costs Management Other costs Clerk's honorarium 225 2,300 275 2,300 2,525 2,575 Governance costs Independent examiner's fee 11 2,460 4,394 Total resources expended 48,209 54,596 Net expenditure before gains and losses (5,997) (9,017) Realised recognised gains and losses Realised gains/(losses) on fixed asset investments 11 31,883) 10,691 Net (expenditure)/income 37,880) 1,674 This page does not forni part of the statutory fmancial statements Page 16