Charity number: 301595
THE PAINSWICK CENTRE
(A CHARITY REGISTERED IN ENGLAND & WALES)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
THE PAINSWICK CENTRE
(A CHARITY REGISTERED IN ENGLAND & WALES, NUMBER 301595)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its trustees and | 1 |
| advisers | |
| Trustees' report | 2 – 5 |
| Independent examiner’s report | 6 – 7 |
| Statement of fnancial activities | 8 |
| Balance sheet | 9 |
| Notes to the fnancial statements | 10 – 12 |
THE PAINSWICK CENTRE
(A CHARITY REGISTERED IN ENGLAND & WALES, NUMBER 301595)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2020
| Trustees | Vivien Barr (Chair) |
|---|---|
| David Chapman (resigned 31stJanuary 2020) | |
| Allyson Davis | |
| Judith Hill | |
| David Linsell (resigned 5thNovember 2020) | |
| Martyn Smith | |
| Dawn Tyson | |
| John Williamson | |
| Charity registered | |
| number | 301595 |
| Registered ofce | Bisley Street, |
| Painswick, | |
| Gloucestershire | |
| GL6 6QQ | |
| Independent examiner | Price Davis Limited |
| The Old Baptist Chapel | |
| New St, | |
| Painswick, | |
| Gloucestershire | |
| GL6 6XH |
Page 1
THE PAINSWICK CENTRE
(A CHARITY REGISTERED IN ENGLAND & WALES, NUMBER 301595)
TRUSTEES' REPORT (continued)
FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees present their annual report together with the audited financial statements of the Charity for the year 1[st] January to 31[st] December 2020. The Trustees confirm that the Annual Report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) as amended by Update Bulletin 1 (effective 1 January 2015).
ABOUT THE CHARITY
The charity owns and operates a village hall in Painswick, Gloucestershire.
OBJECTIVES AND ACTIVITIES
Purposes of the charity
The object of the charity is the provision and maintenance of a village hall for use by the inhabitants of the ecclesiastical parish of Painswick and the surrounding neighbourhood without distinction of political, religious or other opinions, including use for (a) meetings, lectures and classes, and (b) other forms of recreation and leisure-time occupation, with the object of improving the conditions of life for the inhabitants.
Main activities undertaken to further the charity's purposes for public benefit
The Trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties.
The Centre has a range of rooms for hire. It hosts a wide range of events, including art exhibitions, conferences, meetings, private parties, sports, theatre events and concerts, artists’ studios and weddings. It also puts on events, such as the Wick-Flix film screenings and pop-up food events.
Contribution made by volunteers
The Centre could not survive without the tireless efforts of many dedicated volunteers. The Trustees are delighted to take this opportunity to thank each and every one of them. We would welcome any new volunteers, irrespective of how much or little time they can give.
ACHIEVEMENTS AND PERFORMANCE
2020 was dominated by the Covid-19 pandemic. The year started positively: room bookings were healthy, with most regular users continuing to use the Centre. We closed the centre in March, just before our scheduled Wickflix showing of Official Secrets which we were expecting to be very popular. We then furloughed the Centre Manager.
As soon as we heard in June that a limited reopening was possible, we began to work towards reopening. A lot of effort went into the Covid compliance work to ensure the Centre could reopen. The Centre Manager moved to flexible furlough in July. Some activities restarted, though others (e.g. Wickflix) could not. We also had new groups making enquiries about our facilities and though only Thames Head Singers choir was able to use the Beacon Hall regularly in 2020, we are pleased that that Aikido, a martial art, have commenced classes again and that Subud, a spiritual group, who were able to hold their first meeting, have restarted in 2021. The
THE PAINSWICK CENTRE
(A CHARITY REGISTERED IN ENGLAND & WALES, NUMBER 301595)
TRUSTEES' REPORT (continued)
FOR THE YEAR ENDED 31 DECEMBER 2020
Rug Man, a regular at the Painswick Centre for 20 years or more, has enjoyed a move from the Beacon Hall into the more intimate Gardiner Room.
Page 2
All activities ceased in early November when the second lockdown was introduced, and very little restarted in December. In 2021 things have gradually opened up. Restrictions were lifted too late for many regular users to restart before their summer breaks, so September will be month where activities take off in a big way. Despite the delay in lifting restrictions, we have managed to hold several ad hoc events over the summer, ranging from the hosting of Handmade in Painswick to a workshop on circus skills.
Lindsay Wyles started work as Centre Manager in 2019. She contributed much to the Centre, despite the trials and tribulations of lockdown, but in October 2020 left to use her newlyachieved accounting qualifications in a new role closer to home. We began the process of recruitment immediately and were pleasantly surprised by the excellent calibre of the applicants. We were delighted to appoint Serena Garde as Centre Manager in November, working three mornings per week.
Two trustees resigned during the year, David Chapman in January and David Linsell at the AGM in November. We talked about David Chapman’s time as a trustee in last year’s report. David Linsell had re-joined as a trustee at the 2019 AGM principally to help the Centre and the Bowls Club to reach a new lease agreement. Having succeeded in that task he resigned at the 2020 AGM. We thank him for his contribution to the Centre. We have tried to recruit one or more additional trustees, but with no success so far. We remain very keen to recruit new trustees.
We were grateful to receive donations of £1,800 from an anonymous donor and £500 from the Painswick Arts Club. We were also grateful to receive Covid grants from Stroud District Council and furlough payments under the Covid Job Recovery Scheme. These went a long way towards replacing the net income that we lost due to the Covid pandemic.
The difficulties of getting things done during 2020 meant that we made very much less progress on catching up with our maintenance programme than we had hoped. On the positive side, we completed the clearance and renovation work on the garage between the Centre and the cottage, and this is now looking much more attractive. We are beginning to catch up with general maintenance in 2021, including much-needed painting and glazing work to the outside of the building.
The Green Room was set up as a co-working space but Covid meant that only one or two people have been able to take advantage of this during what we hoped would be a trial period. As all the facilities are in place, we continued with this venture into 2021, but have now discontinued it.
FINANCIAL REVIEW
In a normal year, the charity’s principal sources of funds are room hire, events and bar takings. In 2020 icome was down significantly on 2019, as there was only one quarter of full operation, plus some periods of partial operation. Total income was £48,044 (2019 - £73,820). Studio and room hire was £9,856 (2019 - £26,784) and bar takings £4,478 (2019 - £20,428). Thanks to a full year of occupation, cottage rent was £9,000 (2019 - £5,250). Other income was up to £14,116 (2019 - £2,321), thanks largely to Covid grants of £11,334 (2019 – nil) and furlough payments of £2,407 (2019 – nil).
THE PAINSWICK CENTRE
(A CHARITY REGISTERED IN ENGLAND & WALES, NUMBER 301595)
TRUSTEES' REPORT (continued)
FOR THE YEAR ENDED 31 DECEMBER 2020
Bar and event costs were obviously much lower in 2020; bar costs were £5,697 (2019 - £13,049) and event costs £827 (2019 - £4,164). Repairs & renewals were £5,760 (2019 - £12,342), which was a reflection of the difficulty of getting things done in 2020, rather than a reflection of lower underlying maintenance costs. The maintenance not done in 2020 will now need to be done in future years. Staff costs were £5,252 (2019 - £6,584), the reduction being mainly due to the Centre Manager leaving part-way through the year. Utility costs were high, £12,602 (2019 - £5,836), due to the belated correction of several years of under-billing of electricity. Other costs were only £1,087 (2019 - £11,156), which was a return to more normal levels after the large asset impairment charge in 2019.
Page 3
THE PAINSWICK CENTRE
(A CHARITY REGISTERED IN ENGLAND & WALES, NUMBER 301595)
TRUSTEES' REPORT (continued)
FOR THE YEAR ENDED 31 DECEMBER 2020
The net result was net income of £5,049 for the year (2019 - £394). At 31[st] December 2020 the charity had unrestricted funds of over £1.3 million (2018 - £1.3m). Most of this is represented by the value of the Painswick Centre building. The charity had cash at bank and in hand of £88,053 (2019 - £71,926).
After making appropriate enquiries, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
The trustees have revised their policy on reserves, so the charity will now look to retain enough cash to cover at least twelve months forecast charitable activity and overhead outflows. This is of the order of £30,000.
The trustees keep the principal risks of the charity under review. One of the principal risks facing the charity would be a significant reduction in demand for its rooms and events over the longterm. Another would be a shortfall in the availability of volunteers to support the charity’s activities. The other principal risk would be the requirement for significant unanticipated expenditure on the fabric of the building.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Centre is governed by a scheme dated 10th October 2002 as amended on 24th Apr 2018. This scheme replaced the original deed of 5th December 1906.
Constitution
The charity is a standard registered charity.
Method of appointment or election of trustees
The Centre is run by a Committee of Management. This should have three elected members, one appointed member for each of the organisations that use the premises and not more than two co-opted members. The members of the committee are the managing trustees of the charity.
The term of office of all members ends at the end of the annual general meeting following the date on which they came into office. They may be re-elected or re-appointed.
The elected members must be appointed at the annual general meeting. The appointment will be effective from the end of the annual general meeting at which the appointment is made.
Appointed members must be appointed according to the ordinary practice of the appointing body. An appointment must not be made more than two months before the annual general meeting. The appointment will be effective from the latter of:
(a) the end of the annual general meeting; and
(b) the date on which the committee or their secretary or clerk are informed of the appointment.
The person appointed need not be a member of the relevant appointing body. Where an
THE PAINSWICK CENTRE
(A CHARITY REGISTERED IN ENGLAND & WALES, NUMBER 301595)
TRUSTEES' REPORT (continued)
FOR THE YEAR ENDED 31 DECEMBER 2020
organisation declines to appoint a member to the committee or fails to notify the Secretary of their appointment within the timescales prescribed in clause 22 of the scheme, the committee may appoint a member to fill the vacancy.
Page 4
The appointment must be made at a special meeting of the committee. The appointment will be effective from the end of that meeting until the end of the following annual general meeting.
Co-opted members (of which there may not be more than two at any time) must be appointed at a special meeting of the committee. The appointment will be effective from the end of that meeting until the end of the following annual general meeting.
Policies adopted for the induction and training of trustees
The charity has developed a welcome pack and induction process for new trustees, based on the Charity Commission’s best practice guidelines.
This report was approved by the Trustees on 16[th] September 2021 and signed on their behalf by:
Vivien Barr Chair
Martyn Smith Trustee
THE PAINSWICK CENTRE
(A CHARITY REGISTERED IN ENGLAND & WALES, NUMBER 301595)
TRUSTEES' REPORT (continued)
FOR THE YEAR ENDED 31 DECEMBER 2020
Page 5
THE PAINSWICK CENTRE
(A CHARITY REGISTERED IN ENGLAND & WALES, NUMBER 301595)
INDEPENDENT EXAMINERS' REPORT TO THE TRUSTEES OF THE PAINSWICK CENTRE
I report on the accounts of the Charity for the year ended 31 December 2020 which are set out on pages 8 to 12.
Your attention is to drawn to the fact that the Charity has prepared the Financial Statements in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.
We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
Respective responsibilities of trustees and examiner
The trustees are responsible for the preparation of the accounts. The 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. I am qualified to undertake the examination by being a qualified member of the Association of Chartered Certified Accountants (ACCA). Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
-
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
-
to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission.
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.
Continued….
THE PAINSWICK CENTRE
(A CHARITY REGISTERED IN ENGLAND & WALES, NUMBER 301595)
INDEPENDENT EXAMINERS' REPORT TO THE TRUSTEES OF THE PAINSWICK CENTRE
…continued.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
(1) which gives me a reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with section 386 of the Companies Act 2006; and
-
to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of
-
Recommended Practice: Accounting and Reporting by Charities have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
...................................... Craig Fitchett FCCA Price Davis Ltd
Chartered Certified Accountants The Old Baptist Chapel New Street Painswick Gloucestershire GL6 6XH
Date: 27[th] September 2021
THE PAINSWICK CENTRE
(A CHARITY REGISTERED IN ENGLAND & WALES, NUMBER 301595)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| 2020 | 2020 | 2019 | 2019 | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| INCOME | ||||
| Donations | 2,300 | 3,806 | ||
| Charitable activities | ||||
| Studio and room hire | 9,856 | 26,784 | ||
| Events | 2,814 | 10,746 | ||
| Other | 14,116 | 2,321 | ||
| 26,786 | 39,851 | |||
| Other trading income | ||||
| Bars | 4,478 | 20,428 | ||
| Cottage | 9,000 | 5,250 | ||
| Car park | 5,411 | 4,374 | ||
| 18,889 | 30,052 | |||
| Investment income | 69 | 111 | ||
| 48,044 | 73,820 | |||
| EXPENDITURE | ||||
| Raising funds | ||||
| Bar costs | 5,697 | 13,049 | ||
| Cottage costs | - | 790 | ||
| Event costs | 827 | 4,164 | ||
| Marketing | 448 | 771 | ||
| 6,971 | 18,774 | |||
| Charitable activities | ||||
| Repairs & renewals | 5,760 | 12,342 | ||
| Utilities | 12,602 | 5,836 | ||
| Cleaning & waste | 3,069 | 6,862 | ||
| Insurance | 2,491 | 3,226 | ||
| Licensing | 528 | 1,700 | ||
| 24,450 | 29,966 | |||
| Other | ||||
| Administrative staf | 5,252 | 6,584 | ||
| Professional fees | 3,722 | 2,500 | ||
| IT and communication |
1,228 | 4,062 | ||
| Bank charges | 286 | 384 | ||
| Other | 1,087 | 11,156 | ||
| 11,574 | 24,686 | |||
| 42,995 | 73,426 | |||
| NET INCOME | 5,049 | 394 |
The notes on pages 9 to 11 form part of these financial statements.
Page 8
THE PAINSWICK CENTRE IA CHARITY REGISTERED IN ENGLAND & WALES. NUMBER 301595) Page 8
THE PAINSWICK CENTRE
(A CHARITY REGISTERED IN ENGLAND & WALES, NUMBER 301595) BALANCE SHEET
AS AT 31 DECEMBER 2020
| FIXED ASSETS Property Improvements Total CURRENT ASSETS Stocks Debtors Cash at bank and in hand Total CURRENT LIABILITES Creditors: amounts falling due within one year NET CURRENT ASSETS NET ASSETS FUNDS OF THE CHARITY Unrestricted funds |
2020 2019 £ £ 1,189,209 1,189,209 67,100 67,100 |
|---|---|
| 1,256,309 1,256,30 9 |
|
| - 1,973 5,355 5,063 88,053 71,926 |
|
| 93,408 78,961 |
|
| 15,554 6,156 |
|
| 77,954 72,805 |
|
| 1,334,163 1,329,11 4 |
|
| 1,334,163 1,329,11 4 |
The Charity's financial statements have been prepared in accordance with the provisions applicable to the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf, by:
Vivien Barr Martyn Smith Chair Trustee
Date: 27[th] September 2021
The notes on pages 10 to 12 form part of these financial statements.
Page 9
THE PAINSWICK CENTRE
(A CHARITY REGISTERED IN ENGLAND & WALES, NUMBER 301595)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES
1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared in accordance with 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 1 January 2015) - (Charities SORP (FRS 102)), and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The Painswick Centre meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 COMPANY STATUS
The Centre is governed by a scheme dated 10th October 2002 as amended on 24th Apr 2018. This scheme replaced the original deed of 5th December 1906.
1.3 GOING CONCERN
The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
1.4 INCOME
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.
Donated services or facilities are recognised when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the Charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised; please refer to the Trustees' report for more information about their contribution.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
1.5 EXPENDITURE
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Costs of raising funds are those incurred in generating income and do not include the
THE PAINSWICK CENTRE
(A CHARITY REGISTERED IN ENGLAND & WALES, NUMBER 301595)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
costs of disseminating information in support of the charitable activities. Charitable activities are the direct costs of undertaking the charity’s objectives. Other costs are principally support costs.
Page 10
1.6 TANGIBLE FIXED ASSETS AND DEPRECIATION
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities incorporating income and expenditure account.
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. The trustees have reviewed the fixtures and fittings, none of which have been added in recent years, and concluded that the appropriate carrying value is nil.
1.8 DEBTORS
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.9 CASH AT BANK AND IN HAND
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 acquisition or opening of the deposit or similar account.
1.1
0 LIABILITIES AND PROVISIONS
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
2. NET INCOME/(EXPENDITURE)
| This is stated after charging: | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Depreciation and impairment of tangible fxed assets | nil | nil |
THE PAINSWICK CENTRE
(A CHARITY REGISTERED IN ENGLAND & WALES, NUMBER 301595)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
During the year, no Trustees received any remuneration (2019: nil). During the year, no Trustees received any benefits in kind (2019: nil).
Page 11
THE PAINSWICK CENTRE
(A CHARITY REGISTERED IN ENGLAND & WALES, NUMBER 301595)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
| 3. TANGIBLE FIXED ASSETS Property Improvemen ts £ £ COST AND NET BOOK VALUE At 1 January 2020 1,189,209 67,100 Additions - - Impairment - - At 31 December 2020 1,189,209 67,100 4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Deposits taken Accruals and deferred income |
3. TANGIBLE FIXED ASSETS Property Improvemen ts £ £ COST AND NET BOOK VALUE At 1 January 2020 1,189,209 67,100 Additions - - Impairment - - At 31 December 2020 1,189,209 67,100 4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Deposits taken Accruals and deferred income |
3. TANGIBLE FIXED ASSETS Property Improvemen ts £ £ COST AND NET BOOK VALUE At 1 January 2020 1,189,209 67,100 Additions - - Impairment - - At 31 December 2020 1,189,209 67,100 4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Deposits taken Accruals and deferred income |
Total £ 1,265,377 - - 1,256,309 2020 2019 £ £ 4,695 2,803 1,923 1,658 8,936 1,695 15,554 6,156 |
Total £ 1,265,377 - - 1,256,309 2020 2019 £ £ 4,695 2,803 1,923 1,658 8,936 1,695 15,554 6,156 |
|---|---|---|---|---|
| 67,100 | ||||
| 2020 £ 4,695 1,923 8,936 |
||||
| 15,554 | 6,156 |
THE PAINSWICK CENTRE
(A CHARITY REGISTERED IN ENGLAND & WALES, NUMBER 301595)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Page 12