REGISTERED CHARITY NUMBER: 528750
TRUSTEES. REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
FOR
COLESHILL GRAMMAR SCHOOL
ENDOWMENT FOUNDATION
Prime
Chartered Accountsnts
Comer Oak
1 Homer Road
Solihull
B913QG

COLESHILL GRAMMAR SCHOOL
ENDOWMENT FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENT8
FOR THE YEAR ENDED 31 MARCH 2025
Reforence and Admlnlstratlvo Detalls
Trustees, R•port
2 to 4
Independenl Examlnetrs Report
Stal•ment of Flnanclal ktivftles
Balance Sheet
Not•$ to th• Flnanclal Stat•m•nts
8 10 12
Detalled Statgmgnt of Flnancial AdivltiOS
13 to 14

COLESHILL GRAMMAR SCHOOL
ENDOWMENT FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS
FOR THE YEAR ENDED 31 MARCH 2025
TRUSTEES
Lord AYIesf￿d (Chairman) - cov0p￿1
Mrs S Wallxe- Co￿pted
Dr A Walkins - Co•OPted
Mr C Page - Coth¢)Pted
Dr C Hayfield - North Warwickshire Borough Council
Mr B Henry - Coleshill Town Council
Mr E W Digby- Heir at Law ot the Dw3by Estate
Mr J Currin - RepresentalNe of th8 Digby Estate
Mrs E Jones - Warwickshire County Ctyjncil
Mrs C Symonds - North Warwid(shire Borough Council
Mr D Humphreys - wan￿kShire County Council
Mr P Symonds- Coleshill Town Council
PRINCIPAL ADDRESS
Barkerfs Piece
t)c•3 Lane
Nether Whita¢re
Bmingham
B46 2DT
REGISTERED CHARITY
NUMBER
528750
INDEPENDENT EXAhllNER
Prime
Chartered Accountants
Comer Oak
1 Homer Road
Solihull
B913QG
Page 1

COLESHILL GRAMMAR SCHOOL
ENDOWMENT FOUNDATION
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The trustees present their re￿t wth the finarKial statements of the Char￿ for the year ended
31 March 2025. The trustees have &lopled the provisions of Accountsng and Reporting by Charits'es..
Statement ol Recommended Pracb"¢e aP￿"¢able to tharbties preparing their accounts in accordance with the
Financial Reporting Standard aPpI￿able ￿ the UK ￿ Republ￿ ol Ireland (FRS 1021 (elléctive 1 January
20191.
OBJECTIVES AND ACTivrriES
Objectlves and alms
The objects of the charity a￿ as follows.-
1) The charity exists to provKle educational grats for the provtsN)n of special benefits of any kn'nd not normalty
provided for by the local edUGatI￿ autknty for Cwnty or v￿￿ntsry in the rural of Meriden.
21 Provision of other educational beneffts ￿ the way of scholarships. tryjrsaries. or maintenance alk)wance',
assistance to prepare for. or to enter a professton. Ir* or call￿g.. to travel abroad in the pursuit of education
or lo study musi¢ or other *ts. Provi￿On of fxilitEs for recreatson and social and physical trainiNJ'. financial
assistance to any charitable voluntary Organisati￿ in or near the rural distn'¢t of Meriden. The beneficiaries
above shall be persons under the age of 25 who. in the OFIn￿ of the govemors. are In r)eed of financial
assistance. with a preference (other thirys being equd) for such persons who are resident in the pansh of
Coleshill.
Publlc benefit
The Iruslees confirm that they have referred to the guthnce ￿￿tsi￿ed in the Charity Commission's general
guidance on pubfic benefft when reviewing the charitys aims and objectives and eonfim that they have
complied wlh their duties under the Charities Act 2011.
Grantmaklng
The Foundation invites applications from indrviduals and organisations who fall wthin the criteria detailed
above in paragraph 2 of Objectives and Aims. ap￿ical￿n is considered by the Board of Governors at
their next meets"ng. All application5 are consKlered on their own meril. There are no upper or lower funding
limits set on the grant applications.
The Foundation aims to support those W￿l¥ldua1s, schools and organisations who are deemed lo be in need
of financial support. The Governors use their discretson to determine those in need of financial support based
on the information contained in the appkalion form. The Foundation does not constder applications for
accommodation or living expenses.
Where an appI￿allOn is re￿Ved for a unrform grant. the clerk has devolved responsibility from the board to
award grants for uniforms up to a maximum of £75. These grants are fomialty ratified at a gjbsequent
governors meeting.
Grant apFA￿tiOn forms are availabte from:
Clet* to the Govemors,
Barkerfs Piece
Dog Lane,
Birningham
B46 2JA
Email.. casamia9@acl.com
Tel.. 01675 467464
P*Je 2

COLESHILL GRAMMAR SCHOOL
ENDOWMENT FOUNDATION
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MARCH 2025
ACHIEVEMENT AND PERFORMANCE
Charltable actlvltles
A number of 41 applications &ross all schools were aFproved in the finarKial year, with over £130k fvnding
approved. these were a'mixed bag. of school projects varying from curriculum resour￿ arsd ICT. to outdoor
& physical initiatives (Forest school. Feace garden. animal care. PE. trampo11r￿l.
In a(Jdib"on, there were a number of applications appnjved for indivKluals and the All Stars Cheerteading troop
(Florida compelitionl-
During the year, Trustees 4reed to the sale of 256f256a Chester Ro&J. f(Al￿1ng an offer from an interested
paty who already owned part of the building.
Pennycuick Collins continue to manage the Property FQrtfdio on behalf of the Trustees, but are ¢urrendy
undergoing some management changes 10 split the commercial & residenlval phxtfolios.
Finalty. but nolable, the Trustees have nv)ved to online banking la necessary move in order lo transfer funds
from the current account to Sarasin. due lo th￿r anli-money laundering policies they were unable to a¢￿pt a
cheque as they had done in prevK>US ws). but so far. for all part*s. this is an improved way of operating.
Inveslment perforniance
The portfolio retumed 7.6 % (2024: 7.5%) over the year
The income from investments was 18.6% higher (2023." 4% h￿her} than the Fffevious year. and remained
close lo the target level sel by the Tntstees. The [urC￿ManCe of the fund is monitored on a regular basis by a
sub-committee of Iruslges.
FINANCIAL REVIEW
Flnanclal position
The results for the year are shown in the Statement of Financial ActivrtEs for the year ended 31 Ma￿h 2025.
The net def￿1t for the year amounted to £10.84012024.. £32,014) before investment gains. The overall nel
income for the year taking into ￿Unt realised and unrealtsed gains on investments amounted to £2.440
12024.. £31,889).
Irveslment policy arbd objoctivos
The charity's grant making is entirely dependent upon its income from its endowments comprising various
hohjings of property and from its portfolio of stoc*s and shares. securit￿S and investmenl fund unf(s.
The property holdings are managed by Ihe trustees. who take appropriate professional advice. The
investment p)rtfolio is managed by external fund marbagers orn a discrets)nary basis to achieve a balanced
return from income capilaj growth by accepting a mrAlerate level of risk.
Reserves pollcy
The trustees consider tt prudent to ma￿aIn reserves within the range £30.000 to £50.000 in order to cover
any shortfall in income. unexpected l unbudgeled costs and any lar9e deservin9 applKalions which may be
received in the future.
STRUCTURE. GOVERNANCE AND MANAGEMENT
Govarning document
The charty was originalty founded in 1883 and 1$ rthv govemed by a Charity Commissh)n scheme dated 11
Juty 19S8, as varied by a scheme dated 13 Juty 1971. The is an unincorkX)rated charity.
Page 3

COLESHILL GRAMMAR SCHOOL
ENDOWMENT FOUNDATION
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MARCH 2025
STRUCTURE. GOVERNANCE AND IAANAGEMENT
Ro¢ruitmont and appolnlmenl ol new truslees
The body of Govemors of the Foundatson. who are the trustees for the purpose of tharity law, consists".-
&ght representative Govemors, to b8 appointed..
Two by the heir at law of Sir Robert Digby. owner of the Manor of Coleshill in the year 1612.
Two by Wamckshire County CourKil.
Two by the North Warwickshire Bcyough C(wnol.
Two by the Coleshill Town COU￿1.
Four co-optative Govemors, to be apwnbj by resolution of Ihe G0vem￿.
The representslive goverr￿S serve for a 013 yews. ar￿ the Co-opts￿ 9)veM￿S $eThe for a period
of 5 years.
Organisational structur•
The trustees nomalty meet 3 times a ypar to ¢onshJer granl appIt*￿)n$ and a$ and when appropriate the
broad strategy and area of activty for the charity. I￿1￿11ng investments. reserves and risk management
policies and pèrfomance. The day lo day adminBtrath)n of grants and the processirg of apPI￿al￿)nS prior to
considerats'on by the Trustees are delegated to the Clerk.
Inductlon and Iralnlng of new trustsos
The induction prc¢ess for any n￿Y apFonted trustee comprtses an initial meeting with the Board of
TTuslees, at which a pack is pr¢)vided. This includes a o)py of the governing document, a copy of the most
recent annual report and accounts. copy minutes of prevK)us trvslees. meetings and a o)py of the Cha
Commission guidance 'The Essential Trustee..
IL th￿.￿£￿........... and spjned on its behalfby..
Approved by order of the board of trustees C￿ .................
LeJ(
Lord Ayi9sfo
aimanj - Tn￿tee
Page 4

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
COLESHILL GRAMMAR SCHOOL
ENDOWMENT FOUNDATION
Indopendont examin•rfs r•port lo th• trust*s of Coleshill Grammar School Endowm•nt Foundatlon
I report to the charty trustees on my examination of the acC(￿nts of Coleshill Grammar School Endowment
Foundation (the Trus1} for the year ended 31 March 2025.
Re$pon$lbllitio$ and basls of rnport
As the charity trustee5 Of the Trust you are resp￿sIble for the prePara￿n of the aCc￿nts in accordance vthh
the requirements of the Charibes Act 20111'the Acfl.
I report in respect of my examinatson of the Trusfs accounts carried out under Section 145 of the Acl and in
carrying out my examinakn I have followed ￿1 applcable DIrect￿nS given by the Charity Commission under
Section 145151{bl of the Act.
Ind•p•ndont examlnerfs stalement
I have completed my examination. I confirm that Th) malenal matters have come to my attention in connection
with the eXaminat￿n giving rrE cause to beUeve that m any matersal respect:
accountiThJ records were not kept ￿ resr*d of the Trust as required by Section 130 of the Act; or
the accounts do not aword wth those records., or
Ihe accounts do not comply ￿th ihe appI￿a￿e requirements conceming the fomi and content of
accounts set out in the Charities (Accounts and Re￿rts) Regulations 2008 other than any requirement
that the accounts give a true and fair VEW which is nol a matter considered as part of an indepondent
examination.
I have no ¢on¢ems and have wrrE across olher matters in connedion V￿th the examina￿ to which
attention should be drawn in this report in order to en8t4e a proper understanding of the accounts to be
reached.
Paul GuiseACA
Prime
Chartered Accountants
Comer Oak
1 Homer Road
Solihull
B913aG
Date= .
Page 5

COLESHILL GRAMMAR SCHOOL
ENDOWMENT FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2025
2025
Total
funds
2024
Total
funds
unf0str￿d Endovmient
fund
fund
INCOME AND ENOOWMENTS FRO
Investment income
189.188
189,188
159.472
EXPENDITURE ON
Ralslng funds
Investment management costs
31,480
31,480
16.652
31.480
31.480
16,652
Charltable acllvltiOS
Grants Paid
144.009
144,009
166.555
Olher
24.538
8.280
Total
200,027
200.027
191,487
Net gainsl(lossesl on investrnents
1105,6681
118.947
13.279
63.903
NET INCOMEI(EXPENDITURE)
1116,5071
118,947
1440
31.888
RECONCIUATION OF FUNDS
Total funds brought lorward
444.917
2,250,751
2.695.668
2.663.780
TOTAL FUNDS CARRIED FORWARD
328.410
2.369.698
2,698,108
2.695.668
The notes f(¥m part of these financial slaterrents
Page 6

COLESHILL GRAMMAR SCHOOL
ENDOWhlENT FOUNDATION
BALANCE SHEET
31 MARCH 2025
2025
Total
funds
2024
Total
funds
Unrestrthd End¢ywment
fund
fund
Notes
FIXED ASSETS
Inveslmènts
Investments
Investment property
425,458
821,408
1.446.064
1,246,866
1.446.064
1,035.804
1,446,064
425,458 2,267,472
2.692,930
2.481.868
CURRENT ASSETS
Oebtors
Cash at bank
29.109
46.481
29.109
148.707
55,285
387,702
102.226
75,S90
102,226
177,816
442.987
CREDITORS
Amounts falling due wiihin one year
(172,638)
(172.6381
{229.1871
NET CURRENT ASSETS
{97,048)
102,226
5,178
213,800
TOTAL ASSETS LESS CURRENT
UABILITIES
328.410
2.369.698
2.698.108
2,695,668
NEf ASSETS
328.410
2.369.698
2.698.108
2,695,668
FUNDS
Unrestricted funds
Endowment funds
328,410
2J69.698
444.917
2.250,751
TOTAL FUNDS
2,698,108
2.695.668
The financial ststements were approv&J by the Board of Truslees and authorised for issue on
IKaow.￿V.25............ and V*Ere sMJned on its behalf ty.
Lord Ayles
im)anj - Trustee
The notes fonn part of these financial statements
Page 7

COLESHILL GRAMMAR SCHOOL
ENtK)WMENT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
ACCOUNTING POLICIES
Basls of preparing the finan¢l•l statomMts
The financial statements of the charity. which is a benefrt entity under FRS 102, have been
prepared in acwrdance 7Mlh the Charities SORP {FRS 1021 'Accounting and Reporting by Charities..
Statement of Recommended PractKe appkablg lo charth.es preparing the￿ accounts in accordance
wbth the Financial Reporting Standard applicatle in the UK and Republic of Ireland IFRS 102)
(effective 1 January 20191.. Financd Reporting SlaThJard 102 'The Financial Reporting Stsndard
applKable in the UK and Republt of and the Charities Act 2011. The financial statsments have
been prepa￿d under historical cost convent￿. ¥wth the exception of investments wh￿h are
included al markei value. as modified by Ihe revaluatbon of rArtain assets.
The finanoal statements are wepwed in sterliThJ (£) whth ks the functional currew of the
entity.
Income
All income is re¢ogni$ed in the Statement of Financial Actrvities once the chaTty has entitlem8nl to the
funds, it is probable that the income will be recep￿1 and the amount can be mgasured reliabty.
Expendlture
Liabilities a￿ recognised as eXp•)di1u￿ as soon as thefe is a legal or c￿structE¥8 obligation
commrtting the Charity to that expenditure. it i% probable that a transfer of economic benefits will be
required in Settlement and the amount of the obligakn.on can measured reliabty. Expendilure is
a¢¢ounled for on an accruals basis and has be8n classified under headings that aggregate all cost
related to the category. Wher& costs cannot be directly altributed to part￿ular headings they have been
allocated to activities a basis consbstent Wbth the use of resources.
Grants offered subject to condilM)ns which have not been rnet at the year end date are noted as a
commitment but not aCcrl￿d as exFerKlrture.
Charitabl• actlvllles
Costs of ¢hanlable aCtI￿lIeS inclLth grants made to indNpJuals and organisalions.
Investment property
Investment propety is Sho￿ at most recent valuat￿. Any ￿regate surplus or deficit arising frcwn
changes in fair value is recognrsed in the Statemert of Financial Activilies.
Taxatlon
The charity is exwpl from tax on its charitat4e xtivths.
Fund a¢¢ounting
Unre$lricled fuThJs can be used in ￿)rd￿ with the Charitab￿ c&iectNes * the discretion of the
trustees.
Restricted funds can onty be used for wiuikgr restricted purposes wthin the oty.ects of the chanty.
Restrictions arise vthen specifEd by the donor or wthen funds are raised for particular restricted
purp￿$.
The pemianent endcvwment represents those fvnds which must be hekl permanently by the charity.
Income arising on the endtjwment fund can be used in accordance wth objects of the charity and is
included as unreslricled income. Any cakmial gain or loss arising within the permanent endowment fvnd
fomis part of that fund.
Page 8
continued...

COLESHILL GRAMMAR SCHOOL
ENDOWMENT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS- contlnued
FOR THE YEAR ENDED 31 MARCH 2025
INVESTMENT INCOME
2025
Total
funds
2024
Total
fvnds
Vnfestrthd End¢)wment
fvrrfl$
funds
Rents received
Lease extensM)ns on ground rents
Income from inveslments
Deposit account interest
116.110
42.919
30.017
142
116.110
42.919
30.017
142
110,123
18.950
30,201
198
189.188
189.188
159.472
INVESTMENT MANAGEMENT COSTS
2025
Tt)tal
funds
2024
Total
funds
Unrestrthd Endowment
furKIs
fvnds
Rates, water and insurance
Propety management fees
Repairs and renewals
7,565
16.221
7.565
16,221
7.694
6.535
9,929
188
31,480
31,480
16,652
TRUSTEES. REhlUNERATION AND BENEFITS
The￿ We￿ no tru$lees' ￿MUneration w other beneffts for tre year ended 31 March 2025 nor for the
year ended 31 March 2024.
Trustees. gxponws
Theie were no trustees, expenses paKI kn the year ended 31 Mafch 2025 nor for the year ended
31 March 2024.
FIXED ASSET INVESTMENTS
Listed
investments
ARKET VALUE
Al 1 April 2024
Additions
Disposals
RevalUat￿n5
1,035,804
246.347
(28,372)
(6,913)
At 31 March 2025
1246.866
NET BOOK VALUE
At 31 March 2025
1.246.866
At 31 March 2024
1.035,804
Theft were no investment assets oulsi(k the UK.
P*3e 9
continued...

COLESHILL GRAMMAR SCHOOL
ENDOWMENT FOUNDATION
NOTES TO THE FINANCIAL STATeMENTS - conlinu•d
FOR THE YEAR ENDED 31 MARCH 2025
FIXED ￿sET INVESTMENTS - conllnued
The investments compr6e:
2025
2024
Share typo
COIF Income Units
ICS-Sterting Liquidity Fund
Alpha CIF for Endowments
Alpha CIF for Income and Reser4es
2,331
2.080
621.300
180.C(10
45.404
247.017
776.004
178,441
43.616
814,895
173,286
1,246.866
1.035.804
Cost or Valuat￿ at 31 Mar¢h 2025 is represented by:
Llsttrd
Investments
Valuation in 2025
Valuation in 2024
Valuation in 2023
ValLRtion in 2022
Cost
(6,9131
63.902
(72,6941
11,695
1.250.876
1.246.866
ICS-Sterlir4J Liquidity Fund. Alpha CIF En(kywrnenl and InrAxne and ReseThe unils are held in the
name ol Sarasin & Partrws LLP as norninee. Sarasin & Pathers LLP provide a discretionary
management servKe.
INVESTMENT PROPERTY
FAIR VALUE
At 1 April 2024
and 31 Marth 2025
1,446,064
NET BOOK VALUE
At 31 March 2025
1,446.064
At 31 M￿ch 2024
1,446.
Fair value at 31 MaTch 2025 is represented by".
Valuation in 2023
Cost
285,000
1.161,064
1,446,064
Page 10
continued...

COLESHILL GRAMMAR SCHOOL
ENDOWMENT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025
INVESTMENT PROPERTY - continu•d
The investment WOFefiEs were revalued cffi 21 December 2022 by Pennycuick Collins Chartered
Surveyors, on an open market basis subj.ect to existing use. Addrtions *nce that dale are included at
Cost. The trustees are not aware of any material Changes %nce the last valuation.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
2024
Other debtors
Pennycuick Collins
P￿paYments and accrued irKome
4.400
19.421
5.288
4,400
45.597
5.288
29,109
55,285
CREDITORS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR
2025
2024
Other ueditors
171638
229,187
MOVEMENT IN FUNDS
Net
movement
in fvnds
At 1.4.24
31.3.25
Unrestrlcted funds
General fund
444,917
(116,5071
328,410
Endowment funds
Endowment Fund
2.250.751
118.947
2.369,698
TOTAL FUNDS
2,695.668
2,698,108
Net movement in funds. included in the above are as follNs'.
Incoming
reSc￿r￿S
Resources
expended
Gains and
losses
Movement
in fvnds
Unrestrlcted funds
General fvnd
189.188
121)0.027)
1105,668)
1116,507)
Endowment funds
Endowment Fund
118,947
118,947
TOTAL FUNDS
189.188
1200.027)
13.279
2.440
Page 11
continued...

COLESHILL GRAMMAR SCHOOL
ENDOWMENT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS- contlnued
FOR THE YEAR ENDED 31 MARCH 202S
MOVEIAENT W FUNDS - contlnued
Comparatlves for movemont in lund$
Net
movement
in funds
At 1.4.23
31.3.24
unrestrict￿ funds
Gene￿ fund
391.237
53.680
444,917
Endowment funds
Endowment Fund
2.272.543
121,792)
2,250,751
TOTAL FUNDS
2.S53,780
31,888
2,695,668
ComparatNe net movement wi funds. rtluded Mi the above are as folIcr￿..
Incoming
Resources Gains and
resources expeThJed
losses
Movement
in funds
Unrestricted funds
Gener￿ fund
159.472
1191.48n
85.695
53,680
Endowment funds
Endowment Fund
121.792>
{21,7921
TOTAL FUNDS
159,472
1191.487)
63,903
31,888
10. RELATED PARTY DISCLOSURES
There werè no related pty transactions for the year ended 31 March 2025.
Page 12

COLESHILL GRAMPaAR SCHOOL
ENDOWMENT FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTivrriES
FOR THE YEAR ENDED 31 MARCH 2025
2025
Total
funds
2024
Total
funds
Unrestrthd Endov&ment
funds
INCOME AND ENDOWMENTS
Investment incomo
Rents received
Lease extensions on ground rents
Income from Investments
Depos11 account interest
116.110
42,919
30.017
142
110,123
18.950
30.201
198
42.919
30.017
142
189.188
189.188
159,472
Total Incomlng resources
189.188
189.188
159,472
EXPENDITURE
Investment manag•m•nl costs
Rates, water and insurance
Property management fees
Repairs and renewals
7.565
16,221
7.694
6.535
9,929
188
16.221
7,694
31.480
31.480
16.652
Charitabl• actlvltles
Grants to institutions
Grants to individuals
141.448
2,561
141.448
2,561
161,483
5,072
144.009
144.009
166,555
Support costs
Management
Advertising
426
426
403
Govemance costs
Accountancy
Professional fees
Clerk's salary
3,750
13.766
6.596
3.750
13,766
6,S96
3.572
40
4,265
24.112
24.112
7.877
Total resources expended
200,027
200,027
191,487
Not (expgnditurgyincome beforo gains
and losses
110.839)
110.839)
132,01 S)
Reallsed recognised gains and losses
Carried fO￿ard
(10.839)
(10.8391
{32,01 $1
page doe5 not fO￿n part of Ihe statutory financial ststernents
Page 13

COLESHILL GRAMMAR SCHOOL
ENDOWMENT F¢)UNDATION
DETAILED STATEMENT OF FINANCIAL ACTMTES
FOR THE YEAR ENDED 31 MARCH 2025
2025
Total
lunds
2024
Total
funds
Unrestrthd ETrJowment
funds
funds
Realisod rocognls•d gains and los
Brought forward
Realised gainslllosses} on fixed asset
investments
110,839)
(10.839)
(32.0151
20,192
20,192
Net l•xpenditur•Wincome
110,839)
20.192
9.353
(32,015)
This page does not f￿rn pwt of th8 slatutory financkal statements
Page 14