Company registration number: N1606282 Charity registration number: 101320 KILLEAN PLAYGROUP LIMITED (A company limited by guantee) Annual Report and Financial Statements for the Year Ended 31 August 2024 SP McKeown & Co Ltd Chartered Certified Accountants, Registered Auditors & Tax Advisors 5 Lower Catherine Street Newry Co Down BT35 6BE
KILLEAN PLAYGROUP LIMITED Contents Reference and Administrative Details Strategic Report Trust¢es' Report 3to4 Independent Examinefs Report Statement of Financial Activities Balance Sheet Statement of Cash Flows Notes to the Financial Statements 9t017
KILLEAN PLAYGROUP LIMITED Reference and Administrative Details Charity Registration Number 101320 Company Registration Number N1606282 The charity is incorporated in Northern Ireland. 2 Kellys Road Killean Newry Co Down BT)5 8RY Registered Office Independent Examiner SP McKeown & Co Ltd Chartered Certified Accountants, Registered Auditors & Tax Advisors 5 Low¥1 C¢ithctin¢ Street Newry Co Down BT35 6BE Bankers Danske Bank Newry 58 Hill Street Newry BT34 IBD Page I
KILLEAN PLAYGROUP LIMITED Strategie Report for tbe Year Ended 31 Aygust 2024 The Irusiees. who are directors for the pu4)oses of cornp3ny law. present their strategic rqM)rt for the year ended 31 Augu%t 2024, in compliance ivith s414C ofthe Conipanies Act 21K>6. Financi*l vIeW Policy on reserKf In line with recommended prdCti¢e from the Charity Commis50n for Northern Irelan(L the piaygroup has established a reserves policy to enwre the stability of the mission. prograFnme. employment and ongoing operations of the Organisation. The taiget minimum Tesm'e has been identified as £60.0(M) i¥hich ensures that the c(re artivily of Killean Playgroup Ltd ci)uld continue durJDg a period of UnfoSeen ditficulty in relatiou to the salari¢s, day to day numing and in the event of redundancies. A proportion of these reserves have w be nIll1ned in a rffddily realisable forni. Fundraising will continue on a yeai to year basis. The strategic rel was approved by the trust¢es of th¢ ¢harity on 4 Jun¢ 2025 and signed on its behalf ty. Mr5 Pauline Tr)wdall Trustee Collette King Trustee Page 2
KILLEAN PLAYGROUP LIMITED Trustees, Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 August 2024. Objectives and activities As per the constitution, thc company's obj¢ctlV¢5 atid aclivilics life Specifically resiricted to the following.. to promote play based leaTning environments for all children under statutory school age (hereinafter referred to as the beneficiaries) of Killean and its surrounding greater ward area (hereinafter called the "area of benefit") without distinction of age, gender, marital status, disability, sexual orientation. nationality, ethnic identity, political or religious opinion, by a550ciating the statutory authorities, community and voluntary organisations and the inhabitants in a common effort to advance education, and in particular" (a) to advance the education of the beneficiaries by the provision of safe and satisfying group play. with the right of parents/carers to take responsibility for and to become involved in the activities of the group and to promote thc prcservation of hcalth of the benefici¢1¥- (b) to support the vision and values of Early Years- the organisation for young children (hereinafter called 'Early (c) to advance any other exclusively charitable purpose as the directors may. from time to time, decide in accordance with the law of charkty. The playgroup is open Monday to Friday - 9.00 to 12.30 and employs 3 qualified staff. It provides a facility where the children can learn Tn a safe and stimulating environment at their own pace. The playgroup works to provide the prc-school curriculum and is proud to liave be¢ii Lgnisd by Early Years with an Accrediation. In Setting our objectives and planning our activities for the year the trustees have given careful consideration to the Charity Commission for Northern Ireland's guidance on public benefit to ensure that the activities have helped to achieve the charity's purposes and provide a benefit to the beneficiaries. Going concern Management have considered a period of at least 12 months from the date of approval of these financial statements as part of their assessment of the appropriateness of the going concern assumption. and have concluded that the going concern basis is appropriate. Tru5t¢es and officers The trustees and officers serving during the year and since the year end were ls follows: Trustees.. Mrs Pauline Dowdall Mrs Fionnuala Oweill Collette King Mr Patrick Mc Namee Page 3
KILLEAN PLAYGROUP LIMITED Trustees. Report Thc annual report w&s apprO¢d by thc trustets cbaTity on 4 Jullc 2025 and signed on its behalf by: Mrs Pauline Doivdall Trustee Collette King Tntstee Stru¢tur@ goverttamce and maAagemeDt Oryanisational strne KÉlleatL Playgroup is a c{Y limited by guaTant¢¢ and accepted as charitable by HMRC. The Comp is also a registered cljarity ivith The Clwity commi10 for Northern Irelattd under clwity numiKr 101320. The company was incoTtKyrated Im 22nd Febrnary 2011. The company was establis1] under a MeMordm of AsKKiauon which estsblished the objects aTkd powers of the c(Hnpany. and is governed by its Articles of Association. The liability ol the MeMbC is limited in that ei'ery member of the company undertakes to contribute and am01 not exceeding £1 in the event of the Co[nY being wound up. Recruttment and AptM)intment of Dircctors Thc cbarity tnLSteKS arc also dI[w of the o*Dpany. There were no chang¢s kn thr Dircctors during thc financial yeor. Organisation Structu The Board consists of four Trustees who administ¢r the playgTOUP and meel tkM)nthly. The Board h&$ aprJ)int¢d Playgroup IEader to manage the day-to4iay oper3tioA8 of the Playgroup. The Playgroup leader h&8 delegated authority. within terms of delegated approiil. for op10al matters including staff supervision. delivery of Playgtoup aciivities budgetw tllanagemeDL The Playgroup is aifilioted the E4tty Ye5 alld works very closely with tkir Early Years Specialist ¢0 ensuTe that stsff are up-to-date with FK)licy and prdctice within the sttr. Staff also undertake re8ular trnillill8. Page 4
KtLLEAN PLAYGRQUP I.IMITED Independent Examiner's Report to the trustees of KtLLEAN PLA YGROUP LIMITED ('the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2024. Rc5ponsibilitl¢5 and bA5i5 of repurl As the charity's trustees of KILLEAN PLAYGROLP LIMITED (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of KILLEAN PLAYGROUP LIMITED are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, it is my responsibility" to: examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008. to follow the procedures laid down in th¢ gcncral Dir¢ctions giv¢n by thc Clwity Cutntni55ion for Northern Ireland under section 65(9){b) of the Charities Act. and - to state whether particular matters have come to my attention. I have examined your charity's accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for NTorthern Ireland under section 65(9)(b) of the Charities Act. The examination included 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 An the accounts. and seeking explanations from you as charity trustees concerning an), such matters. Independent examiner's statement I have completed my examinalion. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe= accounting records were not kept in respcct of KILLEAN PLAYGROUP LIMITED as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records. or 3. the accounts do not c()mply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination- or 4. thc accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other matter5 in connection with the examination to which attention should be drawn in this report in order to enabl¢ a proper understanding of the accounts to be reached. Shane Mc Keown BA (Hons) FCCA Chartered Certified Accountants, Registered Auditors & Tax Advisors 5 Lower Catherine Street NTeMTy Co Down BT35 6BE 4 June 2025 Page 5
KILLEAN PLAYGROUP LIMITED Statement of Financial Activities for the Year Ended 31 August 2024 (Including Income and Expenditure Aecount and Statement of Total Recognised Gains and Losses) Unrestricted funds Restriettd funds Total 2024 Note Income and Endowments from: Donations and legacies Investment income 10.960 120 55,443 66,403 120 Total income 11.080 55,443 66,523 Expenditure on: Raising funds Charitable activities (60) (15,479) (60) (60,617) (45,138) Totsl expenditlwe (15,539) (45,138) (60,677) Net (expenditure)lincome (4.459) 10,305 5,846 N¢t movement in funds (4.459) 10,305 5,846 Reconciliation of funds Total funds brought fonvard 16,319 29,592 Total funds Caled forward 15 8,814 26,624 Rcstricted funds 35,438 Total 2023 Unrestrieted funds Note Income and Endowments from: Donations and legacies Investment income 11,480 203 57,469 68,949 203 Total income 11,683 57,469 69,152 Expenditure on: Raising funds Charitable activities (542) 16.777) (542) {59,401) (42,624 Total expenditure (17,319) (42,624) (59,943) Net (expenditure)lincome (5.6)6) 14,845 9.209 Net movement in fund5 (5.636) 14,845 9,209 Reconciliation of funds Total funds brought forward 21,955 (1,572) 13,273 20,383 Total funds carried fonvard 15 16,319 29,592 All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in nole 15. The notes on pages 9 to 17 forn] an integral part of these financial statements. Page 6
KtLLEAN PLAYGROUP LIMrrED Olegistration number: N1606282) Balance Sheet as at 31 August 2024 2024 2023 Note Fixed assets Tangible assets 537 341 Current wets Debtors Cash at bank and in hand 144 103.754 239 97.914 12 103,898 98.153 Creditor5: Allllts falling due witlthi year 13 li3) {1.295) Net current 45sets 102,508 96,858 Total assets less current liaknlities 103.045 97,199 Creditors: Amounts falling due after mort than one year 14 (67.607 (67,607 l¥et assets 35.438 29,592 Fund$ of the charlty: Restri¢ted IncoDK fund$ Restricted funds 26.624 13,273 Unrestrlcted Jncon* Unrestricted fut)ds 8,814 16.319 Total funds 15 35.438 29,592 For the financial year ending JI August 2024 the clmity entitled to exemption from audit uth scction 477 of the Companies Act 2006 relating to small companie Dire¢tors' resyjnsibtlities: The member5 have not required the charity to obtain an audit of its accounts for the year in question in accordance with 5CCtion 476: and Thc directors acknowledge their wnsibTliiies for comptying wrth the rcquirnllents of Art respect to accounting rf£ords and thc prep8Tatiou of accounts. Th¢ fin?n¢ial statements page5 6 ts> 17 were approved by the tnLStees. authoTised for issue on 4 June 2025 and signed on thetr behalf by.. Mrs Pauline DoTrilall Trustee Tntee The TKrtcs on pagcs 9 to 17 forni an integral part of thC financial statments. Page 7
KILLEAN PLAYGROUP LIMITED Statement of Casb Flows for the Year Ended 31 August 2024 2024 2023 Note Cash flows from operating activities Net cash incorne 5.846 9.209 Adjustments to cash flows from non-cash items Depreciation Investment income 134 (120) 85 203) 9,091 5,860 Working capital adjustments De¢Teasel(increase) in debtors Increase in creditors 95 95 (66) 13 Net cash flows from operating activitie5 6,050 9,025 Cash flows from investing activities Interest receivable and similar income Purchase of tangible fixed assets 120 (330) 203 io Net cash flows from investing activities Net increase in cash and cash equivalents Cash and cash equivalents at I Sept¢Tnber Cash and cash equivalents at 3 1 August (210) 203 5,840 9,228 97,914 88,686 103.754 97,914 All of the cash flows are derived from continuing operations during the above two periods. The notes on pages 9 to 17 forn) an integral part of these financial statcmcnts. Page 8
KILLEAN PLAYGROUP LIMITED Notes to the Financial Statements for the Year Ended 31 August 2024 I Charity status The charity is a charity private COTnpany limited by guarantee and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the a55ets of the charity in the event of liquidation. The charity is registered in Northern Ireland. The address of its registered office is= 2 Kellys Road Killean Newry Co Down BT35 8RY These fmancial statements were authorised for issue by the trustees on 4 June 2025. 2 Accounting policies Summary ofsignifieant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the j'ears presented, unless othenvise stated. Statement of complian¢¢ These financial statements have been prepared in accordance FRS102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,. the Stat¢ment of Recommended Prdctice applicable to charities preparing their accounts in accordance with th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (Charities SORP (FRS102)), the Charities Act (Northern Ireland) 2008 and Companies Act 2006. Basis of preparation KILLEAN PLAYGROUP LIMITED tneets the defmition 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 note5. Going concern The trustees consider that there are no matertal uncertainties about the charitys ability to continue as a going concern nor any significant areas of uncertainty that affect the carryino value of assets held by the charity. Income and endowments All Income is recognised once the charity ha5 entitlement to the income, it is probable that the income will be received and the amount of th¢ income receivable can be measured reliably. Page 9
KKLLEAN PLAYGROUP LIMITED Notes to the Financial Statements for the Year Ended 31 August 2024 Donations and legacies Donations are recognised when the charity has been notified in writing of both the aTnount and settlement date. In the event that a donation is subject to conditions that require a level of perfonnance by the charity before the charity is entitled to the funds, the income is deferred and not Tecognised until either those conditions are fully met, or the fuifilment nf thnse condÈtions is wholly within the control of the Charity and it is probabl¢ tliai ihc¥e conditions will be fulfilled in the reporting period. Legacy gTfts are recognised on a case by case basis following the grdnt of probate when the administratorlexecutor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange. recognition is subject to the value of the gift being reliably measurdble with a degree of reasonable accuracy and the title to the asset having been transferred to the charity. Granls receivable Grants are recognised when the charity has an entitlement to the fimds and any conditions linked to the grants have been met. Where performance Conditions are attached to the grant and are yet to be Met, the income is recognised as a liability and tncluded on the balance sheet as deferred income to be released. Inveslmenl income Dividends are recognised once the dividend has been declared and notification h&s been received nf the dividend due. Expenditure All expenditure is r¢cognised once there is a l¢gal or COnstctive obligation to that expenditure, it is probable settlement is required and the aTnount can be measured Teliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resource5, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Raisingfunds These are costs incurred in attracting voluntary income. the management of investments and those incurred in trading activities that raise funds. Chorilable aclivilles Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to Such activities and those costs of an indirect nature necessary to support them. Support costs Support costs include central functions and have been allocated to activity cost categortes on a basis consistent with the use of resources, for example, allocating property costs hy flnor areas. or per capit4 staff costs by the time spent and other costs by their usage. Governance costs These include the costs attributable to the charity's COEnpliance with constitutional and statutory requirements, including audit, strategic management and trustees meeting5 and reimbursed expenses. Page 10
KILLEAN PLAYGROUP LIMITED Notes to the Financial Statements for the Year Ended 31 August 2024 Government grants Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to rev¢nue are recogni5ed in income over the period in which the related costs are recognised. Grants relating to assets are rccognised oycr tl)e exp¥LL¥d useful life of the assei. Ivhere part of a grant relating to an asset is deferred, it is recognised as deferred income. Taxalion The ¢harity is considered to pass the tests s¢t out in Pardgraph I Schedule 6 of the Finance Act 2010 and therefore it me¢ts the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part I l of the Corpordtion Tax Act 201 O or Scction 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Tangible fixed assets Individual fixed assets Costing £100.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated irnpairnient losses. DepreciAtion and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated iesidual value, over their expected use1 economic life as follows- Asset class Plant and machinery Depreciation method and rate 20D/o reducing balance basis Trade debtors Trade debtors are amounts due from cusiomers for merchandise sold or services perforn]ed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method. less provision for impairnient. A provision for the impairnient of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original tertns of the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-terni highly liquid investments that are Teadily convertible to a known amount of cash and are subj¢ct to an Insilf1¢dnt risk of change in value. Page 11
KILLEAN PLAYGROUP LIMITED otes to the Financial Statements for the Year Ended 31 August 2024 Borrowings Interest-bearing bOowing$ are initially recorded at fair value, net of transaction costs. Interest-bearÈng borrowings are subsequently carried at amortised Cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities ov¢i' tlie pcriud of the relevant bOowing. Interest expense is recognÈsed on the basis of the effective interest method and is included in interest payable and similar charges. BotTowings are classified a5 current liabilities unless the ch8rtty has an unconditional right to defer settleTnent of the liability for at least twelve months after the reporting date. Foreign exchange Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date. The results of overseas operations are translated at the average rates of exchange during the period and th¢ir balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of oveTseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate). Other exchange differen¢e5 are recognised in the Statement of Financial Activities in the period in which they arise except for.. l) exchange differences on transactions entered into to hedge certain foreign cuencY risks (see above). 2) exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive incoTne' and 3) in the case of the consolidated financial statements, exchange differences on monctsry items receivable from or payable to a foreign operation for which settletnent is neither planned nor likely to occur {therefore forniTng part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported under equity. Fund Structure Unrestricted incorne ndS are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity. Restricted income funds are those donated for use in a particular area or for specific purposes. the use of which Is restricted to that area or purpose. 3 Income from charitablc activities Page 12
LLEAN PLAYGROUP LIMITED Notes to the Financial Statements for the Year Ended 31 August 2024 Unreslricted runds General Restricted funds Totsl funds Fundraising Playgroup Fees SELB Grants 3.068 7,341 3,068 7,341 55,443 55,443 Total for 2024 10,409 55,443 65,852 Total for 2023 10,555 57,469 68,024 4 Investment income Unrestricted funds General Total funds Interest receivable and similar income. Interest receivable on bank deposits 120 120 Total for 2024 120 120 Total for 2023 203 203 5 Expenditure on charitable activities Unrestricted funds General Restricted (unds Total funds Note 13,457 537 ,485 3,351 41,787 16,808 42,324 1,485 Staff costs Governance costs Total for 2024 15,479 45,138 60,617 Total for 2023 16,777 42,624 59,401 Unrestrieted funds General Restricted funds Total 2024 Total 2023 Charitable activites 13.994 45,138 59,132 58,106 Page 13
KILLEAN PLAYGROUP LIMITED Notes to the Financial Statements for the Year Ended 31 August 2024 Aclivity undertaken directly Grant funding of 2etivity Total expenditure Charitable activity Total for 2023 li,994 45,138 59,132 15,482 42,624 58,106 6 Trustees remuneration and expenses No trnstees, nor any persons connected with them. have received any remuneration frotn the chaTity during the yeaT. No trustees have received any reimbursed expenses or any other benefits from the charity during the year. 7 Staff costs The aggregate payroll costs were as follows= 2024 2023 Staff costs during the year were: Wages and salaries Pension costs 41,385 939 38.335 851 42.324 39,186 The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as fitll time equivalents was as follows.. 2024 2023 No Average number of employees No employee received emoluments of more than £60,000 during the year. 8 Independent examiner's remuneration 2024 2023 Examination of the financial statements 1,485 1,295 Page 14
KILLEAN PLAYGROUP LIMITED Notes to the Financial Statements for the Year Ended 31 August 2024 9 Taxation The charity is a registered charity and is therefore exempt from taxation. 10 Tangible fixed assets Furniture and equipment Total Cost At I Sepietnber 2023 Additions 1,600 330 1.600 330 At 31 August 2024 1.930 1,930 Depreciation At I September 2023 Charge for the year 1,259 134 1,259 134 At 31 August 2024 1,393 1,393 Net book value At 31 August 2024 537 537 At 31 August 2023 341 341 11 Debtors 2024 2023 Other debtors 144 239 12 Cash and cash equivalents 2024 2023 Cash at bank 103,754 97,914 13 Creditors: amounts falling due witbin on¢ year 2024 2023 Accruals 1,390 1,295 14 Creditors: amount5 falling due after one year 2024 2023 Other loans 67,607 67,607 Page 15
KILLEAN PLAYGROUP LIMITED Notes to the Financial Statements for the Year Ended 31 August 2024 IS Funds Balance at I September 2023 Incoming resources Resources expended Balanee at 31 August 2024 Unrestricted funds General 13.273 11.080 (15,539) 8,814 Restrieted funds 16.319 55,443 (45,138) 26,624 Total funds 2Y,592 66,523 (60,677) 35,438 Balance at I September 2022 Incoming resources Resources expended Balance at 31 August 2023 Unrestricted funds General 21,955 11,683 (17,319) {42,624) 16,319 Restricted funds (1.572) 57,469 13,273 Tot31 funds 20,383 69,152 (59,943) 29,592 16 Analysis of net a55ets between funds Unrestricted funds General Tolal funds at 31 August 2024 Restricted fund5 Tangible fixed assets Current assets Current liabilities Creditors over l year Total net assets 537 102.933 (1..)91J) {67,607) 537 103,898 (I,J90) (67,607 965 34,473 965 35,438 Unrestricted funds General Total funds at 31 August 2023 Restricted funds Tangible fixed assets Current assets Current liabilities Creditors over l year 341 95,903 (1,295) {67:607) 341 98,153 (1,295) (67,607) 2.250 Total net assets 27.342 2,250 29,592 Page 16
KILLEAN PLAYGROUP LIMITED Iyotes to the Financial Statements for the Year Ended 31 August 2024 17 Related party transactions During the year the charity made the following related paty transactions: Killean Playgroup (Killean Playgroup Limited took over the trade of Killean playgroup (untncorporated entlty). Killean PlayOUp loaned an aTnount of £67,606.93 to the limited companv. This debt is nol secured) At the balance sheet date the amount due to Killean Playgroup wa5 £67,607 (2023 - £67,607). Page 17