Ruberslaw Country Parishes Church of Scotland TRUSTEES, ANNUAL REPORT and ACCOUNTS 31ST DECEMBER 2025 Church of Scotland Congregation No.: 030269 Scottish Charity Registrations No.: SC034629
Reference and Administrative Information Charity Nan: Ch•rlty Registralion Number. SC034629 Congregalion Reference No: 030269 Conta¢t Addrns8: clo Plrs Cllristine Rodoer. Kirkviw. WHrto, HawleK TD9 8SG kir TTU¥tees Minister Rev Ra¢h•l Wll8on Sossion Clork Mrs Laurn Millar Tr•Murnr Mr¥ C M Rodg•r rffiss M Wrtchgl PAr J P Shank# Ilr3 A Shanks MrlARSmith Mr S Talt- Died 711212025 Mrs C Douglas AIF¥ A Henderson Mi66 H B Howdoll 11rs M H KFng Mr F B9aton rs V Amos Mrs J Fatla r D IlcFayden Pjrs J Griffiths tr C Bewley PArn Jenniler Poltr ljlr P DDugkn5 rsHRao •Ars B GSenni& PAr S Smith Elders Emorltus M Allèn Mrs W McLeaD IAYS A S Mr H Douglas Mf A Dowler-smlth Ilrs G VIoclfgnd•n Ilr R Curtis IlrT A Safeguarding Offi¢•r MfHBur Health and Safety Offlcer Mr G M BevefKtge Independent Examiner Bankern:
Ruber8laTr Coutttr) Parishes Chutth of Scotland Tr¥stets' Annual Report Year ended 31" De¢¢mber 2025 The tnstees of RuikYslav Countti. Parfftshes CINrcb of Scotland present their annual report together with )Ullts of the charity for the Jear ctkled 31" tkcemkr ?O?i. ThL' iDfoTrnalion set out on page 2 is part ot this retK)rt. Strnctur4 Govern8nct xnd Mjmagemtnt Governyng Doeumtnt Constibjtion. Reernilment and Appointment of Trustees The memb¢t5 of the Kirk Session are the cbartty trtee Th¢ Kirk Session are the elders of the church and are chosen from thosc mcmE¢rs of th¢ church whu are considered to have the aPF0lale gifts" alld ¢&ills. The minister. tH) is a (>f the Kirk se.0 is e1c(j bv the congF¢gation and inducted by the Presbvtery. Jf no minister is in olTice the PTesbytery appoints an Org¥Bisational Strnrt4TE The Kirk SesbioTh which Tneets at leftst once a year is responsible for the spiritual and temporal affaiTr 1th1n th¢ churLtL C'ertain re4M)nsibilities ate delegakd to the Property LA)mnMtLee and the Way & Meons Committe. Objectives and Acli*i¢ Cburch of ScotiaThJ is Trinitarian in doctritie. R¢fwEnal iji tr&Jition and Ptesbyttrian in p)licy. It exists io gilorify (wod and to work for the advancement of Christ s Kingdom throughout the world. As 2 n2tiona] ChUh. it acknO"1edges a distinetii'¢ call and dutj. to brino the ordinances of religion lo the people in cvery parish of .Scotland through a territorial miotstry. It ¢frorateS wtth other Chutckn in various ecuMeri trrtKlies in ScotlatMI and trKyoThl. RubeTslaw Country Parishes met weekly for Sunday worship held on alternatc weeks in Denholm arml Flobkirk Churdtes 1th quarterlv fjuThJa)' Café in Denholm Church Hall and l.aidlaw Memorial Hall, Boncbester. The Wot3hÈp Team suppons the minister bv lStIng wtth some sep4"iLrs. Monthl!. i'isits 'ere made to Ial carehomes and youth &tivÈties are arranged when Ssiblc. The mini holds. the local sch(x>l ¢lyl&ncy. The Rukr8lhv4 and SouEIkn Csuil(Ls offer feLlowthip an opwrtuniry to suppirt selecwl charitable projects. A variety of soL'ial and fundraising events are nrganised in the communities ithin ihc parish and DenhoEm Church Hatl is used by a numtrer of conununiry, organisations.
AChiev¥ellts and PerformaThce The Minister w&s abseni due to ill health on a nuujirr of ocasions duriDg the )'ear here orShIp was lcd by Rev Ufja SiewYrL Mrs Frawes SelkirL Mr Sttmrt Kell>" and the Worship Team. A service was led ai the summit of Ruberslaw on Easter Sundav. a lambing service on I l May 2025 and IlaTh"eg at 14obk.irk on ?8 Sq1y 202) wtre dOti were mth to Jedixrgb F(KMlb&nk and the retiring coll¢ction was do1 to RSABI IRoyal Scottish Agricultural Bencyolent Instiiulionl. A Rtmetnbrai¢e Sundaj. Smice was held at HobKirk Church lea by the Minister. Iraditional Acts of Remembrdnce were led b!, the Worship Team. Elders and the Minister Ptirish Il'aT Memorials at Bedntle. Bonchester Bridge: Chesters, Denholm and Minio. Wreaths were laid by representatives of each community. A Christmas farnilv rylee w&s held on 14 Deccmkn ?025 in I)2nholm including 1° txnhoh Rainbows. carol singing at Minto, C'hristnw F_ve Family Sernic at lknholm and Hobkirk and a traditional Walchnight elet in Denknbn. The collectiOTts on ChTiStmas Fve were doned to Denknlm Primary &lxxil. The Kirk Session their M}ng on 21 Janw 2025 UnanoUslY s¢ll tk three churches, Bedne. Minto and Southdean which were identkfJ¢d in the Presbytery Plim Js to disp)wl of. B(xlnde has Eren )d to Bedrn]e Church Future, Southdeall placed on the open markei here a nnIr of offers w'ere received .]Ch aTe wilh the Tnkn and is to be sold on the 01 rnaeL Three Parish Newsletters were distributed io all households in the Partsh. The 8pTing edition included the May ts) SepteTuirT caler¥lar and the Autumn news'titer InLIaL.a (ki01 io December calendar. The Winter newsletter including the calendar for JaDuaTr to Julle ?0?6 w&$ distribud dlon¥ with a Card featuring a piL%urc drawn by a pupil of Detholm Primary S¥hool. The website is upled peTi]callY and all servica4 eveTrts are publislyd on this a1 Fk. A small Safegwding Team fonDed and the aim is for a of Eklers otAain tsir PVGS. The Kirk Session agTeed to participate in-GroTring Young-. a two->'ear proj1 led by l.othian and Borders Presbvter' MthRcb fUSeS on Ch8]ng chiurh cultur so that evayone tellefi A numb of webinar5 and in personal seminars have been attended. The"Little Fishes- Bab!. al Toddler Group and Thursday afternwn "Singing for Fun- led bv our church OrgaD1 contin lo in Denknlm ClllrL'h Hall. There one baphsm. two weddings and six parish fimern15 during the year. There are currendy 214 members on the Commullton Roll. 14 Adherenis and 28 on the 8uppla))entsrv Roll. Pagc 4
Tt¢..nnUl Rewjrt (ri)nl) Year ended 3151 DeL'ember 2025 Fixaneial Rei'ie compar¢ like tor like ligures In lh¢ acLounis because in 2024 the accounts M-ere split between the Our rei.ular Lil is fa&rlN .-tiadi alilhia hd... lost a re il]tinberb JiiriTh,: the i ear iKh() gale on a regular b&%is. C)ur Gih Aid recoi".eTr is down slighilj but our tiih Aid Small Donations SL"hL'me tix r<L()N i'Tr iy up- indicaiini) thai moTe tolks are (FIi"sni "oU the OTr plate or are unablc to stn Gift.4id DeclaratiotLS bui thev still gik"e on a regular basis. In DecembeT we w¢rc gifted a idrd n)aLhine to tak¢ donaiioni i ia Lard, thib will i<1"¢ us pa} ing as much cash into i)knr bank" iihiLh ni7. irLurs bank ih&pFI'. a im4111 leL' is lak.en bl the card maihine ci)mpan!' but l¢ss ihan bank charoes. It is another method ol. s¢Lur¢lv reCeI'1ng inconie. We haTr¥ not r¥qu¢sied an%" iTrcome tTiim our iThNe5tKnts ihis j.trar but rn ?076 il is e.Lled thal li"¢ iiill require these fun<Ls to undertak.e the Ork requiTed at the Vfansc and upgrading the renMinin(7 Church Iluildingvs. Lxpenses have been conthilltd jtk "Olas Mith our Gi%ing to Gro Contributions king L?5.703 after endowTnent and gl¢b¢ income. "l-he electricity & insurance costs remain high th¢se costs will reduce in 0:. 6 ds thL" ot- is reduced. Ihe pulpil .%uppli Lll%t hai"e hiuh due to our %liniter's absence due lo ill heatt]i. 'I'liere is a toial deficit of £11.679 which a]though ni)t su%laiThabl¥ is noi unLXPiilLd during the initial L'nion phase. The IruslLLb reii¢iii'd i. Li)noreoaiion'% inN"¥51ments p)lics" consideting the bud¥ei tor thL Jear and made no changes. In a J'ear w'hen markets were sleadier our Capital InN'estmenTS at fvlarkct all'ie hai e increased bi il ? ~8_: artd the Ril ellUL' &. lemrrtirarN .,IIcL)unts arL sirting at li) ? J9 an incrwe of £?9.766 1mainlN' due to income from sale of Dedrule Church). Reserves Poli, It is Tnsteffi, ry)licy to hold resm es to col'er approximatels" one yeavs geTwal fu[ eXndItUre tOLJether with necessary reserves lor l(ibric expenditure. Th¢ Church is responsible for the upkeep of churches ai Denbulm. I Iiibkirk". Ilinlo & sol1$¢an (Ihe Idler are noii" i?n ihe mark'et for satel. and the Nlanse situated in Dcnholm. These are old buildinL& listed as of archileclural intLYest. w'hLY¢ Ihk nixd for subbuniial w'orks maN" arise at an)" ttme. In thL' ¢ir¢umstances f4ibric rL'Th of L?IXI.(K)O ate considLYid d¥%krablL. .4t tlk l'end G¢n¢ral Ful stood at £60 *52 which is considLrLd adequaie. The designatLd Fabric F.Iind together with a re.ene balance with the C'hurch ol. sio11d InLStee% at £1 U",.66-. 1.¢%acies and benelaciion.s arL" wught to enhance this fund. .4 capital surn of L?66.65l hcld hi. Church of Scotland Cicncral Trustees is onlN' available to the congr¢"b)ation if exceptional cirLUmStances arise thai persuade ils trnstees to release il. Ru[sIa Guild held £? I l of restricted fimds" at the i"rar-end. The remaÉnder. apart from a work'ing balance. is dTsbursed each l'ear to thc congregation's greneral tunds and to Church ot SLOtland and Guild pn)jects. Hobkirk & Soutlbjedn (Tuild held £1,05) ot-testriciLd tunds at the year-end.
Tru¥tees' Annual Report {eont) lear ended 31" Dettmber 202) Statement of Trn$tees' Responsibilities The Trustees, being The meTnbers of the Kirk- ScSslOn must prepare an armual port and accounts ,hich iJiK"L suIIiLiL Tri detail io enable an apprl'iiaiion of the iransaciions ol. the ChutLh durtni financial year. 'Ihe trustees are respon.%ihle for keeping proper accouniiniJ reL()rds which, on request must rcflect the tinancial pxisition of the Church ai ihat time. This n)us1 be done to ensure ihai the Tru.stee5' annual report and account5 compl!. the Charities and Trustee Investment (SCotland).cl 200), thL ChariiiL"S xlccounis j5coiland) Regul2tRons ?i106 (as amended) ¥ind Regruldlions for C'oncyr¢iFatii)nal Finance 7007 (rei'l19 ?0081 approi'ed b!. the GcyTrcral .l.%semblN" of the Church of S¢oiland. lThev are also respon%ible for safeguardino rhe assets of the C hurch and must take reasonable sp$ for the preTr'ention and ddection OT" fraud and o11 irregulariiies. Approi"ed b), Trostees. Iring the Kirk sS1O and on their Wf on Tr4 March ?0?6 6 /37Jg,- Mrs Laura Millar SLtssion Cltyrf Page 6
Independent Examiner's Report to the Trustee$ of Ruberslaw Country Parishes Church of Sci)tland I report on the accounts of the charity for the year ended 31, December 2025 which are set oul on paLies 8 to 16. Re$pe¢tive responsibilitiesof trustees and examiner The charity's trustees are responsible for the preparation of the accounts in accordance with the tern of the Charities and Trustee Investmenl (Scotland) Act 2005 and the Charities Accounts l%coiland! ReLiul&l1iiii} 1106 l¢L% alllLDded i. The charity trustees consider that the audit requirement of Regulation 10(I)(D} of ihe Accounts Regulalions d($ not atTilv. It is m! ¥ewnsibilitv to LTamine the accounts a5 requited under 'Llion 441 J}IL) L)J' d3L'.4LI 10 51rfilL' whether pdniLujé JlldllL"1s Juve comL" to sny attejition. Basis of independenl examiner's statement My examination is carried out in accordance llth Rcgulation I l of the Charities Accounts (Scodand) Regyulations 2006. An examination iDcludes a review of the accounting r¢¢ords kept by the chariti," ]d a Lomparis(Iii ol. the acLounl% presenled Th'ith ihose records. li al%0 includes consideration of any unusua] item or disclosures in the Accounts and seek explanations from the tnisfees concernino anN" such matt¢T¥. 'Ihe pro¢Ldures underiak'¢n do not provide all ihe evidenc¢ that 'OUld be iequir¢d in an audit, and consequently I do not express an audit opinion on thc view given by the accounts. Independent exa[er'S statement Jn the course of my examination, no matter has come to my attention whiLh giives me reasonable L<iuse lo belteve that in anv maiLrial respeci ihe requirements. to keep ¢Lccounting records in accordance with Section44(1)(a} of the 2005 Act and RLguiaiiun 4 ot-rhe ?0116 Accounts Regulaiii)ns, and to prepare accounts which accord with the accounting records and comply with Regulalion 9 01. the ?006 Accounis RLiJulations hai'e noi b¢¢n met. or to which. in my opinion. attention should be dTawn in order to enable a proper understanding of the accounts be reached. JR Biggar Date.. 28th March 2026
Ruberslaw Country Parishes Church of Scotland Receipts and Payments Account Year ended 31 December 2025 General Deslgnated Fund5 2025 Fund5 2025 Total Unrestricted Funds 2025 Restrlrted Total Funds Total Funds Funds 2025 2025 2024 Note Receipts Donations Legacv/Grants Fundraising Bank & Deposit Interest 4a.6a 38.323 450 38,323 450 1,354 2,274 40,5 450 1,354 31,817 2,884 2,435 1,354 Investment Income 1.193 41,319 2,666 2.666 3,859 43,985 3,859 46,259 3,680 40,816 2.274 Contributions to costs for use of premises Sale of Assets 150 150 150 400 Receipts from General Trustees 3,796 4,196 45,012 150 41A69 150 44,135 150 Total Re¢eipts 2,666 2.274 4yments Fundraising Costs 5a Charitable Activities Event Costs Other Costs Purchase of Investments Total Payments 121 121 121 925 5b. 6b 52,037 4.051 56.088 1.879 57.967 40,740 sd 52.158 4.051 56.209 1,879 58,088 41,665 Excess of Receipts over Payments for the year before trnEisfers Transfers Excess of Receipts over Payments for ~10,689 450 -1,385 -12.074 450 -11.679 3.347 450 -10.239 -1,385 -11,624 -55 -11.679 3,347 Note: The receipts and payments recorded above exclude sums received for and disbursed to other charities, see Note 7 Page 8
Ruberslaw Country Parishes Church of Scotland Slatement ot 6olances At 31 December 2024 General Designated FuTMls 2025 Furn15 2025 Total Unlestricted Funds 2025 Restricted Total Fund$ Total Funds Funds 2025 20ZS 2024 Note Bank & Deposit Balances Bank & Deposit Balances brought forward 22.094 10.381 32.475 1,321 33.796 33,796 Movement in the year.. Exce55 of Receipts over Payment5 for the -10.239 -1,385 -11,624 -55 -11,679 3347 Bank & DÈTKlYt balances carried forward 11,855 8,996 20.851 1,266 22.117 37,143 Investments at Market Value 45.644 92.061 137.705 137,705 129.110 The accounts on pages 8 to 16 were approved by the Trustees, being the Kirk Session on 24th March 2026 For and on behalf of the Trustees Mrs Laura Millar- Session Clerk Mrs C Rod&er- Treasurer Page 9
Ruberslaw Country Parishes Church of Scotlrdnd Notes to the accounts l. Accounting Polieits and othcr notes Ministers stipend All Church ()t" Scotland congregations contribute lo the National StipLnd Fund 'hICh bears th¢ costs of all ministers, stipends and employer's contributions for national insurance, nsiOn and housing iind loau fuy]d. Mini51ers stipends are paid in accordance with ihe national stipend scale. which i5 related to years of servicc. For the )'ear under reN'ieNN the tninitnum stipend was £31,642 and thc m&ximum stipend (in the fifth and subsequent years) £38,884. b. Endowmcnts #nd rellefs An endowment fund is held by the Church of Scotland General Tn]slecs from wbich the income is applied iowards the congregalion s conÉribuiion io the Naiional Stipend Fund. ThL Ministries and Mission contribution shown in nofr 5b to the accounts has been reduLed by £8,351 (2024, £8.-351) in respect of this endowment income and £1.946 Gle Reni Income (2024 - £1,946). Fabric Expenditure Maintenance cost8. repair8 and improvements are met Irom Fabric Fund and by special fundraising. d. Church Property The Congregation is responsible for the upkeep of Bedrule Church to 19112125, Denholm Church and Hall, Hobkirk Church, Minto Church, and Southdean Church and for the upkeep of Denholm Manse. l-he Title De¢ds of Denholm L hurch and F4all are held b> the Soli¢ilor to Ihe Church of Scotland. The Title Deeds for Bedrule Church, Hobkirk church, Minto Chureh, Southdean Church and Denholm Manse are held by the Church of Scotland General TnLStee Chureh Furnishings The Congregation hold fillnishings and effects in ils several properties. 2. Trustee Remuneration and Relatsd Part Trausactions During the y¢ar no-one received a trustee remuneration or related part transaction. The ministers, stip¢nd s¢a]e is detailed in Note l a. Tnte¢S Indemnity Insurance is paid for by the charity. io
A4therslaw Country Parlshes Churth of Scotland Notes to the Accounts Icontl 3 Movement of Funds 31 Dec 2024 Plote X6è note 5. 6b Note 4b, 6c 31 De¢ 2025 Bank & Deposit Balance5 Union Transfer 1110124 General Fund Union Tran5fer- Fabric Fund ( DesyW Fabric Fund 17,748 41,469 52,158 450 11,855 727 4.051 .209 32,475 8.936 20,851 44.13S 8ank & Dep051t Balar Hobkirk & Southdean Guild 1,021 1,832 442 1274 1,498 381 1,879 300 150 1.055 211 1.266 1,321 Tal Bank & Depostt Balances 33,7% 46.409 58,088 22.117 Unrestrlrted Funds Investments at Market value Union Transfer- Gener31 General Fund Union Transfer- Fabric Designated Fabri¢ FurHI 10.782 32.004 8,932 77,392 129.110 2.858 45,644 5,737 8,595 92,061 137.705 Totri Funds ss.o 159.822 Fabric Fund: The Trustee5 have set aside hJnd5 for the maintenarKe of the Church propertie5. Ruber51aw Guild Fund . This fund was to be used for the purposes of Ruberslaw Guild and in mana8ed separaieiy. Hobkirk & Solrthdean Guild FUNI. Thts fund was used for the purposes of Hobkirk & &)uthdean Guild and ts man8ged separately. Page 11
Ruberslaw Country Parlshes Church af Scotland Notes to the Accounts (ttsntj Desiunated Total Totsl 2025 Fund5 2025 Funds 2024 Gift Aid Donations Tax recovered on Gift A Donations WFO scheme Inot Gift Aid) Other reguL¥ offeri$ 20,345 20,345 14,874 5,037 1,422 5,037 1,422 5282 Ordinary Offering5 fopen plate) Tax recovered on Small donations <GASDSI Weddings and Funerals 5,417 5.417 4,610 1.643 1.643 940 1.034 1,559 Other offerings, donations et 3,519 3,519 2.259 38323 30,460 Legacies Grants Fundraisiftg Bank & Dep05*t interest Investment Incorne 450 450 L354 3.859 1.354 1.193 2.435 3.680 2,666 1997 Contributn5 to costs for use of premises Sale of I$et5 150 Receipts from General Trustees 3,796 4.196 150 Totsl Receipts 41A69 44.135 43,655 b Transter5 To General Fund From Ruberslaw Guild Ffom Southdean Guild 150 150 3fKJ 250 250 450 450 c Total Paymwts (Nate 5) ¢51 40.252 d Exctss of Re¢eipts & .10.239 -1,385 Page 12 -11,614 353
Rubersl4w Country Parishes Church tsf kotland N0tr5 to the Attt)unts (contl Dessgnated Total Totsl Fabric Ftsnd Unrestrlrted UnrestTlcted 2025 Funds 202S Funds 2024 Genernl Fund a Fundra15ing Costs Events Costs OFferings Stationery 785 140 925 121 121 121 Ministries & Mission contribution (Note Ib) Presbrtery dtes 25,703 739 25.703 739 16.540 537 and Loajm's expenses Pulpit Supplv Pulptt 5upth redaimed Other staffing costs ChL6rch fabric repairs & maifitenaiKe Manse fabric improvements & maintenance Organ and piano maIntenCe Meat and light Manse Councbl tax Insurance 833 1,442 833 1,442 675 378 2392 2,392 2,491 681 978 7.224 2.670 10.614 667 155 978 7,224 2.670 10,614 5.244 1.925 6,789 Newsletter, website, adverbsiftg Other expenses Expenses frorn Grant Income 2,041 321 450 52,oa7 2,041 321 450 627 415 2,884 39,327 4051 IrKYependent examinerfs fees Total Expenses (•+bK) 4J)51 40252 Purchase of investments T4>tal Payments 51158 4051 56.Z09 40,252 Page 13
Ruborslaw Country Parishes Churth of Scotland Notes to the Accounts {cont} 6 Restricted Funds . Southdean Gulld Fund &Jtld Fund 2025 Restricted Restricted Futxls 2025 Fund$ 2024 Analysis a Reoipts Other offerings. donations etc Fundraising 1.832 442 2.274 1.357 2274 1.357 b Fundrni5ing costs Event costs c Payments. charitable events Church of Scotland Guild and other proiects Denholm Senior C(tizens Christmas Afternoon Tea Other Expenses 1,648 231 1.879 925 L4 231 79 d Transfers To General Fund 150 450 7 colleCtkn for other Clwlti In ad&FtEon to the receipts rèported. the frdltywing sums were received ènd disbursed durin8 the year to other Chathie5 (Gulld projects are reported in Note 6c) 2025 2024 Christian Aid Marfs Meals Water Aid First Light IRemembrancel Tiny ChanÉes (chrtmaS Services) 245 265 257 Iix) 120 Opportunities Zambia IHaNest) RSABI (Harvest Denholm Primary School Ichristmasl 161 160 423 1.093 328 L450 Page 14
Notes to the Acmunts (contl 2024 General Fund Churih of kntland Investors Trust RBS Bank (rf kotk 2,743 17.505 1.846 8,CK)2 7.522 18.278 Churth of kntland Investry5 Tnjst RBS Union Transfer Bank of 5cotlafKI 623 7,154 10,381 The Guilds Hobkirk and &)tJtTr#learb Ruberslaw 1.055 211 1,266 1.021 3CKI 1,321 Total 22,153 33.796 At mst (Market Value Note 31 1,690 units Growth fund- Union T¥ansfer 3,418 units Growth FUTKI 922 units Irffjome FLfftd 5.002 7.289 9.990 22,281 5.002 7,289 9,990 2Z,281 Deslgnated Fabri£ Fund 1,41J) units Growth Fund- ur)n Trafthr 8,8(f3 units Growth Fund 1,916 units Income Fynd 4,088 29,997 20,000 29.997 20.000 76.366 76.366 Page 15
Ruberslaw Q)untry Parfshes Church of kffjland Notts to the Actounts (cont) APPENDIX Funds held on behalf ol the Congregation 21124 I Capital Account Funds at Cost- Union Transfer Funds at C05t 122.367 51.397 173,764 173.764 17>764 Totsl Funds at Market Value 266.653 154369 RepSented by Bank Balan Funds brought forward- Union Transfer Funds br04W lorward 22.815 2,318 2,536 -3,796 23.873 6,792 22574 53339 23W3 The Trustees release income to the Congregation aBainst daims in respect of qualifyin8 fabri expenditure on the properties in tts care. fv Trustees woukl or4y release in the of exceptional urcumstances which they might consider to warrant such a reaSe. Pa8e 16