report and financial statementsbtckstorage.blob.core.windows.net/site5292/2016.pdf ·...

The Edward Holt Trust

REPORT AND FINANCIAL STATEMENTS

5 April 2016

UNAUDITED

Registered Charity Number: 224741

The Edward Holt TrustCONTENTS

UNAUDITED

LEGAL AND ADMINISTRATIVE INFORMATION

TRUSTEES' REPORT

TRUSTEES' RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS 6

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE EDWARD HOLT TRUST 7

STATEMENT OF FINANCIAL ACTIVITIES

BALANCE SHEET

ACCOUNTING POLICIES

NOTES TO THE FINANCIAL STATEMENTS

10

12

The Edward Holt TrustLEGAL AND ADMINISTRATIVE INFORMATION

UNAUDITED

TRUSTEES Mr RP Kershaw (Chairman)Mr DJ TullyMrs A Roden MBEMr M FryMrs AE WilliamsMr MJ Prior

SECRETARY Mr B Peak ACIB (retired 5 April 2016)Mrs S Baron (appointed 5 April 2016)

ACCOUNTANTS RSM Tax and Accounting LimitedChartered AccountantsSteam MillChesterCH3 5AN

BANKERS The Royal Bank of Scotland picSt Ann StreetManchesterM60 2SS

REGISTERED ADDRESS I St Peter's AvenueKnuts fordCheshireWA16 ODN

CHARITY NUMBER 224741

GOVERNING INSTRUMENT Deed of Settlement dated 24 November 1955 made bySir Edward Holt

OBJECTS OF THE TRUST The objects of the Trust, as defined in the Deed ofSettlement, are general charitable purposes

INVESTMENT ADVISERS Castlefield Investment Partners LLP9 Floor111 PiccadillyManchesterMl 2HY

Cazenove Capital Management Limited12 MoorgateLondonEC2R 6DA

Page I

The Edward Holt TrustLEGAL AND ADMINISTRATIVE INFORMATION

UNAUDITED

SOLICITORS Addleshaw Goddard100 Barbirolli SquareManchesterM2 3AB

Butcher and Barlow31 Middlewich RoadSandbachCheshireCW11 1HW

RETAINED ARCHITECTS Lloyd Evans Prichard Limited5 The ParsonageManchesterM3 2HS

Page 2

The Edward Holt TrustTRUSTEES' REPORT

UNAUDITED

The Trustees present their report along with the financial statements of the charity for the year ended 5April 2016. The financial statements have been prepared in accordance with the accounting policies set outon page 10 to the financial statements and comply with the charity's Trust deed, the Charities Act 2011and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitiespreparing their accounts in accordance with the Financial Reporting Standard for Smaller Entitiespublished on 16 July 2014.

STRUCTURE, GOVERNANCE AND MAINTENANCEThe Trust is an unincorporated Trust, constituted under a Trust deed dated 24 November 1955 and is aregistered charity, number 224741. The Trust was established by a gift from Edward Holt in 1955,following the philanthropic tradition of the Holt family. The Trust does not actively fundraise and seeks tocontinue the work desired by the donor through the careful stewardship of its existing resources.

The Trustees are appointed by the Board of Trustees and serve for five years afler which period they mayput themselves forward for re-appointment. There are no restrictions on the number of Trustees, although ithas been determined that six Trustees will serve, with one Trustee retiring each year on a rolling cycle.

At the half-yearly Trustees' meetings, the Trustees agree the broad strategy and areas of activity for theTrust, including issues surrounding the running of Holt House, consideration of grant making, investment,reserves and risk management policies and performance. The day to day administration of Holt House, theadministration of grants, and the handling and pmcessing of applications prior to consideration by theTrustees is delegated to the Secretary.

The Board keeps the skill requirements for the Trustee body under review and in the event that a Trusteepermanently retires or additional new Trustees are required, the Board recruit the new Trustee(s). NewTrustees are normally sought through existing contacts.

The induction process for any newly appointed Trustee comprises an initial meeting with the Chair and theBoard. The welcome pack includes a brief history of the Trust, copy Board minutes, a copy of the lastthree years' of annual reports and financial statements, a copy of the governing Trust deed, and a copy ofthe Charity Commission's guidance 'The Essential Trustee: What You Need to Know'.

The names of the present Trustees and Secretary are set out on page l.

RISK MANAGEMENTThe Trustees review and update the assessment of the risks facing the Charity annually, together with anassessment of the controls on a regular basis.

The risk policy was last reviewed and reconfirmed by the Trustees at their meeting on 24 September 2015.

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFITThe objects of the Trust are wide, as defined in the deed of settlement and are for general charitablepurposes. The principal activities of the Trust are determined by the Trustees and continued to be asfollows:

~ The maintenance of the flats and a caretaker's bungalow at Holt House, Dene Road, Manchester,for the benefit of older people and ensuring that, as far as possible, the flats are fully occupied. Itis to this purpose that the income of the Trust is primarily applied.

~ The maintenance of Edward Holt House, a property acquired by the Trust for the use of a localcharity, The Booths Centre.

Page 3


UNAUDITED

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT (Continued)The Trustees confirm that they have referred to the guidance contained in the Charity Commission'sgeneral guidance on public benefit when reviewing the Trust's aims and objectives and in planning futureactivities and setting the grant making policy for the year.

ACHIEVEMENTS AND PERFORMANCEEdward Holt House continues to be leased to the Booths Centre at a peppercorn rent for 99 years, enablingthe Centre to expand and improve the work they do for the benefit of the homeless in Manchester andSalford. This is part of the Trustees' aim to use their resources to fund an innovative project for work withthe elderly or socially disadvantaged. The new Centre opened for business in March 2014 and is alreadyproving a great success. Plans to support a similar scheme for another organisation have continued with thesearch for a suitable building.

In conjunction with the Peter Kershaw Trust and Joseph Holt Ltd, the Trust agreed in 2014 to help fund thedevelopment of the reception area at the new integrated procedures unit at the Christie Hospital inManchester over three years. In total, the Trustees will make grants of f90,000. The second instalment ofthis grant was paid during the year.

At the end of the year, all flats at Holt House were fully occupied.

FINANCIAL REVIEWThe Trustees consider the financial situation of the Trust to be satisfactory.

The Statement of Financial Activities is shown on page 8 and the Balance Sheet is shown on page 9.

The Trust is reliant on the income from its investments, the income from which was f.187,508 (2015:f166,560).

The Trust had a surplus in the year of f63,257 (2015: surplus of f.15,746). After realised and unrealisedlosses on investments of $313,831 (2015: gains of 8293,305), the total loss for the year was f250,574(2015: surplus of f309,051).This has decreased unrestricted funds in the year and the total fund balance atthe year end was Z7,968,710 (2015:g8,219,284).

The flats and caretaker's bungalow at Holt House, Dene Road, Manchester have been carefully maintainedand are in good repair.

During the year the second instalment of the grant commitment to the Christie Hospital was paid (2015:$30,000).

INVESTMENT POLICY AND PERFORMANCEDuring the year, the Trustees continued to use the services of the investment managers, Cazenove CapitalManagement Limited and Castlefield Investment Partners LLP.

The Trustees have set their investment policy with their investment managers to retain the real value of theTrust's capital over the long term and generate sufficient income to maintain Holt House and providegrants. The asset allocation mnge is agreed with the two investment managers who are measured against atailored benchmark. Two investment managers have been selected together with a specified assetallocation range to diversify the investment risk. Each manager attends a Trustee meeting at which theirperformance is discussed at least once a year.

Page 4


UNAUDITED

RESERVES POLICYThe Trustees maintain one fund, as follows:

~ Unrestricted general fund —monies I'rom this fund are used to maintain Holt House, with anysurplus funds not required for this purpose being utilised for the Trust's long-term charitablegrants.

It has been the policy of the Trustees to hold limited cash reserves, as the investments are easilyconvertible if the need should arise. However, in order to ensure that funds are readily available to use forthe Trust's strategy projects, revenue income is currently being accrued to avoid the need to dispose offurther capital. Trustees are mindful that the level of cash reserves should not fall below f15,000, as this isthe level required for the day to day running of Holt House.

PLANS FOR THE FUTUREIn conjunction with the peter Kershaw Trust and Joseph Holt Ltd, the Trust agreed, in 2014, to help fund amajor development at the Christie Hospital in Manchester over three years. In total, the Trustees will makegrants off90,000. The second instalment was paid during the current year.

Holt House is a lasting testimony to the generosity and philanthropic concerns of the donor, Edward Holt.

The Trust will continue to support the elderly and disadvantaged section of the community in the localarea.

The Trustees continue to look out for further suitable capital projects whereby they can assist othercharitable organisations that need new premises.

INDEPENDENT EXAMINERSRSM UK Tax and Accounting Limited, Chattered Accountants were appointed as independent examinersby the charity during March 2016.

For and on behalf of the Trustees

RP KershawChairman of the Trustees

2016

Page 5

The Edward Holt Trust UNAUDITEDTRUSTEES' RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordancewith applicable law and United Kingdom Accounting Standards (United Kingdom Generally AcceptedAccounting Pracfice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statementsfor each financial year which give a true and fair view of the state of affairs of the charity and of theincoming resources and application of resources of the charity for that period. In preparing these financialstatements, the Trustees are required to:

~ select suitable accounting policies and then apply them consistently;

~ observe the methods and principles in the Charities SORP;

~ make judgements and estimates that are reasonable snd prudent;

~ state whether applicable accounting standards have been followed, subject to any materialdepartures disclosed and explained in the financial statements; and

~ prepare the financial statements on the going concern basis unless it is inappropriate to presumethat the charity will continue in business.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracyat any time the financial position of the charity and enable them to ensure that the financial statementscomply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and theprovisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hencefor taking reasonable steps for the prevention and detection of fraud and other inegularities.

Approvedbythe Trustees on 64 ' ~2016 and signedontheirbehalfby:


Page 6

UNAUDITED

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE EDWARD HOLTTRUST

I report on the accounts of The Edward Holt Trust for the year ended 5 April 2016, which are set out onpages 8 to 18.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees considerthat an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) andthat an independent examination is needed.

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 Commissionunder section 145 (5)(b) of the 2011 Act; andto state whether pazticular 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 CharityCommission. An examination includes a review of the accounting records kept by the charity and acomparison of the accounts presented with those records. It also includes considemtion of any unusualitems or disclosures in the accounts, and seeking explanations from you as trustees concerning any suchmatters. The procedures undertaken do not provide all the evidence that would be required in an audit, andconsequently no opinion is given as to whether the accounts present a "true and fair view" and the report islimited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(I) which gives me reasonable cause to believe that in any material respect the requirements:

~ to keep accounting records in accordance with section 130 of the 2011 Act; and

~ to prepare accounts which accord with the accounting records and comply with theaccounting requirements of the 2011 Act

have not been met; or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding ofthe accounts to be reached.

Roger M Davies BA FCAChartered accountant

ON BEHALF OF RSM UK TAX AND ACCOUNTING LIMITEDChartered AccountantsSteam MillChesterCH3 5AN (QK- (~

Page 7

The Edward Holt TrustSTATEMENT OF FINANCIAL ACTIVITIESfor the ear ended 5 A ril 2016

UNAUDITED

Note

UnrestrictedGeneral Fund

2016 2015

INCOME AND ENDOWMENTSInvestment incomeIncome from charitable activities:Service charge to residentsResidents' rent contributionsWayleaveOther income

1$7,508

1535845,768

80

166,560

13,71732,284

80190

TOTAL INCOME 248,714 212,831

EXPENDITUREExpenditure on raising funds:

Investment management costsInvestment management review

Expenditure on charitable activities:Holt HouseEdward Holt HouseInstitutional grantsStrategic planning

34,2706,000

123,99316,831

4553,90$

29,696

141,38819,194

3856,422

TOTAL EXPENDITURE (185,457) (197,085)

NET INCOME BEFORE OTHERRECOGNISED GAINS/(LOSSES) ONINVESTMENTS

Net gains/(losses) on investments

63,257

(313,831)

15,746

293,305

NET MOVEMENT IN FUNDSTotal funds brought forward 16

(250,574)8,219,284

309,0517,910,233

TOTAL FUNDS CARRIED FORWARD 16 7,968,710 8,219,284

The incoming resources and resources expended derive fmm continuing operations.

No separate Statement ofTotal Recognised Gains and Losses has been prepared as all such gains and losses havebeen dealt with in the Statement of Financial Activities for the year.

These unaudited financial statements have been subjected to independent examination. See report on page 7.

Page 8

The Edward Holt TrustBALANCE SHEETat 5 A ri1 2016

UNAUDITED

Note

Unrestricted UnrestrictedFunds Funds

2016 2015

FIXED ASSETSTangible fixed assetsInvestments

1011

1,588,3345,732,327

1,623,8806,154,096

TOTAL FIXED ASSETS 7,320,661 7,777,976

C~ASSETSDebtorsCash at bank and in hand

1213

2,622682,174

3,113506,124

TOTAL CURRENT ASSETS

C~ LIABILITIESCreditors: Amounts falling due within one year 14

684,796 509,237

(36,747) (37,929)

NET CURRENT ASSETS

Creditors: Amounts falling due after one year 15

648,049 471,308

(30,000)

NET ASSETS 7,968,710 8,219,284

THE FUNDS OF THE CHARITYGeneral fund 16 7,968,710 8,219,284

These financial statements were approved by the board of Trustees and authorised for issue on 4'2016 and were signed on its behalf by:


Registered Charity Number; 224741


Page 9

The Edward Holt TrustACCOUNTING POLICIES

UNAUDITED

BASIS OF ACCOUNTINGThe 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 withthe Financial Repordng Standard for Smaller Entities published on 16 July 2014, the Financial ReportingStandard for Smaller Entities (FRSSE), and the Charities Act 2011 and applicable regulations.

The accounts have been prepared under the historical cost convention with items recognised at cost ortransaction value unless otherwise stated in the relevant notes to the accounts.

The Trustees believe there are adequate resources which will enable the Trust to meet its liabilities for theforeseeable future. For this reason, the Trustees have adopted the going concern basis in preparing thefinancial statements.

INVESTMENTSIn accordance with the SORP 2005, listed investments are stated at market value at the balance sheet date.Realised and unrealised surpluses and deficits on investments are included in the statement of financialactivities.

TANGIBLE FIXED ASSETSDepreciation is provided on tangible fixed assets, at rates calculated to write each asset down to itsestimated residual value over its expected useful life as follows:

Block of flatsHolt CottageFurniture and fittingsGarden roomImprovements to propertyEdward Holt House

2% straight line2% straight line15% on the reducing balance2% straight line2% straight line2% straight line

No depreciation is charged on freehold land.

IRRECOVERABLE VATIrrecoverable VAT is charged against the expenditure heading for which it was incurred.

INCOME RECOGNITIONDividends received from investments are credited by reference to their ex-dividend date. Other income,principally service charges receivable and rent contributions from residents, is recognised when it is due tobe received.

EXPENDITURE RECOGNITIONLiabilities are recognised as resources expended as soon as there is a legal or constructive obligationcommitting the charity to the expenditure. All expenditure is accounted for on an accruals basis and hasbeen classified under headings that aggregate all costs related to the category.

Grants payable are payments made to third parties in the furtherance of the charitable objectives of theTrust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectationthat they will receive a grant and the Trustees have agreed to pay the grant without condition, or therecipient has a reasonable expectaflon that they will receive a grant and any condition attaching to the grantis outside of the control of the Trust.


Page 10

The Edward Holt TrustACCOUNTING POLICIES

UNAUDITED

ALLOCATION OF SUPPORT AND GOVERNANCE COSTSSupport costs have been differentiated between governance costs and other support costs. Governancecosts comprise all costs involving the public accountability of the charity and its compliance withregulation and good practice. These costs include costs related to independent examination together withan apportionment of overhead and support costs related to secretarial activifies.

Governance costs and support costs relating to charitable activities have been appordoned on the basis ofthe time spent on running Holt House, awarding grants and strategic planning. The allocation of supportand governance costs is analysed in note 4.

COSTS OF GENERATING FUNDSThe costs of generating funds consist of investment management fees.

CHARITABLE ACTIVITIESCosts of charitable activities include grants payable as shown in note 3.

REALISED GAINS AND LOSSESAll gains and losses are taken to the statement of financial activities as they arise. Unrealised gains arecalculated as the difference between the market value at the year end and opening market value. Realisedand unrealised investment gains and losses are combined in the Statement of Financial Activities.


Page 11

The Edward Holt TrustNOTES TO THE FINANCIAL STATEMENTSfor the ear ended 5 A ril 2016

UNAUDITED

I NET INCOME FOR THE FINANCIAL YEAR

The net income for the financial year is stated atter charging:

2016 2015

Depreciation and other amounts written off tangible fixed assets;Charge for the year:

- Owned assets 35,546 35,592

Auditor's remuneration- Audit- Independent examination- Other services

3,3421,8001,800 1,428

2 INVESTMENT INCOME

2016 2015

Dividendsreceived —CazenoveDividends received —CastlefieldInterest received - CastlefieldBank interestInvestment managers' interest

94,91977 27213,4731,601

243

99,15666,234

1,017153

187,508 166,560

EXPENDITURE ON CHARITABLE ACTIVITIES

The charity undertakes its charitable activities through the nuuung of Holt House and awarded grantsin furtherance of its charitable activities.

NoteCharitable

ActivitySupport andGovernance

Costs

Total2016

Total2015

Holt HouseEdward Holt HouseInstitutional grantsStrategic planning

106,73916,216

17,254615455

3,908

123,99316,831

4553,908

141,38819,194

3856,422

122,955 22,232 145,187 167,389

For the allocation of support costs, see note 4.


Page 12

The Edward Holt TrustNOTES TO THE FINANCIAL STATEMENTSforthe earended5 A

ri1

201

UNAUDITED

4 ALLOCATION OF GOVERNANCE AND OTHER SUPPORT COSTS

The total support costs and overheads attributable to charitable activity is apportioned as shownbelow:

HoltHouse

EdwardHolt

HouseInstitutional

GrantsStrategicplanning

Totalallocated

Basis ofallocation

Secretarial feesPayrollmaintenancefeesIndemnityinsurance

Legal andpmfessionalfeesTrusteeexpenses

8,889

333

2,519

156

424

333All attributableto Holt House

2,519 Split pm rata

1,440 1,864 Actual

156 Split pro rata

314 1,255 10,458 Staff time

11,897 424 314 2,695 15,330

GOVERNANCE COSTS 2016 2015

Accountancy chargesSecretarial expenses

3,6003/02

4,7703,028

6,902 7,798

The total governance cost attributable to charitable activities is then apportioned in the same mtio as theother support costs:

ALLOCATION OF GOVERNANCE COSTS 2016 2015

Holt HouseEdward Holt HouseInstitutional grantsStrategic planning

5,357191141

1,213

6,078

971,623

6,902 7,798


Page 13


UNAUDITED

5 HOLT HOUSE EXPENDITURE

2016 2015

Costs in the fiutherance of the charity's objectives:Residents' Council TaxWater chargesInsurance

GasElectricityLift maintenanceGarden expensesRepairs and renewalsTelephoneFire alarm maintenance and circuit rentalSundry expensesCaretaker's salaryResidents' pastoral careCleaningDepreciation

3,6453)3453,760

10,2462,7121,0205,540

18,6331,0911,262

6537,417

26,5251,008

19,882

6,4762,8165,5879,9012,4391,1255,003

27,314964

15,407650

7,22911,497

1,00819,928

106,739 117,344

6 EDWARD HOLT HOUSE EXPENDITURE

2016 2015

DepreciationLand leasesGround rent

15,664542

10

15,6643,500

30

16,216 19,194

7 STAFF COSTS

2016 2015

Salaries and wages 11,542 10,546

The average number of part-time employees during the year (excluding trustees) was 2 (2015: 2)with all employee time involved in providing support services to charitable activities.


Page 14

The Edward Holt TrustNOTES TO THE FINANCIAL STATEMENTSforthe earendedSA ri12016

UNAUDITED

8 PAYMENTS TO TRUSTEES

During the year, expenses totalling fi156 (2015: f151)were reimbursed to Mrs A Roden, a Trustee.No Trustees received remunetafion during the year (2015:anil).

9 INDEMNITY INSURANCE

During the year, indemnity insurance was paid in respect of the Trustees in the sum of Z2,519 (2015:K,438).

10 TANGIBLE FIXED ASSETS

FurnitureBlock of Holt and

Land flats Cottage fittingsfi

ProperlyGarden improve-

room mentsE

EdwardHolt

House Total

CostAt beginning and endof year 3,058 62,067 5,291 4,594 56,992 856,751 783,217 1,771,970

DepreciationAt beginning of yearCharge in year

7,446 636 2,862 6,840 99,511 30,795 148,0901,241 106 260 1,140 17,135 15,664 35,546

At end of year 8,687 742 3,122 7,980 116,646 46,459 183,636

Net book valueAt 5 April 2016 3,058 53,380 4,549 1,472 49,012 740i105 736,758 1,588/34

At 5 April 2015 3,058 54,621 4,655 1,732 50,152 757,240 752,422 1,623,880


Page 15


UNAUDITED

11 INVESTMENTS

General fund

Market value at 5 April 2015Additions to investments at costDisposals at market valueNet loss on revaluation

6,154,096603,886

(550,994)(474,661)

Market value at 5 April 2016 5&732827

Listed investments

United Kingdom investments

Cost at5 April

2016

Marketvalue

5 April2016

8

Marketvalue

5 April2015

4,806/57 5,732@27 6,154,096

12 DEBTORS

2016 2015

Sundry payments in advance and accrued interestPAYE

2&589

333,113

2,622 3,113

13 CASH AT BANK AND IN HAND

2016 2015

The Royal Bank of Scotland pic:Current accountDeposit accountScottish Widows BankThe Affirmative Deposit Fund

500 500115,904 74,483147,685 147,095110,288 59,782

374,377 281,860Investment managers' accounts:

Castlefield Investment Partners LLPCazenove Capital Management Limited

92/05215,492

6,339217,925

682,174 506,124


Page 16


UNAUDITED

14 CREDITORS: Amounts falling due within one year2016 2015

Trade creditorsAccrualsGrants payable

5,7141,033

30,000

6,995934

30,000

36,747 37,929

15 CREDITORS: Amounts falling due after one year2016 2015

Grants payable 30,000

16 ANALYSIS OF FUNDS

UnrestrictedGeneral Fund

Total

Fixed assetsFreehold pmpertyInvestments

1,588,3345,732,327

7,320,661

Current assetsDebtorsCash at bank and in hand

2,622682, 174

Creditors: Amounts falling due within one year

684,796

(36,747)

Net current assets 648,049

Creditors: Amounts falling due after year

Total net assets as at 5 April 2016 7,968&710

Total net assets as at 5 April 2015 8,219,284


Page 17


UNAUDITED

17 MOVEMENT IN FUNDSAt 6 April

2015Income Expenditure Realised and At 5 April

unrealised 2016gains

Unrestricted general fund 8,219,284 248,714 (185,457) (313,831) 7,968,710

18 UNRESTRICTED FUND POLICY

The Trust maintains one unrestricted fund, as follows:

General fund —monies from this fund are used to maintain the Trust's properties, with any surplusfunds not required for this purpose being utilised for the Trust's long-term charitable goals.


Page 18

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