Caseware UK (AP4) 2023.0.135 2023.0.135 2022-12-312022-12-31true382022-01-01falseThe operation of a hotel in Cambridge40truefalse 06418183 2022-01-01 2022-12-31 06418183 2021-01-01 2021-12-31 06418183 2022-12-31 06418183 2021-12-31 06418183 2021-01-01 06418183 c:Director1 2022-01-01 2022-12-31 06418183 d:Buildings 2022-01-01 2022-12-31 06418183 d:Buildings d:LongLeaseholdAssets 2022-01-01 2022-12-31 06418183 d:Buildings d:LongLeaseholdAssets 2022-12-31 06418183 d:Buildings d:LongLeaseholdAssets 2021-12-31 06418183 d:MotorVehicles 2022-01-01 2022-12-31 06418183 d:MotorVehicles 2022-12-31 06418183 d:MotorVehicles 2021-12-31 06418183 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 06418183 d:FurnitureFittings 2022-01-01 2022-12-31 06418183 d:FurnitureFittings 2022-12-31 06418183 d:FurnitureFittings 2021-12-31 06418183 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 06418183 d:ComputerEquipment 2022-01-01 2022-12-31 06418183 d:ComputerEquipment 2022-12-31 06418183 d:ComputerEquipment 2021-12-31 06418183 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 06418183 d:OtherPropertyPlantEquipment 2022-01-01 2022-12-31 06418183 d:OtherPropertyPlantEquipment 2022-12-31 06418183 d:OtherPropertyPlantEquipment 2021-12-31 06418183 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 06418183 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 06418183 d:CurrentFinancialInstruments 2022-12-31 06418183 d:CurrentFinancialInstruments 2021-12-31 06418183 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06418183 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 06418183 d:ShareCapital 2022-12-31 06418183 d:ShareCapital 2021-12-31 06418183 d:RevaluationReserve 2022-12-31 06418183 d:RevaluationReserve 2021-12-31 06418183 d:OtherMiscellaneousReserve 2022-12-31 06418183 d:OtherMiscellaneousReserve 2021-12-31 06418183 d:RetainedEarningsAccumulatedLosses 2022-12-31 06418183 d:RetainedEarningsAccumulatedLosses 2021-12-31 06418183 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 06418183 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 06418183 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 06418183 d:TaxLossesCarry-forwardsDeferredTax 2021-12-31 06418183 d:RetirementBenefitObligationsDeferredTax 2022-12-31 06418183 d:RetirementBenefitObligationsDeferredTax 2021-12-31 06418183 c:OrdinaryShareClass1 2022-01-01 2022-12-31 06418183 c:OrdinaryShareClass1 2022-12-31 06418183 c:OrdinaryShareClass1 2021-12-31 06418183 c:FRS102 2022-01-01 2022-12-31 06418183 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 06418183 c:FullAccounts 2022-01-01 2022-12-31 06418183 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 06418183 5 2022-01-01 2022-12-31 06418183 e:PoundSterling 2022-01-01 2022-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 06418183










GCUK PROPCO LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
GCUK PROPCO LIMITED
REGISTERED NUMBER: 06418183

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 5 
79,222,251
79,054,408

Current assets
  

Debtors: amounts falling due within one year
 6 
345,577
1,874,708

Cash at bank and in hand
 7 
705,207
1,053,856

  
1,050,784
2,928,564

Creditors: amounts falling due within one year
 8 
(21,041,372)
(22,314,542)

Net current liabilities
  
 
 
(19,990,588)
 
 
(19,385,978)

Total assets less current liabilities
  
59,231,663
59,668,430

Provisions for liabilities
  

Deferred tax
 9 
(3,264,651)
(2,975,224)

Net assets
  
 
 
55,967,012
 
 
56,693,206


Capital and reserves
  

Called up share capital 
 10 
43,540,472
43,540,472

Revaluation reserve
  
24,844,840
23,976,558

FF&E reserve
  
456,063
183,993

Profit and loss account
  
(12,874,363)
(11,007,817)

  
55,967,012
56,693,206


Page 1

 
GCUK PROPCO LIMITED
REGISTERED NUMBER: 06418183
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Justin David Petersen
Director

Date: 17 September 2024

The notes on pages 7 to 17 form part of these financial statements.

Page 2

 
GCUK PROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

GCUK Propco Limited is a private company limited by shares incorporated in the United Kingdom. The registered office is 54 Portland Place, London, England, W1B 1DY. The principal place of business is Granta Place Mill Lane, Cambridge, CB2 1RT.
The Company's principal activity is the holding of the Graduate Cambridge Hotel in Cambridge.
The entity transferred the assets and liabilities associated with the hotel operations to its fellow group company, GCUK Opco Limited, on 31 December 2022. The fair value of the liabilities transferred was £365,398. Consideration for this transfer has not yet been paid, with the amount being included in 'amounts owed to group undertakings' in note 8. The directors intend to pay this balance at the earliest opportunity.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors confirm that, having reviewed the Company’s cash requirements for the next 12 months from the date of signing the financial statements, they have formed a judgement that the Company has reasonable expectations that adequate resources will be available to continue operations for the foreseeable future. The Company has also received confirmation of support from its parent, for at least 12 months after the signing of the audit report, which provides additional security on the resources available to continue as a going concern. Therefore, these financial statements have been prepared on the going concern basis. In forming this judgement, the directors have reviewed forecasts for 2024-25, cash flow projections from the date of the approval of these financial statements, contingency planning and the sufficiency of banking facilities. The directors are comfortable that the Company will generate sufficient value to continue to settle liabilities as they fall due. 

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest £1.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
GCUK PROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.3
Foreign currency translation (continued)

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 4

 
GCUK PROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 5

 
GCUK PROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
over period of 50 years, 2%
Long-term leasehold property
-
over period of lease of the property, 0.933%.
Pre-opening expenditure
-
over period of 1 year and 1 day, 100%.
Fixtures and fittings
-
over period of 8 years, 12.5%
Computer equipment
-
over period of 3 years, 33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Where an external valuation cannot be obtained, a director's valuation will be used instead.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
GCUK PROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
 
Page 7

 
GCUK PROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 8

 
GCUK PROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have made a judgement in relation to the valuation of the hotel in property, plant and equipment.
 
The property is held at fair value based on the directors' conclusions having assessed the valuations completed by independent valuers who hold recognised and relevant professional qualifications. Where an external valuation cannot be obtained, a director's valuation will be used instead. The exception to this is when purchases are part of a recognised refurbishment period; these are held at cost until they reach a stage of operation. 
The Company has a policy of capitalising all costs it deems necessary to operate the hotel for its intended purpose. Pre-opening expenditure relates to costs directly attributable to operational activities and has been depreciated over a period of 1 year and 1 day.


4.


Employees

The average monthly number of employees, including directors, during the year was 40 (2021 - 38).

Page 9

 
GCUK PROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Tangible fixed assets





Long-term leasehold property
Pre-Opening Expenditure
Fixtures and fittings
Computer equipment
Works in progress
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2022
73,600,000
685,908
3,832,670
270,967
1,123,199
79,512,744


Additions
685,160
5,633
254,125
3,140
230,456
1,178,514


Disposals
-
-
-
-
(278,114)
(278,114)


Transfers between classes
814,214
1,732
-
29,139
(845,085)
-


Revaluations
1,256,971
-
-
-
-
1,256,971



At 31 December 2022

76,356,345
693,273
4,086,795
303,246
230,456
81,670,115



Depreciation


At 1 January 2022
-
260,507
164,606
33,223
-
458,336


Charge for the year on owned assets
956,345
431,308
501,583
100,292
-
1,989,528



At 31 December 2022

956,345
691,815
666,189
133,515
-
2,447,864



Net book value



At 31 December 2022
75,400,000
1,458
3,420,606
169,731
230,456
79,222,251



At 31 December 2021
73,600,000
425,401
3,668,064
237,744
1,123,199
79,054,408

The fair value of the hotel was determined by the directors via a discounted future cashflow on an open market for existing use basis.

Page 10

 
GCUK PROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

           5.Tangible fixed assets (continued)

If the long leasehold had not been included at valuation they would have been included under the historical cost convention as follows:

2022
2021
£
£



Cost
52,811,399
51,358,331

Accumulated depreciation
(5,151,789)
(4,556,711)

Net book value
47,659,610
46,801,620

Security is in place on the Graduate Hotel in case of default on a loan held by the parent company. There were no defaults in the current or previous year.


6.


Debtors

2022
2021
£
£


Trade debtors
14,402
364,179

Amounts owed by group undertakings
16,733
-

Other taxation and social security
-
1,241,977

Prepayments and accrued income
314,442
268,552

345,577
1,874,708



7.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
705,207
1,053,856

Less: bank overdrafts
-
(25)

705,207
1,053,831


Page 11

 
GCUK PROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank overdrafts
-
25

Trade creditors
211,410
1,549,991

Amounts owed to group undertakings
20,292,448
20,430,677

Other taxation and social security
500,014
-

Other creditors
-
63,817

Accruals and deferred income
37,500
270,032

21,041,372
22,314,542


Amounts owed to group undertakings are unsecured, bear no interest, and are repayable on demand.


9.


Deferred taxation




2022
2021


£

£






At beginning of year
(2,975,224)
(1,493,581)


Credited/(debited) to profit or loss
-
(252,766)


Credited to other comprehensive income
(289,427)
(1,228,877)



At end of year
(3,264,651)
(2,975,224)

The provision for deferred taxation is made up as follows:

2022
2021
£
£


Accelerated capital allowances
(2,542,522)
(2,223,121)

Deferred tax liability on revaluation surplus
(3,264,651)
(2,975,224)

Tax losses carried forward
2,542,522
2,223,121

(3,264,651)
(2,975,224)


10.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



43,540,472 (2022 - 43,540,472) Ordinary shares of £1.00 each
43,540,472
43,540,472
Page 12

 
GCUK PROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.Share capital (continued)


Ordinary shareholders have the right to receive notice of, and to attend, speak and vote at all general meetings of the Company and shall receive, vote on and constitute an eligible member for the purposes of all written resolutions of the Company, with the right to cast a vote for each A ordinary share of which they are the holder.



11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £38,399 (2021: £38,425). Contributions totalling £Nil (2021: £4,606) were payable to the fund at the balance sheet date. The employees of the Graduate Cambridge Hotel were transferred to GCUK Opco Limited, a fellow group company, on 31 December 2022 with the assets and liabilities associated with the hotel operations.


12.


Related party transactions

Refer to notes 6 and 8 for disclosure of the related party transactions. All related party transactions were with wholly owned companies within the group and are therefore exempt from disclosure under FRS 102 Section 33.1A.

 
Page 13