NEW EARTH THEATRE LIMITED REPORT AND FINANCIAL STATEMENTS 31$t March 2022 COMPWIY REGISTrA710N NUMBER: 3040132 CHARITY REfjISTrATION NUMBER 1047911 Frank S Laehman 16b North End Road GoldÈrs Grn London NW117PH
NEW EARTH THEATRE uIKfED Logal •nd P4Jminlstratlvo Inforn) 31st March 2022 Company Regist8r8d Numb8r 3045132 Reg18twed Charity Number 1047991 Registered Office The Albany DOuaS l#Vay SE8 4AG Directors and Tnjstoes Wol Mun Yoon (Ch*) M8nln(ler Gil Klthminl Wlmalasekera Kati6 Elston KaCh(w Chapm AMYL R•wd 151h Sgptombw 2021 Examlner Frdnk S Lachman 168 North ErKI Ro•J NW11 7PH
NEW EARTH THEATRE UMrrED DIRECTORS. AND TRUSTEES. REPORT Tho truste88, who are aL80 dit0[S for tr the Cl1&8 have awre yi prewting their rgport and the financial statemènts of the dwity for eThJwKJ 31st M8reh 2022. DIRECTORS. RESPONSIBILMES Company Law whith is also applirat4e lo ChIla4? ccMpanies in EnglaThJ and Walas rnquwas thè diradors. o are also trijstees of the I1pany. to weFwe finar1 staterrents for each financial year whith gNe a tr and fair view of the state of affairs of the company and of the rlts crf the f))mpany for that penud. In preparing those finaro81 stateme. the directL¥snmstees are to: select suitable a¢cwnting pdiaes It tlm (xTh•. observe the meth(¥Js arnl ncleS in the Charities SORP make judgements and estimates that are reascYwLle arvj prudrt departures disdosed and eXained in financial statsments,. prepare thè financial statements on the WITVJ (yjncem urfess il is InappropFiate to presumè that the CpanY VAI eorth.nue in twine accuracy at any timo the financxal tK)gtion of thg (xxnpany and to enalAe Ihem to ensu that the finalar statements compty with the Companies Ad 20. They are also reSpc¥ts1 fcy safeguardlng the assets of the company and hencè f<x takiryJ reaSotA stw for the pr8venknn arKJ d8tiM offr81 and other iTreguJarilies. PRIMGIPAL ACTivrrY AND CHARITABLE OBJECTIVE The princyp81 acvity otthe o)mpany c¥JntirKJes to te the Enprovert and advancenI of ucation and the eroUrag8rf ofthe appwation ofthe arts In al Iheir a8[ts but wimarty thrimjgh the dr8rn8tic arts. ORGANISATION AND CONSTMJTION AsstKiation. CornrAny Registarlion number 3045132. Th$ (y)mpany ajopted a ngw Memjum and Arths cm 1st FebrLWy 2019. The company is 'MIted by guarantee arwj h85 rk) sharè LHxlal. The of indivKJu member5 are limited to £1. The company is a registered chwlty, numtH 1047931. The dlrectors ofthe companyfomi Its CnmI ManaJmnt ¢kn"ng B(yand are to act as necessary order lor the company lo bj1 tL% ctiiecb¥es. Direclcs may L app)inted by the members of the company or f8lk)w dirECtcYs at ary lime. Registered offi.. Tho Abany. Dfxffjlas Way. Ltjndon SE8 4AG. On the 5th Juna 2020 cc#npany tthangod ils ogme to Earlh Twre Ltrnitwj PUBLIC BENEFIT Tho Trustees (x)nfinn that in th15 fBFQrt tr¢y have h1 du8 regd to the guid8rKe on pubbc bQfft 18sts by th¥ GtHrtty CommIOn in oJm(th"arn with thè (kty set (Krt in S10 4 of the Chariti8s Acl 2006.
NEW EARTH THEATRE UMThED DIRECTORS. AND TRUSTEES. REPORT {continuvd) REVIEW OF DEVELOPMENTS. ACTMllES AND ACHIEVEMEK Thè Cow&19 Pond8mtc continued to C8US8 uptrwval for thg ltreatrB large. acw havhg to be flexlble In anging restllctions arKI guNJance ttrwoughout the year. New E8rth Theatre vrds able to present 1 live IouTing production and some activty in pgrson, stll off81irKJ a progrwme of owxKttJnitse$ cwline. In 202112022 the ¢XJmpany. Created a "dlt81 p08trArd" 88n&s Bayanlhan wrth Love #i r8swJnsa to tha 8dv8tse effects of thè Pandemic on the Flllplno eommunity in UK. in parb¢xlar Filipino h8allhcare wcrters comprise 2% of NHS England's workforc8. yel 25% of its Covid-19 dèaths. 8ay7nihan with Love prg88nled wdeos made by 23 Filpino artists. whlth were sonl to hoalthcar8 workers as part of tres lunch dgli¥gms in rx4laboratiw wilh K8nlurwJ8n UIL cJuCed a new adaptslmji of Miss Julie by Amy Ng ith UK kn ju 2021. Origlnally wemiering in Febwary 2020, scflpt was updat&J for soaalty dIstaed pertornr aThJ was or of the first rIng pJUCticls presonted since thè CoMd-19 wtbreak It Wds seen by 1313 p on Ir. Pr8senled the eXhIb.0n of Tsunagulconned at artsdepot th8 Lond Metropolitan thhNes. Th8 Int8rview8 ¥wth 29 Japon8se womgn wara F8cordod aTrJ VAI be archiv&J in ful at the Lond M8tropK4rtan Arthivas. The Mu88um of London will store the Interv from LondoTh81 intorvknwws. From th6so St(ff16s we ¢¥eatod an interactive exhibition, whlch would later Serve as the sel the porfomaTTh TsUnagulC(xwGt Live.. New Earth's first p)Jcast ser. an infom)alion bookl81,' 8 schools resourcè pad( arwj a 801ies ofDrtslKPS. This pYOt hgs been SUFP)rted by the NOtn91 Lottery Heritag8 Fund. Cultural Revery Furnl. the Great Brilan S888kawa Foundatscn. the Japan Smty. Shoreditch Town Hall, Museum of London and Gold8m1th8 Urdvow¥lty of L(¥Klon. Conttnued worklng wrth their Professn Writers Prcmjramme through a series of onlin mastsrclasses with Jagmin6 LeeJones, 018dipo Agbduaie, Lucy lQ'rkwd and Rcry Mularkey. furKled by the Esmée Falrt)alm Foundation. The 4 writers who rec8iV8d seed commissions cOntind develwng thelr playB. th1oah a s(xipt workshop with 8¢tor3 and 8 one week writing 8ttathm8nl wilh tha National Thgatro. Dellvered 6 online academies as m of Nthv Earth IleMY. an introd to perfomilng, wrltlrKJ and te¢hnlcal theatre for British East and South East Asians IBESEAS) auoss the UK 77 FNqthipants erKJaged in a total of 54 onllne sesslons I0r 100 hc¥Jrs ol fro9 nIng w0vKl by morn 20 lUtS a1 gw speakers). Started an onmne Produ(rs c1$0 for ewty (zreer produrws kn uSlatA)rakn ¥nth Tarnasha Theatr8 Company. 11 P8rtlcipants received monlNy 2.hwr ¢)nkn masterdasses frcrn1rn1usty wfe$8K¥wls. Awar(led our annu81 bursary to 8 gr&Yu8kny BESEA 8cl•)g stLKlent to surwt tslT transon Into the lThJusty in as8ociath)n wth Constejlatton Cwt15. Deliv8Ted a series of monthfy vAJrf(shops for BESEA th08trwnakgrs in Ihe Ncrti West kn collabcfalion with the Lowry. Awarded 2 residencies to BESEA thgatremws bowj kn th8 Ncmth West 1th an interest in mBking théa for families, In collaboratK>n with z-arts. Dgltver8d 6 Mandarfn Through Drama shOpS for )wng people in scKN)18. 6 Lunw New Year tht¥k5hops at the Museum of London Docklands 5 panels and tijtorials in thoatr8making. Pre5enl8d 144 porfomiancos of our chgracts guxle James Robson at the Nati(1 Maritlmo Muwm and the Cutty Sark. seen by over 3300 people. Helped ereate U)t Anli-Rao¥m Tourry RKler as F•t of a of UK tcAty cThnp8nles. Gave support to BESEA artists with iThlepetht prots, i1n9 an exhitrAtM)n by a Burni artl8t 8kIng a$UM, and 8 film w1•nO tha re121ionship b¢l%wJ awxl d8ughtew5. P390 3
NEW EARTH THEATRE LIArfED DIRECTORS. AND TRUSTEES. REPORT Icontinuqd) DIRECTORsrrRUSTEES Thts directcthrust88s set out tdow hove k1 offic durwJ Its TthJl8 year ofthls reFJ1 IM4888 olheNlse stated: Wai Mun Yo)n {Ch8irl Maninder Gill 'thard Shannon Kithmini WimxlÈ$8ke Kai£huan Chapm Amy Lin Nitholas Gwe March¥KI Kalie Elston R8sh3ne•J 151h Sèplambw 2021 RESERVES POLICY Thè cornparry ende8vours to malntsln a level of r•wes that rfl enajle IL rf the i8e6 that fundlng Is cutsiled, to cary on ts actwl¢1 Vthilst attemattve >)urces of funding are obtained. Th• UnrnSMct re5erv•s as at 31st Marth 2022 w•M £329.604 (2021 £332.423) The movement in rerVe$18 shown In note 8 to Ihe accounts. ACCOUNTANTS A r8solLrtk)n propjslng th8 wpwntrnont of Fwk S Lathnan a8 Ipar18Tht Examlnar VAI bg submw at tho Annud General M8eling. INVESTMENTS The chadly has no Invastmonts. RELATED PARTIE8 The charlty h&s rdaUon$hips wlth othw charttl8s 8 IxoJe¢1Hoel b. GOINO CONCERN Tho dlractors confimi that.. A golng ncarn bagls la apwopriat• for aC{nts. The cc¥npany Iw SLfftieth rnsarves to {%nb.n for at lèast 12 al&gr the dets of s•wirKJ these accounts. RISK MANAGEMENT The compary undertakes pTOk rev ts diffemt aroas (rf WK4LMJiro INff8r cover,heath and safety pollcles in th8 wothplgce and vthilgt performing, KYkirwJ thldren,ffirwi81 atta. rSLn81 prthw. ICT lechnolopy. Th1$ report ha8 bean prepared In ociJ)rdanc¢ wlh tt in Sth 419(2) of the Comp8nles A¢t 26 opplk4bl• lo mpanIeS 8ublg¢t to the small mpleS rEgkne. Thls r8POrt wos approv•d by th• boord on 23 D•thr 2tr22 and signed on tts bèhafby Wai Mun Yoc Wal Mu DlrKtor New Earth Thwtr• Llmlt
NEW EARTH THEATRE UED ACCOUNTANTS REPORT Independent E¥Aminerfs Rwjrt on th8 Acrounts I report to the chanty lrnstees on my oxaminatK)n of the acixxnts of th8 txmpany for tho yw erKled 31st March 2022 arfr sol crtrt on pages 6 to 11 . Responsibilities and basls of report As the charitys trustees ofthè company {aThl also its dir8cknrs for tho PU of panY law) are responslbl& for thè PTeparatlon of th6 atcwnts in accordanr wilh the rewirements of the Companles Act 201 ('Ih6 2006 Act'l. Having sati8fied myself that the ae¢¢)unts of the company arn not wured to be audrted under Part 16 of the 2006 Act and are eligibfe for Indepe10n1 examination. I reFrtNt in resp&t cl my 6X2m1nBli of Jt)ur charbty's accounts as Carried out undor section 145 of the CharitN8s Act 2011 (the .2011 Arf). In caryng out my examination I have foV4)wd the Direcoons g¥en by lh8 Charlty CommMk)n undér se1X 145(5)Ibl of the 2011 Act. Indgp?ndent examlnerf¥ rewl Sln¢8 the companYs gross exceed&J £250,IYJ) examiner must be a member of a bcty11sted In se10n 145 of the 2011 Act. I cMllmi Ihat l am qualifhryd to undertak8 the examknatlon b8¢ause l am a m&mb8r of the In8Utul8 of Chartered Accountants EngJaTrJ & Ws. ss ona of ts Ilsted both. I have cofflploted my examlnatth. l o)nllrm that no mataTr 5 have to my attenlkn In cA)nrb8Cth)n wfjth tha examination giving me Cause to b8lbave: {11 acc(wntlng records were nci kepl in resFrft of th8 company as rutred by se(on 386 of the 2(M)6 Act: (2} the accounts do not ac<th wlth those re(rd$: or 131 the accounts do not Gompty wlh the •ccwntsng roquwernerts 01 socliM 396 of the 2Cth Act other than ary requlremgnt tr1 the e(rUn glv8 8 1n WKI falrf vknw VtiK IB not a matter ld9 a8 part of an Indfjpendant oxamln8th)n; or (41 the accounts have not pr8par8d in 8ccordanc& the rngthcrfJ8 and prfndpl&s of tha Ststement of Recommended practice for acGountlng and rekY)rting by ch8ritles 8ppllcablè to charities wgparing thgir accounts In accordonc8 wlth the FlnanGio1 Re11 SlwKlard appkth in ts UK KI Rewblk of Ireland IFRS 102). I have no concems and have com6 056 no otsr mattws in ts)nri tha axaminalion to Strèn 8hould ba drawn In thi8 re[rt In tyder to an8blg a proper UndertsIng ol Ihe ac(thnts to be rethd. Frank S Laehman FCA Memb8r Inslllute of Ghartered Acojunknts in E*TrJ aThJ Wdes Chartered Accountant Independent Examiner 16b North End Road Lorbdon NW117PH Daled.. 27112022 Pa9e 5
NEW EARTH THEATRE LIMrrED Statgment of Financlal AGtlvitl06 For th Year Endod 31st Mah 2022 Unrostrlctod R•8trlct Funds Funds Total Unreslrlcted R•strlcted Funds Funds Fundq 2022 T41 Funds 2021 Inrn• Logaclès and donatton8 178,220 178,220 178,220 178,220 Invemont Incomo 235 23S Charttable aciiville8 20,906 90,073 110,979 78,393 16.290 94,883 Total Inc4ll• 199 158 90,07 256,848 16,290 273,138 Éxpondltur• Charftsble A¢tlvlty Costs Totsl 8xp•ndltur• 201,977 92.125 294102 173,222 34,150 207,3n 201,977 92.125 294 102 173222 34 150 207 372 Surpluj for the year 12.8191 {2,052) <48711 83,620 117.e60) 05.786 Funds brought fonvard 332,423 20,140 352.563 248,797 38,000 286.797 Fund8 carrl•d fgTw•rd 329,604 18.088 347,692 332,423 20,140 352 563 Th$ 8talem&nl of Financl81 Actlwtles reflects ths results ot (y)nlinulng activtti8s the T. The were no recognlsed galng or10ss8s other than the nel tgoIng resources for the ar. The net outgoing msourees for ar have been calculated on Ihe hi$toncal cost basts. The notes on pages 8 to 11 form part of th8$e accounts. Page 6
NEW EARTH THEATRE UMITED Balaneè Shoot at 31$t March 2022 Noto9 2022 2021 Curr•nt I•t• Deblors Cash 81 bank and in harKI 1,M1 347,516 1,688 352.025 Total curront a•••t• 348,957 359,713 Cr8dllorn falllng du• wlthln ono 1.285 1.150 N•t curr•nt au•ts 347,692 3S2, 347,692 352.$63 Th• Fund• of th• Charty Rvtrlct•d Fund• 18,088 20,140 unr•#trf¢t Fund• 329,604 332,423 Totsl Chjrlty Fund¥ 347.692 352,563 al For Iha ar ended 31 Marth 2022 tho ¢omp8ny was enthlgd lo 6xémptlon under 88ctkJn 477121 of the Companle8 Act 2006. {b) No m8mber8 have rgqulr¢d tha MpanY to oblaln an audlt of Its accwnts for the year In quosllon In atxordanc• wth sectlon 478 of Ihg Companle8 Act 2006. Ic) dractors aeknovAodgè th8lr m&pon8ibllSty for.. l. ¢nsurlng the company kgeps accounting records vknich CoMY wlth sedon 386,. aThJ 11. Ftspaflng 8¢¢ounts whlch glve a true and fair vlw of th& stste of affalr8 ol th8 ccmpany as 81 the eTrd of the flnanclal year and of Its wofft and loss for thè financial year in acc4)rdanc& YAlh tha saction 393. and which othepmst ¢omply wth the requlraments of tho Cornpanl8s Act r•latJng to accounts. so far a8 applicablg to the Company. Idl The ¢ount8 havo boon pr¢par•d in accord&r wmh the 8poci•I provlsl¢)n$ In Part 15 of I Comp8ni9s Act 26 aptdirablg lo c£Jmpanies sufyect to Ihe small companias r8glme, and conslilLrto thè annud accounts roquired by thg Companltss Act 2006 and are for orrxjlalion to membgrs of the . npany Appn)ved by the dir9Gtors on 23 Dec8mb9r 2022 . and sigrd on their bghaif by Wal Mun Yoon Tho not88 on pages 8 to l 7 fomi part ofthe8e aunts. Waim . DiroLtr Page 7
Notes to the Flnanclal Stat•m¢nts For the Year Endèd 31st March 2022 1 Accounting PollG•s la) The financi81 stat8m8nts hav8 pr8par8d in airA)rdan&g Wfth Accounting and Rgporti'r4J by Charlli•s: sl8lemen of Recommendad Prndic applicable ts) chIll&S wepariTrJ their aco)unts in aco)rdanc8 Vith thè Financial Reporting Standard apr4Kable in the UK and Rewthiic of Ireland {FRS 102118ffeiafve 1 January 20191- Icharities SORP IFRS 10211. the FinanGral Ropyting StsTrJaT(l akylKable In the UK and Republlc of Ireland (FRS 102) and the Cownies A¢1 2006. New Earth Theatre Llmlled meets the deflnluon of a publlc bMefft enty under FRS 102. Assets and liabfillt are Initldly r8cognts8d at ¢OSI or tr8nsactlon value unless oth$0 stated In tho relevant accountlng pollcy MloI$1. Ib) In¢om• Incom8 i8 rec(wised vkn8n thfj dwity has entillement lo the funts. any Fknncé Lwdltions allthd to the items of income have been mel, it is probable that the income wll be receNed and the amounl (an bo measured reliabty. Incomb from grants. whglhor capital or revenuo grants, Is rec(¥Jnl8ed vthen the ch8rtty ha8 entltlement to the fund8, ary Pèrforman eondltlons attached to th• grarrts has been mel, It Is prLthbbg that the Inm8 WIN be roceived arKI tho amount can b8 meawred reliabty is not delarred. Icl eXndItre All expendrture is accounted f¢v on an accruals b18. EX[mIbjre recowti8 once there is a lagal or construcV otAigalion lo make a payment lo a IhKd paty. 11 is probatA8 thal setlknenl WIN be required 8nd Ihè amount of tha obligation can be Measur rellably. Costs are alb)cated to a calogory ther baUse LThts are dir• Incurred in relalh)n to suth catogory, or 8U80 they are 8UPPOrt costs in respKt of an WinI been made bgtween the categoriés. Support C06ts 0)nst of Infrastrtturn costs for sdaMs, premises, offic administrats"on. Such costs are apportionad on ¥ reasonable arKI conslstanl basls to ¢h8 vark)us categon&s Vlith a to deterrThnin9. as accuratety as p088ible. the tot81 rèsourcès 8XFended aach cat•w. The basis of a[Onment lad ts erther a lunCn of staff tims applled to a given 8¢tNty. or an estimate of the prOp)rtI of costs OSSC¢ted ilh the saffle. or a combination of both. Direct and Sup(rt costs ar• sgparotety sho4 by n&turd d8$8tr Nolo 5 to ac¢tyJnl¥ for ea¢h ¢atogory of cost. Idl Taxatlon The company as a reglster&J tharty I number 1047991) is exempt from tr10n most inv•$lment inwmg in80far as rt is applg¢J for chort1ob16 purposes. The cc¥iwany is also oxempl from laxatton on cgprt81 gains. {•) D•btor• Tr8d8 and othgr debtory 8re r8cwbed at the settlemgnt amount dug 8fter any dIsC(nt offvgj. Prepaym8nls are valugd al Ihe amunl prepaMI n&1 of any trad& disctsjnts duo. (fj Credltorn and provl814Jn& Craditors and provlslons org r•eognlB•d thaYe the char6ty has a presant oblplh)n rwWrMJ fmm a past avent thBt will probably re$uM in the transfer of funds lo a thir(1 party 8fKI the anwJJnl to Settle obligath)n can be measuv8d or estimated rglrabty. Credrtors and provis$ ara rw)Fmaly r8cogntsed at sètdemont amount after allomng for any trade di¥o)unts due. Page 8
NEW EARTH THEATRE UPArrED Noto5 to tho Flnanclal Stat•m•nts For tha Yoar Endod 31st March 2022 2 Grants and donallons Unr•strlct•d Restrictod Funds Funds Restrict•d Unrnstrlct•d Fund# Funds 2022 2021 Grants for G•n4Tr1 Runnlng Cos1• . Arts Counal EnglaNI 178.220 178,220 178.220 178.220 178,220 178,220 178,220 3 Charftabla a¢Uvlty Unrnstrlel•d Rastrlct Funds Funds Rastrict•d Unrnstrlctod Fundj Fund• 2022 2021 Propd GMts and donath)ns - Artj Cwndl England - Herltag6 Lottery Fund - Th8 Gr8at &itan Sasakawa Foundal - Japan Socbely - Esmee Faith Donations - Covid SSP Grant - Tax AKI - Theatre Tax Relf 54,413 31.180 54.413 31.180 82,145 4.476 16,290 78.435 4,476 1.569 72 275 1.614 275 1.614 2.721 2,721 ,073 68,510 16,290 84,800 Tlcket sales, fees, o)mnissKX)S, C¢>produclions 16.S24 16,524 106.407 9,883 78,393 9,883 16,290 94,683 .073 4 Charllabl• *clMty costs clI1&bI• Ch•rll¥ble Actt¥lty GornanC• Athlty Costs Costs Costs Support Total 2022 Charltabl• Pthlty Costs ProductK>n cx)8ts Marketing 64,572 11,042 52,764 32,038 117,336 43,080 Support costs Fees and wagos Aceount8ncy Admln. post end t8p cos18 Insuran INebsSt¢ 8n¢J IT Subscrtptoons Fundralsjng and support staff Tovel and Subsistence Rent, utilttios and stor8 16.511 105.321 121,832 1265 921 1.304 2,149 1.730 1,285 921 2.149 2217 2,217 2.268 Totsl 2022 10.589 92.125 1265 294,102
NEW EARTH THEATRE uMfTED Notes to the Financial Statements For the Year Ended 31st Mah 2022 Charftablo Chwltsbl• AGtlvlty Support Governance Costs Total 2021 Costs Charhablo P*tfvlty Costs Productp)n costs Marketing 19.616 78,752 21.742 98.308 21,742 Support costs F66s and Ige9 Accountancy Admin, post and 16lephtJne t¥)tsts Insurancé Wtsbsitg and IT Sub8crfptics Fundraising and support stsff Travèl arKI Subsist&nce Rent, utilitses and storag8 58.391 14.534 72.925 1,150 793 837 0.492 1,234 1,200 15 2,616 1,150 75 718 837 732 1.234 5,760 15 2,616 Totsl 2021 65.743 34,150 106.254 1,225 207,372 S Employ••¥ 2022 2021 Salarias Social Security ¢o8ts PM$ 145,937 9,121 2,079 158.748 Number of employ No 8mpknyee was p8kl 8t 8 r8te of nNye than th),( a ypar. In 2021 6 D•btors 202Z 2021 Other debtc 1J41 7 Cr•dltorn du• wlthln on• y• 2022 2021 AccnJ819 1.265 1.150 Pa9010
NEW EARTH THEATRE LllAITED Notes to tho Flnanci•l Stst•m•nts For the Year Endod 34•t March 2022 8 Roconciliatlon of movwnent of lund• Funds at 1st Wl 2021 Funds at 31st Exponsm Trnn•f•rn March 2022 Reslrlctod Fund• 20.140 .073 {92.125} 18.088 Unre8tr1¢t•d Funds 332.423 199.158 (201,977) (125.0) 204,604 125.1} 125,LX) 352,563 289,231 347,692 Th• abov• fund8 MpTI••.. G•rb•ral Fund: money8 whth can be used by the Tnffjl8es at their di¢ret for any purpo88 and have not been deSIgna by rrtvltsjsty 9 Anal1* of aM•ts ov•r fund8 Curr•nt Tot•1 2022 Tot•1 2021 Ro•trlctod Fund• 18.088 18.1)88 20,140 Unrestrlct•d Funds: Gan•r81 204,604 204,804 332,423 125.0(N) 125.000 347.692 347.692 352.563 10 Tru8t••s Durlrvj Ihtr r, non8 of the INst88s any r9mW9t•jn from th& dwrity and rKJ ¢xpen088 wore relmbursed to ary of Ih8m. P8ge 11