Company registration no. 3685489
Music Illuminated
Registered charity no 1074016
Report and Accounts for the period ended 31 August 2024
Dircctors (at 31 August 2024):
Matthew Saunders
Fiona Cairncy
Pui Wah Poon
Registered address:
20 Wimborne Close
Epsom
Surrey
KT17 4DP
Registered in England and Wales as a company limited by guarantee without share capital.

Music Illuminated
Company registration no. 3685489
Review of activities 2023-2024
The Ernest Read Symphony Orchestra (ERSO) was founded in 1931 by Ernest Read, the
pioneer in the development of music education and youth orchestras.
The charity Music Illuminated was formed in 1998 by ERSO members in order to continue
the running of the orchestra following the ending of this role by the Ernest Read Music
Association.
ERSO takes great pride in working to a very high musical standard. Over ninety years after
the orchestra was founded, the community of musicians who make up ERSO strives to
continue Ernest Read's legacy with our charitable work with emerging professional
musicians and children together with our core symphonic concerts which aim to illuminate
the music to our audiences.
Ortober 2023 concert
The theme of our October concert was great classics. The evening began with the overture
to Mozart's Magic Flute expertly conducted by our Assistant Conductor Olivia Tait. We
were delighted to present the runner up from the previous ERSO Soloist of the Year, Adam
Cubitt. Adam is a hugely talented young cellist who gave an elegant and confident
performance of Haydn's Cello Concerto in C. The evening concluded with Beethoven's
iconic Pastoral Symphony. Conductor Chris Stark provided illuminating insights into this
beloved piece through commentary and excerpt prior to the full performance which was
warmly received by our appreciative audience.
March 2024 concert- Open your eyes to Opera
Our "Open your Eyes to Opera, project involved putting on a concert presentation of
Ravel's L'Heure Espagnole, the French one-act comedic opera. The project provided
valuable developmental experience to young opera singers at the start of their professional
careers as well as an engaging and accessible introduction to opera for our audience.
The opera, which has a cast of 5 singers, was chosen as it is suitable for the voices of young
opera singers, and because we felt it would be especially engaging for our audience, many
of whom were at their first opera, as it is extremely funny and lasts for one hour so we
could perform the work in its entirety
To selett the Singers, we asked the London conservatoires to nominate singers as well as
advertising the opportunity via the conservatoire's vocal studies and opera departments.
We held a 2-stage audition process (a video round and a live piano round with a
professional accompanist). Candidates were asked to submit a CV highlighting relevant
experience and a video which was assessed by our Principal and Assistant Conductors. All
candidates selected for the live piano auditions were given valuable and detailed feedback
on their performance from our selection panel which included committee members as well
as our conductors.

Music Illuminated
Company registration no. 3685489
We were thrilled to be able to cast five talented young singers and also to be able to
appoint a young Director who was able to help our cast to create compelling performances
which worked within the physical constraints of the space in the church and also within the
modest budget we had available.
Outcomes
The five young opera singers gained the rare and valuable opportunity to take on a
significant role. working with a full orchestra and a professional conductor with
considerable operatic experience whilst at the beginnings of their professional lives. The
singers were each given complimentary tickets and took the chance to invite teachers and
professional contacts such as directors and casting agents.
As with all of our Talent Programme projects. we designed the rehearsal process to
maximize the benefits of the project for the young singers. We began the process with a
piano rehearsal where our Principal Conductor prepared the singers for the orchestral
rehearsals. During the project process our Principal Conductor held several invaluable
coaching sessions with each singer to help them prepare vocally. The whole cast also had
rehearsal sessions with Chris and the Director to work on their characterisation and roles.
Having the opportunity to work with our director helped the young singers to develop their
performance skills which will be a huge help and confidence boost in their future work.
One of the singers was initially quite hesitant and was incredibly proud to have honed
some very impre55ive comedic skills by the concert day.
The rehearsal process and concert were such a lovely, rewarding experience, thank you so
much for the opportunityl"
Phoebe Rayner who played Concepcion
Congratulations again on a wonderful evening. ond thank youfor having us to sing with
you. These opportunities ore so rare and excitingfor us l-
Guy Beynon who played Torquemada
A lovely performance with @ersolondon on Sunday evening. An audience made up of mL7ny
people who had not seen an opera before. Brilliant work by everyone, thanksfor having mel
Jack Dolan who played Gonzalve
Members of the public who formed our audience also benefitted from our project. Opera
can often be seen as elitist and difficult to understand, and so we spent the first half of the
concert explaining the story and introducing the characters with well-chosen musical
examples so that the audience became truly engaged and could appreciate some of the key
comedic moments. Our Principal Conductor Chris Stark has considerable experience of
bringing music to life through his educational work as Principal Conductor of RPS Award-
winning Multi-story Orchestra. We also created surtitles which were moved along by our
assistant conductor in time with the music so that in the full performance the audience
could understand what the characters were singing.

Music Illuminated
Company registration no. 3685489
The church of St Johns Waterloo, where the opera was performed, has an active Culture
Club" which supports local people who are facing hardship {such as asylum seekers,
refugees, homeless people, people who live alone etc) through community activities. We
were delighted to provide free tickets for 15 members of the Culture Club and were so
pleased that they enjoyed the experience.
-Everyone loved itl It was veryfunny and the introduction really helped people relax, and
give them permission to laugh I"
Outreach, Engagement & Development Co-ordinator, St John's Waterloo
June 2024 concert
The concert began with Overture for Orchestra by Grazyna Bacewicz who is one of the best
known Polish female composers. This piece was composed during the German occupation
of Poland and while the sense of struggle is never far away, Bacewicz's optimistic muslc
seems full of courage and strength.
We were thrilled to present the talented winner of our ERSO Soloist of the Year, Laura Kim
who gave a virtuoso performance of Saint-saens Introduction et rondo capriccioso.
The concert concluded with Shostakovich's dramatic Symphony no 10, widely considered
to be a depiction of the Stalin years in Russia. Conductor Chris Stark offered illuminating
insights into this unique piece through commentary and excerpts prior to the performance
which was clearly very much appreciated by our enthusiastic audience which included a
large group from the church's Culture Club.
ERSO'S work with Camden Children
As a Camden-based orchestra, our work with children and young people is focused within
the borough and we have developed a strong and lasting relationship with the Camden
Music Service who are restricted in their resources and warmly welcome our work.
Engagement with music brings many well-documented educational and social benefits to
children, especially to children from disadvantaged backgrounds (very relevant in Camden
where 37% of children live in poverty, rising to over half in the poorest wards). Each year
we hold two workshops with Camden and we hope that these very positive experiences for
the participating children and their parents will encourage them to continue with the
children's extra-curricular music-making. We know from our work with Camden Music that
offering these performing opportunities with inspiring adult players has led to improved
attendonce, group retention and recruitment."
We are committed to ensuring that our events with Camden children are accessible to
children from lower income families and so our workshops and entry to the informal
concerts which end the day are always free for all participants and audience members.

Music Illuminated
Company registration no. 3685489
Conducting is shared between our professional Principal Conductor and Assistant
Conductor and the conductor for the Camden orchestra, so that the children have
exposure to a variety of conductors. We pay the fees for the Camden orchestras,
conductors for the day as we aim to make these events completely cost neutral for the
Camden Music Service as we appreciate that their budgets are extremely limited, and we
do not want to detract from any of their other plans.
We break into sectional groups for a part of the day so that the young players can learn
more about their parts and their instruments in detail from our young professional section
leaders (recruited though our ERSO Talent Programme to lead the string and brass
sections), our professional leader, conductor and assistant conductor and the ERSO players.
The workshops are carefully planned in conjunction with Camden Music to ensure that the
children are playing for an appropriate amount of time and have suitable breaks, and to
make sure that there is sufficient variety in what was happening to keep their interest. We
provide cake and biscuit5 and hot chocolate for the children to enjoy during the breaks.
A key part of all of our children's projects is to ensure that the young musician5 feel well
supported and able to enjoy both the rehearsal and the performance. To ensure this, each
child is assigned an adult buddy who 5its next to them and plays from the exact same part
to help make it clearer where we were in the music. The buddy is also able to advise on
musical issues, answer questions and ensure that they feel supported and able to enjoy the
rehearsal and concert experience. We make maximum use of our resources by getting our
conductors to provide extra support to children when they are not conducting the
orchestra.
Safeguarding is always a key part of the planning process for all of our projects with
children. All ERSO players were briefed on our safeguarding policies, which we ensure fit
with Camden Music Service's safeguarding policies, and we ensured that we have at least
two player5 With enhanced DBS checks in each rehearsal plus others as back-ups.
November 2023 Camden children's workshop
Our November"I like to move it!- workshop saw ERSO working with the children from the Camden
Training Orchestra, the most junior orchestral ensemble offered by the Camden Music Service's
Saturday Centre. This entry level group is the children's first experience of regular weekend music-
making at the Saturday Centre and provides a pathway for children to progress towards the higher
leve15 of ensembles on offer from the Music Service.
It was agreed with the Camden Music Seniice that it would be extremely beneficial to the
children to spend a full afternoon working with ERSO. We were delighted to be joined by
24 young people. the majority of the Training Orchestra players, who ranged from
beginners UP to children who are around Grade 4, and who were in years 6 to 10.
We carefully selected three very different pieces of music which complemented our travel
related theme, and which were at an appropriate level of difficulty for the young players:

Music IlIuminated
Company registration no. 3685489
The BBC 10-Piece arrangement of Delia Derbyshire's Dr Who Theme. The BBC 10-
piece arrangements are a valuable resource for events of this type as they enable
each child to play their part at Beginner, Intermediate or Grade 4-5 level so that
each child can be comfortable with the level of difficulty in their part.
The BBC 10-Piece arrangement of John Adam's Short Ride in o Fast Machine.
An arrangement of Those Magnificent Men in their Flying Machines created for the
Training Orchestra by our condurtor Chris Stark.
We liaised with the Camden Music Service to ensure that we understood which children
needed extra support due to special needs. Five children needed specific support (a
partially sighted cellist who needs to learn the music in advance and children with
dy5praxia' dyslexia; ADHD and anxiety) and we made sure that we paired them with
experienced adults who could make sure that the children were well supported.
The workshop ended with a free. informal play through for the children's families. Our
conductors introduced the music to give context and the children performed incredibly
well and were met with cheers from their proud parents. As the workshop took place early
in the academic year, it was the first concert for some of the children and we hope that thi5
exciting opportunity will reinforce their enthusiasm for their instruments and playing in
orchestral ensembles.
Outcome of the workshop
The event wa5 very successful - the children who performed with us and their families gave
extremely positive feedback. as did the senior team at the Camden Music Service.
hank you so much for this project, and all the projects you bring to us - we ure very
grateful." Head of Camden Music Service
We always evaluate the success of each of our children's concert with the participants and
their families and ensure that the findings are applied to future projects. We were
delighted that the feedback showed that the children who performed with us greatly
enjoyed their afternoon, and that their families were extremely grateful for their children
to have had the chance to take part in "such on inspiring and wonderful- event.
There were some lovely comments about the best thing about the event, with a focus on
the music choice; the fun of the afternoon; and the support from the ERSO players.
Participants
loved having so much percussion as it was new to us.
getting to know the members of ERSO who were all lovely and getting some tipsfor
my instrument. It was great to play with others and perform.
lots offun, no pressure to be perfect.
eating cake and playing together.
Parents

Music Illuminated
Company registration no. 3685489
Opportunityfor our child to get a taste of playing ot a high level.
Thank youfor giving our daughter this wonderful opportunity.
Learning from players at a high stondard- inspiring.
The quality of the adult musicions and the choice of music - challenging and great.
The vitality of the performers, the choice of music, the conductor's introductions and
ERSO.
When asked if we could improve the experience, we were repeatedly told by the
participants and their parents . Nothingl MGke it longerl More of the samel Plan this event
ogain l Do it more frequentlyl More pieces I
The event achieved our anticipated outcomes:
the children had the chance to hear how their instruments could sound with
practice and what it would be like to play within a larger. more advanced ensemble
through sitting side-by-side with ERSO playing a variety of musical style5.
the experience helped to develop the children's skills as orchestral musicians
through working with the ERSO adult musicians and more experienced professional
conductors.
April 2024 workshop
In our Film Music all day workshop we worked with the children from the Camden Sinfonia, the
next level orchestral ensembles offered by the Camden Music Service's Saturday Centre. The
Camden Sinfonia currently has 25 members aged 12- 18, ranging from grade 5 to 8 and we were
delighted to welcome= the majority of the members- to our workshop. This all-day event gave the
Sinfonia players the opportunity to work with ERSO on music that was more challenging for the
young musicians than their
The Camden Sinfonia currently has 25 members aged 12- 18, ranging from grade 5 to 8,
and we were delighted to welcome the majority of the players to our workshop.
This all-day event gave the Sinfonia player5 the opportunity to work with ERSO on music
that was more challenging for the young musicians than their usual repertoire and to play
something that the Sinfonia would not be able to attempt on their own due to key missing
instruments (e.g., bassoons, cor anglais, violas and doubles basses). Working with the
Sinfonia's conductor and the Camden Music senior team, we considered a variety of types
of music to ensure that we selected something exciting and inspiring for the children to
play with ERSO. We asked the Sinfonia's conductor to survey the young players, and this
led to the selettion of three well-known pieces- Star Wars, Frozen and The Pirates of the
Caribbean. Despite being extremely popular, these are actually very challenging pieces to
play- especially Star Wars- and as there was a considerable volume of music to learn we
undertook to print and copy all of the Star Wars parts and sent these to the sinfonia to
practice at a rehearsal prior to the workshop to ensure that the children felt comfortable
with the challenge.

Music Illuminated
Company registration no. 3685489
Conducting was shared between our professional Principal Conductor Chris Stark, best
known as co-founder and Principal Conductor of RPS Award-winning Multi-story Orchestra,
our Assistant Conductor Olivia Tait who is currently working as a Conducting Fellow at St
Martin-in-the-Fields and the Sinfonia's conductor Seb Marshall so that the children had
exposure to a variety of conductors.
The day was carefully planned in conjunction with Camden Music to ensure that the
children were playing for an appropriate amount of time and had suitable breaks, and to
make sure that there was sufficient variety in what was happening to keep their interest.
We provided cake and biscuit5 and drinks for the children to enjoy during the breaks.
A key part of all of our children's projects is to ensure that the young musicians feel well
supported and able to enjoy both the rehearsal and the performance. To ensure this, each
child was assigned an adult buddy who sat next to them and played from the same part.
The budd¢s role was to advise on musical issues, answer questions and ensure that the
children felt supported and able to enjoy the rehearsal and concert experience. We made
maximum use of our resources by getting our conductors to provide extra support to
children when they were not condutting the orchestra.
We liaised with the Camden Music Service to ensure that we understood which children
needed extra support due to special needs. Some of the players were new to the Sinfonia,
having just moved up from a more junior ensemble. and these children needed extra help.
We also had two children with ADHD and autism who were paired with adults who have
experience in dealing with special needs.
Safeguarding is always a key part of the planning process for all of our projects with
children. All ERSO players were briefed on our safeguarding policies. which we ensure fit
with Camden Music Service's safeguarding policies. and we ensured that we have at least
two players with enhanced DBS checks in each rehearsal plus others a5 back-ups.
The workshop ended with a free, informal play through for the children's families. Our
conductors introduced the music to give context and the children performed incredibly
well and were met with cheers from their proud parents.
Outcome of the workshop
The event was very successful - the children who performed with us and their families gave
extremely positive feedback, as did the senior team at the Camden Music Senlice.
There were some lovely comments from the children saying how much they had enjoyed
the chance to play such exciting and challenging music; how much fun the day had been
and praising the warmth and level of support from the ERSO players. The two young
percussion players were especially thrilled to have access to the huge range of percussion
instruments that were provided by our percussion team and to have the chance to learn
how best to play these. A young trumpet player was thrilled when the first trumpet player
a music student at the Guildhall School of Music and Dance - suggested that he should
play all of the trumpet solos and he was really proud of himself to have done this so well.

Music Illuminated
Company registration no. 3685489
Parents were incredibly proud of what their children had achieved in such a short amount
of time and extremely appreciative that their children had been given the chance to
participate with a much larger and more advanced ensemble, and to work with other
professional conductors.
When asked if we could improve the experience, we were repeatedly told by the
participants and their parents . Nothingl Make it longerl More of the samel Plan this event
agoin l Do it morefrequentlyl More piecesl
The event achieved our anticipated outcomes, and we hope that having the chance to work on
much more challenging repertoire as part of a large and more advanced ensemble will inspire them
to continue to progress with their music and continue to reap the many associated benefits.
The ERSO Talent Programme
The ERSO Talent Programme was developed in 2017 to bring together all our work with young
career musicians. The Help Musicians UK'S 2017 Study into musicians, mental health identified
precarious finances and work insecurity as top concerns, especially for those new to the profession.
The Covid-19 pandemic has placed even greater strain upon young musicians at the start of their
careers due to reduced training, development and work opportunities over the last few years. The
2019 report"Help Building Sustainable Careers in Classical Musid commissions by Help Musicians
UK stated:
It is apparent that those firstfomiative years of professional life can be the most chollengingfor
musicians who must juggle auditions, developing networks, continuous practice, learning of
repertoire and building up a wide range of non-music skillsfrom project management tofinance to
marketing.
The ERSO Talent Programme's purpose is to help young musicians to bridge the gap between
formal training and a musical career through the provision of valuable professional experience and
mentoring.
In recent years, the ERSO Talent Programme has provided opportunities for emerging orchestral
musicians, 5010ist, conductors and composers. In the 20234 season the Talent Programme focused
upon:
ortunities for Emer
Opera projert.
ortunities for female conductors
Female conductors face greater challenges in becoming established than their male counterparts,
and so we created our Assistant Conductor role. Our first Assistant Conductor Tait came to the end
of her 2 years in the role at the end of the season. We made contact with the Royal Philharmonic
Society who have a prominent role in encouraging female conductors. They were delighted to share
our opportunity with the young female conductors that they are in contact. We invited five
candidates to interview and selected the two most promising to audition with ERSO and were
delighted to be able to select Alice Knight as our new Assistant Conductor.
in
era Sin
ers as described above through our Open Your Eyes to

Music Illuminated
Company registration no. 3685489
The Assistant Conductor role is a 2-year role which provides valuable, paid experience to a young
career conductor at the beginning of their career and makes a significant contribution to their
prospects. Benefit5 include:
Being mentored by Chris Stsrk, who is highly regarded and has extensive experience of working
with professional orchestras and amateurs, and in many genres of music.
Getting regular hands-on experience working with a larger group of musicians than is often
possible at a conservatoire in a variety of Styles of music.
Working with a high-quality amateur orchestra, which is highly likely to be something that a
working conductor will do in their career, and which can require different approaches than
working with the trained professionals that they work with at their conservatoire.
Learning about how best to plan and manage a concert programme and rehearsal schedule.
3. ERSO Soloist of the Y
ar 2024
The ERSO 50loist of the Year competition began in 2018 and is an annual event which provides
emerging soloists with the valuable and rare opportunity to rehearse and perfomi a concerto with a
full symphony orchestra. The competition is open to players who have played in at least one
concert with ERSO during the season. widening the eligibility to many music students, post-
graduates and professional musicians at the start of their careers. Candidates audition for a panel
of Committee members, our professional leader and conductor. All candidates are given feedback
upon their auditions.
The panel selected two Finalists who shared a half day of rehearsal time with ERSO and Chris Stark
after the orchestra had spent a half day rehearsing each of their chosen concerti. This was a huge
opportunity as the young soloists were given the chance to work on a movement of their concerto
with a full orchestra and receive valuable advice and insights from our professional conductor and
leader which will help them to develop their performances in the future. The winner Laura was
awarded the invaluable opportunity of performing as a soloist with ERSO in ourjune concert and
also a £150 fee. Winning the competition and gaining this concerto experience is an extremely
valuable to the winnerfs CV.
Reaching the Final of the competition also makes a significant difference to the young musicians-
since the competition began over two thirds of the finalists have been engaged as soloists by ERSO
which has helped to boost their Ols and led to extra work.
We ask participants for feedback about the competition and leamings are incorporated into the
plan5 for future years.
4. Paid Sectlon Leader roles
The Paid Section Leader scheme began in 2016 with the aim of supporting emerging orchestral
players. These 2-year developmental positions {Deputy Leader. Principal 2. Violin, Principal Cello
and Brass Leaderl have proved to be extremely successful and beneficial to the role holders.
The role5 provide aspiring professional musicians with valuable experience of leading, coaching and
managing their sections and they benefit from mentoring from our professional leader and
conductor. The roles a150 give valuable arts administration experience through being a member of
ERSO'S Committee, helping to manage the running of the orchestra and contributing to the future

Music Illuminated
Company registration no. 3685489
plans for the orchestra including helping to plan and deliver our ERSO Talent Programme and
education projects with children.
The Section Leaders are appointed through a rigorous process every 2 years on a rolling basis to
preserve continuity of the team and enable new section leaders to learn from more experienced
role holders. Shortlisted candidates are invited to auditions, designed to be similar to those for
professional orchestras, which include prepared orchestral excepts, sight-reading together with an
interview to assess the candidates, suitability to undertake the organisation and coaching elements
so integral to these roles. Each candidate is given formal feedback to help with their preparations
for future auditions in their professional lives. As with all our projects, we continuously monitor the
success of these roles through feedback from conductors, our Leader and the role holders.
The ERSO Section Leader roles provide valuable, paid experience to emerging professional
musicians at the very beginning of their careers and makes a significant contribution to their
prospects by boosting their Cvs.
io

Music Illuminated
Company registration no. 3685489
Notes to the financial statements
l. Constitution of the scheme
Music Illuminated is a company limited by guarantee under the Companies Acts and is also
registered as a charity. Accordingly, there is no share capital.
Music Illuminated is governed by a Memorandum and Articles incorporated on
17 December 1998. as amended by Special Resolution registered at Companies House on
20 May 2016.
2. Accounting policies
2.1 Basis of preparation of financial statements
The fmancial statements are prepared under the historical cost convention.
2.2. Income and expenditure
Direct income from musical activities. in the forn] of ticket and other sales and
subscriptions, is included and accrued in the accounting period to which it relates.
Donations and grants are also accounted for in the period to which they relate. Donations
and grants totalling £4,000 relating to projects in the 2023124 season were received during
2022/23.
Payments representing basic rate tax reclaimed from HM Revenue & Customs under the
Gift Aid scheme are accounted for in the period during which they were received.
Ticket sales and related expenditure in respect of thc season starting after 31 August are
carried forward to the following accounting period.
2.3 Donations by waived charges
The orchestra receives the benefit of much unpaid assistance, reduced charging rates and
other benefits in kind. These benefits arc not reflected in the accounts.
3. Taxation
No charge to direct taxation arises, because Music Illuminated is a registered charity and
therefore exempt from corporation tax.

Music Illuminated
Company registration no. 3685489
Report
Principal activities and review of aetivities
The principal activity of Music Illuminated is the provision of concerts and to provide a
training orchestra of a high standard.
A summary of the results for the year is given on page 13 of the accounts.
Directors
Matthew Saunders, Fiona Cairney and Pui Wah Poon served &8 directors throughout the
year.
Audit
Due to Music Illuminated's status as a small company, exemption from audit is request¢d.
Voluntary audit may bc sought in future years.
Independent Review
These accounts have been r¢viewed by Kathryn Ellis, ACA.
Director's signature
A4
Matthew J Saunders
12

Music Illuminated
Company registration no. 3685489
Income and expenditure for the period I September 2023 to 31 August
2024
Turnover
Income from musical activities
Direct expenses
Concert-related expenses
Net deficit from musical activities
3,549.91
-1,266.50
-26 059.00
-23 775.59
Bank charges
Deficit before other income
-23.775.59
Other income
Donations
Gift Aid
27,850.15
572.27
28,422.42
Profit for year
4,646.83
Balance sheet as at 31 August 2024
Current assets
Cash at bank
Cash/cheques in hand
Receivables: loans to MIP due within one year
Debt reduction
Opening balance at MIP
Debtors
41.674.54
22.500.00
-26.059.00
22.814.24
19,255.24
60.929.78
Fixed assets
Tangible assets
Current liabilities
Creditors: amounts falling due within one year
Donations and grants received in advance
Net assets
60.929.78
Funded by: accumulated funds
Profit for period
56,282.95
4 646.83
60,929.78
13

Music Illuminated
Company registration no. 3685489
Audit Exemption Statement
For the pcriod ending 31 August 2024 the company was entitled to exemption from audit
under section 477 of the Companies Act 2006 relating to small companies.
Directors, responsibilities:
The members have not required the company to obtain an audit of its accounts for the
year in question in accordance with section 476.
Thc directors acknowledgc thcir responsibilities for complying with the requiremcnts of
the Act with respect to accounting records and the prcparation of accounts"
These accounts have been prepared in accordance with the micro-entity provisions and
delivercd in accordance with the provisions applicable to companics subject to the small
companics, regime.
Director's signature
Matthew J Saunders
14