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2025-06-30-accounts

Company Registration No: 7654820 Charity Registration No: 1145387

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 JUNE 2025

The Manta Trust For the year ended 30 June 2025

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Contents Page No.
Description
Legal and Administrative Information 3 – 4
Trustees’ Report 5 – 11
Statement of Trustees’ Responsibility 12
Independent Examiner’s Report 13
Statement of Financial Activities 14
Balance Sheet 15
Cash Flow Statement 16
Notes to the Financial Statements 17 – 21

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The Manta Trust For the year ended 30 June 2025

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Legal and Administrative Information

Charity Registration Number 1145387 Company Registration Number 7654820 Trustees Martin Attrill Nicholas Bonney(appointed 21 August 2025) Eleanor Curtis (appointed 14 October 2024) Jonathan Diamond Emily Humble Paul Jackson - Chair Christine Neubeiser (appointed 21 August 2025) Patrons Steve Backshall Doug Allen Roger Munns Sarah Richard Zoona Naseem Hussain Aga Khan (from Dec 2024) David Oakes (from May 2025) Chief Executive | Founder Guy Stevens Co-Founder Thomas P. Peschak Company Secretary Eleanor Gloster Deputy Chief Executive Kate Polley (appointed 21st October 2024) Associate Directors Joshua Stewart Shawn Heinrichs Mary O’Malley Paul Hilton Daniel Fernando Project Leaders Seychelles Lauren Peel Maldives Tam Sawers Chagos Joanna Harris Sri Lanka Daniel Fernando Thailand Jamie Monmaneerat India Mayuri Chopra Indonesia (manta rays) Sarah Lewis Indonesia (devil rays) Muhammad (Egin) Salim Indonesia (Raja Ampat) Calvin Beale Marianas & FSM Julie Hartup / Bill Acker Palau Mandy Etpison Fiji Luke Gordon New Caledonia Hugo Lassauce Hawaii Mark Deakos French Polynesia Cécile Berthe / Alice Carpentier / Maya Santangelo / Virginie Poly New Zealand Lydia Green Mexico: Pacific (Revillagigedo Islands) Robert Rubin / Karey Kumli

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The Manta Trust For the year ended 30 June 2025

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Mexico: Pacific (Bahia de Banderas) Aldo Zavala / Iliana Fonseca
Mexico: Pacific (Baja California) Melissa Cronin / Marta D. Palacios / Nera
Lezama-Ochoa
Costa Rica Ernst van der Poll
Costa Rica Jeffrey Madrigal / Elly Dove
Ecuador Michel Guerrero
Peru Stefany Rojas
Brazil Guilherme Kodja
Mexico: Caribbean (Quintana Roo) Karen Fuentes
Azores Ana Sobral
Caribbean Islands Nicole Pelletier
Papua New Guinea Annie Murray
Cameroon Aristide Takoukam / Ghofrane Labyedh /
Cedrick Fogwan
Japan Rika Ozaki
Registered Office Catemwood House
Norwood Lane
Corscombe
Dorset
DT2 0NT
Bankers HSBC Bank
Solicitors Russell-Cooke Solicitors
2 Putney Hill
Putney
London
SW15 6AB
Independent Examiner
 Moore Kingston Smith LLP
6thFloor,
9 Appold Street
London
EC2A 2AP

Page 4 of 22

The Manta Trust For the year ended 30 June 2025

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The Manta Trust

Trustees’ Report

For the year end 30 June 2025

Structure, Governance and Management

The organisation is a charitable company limited by guarantee, incorporated on June 1, 2011, and registered as a charity on January 11, 2012.

The company was established under a Memorandum of Association which establishes the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up, trustees are required to contribute an amount not exceeding £1.

The Directors of the company are also the Charity Trustees for the purpose of charity law. Currently, there are seven serving Trustees (see page 3) and under the requirements of the Articles of Association, the number of serving Trustees should not be less than three.

Currently, the Charity provides an informal induction process for new Trustees. Prospective Trustees are nominated for the professional experience they can bring, and skills are matched with the needs of the Board. Potential Trustees are approached by the Chair or Chief Executive; the aims and activities of the Charity are explained, and potential Trustees are provided with explanatory notes and reports. On becoming a Trustee, they are provided with explanatory material on Trusteeship from the Charity Commission and copies of recent accounts and board minutes.

The Charity is managed on a day-to-day basis by the Chief Executive, the Director of Conservation Programmes, and the wider core operations team, with guidance from a board of trustees, supported by a panel of advisors.

Objective, Mission and Principal Activity

The Charity’s key objectives are the conservation of manta rays and their close relatives, the devil rays, throughout the world’s oceans. Manta rays are considered charismatic megafauna; diving and snorkelling with these creatures is a sought-after experience the world over. The charity intends to maximise the potential of this, using the manta ray to achieve broad-scale marine conservation goals. Our vision is to see these animals thriving in healthy, diverse ocean ecosystems the world over.

The organisation strives to accomplish these goals through a number of means, with three specific areas of focus: research, education and collaboration. We use robust scientific studies to provide hard evidence for decision-makers involved in conserving these creatures. We bring together specialists in this field to share their expertise and coordinate global research and conservation benefits for these species. Our field projects take place in the Azores, Cameroon, Seychelles, Maldives, Chagos, Sri Lanka, India, Thailand, Indonesia, the Mariana’s Islands, the Federated States of Micronesia, Palau, Papua New Guinea, New Caledonia, Fiji, New Zealand, French Polynesia, Hawaii, Mexico, Peru, Ecuador, Brazil, Costa Rica, and the Caribbean Islands.

To raise awareness, we ensure that we have a strong online presence, both through our online resources and through various social networking sites. We endeavour to work with film and documentary makers to raise the profile of these animals and their conservation. We publish books and popular articles in high-profile publications.

To educate we have an online resource which brings together simply and concisely, all that is known about these animals including the threats to their ongoing survival and the consequences of these pressures. We have initiated a school programme, and we work with local communities in areas where

Page 5 of 22

The Manta Trust For the year ended 30 June 2025

changes in behaviour and practice are required to help manage this change. We are also forming affiliations with key partners to help educate a wider audience.

Public Benefit

We have referred to the guidance in the Charity Commission’s general guidance on Public Benefit: including the guidance ‘Running a Charity (PB2)’ when reviewing our aims and objectives and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.

The Manta Trust’s vision is a sustainable future for the ocean, where manta rays and their relatives thrive in healthy diverse marine ecosystems. Our mission is to collaborate with affiliates around the world through research, education, and by providing expert advice to drive the policies and practices necessary to conserve manta rays, their relatives, and habitats.

Risk Management

The Trustees have identified the major risks applicable to the charity and believe that appropriate action has been taken to manage and mitigate against these risks. Furthermore, the Trustees have assessed the major risks to which the Charity is exposed, in particular those relating to the operations, reputation, and finances of the Manta Trust. The senior management team assesses and updates the likelihood and impact of material risks and ensures controls are in place, such as special risk assessments for fieldwork.

Strategic Objectives for 2024/25

The Strategic Objectives for The Manta Trust in 2024/25 were to:

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The Manta Trust For the year ended 30 June 2025

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Achievements and Performance

During the Financial Year 2024/25, the Manta Trust has continued to build on previous successes, with collaborations and partnerships remaining at the heart of our philosophy. We now have 31 different affiliated projects around the world, with a team of over 70 dedicated conservation professionals.

Our key successes and achievements during 2024/25 include:

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The Manta Trust For the year ended 30 June 2025

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Page 8 of 22

The Manta Trust For the yearended 30 June 2025 2025 UN OCEAN CONFERENCE BEYOND AU DELA DES BORDERS FRO￿llEREs Ocean Futures Océan d'A*nir 41 T R U S Page 9 of 22

The Manta Trust For the year ended 30 June 2025

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Financial Review

The Manta Trust is committed to minimising administrative costs and increasing revenue to maximise the reach of its conservation and research programmes.

Income in 2025 reached £976,772 (2024: £734,905) and was predominately achieved through donations, grants, commercial and corporate sponsorship, merchandise sales, and events such as Cross the Oceans challenge and dive shows. The Trustees continue to monitor the designated legacy donation gift that was received in June 2023 and ensure it is being used for appropriate conservation projects as specified by the Board.

Total Expenditure is 32.3% more than the previous year at £1,115,234 (2024: £842,926). Key expenditure was an increase in staff on the Fisheries & Policy team as we prepare for CITES conferences in 2025, as well as the test phase of MantaBase - our new in-house database - along with further support grants for our Affiliate Projects and RahVeshi Projects.

Reserves Policy

The Trustees have reviewed the reserves of the Charity. To safeguard the core activities in periods of fluctuating income, the Trustees have established unrestricted reserves to cover six to twelve months of operational costs of £200,000 to £250,000. Should funds fall below this figure or costs increase, appropriate action will be taken. A new Reserves Policy was approved by the Board on 16[th] October 2023.

Free reserves on 30 June 2025 were £196,871 (2024: £200,675).

The Trustees are satisfied with the current level of free reserves, but the Trustees will aim to increase this level in the financial year 2025/2026, in line with an increase in charitable expenditure.

Restricted reserves are £259,660 (2024: £349,175). These are in relation to grants received from environmental charities and other organisations for specific research projects in different parts of the world, such as the Chagos Islands, Mexico, the Maldives, and Indonesia.

Future Plans

The Manta Trust’s plans for 2025/26 include:

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The Manta Trust For the year ended 30 June 2025

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Page 11 of 22

The Manta Trust For the year ended 30 June 2025

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Statement of Trustee’s Responsibilities

The Trustees are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

Charity law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with the United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the situation of the charity and of the surplus or deficit of the charity for that period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislation in other jurisdictions.

Small Company Rules

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

This report was approved by the Board on 17[th] December 2025 and signed on its behalf by:

PAUL JACKSON

Trustee The Manta Trust

Page 12 of 22

The Manta Trust For the year ended 30 June 2025

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Independent examiner's report to the trustees of the Manta Trust (`the Company')

I report on the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2025.

Responsibilities and basis of report

As the charity's trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (`the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants of England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. Accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act.

  2. Or the accounts do not accord with those records.

  3. Or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination.

  4. Or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report to enable a proper understanding of the accounts to be reached.

Adam Fullerton, FCA DChA For and On Behalf of Moore Kingston Smith LLP 6[th ] Floor 9 Appold Street London EC2A 2AP

Date: 18 December 2025

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The Manta Trust For the year ended 30 June 2025

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Statement of Financial Activities 2025

(Incorporating an Income and Expenditure Account) For the year ended 30th June 2025

Note
INCOME FROM
Incoming resources from
generated funds
Voluntary Income
Donations and Legacies
Miscellaneous sales
3
Investment Income
Total
EXPENDITURE ON
Raising funds
Grants
Other CharitableExpenditure
Total
4
Other recognised losses/gains
Losses/Gain on revaluation of
investments
Net Deficit/Surplus
Fund balances brought forward
5
Fund balances carried forward
5
All activities derive from
continuing operations.		 2025
2025
2025
2024
Unrestricted
Funds
Restricted
Funds
Total
Total
£
£
£
£
460,150
21,300
490,963
-
951,113
21,300
712,302
21,124
4,359
-
4,359
1,479
485,809
490,963
976,772
734,905
187,429
-
187,429
100,187
289,773
580,478
870,251
706,197
57,554
-
57,554
36,542
534,756
580,478
1,115,234
842,926
(2,290)
-
(2,290)
4,798
(51,237)
(89,515)
(140,752)
(103,223)
394,162
349,175
743,337
846,560
342,925
259,660
602,585
743,337

The notes on pages 17-22 form a part of these financial statements.

Page 14 of 22

The Manta Trust For the year ended 30 June 2025

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The Manta Trust

Balance Sheet as of 30th June 2025
Note 2025 2025 2024 2024
Fixed Assets 9
Investments 53,123 55,413
Current Assets
Debtors 8 84,798 12,804
Cash at bank and in hand 632,102 691,590
770,023 759,807
Creditors: Amountsfalling due
within one year
Creditors 8 167,438 16,470
167,438 16,470
Total Assetsless Current
Liabilities 602,585 743,337
Funds
Unrestricted Funds 6 342,925 394,162
Restricted Funds 6 259,660 349,175
602,585 743,337

The Directors state:

The financial statements were approved by the Board 17[th] December 2025, and authorised for issue on their behalf by:

Paul Jackson

Trustee, The Manta Trust Company Registration No: 7654820

Page 15 of 22

The Manta Trust For the year ended 30 June 2025

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The Manta Trust

Statement of Cash Flow as of 30th June 2025

Note
Cash Flow generated from operating activities
Net cash inflow from operating activities
(i)
Cash flow generated from investing activities
Purchase of financial investments
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
(i) Reconciliation of net profit to net cash flow from operating activities
Net Loss/profit
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities		 2025
2024
£
£
(59,488)
(111,465)
-
(10,000)
(59,488)
(101,465)
691,590
793,055
632,102
691,590
2025
2024
£
£
(138,462)
(94,909)
(71,994)
3,086
150,968
13,470
(59,488)
(111,465)

Page 16 of 22

The Manta Trust For the year ended 30 June 2025

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Notes to the Financial Statements

For the year ended 30th June 2025

1. Accounting Policies

Basis of Accounting

These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of investments being measured at fair value through income and expenditure within the statement of Financial Activities.

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), including update Bulletin 2. The Charitable Company is a public benefit entity for the purposes of FRS 102 and therefore the charity also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP), the Companies Act 2006 and the Charities Act 2011.

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable entity to continue as a going concern.

The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. The trustees have considered the charitable entity’s forecasts and projections and have taken account of pressures on donation and investment income.

After making enquiries the trustees have concluded that there is a reasonable expectation that the charitable entity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties. The charitable entity therefore continues to adopt the going concern basis in preparing its financial statements.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

Incoming Resources

All incoming resources are included in the Statement of Financial Activities (SOFA) when the Charity is legally entitled to receipt, a receipt is probable and the amount is measurable.

Resources expended

All expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all costs related to the category. Wherever possible costs are directly attributed to these headings. Costs common to more than one area are apportioned based on staff time spent in each area.

The costs of raising funds are those costs of fundraising and publicity.

Support costs are those costs incurred in support of the charitable objectives. These have been allocated to the charitable activities on a basis that fairly reflects the true use of those resources within the Charity.

Governance costs are those incurred in the governance of the Charity and are primarily associated with constitutional and statutory requirements.

Fund Accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor.

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The Manta Trust For the year ended 30 June 2025

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Notes to the Financial Statements – (continued)

For the year ended 30th June 2025

Foreign Currencies

The functions and presentation currency of the charity is the pound sterling.

Transactions denominated in foreign currencies during the year are translated into pounds sterling using the spot exchange rates at the dates of the transactions.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the exchange rates at the reporting date are recognised in the income and expenditure section of the SOFA.

Critical accounting estimates and areas of judgement

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. There are no estimates or judgments that have a material effect on amounts recognised in the financial statements.

Financial Instruments

The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. All debtor and creditor balances are basic financial instruments under FRS 102. See note 8 for these balances.

Cash and Cash Equivalents

Cash and cash equivalents include cash at banks and in hand and short-term deposits with a maturity date of three months or less.

Debtors and Creditors

Debtors and creditors receivable or payable within one year of the reporting date are carried at their transaction price. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value of the expected future receipts or payment discounted at a market rate of interest.

2. Staff Costs, Trustees' Remuneration, Expenses and Related Party Transactions

The charity employs two staff – a Deputy CEO and a Finance & Operations Manager. There are no staff employed earning over £60K. There were no staff in the prior year.

One Trustee, received £720 (2024: £945) for providing professional accountancy services. No other Trustees received remuneration during the year.

Three Trustees were reimbursed £2,708 (2024: Three Trustees £612) for covering travel expenditure in the year to attend board meetings, participate in charity events and carry out governance reviews of key research projects.

During the year, the Manta Trust paid Manta Expeditions £149,903 (2024: £50,505) to organise volunteer manta ray expeditions for paying corporate guests, which also generated corporate match-

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The Manta Trust For the year ended 30 June 2025

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Notes to the Financial Statements – (continued)

For the year ended 30th June 2025

funding for the Manta Trust. The trip payments and donations for these trips were received by the Manta Trust. The Manta Trust also received an annual donation payment of £6,548 (2024: £32,894) from Manta Expeditions, which is compensation for the scientific support the Manta Trusts gives to Manta Expeditions.

The ownership and directorship of Manta Expeditions was transferred from Guy Stevens (Chief Executive of Manta Trust) to Niv Froman (Manager of Manta Expeditions) on 23d April 2025 - which removed the potential conflict of interest between Manta Expeditions and Manta Trust.

No trustee or other person related to the charity had any personal interest in any contract or transaction entered by the charity during the year.

3. Donations and Miscellaneous Receipts
Donations and legacies received
Grants received
Arrangement Fee
Merchandise sales
Investment Income
4. Expenditure
Raising Funds:
Merchandise for sale
Fund Raising/Events Costs
Charitable Expenditure:
Research grants to Bora Bora,
Cameroon, India, Maldives, Mexico,
Australia, USA (Hawaii), Indonesia,
New Zealand, Fiji, Chagos Islands,
Ecuador, genetics and database
research.
Bank Charges /(Exchange Charges)
Sundry Costs
Governance costs:
Professional fees
Independent examination fees		 Unrestricted
Funds 2025
£
Restricted
Funds 2025
£
Total
2025
£
Total
2024
£
459,673
15,790
475,463
266,444
-
475,173
475,173
445,288
477
477
370
21,300
-
21,300
21,124
2,069
-
2,069
1,479
483,519
490,963
974,482
734,905
Unrestricted
Funds 2025
£
Restricted
Funds 2025
£
Total
2025
£
Total
2024
£
7,105
180,324
289,773
-
-
580,478
7,105
180,324
870,251
15,580
84,607
706,197
37,520
7,030
-
-
37,520
7,030
4,896
19,167
6,000
-
6,000
8,979
7,004
-
7,004
3,500
534,756
580,478
1,115,234
842,926

Page 19 of 22

The Manta Trust For the year ended 30 June 2025

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Notes to the Financial Statements – (continued)

For the year ended 30th June 2025

5. Funds

Unrestricted Funds
Designated Funds
Restricted Funds		 Balance
B/Fwd.
£
Income
£
Expenditure
£
Balance
C/Fwd.
£
200,675
485,809
(489,613)
196,871
193,487
0
(47,433)
146,054
349,175
490,963
(580,478)
259,660
743,337
976,772
(1,117,524)
602,585

Please refer to the Trustees' Report to find out more about our activities. Restricted funds are held for continuous scientific and environmental projects throughout the world.

6. Analysis of net assets between funds

. Analysis of net assets between funds
Cash at bank and in hand
Investments
Other net current assets/(liabilities)		 Unrestricted
Funds
£
Restricted
Funds
£
Total
£
295,107
53,123
336,995
-
632,102
53,123
(5,305)
(77,335)
(82,640)
342,925
259,660
602,585

7. Members’ Guarantee

At 30th June 2025 the charity had five members. The liability of each member to contribute to the assets of the charity is limited to £1.

8. Financial Assets and Liabilities
Financial Assets and Liabilities
inancial assets measured at amortised cost
inancial liabilities measured at amortised cost
9. Investments
Valuation
Brought Forward at 1st July 2024
Additions
Market Value at 30th June 2025
Historical Cost		 2025
2024
£
£
84,798 12,804
(167,438) (16,470)
2025
55,413
-
53,123
50,000
2024
55,413
10,000
55,413
50,000

Financial assets measured at amortised cost 84,798 12,804 Financial liabilities measured at amortised cost (167,438) (16,470)

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The Manta Trust For the year ended 30 June 2025

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Statement of Financial Activities

(Incorporating an Income and Expenditure Account) For the year ended 30th June 2025

2024 Statement of Financial Activities, for comparative purposes.

Note
INCOME FROM
Incoming resources from
generated funds
Voluntary Income
Donations
Miscellaneous sales
3
Investment Income
Total
EXPENDITURE ON
Raising funds
Grants
Other CharitableExpenditure
Total
4
Other recognised gains
Gain on revaluation of
investments
Net Surplus
Fund balances brought forward
5
Fund balances carried forward
5
All activities derive from
continuing operations.		 2024
2024
2024
Unrestricted
Funds
Restricted
Funds
Total
£
£
£
267,014
21,124
445,288
-
712,302
21,124
1,479
-
1,479
289,617
445,288
734,905
100,187
-
100,187
360,079
346,118
706,197
36,542
36,542
496,808
346,118
842,926
4,798
-
4,798
(202,393)
99,170
(103,223)
596,555
250,005
846,560
394,162
349,175
743,337

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The Manta Trust For the yearended 30 June 2025 P3ge 22 of 22