THE LUJEliNA EDUCATtONAL TRusr TRUSTEL8' REPORT AND FINANCIAL STATKMEr FOR THE YEAR ENDXD 31 DECEMBER2025
THE LUJENNA EDUCATIONAL Tru REFERENCE AND ADIvNISfRAT1vt VIVORMATION Stttlor Jeremy MixJreN6w5Ullh The Trustees served durlxg the yer grtt Jeremy He MO0 N¢rn- ResigDed a5 Chairnian l January 2025 Gillian Lucy NeWSum-A0lrt1 Chairman l JaDuary 2025 Anna JasmineNewSUED Lucy Alice Datling JenniferRo8¢ Farfey. Sawary ChArlty n¥mlJer The T És a re8iSterrJJ cJ]arity. numiv 1162635 Prln¢ApioifLee 59 Station Koad sWaveY Cambridgeshire CB24 4QJ Shona Cutler Lirllited Groi'e Farni Bungalow Lin¢omb Stollrrt on Severn DY13 9RB Banker5 Coutts & Co 440 Strand London WC2R Inv¢8bllent m•n8geYs Sarasin & Partllers LLP i(K) St. Paul's Churchyard London EC4M gBU LThyers Nlills & Re£ve Lt B¢)tanic Flouse 100 Hills Road Camlxidge CB2 IPH
THE LUJENNA EDIJCATIONAL TRLsr
TRUSTEES, REPORT For thE year ended 31 D•¢1r24Yl5
The Th16¢5 premt their RerK>rt with th¢ finla1 statements forthe ye8r eth 31 DEr¢mber 2025. The
TruStS have adopted the proYi%iorts of the Statanfflt of Recoded Practice (SORP)'Accounting and
RcportiDg by ClrIti&8' in preparirjg the annual finanGial &atements of the Charity.
The financial stat¢tnents hav¢ been prq)ared in a¢¢onkncr with the aCtUting 1]1¢1¢5 Set out ID the note8
to the fithan¢ial staternents 8nd comply with the Ch8rity's governing d(UM¢n( the awitie8 A¥t 2011 and
Aecountsng and Reporting by Clwitic8'. Sts¢ernent of Reix)mmended Prn¢ti(t applicable to tharlties preparing
their fingnciai sta¢emaJts in ardancE with the Financial Rep)rting SiatyJ8rd appli¢able in the UK and
Republic of ITEland.
TRusfEFS OFTHE CHARITY
The trl who haye s¢rvryJ during yew ènd sintt theye8r were follo
Jcremy Henry mreNeWS-kulBnl &% C1Mirnian l January 2025
Gilli Lucy NeWsum-AppoitCd Chairman l Jattuary 2(U5
Anna jIlle Newsutll
Lucv Alice D¥rling
Jettnif¢r Rose Farley- Srtrrtary
Strittury GovernAnte ind maTrent
The Charity w&8U&rte4J by a Deed ofTrusi dated 25 Febnwy 2015.
All ma¢t¢rn of policy are dderniinoj by who meet rngularly.
The power to at4)oinl ncwThts ves with &exi&ing Truts. New TTUStees are app01te4 when Fmisitions
l*com¢ vacant a¢]d are apFX)inkd b&wJ on the charity's I>)ldering the skill. I1C commitment atJd
all)rnent of tbe charity's objeetives. Ngw Tru3lttsare givffl intrUCtiOn to the ChaTty and proyided with
various thNJJm¢fftt% inGluding awy of the ¢ru5t rniou ofmeetiogs 8nd the prioryear rjnallciai statem¢nts.
The Trustets hllve min&J th¢ major slr8legi¢ al ryatiOn ri&%which the charity factt and are
ti8fjed that systems havr been lishe
THE LUJENNA EDUCATIONAL TRusr TRUSTEES REPORT for the year ¢ttde4131 Dtternbtr2025 (CoMinu1) Rvsorv¢s Poll The constitirtion of the TTu# stst¢S tIt thc Tnte¢S mu51uE the itthme May usethe C&pit to pmote its objeuives. The Trust% [ye5 tK)licY Éo maintsin the ¢4pitsl of the Llwity atwj fully distribute the incom6 earn(%1 viathe rAyment ofgv8nts ea¢ yw. aftm¥Ig the annual cow of running the charity. DonadoDs PoRley TTUStees supp(Mtproje£ts whith imwve fo JULtiO loadu dw¥tional opporttmities and Amprov¢ facilitie5. Fkn4ntlAI revl¢w gnd lTrvtJtrnM¢ polky IHvestmeTht polky There are no rcstridions on th¢ charity's powet to inv£gL The invesiment #raL¢gy is s¢t by the Trn&ees and reviewedregularly. ThE have appointeil investsDu)I manager5 to manage the inv¢¥ment portfolio ott a disrJetionary sttern¢ntof Truxteea, Rupo#slbllltle8 for the fiAaud•l stAtweAts The TTUStces are rtspowibk for preparing thc TrnseS' RerM)rt andth? finAnGial statements ITh accordan with appliGable ]aw atMI UnitcdKingdom ACCtig 8tandards (United KgdoM Genera]ly Accept Accounting Pra¢ti¢¢). llje law applirAble to Chariti&S in FLgland & Wa1¢5 th¢Tn]steesto fiDan¢iai slatemaits ror each fioaTLGi45 yew which give a true wld fair view of the of tbe Tn¥f$ affairs and olthe i)ming resources of the Tnlst forthaiwKNL In preparing these financial 3tstemen the Tn are rwimj w: (4) selecE 5Uitable accouting )liCi&S aml 4)pty thern consi5tahtty' (b) observc thc rnethody and principl£% in th6 Cknarities SORP; (G) mok¢ judgements and ¢51imates that are rCas(ble aThJ pnMkn¢ (d) statc whether appli¢able aca)unting standards havc followed subj(xX to any msterial dw8rtutts di3c105cd atKI explaithed the fKnan¢ial s¢at¢menw and {c) prepare the finallcial on agoitig conttm b&sis it Is rAM)5id¢red itwpropriate to L¢ tha( tb¢ Tn¥t will wntinue. TheTrustees are rwonsible fork¢6ptn8 prOper(¥)lIng Itt4dSthat disc1 with re&%&ble a¢¢uraoy at Any time the finatt¢iaJ pasiuoll of the Trust And wble them to LLsure lh¢ firtanciai statements comply with the Ch8riti¢8A¢t2011. the Charity (A{u[at)d R9$)RegUlationS 2008 andtheprovisis of thc Trust Dee(t The Thte2 aTt also rewthle for safeguarding th¢ of theThLgt at]d fDr tsking reaw&ble steps for the prevcntion and dete[ of fraLd and other irrcgularili Approve by tht Trnst*es o and sign¢0 M thetr bE1by. 14J- Gi1119n Lucy ENewall
INDEPEPIDENT ER's REPORTTOTHK TRuYfELS OFTHE LUJENNA EDUCATIONAL TRUST I report to the on my Wl1)atIon of the >Unts 0fTheLujtJaEduti0nal Thist (the Tht) for th¢ year endd 31 Dember 2025. which ar¢ se4 oul OD pag&8 5 to ll RespO]htItIeS bAyts of rryort As the charity trll ofthe TW you Ire ble for Ihe a¢couftts in corda wlth the requirtments of theCharitiesAct 2011 ('thE A,}. I report in rr5PeCt ofmy cxamination of the Thi.6 w&)wits ¢arrioJ Utthr cLion 145 of the 2011 Act And in Tying out my examination I havG Followvj au the applicable Directions @i by th¢ Cbarity Commi&8Aon under 5tIOn 145(5){b) ofthc ACL I#d¢wl01 Ststemettt I have completed my txaminlltion. l no Mala1 matters lve ¢ce to my #tlention in eonnection with the ¢xaTnin*ion giving me llse to Eeli¢v¢ that in 8ny maLtria] W¢¢L acwunting records were not kArt in r&V Ofth6Tnj &8 requird by slI0n I30 of theA¢L' or the a13 do not a¢cord th thos¢ record5. or the a(nts do not c4>mply with the applithlc wirfXDents ¢oncerning th¢ form wjd content of accounts set out iD the Chariti&8 (Accounts and RerM)rts) Re8ulations21X18 Oth& than any ]EqUimentIh&É the
unts giv¢ & tnje aNI fw view whiGh isnotamait w]L8idercd &8 Pt of an indedL examinatson. I imie no conc6nKs and bavc carnc aLyo Tro mattrrs in rJ)nn&aion with thr mTfLIrOn to which attention should be drawn in this report in order to etwble a proptr ndn8 of the acLouThts to be reAched. IfCA TEP Gmve Farn) Buwow Shona Cutler Limited Stoyrport on Sew DY13 9RB Date..
THE LUJENP4A EDUCATIONAL TRusr STATEMENT OF FINANCIALAciivmKs ftsrth¢ year trkd 31 [itetMr24Il5 2024 llle•mfing r¢80urce5 Inv6stm¢nt iDcome Divldends and ittte¥e%t 29.188 29,188 34.832 Totsi Intornlttg rtgourees 29,188 29,188 34,832 Rtsour¢¢s exptnded Investment managem&Trt Porfolio Dwagem¢nl 187 187 374 1.589 clwntableac4iviiie& Grauts 26.81M) 28.9(X) 26.987 187 27.174 30.489 supp costs Cost ofcharitable acthYiti¢s 187 27.174 30,489 Qovernanr 1.415 1.415 1830 171X) Total nsourc¢s exyudeA 28.402 1.602 30.(K 33,189 Net IDcoThing lolllgowg for the year (1.61r2) (8l6J 1.643 Reeognlsed g&kns Inv¢stma)ts Re&lised Unrealid 31.466 7,635 31,466 7,635 69,544 Net movement SD 37.499 38.285 71,187 Balw4s bry>u8ht forwHTd 3,788 I275J52 1279.140 I2953 BA]anees At JI December 2O2S £4574 £1.3l2,851 £1 J17,425 £1,279,140 The ststement of ftt]anciai liVI11t indudes ajl gains and losses rr£ognid in th¢ y¢4r. All income and expenditsttt de¥ive from ¢tInUing t[VitI
THE LUJEYNA EDUCATIONAL TRUST AIANCL SHEfT t31 De¢¢mber21125 2024 Fixed Aets It]vethents I JCfj(A)9 1267,696 Current A99ets C&sh at baDk Coutts & Co 12,824 13.496 Ikbto DivideDJs held by Investment Mau&gers 822 3J48 13.646 16,844 within one ye Sundry crgjit 2.830 5,4(K> NEÉ Assets 10.816 11,444 Total Asstts IS (knrerit Uabmltk £1,317,425 £1279.140 Unrostrktal FM•ds Capital Undistnl)uted In¢om¢ l Jl1851 4,574 ,275J52 3,788 £lJ17.425 £1.279,140 Thety)t¢B on pages 7 to 12 foTTQ partof these fill8n¢i ststemellt8 The acc4)unts on pages 5 to 12 were approv&J by and 5iglle4J on their bchElf on 31?12 L
TIIE LUJF.NNA EDUCATIONAL TRUST
NOTES TO THE FINAf4CIAL STATKMErwts
for thé year trtdtd 31 Deumber2025
I. Summary of nIfant ¢eoutythig polltles
() Gtntrnl inthnnxlioD And bsLs of prryYAtlom
The LujenDaEducatiollal ThL is an charity regier£d in England, UfAted by g Deed
of TrLL The aiidress olthe registered office is given in the infornJ&tioTr on page l of these financi
st&tements. Th¢ naiv of th6tharity'8 Iwations and priDcip41 tIvitieS are making of grants
to promoie eAJuLion.
The chtrity ts)nsti¢utes a public btllefjt cntity &8defEtKd by FRS 102. The fin8ncial Statements have
been p[ced IA accordantt with Ihe ¢harily'$ Tnw D¢ tk Charilic5 Act 201 l and 'AceiwthiDg
and Rfwrting by Cbaritie5'. Stat¢trLent of Recommended ltrice hppli¢abl¢ to ¢hariti¢s prePiTrg
th¢lra¢wmts in xcordance with the Fillancial Rq>ortiDg StgJ)doJd applie4ble in the UK &nd
Republic of Ireland IFRS 102). (as Wnelld for wJwntin8 rwiryl$ commenctng from l January 2016).
Th¥ Lhwity h&8 taken wjvantage of the pmiims ID the SORP for tharitie5 wiying FRS IW2 Up]8te
Bulletin I not to tryare a Stement of Cmh Flo
Ibe flnancial statements have depoA&J from the Chari¢i¢s (Accounts and RerKrt8) Regulations
2(Kl8 ortly to the eXtt rtquired to provide atrL and fair view. This depatlure has itivolveil following
the Accounting and Rq)orting by ChaTill.. Slatem¢nt of Rec4)rnmended Practice for CharitiES
appIlb]e to GhariÈi&8 txq)axing their attounts in ac4)rdarrf% with the Financial ReportitiE Standard
applieAblc in the LK. and Rqwblic of Ireland I&kd in (ktober 2019 rather thwF the Aecowlting and
lle11ng by Charitie8: Stalement of ReoOnllEd PraLticc rffECtiv¢ from l A11 2005 whKh hy¢
sincc F£cn withdrnwn.
The fm81Kiai stalements are prep on a going IK8Ls undEr thE histori Gosl Convention,
mthjified to in¢lude (xrt&in iths at fairvalye. The fi[Cial statements ar6Aw¢pattd in strrling which
is the fun¢tiornai currency of the ¢jity attdmujded th¢ nearest £1.
The slgnifiwii a¢counting p)lici&s applied in the preparati of finanGia] 5tat¢ments arc set out
low. Thcsc poli¢ie6 knv¢ beert ¢x)ts8i&etiUy applie4J to ail YLWS pr&t£du] otherwise Stated.
(b) Furt(14
Unre8trtded fisare availablc for u8¢at thcdis(%eAion of the in furfhrn¢e of th¢ 8en¢ra]
obje¢tives ofthe d)arity and whith bave not becn duignated forotha purtN)w.
R&5tricted fi]nth are fuD(L8 whidj to b¢ used in w0)rd with $ifiC sl¢tionS imposed by
THE LUJEPIPIA EDUCATIONAL TRUST EIOTES TO THE FINANCIAL STATKMENIS ror the y¢¥r ¢•d¢d 31 December 2025 (e¥iDIiuu I, Swnm#ry ofsyifat aceounllllg polkits (d) Exp•Jt rewnillo All expakditure is a¢Unted for on an wal$ isis ¥DJ h&8 btrn clagsified er the headings that aggregate aIl costs relatejl to the L•ory. IpendE{Ure is recogni1 where there is a leg or ¢OTLthGtive obligation to Dke payments to tbird partiffj it is prob&ble that the scttlement will be requir&1 and the amotsnl ofthe obligation b¢ rne&gJred re]iably. It is ¢ut¢gorid under thc following hing8'. - EXpEndile on charitable wtivities includ&8 gran(s awwded togetherwith the MInIstratIve o)sts of operating the charity. . Othe expetiditure rq1rcnts th¢M [teD not failing iDto the categories abov& Jrre¢ov&Yble VAT is as an agaiust the xtivity for whith expdi[Ure exose. Grts payable to thÈrd pleS are within the ctharitablc Objcrllv wh UncOli110nal are Offere this is a¢¢Ned os soon th¢ lpi¢ll1 is Klfied of Ihe 8ranL &8thi5 gives ose to a reasonable expe¢thtioD that the recipientwill rceeive the gran Whtye grants ar¢ ronditional relatiDg to foTmanee then the grant ¢ty a¢crueA Wh Wny unfiJJfiIl m¥JIti¢M3 are outside of the ntrol of the Charity. (e) Support AI&Katlon Support Crts a those that wist the work ofthe elthrity do not directly represen¢ rharitable ¢iviiios. They incurred directly in Sllprrt orexrtditUre on th¢obj#S of thtcharily. (rj Governam ¢osts GovErnaDcc costs inc]jeth with meding the constitutionthl and ststutory ]tquir¢ments of the charity at)d ijKlude ind4dl examinaE&on re aThd costs lll)ktA to thc strategic managcment of th¢ Gharity. (gl Invests¥¢llts Illvc51ments ar6 recogni initially at fair valu¢ which is txrmalty the tIOn price excludL118 transaction costs. Subwuenity. they are rn1ed fwr Yatue with ChaD8 re¢ognised in 'net gains/(l¢isses) on inve5hn¢nts in thE SOFA if the sharcs are publicty trthj or their fairvalue ¢0 othBTrrise be mc&8ured rejiabty. (Mher tnVeslmtsatgMe9Jrl&Utst le&¥ impime4Jt. Curreftt asset inY&qknMt5 arB sIK)rt tcrm highly liquid investments atMI held at fair Vol These in¢luth cash (trn dqThit and cash equiv¢ts with a matwity of I$ one year. (b) Dobtsr8 crEditon rttttvlb1dpbk F/ithim one y¢r Debtors and creditors with no sthted in(attl rnte receivable or royable within on¢yeor are rwrd6d al tran5actioD price.Any lo&w arisiTJg from imp3irnieDt wlSed in expa)diture.
THE LUJ%NPIA EDUCATIONAL TRUST NOTES TO THE FINANCIAL STA TEMKNTS for th¢ year ended 31 DeeeJDber21125 {conlinued) l. ofslEDificaAt polieks (¢1•t0) The charity 15 dn exempt chwity within the rnfAnin&of schedule 3 of the Charili&sAc4 2011 and is considered to the tests set in PaT8grnph I Schedule 6 Finw Act 2010 at¥1 therefore it rnts the definition of a cbarity for UK cortion pwp( (l) Ging tonce The fi]lanci ststements have b¢en prryed on &going ¢onc¢rn b&8]5 the ttles bEliev6 no materia] unc£rtainiies exisL The trustees have 81derxllkne lev¢] of funds held and the exF¢Cted level of in¢ome and eXpeJKIibJ for 12 from authorising these fi]]&n¢ia] statemtht& The budget income and expmdilure is suffi¢ient with the levd of restThu thethwity to Iable lo contin6 &% a goiAS Coticern. Ik) FIDADci&I hthrnents The Larity h&8 elected to apply the pmvisiotk8 of SeAton ll. Basi¢ FinaD¢ial InstrumeJ)ts' and Section 12 'Oth¢r Financial In5tNm¢nts I5c5, ofFRS iW2 to all of its fiDan¢iai it)8tiwme4)1& FIn1I instn]me1 are re¢WiS FAJrn Il ¢Jwity bec<m¢s party to C81 wovisions of the instNmenL Financi¥J &&%ets are otyset. with the nct amounts Frf¢sent&l in the ¥cOts wh¢r¢ is a1¢8ally OrCeable right to 8¢t off the recoEnised amounts and there is intention to jdtle on thne¢ basis orw re41is¢ th¢ atsd setile the liabiltty simultaneowly. BJk Fl•aDetslAs8tts B&8ic nllan¢l sss¢ts, which indlldetrth and (thrttteivablt% and ¢8sh and bank b&lanc¢s. are initially easWd at Iratiwtion pri including transaction costs and are subsequently carricd at amortised cost using the ¢ffectiv¢ intEres¢ m&hod unlw the 8ET8ngement Con18 a financing transacti, thc transaction is m(x8ured at the pres¢nt value of th¢ futtjre YeIpts diw)unted 8t arnthet rate of interest. Bwlt FIMancial LiabilTlit B&8ic fJnallGial liabili¢& iticluding ts and other F4yable4 are ttilt11y recognisd attTaThsaGtion price n[8 the arrang¢Me¢oDittrt¢s a rtn¥oJ¢ing wher the debi inslrumentis me&4ured at the pent value of firture receipt4 discounted ttta market of snteresL Debt instrutnents a subsequently L¥trird at ortised cos4 using the effective itttcrest TrwJ¢ pay¥knles are obligations to pay forg(xKls OrserviS that have been tquired the ordin ¢ourse or the operat15 froul supplic1& Acg)unts payable clusified 8SLYmt liabilitivs if payment is due withln one year or l&%& If rt they are preseJted as n-)rt liabilitie& Trade wabi48 are recognised iDiti8Jly at
THE LUJENNA EDUCATIONAL TRL'gr NOTLS TO THE FINATr4CIAL STATE.Y]s for th¢ y¢ar ended 31 Detembtr 21n5 (continu) l Grallts The following gjwrts to Orltions durin8 the year. Villiers Park EduL¥tionai TrLK% Re&cJJout Youth School Readers Watery Lane PrsChl Frienth of Cutc. &Exford Sdjoo I,21) Tota] Grants paid 26,8(M) Tr¢¥. R¢]nunor4¢io and EX19t5 No rEmuueration was paid or tyable in re¥¢(l of they out of the of the TnLs¢ either directly or indeedY to any Thstre anv rm)n known to k conncctrd with them. No ¢xpenseB werereimburs¥J to amy during the yfar. Empknye¢s Thert we4¢ orparttimo wnployees duringtheyear. Ind¢p¢#d¢llt fees An amount of £2.830 (224. q700) vns paid to Skn Cutkr Limitd, the ¥ndependo)¢ Examiner. £530 (2024.. £4) of this amount w&8 in rew ofth¢ Ind¢F¢txl•)t Examin*ion. 10-
THE LUJEMA EDUCATIONAL TrL3T NOTES YO THK VINANCIAL STATEMETrrrs for the yev ended 31 Detember2025 (¢ontimul) lllvtstments 2025 2024 990274 12)9,(K)9 IYJbJ23) ,003 271 Additions DiskK)sais At 31 Decunber 2025 1298,960 9274 Surplus on malu8tion- B'fwd In¢Ms¢ dwin2 E)Eri<NJ Disposa]s TIO,307 7,635 (270,307) 2(Kl,763 69,544 At 31 Dewib¢r2025 7.635 270.307 M#rketv•ly¢ a¢ 31 Dvember 2025 1.30Q595 £1.260.581 InvestsueDts at falr vthe ¢owprl#d: Sar&sin Climale Active FI¥m¢t Fu1 Equities Unit & ItrI1TyuSts 1.306J95 851,326 409,255 1,3116J95 14 1260,581 7.115 Uninvesd cash IJ06.609 £1,267,696 At 31 DeMi 2025 th¢ TTu# held thEfollowBng i[weSeWh1ch individually r4)ttryI in exc4 of5% of the rKttolio valu& Market Value Cort sarn$ ljhllate Adive Emdowmettts Fund (Jw A lat IOD.IM) 1398P57 la06J95 Th¢ fairvajue of listed investments is detwmin•4 by refcrnceto the qjjoted ]xicc for idBniical a5ts in a activ¢ market a¢ the balnthe¢t da. Ail illvesunixxts ar¢ wried d their fair value. IDvestments in equitit8 and fix&J intel securities ar¢ all trwjed in quod publi¢ maTket& primatily th¢ LoJMlon Sto¢k FChang Holding5 in common itivethent fu18 UnitiJ and Op¢Tnded inv¢stm¢rtt companies thÈ bid pri¢e. Thr b&%is of fairvaiue for quithi investmellts is equiva]•)t to the martet valu4 using the bid price. A88et sales and purch$ are reColS¢d at the date of trJJ¢ at ci)# (thal is their tratwction value). The main risk Éo the ¢har&ty from finanGial instrnments lies in the cornbinatll of uncerlain inv¢5tmeDt markeL8 and volatility in ¢l(L The Charity is rcliant on divide1 yield to Fthance itswork Liquidity risk is anticipat&l to be low as all assets are tradtyj. The Ch8riiy's inv¢stroenLS mainly traded In markets gimxl liquidity and higl) ITadlng volumes. The Charity Iw no materi8] investD)¢fftÉ holdiDgs in Dthets subject to exchangc Gontrols or trAding r&8trictions. 1kne Charity manag<% thsse investmcnt risks by retsifting advisors and operating aTh investtnent policy that provides for • htgb degree of diVenifi0n of holdiE]gs whbin Investment dassey th are quoted on recogni8ed OL exthanEe& The(JMrity does no¢ mak¢ use of derivatsves aDd similaT complex financial instrum¢nts as it tak&s the view flwt illvtbknjents are held fw their l(¥Jgwt¢rm yield total kn]rn historic studies of qted financial i1)stnemS hav¢ sknwllthat vol*iLtty ally particular 5 year will nomially be corrected.
THE LUJENNA EDL.CATiof4AL TRvsr NOTES TO THE FINANCIAL STATEMEfiTS for the year tllded 31 DtceMi)er 2025 (1}ineAl) 2025 2024 Llabllltltg 2.830 5,400 830 £5,400 nalysls ofA¥s¢ts bttrKeN F CAPitl UJHli8trlbuted Fwid Intome Totsl LisEtd invc5tments Uninycsted c&sh Cash at bank Dividetmjs held by InYe5thictrt Manager5 1.31K>.595 14 6.835 IJ06.593 14 5.989 1.314,266 (1,415) 5989 (IAI5) 1,320,255 (2,830) Lithilities .312,851 4574 £lJ17,425 R¢ited pirty Ir*xMdl 12-