OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-11-30-accounts

education & development ANNUAL 2024/2025

infocusedu.co.uk • @infocuscio • registered charity: 1207105

Page 1 of 24

In Focus Education & Development (1207105) Annual Report 2024/25

Legal and Administrative Information

TRUSTEES

ROB FRANCIS Chair of Trustees JON GARDNER Finance Lead LOUISE GOVIER Fundraising Lead LORNA DIGWEED Safeguarding Lead HARRY HOLDER Vice-Chair and Youth Partnership Lead TOM SLEVIN Fundraising Lead ROSANNA FOSTER Data & Evaluation Lead OLIVIA PRIESTLEY Youth Partnership Pathways & Progression Lead ASTRID MARTIN Trustee

CHIEF EXECUTIVE................... Kristianne Drake CHAIR...................................... Rob Francis CHARITY NUMBER.................. 1207105 REGISTERED OFFICE.............. Network Eagle Labs. Portland Terrace, Southampton SO14 7SJ ACCOUNTANTS........................ Thomas Croft, Solent House, 107a Alma Road Southampton, SO14 6UY BANKERS................................. The Co-operative Bank, 61 Above Bar Street , Southampton, SO14 7DZ CONTACT................................ info@infocusedu.co.uk / www.infocusedu.co.uk

Page 2 of 24

In Focus Education & Development (1207105) Annual Report 2024/25

Table of Contents

04 Chair’s Statement 2024/25

05 Trustees 2024/25 06 Aims, Objectives and Public Benefit 07 Activities

15 Engagement Figures

17 Chief Executive Officer’s Statement

18 Structure, Governance and Management

21 Accounts & Independent Examiner's Report

Page 3 of 24

In Focus Education & Development (1207105) Annual Report 2024/25

Chair’s Statement 2024/25

On behalf of the Board of Trustees, I am pleased to present our report and financial statements for the year ended 30 November 2025.

This has been another successful year for In Focus Education And Development, one in which we have made significant steps forward in our organisational growth.

On the governance side, Ronda Gowland-Pryde sadly had to step away from the Board of Trustees, though we have been very lucky to be able to add Lorna Digweed and Astrid Martin, who have made our Board even stronger. We have met four times this year, and have also arranged sub-committees for financial, fundraising, data and safeguarding matters. I have every confidence in the Board and I am sure they will keep pushing us forward next year.

In keeping with our ambition to bring young people into our decision-making processes, we also have a Youth Leadership group which meets quarterly and includes our young trustees as well as young people who have participated in In Focus’s activities. As well as offering professional development, this provides useful feedback for In Focus from recent and current beneficiaries, which is passed on to the delivery team and the Board.

The operational team have all been extremely busy and I thank them for all their efforts this year. Their dedication and passion make In Focus the brilliant organisation it is – thank you all for everything you do. Also, a big thank you to the volunteers who have helped In Focus so much – we are all very grateful.

Operationally, In Focus has achieved fantastic things this year, helping many young and vulnerable people through its workshops. As part of the Arts Council England funded DSLR (Develop Skills, Learn and Reflect) programme, In Focus put on an exhibition in the God’s House Tower museum in Southampton which was very well received. I was particularly moved to hear such positive testimony from the young people involved in the programme.

In Focus has also been involved in events at the Southampton City Art Gallery, the University of Southampton, Southampton Pride, Urban Wild Festival, and various others.

This year we have also taken steps to establish a presence for In Focus on the Isle of Wight. As an organisation we believe that young people on the Isle of Wight have a need for support which In Focus is well-positioned to provide. We have already begun successful partnerships with Breakout Youth and Aspire Ryde, and we are keen to extend our activities on the island.

My gratitude goes out to all organisations who have supported In Focus over the year; as well as Arts Council England, I would like to thank The Blagrave Trust, Quilter, A Space Arts, Southampton Virtual School, Artswork, Go! Southampton, the Compass School, the University of Southampton, the Quakers, Southampton Forward, and many others. Your support is hugely appreciated.

Page 4 of 24

In Focus Education & Development (1207105) Annual Report 2024/25

Trustees:

Operational Staff:

Kristianne Drake

Rob Francis

Chief Executive Officer

(appointed February 2024)

Faye Phillips

Jon Gardner

Operations Manager

(appointed February 2024)

Dev Place

Louise Govier

Communications & Marketing Manager

(appointed February 2024)

Devin Valentine

Ronda Gowland-Pryde

Office Administrator

(resigned May 2025)

Holli Kalina

Harry Holder

Isle of Wight Project Co-Ordinator

(appointed February 2024)

Dylan Gregory

Tom Slevin

Breakthrough Post: Admin &

(appointed February 2024)

Communications Assistant

Lorna Digweed

Becki Needham

(appointed February 2025)

Volunteer and Freelancer

Rosanna Foster

Laura Lamb

(appointed August 2024)

Evaluator & Advocacy Writer

Olivia Priestley

Gazelle Goode

(appointed August 2024)

Volunteer

Astrid Martin

Day Martin

(appointed August 2025)

Volunteer

Stephen Mizen Muldowney

Volunteer

Andrew White

Volunteer

Page 5 of 24

In Focus Education & Development (1207105) Annual Report 2024/25

Aims, Objectives and Public Benefit

The trustees have paid due regard to guidance issued by the Charity Commission on public benefit on deciding what activities the charity should undertake.

The objects of the charity are stated in the In Focus Education And Development constitution as “To advance the education of the public by providing workshops and training focused on photography and the visual arts”.

Charity beneficiaries are primarily young people and vulnerable adults. Beneficiaries are often referred to In Focus Education And Development by local services and community partners, though they are also able to self-refer. Open events are also promoted via social media and printed material.

In Focus Education And Development aims to deliver public benefit from its activities in the following ways:

Development of pro-social identities

Studies have shown that investment in youth work such as that provided by In Focus Education And Development delivers significant benefits to participants (improved mental health and employment prospects) as well as to wider society (decrease in crime, improved public health, greater participation in education and employment).

We know from experience that our workshops and creative empowerment can really help young people and vulnerable adults with confidence, skill-building and the development of pro-social behaviours, and can help them to live happier, healthier and more socially connected lives.

We deliver our public benefit aims through a range of activities, covered in the next section.

Page 6 of 24

In Focus Education & Development (1207105) Annual Report 2024/25

Activities

Growth on the Isle of Wight

Through our relationship with Breakout Youth, we sustained regular delivery on the Isle of Wight as part of the DSLR 16-25 programme with their group of young people.

We also began delivery of two new sessions through a relationship with Aspire Ryde in Shanklin and one new session at the Exchange in Ventnor. This gives us a much wider reach across the island and more opportunity for young people to engage with our workshops.

Page 7 of 24

In Focus Education & Development (1207105) Annual Report 2024/25

Develop Skills, Learn and Reflect (DSLR 16-25) Groups

Weekly sessions (four per week) funded by Arts Council England for young people aged 16-25 to learn how to use Digital Single Lens Reflex cameras in full manual mode and related creative activities.

This programme has allowed us to engage with a range of young people from across Hampshire including those who are LGBTQIA+ through our collaboration with Breakout Youth. We have taken young people to the Hayward Gallery in London to see two significant retrospective exhibitions this year (which included meeting one of the artists) and given paid work to eight participants.

Page 8 of 24

In Focus Education & Development (1207105) Annual Report 2024/25

Winkle Street Telephone Boxes

Our partnership with Go! Southampton (the Business Improvement District body for Southampton City) meant we were able to officially launch the two telephone boxes that we purchased the previous year. Fully renovated, they were launched as part of a three-part event we held across our Creative Space and God’s House Tower. We've since held further exhibitions in the boxes, making sure every young person we work with has had the chance to show their work publicly. This includes those from the DSLR groups, Compass School and the Isle of Wight.

Exhibitions at God’s House Tower

The exhibition “And Everything In-Between” was held as part of our Arts Council England programme.

We supported our young participants to hold an exhibition of the work they had produced, which was open to the public at God’s House Tower. The public response to the exhibition was incredible. Members of the public left feedback about how great it was to see new young talent being given a showcase such as this and the opportunities this could provide for them. They also commented on the range of approaches in the work made by the participants, as well as noting its high quality.

There was also a panel event held following the recuration of a previous exhibition by one of our young volunteers. The panel was hosted by Go! Southampton and included two young people, our CEO, and Daniel Crow, Director of ‘a space’ arts. This was attended by members of the public who were impressed by the confidence of the young people who took part.

Page 9 of 24

In Focus Education & Development (1207105) Annual Report 2024/25

Youth Leadership Participation and Pathways Group

This group formally convened for the first time in October 2024 and has now been running consistently every quarter. It consists of our young trustees and a group of selfselected young people from across our programmes and is led by one of our young trustees, with support from our Chief Executive and Operations Manager.

The group allows for us to formally consult with our participants about what we deliver, how we deliver it, what we can change and what they want more or less of. We also arrange a professional development part of this programme to support all the young people to engage with professional opportunities, especially those around leadership. This includes leaders who come and talk about their own journeys and what they think makes a good leader, as well as organisations coming along and talking about their offers that the group might wish to engage with. One example of this was an offer from another organisation, Money Ready, to run a bespoke session on how to manage your money and what you need to be aware of if you want to set up your own business.

If we feel there is any significant change that we need to make as an organisation, they act as our first port of call to sense check and get suggestions. An example of this was our consulting them on what they felt should be In Focus’ next steps, following our digital badge provider unexpectedly ceasing to trade.

Page 10 of 24

In Focus Education & Development (1207105) Annual Report 2024/25

Southampton Virtual School – Compass School

Autumn, Spring and Summer Term weekly sessions for young people not engaging in education through formal means.

Feedback highlights included an exhibition of work made by young people being publicly exhibited in Southampton City Art Gallery, young people requesting to come back for a second term and the headteacher telling a group of local organisations about the strength of the work we do – not realising an In Focus team member was sat in the room with them! We also had support staff telling us that a young person was now not committing offences in the city centre because they want to be able to keep coming to our sessions, to learn more about using a camera and going out and taking photographs. Another young person who hadn’t left their house in months before attending their first session with us now participates regularly.

Holiday Activities

As in previous years, we continued to run school holiday activities, delivering paid-for sessions once a week. We have continued to learn a lot from running these, including lead-in time, activities, booking and payment systems. The young people who attended all gave very positive feedback, as did their parents. This has been supported by advance bookings being made by parents of young people who had attended previous sessions. This will help us to increase our income for core work.

Page 11 of 24

In Focus Education & Development (1207105) Annual Report 2024/25

University of Southampton Science and Engineering Day

Macro Photography activities for families. We joined the University of Southampton staff and other organisations in a day of activities for the public. We ran eight sessions across the day that allowed people to come and use DSLR cameras with macro lenses, to explore close-up photography of food and plants.

Breakout Youth Pride Prom

We again delivered creative activities and support for young LGBTQIA+ people from across Hampshire and the Isle of Wight. This was the third year we have supported Breakout Youth (a regional LGBTQIA+ charity) at their annual Pride Prom. This is an evening where all the Breakout groups from across Hampshire and the Isle of Wight come together and take part in creative activities, games, music (a silent disco) and food in a safe space for these young people. Our attendance this year was commended by their Chair of Trustees. At another workshop a week later, a young person told their worker that our badge-making had been their favourite part of the event.

Page 12 of 24

In Focus Education & Development (1207105) Annual Report 2024/25

Choices Training for Artswork

We delivered bespoke training to teachers across Hampshire and the Isle of Wight as part of a wider Violence Reduction Unit commission with Artswork. These sessions support teachers to work with their students, encouraging informed life choices and better decision-making. We have consistently received high feedback scores from teachers after the training, who comment on the high quality of our delivery and knowledge about supporting young people.

Urban Wild Festival

This was a one-day free festival on Southampton Common as part of the city’s bid to become a Park City. We set up our photo booth and spent the day taking individual and group portraits free of charge. Each person/group was gifted a free 6x4 print to take away. This event supported us by raising awareness of who we are, as well as providing a free activity to the people of the city. This was not a paid piece of work – it was part of our commitment to give back to the city and its communities.

And There It Was - For The Curious…

This is a monthly open workshop in creative writing for anyone over the age of 16. We open our space up free of charge to this creative writing group. Whilst we facilitate and lead on the promotion of this group, the activities are run by its members. We are not funded to do this work and receive no financial remuneration for it. This year, we have officially recognised two members of the group who support it monthly (both with delivery and set up) as volunteers for In Focus, and now include them as part of our team.

Page 13 of 24

In Focus Education & Development (1207105) Annual Report 2024/25

University of Southampton Arts & Humanities Day Festival

We attended the University of Southampton Arts and Humanities Day Festival and ran a photo booth called 'Recreate the Greats!' Participants were photographed posing with props and costumes to recreate famous portrait paintings, taking home a photo print. The activity drew an enthusiastic response and helped promote In Focus, particularly our DSLR 16-25 sessions and School Holiday Activities.

Southampton Pride

We spent the weekend at Southampton Pride in the Youth Zone with our ‘photo booth’. As an LGBTQIA+ organisation it felt right for us to attend both days and provide activity whilst doing advocacy and engaging with potential participants for our programmes. We were not funded to do this work, but were able to offer a paid opportunity to a young person to support this event and we were also supported by one of our trustees to help with our capacity.

Southampton Cultural Education Partnership

We are on the board of the Southampton Cultural Education Partnership. Part of this work has included supporting the development of the partnership’s role with its wider members. We also provided strategic support in developing a work experience offer from the arts and cultural sector in Southampton to schools in the city. We participated in the pilot offer this year, hosting students for half a day.

Page 14 of 24

In Focus Education & Development (1207105) Annual Report 2024/25

Engagement Figures

December 2024 – November 2025

----- Start of picture text -----
DEVELOP SKILLS COMPASS ONE-OFF/1-1
LEARN AND REFLECT SCHOOL SESSIONS
699 97 57
YOUNG PEOPLE STUDENTS PARTICIPANTS
ATTENDED PARTICIPATED
----- End of picture text -----

----- Start of picture text -----
SOUTHAMPTON
AND THERE HOLIDAY
UNIVERSITY ARTS AND
IT WAS... ACTIVITIES
HUMANITIES FESTIVAL
74 30 143
ATTENDEES ATTENDEES PEOPLE ENGAGED
----- End of picture text -----

----- Start of picture text -----
BREAKOUT YOUTH CHOICES LONDON HAYWARD
PRIDE PROM TRAINING TRIP
65 24 14
PARTICIPANTS YOUNG PEOPLE
PEOPLE ENGAGED
ATTENDED
----- End of picture text -----

Page 15 of 24

In Focus Education & Development (1207105) Annual Report 2024/25

Engagement Figures

December 2024 – November 2025

----- Start of picture text -----
AND EVERYTHING IN- URBAN WILD EVENT SOUTHAMPTON PRIDE
BETWEEN EXHIBITION & PHOTOBOOTH STALL & PHOTOBOOTH
528 125 793
TOTAL VISITORS PEOPLE PEOPLE
(144 PRIVATE ENGAGED ENGAGED
VIEWS)
----- End of picture text -----

----- Start of picture text -----
DIY SOUTHAMPTON
EVENT
190
PEOPLE
ENGAGED
----- End of picture text -----

----- Start of picture text -----
JANE WHO? CLUB
JANE AUSTEN YOUR
WORKSHOPS
STORIES WORKSHOPS
76 105
ATTENDEES PARTICIPANTS
----- End of picture text -----

----- Start of picture text -----
YOUTH LEADERSHIP
PATHWAYS AND
PROGRESSION GROUP
UNIVERSITY OF
SOUTHAMPTON DISABILITY
MONTH LAUNCH
31 40
YOUNG PEOPLE PEOPLE
ENGAGED
PARTICIPATED
----- End of picture text -----

----- Start of picture text -----
TOTAL
3091
PEOPLE ENGAGED
WITH US IN 24/25
PERIOD
----- End of picture text -----

Page 16 of 24

In Focus Education & Development (1207105) Annual Report 2024/25

Social Media Engagement December 2024 – November 2025

----- Start of picture text -----
Facebook Instagram Bluesky LinkedIn TikTok
175 760 19 386 115
Followers + % of
audience growth
106% 23% n/a 21% 13%
Impressions 34.5k 120k n/a 15.9k 3.1k
Interactions 2,144 2,646 168 2,500 135
----- End of picture text -----

Social media audiences grew over the year, with the strongest growth on Instagram and Facebook. Across all platforms, In Focus content was viewed nearly 177,000 times, with audiences interacting 7,593 times, indicating sustained engagement rather than passive reach. This was most pronounced on Instagram and LinkedIn. In Focus’ follower base on LinkedIn grew by 21%, indicating improved visibility with professionals, partners, funders, and sector stakeholders. The In Focus website was accessed nearly 5,000 times in the period, an increase of almost 800% on the prior year.

Chief Executive Officer’s Statement 2024/25

This has been a challenging year, but ultimately one that has demonstrated In Focus can grow and develop sustainably. Huge thanks to The Blagrave Trust and Quilter Foundation for your support; your funding has enabled us to build a strong core team. Additionally, we secured a further 19 months of funding from Arts Council England to continue the work we do with the DSLR programme. This also meant we were able to take on a young person through the Breakthrough programme for six months starting in September. I would like to thank everyone at Arts Council England for their time and support of In Focus and our work.

I would personally like to thank all the staff (permanent, freelance and volunteers) for their hard work delivering the programmes and supporting the development of In Focus this year – you always go above and beyond. The Board of Trustees (both past and present) have been phenomenal in their support and encouragement and without whom I do not doubt we would not be where we are today. I would like to extend particular thanks to the Chair who has both been incredible in all the additional work they have done for In Focus, but also their solid nurturing of me in my role as Chief Executive.

Page 17 of 24

In Focus Education & Development (1207105) Annual Report 2024/25

In this year In Focus was nominated for two awards – one of which we were finalists for. We maintained our status as a Real Living Wage Employer. We also brought on another core team member to deliver our work on the Isle of Wight, and took on a young person through the Breakthrough programme. We took a small group of trans and non-binary young people to Westminster to meet with MPs and have the opportunity for their voices to be heard following the fallout from the Supreme Court ruling; this included them reading out poems they’d written and statements. We also supported them to produce and share an exhibition of their work that told not only of their struggles, but their joys and everything in-between. Knowing I am part of an organisation that shines a light on its staff and programme participants is an honour.

It’s a privilege to work alongside my team and the young participants who shine brighter than any precious jewel. They shine like stars in a night sky, always there but not always easy to see when there are clouds or the sun rises. And I am honoured to be there when they do shine, and even more honoured when they can’t. But they are still there — waiting for a break in the clouds.

Kae Tempest wrote that we shouldn’t judge people by how much they give, but by what they keep for themselves. And this team and the young people we work with give everything and more.

Structure, Governance and Management

In Focus Education And Development (CIO) is a charitable incorporated organisation registered with the Charity Commission in England and Wales under charity number 1207105. It was set up to take forward the activities of In Focus Education And Development CIC, a community interest company incorporated in 2020. The assets and activities of In Focus Education And Development CIC (company number 13044034) were transferred to In Focus Education And Development (CIO) upon its conversion to a CIO on 20 February 2024. Its governing document from then on was the constitution adopted upon conversion.

The charity is governed by a Board of Trustees, currently numbering nine, who delegate the daily running of the charity to a small staff team. A small team of volunteers are also vital to the delivery of all the charity’s services. During 2024/25 the trustees met four times as a full board and held additional sub-group meetings to discharge their duties.

In Focus Education And Development has an active and committed Board of Trustees with the necessary skills and experience to guide and govern the charity.

Page 18 of 24

In Focus Education & Development (1207105) Annual Report 2024/25

New trustees are recruited using a variety of methods: personal recommendations by Chair, trustees, senior management team and other staff; from our pool of volunteers, and through recruitment adverts.

Prospective new trustees meet with the Chair and Chief Executive prior to appointment and/or may be invited to a more formal interview process. Following appointment, they are supplied with a 'Governance/Induction Pack', containing: In Focus Education and Development’s constitution; minutes from the two most recent Board meetings; the most recent annual report; Charity Commission’s “The Essential Trustee” guidance booklet; access to all policy documents.

New trustees attend a quarterly Board meeting and are elected by existing trustees. This is minuted.

Annually, In Focus Education And Development organises a Board and Staff Away Day, and all trustees are encouraged to attend projects, programmes and events.

The Chief Executive Officer is responsible for the day-to-day management of In Focus Education And Development. Trustees set the salary of the Chief Executive. They also review pay and remuneration on an annual basis, agreeing appropriate increases in line with sector benchmarking, and with due regard to meeting In Focus Education And Development’s obligations as a Real Living Wage employer.

Funds Held as Custodian Trustee on Behalf of Others:

None.

Principal Funding Sources and Activities 2024/25

In Focus Education And Development achieved income from a range of sources during 2024/25. Funds raised included:

Arts Council England – £49,750 as part of a two-year programme

Page 19 of 24

In Focus Education & Development (1207105) Annual Report 2024/25

Reserving Policy

Like many small charities, In Focus Education And Development has limited opportunity to generate unrestricted income. As part of the risk management process, inability to secure sufficient funding has been recognised as one of the key risks facing the charity.

To mitigate this, in 2025 the trustees approved a reserving policy, which commits In Focus Education And Development to building up a reserve equivalent to three months of core operating costs. This currently equates to approximately £25,000. During the period a reserving account was set up to hold these funds, which are segregated from the charity’s day-to-day operating account.

Securing unrestricted income has been a challenge for In Focus Education And Development, and the reserve held at 30 November 2025 is £4,000 (2024: zero). The ambition is to build the reserve up towards the £25,000 target over time, and where possible, future projects will include a margin to support the growth in reserve.

Page 20 of 24

CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Report to tho trusteesl members of IN FOGUS EDUCATbON AND DEVELOPMENT On accounts for the year ended 30, November 2025 Charity no (if any) 1207105 Set out on pages 3&4 I report to the trustees on my examination of the accounts of the above charity ("the Trusl'l for the year ended 3011112025. Rosponsibilities and As the charity trustees of the Trust, you are responsible for the preparation basss of report of the accounts in accordance with th8 requirements of the Charities Act 2011 ("the Act.). I report in respect of my examination of the Trusl's accounts carried out under section 145 of the 2011 Act and in ¢arrying out my examination, I have followed the applicable Dir8Ctlons glven by the Charity Commission under section 145151(b} of the Act. I hav8 complgled my examination. I confirm Ihal no material matters have come to my attention {other than that disclosed below '} in connection with the examin8ts.on which gives me cause to beli8ve that in, any material r8spect'. accounting records were not kept in accordance with section 130 of the Act or the accounts do not a¢¢ord wilh the accounting records Independent examlner's stat•ment I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in order to enable proper understanding of the accounts lo be reached. Ple8se delete the words in the brackets if they do not apply. Slgned: Date: //-<-Z& Name: MARK THOMAS Relevant professlonal qualification{s) or body {If any): FMAAT, A AddrevJ: THOMAS CROFT LIMITED, SOLENT HOUSE, 107A ALMA ROAD, SOUTHAMPTON. S014 6UY IER October 2018 Poge 21 of 24

Section B DisclosurÈ Only complete if the examiner needs to highlight matters of COn￿rn (see CC32, Independent examination of charity accounts= directions and guidance for examiners). Glve hèrè brief details of any items that the examiner wishes to disclose. IER October 2018 Poge 22 of 24

CHARITY COMMI5510 FOI ENGLAND ANO WALES Recel ts and pa ments accounts CC16a Forthe p•riod Irom 01112Q024 3tr111J2025 Section A Receipts and payments RE5lri¢ted lutyd• Endowment fund TotAlfund• L•#iy• W1￿￿•]r••i< 762 24J2t ARJ 762 A2 A•••t •nd l#w•tsn•rt ••l••. Sub lol•l 4•.7¥2 IM,•17 Ip m•nt¥ 174 u(￿e 41J 41) • •rO I￿l￿n•￿ 120J TSO 41> 1.08• IA•7 •￿n f.2M TNhl 77ts Sub totsl 41419 111h19 urGhai•i B?e tabl• Sub total Tot•1 p4ym•ftrs Bu 46,46¥ 121.441 74.$96 N•1 of r￿elp¢s1(￿¥Yrn•nISJ AS TM116hM between luthO¥ CJsh funds lllst C•sh ffunds thts y•ar •nd 3.213 10.3 37,515 24.107 •,072 47,431 37,C44 47.45 CCXKRI ￿tlY￿￿ts ISSI 07W2 Poge 23 of 24

Section B Statement of assets and liabilities at the end of the period Utweotrlcted fund¥ R•Btslct•d fund6 Endo¥nneni fvnd B1 C•Ah fund• 241 Toll ¢•sh fund• .1•7 J•.S19 fvnd fun41• fund• lun¢ CurrW4Tr7￿l FvDdl0th B4 AA•ts riln•d tr th• Ch￿￿8 own u•• Pu￿a AThuni¢ 85 Llablllll Tw41 Sned tyLThQlt￿Iw11¥1¥ C Slgnwur• Prini N4mÈ DalE of ci 26 Jfi CXX R2¥Gwurn• ISSI 07nJ1202S Poge 24 of 24