Charfty reglstratlon number 207324 The Delius Trust TRUSTEES, REPORT AND FINANCIAL STATEMENTS for the year ended 31st December 2023
The Dellus Tnt Report Ind Financial Statements Year ended 3tst December 2023 Contents Page Legal & Administrative Information Report of the Trustees Independent Examine¢s Report Statement of Financial Activfties Balance Sheet io Notesto the financial statements 11-17 Annexe l- grants awarded in the year 18 Annexe 2- grants outstandlng 19
The DellusTrnst Le1 & Admlnlstratl¥e Infomiation TRUSTEES Musicians Benevolent Fund (Help Musicians UK) (Representative.. Mr John Axonl Mr Martin Williams FSA Mr Paul Guinery ADVISERS Professor Daniel Grimlev Mr Stephen Lloyd Mr Robert Montgomery SECRETARY Ms Helen Faulkner PRINCIPAL OFFICE 13 Calico Row, Plantation Wharf, London SWII 3YH Emall.. deliustrust@deliustrust.org.uk Web: www.delius.org.uk INDEPENDENT EXAMINER JaneAskew ACA Haysmacintyre LLP chartered accountsnts, 10 Queen Street Place. London EC4R IAG BANKERS HSBC Bank plc, City of London Commercial Centre. 60 Queen Victoria Street, London EC4N 4TR
The Delius Trnst Report of the Trustee5 Year ended Ylst December 2023 The Trustees present their Annual Report together with the Financial Statements of the Trust for the year ended 310ecember 2023. The financial statements comply with the Charttie5 Act 2011 and the Ac¢ountin8 and reportin8 by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance w6th the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Strutture, Governance and Management The Trust was established by the Will of Madame Jelka Delius who died on 28 May 1935. Its constitution was varied by a High Court Scheme in 1964 principally by the setting up of a panel of three music a(fvisers. In 1991, the Charity Commission approved a second Scheme which consolidated the Trusys constitution in one document. This permitted the Trust to undertake fijrther attivities, particulady in the field of education.. and to appoint a total of five advisers. In 1997, the Charity Commi55ion approved a third Scheme in much the same terms but with additional provisions. namely.. lal Subject to priorty for the promotion of Delius's works, the Trust's Object to include 8ny other 8ritish composer born since 1860 to the present day with particular preference for Contemporaries of Delius- and Ibl the appointment of up to a totsl of seven advisers. During the year the Trustees were: Martln Williams Paul Guinery Musicians Benevolent Fund Inow operating as Help Musicians UK) During the year Help Musicians UK was represented by John Axon, a member of HMUK'S Council. The Trustee5 are responsible for the administration and management of the Trust. They are assisted by the panel of Adwsers. The Trustees and Advisers together held three meeting5 during the year under review. The Trustees keep the skills and experience required on the Trustee body under review. Trust policy an¢J guidelines can be found on the Delius website www.delius.org.uk. From 1965 the Trusys archives were in the care of the Honorary Archivist, Lionel Carley, who died in late 2021. The archive is now managed by Helen Faulkner who, in 2022. concentrated particularly on incorporating many of Lionel Carlerfs papers and ephemera into the Trust's collection with the assistance of Katharine Hog& Librarian of the Gerald Coke Handel Collection. This work has continued and use of the archive, particularly the collections of letters and im88es. has increased noticeably in the last two years.
The Dellus Trnst Report of the Trustee5 Icontinuedl Year ended 315t December 2023 Oblectlves and Artlvttles The Objert of the Trust is to promote the works of the composer, Frederick Delius, and subject thereto the works of any other composer born or at any time permanently resident in Great Britain or Ireland from 1860 to the present day with a preference for contemporaries of Delius. by: 11 recordings of every description whether mechanical, electrical or electronic: 21 Ihe publication and issue .. of ... all or any part of the complete works,. 31 the financing and promotion - of public concerts and recitals.. 41 the purchase of letters and manuscripts for the Trusvs archives, and memorabllia and ephemera relating to Delius's lrfe- and 51 PTeservin8 and making available to the public. and improving and diffusing knowledge, of Delius's life and works. The Trusys income is applied as follows.. al by encouraging publishers to update parts and scores to agree with the Collected Edition and maintaininR unmarked part5 for use if required,. bl by encouraging the availability of historical recordings and sponsorin8 those rePSenting a new Reneration of interDreters- cl by acquiring secondary archive material and depositing the remaining primary archive wlth dl by financin8 performances of unusual or major works in the UK and encouraginB more performances in other countries, particulady those where the copyright continues to run. Trustees have defined in detail how they would fulfil the secondary Object. i.e.. the promotion of works by British composers born from 1860 onwards. They decide(I that in thi5 area they would not, as a rule, support the works of indNi(Jual composers but would consider applications from or8ani5ations the objects of which include the promotion of this area of repertoire. Actlvltles and Future Plans Inevitably. because of the restrictSons resuttlng from the Covld-19 pandemic. a number of projects to which the Trust had made fvndin8 commitments were delayed or cancelled. The Trustees had agreed to honour all existing grant commitments until performance resumed and were particularly pleased that the production of Margot la Rouge originally scheduled by Holland Park Opera for 2020 took place to hi8h Critical acclaim in summer 2022. Work continue5 to encourage further PTodurtions of the operas. As part of its extended object. the Trust continued to support the Royal Philharmonic Societ$ annual young composers scheme and the core costs of NMC. a registed charity, whlch issues recordings of new British music.
The Delius Tntst Report of the Trustees Icontlnuedl Year ended 3tst December 2023 ArtItIeS and Future Plarfj l¢ontlThued) The Trust maintsins an extensive archive of material relating to Delius. including scores. letters, images, concert programme5 and other ephemera. It holds a library of books, journals, theses and recordings in a variety of formats and has started to explore options for digit15ing appropriate parts of the collection to improve acce for rarChers. During the year, researchers have again been able to use the collertion in person or by remote access. The cataloguing of scores, b¢)oks and periodicals was completed. Publlc Benefit The Trustees have fer to the Charity Commission guidance on public benefit and believe that the Trusys activities as outlined in this port contributed to public benefit specifically by the advancement of education in the art5 Iparticularly music), culture. heritage and science. Flnanclal Revlew There are no restricted or endowment funds. The Trust carries out no ongoing fund-raising activity. Followin8 the lapse of the majority of Deliu5 copyright5. the Tru5Vs income from this source has continued to decline and its income derives mainly from investment5 purchased from the accumulated income of earlier years. In the year ended 31 December 2023 the Trusys income amounted to £103,40612022.. £90,891) and net expenditure was £142,55712022.. £65,095). In 2023 the Trust awarded grants of £81,638 12022.. £72.7251. There were unrealised gains on the investment portfolio of £104,69512022: unrealised10s5es of £263.6131. The outturn for the year was a net inflow of funds of £65.54412022 net outflow.. £237,7271. The total resources available to the Trustees at the year-end were £2.91 million12022 E2.85 million). For over 40 the Musicians Benevolent Fund (now operating as Help Musicians UK), a Trustee, provided accommodation at no charge to the Trust. They ceased this arrangement in 2016, mitigating the financial effect to the Trust in 201&18 by making a grant towards the cost of renting an office. This ceased in 2019 and 55n¢e then the Trust has met the full cost of its attommodation. The Trust office is shared with the Vaughan Willhims Foundation to which it reimburses a share of the ¢)ffice expenses at ¢t. Investment P1¢Y The Trustees aim to preserve a balance between a¢hievin8 growth in the Trusvs investments and producing income adequate to maintain the desired level of grant-making. When necessary. investment units designed for growth will be sold to provide income above the level produced by income units.
The luS Trust Report of the Trustees lcontlnuedl Year ended 31st December 2023 Aeserves Polky The Trust's accumulated reserves are invested mainly in common investment funds Icollective vehicles designed specifically for charities) managed by Cazenove Ischroderl and by Newton, a subsidiary of The Bank of New York Mellon Corporation. Two investments lin property common investment funds, also designed expressly for charities) totallin8 £89,11212022: £94,910>, are managed directly by the Trustees. The level of grant-making is essentially demand-led and can vary considerably from year to year. The Trustees do not aim to increase the amount held as reserves and are happy to reduce reserves when it is appropriate tts do so. They have a policy of keeping sufficient cash holdings to cover short to medium term commitments. Fundralslng Since the Trust's income is derived from perfomiing rights of Frederick Delius's compositions and investment income, it does not undertake fundraising actNities,' it is nevertheless mindful of the Code issued by the Fundraising Regulator. Capyrl8ht Althou8h in the maln copyrlght In Delius's compositions published durin8 hi5 lifetime expired on 31 December 2004, the 51tuation is complicated by the protection accorded to posthumous publications. copyri8ht extensions lor war years in France and Italy. and the posttion in the USA. In order to clarify the position. the Trust has published a detsiled summary on the Delius website at www.delius.org.uk. Grants The grants rnade may be grouped under the following headings and more details of them is shown in Annexes l and 2 at the end of the accounts ac¢ompanyin8 this reporL 2022 Publications Perfom)ances Books and manuscripts Extended objects Grants written back 852 74.786 103 71,242 1.380 (SI,(Kl 81.638 21.725
The Dellus Trust Report ot the Trustees Icontlnued) Year ended 31st December 2023 Herlta8e Assets The Trustees have accumulated a collection of books, pamphlets, manuscripts, photO8raphs, paintings and other items connected with Frederick Deliu5 and his contemporaries. The Trustees consider that the maintenance of such a collection is an integral part of their primary objective and that a formal valuation would not be a good use of Charity resources. The ¢ollertion is available for 5tLtdy Iby prior arrangement with the Secretary). and from time to time items are loaned to museums, art 8alleries and similar organisations for public display. Rlsk Man•8ement The major risks to which the charity is exposed. as identified by the Trustees. have been reviewed and systems have been established to mitigate those risks. Robust banking and other financial procedure5 are in place and grants ère closely monitored to manage the main risk of misappropriation of the charitvs fun(ts. As noted below, these accounts are approved during a period of uncertainty for both inflow and outflow of funds. However, through appropriate consideration of risks as part of its normal risk management proce55, the Trustees consider it appropriate for the going conrn basis to be adopted. as in previous years. for these accounts. Goln8 Concern Only a few works by Delius remain in copyright 50 thi$15 no longer a 54gnificant element of the Trusvs income. Investment income held up well. The Trustees are confident that they have sufficient cash holding5 to enable grants to be paid during 2024 and in subsequent years without the need for the unplanned sale of investments. Vote of Thanks The Trustees would like to record their thanks to the Trusvs advisor5 and to its Secretary. Helen Faulkner. for all that she did for Delius and for the Trust during the year.
The Dellus Trijst Report of the Trustees Icontinuedl Year ended 31st December 2023 Ststement of Trustees, Responslbllltles The Trustees are required to prepare financial statements for each financial year which gfve a true and fair view of the stste of affairs of the Trust and of its surplus or deficit for that period. In preparing those finantial statements. the Trustees are required to.. selett suitable accounting policies and then apply them con515tentty. make judgements and estimates that are reasonable and prudent. observe the methods and principles in the Charfcies SORP. state whether appli¢able ac¢ountin8 Standards have been followed, subject to any material departure5 disclosed and explained in the financial statements, and prepare the financial statements on the goin8 concern basis unless it is inappropriate to presume that the Trust will continue in business. The Trustees are responsible for keepin8 proper accountSn8 records whlch disclose with reasonable accuracy at any time the financial position of the Trust. The Tru5tee5 are also responsible for safegL*ardin8 the assets of the Trust and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularities. Approved by the Trustees on ..................... 2024 Paul Gulnery Trustee and Chairman Martin B M Williams Trustee
INDEPENDENT EXAMINER'S REPORT to the Trustees of The Dellus Trust Year ended 31st December 2023 I report to the Trustees on my examinatron of the accounts of the DelSus Trust (the Trust) forthe year ended 31 December 2023. ResponsibilitiÈ5 and basis of report As the charity Trustees of the Trust you are responsible forthe preparation of the accounts in accordance with the requirements of the Charities Act 20111'the ACVI. Having satisfied myself that the accounts of the Trust a not required to be audited under the Att and are eligible for independent examination. I report in respert of my examination of your charitvs accounts carried out under sertion 145 of the Charities Act 20111'the 2011 ACVI. In carrwn8 Out my examination I have followed the Directions given by the Charity Commi$5ion under settion 145151 Ibl of the 2011 Act. lrtdependent examlnerfs statement 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: accounting records were not kept in respect of the Trusr as required by settion 130 of the 2. the accounts do not accord wth those records: or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view which is not a matter 4. the accounts have not been prepared in accor(lance with the methods and principles of the Statement of Recommended Pracbce for accounting and reporting by chartties applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examination to whlch attention should be drawn Sn thls port In order to enable a proper understanding of the accounts to be reached. Signed .... 19th Septem ber 2024 Jane Askew ACA Haysmacintyre LLP. 10 Queen Street Place London EC4R IAG
The Delius Trust Statement of financial Artivities linduding an income and expenditure account) Year ended 31st December 2023 Unrestricted Unrestricted 2023 2022 Income from: Charitable activities- Royalties and performing right fees Voluntary in¢ome Investments 12,184 4,952 91,222 86,029 Ttital incame 103,406 90,981 Expendlture on: Charitable activities.. 142.557 65,095 Total expenditure 142,557 65,095 IDeficlt} I Surplus on ordlnary actl¥5tie5 139,1511 25,886 Gain I (Ioss) on investment assets 104,695 1263,6131 Net movement In funds 1237,727) Total funds brought forward 12 2.848,382 3,086,109 Totsl funds carried forward 2,913,926 2,848,382 All transactions derive from continuing actwtties. All COgnISed gains and losses are included in the Statement of Financial Activitles. The notes on pages 11 to 19 form part of these financial statements.
The Ikllus Trust Balance Sheet Year ended 31st December 2023 ZOZ3 2022 Flxèd assets Investments 2.9(L),165 2,795.470 Current assèts Debtors Bank balances io l(YJ,736 100.736 136,922 136,922 Current Ilabllltles Creditors - amounts falling due withln one year li 86,9751 184.0101 Net current assets 13.761 52,912 Total nèt assets 2,913,926 2,848.382 Unrestrkted funds 1913.926 2,848,382 These accounts were appred and horised for issue by the Board of the Trustees . 2024 and were sl8ned below on Its behalf by: Paul Guinery Trustee and Chairman Martin Williams Trustee The notes on pages 11 to 19 form part of these financial ststements. io
The Dellus Trust Notes to the finandal Statements Year ended 31st Dffember 2023 l A¢countlng Pollcles The principal accounting policies adopted. judgements and key sources of estimation uncertainty in the preparation of the financial ststements are as follows.. General Informatlon and l)a5b of preparatlon of accounts The financlal statements have been prepared in accordance with "Accounting and Reporting by Charities.. Statement of recommended practice applicable to the charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republ5¢ of Ireland IFRS1021" (Effective I january 20191- (Charities SORP IFR51021, the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021. Delius Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are inltially re¢o8niseil at historical cost or transaction value unless otherwise stated In the relevant accounting policy notelsl. The financial statements are presented in UK Sterlin& whith is the Charity's funttional currency, and rOured to the nearest pound. Goln8 nCern The Trustees have a55es5ed ihe Charitvs requirements for the foreseeable future. including any likely grant requests. in light of the COVID-19 pandemic. as disclosed in the Trustees, report on page 5. It is unclear what the medium-tem) outlook for investment performance is Ilkely to be. however the Trustees have taken a conservative approach to lyjdgeting and will continue to assess the situation as it develops. Fund accounting Unrestricted funds comprise accumulated surpluses and tlefictis on general funds. They are available for use at the discretion of the Trustees in furtherance of the charitrfs general charitable objectives. Income Income represents the total Income receivable during the year, tomprising royalties, performing right fees and investrnent income. All income is recognised once the charity has entitlement to the resources. it is probable that the resources will be received and the monetary value of incomlng resources can be measured with sufficient reliability. Expendlture Liabilities are re¢o8nised a5 re50urce5 expended as soon as there is a le8al or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. li
The DellusTntst Notes to the financial stalements (continued) Year ended 31st December 2023 Grants are included in the period of account when they are actually approved at a meeting of the Trustees. Charitable activity costs indude costs assocbated with grant maknng. promotion of the works of the composer and his contemporaries. researth and archivin& Support Costs comprise services identifiable as wholty or mainly in support of charitable purposes. Go¥emance costs Governance costs comprise all costs involwng the public accountsbility of the charity and its compllance with regulatlon and good practlce. These costs Include Independent examSnatlon and legal fees. HerIta assets In accordance with the SORP depreciation has been allocated on all classes of tangible fixed assets except those Classified as Heritage Assets. Investments Investments are shown in the finanoal statements at market value. Movements in the market value of investments are shown as unreali5ed 8ain5llosses in the Statement of Financial Activities. Liabilities and prov15ions LiabilEties are recognised when the is an obligation at the Balan¢e sheet date 35 a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates It will pay to settle the debt or the amount it has received a5 advanced payments for the goods or services it musl provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflerts the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial actNities as a finance cost. Est5mates and ludgements Estimates and judgements are continually evaluated and are based on historical experience and other factor5, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the Trustee's best knowledge of the amount, events or action5, actual results ultimately differ from these estimates. The Trustees do not consider there to be any estimates and judgements. 12
The Dellus Notes to the finandal statements {continued) Year ended 3tst December 2023 FlnatKlal Instrument The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments. including trade and other debtors and creditors are initially recognised at tran5attion value and subsequently measured at their settlement value. The wrtlolio of investments held by the charity is included at fair value. 2 Royalties and perforniing r¥ht fees 2023 2022 Performing Right Society Mechanical Copyright Protettion Society Boosey & Hawkes Other royalties 1.216 183 8,330 2,455 491 48 3,016 1,397 12,184 4,952 3 Voluntary Income 2023 2022 Donations 4 Investment Income 2023 Z022 Newton Investment Management Cazenove ISchroder51 Investment Management Property funds Interest on cash deposits 38,949 46,539 2,305 3.429 35,417 46,076 2.076 2.460 91,222 86,029 13
The Dellus Trust Notesto the finandal 5tatrments Icantlnued) Year ended 31st De£ember 2023 5 Charltable Actlvltlès 2023 2022 Grants awarded (note 61 Management & administration Adwsors, fees and expenses ArchivisV5 fees and expenses Secretarial services Office expènses Website, advertisin8 & PrnotiOn Accountancy Govemance Independent examiner's remuneration Trustee expenses Meetlng expenses & hospltality 81.638 21,725 s.1cl 7.420 17,136 19,632 3,226 1,575 4,715 354 20,057 13.454 4.490 105 2.235 2.250 65 1.035 142,557 65,09S 6 Gfants and other payments made In pursuance of the objects of the Trust 2023 2022 Publications Performances Books and manuscripts Extended objects Grants wrltten back 852 74.786 103 71,242 1,380 Isi,C#X)I 81,638 21,725 A Ilst of grants awarded is shown in Annexe l at the end of these accounts. 7 Trustees, remuneratlon and expenses No remuneration was paid or is payable either directly or indirectly for the year to any Trustee or to any person or persons known to be connected with any of them12022- £01 One Trustee was reimbursed £105 of expenses in respect of the year to 31 December 2023 12022-. one Trustee was 1mbur5ed £651. 14
The Dellus Trust Notes to the ftnandal ststements (contlnued) Year ended 3tst December 2023 Related party transartlons No Trustee or other person related to the charity had any personal interest in any contract or transartion entered into by the charity during the year12022.. none), and there are no balances outstanding with any related parties at the Balance sheet date12022'. none). 9 Investments 2023 2022 Market value at 1st January Additlons Di5P05a15 Net gains I Ilossesl on revaluation 2,795.470 3.059,083 104.695 1263.6131 Market value at 31st December 2,900.165 795.470 Historical cost 1,540,590 1,540,590 Market value represented bv.. Newton Investment Managemenl Cazenove IS¢hroderl Investment Management Property Fund investments 1.671,295 1.139.758 89,112 1.578.176 1.122.384 94,910 2,900,165 2.795,470 10 Debtors 2023 2022 Other debtors 15
The DellusTrust Notes to the flnanclal Sernents Icontinuedl Year ended 3tst Dttember 2023 11 Credltors: amounts falllng due wlthln one year 2023 2022 Trade creditors Accruals Grants payable 5.499 6,290 75.186 360 4.5CQ 79.150 86.975 84,QiO Grants brought forwar(J Grants committed in the year Grants paid in the year 79,150 81.638 185,6021 186,224 72,725 1179,7991 Grants outstsnding 75,186 79,150 A list of grants outstanding is shown in Annexe 2 at the end of these accounts. 12 Statement ol funds 2023 Brought forwa Income Expenses Translers & Ealns Carrled forward Unre5tritted fund5 2W.382 103.406 {142.5571 104.695 2.913,926 Total funds 2,848,382 103.406 1142.5571 104.695 2,913.926 2022 Brouzht forward Income Expenses Transfers & losses Carried fonmard Unrestricted funds 3,086,109 90,981 165,0951 1263.6131 2,848,382 Total funds 3,086,109 90,981 165,0951 1263,6131 2,848,382 All of the Charltrfs funds are general unrestrirted funds. in both the current and prior year. 16
The DellusTrust Notes to the financial statements {continued) Year ended 31st Decernber 2023 13 Analysls of net assets between funds Total funds 2023 Total funds 2022 Investments Current assets Current liabilities 2,9l.165 ICQ,736 186,9751 2,795.470 136,922 184.0101 2.913.926 2,848.38Z 17
The Dellus Trust Annexe l. GTrnts Awarded Year ended 31st December 2023 2023 2022 Publlcatlons We8a Verla 852 852 103 103 Pertormances and Recordl Delius Society Britten Sinfoni? Self Isolation Choir Intemational Asswation of Muslc Libraries EM Records En81ish Music Festival Smor8aschord Festival Five Churches Festival Southrepps Music FestNal Epsom Symphony Orchestra Croydon Symphony Orchest Dutton Epoch Opera Holland Park Three Choirs Festival Adderbury Music Trust Guildford Symphony Orchestra Bromley Symphony Orchestra Huddersfield Music S(xiety Monteverdi Choir Wuerzburg Icurrency adju5tmentsl 40.0 10,400 10,000 4,936 2,500 2,500 1,200 30,000 10,000 750 51]0 12,000 7,545 3,000 2,500 850 500 1153} 71.242 74.786 E¥tended ObAe¢ts Royal Philharnionic Society 6,000 6.OlXI Book5. Manusu5pts. etc. Archive items from Colin Coleman 1,380 Tot•1 grants awarded In the year 81.638 72,725 Grants wrltten back English National Opera South Florida Symphony Orchestra Doreen Carwithen Festival 140,CQOI 110,OODI 11,0001 151,OODI 18
The Dellus Trnst Annexe 2- Grants Outstandlng Year ended 31st December 2023 2023 2022 Performances and Recordlnqs Delius slety Dutton Epoch NMC Recordings Self Isolation Choir International Association of Music Libraries philharmonic Chamber Orchestra of London Deliu5 Society- joint website & promotion Sampson Orchestra SmorBaschord Festival Watford Symphony Orchestra Epsom Symphony Orchestra 8anbury Symphony Orchestra Britten Sinlonia Royal Philharmonic Orchestra 8romley Symphony Orchestra 32.CQO I2,C0 io.c i0,c0 2,936 12,OLX) 20,0 1,3 1,2(K) 1,000 750 500 30,OC(I io,oco 850 Total •xrtstandln8 75.186 19