REGISTERED CHARITY NUMBER: 219430 Truiteu gnd I Statements Yehr Ended 30th for Th ¢moriAI Trus Farritt Kirk & M¢Ve Dumfries ETr¢crpri5e Park Healhhall Dumfries DUMFRJESSHIRE DOI JSJ
The Sta ledon MemoriAI Trust onttll lements Page Rlport oftht Trusts¢$ I to 3 Ind¢p¢nd¢nt Exlmlner'i RepoTt Statem¢¢ Df Flhity¢l•l A¢tlvitl¢s BalAnce She No¢e> to th¢ Finwncral StstemEllt5 7 to 10 Dttslled Stltement of Fln•nclHI Activltles
don ort of the Trustees Year Ended 30th Jun¢ 2024 for The trustee$ pr¢s¢Dt their repon with th¢ fin8nri 5talcmcnis of the eharily for the ycar ended 30th Junc 2024. Th¢ trNste hav¢ doptcd the provisiott$ of A¢counting and Reporting by Charities.. Sthtem¢nt of Rccommcndcd Prn¢iit¢ applicable to charities preparin8 their accounts in accoTdan¢e with the Financiwl R¢poning Standard applicabl¢ in the UK and Republic of Jr¢land IFRS 1021 {cffcctive l January 2019). OBJECTIVES AND ACTJVITIF ObJe¢tlves ond A1rn5 The objcctiv¢ of th¢ ¢harity is the promotion of Agriculiural R¢3wch and Education in memory of thc late Sir GeoTB¢ StypIOn, by way of grants and fellow$hip5 by r¢f¢r¢n¢¢ ¢0 the Trust Deed docum¢nt dated 29th Scptemb¢r 1962. The procedure for the selection of Cdndidates for ttav¢lling fellowships and Ihc administrative arrang¢m¢nt$ in relation to the fellowships follow5 a review ol th¢ policie5 of the Trusi. iniiiatcd in October 2004, which confirmed that trxv¢lling frllowships would rrmain thc prin¢ipal focu5 Ot'the Tn]si's ¢hariiable activiti¢s. Changes were propos¢d JDd impl¢mend following agr¢¢rncnt al th¢ AGM in December 2004.. la) fcllow5hip5 would be open to applicants frott) throughout the world, Ib} th¢ UKI]r¢land would be involved in all ftllowthip$ ¢ith¢r 4s the host 10 A Vls11 from overseas or through 8 UKllrish applicsrbt tr4vrlling ovcr5¢as and Ic) appli£AIi(FD5 for fellowships would b¢ made lo the Trust through UKllrish orwt$8tlOll5. At th¢ Tru's AGM in 2Tr)9 ond in subs¢queni yeAr$. fvrthrr ¢onsidcration was 8iven to providing other types of aw8rds, p&rti¢ularly those that bcnefit youn6 len11sts. Examples includ¢ (L vacation bursary s¢hem¢ (introduced itt 20101 to 5UPPOrt under8raduale i¢ntl$ts Nn¢J Tccent graduates during a short period of work cxperience at a univ¢r$ily or institute research facility: a¢tion5 to support reccnt Kraduaics and young gra551and scieniisis devclopin8 their ¢arttrs such a5 grants for M8si¢r¢lasses dt internation conferences, OT of sponsorship of the 8l¢¢ndllnce of youn£ ¢¢ntistS at internation81 ¢onf¢rcnc¢5' as well LS SUPWTI for 5hort.term work ¢xp¢ri¢nK and travel for rtsMr¢h. At the Trust's AGM itk 2015 the introduction of4n Innovaiion F¢llowship award Scheme was approv which commetsccd l July 2016. The scheme supports individuals to undcrtske studies of innovative PTacltc¢& $0 that ncw knowledge or skills may be obtained atid uppli¢d to the benefit of th¢ grgsslllnd ond forag¢ scctor. At the 2018 AGM the committcc rntified widening the scholatship5 remit io Cover the whole of the Island of IrclAnd both as hosts and 8r8nt¢¢& Public benefit The ChaTity TTU5tccs have wnplicd with their duti¢s to havc due re8ard ¢0 the guidance wovided b>. the ChuTity Commission on public bcnefiL Th¢ priority to focus the Trusvs support io b¢thcfi¢ young scientists is seM enablitt8 th¢ n¥xt g¢n¢r&tion of scientists to guin voIuAblt knowledg¢ thAi will lead to improvements in the etYici¢ncy of production of food and the protection and ¢nhan¢emcntof the enviionm¢n¢ with benetlts ¢0 socrcty, not only in the British Isles bui also throughout the world. In particular. the Tr8v¢lling Fellowships lead to the dev¢lopm¢nt of new £onta¢t5 and trainins in n¢w IcGhnigues that have pOntI&l for wid¢ impa¢¢ in th Institutions qnd countries of the Fellows cotLcern¢d. The publication of f¢llows' rrpon5 on the Trusi's web5itc 3150 brings the achievemettts of the Fellow$ ¢0 a wid¢ audienc¢. Th¢ ¢onf¢r¢nc¢s ond oth¢r knoWI¢d transfer CntS 5UPPOrted by the Trust cnable natiOtt and international authorid¢s on important curr¢ni issues Telating to grassland and land us¢ to prtsent lectures 8nd intCTact with student4 scicnti5ts. advisers 8nd famrs et difftrcnt venu¢$ in th¢ UK. This is an i]nportant contribution lo knowledge Irznsf¢r with wide potenti public b¢nefit. FINANCIAL REVIEW InYe5tment poli¢y Bnd objectlvei This reportin8 PEriod Teflccts a continuijig T¢Govery of incom¢ froin investments as well 4LS an improvem¢nt in their v&lue. Th¢r¢ wa5 an Incre& of £39,243 in the voluaiion of th¢ Ttw31'$ asxts bEtwn th¢ swi and elld of this r¢porung p¢riod {compar•J wilh decline of £32.527 in the pr¢viou5 12 month$l. Th¢rc WAS an improvem¢nl of £1885 in total 4nnual dividend yield$ in th¢ ycdr to 30 June 2024. compared with th¢ pr¢viou$ year. It is the cbarity's policy to hold 5nvestm¢nts in ordcr to sencra suffi¢iut Icvcls of Incomc to cover grants and fellowshsps awarded. The Trust's funds ¢ontinue to be split Bl.5'.18.5 (shar¢slbond.4) bween M&G Charifjjnd and M&G Charibond. Reserves pollry The TTU5tccs ar¢ satisfied that th¢ ¢haTiIy's Sets ar¢ yvailabl¢ and adequ01¢ io fulfil 115 obli8ations. li Is the policy of th¢ Tru*ees t maintain sufficient res¢rv¢5 to fulfil ony fuiure obligations that may aris¢. Pagc I
The Sta ledon Memortal Truit ort o(th Trus for the Yea Ended 30th 24 FINANCIAL REVIEW The Tnjll senerad int¢rest •)d Inv¢stm¢nl in¢om¢ of £31540 in the yCaT ended 30 Junc 2024 {2023.. £29051). A GuzmBn ylsiting Rothamsie41 Rc$c4rth N Wykc from Spain to r¢scarch ¢mission5 of GHG from manure stOTage. £2750 K Divya visitin8 AberysThtyh UnK¥¢r$ity fvnd¢d by J 2022 Stud¢ni graDt £2500 Travellin Fellowshi J8me5 0'Molley. Trinity Coll¢g¢ Dublin io tyav¢l 10 Urtivrr5ity of knhus, D¢nmaTk to farilitalc rollaboTBlion on ult15pl grassl8nd mlxtur¢s 1Sming to reduc¢ fcrtili5cr UK. Fows on d¢v¢lDpinR skills in agronomi¢ int¢rpT¢tation of st4t13t1¢ m¢lhods. £1979 Lois Kinneen. Re8din8 University 10 visit CIAT, Bo801& Colombi& and farniing industy to fa¢iliiat¢ WOTkshop on Biosmgr( Proje¢t and develop networks in Paramos graysland farniing 5yStem& £3524 Helena Walsh, Te8$¢. Mooyp8rk Co Cork Visiting Ncw Zealand for 2 month5 10 1n insight into NZ rtsclrch ond gT4sslartd systems. £5100 20 MarionA Ros&$ Alenicov to triv¢l from Urugvly 10 Rotharnsted Res¢or¢h North WykA Okehfimpton, Devon to Siudy N20, Nl and C02 cmlsslons In solls of pastOTaJ agricultural use in Uruguay. £2300 The followin8 Awèrds wtt¢ igr¢ed ai OT oround 2023 AGM. Studenv Brid Hanrahan from the University of Galway for 8 12- week Becondment from January 2024 at Roththstcd Rcsearch N Wyke to work on lh¢ ¢ff¢cts of soil column dillmet¢r and 5011 pr¢parntion on P¢T¢nnid ry¢gr8s$ yi¢ld in wntroll¢d ¢nvirontnent expeTlrtLents. £3750 A ROSKII from University of Plymouth undertook a student placement at Rotham51ed Reswch N Wyk¢ Ln Summer 2023. £25(KI The TNSI madc availablc the followin8 8rants in 202J124 £2000 was confimied for the 2024 Symposium ofthe European Gras51and Federation. The Netherland& A grant of £1500 was awardcd to the BTlt15h Grassland Socicty for its 2024 sun)mer conftrtnce, A 8ranl of £1250 for BSAS 2024 Annu81 meettn8 Grassland sessioft £500 for thc BSAS Dgiry Nutrition confcrcncc During the yeor ending 30 June 2024. the T$1,$ ioral expenditure WAS £33384 of which £26899 WH$ charitAblt expertdltu Thi$ t¢presents a differenc¢ of .£1844 1+£8914- 20231 over of £31540. (hher exp¢nditure in 2023-24 totajled £648J. This included ih¢ co5 of se¢retaria] servirxs on(1 expenses1£30tXll,' indep¢nd¢nt cxaminAlion of accounts (£6241., Hnd subscription io thc A8ri-Food Charitle5 Par¢ncrship1£3001. Th¢ TTUSI 1$ not VAT r¢8iSteTed. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing doeument The Stapledon Memorial Trust (Thr TnJs¢) Is governed by 11$ Tru Dred docum( datd 28th S¢pieTnb¢r 1962, amended by Deed of Variation dated 16 June 2007. Trustets at)d Commlttet Membership Th¢ list of TruM¢¢s Is s¢t out below. The nornial proe¢dur¢ followed is that n¢w Tru8tttS and new C(Jmmitte¢ memb m&y be proposed at the Annual Gener2] Meeting. Prof M Gill conlinucs a5 Chllir. REFERENCE AND ADMINISTRATIVX DETAILS Regi5ttred Lhfjrity number 219430 Page 2
Th ledon Memorinl Tru ort oftht Tr f the Yehr Emded 3Dth 024 PrlnclpAI Addre clo GES.CONSULTING 27 Brownings Mead Dunsford Ex¢ter EX6 7JJ Trustees Prof¢ssor C Thom S P¢¢1 Profc550T E M Gill Dr K Topp ltyd¢penden¢ Exarniner Farries Ki & M¢V¢an Dumfrics Enterprise Park Heathhall Dumfrie5 DUMFRIESSHIRE DGI 3SJ Bankers Lloyd5 Bunk Pall Mall St JBme5's Brni¢h Lloyd5 Bank plc PO Box ItKX) BXI ILT CAF BEnk Ltd 25 King5 Hill Av¢nue Kings Hill Wesl Malling Kent ME19 4JQ Invejtmtnt M•n48¢r$ M&G Ch8rit1¢5 PO Box 9038 Chclmsford CM99 2XF Approved by order of the ard of trustees on 13th December 2024 ond signed on its behalf by.. Profrssor E M Gill . Tru$*e Pa8e 3
Amlner'$ Re ort to th¢ Tru8t¢¢J Th nd¢ptndeDt ¢ximlnEr's report to the trusteu of The Stspledon Mtmorial Tru51 l report to the charity tDJ5tce5 on rny cxarnination of ihe accounts of The Slaplcdon Mcmorial Trust (the Trust) for the ycar cndcd 30th June 2024. Ruponjibilities And bAJls of report A5 th¢ charity trustCC5 of th¢ Trust you are rc5ponsible for the prepdrntion of the accounts in x¢ordance with the requirements of th¢ Charities Act 2011 I'the Act). I r¢pcNt in r¢sp¢¢¢ of My cxaminaiion of the Truses COUnt5 c&rricd out undcr Sc¢tion 145 of the Act alld in wing out my examinaiion J have followed Bll &pplic8ble Direciions 8iven by Ihe Charity Commi$$ion under Section l45151(bl of the Aci. Ihdep¢ndtnt 2x#mÉn¢r s $t•t¢M¢t I hav¢ Gotnpl¢t¢d my ¢x8minBtion. I ronfirm that no materiil rnttt¢r5 hllv¢ corn¢ to my lltt¢ntiort in ¢onft¢dion wlih the ¢xatrrinatlon givin& m¢ ¢&u5C to b¢li¢v¢ thit in Nny mat¢rio1 rrspeGI'. ount2n8 r¢¢ords were no¢ kep¢ in r¢spe¢t of th¢ Trust as requiKd by S¢¢tlon 130 of th¢ A¢1; or th¢ arUnts do not E¢¢ord with th05c Kcords. or the aceount$ do not comply with the opplicDble requirements concernin8 the forni ond content of account5 set out in the Charities IA¢¢ounts R¢port51 R¢gul&tion5 2008 oth¢r th any r¢quiT¢mcnl that the a¢¢ounts giv¢ a tnJ¢ ond faiT VI¢W which is not a maucr constdered as pan of an indep¢ndent examination. I have no cOnrn$ and have come acro$$ no oih¢r mattern its ¢ortn¢ciion wilh th¢ ¢xamioation io whi¢b attention should be drawn in this report in Order to enable a proper understanding of ihe accounts to be rcachcd. Mr Rodney Palmer BA CA Fllrrie5 Kirk & M¢V¢ Dumfrics Bnlcrprisc Park HcathhNII Dumfries DUNfFRIESSHIRE DGI 3SJ 13th De¢embeT 2024 Pa8¢ 4
Th on morlftl Trust tatement of FinRntiThl Actlvltles for the Yegr Ended Joth June 2024 2024 unStrICteI fund 2023 Total funds Notes INCOME AND ENDOWMENTS FRO Invesmient income 31,540 29,051 EXPENDITURE ON Chxrltsble actlvl¢l¢$ Grants & Fellowships Payabl GovernÈn¢t Mana8enYoi & administtation ofthe Charity 29.653 624 5.861 15.532 624 3.981 Tot•1 36.13B 20,137 Net 8ainslllossesl ort invesknethts 39.243 (32.5271 NET INCOMEIIEXPENDITURE) 34.645 123.613) RECONCILIATION OF FUNDS TotBI fund5 bmught fonvard 568,295 591.908 TOTAL FUNDS CARRIED FORWARD 602.940 568.295 The notcs furm part of th¢s¢ tInclaI statements
Thesta ledon MemoTIAI Trust Ot June 2 2024 Unrestrict¢d fund 2023 Total rund5 Notes FIXED ASSETS Investments 571.662 532,137 CURRENT ASSEVS Cash at bank 37.759 37,203 CREDITORS Amounts falling due within one year {6.4811 11,0451 NET CURREwf A&SETS 31,278 3&lJ8 TOTAL ASSETS LLSS CURRENT LIABILITIES 602,940 J68.295 IYET ASSETS 602,940 568,295 FUNDS Unr¢5trictd furlds 602.940 568.295 TOTAL FUNDS 602,940 568,295 Thc financial 5tat¢ments wcrE approved by thc Bollrd of Tnjstces and aulhoTi5ed for i55ue on 13th December 2024 and wtte SL8ned on its bchaifby.. E M Cill. Trustee The notes form part of th¢%e fin8n¢ial $1at¢Tn¢nt$
ledo Mern rial Tru Notes to tht FlnAnelsl Stltements orthey ar Endt th ACCOUNfINC POLICI Bnsi$ of pr¢pHrin8 the finnciAI ¥twtem¢nts The financial statements of the chority. whi¢h 1$ 8 publi¢ b¢nefit en¢ity under FRS 101 have beett prepoTed in accordance with the Charitie5 SORP IFRS 102) 'A¢counling and Reportiiig by Charities.. Statement of Recommended PracLi¢e applicabl¢ ¢0 charx¢ies prep&Ting theiT aOunts in accordance with th¢ FiDan¢iAI R¢porting Standard appli¢ablc in the UK and Republic of Ircland IFRS 1021 leffectiv¢ l January 2D191', Financi Reporting Standard 102 The Fin8nciaJ fteporling Siartdard applicable in the UK and R¢publiG of Ircland, and Ihe Chariiics Act 2011. The financ>al statements havc been pr¢par¢d und¢r th¢ hi5tQTical cost convention. with the exception of investm¢nts whi¢h 4re in¢lud¢d Al mtyk¢t vaJu¢. &$ modifi¢d by th¢ revalu101) of G¢rtain ossets. All it)¢ome is recognised in the Stst¢mcnt of Financi Activities once the charity entitlement to the funds. it is probabl¢ thai the inc4)me will be elY and thc amount can be measured reliably. Expenditur• Liabilities aTe ¢01$¢d as ¢xp¢rtditur¢ 4$ soon a5 ¢h¢re 1$ a Icgal or con5tructivc obligution committing th< charity to that cxpcnditurc. it IS Probablc that a transfer of ¢¢onomic ben¢fi¢S will be required in setilement and ihe amount of ihe obligation can be meLwr¢d r¢ltably. Exp¢nditur¢ 1$ a¢uted for on an a¢eruals ba515 and has b¢en ¢lissifi¢d und h¢adings tha¢ 8ggr¢gatC All cost rclad to thc category. Where costs cannot be directly attributed io particular h¢&ding5 tljey have bccn allocated to aetLVltie5 on a bL8iS consist¢ni with the se of resour¢¢s. Grants offered subject to ¢ondiuon$ which hav¢ nol bE¢D m¢t at the y¢w ¢nd date Ar¢ notC41 8 Gommitm¢nt noi ac¢ru¢d as cxp¢ndilure. T•¥gtlo The charity is excmw from on its ¢harit8bl¢ o¢¢iviti¢s. Fund A¢tountlhg Unrestricied funds con be us¢d in accoTd8nc¢ with Ihe ¢harit8bl¢ obj¢¢tive$ al the discreiion of ihe True¢s. Rc5trictcd fund5 can gnly b¢ uxd for porti¢ular Jrsiricted putpos¢s within th¢ obj¢¢15 of th¢ ¢hlty. R¢Stri¢tion$ ari5¢ wh spxified by the donor or when fijnds are rrised for particular restricted purp05CS. Further explanation of the Dature and purpose of ¢A¢b fund is Includ in th¢ notc5 to the finEnGi•J $ta*m¢nts. INVESTMENT INCOME 2024 202J Investment inc¢)m¢- M&G common funds Interest received- mgt3a8Ln8 agents and bank 3Q.851 689 2&966 85 31.540 29.051 CHARITABLE ACTIVITILS COSTS Granl funding or •¢tivilies Is¢e rtot¢ Support Costs 4) Toials Gronts & F¢llowships Payable Governance Mans8¢m¢nt & MinISat10n of the charity 29,653 29.653 624 5.861 624 3,861 29,653 6,485 36,138 e7
Th ledm M morlal Tru otej to the FininclAI Stfttements- tontlthued r the Year Ended 30th 2024 GRANTS PA YABLE 2024 2023 Grants & F¢Jlowships Payable 29.653 15.532 Th¢ toial grant5 pwd to insritthions durfrtg the year was follows.. 2024 2023 British Gr83sland Society Confrrtncr UnlveTslty of Aberysiwyth European GrLssland F¢d¢ratioJt Symposium univ$lty of Rcading SRUC EdinbuT8h TEAGASC- The A8ri¢uliur81 Food and D¢v¢loprncnt Authority Urtivmity of Sheffield Britl5h Society of Animal S¢i¢n¢e InlLut National de la Re¢herch AgronomiquE Rothamstead Rescarch- OM Akinsola Centr¢ for E¢oloÉy & Hydrology Rothstnsted R¢$cor¢h- A R05wcII Rotham5tcd Re5cllrch- B Hrahan Rothamsted Rese4rch- A Gu8 Trinity Colle8e-Dublin Roih4rn5tcd Research- M Alenicov 1.300 1,500 2,0Th) 3,524 2.5 5.100 {6331 .500 1.290 4.395 3.000 1.750 2.500 3.750 2.750 1.979 2,300 29.653 15,532 TRUSTEES. REMUNERATION AND BENEFITS There were tLO trustee5' remuneration or other benefjts for th¢ y¢4r ended 30ih Jun¢ 2024 nor for th¢ y¢aT ended 30th June 2023. Trustees expen5ti Tru5tees' exrKn5¢S Ttxmbursed in the yearended 30th June 2024 8mourtted io £ID712021.Nill. COMPARATIVES FOR THE STATEMEPU OF WINANCIAL ACTIVITIES Unrestrl¢d fund INCOME AND ENDOWMENTS FRO Investtnent income 29,051 EXPENDTTURE ON ChrltAbl¢ ttlvltles GTants & Frllowship$ Payablc Governon¢¢ Management & adminimrntion of the charity 15.532 624 3.981 Tot*1 20,137 Net gainslllosses) ijn inv¢srm¢ttts 132.527} NET INCOMEIIEXPENDITUREI 123.6131 RECONCILIATION OF FUNDS Tota] fvnds broLighi forword J91,908 Page 8
ITr otes to the Fln ¢atements- coThtTrnutd for thE Yeir Ended 30th June 2024 COMPARATIVES FOR THE STATEMEP4T QF FINANCIAL ACTIVITIES- tontinued Unr¢stri¢ied fund TOTAL FUNDS CARRIED FORWARD 568.295 FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 1st July 2023 Additsons Revaluations 532,137 282 39,243 A(30th June 2024 571.662 NET BOOK VALUE Ai 30th Ju0¢ 2024 571,662 At Joth Junc 2023 531137 Th¢r¢ w¢r¢ no ]nvtm¢nt assets outside th¢ UK. Chwifund AKumulalion Charifund Incomc Ch8Tibond Jn¢om¢ Totsl Valuation at l July 2023 Valuation at 30 June 2024 £4,778 £5.481 £435.272 £469,836 £92.087 £96.064 £332,137 £571.380 Historic c05t lat 8 April 2008) {at 2 Fcbruary 20221 [ 31 May 20221 18131 May 20231 £415.752 £103.938 £519,690 £J,000 £67 £225 £5.IK)O £67 £225 CREDITORS: AMOitNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Oth¢r ¢Tedi¢ors 6.481 1.045 MOVEMENT IN FUNDS Net movement in fund5 At 30.6.24 At 1.7.23 Unre5trlcted fuhd5 Genernl fvnd 568,295 34,645 002,940 TOTAL FUNDS 568.295 34.645 602.940 P&ge 9
led 141 Stll¢ements contlN he Yepr Ended 30th June 2024 MOVEMENT IN FUNDS- contlnued N¢t movement in fvnd& in¢luded in th¢ 8bov¢ ar¢ a5 follows.. In¢oming re50UTees R¢sour¢¢s expended Gains Hnd Movement Én fi]nds Unrestrltted funds General fijnd 31.540 lJ6,l381 39.243 34,645 TOTAL FLINDS 31.540 136,1381 39.243 34,645 CoThp*ratives for Movement In funds Net movemcrlt in fijnds At 30.6.23 At 1.7.22 UnTe¥tricted fund¥ fjcn¢ral fund 591.908 123,6131 56&295 TOTAL 17UNDS 591.908 {23.6131 568.295 Compllrativc nct moverncnt in fi]nds. included in the abovc are as follows.. Incoming r¢sour¢es Resources cxpd¢d Oains and losses Movement in fuJ)d5 Uvr¢$tri¢¢ed fythds General fund 29.051 {20,137) {32,5271 123,6131 TOTAL FUNDS 29.051 120.1371 132,5271 {23,6131 io. RELATED PARTY DISCLOSURES Th¢re w¢r¢ no relat¢d party t¥ansa¢iion$ for the year ended 3h Jun¢ 2024. Page 10
The ill Trust Detn51ed St#ttment of FlnllnclHI Activlt5es for the Ycar d 30¢h June 2024 2024 2023 INCOME AND ENDOWMENTS Investment Ineom¢ Investment income- M&G common Djnts Int¢r¢si r¢¢¢iv¢d- managin8 agents And bk 30,851 689 28.966 85 31,540 29,051 Totsl ineomltsg rwur¢ 31,540 29.051 EXPENDITURE Chgritable H¢tivltle5 Grants io institutions 29,653 15.532 Support ¢o$ts ManARtment Suttdri¢$ HonordJium 2.801 918 3,000 5,801 3,918 Fin4nte Bank char8¢S 63 Gov¢rnAnc¢ twti ArGoun¢ancy and l¢gaI ftts 624 624 Totsl r¢sDur¢¢s ¢xprnd 36.138 20.137 Net lexp¢nditur¢Ninrom¢ 14,5981 8.914 Thi5 pog¢ does nut form part of thc 51atulory tinancial statements Page 11