REGISTERED CHARITY NUMBER.. 219430 Re irt Df the Ttth$te*$ rihd FlnafftclRI St ¢ements for Ih Y r E de Farries Kirk & M¢Vean DuJnfri¢5 Enierprise Park Heaihhall Dumfries DUMFRIBSSHIRE DGI 3SJ
Th¢ StA Itdon MtmorlAI Trust f the Fin tatemen15 the Yur Ended 30th Jun 202 PA8e Report of the Trust¢e5 Indep¢nd¢nt EAmlntr'$ Report St#trmtnt of Flthancial Aclivitles BAEAnte Sheet Nole$ tD ihe Finhtihl Stitemebts Detailed SIRternent ofFlth*nclal AcfSvitles
Th Sts ledon MtmorlAI Tr ortoftheT lie YeHr ETrded Joth or Th¢ Iru51¢¢5 Pre1 their teport with lh¢ fin8n¢ig1 $iatemenlS ofihe charity for lh¢ yegr ended 30th June 2025. The tr5JStees have adopi¢d th¢ provi5i0ns of AGcounlin8 8Dd R¢porling by Charities., StalEmrnl of Recommcndcd Prami uppliG4bl¢ io ¢h&ritiC5 prcparing Ih¢ir accounls in a¢¢ordance with the FinAnci&l R¢ponin@ Siandard applicable in the UK And Republic of IrelBnd (FRS 1021 letTr1¥¢ I January 20191. OBJECTIVES AND ACTIVITIE5 ObjecliYc5 ilm$ The objective orth¢ ¢harity is th¢ promotlon ot Agriculiural Rescgrch dnd Eduration in m¢TMry of the IY41¢ Sir G¢or8e Stspl¢don. by way of grant5 2nd fellowsliips by rcfer¢ntt lo the Trusi Deed documeni dad 29th Sepwmb¢r 1962. Thc procedure for th¢ sclulion of candidates for trrtvttlling ftllow5hips and thc &dmini5tTativ¢ 8rr4ngements in relation to th¢ hllowship5 follows a r¢vi¢w of lh¢ poli¢i¢5 of th¢ Trust. ioiiiated in Octob¢r 2004, which confiim¢d Ihai Ir8vclling fellow5hip5 would lh¢ principal fo¢v5 Of the TTUSt's chaTiiable aclivilics. Changes W¢TC propo5¢d impl¢mented following agrcrmttni at Ihe AGM in Dc¢cmber 2004.. 1&) f¢llow$hip5 would be open to applicants fvom Ihrou8houl ihc world. Ibl the UKllreland would be involved in all fellowship5 ¢ilh¢r lh¢ hosl lo a visit from overseas or ihrough a UKllrish &pplicJnl trnv¢lling overseas and {el appli¢ation5 for r¢llow5hips would be mC ty the Trusi through UKllrish organisation5. Al Ihe Irusi's AGM in 2009 in sub5¢qu¢nt yeirs. lurth¢r ¢onsideratlon wa5 given to providing oih¢r types of awardi pBrticularly Ihos¢ ihai bencfii youn8 scientists. Example5 include a va¢aiion bursary herne liniroduced in 2010110 sUPPOrt undcrgruduatc SCi¢llli515 d recent gilldllaies during a short ptriod of work eXP¢Tien¢¢ 01 & university or in51iiuie research facilily. a¢iions to SUP5X)rt reeeni gradualc5 and youn8 8rassland s¢ienilsts developin8 Ihcir carecr5, such a5 grDllts for Masferclasses ai inlern8tion41 confcnncc5, or of spon$or$hip of the attendance of young sci¢ntls15 )¢ ini¢rnaiiollal ¢ODf¢r¢n¢¢% a3 well as support for short.t¢rm work experi¢nce and Iravel for rc5¢wch. Ai th¢ Trust's AGM in 2015 the inlrodutlion of an Innovation F¢llowship award 5¢h¢mg WH5 BppfovBd whith rummen¢ed l July 2016. The scheime sUPPOrts Individuals 10 und¢riak¢ sDJdi¢s of innovativ¢ prn¢iic¢s. $0 thai n¢w knowledge or Skills may be obillin¢d and applied 10 th¢ b¢n¢fit of Ihe 8fAssland and forage sector. Al lh¢ 2018 AQM th¢ rornmltt¢¢ T41ifi¢d wid¢niDg lh¢ 5¢holaYship3 remli to cover thc whole of lh¢ lJland of Ir¢lNDd both Js hos¢5 and granters. Publie beTr¢fit Th¢ Clihrliy TTuMe¢s have ¢omplied with (heir duiie5 10 have due regard Ihe guidance Provided by Ihe Chwity Commission on public benefit. Th¢ priorliy 10 focu5 the 'fTUSt'3 $UPPOrt 10 benelil young scientists is seen a8 enabliM8 the ncxi generation 015cl¢nti 10 g4in valu8bl¢ knowledge Ihai will Icad to improvemenis in ihe efficiency of production of food and thc pro*¢tion and ¢nhancetn¢nl of the eTsvironmeffti. with bcncfits lo so¢i¢ty, not only in th¢ Brit15h Isle5 but alw throughoyt lh¢ w(krld. In particulur, Ihc Travrlling Fellowships lead lo the d¢velopmeni of ncw coniacts and training in new technique5 Ihai have potential for wide impact in th¢ Insiilut10129 and ¢ountri¢s of the Fellow5 conccrncd. The publicaiion of Fellows, rcport5 on th¢ Trust's websile also brings Ihc achicvcm¢niS of th¢ Fellows 10 & wide audien¢e. The MnfeT¢n¢es and oih¢r knowl¢d2¢ Iransfer ¢weni$.wpport¢d by the Trusi ¢n&bl¢ nAilon and ini¢mational auihoriiies on imrxJrtani ¢urr¢nt 155u¢s relating lo gr85514nd and land usc to pr¢s¢nl l¢cture5 and inicract wilh 5tud¢nts. s¢ienlis1s, advis¢rs and farnK d dIffellt v¢nu¢$ in the UK. Thls 1$ an importsnt eontributlon to knowl¢d6e tTin$f¢r with wide potentl&l publ1¢ benefit. FINANCIAL RKVIKW Investment polley objective5 Thi5 rCportI8 pcriod rcflecis a CDlltinuin8 rv¢overy of incom¢ from invesirnenls as well as an improvement in Ih¢ir value. There was margingl increase of £5.598 compored lo an increase of £10.924 in the valuation of the Tru51'5 assets b¢lwccn th¢ 51arf and end of thi$ reporting pcriod. Th¢r¢ wa5 an improvcm¢nl of £3.441 in wtal nU41 divid¢nd incorn¢ in Ihc y¢QT lo 30 Junr 2025. compartd with thE pieyiotss yeur. li Is the chaTItys pollcy 10 hold Inve$iments In order to generote sufficleni levels of incoine 10 cover futur¢ 8r4nts ynd fe51owships awarded. Tr Tru51¢es dccidcd al th¢ 2024 AGM lo mov¢ fund5 from M&0 Charibond and Ch&rifund intti ih¢ M&G Multi ASS Fund EO Brow Ihc valu¢ of the inYt5tmenl portfolio. Thi$ o¢¢urrd in Januiry 2025 after whith dividtrtds were rtinvesied In Ihe ¥alue of the fund's units tathcr than as ¢h income. Page I
St nmem rt of the Tru5t¢e YeAr Ended 30th Ju FINANCIALREVIEW Rtserves policy Th¢ Trusiee$ 5at13fi¢d thai the ch8rity'5 assets are available and adeqllate 10 fulfil 115 obligBiions. It 15 the policy of the Tru5te¢s to mBiniain sufficicni r¢5¢rves lo fulfil fuiurc obligation5 that may arise. The Trllsi 8cn¢rad interest and invcsimeni incoine of£34,981 in the yeoT£nded 30 Junc 202512024.. £31.3401. Fellowshi 024 CBrolTn¢ ILhmann. Edinburgh Boianic&l G2rden$ lo Yisil Univ¢rsiiy of Sydn¢y with & field trip 10 Cairns lo study pjsture ¢omposiiion 4nd ¢cology. É5.100 agreed bul subsequently deftrred due to PeY50nal issycs $0 monies weie ringfenccd for usc in future yeHrs. Hann&h Vtllin. UnsveT5ity of Ab¢rystvryth for a networking vi51tto Unlv¢TSity of Alberta Canada £4,000. d&te Provision was made of £6,000 for $iudentl8radua awards and £7.000 for Innovation award5 in 2024125 btsi Mne wer¢ award¢d durin the year. The Tn]sl made av&ilabl¢ the following gran15 in 2024123.. £2,000 wL% confirncd for the 2025 Symposium of the European Gr&ssland fedcrnlioo Vnivcrsiiy of Readin& UK lo be piid to British Grassland Soci21y who wer¢ running Ihe congress. £1.300 was award¢d to thr Brilish Gra851and Society for ils 2025 summcr confer¢we. £1.500 awardcd for BSAS Annual Mecling 2025 to jointly sponsors wlth BGS 2 Rrassland $s10Th$. Durin8 thc y¢Hr ¢nding 30 June 2025, lh¢ Tru51$ 10181 expendiiure wa5 £21,390 of which £13.704 w&% ¢haTliable cxpenditUTe. This representy 8 difference of +£13.391 1-£4.598. 20241 over incom¢ of £34,981. Other exp¢nditure in 2024-25 iotalled £7.B86. Th¢s in¢lu6cl the cost$ of secretarial 5ttvic¢3 Bnd expcnses IEJ,8551' exttminaiion of accoun15 (£6601. ond subscription to the AErl-Food Chariii¢s Partn¢rship1£4001. The Trum 15 noi VAT ffgi$tered. independent STRVCTURE. GOVERPIANCE AND MANAGEMENT Govtrnlng docum¢nt The SlJpl¢don memori Trust rrh¢ Twtl 1$ govemed by its Trust D¢ed document dalc4J 28th September 1962. amendcd by Deed OF Variation dat¢d 16 June 2007. Trustees and Commlttte Mtmbership The list of Trusiecs 15 5Ct out bclow. The normal pro¢¢dur¢ followed Js Ihot new Trust¢¢$ new Commiiiee M¢mb¢T5 nloy be prop05cd at the Annu41 fjtner Meeting. Prof M Gill untlnu¢s as Chair. Pag¢ 2
Tht Sti ledo emorifil Tr ort of the Trustees Rd dJOt 15 REFERENCEAND ADMINISTRATIVE DETAILS Regiittr¢d Charity number 21943 Prlnclpl Addre51 o GES-CONSULTING 27 Brownin8s Mead Dunsford ExCr EX6 7JJ Tru$¢ Professor E M Gill S Pe¢1 Dr K Topp Professor C Thomas Ind¢ppndzn EKAmintr F8rrics Kirk & M¢Vean Dumfri¢5 EnkTpfi5c Park H¢8ihhall Dumfries DUMFRIESSHIRE DGI 3SJ Banker$ Lloyd5 Bthnk Si James's Branch Lloyds Bank pl¢ PO Box 1000 BXI ILT CAF Bank Ltd 25 Kings Hill Av¢nue W¢51 MalliDg Kent ME1941Q Inv¢stment Managcrs M&G Chariii¢b PO Box 9038 ChBlmsford CM99 2XF Approvcd by ordcr of ihe board ef trusices on 4ih December 2025 and Signed on ils behalf by., Prol 5.2Q25Its.21IJgGMTI PTof¢55or E M Cill- Tru5tce P4gc 3
tnden The St oth ledfjn MEmorll Trtt51 Independent eARmlnor'$ report to the irusiees of Tbt StApledon mor11 Trst J rworl io the charity trustees on my exnmin&tion of Ilie accounts of The Stapledon Memorial Trust Idic Trust) for the y¢&T ¢nd¢d 30ih Jun¢ 2025. Rt4ponslbllltleg and bA¥ly ofrport A5 lh¢ thèrity trustees of Ihc Tt7J5r you aT¢ rc5ponsible for thE prep&rrttion of thc fjccounts in aceoTd8nc¢ with th¢ requ7M¢nts of thB Chariti¢$ Aci 2011 (the ACVI. I rewrt ID rspecl ofmy exarnin81ion of the Tru5Vs H¢¢ounts ¢arried out under Secilon 143 of the Aci and in carrying oui my cxamination have followed all Dpplicable Dircctions given by the Charity Commi$sion under S¢ction 14515llb} of th¢ Act. Independent ¢xllmintr'$ 3tgternent I havc complelcd my cxominalion. I wnfiTrn that Do mrttedd M(cr9 have wmc 10 my att¢nuon in ¢onn¢ction wlih the expthilnaik)n giwinE mc caw lo believe thai in any malcrial respect,. a¢¢ounting rewrd5 were not kept in r<S¢t of the Trust as reqoired by Section 130 olthe Act: or the accounts do not ac¢ord with Ihose rccords.- or the 8¢counis do not comply with Ihc appliGabl¥ r¢quiretnenis (x)ncernin8 the forni and conknl ofa£wunt5 561 ou¢ in th¢ Charities IAccount5 and Rewrtsl RegulAlions 2008 oiher Ihan any requinment ihal the B¢wunts give 2 llue 8nd fair view which is noi matter consid¢d as part of an independeni examin10n. J hAwe no concern% and hav¢ colne across no other mAiiers in connection with rhc examination lo which tsiieniion should be drawn in this report in ordcr to ¢nablc a propcr unthrstandingofthe 4¢counts lo reAch¢d. Mr Rodney PglTner BA CA Pa¢$ Kirk & Mcvcan DumfFiCS Enierpri5e Park Dumfrics DUMFKIESSHIRE DGI 3SJ 4th Dccemkr 2025 Page 4
The St ledon MemoTIAI Tr tHternent of FiDan¢iAI fDr Ihc Yt#r End th une2 2025 2024 Total fund5 unstrIcted rund Ntst¢$ INCOME AND ENDOWMENTS FROM Inv¢simeni iDcom¢ 34.981 31.540 EXPENDITURE ON ChJrlt9blÈ wctivltlt$ QranLS & Fcllowshipy Ptyable Governance Manag¢mBnt & adminisiraiion ofthe chaTiIy 13,704 660 7.226 29.653 624 5,861 Totsl 21.590 36.138 N¢t gAinslllo$sesl on inve51men15 38,961 NET JNCOME 3.J40 34.363 RECONCILIATION OF FUNDS Toial fund5 brought forward 602.658 568.295 TOTAL FUNDS CARRIED FORWARD 605.998 602,658 The no$ fom) part of these flnan¢io1 $i#tcm¢nts P4e5
Sedon MemDfiAI Tr B*lxttee Sheet 2025 Unreslri¢ted fund 2024 To121 funds Notes FIXED ASSETS Investments 576.978 571.J80 CU'RRENT ASSETS Cash al bank 43.085 37,759 CREDITORS Amount5 fallink du¢ wlthln one year 114.0051 {6.4811 NETCURRKNT ASSETS 29,020 31,278 TOTAL ASSETS LESS CURRENT LIABILITIES 605,998 602.658 NET ASSETS 605,998 602.658 FUNDS Unre5tricl¢d funds 605,99B 602.658 TOTAL FUNDS 60S,998 602,658 The financial 5tatcm¢nL% were spproved by the Board ofTrusieu and auihorised for i5SUe OD 4ih December 202J and were 5iBned on it5 half by.. E M Gill - Trustee The notes form part of Ihcse linancial sratemenls Page 6
emorlxl Tru$t e FlnAknclThl S Atemenls r the Yexr ETrded 30th 202 ACCOUNTING POLJCIE5 BA$ls ¥f prepArlng ilie tlnincifil stAt¢men¢l The financial 5tarncnls of Ihr chariiy. which 15 a public bcnefil eniily Under FRS 102. have been prepared in O¢¢OTdanc¢ with Ib¢ Ch&rities SORP IFRS 1021 'Ac¢ountinE and R¢porling by Charilies.. Siatem¢nr of RccDrnmrndcd Prociicc applicabl¢ to ch&rili¢S pr¢paring their 80ntS in accordantt with the Financial Reporting Si&nd4rd applicllblt in the UK and Rcpublic of Irelind IFRS 1021 leffcciivc l January 20191,. FinllneiLI Reporting Sisndord 102 'The Financial Rcporttllg Stond8rd appltcobl¢ In the L-'K and Republic of IT¢land' fjDd Ihc Charilit$ Aci 2011. The financial siaicmcnls have bc¢n pr¢p&r¢d under Ihe hiswrical ¢osl convcrrion, with lh¢ ¢xc¢plion of inve$EmenlS which are includ¢d oi markei valu¢. gs n)04ifi¢d by Ihe rrvaluaiion of certain a5S#15. Irjcome All income is recogni5¢d in the s[leTheRE ofFinaneial Activities once Ilie charity has entifl¢mcnr lo th¢ lund4 il is probabl¢ th$¢ the incorn¢ will k re¢¢ived and th¢ amouni c&n be mea5urcd reliably. Exptndlturt Liibilili¢S arc rccogniscd Qs ¢xpcndllu J5 soon fjJ Ihrre 15 a legbl or Eonsiru¢iive obligaiion committin8 thr churity to Ihii expenditure, li is probable that u lrnn5fEr of ¢¢onomic ben¢fil$ will be required in settlement orid ihc amount of Ih¢ obligation ¢8n br mcasured reliably. ExpEndilure 15 at£oiinied for on sn accruals basis and has b¢¢n ¢151r1ed undcr heodin8s thai &88tesaie dl st reltt¢d io fhe Caicgory. Where costs cannot b¢ directly attributed phrticultr headings they have be¢n allo¢at¢d ¢0 aclivilics on a bisis consisieni wilh the use of resourccs. Grants oITered subject io ¢ondition5 whsch have not bccn met at th¢ ycor gnd Nr¢ nol¢d &¥ a ommiimeni bvt noi ac¢rued as cxpenditur¢. Tx*tion Th¢ charity is ¢xempi from lax on its rboritobl¢ activi¢i¢s. FuDd 8¢¢ountin8 Unre51ri¢tcd funds can be used in accordance with the charitable obj¢thive5 ai the discretion of tht irusie<s. Restricted tund5 only for particu14r r¢strirl¢d purposcs wiihin the obj<¢15 Qf Ihc rhirily. Restrictions arlse when speciticd by ihe donor or when funds ore raised for paiticular r¢5tri¢t¢d purpoKs. rurther ¢xplgnation of the natur¢ ind purpos¢ ofearh fund is inrlud¢d in lh¢ llOl¢¥ 10 the financial Sta1¢#1% INVESTMENT JNCOhgE 2025 2024 Tnvesimcni inrome. M&G comtnon fund$ Inlrrc51 rec¢ived- managing agents wid bank 34,039 942 30.851 689 34,981 31.540 Page 7
The Sts led rnori l Trust Notes to the FiDgncial StHlements- con ded 30th June 202 CHARITABLE ACTIVITIES COSTS Grani funding of Isee note Support costs 41 Toials Grant5 & Fellowships Payoble Gov¢rnan¢¢ Management & adminisiralion of th¢ ¢harliy 13.704 13,704 660 7.226 660 7,226 13,704 7,886 21.590 GRANTS PAYABLE 2025 2024 Grants & Fellowships Payabl¢ 13,704 29,653 The iolal grant5 paid to institutions during th¢ y¢8r was A8 follow5.' 202J 2024 British Grassld So¢l¢iy ConfeyencB UDiv¢rsity of Abcrysiwyth EurotTh Grasslané Federotion Symp05ium Univcrsity of Rcading TEAGASC- Th¢ Agriruliural food and DcY¢loptncnt Authority BriiTrsh Society of An131 Science RoihaThst¢d Research A R05w¢II Roihamsied Rcsc3rch- B Hanrahan oiham51ed Res¢3rch- A Guzman Trinity College-Dublin Rothamsted R¢s¢artN. M Alenicov Alb¢rta University- H Vallin 3.500 1.500 2,500 2.000 3,524 5,100 1,750 2.500 3,730 2.750 1,979 2.300 i.joo lJ821 4.000 5,100 Sydney UnIr$ItY. C Lehmann 13,704 29.653 TRUSTEES, REMUNER4TION AND BENEFITS Thcre W¢T¢ no tru5tee5' tEinuneration or oth¢r bcn¢fil$ for th¢ ye8rend¢d 30ih Junc 202J nor for (he year cndcd 30th June 2024. Tru$leey expen$es Trusites, expenses r¢imbur%d in the year ended 3(hh June 2025 arnount¢d 10 £78512024 - £1071. Pege 8
Th¢ don Mtlllofl Tr eFI nelAI S for the YtAr E Oth ntl ComPATIVEs FOR THESTATEMENTOF FINANCIALACTIVITIES Unrestriclcd fund INCOME AND ENDOWMENTS FROM Inves¢mcnt income 31,540 EXPENDITb'RE ON ChRTItBblt a¢tlvi¢lei fjranls & Fellow511ip5 Payabl¢ GoveTnanCe Manègemeni & déminisiratioa ofihe charity 29,653 624 5.861 Tot•1 36.138 Nei gains on inve51mcnts 38.961 NET INCOME 34,363 RECONCILIATION OF FUNDS ToiAJ funds brtsughi forward 568.295 TOTAL FUNDS CARRIED FORWARD 602,658 FIXED ASSET INVESTMENTS inve5tmBnt5 MARKET VALUE Al Isi July 2024 Additions Disp)$$ Revaluations 571.J80 565.445 AI 30th Jun¢ 2025 576.978 NET BOOK VALU At 30th June 2025 576.978 AI 30ih Jun¢ 2024 571,380 Th¢r¢ w¢¥¢ no inY¢s¢m¢nL 8SS¢L8 outsid¢ th¢ UK Charifund AccumulDlion Charifund clinrind Income Multi A$set Accumulation Totol Valuatlon al l July 2024 Valuaiion ai 30 June 2024 £5,481 £0 £469,836 £0 £96.064 £0 £0 £571.380 £576.978 576.978 Hisioric cost19¢ 8 Apiil 20081 lal 2 February 20221 lai 31 May 20221 lat 31 Moy 20231 £415.752 £503,938 £519.690 £5,000 £67 £225 £5.000 £67 £225 PgBC 9
Tht StA Itdon MtmoriAI Tr¥it Notts to the FlnAnclAI SIAiemenis- contl for ue FIXED ASSET INVESTMENTS- continued CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Tr4d¢ creditOTS Oth¢r creditors 3.855 6.481 14.065 6.481 MOVEMENT IN FUNDS Nei movement in lunds Ai 30.6.25 At 1.7.24 Unrestricted fund5 Gencrnl fund 602,658 3.340 605,998 TOTAL FUNDS 602,658 3,340 605,998 Nel movcmcnt in funds. Included in Lhe abovc are as follows.. Incornirg resources R¢50urces ¢Kp¢nded Gains Ènd lo55e5 Movement Unre5trlt¢¢d funds Gcn¢ral fund 34.981 121.5901 3.340 TOTAL FUNDS 34,981 3,340 CornpAr*tlve8 for movement In fund5 N¢1 movcmeni In funds Ai 30.6.24 At 1,7.23 Unrtstricted thnds General fund 568.295 34.363 602.658 TOTAL FUNDS 568,295 34,363 602,658 Comparntiv¢ net moYcrKnt in fund4 includ¢d n the above ar¢ 0$ follows.. Incoming r¢SOUT¢¢S R¢sourc¢s ¢xpcnded Gains And l)$ses MoY¢tn¢Dt Unre$¢rleted funds Gener21 fund 31.540 38,961 34,363 TOTAL FUNDS 38,961 34,363 Pfig¢ 10
he Sta rl*l Trust f r the Yefir Ended 3Dth June 2023 10. RELA TED PARTY DISCLOSURES There were no related wrty Iran5a¢iions for the yeorended 30th Junc 2025. P¥ge 11
The Stx ledon Memorlal Trust DetRiled SIA fthr the Y en¢ ¢f FlnAn¢lil Actlvl les RrETr 2025 2024 INCOMEAND ÈNDOWMENTS Inwcytmtnt ineome Inv¢slm¢Di income- M&G common fund5 llllerest rtc¢ivcd- manttgin8 entS and bgnk 34.039 942 30.851 689 34,981 31.540 TDtil incoming r¢50urce5 34,981 31,540 EXPENDITURE Chi¢#ble aetivlties 13,704 29,653 Svpport costs Managem¢nt Sundri¢$ l.lonorwium 2.801 3.000 3,855 7.166 5,801 Finince Bank charges 60 60 Govtrnibte eo$ts Accountsncy and l¢gal fe¢5 660 624 TolBI resources expended 21,590 36.138 Net Intomellexpendliurel beforn g#lns A Trd losses 14.5981 Rtnllsed rtCOEnised gAln$ #Nd lo$sts Rcali5¢d gain5111053csI on fixcd a5xI in¥esuxcn¢5 121,584) NEI expendlturt 14,5981 This page does not foryn part of the sratutory tinAncial 5ta*m¢DIs Page 12