REGISTEREO CHARITY NUMBER: 263095 RÈ ort of the Ttee9 and Unaudlted Flnaneial Statemènts r The Year Ended 30 Movember 2025 Th• Anlmal Dèfencè Trust TC Bromhead Limited Har5combe House 1 D8M8ke View Plymouth Devon PL6 7TL
The Animal D•fence Trust Contents of the Financlal Strtements For The Year Ended 30 Novembgr 2025 Page Report ofthe Trnstees Independent Examingrfs Report ststgm¢nt of Financial AetiYTties Balance Sheet Notes to the Flnancial Statemerts 7 to 13
The Animal D•f•nc• Trust of the Trustees r Thè Yèar Endèd 30 November 20 The trustees present their report vitth fina1[ slatsments of the tharity for the year ended 30 November 2025. Thè trust8es have adopted th& provisions tsf Aco)untin9 and R8wtng by Charities: Statement of Recommended Practice applicable to tharities preparing their accounts in accordan wth the Final Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) {effective 1 January 2019). OBJECTIVES AND ACTIVITIES Policles and Oblectlves The objècts of thè ch8Eity arè: 1. To protect anirnals from cruelty aThJ Slrffering and to promote humane behaour to animals so as to reduce the sum total of pain and fear inflicted upon animals by Mkind. 2. To promolg 8nd publish sUlts of rosgarth d8rt8ken wth a vigw to discovering mgans. as far as pos&ble, medical biological phamaceubtxl and other searth may be carried out without the use of animals and whebY as far as possible any pain and fear suffered by animals used in 0)nneCt therewith may be eliminated or reduced. 3. To assist in the e$t8blishment ar mainten8nc of 8 body of inspe(ots to ensure th anim81$ transported to Ilo¢ks, itports, markots, auctK)n sales, exhibitions. ¢iirus shcws arld other places. events and tneeling5, ar¢ transported in proper and hurnane condrtions and Ihat animals are actx)mm(xIated prtjperfy arHI humanely wherevet they may be. The charity operates throughout England aTrJ Wales. In addition, the charity, may from time to time, operate in other countries such as Egypl, France, India, Israel, PortLigal, So)Itand, Greece. Garnbia and Nepal. In setting objectives and planning for xtiwlw. the Tnjslees lve given due o)nsideralion lo gene[ guidance published by the ChaTty Commiswgn relating to wbliG befil. induding thg guKlae 'PubliG b¢neffit'. running a charity IPB2}'_ Grdntwmaking policies The eharity continued over the year. in accordanc8 with thè Tnjst Deed's obiects. the Trust88s' policy making grants to approved registered tharities operating in the field of Animal Welfare in ihe United ngdoM and occasionally abroad, and generally supporting speofic approved capital woiecls and such other registered charities. This year 52 grants W8re given totalling £85.000. These grants were all m&le to take public benefit needs llY into account, wth the Trusteès having taken note Df the Charity CommÈssi¢n's guthnce on publi¢ benef ACHIEVEMENTS AND PERFORMANCE Review of activities In sceordancÈ with the obiÈcts of the Charity the Trustees (x)ntinued vthh their of m8king eash grants to other gènèralty sm8118nimal th8riti8s who Ca for animals whid) have undèrgone suffèring and ¢ruelty before bein9 reso by 5uGh charities. Investhgnt policy and perfornianoe Rathbones Inveslment Managemenl Limited manages the Trusys rm)rtfd of investments on the Trustees. bÈhAlf. Thè Trustees have chosen io invest the fijnds of the thaTty in a combtnatioo of listed investments and holdings of units of the Charities Propety Fund lch produce. frorn suGh property investrnenls. quartetly returns fot the thaity over and above the rtfoliO investment incorne, with total retum on listed and unlisted vestments of 3.86Yo {2024'. 4.31%). which collèdivèly thè Trusteès Consider to bè reasonab in the currt market Ix)ndition. FINANCIAL REVIEW Reserves policy The Trustees have established a poficy whereby the resources the charity has available to spend for all the charity's purposes is retained. On it has mel its commitments and o)vered its planned expeThYiture. The income available lo the charity is to be spent al the Trustees. discretion in furtheran of the thaTity's objeGts after settkmenl gf the designated or committ8d expenditure. The Ttust¢es endeavour lo maintain a l¢vel of reserv¢s suffitsent to ensure that the Trusletrs ai¢ in a postion to provide a cons5Stent level of annual charitable grants to other animal char"rties. The Trustees look tD retain eighteen months of avéragè expènditurè. exduding grants paid, in free reserves Free reserves correlate to n8t current assets. Going ¢tsn¢¢m After making appropriate erquiries, the TTUStees have a reasonable exFeCtation that the charity ha5 &Yequale fesources lo contsnue in operational exslence for the foreseeable fijlure. For this reason. they continue to adopt the going concern basis in preparing the financial stalements. Page 1
The Anirnal Defence Trust Rè rt of thè Trust••s For Tho Year ErKled 30 NOVemr 202S FINANCIAL REVIEW R•vl•w of financial activity The charity's income for the year is £66,267 and cx)nsisted of investment income of £Sg.268 and legacy income of £6,999. Charstable aclivities and governan costs amoLbnted to £109,02S which resuKed in a loss of £42.758 of net resourcos before investrnenl disposals. STRUCTUR4 GOVERNANCE AND MANAGEMENT Govemlng dwumgnt The charity is controlled by its govemirvj document, a deed of trust and consiiiutes an unincorporated charity. Constltution Thè tharity is constitLrted under the Trust Deed dated 21 Septemter 1971. The chanty was wistered on 26 October 1971 and is a ws1ed charity number 263095. The rAineiplÈ (knjèct of thè tharrty 1$ to prode grants to srnaller animJ weffare charibes, wce thè maktng of a eaptal grant to them 8d)ièvès rèal improvements to thè animals In thÈir Therè have been no changes in the obieth.ves sirTrce lh¢ lasl annual reporL Meth¢xI of appointmènt or èlèction of Trustees The management ofthe charity is the SpOnsIbl11ty ofthe Trustees who are elected and Cpted under the tems of the Twst deed. The Trustees are aware of the ld to co¥jer the app0NitrrnI of r¥ Trustees anil arB alway5 QkIng for sutt8ble ¢andidales Organisational structure and de¢j•)n4nakOng pollcles All deasions relating to the charws management and administration are taken by th8 Trustee5. The chaTty has continued ils lIcY of making. as many as ffinancialty PTudent, grants avali able lo assist Sm811 ratNtal projècts of othw animal wèWarÈ charthes. Risk managernent The Trustess regularty monitor the aCtive$ of the investment o)mpany used to invest the Charities assets and also ensure that Ihe total of any grants made in line with the income from suth inv8Stmen15 less the necessary running costs of the Charity. REFERENCE AND ADMINISTRATIVE DAlL$ Re9iStèrÈd Charity nurnber 263095 Prlncipal address 1A Dolphin Court Road Plymstock Plymouth Dovon PL9 8RS Trustees iss M Saund8rs Mrs C BovAes MBE Plr R Vines Mr A Meyer Mis K PlcKechnie Independent Examiner TC Bromhead Limrted Harscombe House 1 Darklake View Plymouth Devon PL6 Page 2
The Animal Oefence Trust Re rt of the Trustees r Thè Year Endèd 30 November REFERENCE ANO ADMINISTRATIVE DETAILS Solicitors Horsey 9hY 2 West Mills Newbury Berkshire RG14 5HG Stockbroker Rathbones Investment Management knmited Port Of VerpoOl Building Pier Head Liverpool L3 1NW Trust Secretsry Mr R Stokes Approved by order ofthe trx)8rd of trustees on 24 June 2026 and signed on its behalf by.. Miss M Saunders- Trustee Pa9e 3
endent Examlngrfs Re rt to the Tnjstees of The Animal Defence Trust I report to the trustees on my exarnination of the financial statements The Anima Defence Trust {the charity) for the year ended 30 November 2025 RegponsÈbilities and basis of report As the tru5tee5 of the tharity land also its diredors for tre purposes of o)mpany law) you are responsible for the preparation of the finan(ial ststernerts in accordance wtth Ihe requirernents ot the Companies Act 2006 (the 2006 Adl. Having satisfed myself that the finan(aal statements of the charity are not required to be audited under Part 16 of the 2006 Act and 8rÈ Èligible for independent exarnination. I report in respecl of my examinatH)n of the charitys financial statèments carried out under sèction 145 of thè ChartbÈs Act 2011 (the 2011 Act}. In caryng out my examination I have followed all the applicable Directions given by the Chartty CommissTrgn und¢r %th"on 145(Sllb) of the 2011 Act. IndendOnt oxamlnèrfs statement I have completed my examination. l Cortfimi that no matters have to my attention in ¢onne¢tion wlh the examination giving me cause to believe that in any rnateri respect - accounting records were not kept in respect ofthe charity as required ty section 386 of the 2006 Act.. or - the financial statements do not aord wlh those r8(xJrds', or - the financial statÈments do not eornpty with the aco)unling requirerrEnts of section 396 of the 20C6 Act other than any rèquirement that the accounts give a true 8nd fair Nrye4V which is [t a matter considered 8$ part of an Independent examination., or - the financi81 slatements have nol been ppared in accordan(£ Vth the methods and principles of the Statement of Recommended Pr81#ice for accounting and reirJ by charibes apF4jCab to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021. I have rto ¢oncems and havÈ c£JmÈ arm33 no olher matters in c£mnecbon the examinalion to which attention should be drawn in this report in order to enaN¢ a woper un¢Jwstsnding of the finaniial statsments to be rga¢h¢d. es Groves FCA TC B¥omhead Limited Harscombe House 1 Darkl8kÉ W Plymouth Devon PL6 7TL Pagè4
Th? Animal Dgfencg Tryst Slatement of Flnancial Activitie5 For The Year Ended 30 November 2025 30.11.25 Unrestricted fvnds 30.11.24 Total fijnds Notes INCOME AND ENDOWMENTS FROM Donations and legaaes 6,999 28,550 Investment incomè 59.268 61,723 Total 66,267 90,273 EXPENThTURE OM Charltable actlvlties Protection of anirnals 109.025 129,171 Nat gains on investments 94,671 73,188 NETINCOME 51,913 34.290 RECONCIUATION OF FUNDS Total fijnds brought forward 1.511,874 1,477.584 TOTAL FUNDS CARRIED FORWARD 1.563.787 1,511.874 The notes form part of these finanual statements Page 5
Thè Animal Defence Tntst Balanc• Sh•&t 30 November 2025 30.11.25 Unrestrlcted funds 30.11.24 Total nds FtXED ASSETS Investments 1.509,910 1.431,212 CURRENT AssErs Debtors Cash at bank 4,506 52.565 18.549 69,155 57,071 87.7Q4 CREDITORS Amounts falling dl vitlhin one year 13,1941 (7.0421 NET CURRENT ASSETS 53,877 80,6e2 TOTAL ASSETS LESS CURRENT UABILrriES 1.563,787 1,511,874 NET ASSETS 1,563,787 1.511.874 FUNDS UnrestriciÈd fvnds 1.563,787 1.511,874 TOTAL FUNDS 1.563.787 1.511,874 The finanaal statements were approve(I by the Boarij of Trustees and authOre for k%sue on 24 June 2026 and werg signed on its behalf by.. Miss M Saunders- Trustee The notes fomi part ofthese finanr#al statements Page 6
The Animal Defence Trust Notes to the Finan¢i¥l Ststgmgnts For The Year Ended 30 Novembor 2025 ACCOUNTING POLICIES Basis of preparing the financlal statements The financial statèments of th8 charity, whth is a pu1¢ benefil enlty under FRS 102. have eTh wepared in aecordance with the Charities SORP (FRS 102) Accounting and Reporting by Charibes." Statement of Recommended Pradice applicab to charibes preparing their 8ccounts in accordance with the FinanGial Reporting Standard applicable in Ihe UK and Republi of Ireland IFRS 1021 (effective 1 January 2019).. Financial Reporting Standard 102 The Fin8n(ial R¢porting Standard applicab in the UK and Rewblic of Iieland, and the Charities Act 2011. The financial slatemerrts have Wn prepared under the historical cost convéntion, wfch the exception of Ènvestmènts which afft Inded al market value. as modified by the rev81uab.on of wtain assets. Incle l income is recognised once the charity has entrtknErrt to the income, li is probab that the ine£JrftÈ will b& received and the amount of income recetvable can be rneasu rdiably. Thè récognition of income Irc4n the legaues is dependant on establishing entiuetnent. the probabilty of receipt and the ability to estimate th suffiaent acoxacy the amount rwxwable. Eviden( of 8ntid&ment lo a legacy exists when the charity has suffic4ent èvidÈneA that a gift has en left to them (through kno¥edge of the existence of a valid wll and the dealh of the tEn9fr) and the executor is satisfied that the propÈrty in question wll not be requiied to Satisfy daitns in the estate. ReIpl of a legw must be recognig8d then it is probable that it will be received and the fair value of the amount receivable. which will generally be the expected cash amount to be distributed to the charity. can be reliably measured. Inwme tsx recoverable in relation to investment income 15 rewnisèd at thè timè thè invesbnent is receivabte. Expenditure Liabilities are recogni5ed as expenditurè as sn as thère is a legal or constructive obligation c4ynmitling the charity to that expendrture, it is probable Ihat 8 transfer of orniC LErEffts will be required in settlémènt and the amount of the obligation 13n be measured rèliably. Expenditure is accounted for on an ae£ru8ls basis and has been ¢lassified under headings that aggregate all o)st related to the category. Where cannot be diredly attributed to partIlar headings they have been albcated to activities on a basis wn5islent wrth the use of iesour¢es. Grants offered subject to conditKJns vthich have rt been met 81 the yoar date are noted as a commil¥nenl but not accrued as expenditu. Tax•tlon The company is considered to pass the tests sel out in Sch. 6. para. 1 of the Finan Acl 2010 and therèfore it meets the definttion of a dTatÈtable company for UK cLYporation tax wrposes. Accordingly, the company is potentially exernpt from tsxation in rÈswt of coMe or capital gains received within categories wvered by Pt. 11, Ch. 3 of the Corporation Tax Act 2010 s. 256 of the Taxation of Chargeab18 Gains Act 1992. to the extent Ihol Such income or gains are applied exdusivety to charitable pur$@S. Fund accounting Unrestricted funds can be used in a¢x4KdancÈ with the caritable obiethves at the discretion of the tsustees. Restricted can ofity LE u%d for patbojlar restricted putposes within the otyects Df the ¢harity. Restrictions arise when speryfied by the donor or when funds are raised for particular restricted purposes. Further eW8nation of the nature and purpose of each fvnd 15 induded in Ihe TTrOtes lo thè financial statements. Investments Investments are a form of basic ffinancial inslrumenl arKI are in8[ recognised at their transaction value and subsequently measured ai their fair v81u8 as at the balance sheet date using the dosing quoted market price.The statement ¢f frrtan¢>al actitr"e$ indudes the rt gains and losses afising on revaluation and disposals throughout the yeai. ThÈ charity does not acquire put options, derivatives or other ComeX finanual ins1tumenls. 1 gains and losses are taken to Ihe Statement of Finan031 Activib"Ès as thèy 8rise. Realised gains and Ios8es on investments are calculated as the difference beern sales pro(£eds and thr opening carrying value or thèir purchase value if acquiTed subsequent to the first day of lh¢ finanGial year. Unrealised gains and lossès 8re calculated as the difference between the fair value at the year-end and their carrying value. Realised and unrealised investment gains arKI losses arè Combined in thè Statement of Firk2ncxal Aciivities. Page 7 continued...
Thè Animal Oèfèneè Tntst Notss to the Financial Statements- continuad For Th• Yèar Ended 30 November 2025 ACCOUNTING POLICIES- continued Investsnents The main fomi of ffinancial risk faced by the tharity is that of volatilty in equity markets and investment markets due to wder eo)nomic conthtN)ns. thè attrtude of investots lo investmenl risk, and thanges in sentiment conceming equities and wrthin particular sectors or sub sectors. INVESTMENT INCOME 30.11.25 30.1124 Listed investments Unlisted investments Deposit account interest 43,130 15,101 1,037 41,901 19.822 59,268 61,723 All inveslmont income in both Ihe wrrent and preNiOUS relate to unrestricted fvrwjs. TRUSTEES. REMUNERATION AND BENEFrrs There were no trustees, remurwation ot ottw ine$ the year ended 30 November 2025 nor for the y8ar ended 30 November 2024. Trustees. exp•ns•s There were no trustees. expenses paid for Ihe year ended 30 NOveMr 2025 nor for th8 yèar endèd 30 November 2024. HXED ASSET INVESTDAENTS sted inveslments Unlisted investmet)ts Totals MARKET VALUE At 1 DeTrmber 2024 Additions Oi5posals Revaluations 1.120.966 119.985 1135,9581 88.164 310.246 1.431.212 119,985 1135,9581 94.671 6,507 AI 30 Novembèr 2025 1.193.IS7 316.753 1,509.910 NET BOOK VALUE At 30 November2025 1,193.157 316.753 1,509,91 At 30 Nov8mber 2D24 1.120, 310,246 1.431,212 Investments at market Val compnse.. UK Oversea$ 2025 2024 Listed Investmenis Unlisted Investments 465,329 316.752 737.830 1.193,159 316.752 1.120.967 310,245 Total Markèt Value 772.081 737.830 1.509.911 1A31,212 Investrnents that make up more than 5% of tots] m8rket walue atx)ve are as follDNs'. 2025 2024 Gharilies Prcpety Fund (Unlisted) 316.752 310,245 Page 8 continued...
The Animal Defon¢e Tt Notes to the Financial S13tements - eontln For The Year Ended 30 November 2025 FIXED ASSET INVESTMENTS- continued Cost or valuation at 30 November 2025 is Tepresented by. Ustèd Unllstsd Investments Investments Totals Valuation in 2020 Valuation in 2021 Valuation in 2022 Valuation in 2023 Valuation in 2024 Valuation in 2025 Cost 261,536 113,586 197,756) 192.681} 76.952 65,693 865.827 1 S,397 22,406 40,171 (59.8241 (12.1221 6,507 303.218 277.933 135,992 157,5851 1152,5051 64.830 71200 1,169.04S 1,193.157 316.753 1,509.910 Ilfixed asset investment5 had not been revalLwI they would have been included at the following hisriCal cost.. 30.11.25 30.11.24 1,169.046 1,162,547 Fixed asset investments were valued on an open market basis on 30 Novemb 2025 by Rathbones Investment Management Limited_ DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 3D.11.25 30.11.24 Other debtors Prepayments and accrued income 1.850 165 18,549 4,506 18,549 CREDITORS: AMOUNTS FALUNG DUE YdlTHIN ONE YE4R 30.11.25 30.11.24 Other credrtots 3.194 7.042 MOVEMENT IN FUNDS Nel At 1.12.24 rHgvemetrt in fuThJs At 30.11.25 Unre$trl¢ted fund$ Pr(Tr18trAion of anirnals 1.511,874 51.913 1,563,787 TOTAL FUNDS 1.511.874 51,913 1,563.787 Page 9 continued,.
The Animal Defence TnBt Notes to th8 Flnanclal Stat•mènts- contlnuad For The Year Ended 30 November 2025 MOVEMENT IN FUNDS- eontinu Net movement in funds. included in the above are as follo.. Incoming resour5 Gains and losses Movernenl in funds expended Unrestri¢tsd fvnd$ Protectn of animals 66,267 {109,0251 94,671 51,913 TOTAL FUNDS 66.267 (109,0251 94,671 51,913 Comparatives for movement in funds Net movement in funds At 1.12.23 At 30.11.24 Unrèstricted funds Protèction of anim81$ 1,477.584 34.2 1.511,874 TOTAL FUNOS 1.477.584 34,2 1.511,874 Comparative net movernent in funds. induded in the above are as foll¢yws.' In(xxning resour Rèsourc8S eypended Gains and losses Mov•m8nt in funds UT]restricted funds Proledion of allimals 90,273 (129.171) 73.188 34,290 TOTAL FUNDS 90.273 1129,1711 73,188 34,290 A currant year 12 months and pnor ar 12 monlhs nbInÈd posttton is as follows. Net movement in funds At 1.12.23 At 30.11.25 Unrestrlcted funds Prolethn of animals 1,477.584 86.203 1.563,787 TOTAL FUNDS 1,477.584 86,203 1.563,787 A rr8rnI yéar 12 months 8fKI prior year 12 rrlonths cMbIne(l net rrovement in fvnds. ir7clud8d in the abovè are 8$ frjllows.. Incoming resour ResOU£S expended Gains and losses Movement in funds Unrestrlctsd funds Protection of animals 156.540 1238.1961 167,859 86,203 TOTAL FUNDS 156,540 1238.196) 167,859 86.203 Page 10 continued...
Thg Animal Defence TTrt Notes to thè Financial Statements- continued For The Year Ended 30 November 2025 RELATED PARTY DISCLOSURES During Ihe yèar. 8 grant vrds made of £3.C(X) (2024 - £4.C4)0) to The Dartsnooi LivestoGk Piolection Society, of whith Miss M Sauers is also a Trustee. In addition, ttrere were no grants madè 12024 - £3,(1111 to Woodside Animal Weare Trust of which Mrs C 80e$ MBE and Mr R Stokes are trustees. There werè llo Other relatèd paty transactions to report in the year. Page11 continued .
The Anlmal Defen¢e Tnt otes to the Flnanclal Statements . contlnued For The Year Ended 30 Novernber 2025 ANALYSIS OF GRANTS Name of institution 2025 2024 Angels for Animals Angels4Dogs Animals in Need Animal Rescue Cumbria Ark Angels Avids Angels Barn Owl Tnjsl Blyth Wildlrfe British Hen Bulldog Rescue Bunny Angèls Care4Cats Care4Cals Ibiza Cats in Distrèss Cats Protection Cavaliers in Need Cetacean Research Ghats de Quercy Cuan Compassion in Worfd Farnwng Dartmoor Livestock Protection Soaety Dathoor Zoo Daybreaks Trust Feline Fur Babies North Walès Feline Nethrk Felcher Dog Flon8 Animal Rescx Flick8 Flori's FrierKls Rescue Forever Hounds Trust Freshfields Anirnal Rescu& Friends of Inti Wara Y Gambia House Globakeer Greenwch Wildlife Hart Wildlrfe Hedgepigs and Hoglets Himilayan Animal Res(xJe Tnjst Hoofprints Hope Rescue Intemational Aid for Protechon and Welfare of Animals InlematiorI Animal Rescue International Otter Survival Kotor Kitties Les Chats de Mercantour Littlest Lives Maria's Mayhew Pawprinls Dog Resoje PDSA Prevent Unwanted Pels Prickles and Paws Prickles Hedgehog Rescue RaInfeSt Concem Rain Rescue Ravens Rescue Refuge4Pets S8fe Havén for Donkeys Sawng abandoned fly grazing 1.ts)0 1.000 1.000 1.000 1.000 1.000 1.500 1.000 2,000 1.000 2.(K)O 2.000 1.000 1.0ty) io 1.000 2,000 1.500 2,OOD 2,000 4,000 4,000 3.000 1.000 2,000 1.000 1,OOCI 1,000 2,OOD 1,ODO 1.000 1,000 1,000 1.000 1.000 2.IM)O 2.000 2,000 1,000 1.000 1,000 2.000 2,500 1,0 1,QOO 3,(M)O 5,IX)O 2.000 4.000 1,000 2.000 1.000 2,000 2,000 2,000 1,000 1,500 1.000 2.000 1,000 1,500 1.500 1,000 1.000 3.000 2,000 3,000 1,500 1,500 1.000 2,500 1,500 Page12 continuÈd...
The Animal Defence Trust Not•s to thè Financral Statements . continued For The Year Ended 30 November 2025 ANALYSIS OF GIiANTS- contin Sawng and hOrning Starys Simabo Soulhem Thailand Elephant St Francis Swan Lifeline The Brooke Hospital forAnimals The Hutnane League UK Tia R8scue Tree of Life UK Wild Otter Trust Voice of Animal Nepal War Paws WECare Worfdwide Wildfthur8s Wild Touej) Woodside Animal Weffare Trust Worldwide Vet. Senrice Wythall Animal Sancjuary Yorkshire Cat Resoje 2.CN)O 5.000 5,fy)o 1,000 2,000 6,000 1,000 3,000 2,000 2,000 2,000 3.000 2,000 2,000 1,000 2,50D 3,000 2,000 1,000 1.000 85,000 Y2,000 10. INDEPENDENT EK4MINER'S REMUNERATION 2025 2024 Feès for the prepaialion olthe charitys annual accLJunts 1.104 1,050 Fees for the independent exaJnination of the tharivs annual accounts 2.090 1,990 Total independent examiners f 3.194 3,040 Page 13