REGISTERED COMPANY NUMBEIL: OIA45214 IEn8land and Wakn), Bri8hts)n Fast Sussex BN2 9QA
IELYrtnC EXPlnR R THE YÉAR 311JUNE 2025 Rqx)rt ofthe Trn51ees I to 6 Indepdeftt Eer,$ Rewrt Balance Sheet 11 to 15 16
tbe fiTwicial srateKll of tbe cknity for tbe ye4r etsjed 30 Jutse 2025. The trustees bave thpltyl & provisions of .accoi]nts in accokn with the FinancIal.Re StaThl8rd appliLxb!e in th¢ UK alld Rlic of Ir¢l4Dd (FRS. Iir2) (effective L JaDUOry 2019). . , Objectlves 4Dd.81Ths , Th¢ obje¢tive8 of the Charity are kn prot1tr. and exo1t10rts for the explthatsll of dIllg regions of..the eatth for the puq)ose of advancing k11 0£ ct search or for tpU4C.0f ducatiD8 iDdividuak i 88 photogr4>14 .fi]tDS gnd ixM)ks d¢Tiv¢d from th¢ &tIvit of Scicnt& Explorati siety. (Imtion Ralcigh PmmotioELS LiEtJited is n¢)w &ikKmant L))SJPW. blle benefit Fffi l April 2008 section 4 0! the A#.2011 rrypir¢s. all clwities to mcd the4egal requimn¢nt th2t.its aims . two key priticxplu to iu i)Tder ts show all oryanikn¥ #ints are for the bIl¢ firy. thete must be an idtirje iKnefit and sec0ndty.thataefitmrf1Xto th<public ora &e¢Yioll" ofthe .b]i The Tll CODfitm thot.lhey have LX)mplied with tbe in srftic 4 of tbe (]witi&s Act 2011 k) bav¢ r¢g0rd to pub]ic benefit guid8[ pubiished by the &tsin1 the tivItte$ widertsken by the eIrity. Tr TruSts are satisfol that the aink8 and ObjIlyeS of the cknity, &tiviti&s on abDve to aehiev¢ those alw6. med theinle&
ChaAt8bJe activities "The Society". now rnainkn its B. FU 8d up t£) the 40th yw of &yfiC ExplolI)n...8iety 8ivJ.'to supplrt yOUll8 explorus 'cwing on the tiaditicqi of pioneering leada5hip and scicnlific ¢Ap1J0 This . y&s Explorer Awards Presenthon Evelli the Oxars" of Explor•10 was held in (ktithr'2024 8nd wa8 IJ. for tbe thti year nllllting by the Royal College of Sg. SLK SFS Explorw Aw5 were presented ttTr (k5erving wIDr8. totalling43so, toWPionea5 with PUe lekngthe following eXF4]' ' SIR CHARLES BIL)IS EXPLORER AWARD FOR SCIEN & ADVETrai M> Fjic W¢itr¢l . 'ATC])aeologj ProJ'e£l (MonteDegro). ' ELODJE, SANDFORD EXPLORER AWARD FOR AMAIEUR PHoRAPHy Mita]i. Shukla: ' ExF•Jition Palawan (Plulippin¢s). qin Kapua8 Hulll(Inthmesia). LostMot)key of th¢ Clouds IPwA ' 0 EXPLORER AWARD FOR, WCUPATIONAL & ENVIRONMENfAL IIEALIE 'DanIel Grace.. Living5toDe Revi8ited 2024 (Zattthia). ' SES EXPLORER AWARD FOR INSPIBATION & SCIENfiFIC TBAILBLAZING Alyssa Sargent Hummingbrd's "Eye View (colon111 ' SR8 YOUNG ScIEIFIc EXPU)RERto Jxk Dalt¢K4 DWJty&pX[JbY Pctsand JUDE F¢liL . SES PIONEER wrrH PURPOSEto DrPauia KalLUt[th. ' JOHN BLASHFORD.SNEtL EXPLORER to Eua Al-Sbamah4 5EK)ThYMEdbyThede Iaszlo Fowidati(llL ' . SES LtFETIME AcHvEmENT to Sir RaDU]ph FieDTK4 prOj1Y by all]1)ph Wri8btFRG& SES is extsEuKty 8rntebJl to its Explcrtr Avmd artd How Aw8td SpllsS. the SES Awaftls Cotttsftittee, d. the Headline SpofjwRS Couege of&wts. for young individua]s from le&8 adv8nts8ed bxkwnds tn the UK to cznb2rk on traDve volunteerin8 otwMThiti¢s atroa(t River ExdItion * tbe Royal Gwpknl rnisti)8£9J49. J8DW saw the lauDctrL of a rKw SleS to enable ow cottllnwllty to get to know our atiwitig family of explorg5 nd to entertai4 iDfi)Tm and insptre. (tr are available and ots 811 the key platf(mDs ittc111Trg Spotify. m810 P(ylBc4 PIMkba5er, Awle and YouTul ' Epith l . Ra5ie StatKer (Bn"iith explorer pl8r *lveutrn WIK) has &hIeV Y'ts, and wcdd-bThknng World Rtcord8 ill January 2(Y23. the longest solo 0WaY lar ski jounKy for and thc longest 8010 Upp(thl one•way polarskijoumey oveAll). ' Episode 3. Lw Shepherd (Britith &wlorer Twh) picAK¢rn women in exp1orntl( aThl explorts the uncharted places cffl our planeL Sh¢ films and Tite$ abwt ]w exp&jitiOs cttating uplifting and thou8ht4Kovoking conient that illspires ihe
RATION RT by the followtng iodividuals forwbichwe are truly efvL. . ' Colond John B]ulJfoTd.Sn¢ll CBE ' Peter Felix CBE '. June Howell-Jones Gail Lloyd ' Robat Atwotei fiTSt time by our new Paw His Royal Hi8hw Th¢ txthe of Edmw Updates and progre reports were 8iveA by Pctcr F¢lix. John B]ashfor&Sn¢ll And DwJie] winner of the Ollea Expltr¢r AwaT(L We welcomed four new mbus the Adyiry.BLWrd: ' TJ H4lbertsma ' D8ni¢l Leeb ' Prin¢¢¥s A¢[1 So1 , . Tn Fetrv&y.:Pet¢r Felsx h&8ted en Ameri Friuth of SFS fiTthwD8 dinKT in the USA which the. impressiv¢ ,8um of $24.500 48 well As rai5in8 awaret thtse of SES. Thi3 r¢suityJ in the lauh of the ATncricJn Friends Explw )rmry award proudly sponwred by Lig 01 court P which will be pff8Oted the 201$ OsLif8 of Expl(ttiionpre8¢ntalRon evening alon88ide all the oth¢r The SES CLmwnlry enitiy¢d 4 full progTonTh of it)8piMtlon Explrrff Seri¢5 tslk4 held at the Holl¢Od Arn15 in LondotL We are hugely 8U our spakus who sa0]Y we up their ttme to she ther riveting ¢XErdition ' Oli Fran¢¢. Ihary ofaD Expedi¢1{ L¢pAIEt ' James Ketnpton. E¥peditioD Cyclqjs '.Dr Catherille Hauw. Effc¢is ofLd An]rn Huotrg ' William de L0. GB Row Ch8Jl¢Dg¢ ' IS Kenyan- A Worl&Fit¥t EeAdvallE ' Bth. Hender50n. Into the Green Aty ' Torn Allen. The TranscallAA Trnil ' Dr Rosa va4ue£ EspiDm. Am87Mian StiD8le&8 Be The publisl*d the editmm of ity di8itsl pth}it•tio. Espl(ntion Rle1£ in.SepthE¢r 2024 . a hybrid ngazIne thAt. aims to adVat knowled8e. alxW arml pmide pecr.tw suEwt for. scientific and adventtwe&led expeditions. It.h&s been"created witb a view to IcarniD8 through 8b3rry] expuieiw ard the wyiti8 on or knowled8e. ¢XpItiOns led by John B18sF&¥t1l. Thc So¢iw utiitC5 with hi quality. itrA)vth aThl PiLKKCTtng SentifiC expltiOn by ekninB indwdently4 . Roy ChapJDanAndrew8 Le8xy FdiOn (m(&011a) . Global Atm05ts Pl45tlG5 Survry (GAPS) ' GB RowChallt (unilKIn8dLMD)
NTIFIC EXPU)RATION S ETY PORT A{10 P¢N (Peru) ' ' Sutsi Khairkban Expedition (MoR)golial ' Closinu the Cwy Research Gap in WtstAfrica (Ghat)I WestAfrica) ' Chipembele Nattwe Field Ccntre (ZAmbia} SES rnembu8 aDd friends have rec¢iv¢d Thinthly n¢wslettets keepittg them abre4Bt of the SocieW$ new8. attd events. SES SOCIRI media has a Stron and evcr-incrca5in8 following and has b¢en kept fvlly active with rich and.. ffleva content aboutscientific discov¢ry, res¢Areh, and conservation, rnising 8wareD¢s8 of tb¢ iswes to aD 6ngagcd audienc Metnbers received the So¢icty's ann1 tlo8ship publication ill January - the Sci¢ffjtific Explorer knual Review 2024. which 8Ave a wonderfijl oYervi¢w of life #nd'ti¢tivity'Wthin the SES CODllDUDity.'Membership continues grow and we l¢om¢ n¢w membejs every month. Th¢ Soci¢$ Explorer8 Facebook Oroup eotttinues to Brow and enables evrAyonc to k¢q> ift touch'wid"8hare ¢xpcdilioD 8toti¢8 and the benefltof hindsight lo shape futyre expediiions. FINANCIAL REVIEW Fln#ndal poslllon The Charily made o net SulUS of £20,1 l7 for th¢ year compaffd to a sU]us thc ptcviiw y¢or of £3,188, the thild yc8r in a row with a swplus. Total income increased from £137,154 to £185228 with doDatii)Th8 iwr¢asin8 from £59.116 to £95,737. Total ¢xpenditurn of £165,11 I wes £31,14S higher than. th¢ prev50us yellr wtth imyeased activitic5 ' &CTO88 fundrnisrng and charitable activities. The Charity has a v¢ry 541isfactory level of and re$erve5, however the Tru8WS rxognise that new fimdin8 is required to continu¢ opcru(ion8 on &n ongoing bll8iS and the focu5 Oll lDIng sponsorship to cov¢r th¢ So¢iety5 tunnin8 costs and s¢cur¢ its fvtsjre contin'ues. The Trustee8 believe th8t the Cbarity h&8 adequate available rey¢rve8 4nd confident that SES can continue to ¢slabli8h 4 fvlly funded p08iiion in thc fij[¢. Ive¢t pollcy and obJe¢tfves The8¢ ar¢ 8ovcrned by the Menrandm ond Articles of A880¢latio which ]nit the fillmls. to be Invest in any s¢¢urity &8 bc thou8bt fit. Reservu pollcy The TtU8tees 8eek to maifjtAin thqu&te unre8triebJ reserve8 to enable th'e 00th day.tfrd&y TatiOnS of ihe 'Charity. At 30th J¢ 2023. the unre8trieied reserve8 of the Charity were £285.910. The Trustees consider that the of the Charity are sufficient me¢t the Ch8ri01$ obliwions a fund-by'_Ilmd buis. Golng concern The Tnut¢e8 Brc of th¢ opinion that th¢ u8¢ts and re8¢rw of th¢ ajarity, 'itt the li8ht of its committed ' incoine, expelldrtiCs and flvwg, are ad¢quth to SUA)Ort its 0tr8oing athiviti¢s and obli8ations. STRucfuRL GOVERNANCE AND IIIANAGEMENT Governlng doeument Sci¢ntific PpIora0n Society was on 13ih NoVnber 1973 (T¢gist¢red compwiy ftumbtt 11452.14) and r¢c¢iv¢d charitable sla¢5.01) 26¢h'April 1974 (re8lSt¢red ¢harity niimber 2674101.. The Chtirity 1$ a eothp8ny limited',by 8UthDtee and is 8ovenJed by its Memorandum and Articles of A8sociatioll d#d 18th November 1973 &8 1&8t wnended inJRnv8ry 2019. RecnthDt and ppolDtment •fnelv trnytèei The ariicle5 of a&wEiation ajlow fvr a CvuTr¢il of Mtmb¢rx (frus0%) for tbc manll¥ttnient of the. atTBir8 of the Charity, which sball ¢on8is¢ of not I¢s8 than 6 nor mor¢ than 10 m¢mbers. Honorary officers may be appointed by the Ttwstees from titne to tttiK. At each AGM. any Trustee apN)inted since thc I& AGM slMll"ce4sc to hold office but shall be eligible for re*leLtion. In additiO]4 one thi of Tni5tees (excluding cted Th]steès) shBII tetire but QJ8ll be eli8ible for re-¢lw¢ion, thos¢ h&v¢ s¢ryed longest sball r¢tir¢ rSL 11)¢ Thte¢S have the power to cfyopt 4 member ot ony time to serve for a mlInl) of 12 months, aft¢r wbich they sball be ¢liBibl¢ again for ¢Ow(>Ption. The ni¥nber of person$ )-OPtd sba]I twt exced 10. All m¢mbers are cir¢ulataJ with invitatiotjs ti) Dominate Truth pnor to the . AGM 8dvistng them of the tIring and requesting nominAtiOTLg for the AGM. Pa8e4
Orgats#lltsna] structure The board of Tnlee$, which noTDully rr<¢ts f times a ytar. the ajarity a1 are rwl)le for all tt)ajor the strategic direclioll and pjlicy of the Clty. subirtt th emmmi EOrnce VIeW and job wificatiOJLg giveclear ddail ofrol&8 and 1rspxiltt. rrtwicial Charity Commiioll ]it¢ratslle regardiDg their legal obligations Charity and cotnpany law, aJMI infornKd of any as and when tbey ir¢ome They a also givai copies of all oJTrent policies aye)J by tbe Charity. Ail Tntst5 ao kw iDf(Kmed alw aDd vote for, the or Oth of the atstwal a1 Registered COmpY Dumber 01145214 (Engl 8TMI Waks) 267410 Mullins M Dot)he4d SÉ Sbaftesbwy SP7 9DS Tru8tee5 Miss D MAll¢ Ms B Jefftey MrP M F¢lix MrTBMos8 Mr D Zeitlt Ms B Turner MrJFi Independeat Examiner Dr ShonaF Warty CA Clwiot Hot Limitrd 44 GraDd Parade BTigbtOD BN2 9QA Na(w¢sÈ Bank Pl Sbaftsbury Dorset SP7 8JY Approvedby (th ofthelK*rdoftrustees on..-..........................-........ and si0 itsb¢h8ifby.'
-•Ji¥diii Ii4TION REPORT OF THE
EPEND IFIC EXPLORATION S Ind¢wdent ¢xmintr'$ reptsrtto thetrL%tees of The SdentfftExplor•¢b)n Soclrty Cthe CompY). . I r¢port to the charity tnL8teeson my examin ofthe of the.Company for th¢year t11 30 Jutte 2025. As th¢ ¢lwity's tnLSte¢8 of tbe (aTd its d[te¢ fct the pww6es of con]wy law) you are respon1)1¢ for . Haying satisfial mysethat th¢ xe0ts of the Cowy sle not rwuted to be audited Part 16 of the 2(K>6 A¢1 out ulldu Section. 145 of the ChltieS Act 2011 (Ihe 2011 Io carrying out my examition I bav¢ follow the Dire108 given by the CtrrIty COMMI Section 145(5) (b) of d2011 the accounts donot acCd with th)se rtrt. OT the XCOUDts th) not cOnlY with the aCC(rtm [equm of S10n 396 of the 2 Act othet.tbw aÈ)y exan]ittiO or . ill aecordantt WAth d*FIll•1 Rwtitig Stattdard 4¥ble inthe UK2wl Ryblic ofIr¢]aTrJ (FRS 102)).. . DrS]m F Warthg CA Brighton Elst seX BN2 9QA
AT 2025, Total Totsl Lk)nations and legxles 44.456 51281 95.737 59,116 Cbaritsble 4Ctfvl¢ie5 Charitsbl¢ ArtTViti 18.766 1&766' 15,786 trading activitie8 Inv¢slm¢nl tncoll 62,477 6,023 64.702 6.023 S8,6[1 3,652 131.T22 53J(I5 185228 .137.154 EXPEIYDfTuRE ON .Raising fuDd8 31.829 31.829 19,867 Cbarltlble #etlvltks ' Ch8ritslAe Activities 81154 51,128 133282 114.099 T•tAI 113.983 51.128. 165,111. 133,966 NET INCOM 17.739 1378 20.117 3.188 RECONCILLITION OF FUNDS Totsl fimds brought fotiv 26&171 11447 280.618 277,430 TOTAL FUNINS CARRIED FORWARD 285.910 14.825 3(K).735 280,618
THE SCIENT IC ExPRATIo JUINE 20 2025 Total . 2024 . Total , fitttd Jnvestmellts 100 l(K Debtors Cash at bank 2,571 305,706 31 IJ09 14,825 326J34 318.603 14,825 333,428 cREDORs AMOU falling ¢kn within oncyear (32,793) (31793) (27,759) CURR ASSETS 285.810 14.825 31MI,635 280,518 TOTAL ASSETS LESS CtIRRENr 285.910 14,825 3).5 280,618 NET AssErs 285,910 14,825 3(K),735 280,618 10 Ul¢81¢ted ffiJDd 285,910 14,825 268,171 12.447 TOTAL FUTr4DS 3(K>,735 280,618 ThE cbaritsblc co]wy is ¢ntitIed to exemption frojll audit under S¢¢ti¢)n 477 of the Compan2es Aet 20(hS for the year ended 30 June 2025. The nrnIr5 have Dot requirnl (he to obtain audit of its financial statanent$ for the y¢aT ended 30 June 2025 in aceon]attce with Section 476 of the Companies Act 2006. The tiuste¢s acknowledge tIra)nSibilitieS for (&) ensuriDg that the ¢harttable c(Jmp8ny keeps accountiti8 records that comply with Sedioos 386 and 387 of the Companies Act2006 and preparing finCIal wbi¢h give a tnjo fair view of the stste of affairs of the elwttable compgDy at the end of each financial year aThJ of its surplus or deficit for each finan¢iai yw in accordance with the requirements of Sectii)Dg 394 and 395 and whith Otherwi cowoly with tbe requirements of th¢ CompaDi&S A 21KJ6 rehting to firla1 statement4 so fara& app]icable to th¢ cbarit8bleeonw8ny. (b) The.ngtes !onryp8rt ofth¢se financi?1 . Page 9
Thesc. fin¢1 statements have been PT¢pared iD Kwrd8nc¢ wtth the pt(>Vi8iODB applicable to charitsble companies subject to the sma]J c4)niF4ni¢s regi¢. The.fiDen¢ial 8tst¢rn¢nts were appmved "by the Board" of TTUStees aod aUthoFiS for on and wexE sigll&J oll itsbel)alf by: D Zxidin- Tnte¢ The Dotes fomi part of financial 5tatcments Pag¢ 10
E 2025 AccouNfiNG POIJCILS Bath ofpreparfng the fAnand¥l $14tements Reporting Standard apwli¢able in fbe UK and Ryblic of.Ireland (FRS 102) (effectiY¢ l January 2019),. FRDancial Rewrtin8 StsDdard I2 Tr F]DaDc1 Ryrtin8 Stsndard 2pplicable in the UK atKI Rwblic of . C4)nvelltiow with tbe exwion of iThVeStsWti1¢b are included at Det%lle.. uncethinii( ab¢Mt the c]wity8 8bilxty to as a going co1 Swh o)TL%ider8tI includ&% a review of the ne•re& £1. assumptiODS ab)ut the carryiog value of &4ets aTMI litibiliti&s that are not relily atvar¢nt from other sourc¢& .. aTr r¢¢ogt]lS in the Fwiod ill which th¢ estiowe is revi if the affects only th8t pai0 or in the Incomt All incojne is in the ststemc of FmwKta] Acstvities 0¢ elwity h&s etititlement to the futtd4. Xt is probable11 the ith>)nK.will k receiva and the an1 (al liAblY. harity to that ¢xt%nditut4 it is proE¢bl¢ tb& a tr8Dsts of ffQnon efits will be requittd, ID sCttIent and Tmtiort The Chlty is CA)nsi&reAJ to pass tests sd (t ID Pwaph I S¢h<hde 6 Financ¢ A¢t 20IO and th¢r¢for¢ it exetnpt from tsxation in resittt of IOme or capitsl gairts rettiv•J withxD 17tegori¢5 covernl by C1)apter 3 Part I I Cormion T&x Act 2010 or tIOn 256 of the Taxatiort of (geabl¢ (htns Act 19ll to the extent that Fund accoundDg P4g¢ii. .
C EXPLORA ON NO D 30 JUNE 2Tr25 ACCoUG POLIC. eotititityed Fund ac¢owitlng Finallcial iD5truDwnts B&gic financ¢al instnmwts are initially r)gnISed at tratwctith] value and are sUbSeqY measuMI at tbeir interest ]netbcd 2025 2024 64,110 592 54.074 4,526 64.702 . 58,fA)O . 2025 2024 3.652 2025 lJ53 1261 ' 30 Junc 2024.. Page 12
TheanMM]ntof rei]thJ cwstt Fmid iiiil (2024 £niD durin8 the year. ,.,. Total .,Donauons and legaci¢8 23226 358 59.116 . ChArlt*ble a¢¢lvItk8 Ch8ritable knivitie8 15.786 15,786 . . Other trading activiiies lovCt incotne 56225 3fi52 2J75 s8,0 3.652 Totsl 98A89 38265 137,154 , EXPENDITURE ON ' Rai$in8.1lJnd8 19J67 19,867 Charitable Activilit8 73.936 40.163 114,(fy9 Totsl 93J03 40,063, 133,966 (2J98) 3,188 RECONCILLiTIOIY OF FUNDS Total fimds bToughi forward 2W85 14.845 277,430 268,171 11447 280,618 Sharcs in MARKET VALUE At l Juty 2024 I1 30 Fottt 2025 NET BOOKVALUE At.30 June 2025 'At 30 Junc 202A Pa8¢ 13
THE FINAN FIXED ASSET INVESTMEiYfs. totttinued The ohlty holds the ¢Ire issued Bbarc capitst of Opctatiijn Ralci8h Promotions Litnltrd.a.mnY whith is regisieTed in EngJaDd and Wales. The company was 8ged tn the nwk¢tsng of PTO(lu¢ts ati$in8 from the activities of The Scientific Explorntion Society. 1t.has been dornunt fiDm l. July'2010 with its activities Iiow traDsfeTred to The Scien¢ifLC Exploration Society. It is no longer en n¢ce&wy to prepare a consolidated set of accoullts as the 8ubsidiary.i6 not makrial. SqMr8t¢ aoILts for thè 8ub5idiATy will bE available from Comp)]¢8 . House. DEFTORS: AMOUNTS FALLING DUE MTHIN ONE YEAR 2025 2024 Other debtors 6J59 735. 1,886 7,094 2,571 CREDrroRS: AMOUNTS FALLING DUE wrrHIN OI¥K YEAR 2025 2024 Ottr crcditOTS A¢¢nKd cxpenses 20,460 1'2J33 +1: 20,419 7,340 32,793 27,759 N¢t nk)vement in fimiLs At 3016r25 At inn4 UnTe5trJcted Oenerdl fimd 268,171 17,739 283.910 RcstTltttd fun R¢stricted fund 12.447 2.378 14,825 ' TOTAL FUNDS 280,618 20.117 300.735 Net movement ia included th¢ aix)ve are &8 folltswg: Incomin8 Kesources Movement expended in fvDd8 Unr¢strkted fundi General fund 131.722 (I l3.983) 17.739 , Restrlcted funds R&strirted fund 53,506 (51,128) 2.378 185228 {165.111) 20.117 Page 14
NE2 io. Nel n¥)venxent in Ojnds At, 3016124 At Inr23 . Ufjrntrkted.funth 202585 5.586 268,171 Re8thlded 14,845 (1398) 277,430 3.188 280,618 . uttre*rkt 193J03) 5.586 Restricted fimd 38265 (40,663) . (1398) 137.154 (133.966) . 3.188 administLYllJg these awuds. ii. , RELATED PARTY DISCIA)SURFS Page 15.:
ORA ETA]LED ED 2024 Donxtiony znd lepeies DoDalRons Gift aid 43288 8,059 44,390 19,332 95,.n7 59.116 Other tradiDX activuks Fulldraising eYeDts 64.110 592 54.074 4526 64.702 58,6(KJ Dwsit a(Ut inteA%t 6.023 3.652 Ch4ritbk tllvltle4 Subscripiio 16,366 15.786 18..7(0 15.786 185.228 137.154 Fundraisin8 and ptsb]ity Ev¢nts 14,878 16.951 17270 2.597 . 31.829 19.867 CharitsbRe xtlwitltj "6.847 . 48.351 ' 27,281 36,035 1471 10,873 1,424 400 45,050 25,925 28573 Adrninistrdtive expeij Offiee costs 10243 1218 133282 114,099 165.111 133,966 Net imtome 20,117 3.188 P•8e 16