Company Registration Number: 1370507
Registsred Charity Numbor: 276485
THE LEATHER CONSERVATION CENTRE
(A Company Limited by Guarantse)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THEYEARENDED
30TH SEPTEMBER 2025

THE LEATHER CONSERVATION CENTRE
(A Company Limited ty Guarantee)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDING 30TH SEPTEMBER 2025
INDEX
Page
Legal and Administrative Information
Report of the Trustees
Independent Examinerfs Report
Statement of financial Activities
Statement of financial posrtion
Notes to the accounts
10-15

THE LEATHER CONSERVATION CENTRE
{A Company Limitod by Guarantso)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDING 30TH SEPTEMBER 2025
Page 1
Company Number..
1370507
Registered Charity Number.
276485
Address:
Canopy
Duke Street
Lei￿ster
LE16VIB
Trustees:
J W Tusts'ng. Chairman
PM Famiar
Mrs R Garwood - (Resigned 21.02.25)
M Pebody
M S Pearson- (Resigned 21.02.25)
M Redwood
D Sully- (Resign￿ 21.02.25)
Ms Nicole Gilroy
Angela Middleton
Registered offi￿..
Canopy
Duke Str￿t
Le1￿ter
LE16WB
Bankers:
HSBC
100 Old Broad Street
London
EC2N 1BG
Independent Examiner.
Lorraine Scullion MAAT
57 Bedford Road
Brafield on the Green
Northampton
NN7 1BD

THE LEATHER CONSERVATION CENTRE
IA Company Limhed by Guarantse)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDING 30TM SEPTEMBER 2025
Page 2
The trustees are pleased to present their report and the unaudtt8d aC￿Unts of the charity for
the year ended 30. September 2025.
Directorn and Trustees
The directors ofthe charitable company {the charity) are Trustees forth8 purpose of charity
law and throughout this report are colle¢tivety referred to as the Trustees.
Gov?rnment Document
The Charty is constttut8d as a company ￿rn[￿J by guarantee, and govemed by ts
Memorandum and Articles of Association. There is no share caprtal and every member of the
company undertakes to ￿ntrIbute to the assets of the company while 5helhe is a member or
within one year after shelhe ￿aSeS to be a member, such amounts as may be required, not
eX￿dIng £1.00 in the event of winding up. The company 18 registergj under the Charities Act
2011 and as such is not liable to income tax. corF#Jration tax and capital gains tax.
Objects of the Charity
The Centre was estsblished as a permanent organisation to Co-ordinate and improve the
knowledge, methods and working stsndards needed to proteci and preserve leather objects
for the benefrt of the publrc. to promote r￿rch into leather conservation and to disperse
knovledge through education and training. It has the more genefal aim to promote the
nseprfation and restoration of leather ofy'ects for the public benefft.
The Trustees have had due regard to the guidance published by the Chartty Commission on
publtc benefrt and in particular the supplem8nlary guidance on publiG benefft and fee charging.
Appointment of Trust￿8
Members of the organisation can be during the year and nominated for election to
Ihe Executive Committee at the Annual General Meets"ng. The P￿ard of Trustees consists of
not more than 20 memters who Can serve for a peritsj of three years before being nominated
for r&election. Recruitment of Trustees is undertaken actording to the skill mix raquired for
the Commtttee and in accordance wrth the nomination process for the organisation.
Trusteo Indu¢tion and Training
New Trustees aré issued with an inductton pack induding a copy of theArtiGles of A550ciation.
Trustee Code of Conduct Guidelines. a list of current trustees and staff. a brief history of the
Centre, Gurrent publicty material and financial statements. This includes a briefing of legal
objections under charity and company law.

THE LEATHER CONSERVATION CENTRE
(A Company Limited by Guarantso)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDING 30TH SEwfEMBER 202S
Page 3
Organisation
The Board of Trustees administers the charty. The board meets three or four times a year and
there are sub-committees covering finan￿ and marketing which can meet more frequently if
required. The Head of Conservation mana9es the Centre on a day to day basis with delegaled
authority for operattonal matters including administrative and conservab'on activities, within
terms of delegatKJn approved by the tTUStees.
Rlsk revtew
The Board of Trustees continues to review the risks to which the charity exposed and
systems are in place to mitigate these risks. Awareness of signtficant risks to funding has led
to the development ot a longer tem) Strateg￿ plan to dwersfy sources of funding and fee
earning activrties.
Achigvements and Porforniance
The Leather ConseNation Centre achieved the move to a new Studh) in Leicester after 6 years
in temporary accommodation in Northampton. The move was completed successfulty in June
and July. The leather Con*rvatts)n Centre now has a worfd class consernation space whi¢h will
enable us to taken on the full range of projects for conservation and expand our outreach and
courses to a wider public.
This year we con￿ntrated on the move to the site whtch reduced the conservation work
we could achieve. The team did a fantastic job with the move and we achieved all our goals
with a successfijl transition to Leicester
Staff
At the end of September we had 5 members of stsff, Rosie Bolton (Head of Consepiation),
Arianne Panton (Senior Conservator),Cindy Clrft (Office and Finance Manager). Beth
Elford{Outreach coordinator ), Phoebe Ignatia (Conserrfator).
National Lottery Héritagè Fund
The Leather conservalion centre VRS 8u¢cessful in a grant applKation from NLHF for £ 250.000
this enabled our move to be very SULxe5sful abng with on going staff funding to grow the
business.
Financlal Review
The resuts ft)r the year and the charity'5 financial position at the end of the year are shown in
the attached accounts. In 2025 we achieved the move to a Site on budget and two months
late due to the building not being finished on time. To help with the costs we paKI no rent for the
new site in 2025 we had enough funding for the move and ended the year in a strong financial
pOSit￿n.

THE LEATHER CONSERVATION CENTRE
(A Company Limited by Guarantae)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDING 30- SEPTEMBER 2025
Pago 4
Investments, Powern and Poll¢y
Under the Articles of Association. the charity has the pOv￿r to invest in any way the
Trustees wish.
Plans for tho Future
Publlc Benefit Statsmorf<
The Centre benefits the public in a number of ways. The tong-tenn preservation and
conseNation of historic objects made wholty or party of teather ensures that these items are
available forthe public to view. and in some ￿Se5 use, both now and in the future. The Centre
advances knowledge and education in cOnse￿ation by providing guidance, advocacy, training
and education opportunities for the conseNalion professKJn and the wider heritage communty.
The Centre is also committed to public benefft through promoting publ￿ understanding of and
access to the conservation of cuttural herrtage by grving talks to interested parties to further
the public's understanding and awareness ofconsev4ats.on
Related Parties
The Centre has close relationships wilh the Worshipful Company of Leathersellers. the
Worshipful Company of Saddlers. De Montfort universty, Leicester county council and the
National HerÈtage Lottery fund.
The current reserve policy is to maintain sufficient ￿sh flow for knMI (¥)mmitments, and
the replacement of certain assets. Not all grants are received at the beginning of the
financial year others are r￿1Ved in a￿ears.

THE LEATHER CONSERVATION CENTRE
(A Company Limlted by Guarantee)
DIRECTOR'S RESPONSIBILITIES
FOR THE YEAR ENDING 30- SEPTEMBER 2025
Page 5
Company law requires the members of the Executive Committee to prepare financial
statements for each financial year. which give a true and fair view of the state of affairs of
the company and of the income and expendrture of the company for that penod. In
preparing those financial statements the Executive Committee are required to..
> Select suitable accounting poI￿leS and then appty them cYinsFStentty:
> Make adjustrnents and estimates that are reasonable and prudenL
> Prepare the financial statements on th8 going concem basts unless it is
inappropriate to presume that the company will continue its activities.
The members of the Executive Committee are responsible for maintaining proper
Accounting records, which disclose wrth reasonable accuracy at any time the
Financial posttion of the company and to enable them to ensure that the financial
Statements comply wrth the Companies Act 2006. They have general
Responsibility for taking such steps as re reasonably open to them to safe guard
The assets of the company and to prevent and detect frdud and other
IrreguSarities.
This report was approved by the trustees at a management meeting held on 20th February
2026 and signed on their behalf
J W Tusting
Directorrrrustee

Independent Examinerfs Report to the Trustees ofr.
THE LEATHER CONSERVATION ￿NTRE
Registered Charity Number. 276485
I report on the accounts of the Company for the year ended 30 September 2025 which are set out
on the attached pages 7 to 15
Page 6
Respective responsibilities of trustees and examlner
The tnJstees (who are a150 the directors of the company for the purtN)ses of company lawl are
responsible for the preparation of the accounts. The trustees consider that an audit is not required
for this year under section 144121 of the Charttie5 Act 2011 and that an independent examination is
needed.
Having satisfied myself that the charity is not subject to an audtt undercompany law and is eligible
for independent examination. Èt is my ￿spOnSIbl1￿ to:
> Examine the accounts under sertion 145 ofthe 2011 Act:
> Follow the procedures laid down in the general Directions given by the Charty Commission
{under section 1451511bl of the 2011 Att.
> State whether particular matter5 have come to my attention.
Basis of independent examlnerf5 Statement
My examination was carried out in accordan￿ with general directions given by the Charity
Commission. An examination includes a revFew of the accounting records kept by the charity and 3
comparison of the accounts presented with those records. It also includes consideration of any
unusual items or disclosures of the accounts. and seeking explanations from you as trustees
concerning any such matters. The procedure5 undertaken do not providè all the evidence that would
be required in an audit and consequently no opinion is given as to whetherthe accounts present a
"true ènd fair vievR and the ￿port is limited to those matters set out in the ststement below.
Independent Examinews Statemert
In connection with my examination, no matter has u)me to my attention:
l. Which gives me ￿aSOnable cause to ￿lIeVe that in any material respect, the ￿quireMents.
To keep accounting records in accordance with settion 386 of the CompanFes Act 2006;
and
> To prepare accounts which accord with the accounting records. Comp￿ wtth the accounting
requirements of section 396 of the Companies Att 2CI)6 and WFth the methods and
principles of the Statement of Recommended Practi￿. Accounting and Reporting by
Charitie5.
have not been met; or
2. To which, in my opinion, attention shoutd be drawn in order to enable a proper
understanding of the accounts to be reached.
Lorraine Scullion MAAT
Il, March 2026

THE LEATHER CONSERVATION CENTRE
Pago 7
(A Company Limit8dBy Guarant8e)
STATEMENT OF FINANCIAL ACTivmES
FOR THE YEAR ENDED 31)th SEPTEMBER 2025
Note8 Unrestricted R•stricted
2025
2025
Total Unrestrkted Restricted
2025
2024
2024
Income and ondowments from:
t)onations arKI legac
Charitable activrties
Investrnents
other
Total InGome and endoyfflwnts
1,216
94,075
2.750
1.216
216,026
2,750
216
78,301
110
121,951
150.000
98,041
121,951
219.992
78.627
150.000
Expendi￿￿ on:
Raising funds
Charrtable Activibes
Other
Total Expendithre
Transfer between *Jnds
movoment In funds
93,156
155,796 248,952
129,141
93.156
4.367
9.252
1S5,796
(4.367)
(38,212) (28,￿}
248,952
129,141
30,000
(20.514}
130,000)
120,000
Total funds brought forward
Total funds carrlod ft*rward
(3,2381
6,014
184.607
146.395
181.369
152.409
17.276
{3,238)
64.607
184,607
All ofth8 8C*vit￿S oflh8 ¢*aitabk (￿￿panY8￿ dass8das CL¥thnUl￿.

THE LEATHER CONSERVATION CENTRE
(A Company knmtied By Guarantee)
STATEMENT OF FINANCIAL POSITION
AT 30th SEPTEMBER 2025
Page 8
Company Number.
Unrestrfcted Restricted Total
2025
2025
2025
1370507
Total
2024
ASSETS:
Fixed Assets
6,399
6.399
12,804
Current Assets
Debtors
Cash at Bank
13,530
110,820)
2,710
13,530
135,575
149,105
6,858
165.271
172,129
146.395
146,395
Crgditors
Amounts falling due
within one year
13,0951
13,095)
13,0951
13,095)
13,5641
13,5641
Net Currtnt Assets
(3851
146.395
146.010
168,565
NET ASSErs
6,014
146,395
152M09
181,369
FUNDS
Unrestrlcted Restricted
2025
2025
ToLIl
2025
Total
2024
Unrestricted
General Reserve
Restncted
6,014
6,014
146.395
152.409
17,276
64,607
81.883
146,395
146,395
6.014

THE LEATHER CONSERVATION CENTRE
(A Company Limited By GuaTrntee)
STATEMEMT OF FINANCIAL POSITION - COPfflNUED
AT 30th SEPTEMBER 2025
Page 9
The Chantab￿ company is entsded to exempb'on from audit under SerAion 477 of the Companies Act
2006 for the year ended 301h September 2025
The members have not required the Charitable Company to obtsin an audit of lis financial
statgments for the year ended 30th September 2025 fn acts)rdance wth Sech"on 476 of the Companies
Act 2006.
The director¥Arustees a¢knoby1edge their responsibilities for
(al ensuring that the Charrtab￿ company keeps accounting rewrds that ojmply Sections 386 and
387 of Ihe Companies Act 2006 and
{bl preparing financial statements which gNe a true and fair view of the state of affairs of the charitable
company as at the end of each financial year and of its surplus or defictt for each financial year in
accordants wth the requirements of Sects"ons 394 and 395 and which otherwise wmply v*lh the
ra]uiremenls of the Companies Act2006 relatr'ng to financial statements, so tsr as appIl￿ble to
the charitable company.
These financial statéments have ben prepar&J in accordan￿ wrth the special provisions of
part 15 of the Companies Act 20C6 relating to charitable small companies.
The financlal statements I￿re approved by the Board of Trustee5 on 20th February 2028
and sign8d on their behair
J W Tusting
or
The notes on page 10 to 15 fom part ofthese financial stat￿￿nts

THE LEATHER CONSERVATION CENTRE
(A Company Limited By GU8￿ntee)
Page 10
PRINCIPAL AccouKfiNG POLICIES
FOR THE YEAR ENDED 30th SEPTEMBER 2025
Accountin9 Policies
The financial sL2temet7ts of the charIta￿e company. vthich is a public Eenefft entity ur¥Jer FRS 102, have
Prepared In a￿or￿an￿ wilh the Charityes SORP IFRS 102).Ac￿unts"ng arxl Reporling by Charitias". Statemwjt
of RecornrrEnded Pwth"ce applic￿e lo charrt￿5 prepariThJ accounts in accordance the Financial
Reporting Standard a01cab￿ in the UK and Rep￿1￿"C of Ire￿￿1 IFRS 102) (8ff￿*Ve 1 Janugry 20191..
Financial Reporting Stsndard 102 The Financial ReportiThJ StaThJard in the UK aThJ Republic of
Ireland, aThJ the Companies Act 20Cfj. The financtd staL*m￿ts ha¥e been pre￿r￿1 urKler the historical eosl
convention.
Format
The company has taken advantage of the provr6ions ofthe Compan￿8 Act 2006 and presented an
income and expendrture account in the fomi of a Staternent of Financial Aciivities on the groutxls
that it enables the financial statements to shthv a true and fair view of the resutt for the year.
Tangiblo fixed assots and depreciation
Depre￿81[0￿ is calculated to wrFte down the cost of all tangible fwl assets by instalments over
the expected uselul INes. The penod general￿ applKable.'
ComputerllT wuipment
Fixtures and fittings
Aterations
33% straight line basis
25% straight line basis
12.5% straight basis
Incomlng Resources
All ineoming resources are induded in the SOFA *then the charity is legal￿ entit￿ to the in(x)me and
the amount can be quantified ￿th reasonab￿ accurary . Grants are brought into account on
receNable basis
Gifts in Kind and £>onat￿ ServiGg5 and Facilities
Grfts in kind, donated facilrties and voluntary help. are rM)t includ￿1 in
the finanfyal statements since it is not 0)nS￿ practical to quanbfy swh irKcme.
Rosourcos Expanded
All expenditure is accounted for on an accruals basis and has b*n daSs￿￿￿ under headings that
aggregate all co¥ts related to thè ¢ate90ry. Expervjrturg is sta￿￿ a￿l￿s1¥e of value added tax.
Fund accounting
General funds are unrestrthd funds which are available for use at the discfection of the trustees
in furtheran￿ of the general objectNes of the charity vthith have not been designated for other purposes.
Designated fuTHJs comprise unrestricted funds that have been set askle by the tnjsteeg for
particular purposes. The aim and use of each designated fund is sel out in the notes to the
finan￿al slatemerrts. Restricied fttrnds are funds which are to be Us￿1 in accordan￿ with
specific restrictions imposed by the donors orwhith have been raised by the charity for
partiujkar purposes.

THE LEATHER CONSERVATION CENTRE
(A Company LimitedBy Guarantse)
Page 11
NOTES TO THE ACCOUNTS
ResoNés
The current reserve policy is lo malntsin sufficient Cash fkm for knwm o)mmitrnents. and the
replacement of certain assets.
Rlsk
The DirectorslBoard of Trustees do not believe the organisation is Subject to any substantial risk
beyond Ihose disclos&1 in the Annual Report and Accourtts.
The organisation has Insuran￿ to protec* it in the case of a daim.
Penslon Costs
The Charity operates a NEST pension stheme for employeos. The annual contributions payable
are charged in the Statsment of Finanryal ActFVFbes

THE LEATHER CONSERVATION CENTRE
(A Company Limited By Gu8Trntee)
Page 12
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDING 3(1th SEPTEMBER 2025
Restrictod
2025
Total
2025
Totsl
2024
2025
Note 1
Donaoons
Curriers C(Mnpany Chantable Fund
1,000
216
1.216
1,000
216
1.216
216
216
Note 2 Charitable Actiyitigs
Training Course5
Sale of monographs
Conservation fees
Other income
Grants
Worshipful Company of Saddlers
Dr DJ Lloyd MemorÉal Trust
NatK)nal Lottery Heritage Fund
The LealheTrellers Foundation
6.359
359
45.104
6.108
6,359
359
45.104
6,108
8,014
1,145
34,533
609
4,000
2.145
4.000
2,145
121.951
30,000
216,026
4,000
121,951
30.000
94.075
180,000
228.301
121,951
Overseas 8ales amounted to £67 (2023:£8,469)
Nots 3 Charitablo kntivities
Employment Costs
Recrurtment
Contractors
Rellocation payTnents to staff
RenURaleslUtilthes
OffK*lrunning Costs
Pvblicty
Equipment R&M
Insurance
Other Costs
Training
Conseryats'on Matenals & equipment
Depreciab"on
Professional Fees
Maintenance
Govomance
Trustee Expenses
Independent Examinats"on
45.053
65,973
420
111,026
420
11,573
25,236
12,345
2.100
1.110
42.996
6.658
121
2.117
4.196
6.405
6,960
13.871
92.953
11.573
5,369
25.236
12,345
2.100
1.110
8.856
1.460
1,482
72
42.994
6,658
121
1,305
4,196
8.405
128
812
70
3,138
6,405
4,387
470
13,401
637
1.181
93,156
637
1.181
248.952
675
129.141
ISS.796

THE LEATHER CONSERVATION CENTRE
Pag¢ 13
(A Company Limited By Guarantee)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDING 30th SEPTEMBER 2025
Nots 4 Emplownent Costs
Salaries
NIER
38.590
1,389
61,735
2.083
100,325
3.472
80,616
1,506
SMP
ER Pension
Travel
882
4,192
45,053
1,322
833
65.973
2,204
5,025
111,026
2,238
8,593
92,953
re are no employegs beiThJ pa￿ in excess of £60,000 per annum (2024:£nil)
The number of employees during the yearwas.. 312024'.3)
During the y8ar the trustees re¢eNed £nil (2024£nil) ￿MUneratIon .
The totsl expeTrJrture reimburned lo the ttustees amounted to £637 (2023.'£36)
Remu￿ration paid to Key Management Personn81 in the year £41,240
Note S Flxed Assets
Total
Total
Fittingg
2024
Cost or Valuation
Balan￿ at 1 October 2024
Additions during the year
At 30 Sgptembor 2025
103,050
103,050
103,050
103,050
103.050
103,050
D•prnGiation
Balan￿ at 1 October 2024
Charge in the year
At 30 SepteM￿r 2025
90.246
6.405
96.651
90.246
6.405
96,651
83,841
6.405
90.246
Net book value
At 30 Seplember 2025
6.399
6,399
At 30 Septemter 2024
12.804
Total
2024
2025
2025
2025
Nots 6 Debtor8
Sundry Debtors
Pre-Paid Debtors
7,916
5.614
13.530
7.916
5.614
13.530
6,858
6.858

THE LEATHER CONSERVATION CENTRE
Paga 14
(A Company knmited By Guarnntee)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDING 30th SEPTEMBER 2025
Restricted Tolal
2025
Totsl
2024
2025
Note 7
Creditors
sundry￿rade creditors
Accruals
Tax & Social Seujrity cxjsts
14321
18501
{2,282}
(3.564)
{1,100)
{1,995)
13.095)
(1,100)
{1,995}
13.095)
Note 8
Unrestricted Reserves
Opening Movement Movement Transfer
balance
Out
01.10.24
(3,2381
Closlng
Balan¢e
30.09.25
6,014
funds
Unrestrided
98,041
(93,156)
4,367
132381
98,041
193,156)
4.367
6.014
Comparative:
Unrostricted Reserves
Opening klovement Movement Trdnsfer
Closlng
balance
Out
bgtween Balance
01.10.23
nds
30.09.24
34,729
{4,729)
Unrestricted
Designaled - Betty Haine5
Project
12.547
4.729
78.627 {129.141)
13,2381
17276
78.627 (129.141)
30,000
{3,2381
Betty Haines Project. Archive dNJrtisation prwt

THE LEAThER CONSERVAMON CENTRE
(A Company Limited By Guarantee)
Page 15
NOTES TO THE ACCOUl￿s
FOR THE YEAR ENDING 30th SEPTEMBER 2025
Note 9
Restricted Funds
Opgning Movement Movement Transfer
balaTr¢e
Out
01.1024
Closing
Balance
30.09.25
funds
The Leathersellers, Company
Charrtable Trust- ADV Grant
Worshipful Company of
Saddlers
The Leatherselkrs, Company
The Leathersellers, Foundation
Nat￿n￿ Lottery Herttage Fund
4,367
(4,367)
4.0¢)0
26.240
150.OCKI
4,000
26.240
45,￿8
70,247
146,395
1104.0921
121,951
(51,7041
121,951 {155,7961
184,607
Leatherseller5 Company CharFtable Trust- ADV Grant- Project mana9ement cixsts for
proposed move to Chestsr House.
Worshipful Company of SaJdlets- F(K repair of i18ms in (￿lunc1￿Jn Museum of
Leathercraft in Northampton
The Leatherseller5' Company- To support the 1st year rekcatKfft costs of LCC to Pilot House
The Leatherseller5' Foundab"on - To SUPFQrt the rektab.on costs of LCC to Pilot House
Nat￿al Lottery Herttrfe Fund- To SUPFQrt the ￿k￿ation costs of LCC to Pilot House
(4.3671
Comparatlve:
Restricted Funds
Opening klovement Alovement Transfer
balance
Out
betwè•
01.10.23
funds
Closing
Balancg
30.09.24
The Leathersellers, Company
Charitable Trust- ADV Grant
Worshipful Company of
Saddlers
The Leathersellers, Company
The Leathersellers, F¢)undatK)n
4,367
4,367
4,000
26,240
150,000
184,607
26.240
30,000
150,000
130,0001
64.607
150.000
{30,0001
Leathersellers Company Charrtable Trusl- ADV Grant- Project management costs for
proposed move to Chester House.
Worshipful Company of Saddkrs- For repair of items in COnju￿n Museum of
Leathercraft in Nonhampton
The Leathersellers, Company- To support the 1st year ￿loCatiOn costs of LCC to Pilot House
The Leathersellers. FoundatTh- To support the rek)catign costs of LCC to Pik)t House
Note 10 Pension Scheme
The Company contn.bute to the NEST penS￿n scheme
employer cOnthbut￿nS in the year amounted tr) £2.204 (2023.£2.238)
Note 11 Ultlmate Controlling Party
The company 15 ijnder the ulb.male control of rts dir*tors, and whose names are sh¢y•vn
at the front of the finanaa statements.