Company number. 01499655 Charlty number". 280942 OSCR number: SC040468 The Institute of Group Analysis Report and flnanclal statements For the year ended 31 July 2025 SA YER V I NCENT The Instltute of Grnup Analysls For th• year •nded 31 Juty 2025 Reference and admlnlstratlve informatlon Tnjstees. annual reporr .................... . Independent audltor's report Statement of financial acrivitle5 Ilncorporatlng an Income and expendlture account) .22 lalance sheet .23 Statement of cash flows................................................................................................................ 24 Notes to the flnanclal statements .25 The Institute of Group Analys1$ Reference and adminlstratlve information Foi the y•ar •nd•d 31 July 202 5 Company nurnber 01499655 Country gf Incorporatlon United Klngdom Charlry numb•r Country of r•9lstratlon 280942 (England & Wales, and Scotland) OSCR number SC040468 RegIst•r￿ offlce and oporatlonal address l Daleham Gardens London NW3 58Y Truit••s The tru5tee5. who are also dlrectors under ¢Drnpany law and 5er¥ed during the year up to tlTE date of thls reporr. were a5 follows.. Ms Sharon Hannah. Chalr elected November 2Q22. elected Trustee November 2019 POS Sally Ann elld, Membershlp officer (el￿ted November 20221, Reslgned May 2025 Ms Marflyn Marle Kedward5 (elected Novernber 20221 Ms Susan Made Wallace (elected November 2022} Mr Desmond Klng (Elected November 20191 (UKCP representatlvel, Reslgned October 2025 Mr Marihew Rlch-To15ma (elected November 20221, Reslgned July 2025 Ms Julle Lamlrel, eletted November 2023 Ms Marllla Alre5, elected May 2024 Dlck Blackwell. elected November 2024 Kate Taylor, co-opted October 2025 Graham McKay, co-opted May 202S Caiheréne Hays, co-opted May 2025 Gayl Mccaln, co-opred May 2025 Gerry Mccoll, co-opted October ZOZ5 Hicham Jabrane, co-opted May 2025 Kevin Fllnn. co-opted May 2025 B•nk•rs The Co-operatlve Bank l Balloon Street Manchester, M60 4EP COIF 80 Cheapslde London, EC2V 6DZ Sollcltors Bevan Brlttan Fleet Place House 2 Fleer Place London, £L4M 7RF Th• InstltMt• of Group Anily$ls R•l•r•nc• and admlnlitr•tlv• Inforniatlon For the yw ended 31 July 202S Audltor Sayer Vincent LLP Chartered Accounrants and Statutory Audftor 110 Golden Lane, LONOON. ECIY OTG The In5tlwte of Group Analy515 Trustees. anntsal rÈport For the year ended 31 July 2025 The trusrees hereby present thelr report along wlth the audited financlal statements for the year ending 31 July 2025. The reference and adrnln15tratlve Informatlon outllned on page I Is an Integral part of thi5 report. The flnanclal statements adhere to current Statutory requlrement5. the Memorandum and Articles of Assoclatlon. and the Statement of Recommended Practice Accounting and Reporting bv Charitles.. SORP. applicable to charltles preparlng their accounts in accordance wlth FRS 102, Additionally. rhis report has been prepared In accordance with the special provisions applicable to companies Subject to the small companies, reglme. Objectlves and actlvltles Purposes and Alms The Instltute seNes as the prlmary training and membershlp organlsatlon for Group Analysls In the UK. Establlshed In 1971 , it Initially operated a5 part of the Trust for Group Analysis and wa5 later incorporated on 3rd June 1960 a5 a company limlred by guarantee and wlthout share capltal. The Institute funrtion5 under a Memorandum of Assoclatlon. outllnlng Its objects and powers. and Is governed by Its Artlcles of Assoclatlon. As Stated In the Memorandum of Assoclatlon. the prlncipal purpose of the Institute Is-. Th• obJecE of the In$tltute Is to promote the preseNatlon of mentsl health and ¢0 relleve those persons sufferlng from mental health dlsorders or eondltlort$ of emotlonal or mental dlstress and who are In need of tr•atmentr (amended 2018). The IGA'S overarchlng goals Include tralnlng Indivlduals in the appllcatlon of group analys15. form of group psychotherapy, as well a5 Its Psychosocial and organisatlonal applications. Thls is achleved through rhe provision of training courses and contlnulng professional development ICPDI for Its members. AddltlonalSy, the Instirute aim5 to educate Society about group analysls. The IGA'S member5hlp consists of Full Members and Assoclate Member5. Full Members are group analysts who have completed the IGA'S Qualifying Course in Group Analysis. Assoclate Members, on the other hand. have CLJmplered theoretlcal and applied tralning in Group Analysis, enabling them to apply Group Analytic theory and prlnclple5 In psychotherapeutlc, educational, and organlsational settlngs. Thls category also Includes indivlduals who have received group rraining elsewhere, subject co approval by the IG Group analysls Is a powerful therapeutic approach that focuses on the relatlonshlp between the Indivldual and the group. highlightSng the inherently social nature of human experience. As a treatment method. it recognises that emotlonal, behavioural, and psychological phenomena often arise within the context of social groups. Carefully structured analytic groups have a long- establlshed history of helplng indivldua15 addre55 personal challenges and foster personal growth. The In5tltute of Group Analys15 TrusteÈs' annual report For the year ended 31 July 2025 Our philosophy Is grounded in the bellef that, because personal dlfflculties often stem from social relatlonshlps, graups provide an Ideal envlronment to explore. understand, and work toward resolvlng them. The group analytlc approach has 51gnlflcant implications for group work and organlsatlonal practlces across a wlde range of health, social, and educatlonal settlngs. Its appllcarions are diverse. encompa551ng work with groups such as refugees, homeless and displaced Individua15. vlctims of domestic vlolence, church communltles, and those In forensic Settings. Additionally, it Informs leadershlp practlces, organisatlonal dynamlcs. and enhances our understanding of the interactlons and relatlonshlps that shape our lives withln organi5ations and society. Each year, rhe tru5tee5 conducr a thorough revlew of the charity's aim5. objectives. and activltle5. Th15 reporr evaluate5 the charlty's achlevement5 and the outcome5 of its work during the reportlng pedod. The trLbStee5 assess the success of key activities. and the beneflts dellvered to the target grolrps. en5urlng that the charlV5 alms, objectives. and actlvltles remaln allgned wlth Its stated purpose5. A5 part of thls revlew, the trustees refer to the Charity Commlsslon's general guldance on publlc beneflt. They carefully consider how planned activities contrlbute to the charlty's alms and objectives, ensuring they align wlth it5 overarchlng purpose. The charltrfs prlmary activitles and target beneficiarles are outllned below. All charltable efforts are undertaken with the overarchlng goal of advanclng The Institute of Group Analy515'5 charltable purposes for the public. beneflt. IGA'S Strateglc Alms for 2023-2025 Invest In IT Infrastructure to enable hybrld worklng at the Daleham Gardens London Centre as it adapts to reduced COVID-19 restrictions and reopens. Revise the IGA business model to establish transparent legal and financial agreement5 wlth organlsations deliverlng IGA-approved tralnlng In Group Analysls. Develop Income-generatlng activltles to support the growlng need for increased srafflng I membership and training actlvltle5, Including professlonal regulatlon, administration servlces for UKCP rnembership, provlslon of CPD events. and addressing the increased demand for decolonSsSng the IGA curriculum. This a150 includes sUPPOrtlng research activities. therapy service5 for low-income client5, and the c05t5 associated with anv necessary change of premises. Iv. Establish project management proce55es for any necessary change5 in premises. The In5tStute of Group Analysis Trustees. annual report For the year ended 31 July 2025 Investlgate the potentlal for the IGA to sponsor low-fee therapy groups, especlally durlng rhis economically challenging period for many In socletv. Explore professional affiliatlon with national psychotherapy reglsrratlon organi5atlons, glven the heavy demand on IGA resources under the current arrangement v4lth UKCP. vi. Develop strategles to re-engage the membership wlth the organlsation. Strateglc Alms Durlng the year. the Board of Trustees underwent signlficant change followlng the reslgnatlon of some member5. A new Board has slnce been estab115hed. supported by co-opted members who are due to be formally appolnted at the Annual General Meeting in March 2026. Thls perlod of transltlon has undersrandably Slowed progre55 on the realignmtnt and review of the organlsation's strateglc alms. These matters are scheduled for Conslderarion at the next Board meeting. The Chlef Operating Offlcer. Iyob Zklr5tOs. played a central role In managing staff transltlons durlng the organlsatlonal re5tructurlng of 2024125. In Ilne wlth financlal prlorltles, the declslon was taken not to replace the Tralnlng Admln15trator p05t. Instead, re5pon51bilitie5 were carefully reallocated to ensure workloads remalned manageable and stsff skills were effectively utlllsed, Supporting a more reslllent and adaptable operatlonal model. Investment In Informatlon technology enabled the Sn5tallation of state-of-the-art equlpment to support hybrld worklng arrangements. Thi5 enhancement 5ignlflcantly irnproved operational flexiblllty and collaboration across the organlsation and proved highly effectlve ihroughout the year. Income generation remained a key strateglc focu5. A strengthened Events Commlyee developed a comprehen51ve programme of actlvlties to 5UPPOrt the continulng professlonal development ICPD) of members and colleagues. Several nev¥ courses were approved durlng the year. with additlonal programmes currently under development, enhancing both the organisation's tralnlng offer and Its revenue-generatlng capaclty. The quinquennlal revlew was completed and submitted to the UK Counc51 for Psychotherapy IUKCP) and was approved subject to minor revision5. The organlsation Is currently addressing the requlred amendments, reflecting Its commitment to maintaining hlgh standards of professlonal practlce and governance. Further exploration of additional professional affillations remalns under consideratlon. Membership forums and online meetings with associates continued througljout the year as part of efforts to re-engage and strengthen connections With the wider membershlp. Attendance was consistently strong, and feedback Indicated rhat these Initiative5 Colltrlbuted to a greater sense of inclusion and involvement among members. Work also continued on the BoardlTralning Communlty Review, wlth detailed discussions focused on ensurlng that all courses are examined through a decolonised and inclusive lens. As part of this process. curricula and assoclated documentatlon were updated to include clear statements The Instltute of Group Analy51s Trustees, annual report For the year ended 37 July 2025 Teinfor¢lng the organisar5on'5 Equallty. Dlver51ty and Incluslon IEDI) commltments. ensurlng that all staff are fully aware of and gulded by these pollcles. Provkllng Tralnlng In Group Analysls The IGA'S core training In group analys15 provldes courses af three consecutlve leve15 - Foundatlon. Dlplom4 and Quallfylng leadlng to quallflcatlon as a Group Analyst and full member5hlp of the IGA. Courses lake place In London and at several location5 In England and Scotland (Glasgow. Manchester. Turvey, Oxford and Brlghton.). The IGA has professional Ilnks overseas wlth other group-analyrlc organlsarlons through its Internatlonal Courses Committee, and rhe European Group Analyrlc Trainlng Network IEGATINI.. Group-analy(Ic tralnlng programmes In the UK are dellvered elther dlrectly by the IGA or through Independenl partner organlsatlons. Those organlsations pay a modest contrlbutlon towards IGA central admlnlstrative costs and the employment by the IGA of a Head of Tralnlng, a5 part of a natlonal pollcy a9reement. Our reglsterlng body, the UKCP. conducted Its Qulnquennlal Revlew of our UKCP membership In late 2023 and reported In late 2024. Durlng the revlew. rhey commended several aspects of our tralnlng. Includlng the tralnee handbooks. the quallfylng process through the Panel of Readers, and the tralnSng Itself. Our Qualifying Tralnlng Is accredlted by the Unlted Klngdom Council of Psychotherapy IUKCP), and sraff dedlcated much of the year to Implementlng the Qulnquellnlal Revlew of our tralnlng standards The most Important chartge requlred of us Is that wlth effect from September 2026 all tralnees who need to take Indivldual patient5 must do so for 18 months rather than 12.Thls requlre171ent has already been Implemented for 'students JolnSng the new Turvey Quallfylng Course In September 2025. The Foundatlon Courses attracted 113 students across the country in 2024-S. There were 40 on the Diploma Courses and 32 on The Qualifylng Courses, a total of 185. We are seeking to maintain or increase student numbers on all our courses and therefore alm to grow the number of qualified group analy5t5 practisirtg in the UK. Our trainlng courses ensure that those bvho successfully complete them and practlse as group analysts are competent and safe. Group analysts work in a range of settings and wlth people who are often vulnerable a5 they are experlencing psychological and interpersonal difflculties. High quality training ensures that these profe551onals can treat and support thelr patlents effectlvely. We wlll contlnue to provide financlal bursarles to students to enable them to joln our courses. and information for the publlc about group analy515 and It5 benefits. Post Quallflcatlon tralnlng courses In additlon to our Core trainings, we contlnue to offer rwo well-e5tablished advanced courses the Diploma in Group supervision (for IGA members and approprlately qualified clinician5 from other professional backgrounds} and the Diploma In Reflectlve Practlce In Organisatlons IRFIOI. The In5tltute of Group An*s15 Trustees. annual report For the year ended 31 July 2025 We have contlnued to provlde tralnlng courses to people from a variety of backgrounds and structured our portfolio of training programmes to enable siudenrs who are already Working wlth groups, but who do not wlsh to become clinically quallfled group analysr5 to acces5 and complete our Foundation Courses. Instead of applying Immediately to continue rhelr leaming on our Diploma and Quallfylng courses. they may wish to create a break In their developmental Journey. This flexlblllty In course strucrure enables 5tudentS to take responsibility for thelr own learning and to access tralnlng during tlmes In thelr life whtn that training 15 most relevant and necessary. Bespoke Trnln5ng We wlll conslder properly budgeted and contracted employer requests for our core tralning to be offered In-house on a bespoke basls. although we do not have the resrjurces ro undertake Inltlal design or organisational consultancy unrelated to our core offerings. Bespoke delivery of our core trainlng feed5 and seeds OUT open tralnlng course5. making employers more Ilkely to send tralnees on them. although employer sponsorship is n¢)w much less common . Durln9 thls year we were acrlvely Implemenrlng wlth our con50rtium partner5 Phase5 One and Two of the Reflectlve Practlce TralnSn9 on In-patlent Wards for 180 NHS Trusts across England. Thls Culture of Care-staff Care and Development project contlnue5 until March 2026. The Future of Group Analytlc Tralnlng Followlng publicatlon of Ihe DecolDnising the Curriculum and Otherlng Reports the Board established a Jolnt fevlew wlth our training communlty to conducr a deep dive Into all our traSning with 4 vlew to ensuring their fitness for purpose for the future In the Ilght of all t.he different forces for change such as flnanclal. market, technologlcal psycho-soclal and polltlcal pressures. Thls task force Is meetlng monthly, and Sts work 15 expected to take at least a further two years. Meantlme, Indlvldual cour5e5 have made 5ignlflcant progress In decentrlng their learning methods and content. At the same tlme, slgnlllcant innovation 15 taklng across the IGA network. with new courses, new deslgns and new methods of delivery being explored, Manchesrer and London have both commlssioned curriculuTn development convenors to research, develop and propose future course offerlngs. As a result, new London weekend courses have been plartned for implementation from September 2026. The revlved Turvey Groupwork Qualifyin9 Course and the new specialist Forensic Diploma COLtrse were launched In September 2025, Just after the end of the year under revlew, from a new slte at Rlpon College Cuddesdon, Oxfordshlre. Membershlp Committee Over the past year we17ave focussed on opening discussions with the wider membership about the direction of the organlsation, with the introduction of bi-rnonthly membership forum. These have been online and have been well attended. We have been encouraging members to think about the events they would like to hold. both on-line and in per50n. An imporrant focus of the committee ha5 been on puttlng in place robust policles and procedures in relatlon to CPD, reaccredltatlon and return to prartice. as these have needed to be updated. This The Instlwte of Group Analysts Trustees. annual repor( For the year ended 31 July 2025 has been made posslble by the recruitment of Shelley. The next step will be to update the member's handbook on the websiie. We have also been considering the situatlon regarding IGA members wifhout an accredltlng body. to work out how we might mitigate the risk of liability for member5. Events Commlttee Last year. the Event5 Committee was re-establlshed. wlth Sue Wallace serving as Chalr and Sharon Hannah. Sally Bild, Marllyn Kedwards, and Sam Evans as members. This Committee offered professional development courses for mefflbers enabllng them to deepen thelr understandlng and knowledge of group analy515. Thbs. In turn. enhances the quality of care they provlde to thelr patients. Additionally. we have developed a programrne of events open to the public and professlonals outslde Ihe field of group analysls. hSghllghtlng the broader relevance of group analysis. The newly reformed Events Committee is eager to hear idea5 from members to ensure a creatlve and engaging programme of e¥ents that SUPPOrt5 conrlnulng professional development. IGA Premlses and Bulldlng Management As well as the rour5ne repalr works. we have contlnued Implementlng the required change5 to our health and 5afery procedures. We are confldcnt that these measures. alon9 wlth planned HR changes, wlll lead to sub5Cantlal Improvemenr5 In the safery and worklng envlronment at rhe IG Our Psychotherapy Referral SeNlce Thls servlce Is now admin5stered through an onllne group as prevlously mentloned. Promotlon of Group Analysls We seek to promote groups as a treatment for those wlth psychological dlfflcultle5 and encourage Its provlslon wlthln the range of psychologlcal theraples and psychosoclal Interyentlons avallable on the NHS. We also promote groups as a medium for 5elf-exploratlon. not necessarlly Just for the alleviation of d15tress, but for self-development and personal growth. Future We recognise the importance of the continuous evaluation and diversification of our training portfolio. Our Strategic arrbition is to extend the reach of QL4r educational offer beyond a solely clinical focus. Incorporating a broader engagement wlth organisatlonal, institutional. and communiry-based corFtexts. This development reflects both the evolving professional landscape and rhe diverse settings In whlch group analy(ic thinking can make a meaningful contribution. All new and existing programmes will be shaped by a clear commitment to decolonisarion, ensuring that our trainlng remains incluslve. relevant, and reflective of a wlde range of lived experiences and cultural perspectlves. Central to this approach Ss our Commitment to widenlng acces5 to tralning. We are actively working to remove financlal and Structural barrier5 faced by trainee5 from underrepresented backgroijnds. Region-specific bursaries, alongslde natlonal financlal support made possible The Instltute of Group Anal￿15 Tru5fees' annual report For the year ended 31 Juty 2025 and the diverse settings in wFrich group an11￿1C rh5nking can make a meanlngful contrlbution. All new and existlng prograrnmes wlll be shaped by a clear commltment ro decolonlsatlon. ensurln9 that our training remalns inclusive. relevant, and reflectlve of a wide range of lived experiences and cultural perspettlves. Central to this approach is our commltment to wldening access to tralnlng. We are actlvely working to remove financlal and structural barriers faced by tralnees from underrepresented backgrounds. Region-speclflc bursaries, alongside national financial support made posslble through the generosity of benefactors. continue to play a ¥ltal role in promotlng equlty of access and fosterlng a more dlverse learnlng community. The ongolng process of decolonising our tralnlng currlculum. governance structure5, and organisational culture remains a cornerstone of our long-term strategy. Thls work Is understood a5 an evolvlng and reflectlve practlce rather than a flnlte task. We are committed to creating an envlronment In whlch dlver5e per5pertSves are attlvely welcomed, critically engaged with. and meanlngfully embedded, and where all members feel seen. heard, and sUPPOrted. Through these sustalned efforts, we alm to POSitlon IGA-UK as a forward-thinkingp soclally respon51ve. and Inclu51ve organlsation, well equlpped to meet future challenges and opportunitles. In response to the changlng needs of our members and tralnees, we have also strengthened our membership services. The newly reformed Membership Commlttee now plays a key role In supportlng the governance of members, professlonal work and works In close collaboration wlth the Events Cornmittet to enhance engagement and partlclpatlon. These committees are actlvely 1.Sstenirtg to the membership and using feedback to ensure that our servlces. activltles. and communications align wlth members, professional netds and a5plratlons. A programme of workshop5, semlnar5, and event5 delivered both In person and onllne 15 currently development to support contlnulng profe551onal development and to strengthen connectlons wlthln the group analytic comrnunity. Locklng ahead, a crucial focus will be the effective promotion of our core activities, underplnned by clearly defined objectives and accounrability acr055 all subcommittee5. We are commltted to fostering creativity and Innovailon In the development of new course5 and initlatives that meet the needs of those new io IGA-UK. as well as supporting the ongoing development of establlshed members. The continued expansion of online and hybrid learning opportunltles wlll be central to this work, increasing accessibility and enabling participatlon from across the UK and Internationally, while maintaining the depth and quality of our educatlonal provislon. Flnanclal Revlew: Flnanclal Year Ending July 2025 The Siatement of Financial Activlties (SOFA) for the year ended 31 July 2025 demonstrates an Improvement in the financial performance of the Institute of Group Analysi5 IIGAI. The Trustees have (arefully managed resources to ensure the Institute's sustainability in a challenging operating environment, whlle maintaining it5 commitment to delivering hlgh-quality charitable activltles. The Instltute of GrDUP Analys15 Trustees. aftnual report For the year ended 31 July 2025 Income Total Income for the year was £650,896. representlng an Increase of 25% compared wlth the prlor vear12024.' £519.939). This growth wa5 largely driven by provislon of a successful bespoke training programmes of a Reflecrlve Practlce In Organlsatlons course. which contrlbuted significantly to the Increase In tralnlng Income to £455.808 (2024: £328.034). Membership subscrlptlons remalned a conslstent source of unrestrltted Income at £126.231 12024.. £127,568). although a s11ghr decrease In membership numbers was noted. Income from ha11 hlre Increased modestly as the Institute recovered from previous restrictlons related to building works. Donatlons and legacies also Increased to £20.586 (2024- £15.7761. 5UPPOrted by a notable donatlon from the Morrls Nltsun Fund. Expendlture Expendlture on charltable attFvltles Increased to £682.271 12024= £615.515). reflectlftg a planned Increase cost5 In relatlon to bespoke tralning dellvery and adJu5tments to salary scale5. Thls Increase In staff costs was partly offset by a reductlon In course and workshop-related expendlture, followlng a decrease In the number of courses run and restructurlng of programmes In response to partlclpant demand. Occupancy costs rose. drlven by Increased utlllty and malntenance expense5 and r151ng energy prlces and essentlal refurblshment works. Adminlstratlve expenses were carefully controlled. wlth reductlons In offlce supplies and a slgnSficant dtcrease In expendlture on legacy-funded projects. reflectlng the completlon of several Inltlatlves. Flnanclal Posltlon The Institute recorded an operating deficit before Investment galns of £31,375 12024.. deflclt of £95,576). Investment activity contributed net gains of £5,876 12024.. £53,645). resulting in an overall net deficit for the year of £25,499 (2024.. £41.9311. Un restrlrted general funds decreased by £33,824, whlle de51gnated fund5 increased by £17,341 due to allocations for future strategic prlorlrSe5. Restrlcted funds reduced by £9,016. In line wlth the planned applicatlon of restricted Income. Outlook The Trustees recognise the ongoing flnanclal challenges facing the secror and remaln commltted to prudent flnancial management. The improvement in financial performance this year reflects both effective delivery of Ehe Instltute's core activlties and srraregic investment in key areas such as bespoke traSning. The In5tltute of Group Analysis Trustees. annual report For the year ended 31 July 2025 The Trusrees will continue to monitor income diversification and cost control closely to ensure the Instltute'5 long-term 5UStainability, enabling it to fulfil its tharitable objectives effectively and respond to emerglng opportunlties in the coming years. Restrlcted funds 8ursarle5 and Courses We have ob5eNed a slgniPicant Increase In bursaries awarded this year. totaling £12.250. compared to £8,000 in 2023. These bursarles were funded by contrlbutlons from Vlvlenne Cohen, Dennis Brown, and Marlsa Dillon Weston funds and were allocated to support students enrolled In the Foundatlon course In London and Scotland, as well a5 the Dlploma and Quallfylng courses in London. Additionally. we provided two full 5cholarshlps and three half-5cholarshlps for Foundatlon course students, along with two full scholarshlps for Dlploma course students, reflectlng our commltment to maklng educarlon accessible to a broader range of students. The admlnlstratlon of tFte Scotland Foundatlon course contlnued to be overseen by our offlce this year. wlth the a550clated Income and expendlture reflected In our Ananclal accounts. Looklng ahead. we wlll malntaln the management of the Scotland Foundation course for the upcomlng year. Investments In the current flscal year. the unit value of the equlty funds Investment experlenced a significant decrease but recovered In tlme by the end of the flnanclal year. resultlng Sn a gain of £S.876. We acknowledge'the associated rlsks tled to thelr values. especially considerlng potentlal shlfts In the economlc clrcumstances of the country. and we remaln vigllant about monitorlng the progress of these funds. Fundralsing The IGA does not engage in publlc fundraisin9 and does not Use professlonal fundraisers or commerclal partlclpants. Neverthele55, It observe5 and complle5 With the relevant fundralslng regulation5 and codes. During the year there was no non-compliance with these regulations and codes and the Instltute recelved no complaints relating to it5 fundraising practice. Therefore, we are not registered with the fundraising regularor but would follow relevant guide5ines and code5 should we conduct fundra151ng among our member5 or make approaches to grant-making bodie5 in the future. Finance Committee In the fiscal year 2024-25, the Finance Committee met on flve occasions. The commlttee continue5 to benefit from the flnanclal expert15e of lay member Mr. John Klnder, and we express our gratitude The Instltute of Group Analysi5 Tru5tees' annual Teport For the year ended 31 ju￿ 2025 for hls valuable guldance. The commlttee Is composed of the Honorary Treasurer. who serves as Chair, the Chalr of the IGA Board. and the Chlef Operating Officer. We also welcome Catherlne Haye5, one of the new board members, as an addition to the committee. The Chief Operating Officer Is re5ponslble for preparlng and provlding financial Information and updates to committee members and actlvely participates In the declslon-making process. All declslons of the Flnance Commltiee are subsequently ratlfled by the Board of Tru5tee5. Princlpal rlsks and uncertainties As in the previou5 year, the key risk5 reviewed In 2024-25 cent￿d on the organisation's flnancial sustainablllty, partlcularly the potentlal Impact of reduced Incorne from lower student enrolment and slow membershlp growrh. The Board also Identlfied an urgent need to refresh and reorganise exi5tlng committee structures and to secure contlnulty In Board engagement to support the organlsatlon's long-terni stablllty. The Chalr and all Board members regularly have their operatlonal duties revlewed during Board meeting5. The Board continually conslders Interlm solutlons and evaluates the effectivene55 and sustalnablllty of leadership roles to ensure the organlsatlon operates efflclently and effectlvely. Reserves pollcy and golng concern. The IGA'5 maln source of Income comes from training courses. whlch can vary from year to year. whlle a slgnlflcant portlon of It5 expendlture, such a5 5alarie5 and tralning cosr5, 15 largely fixed. In Ilght gf thi5. the trustees have determined that free reserves should be malntained at a.level equlyalent to at leasi slx months. expendlture. For the 2024-25 flnanclal year, th15 equates to approximately £341,000. As of 31 July 2025. the general unresrrlcted fund stood at £649,745. However. thls flgure Include5 cerraln asset5 that are not readily accesslble. Free reserves are Intended to represent the portlon of these funds that15 rn0St liquld, avallable to SUPPOrt cash flow If requlred, and exclude tangible flxed asset5. On this basts. free reserves as of 31 July 2025 amounted to £431,424, a decrease frorn £474,651 In 2024. primarily due to the deficlt recorded durlng the year. The trustees have carefully reviewed the charity's cash flow projections over the 12 rnonths following the approval of these account5. They are satisfied that there are no material uncertainties regarding the IGA's financlal position and have concluded that the organisation remains a going concern for at least 12 month5 from January 2026. Although free reserves at year-end exceed the 5ix-month benchmark, the trustees recognise the importance of strengthening the IGA'S flnanclal position further, as reserves can fluctuate during the year and income sireams can be unpredlctable. The Institute of Group Analy515 Trustees. annual report For the year ended Jl July 2025 Forecasts for 2025-26 Indicate a pro]etted year-end deflclt of £78,000. Although thi5 shorrfall can be covered from the general reserve fund. the IGA is actlvely Implementing mitigation rneasures aimed ai long-term 501utlons, Includlng strategie5 to addre55 decllning student recruitment, alongside targeted actions to reduce the anticipated budget deflclt. Desplte these challenges. the IGA remains in a stable financlal posltlon. allowing the organ15atlon lo pursue strateglc Investments that are crftlcal for modernising operatlons and prograrnmes. Key Inltiatlve5 planned for the year include: Developlng onllne tralnlng modules to supplement In-persors courses. Launching weekend block tralnlng se551on5 to Improve accesslbllSty for rralnees. Investlng In blended learning models. supported by an upgraded audlovlsual system. to enhance rhe quality and delivery of tralnlng. Recent IT system upgrades have already dellvered slgnificant benefits, Improvlng communlcatlon and collaboration among staff, board rnember5, and committees. These improvements have Strengthened operational efficiencv and positioned the IGA to better meet the evolving need5 of it5 communlty. Looking ahead. the organlsation wlll Invest In a new hybrld audlovlsual system to replace rhe current unrellable setup. further supportin9 the dellvery of hlgh-quallty tralnlng and meetings. Structure. governance and management The organisatlon Is a charltable company limited by guarantee, Incorporated on 3 June 1980. and reglstered as a eharlty on 22 September 1980. E5tabli5hed under a Memorandum of As50ciatlon that outlines Its obJe of the Charities and Trustee Investment (Scotland) Act 200S and under the Companle5 Aci 2006 and report In accordance with regulations made under those Acts. Our objectlves are co obtaln reasonable assurance about whether the financlal statements as a whole are free from maierlal mSsstatement, whether due to fraud or error, and to Issue an audltor's report that Sncludes our opinlon. Reasonable assurance Is a hlgh level of assurance but Is not a guarantee that an audlt conducted In accordance wlrh ISAS IUK) wlll always detett a materlal mi55tatement when it exists. Misstatements can arlse from fraud or error and are considered m4terlal If, Individually or in the aggregate, they could reasonably be expected to Influence the economlc decislons of users taken on the ba515 of these flnancial statements. Irregularltles, Includlng fraud, are Instances of non-compllance with laws and re9ulatlons. We design procedures In Ilne wlth our respon5ibillties. outlined above. to detect materlal m155ratements In respect of irregularlties. Including fraud. The extent to which our procedures are capable of detectlng IrregularlEles. Includlng fraud are set our below. Capability of the audit in detecting irregularities In identifying and assessing risks of material mlsstatement in respect of irregularities, includlng fraud and non-compliance with laws and regulation5, our procedures included rhe following.. We enquired of management whlch included obtalning and reviewlng 5upportlng documentatlon, concernlng rhe chariry'5 policies and procedures relating 10: Identlfying, evaluating. and complying Wlth laws and regulations and whether they were aware of any instances of non-compliance. Detecting and responding to the rlsks of fraud and whether they have knowledge of anv actual, Suspected, or alleged fraud. Independent audltorf5 report To the members of The Instltute of Group Analysls The internal controls established to mttlgate rlsks related to fraud or non-compllance wlth laws and regulatlon5. We Inspecied the mlnures of meetlngs of those charged wlth governance. We obtained an understandlrbg of the legal and regulatory framework that the charlty operates In. focuslng on those laws and regulatlons that had a mater5al effett on the flnanclal statements or that had a fundamental effeci on the operatlon5 of the charfty from our professional and sector experlence. We comrnunicated appllcable laws and regulations throughout the audit team and remained alert ro any Indlcation5 of noft-compllance throughout the audlt. We revlewed any reports made to regulators. We revlewed the flnanclal Statement disc105ures and tested these to 5UPPOrtlng docurnentatlon to a55e55 compllance wlth appllcable laws and regulatlons. We performed analytlcal procedures to Identlfy any unusual or unexpetted relatlonshlps that rnay Indlcate rlsks of materSal mlsstatement due to fraud. In addresslng the rlsk of fraud through management overrlde of conrrols, we tested the approprlateness of Journal entrles and other adjustment5. assessed whether the Judgements made in making accounting estlmates are Sndicatlve of a porentlal blas and tested slgnificant transactlons that are unusual or those Outslde the normal course of business. Because of the Inherent Ilrnltatlons of an audlt. there Is a risk that we wlll not detect all Irregularltle5, Includlng those leading to a materlal mlsstatement In the flnanclal Statements or non-compllance wlth regulatlon. Th15 r15k increa5e5 the more that compllance wlth a law or regulation Is removed from the events and transactlons reflerted In the flnanclal statements, as we wlll be less Ilkely to become aware of Instances of non-compllance. The rlsk Is also greater regardlng IrregularStles occurrlng due to fraud rather Ihan error. as fraud Involves Intentional concealment. forgery* coIIuslon, omlsslon or mlsrepresentatloTr.' A further descriptlon of our responsibilitle5 Is avallable on the Flnancial Reportlng Councll's website at: Thls description forrns pan of our audiior's report. 20 Independent audltorfs repo To the mombers of The Instltute of Group Analssls Use of our report This report Is made solely to the charltable company's member5 as a body* in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and sectlon 4411)Icl of the Charlries and Trustee Investment (Scotlandl Act 2005. Our audit work has been undertaken so that we might State to the charitable company's members those matters we are requlred to state to them In an audltor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume re5pon51bllity to anyone other than the charltable company and the charltable company'5 members as a bodyp for our audlt work, for thls report. or for the oplnlons we have formed. Judlth Mlller Isenlor statU¢ory audltor) Date 8 Aprll 2026 for and on behalf of Sayer Vincent LLP, statutory Auditor 11 O Golden Lane, LONDON. ECI Y OT Sayer Vlncent LLP15 ellgible to att as audltor In terms of sectlon 1212 of the Companles Act 2006 21 aOl5 2014 Vnf¢#vkted G*n•ral De%lgnat•d R•sQlct•& TDtsI ID¢drne from.. Lkniii¢tys and 20,516 20.5 15.776 15.77$ wA6sirioions 126.231 413.254 127.S60 296.079 1,289 455,004 4.416 328,034 Workyhopl ￿￿C*h￿rIN0ry 29.607 5,269 650,8•6 1,717 ,432 IhtL¥no 43.OS3 4.4a6 Expefiditur• r*n.' 6ZthIJE 626.236 4,554 4,534 51,501 611.Z7T 612,271 56J,707 560.7UY 33,2SI 33.2 t lfttctht I 140.2611 17J41 14.441J o?.J?s> 197.7651 6.444 156 5.176 50,778 2.167 53.645 N41 i (ewF•ndM￿rl>fOrthlVll 133J241 125,499) 146.9101 14.Qll 19,0161 (25.4 149)12 To￿ fundi bro¥W*fO￿￿tt Tolal funtt5 cxrfld f•rtvard 1 2JO th)9 46.203 69,432 l.J12.610 1.2JO.a 78.448 22 Th* DIG￿PA￿l￿ty18 O*l•fv￿ sho CarnpJDwno. 01495655 20Z5 2024 T￿ng￿Tre ailer* lTh¥*srments 76S.$61 573,72> 7S6.158 567.846 1.339,284 1,324,004 D¢btyrs i¥h at bi￿& and IR h* 13.4OS 159.831 14.489 138.445 73.091 152.934 Credii4rs' duo on•y at ￿rrInt iiiets I Illlblllllul IZO,664) Tolal n•t •s*rt• l Qlablllttu) T.J12.620 TholuR& of the th4r EndOWm￿ntfvDds IS.405 34.OZ7 35,973 42.475 Un￿$trICted1￿rOffiE fvryd5.' Deslgnated 4&203 547.240 649.745 28.862 547.240 683,569 G•n4rn1 Total unr1strtrr￿ funds 1.243.118 T.259.671 Tat•l dwlryfvnd• IJTZ,fj20 1.338,119 Appro¥od ￿ th* tN¥f¢•5 oll 2026 ind styned on d*Sr bthaif bv: Chalr, 4o*rd ulTnbrtvs 23 The In5dNtE olGroupARatysts St•i¢m¢rt •f Ilth¥s 4p •nd•d 202S KThf•ii•n arn¢t1R￿mI I (•xp•ndFt¥r•) fo n•twh fl•wfrom OP•mkng 2025 2024 Ndtl•xpWltts￿ fatth• r•p•Mng pqrfvd 125,499) Dtwc*ation ahd am0rtj5at￿Dn char9t IC•lftsi on Inve%frnEnrs OMdoThJs. lTrterest rent from In¥rttrn•nts OKreise I I1￿(reaSe> In debtors IO•crnisel credrtors 5.J4J 15.B70) 15,269) 1,013 60.940 16,S87 151.64SI 11.391 cuh JOM62 11 D4,6291 Cmh 110￿ froffl aaW•i: DPrfldtnds. Interest and rents frath Purchase of Ilxèd as5trs PrnE**ds from sale ot In¥estffltnrs 5,289 114,746) 1,787 Il•t Guh provld•d ￿ I in) 1Th14111fi0 •cU￿me1 19,47 1871 Chwq In •Hd ln tlMyJ 21.116 C•Ah •nd eqvW•nls It thi b•glnnlTry ol th• ￿lT 13&445 243,1 QO Clih ind #th• •nd olthiy•zr 159.631 131.44S 24 Tht lThstttut• •IGroupA￿lfySl6 Notes to the fflnaTrcl•l ststenKrts UI 202S T AccwnWng wltd •) Sl•lUEOry Infon￿tIon Th•1Trstitut• of Group An*Yls 15 a cfv•thiblo cornplry Ilffjlted and 15 IThcurporattd In England 4nd Waks. The fegl*tsred offiee iddr¢sJ pThnripAI pi4cegf Is l O<harn Gavdens. Lon(ton, NW3 5BY. 515 uf pr•piraUon Th• AnaThrlal Juiorn•nfs ha￿ been prepared In iccord•nc¢ wlth AttounllTry And RepDrtln9 byCharltle5.' slar￿ment ol ReComM￿*&d Praitlce appllc4blE to chiTIt1•5 proparln4 iholr a￿0￿￿[51￿ accordince wlth tho FlnAncial flewrtlng 5r4ndard ¥pllcabh In th* UK and Rep￿L￿4¢ DflrelaThJ IFRS 102) ItffEttl* l Jahuary 201$) IChirtll•s SORP FPS 1021, th4 FI￿￿￿11 Reporting Standard ippllcablt In the UK and Republlc ofirebaTrd IFRS 1021 (September 20151 and ihÈ CornpanlEJ ACE 2006. Agstls ind I1￿1$1105 ar• Inltlalty ra¢rynl&•d at hlswrtcal (D5[ or Iwsxlltrh ¥￿￿• uTrl•ss othenvlje i¢ited In thq aCCOUMI￿a pollcy or Thor*. The charlt&blt cornpany miots th• thflTrlrh>n ol i putslk bBnefil uhdei FRS 102. é) Gothq coNcerTr The IGA'S prlmary UPEratlDnal artl¥ltle5 resul￿rt Ih an U*re5t￿tI*d deflclt £40,2681Z024. (97.766 defldil thnd unreillsgd uTrre51rithod In¥eStmEnr Df £6.444 12024.. 150.7781. Consequenily. Ihe bilance of tho IG4's •ert•r￿ rtserve fund has decre45Ed ro £649.745 12024.. 1683.5691. AIth*u9h the charityconUnu¢$ io ieporr a deflclt. the ffqures show yoar-on-yeir Irnpm￿Menf Ih the cUrfentflnanElil yeir. DE$ptte ihe5t ftD4nclal mov¢m¢n15, performlnct fs¥+r tho pasi slx consecut1￿ years drrnDn5traies thir tht charlty IA rnslll*nt Ind ibl• to wlthitand thi golrtq-ttsn¢¢m pre$A￿reS.AtCordIfflq￿. tho tnjitrei (onilder ihllt theyt no slpTrlficaTht uncert4lntle5 reglrdlnq ttht charltable ctsmpany's ablllty to coniinue aj i qpln9 cvncom. Th• rruJiee5 do no¥ conslder that thtre are ATrysource% of isf+mitson uTrcerralnty Ai th* r•portlhg ditE Ihat haw i slgnlflcint rlsk •f cauilng a rniiorlal AdJusirn¢nr to th• uirylng amoun15 of ￿$11& and l￿bIll￿¢S vjllhln the hext reportlng pertod. •) lThcqmi Ihcam¢ l• whery thi chrlty h•5 ertitl•m•nt tv ihi fvnds, iry pqrfprm•fflv evhdlth>ns ro th• IncDrn• been mel. It Is Pfob•tyle th*¢ Ih• Incomr wlll be rtctlwed And that tht itnount ckn be Thasur•d rellawy. Th• rntrnber%hip yt4r ruTr5 fromJAnUary tv DECembEf•nd subscrfpt1005 Incorne Is recak%hlsod In lh• Sl•l•nltn¢ of Flninclat A¢Tlvhle¥ on A flrne •pportloned basls.Th• *jfflOarn￿ subKr4ptlons ar rho y•K •nd art knEludod lth cr*dltois". urtoumrs lilllng dutwlthln C•uts# 4Thd Almll4r InEom• COtsrS￿ and Slrnllar lThcome r•c•lvibl• ind c*ar4e5 for sor¥l(e5 Ind usq of premlses •rq ¥rount•d for In th• porlod In whlch thi s¢Nkt l¥ p¥ovlded. IntOrn* r*c•l¥•d Ih al the pro￿5￿￿ #f a iyclflid #er￿ li d•f*rMd ufitll th* trltrfl• for Income recogTrlt￿n ire m•t. INt*r*Jt On fvndi h•ld w dipv¥ll l¥ In¢ludid mc0￿￿1• artd tho imoufitun b¢ ffl¢alur￿ Tellably ￿ rh• c￿￿1￿, thls 1% normilly Upon ntstlflcatlan df th* pihl or payabS* byih• bink. F¥nd •tt•untlfiq R￿trIcted and rndowtnenE fvndj Ire lo be used lor 5pe¢WIc puvpo5e5 41 lild down the donor. ExptndSturt *thlch m¢e15 thes t*Fla Is chargtd to the fvid. Endowm•ht funds arn rnilirtilTr¢d 41 thElr capltil ¥41uewlth any Incomr It￿traI¢ll btlng UAed for PIITpose5 5peclnod ￿ the donor. Unrpstrlifod funds •re dvnatlons Ind orhEr Incomlng rE>ovrct5 Dr g*nif4tEd for the charttible wrpases. DE51gn41td fund5 ar• unr•5rrkred fynd5 qarrnarked by the tru5¢ee5 for partlculirpurpoSIS. h) ExpendltUF• 4n& Irre¢r*ver4bl¢ VAT Expendlture15 recogn15id Once the￿15 & legal ov tonstfUCtl¥* obllgatlon 10 rn4ke a p•ymEnr ro • Ihird Nrty, It li prabiblE thAt seEdemeni wlll be requlred ind the amount of the oblig•tIo￿ cin be rntasured rp1b4￿y. EMpÈndliuro on ch•rltable aciivllliy lTrclud15 thE of piovldlng hlih quallty tr41nihg In group analy515. proyldlnq tnembeishlp servlce5 for 4Dd r￿nnIng work5hgps and events for nTernbern lx Wqll othEr actfvltle5 u￿dertaken to lur¢hEr the purposes olrhE th4dty4nd thrlr 4550c14(ed 5UPPQrt costs. IvrecoVEtable VAT 1% chiryed cost igilnXT the actlvity forwhSrh the e¥pindltUre Wa5 tsKurrEd. O ￿l￿ratIon (bf Jupport f05ts Rt50urce5 eYpendEd arE Allocaied to the plrtlcular actlvitywhere the c05r rtl•ley dIrett￿ to th4t Jctlwty. Htrrf4E¥er. the CDlt ol overall dlrecriDn 4nd adrnlnljtsaiion of each acEiYIty. tornprljlny the sal4ry and Dverhe&d sp5t5 oftht Centv& funciion. Is &pI￿rtion￿& the foll¢wlng which are an eJflmaie. based OD staff tirne, Df the aMuUntAil￿butIb1e to each actmty. Where InfufmAtIDn a6Dtst iimj. otlethveJ ind prJJecr> of ihe pro￿a￿d to potentlal beneflclarte5. the c45ts assoclaied Viith this publicit¥&re allocated tD Ih•rltablq expEndliure. Acrivlty ro5rs art •pporrioned betwqen clarila￿e aCdvI￿es on the bas15 of 5raff tlrne spent Ofi providlng •CLivItI¢s. Go￿r￿aTr¢e cosis are the cosr5 asso¢lated w+th thk yov¢rTrAnc¢ 4rrangerneniJ of rhe Ihirlty. ThÈJe caxts Ire iS50dated cDnsiiiutlonal and ST41UiQry requlrement5 and Include any cos15 3550claied wlih the slritegli management DI tho fharltv's aCtbAtleS. Renr41 chirges are chirged on a stialqht line bas15 overtho rerm of the 5e45e. 25 The In51111rte •t Grwp Ngt•s to thefthincw slateAXIIts l Attountlri9 POtitl¢i Tanwble flxed •isets Itern5 oltgulprnent arE tapltallsed where the purchase prfce exceeds ESUQ. Oepreclaiion Jlkxired to KINities Dn rhr b*%ls of the us• of the reL4kd asset5 }• th¢seacriviriiy. Assets ir¢ rE￿•lrt Basts of allocatio catrJn ppart G¢Jvernance 051 E05tg 2025 Totsl 2014 Total 5t4ff cosi (Nor* 61 Exwhdlvjre ri)U15C5 Ind wothshopj Stilyrac￿Itrn￿t khd rThlnkng OCCUPAW Costs Audltand a(coUntsn4f Leyal Expen$ps DtprEcLAtfoft Offlct •xpths Llbrary cosr4 Des*nated fijnd proJECt5 esukted fvTrd*.' coum* Restrktid QMMhC4nd tyAlnknq txpinw Resirlcte& fvnds.. I￿rA•￿e$ and wl2 Strff rlmt Dirett Dli¢¢r U5a9Q 262.622 202.984 4,274 38.395 49.596 JTI,217 102,914 4,274 42.661 12,OOQ 317.479 30.025 3,745 SS,I61 10,200 18Q 16,587 32,404 1,625 13,441 23,464 1,124 8,000 4,26 12,000 Direct 4.784 JS,935 3,998 4,S34 16.216 3,015 12.250 532 3,993 5JT5 42.717 3.991 4.$34 Jfj.ZT6 i.ojs 72,250 Usa Dlrect 2,859 DlreLt DIFect OIFect 609.026 58,386 14.859 6A2.271 11 S.975 port COSt5 $8.386 158.386 owrnanc• cosrs 14.859 (14,8591 ToT41 2025 082.271 615.976 27 of Gmup Anal￿ ?? ?nJr sls Df Educirhn SuP￿rt Gov*rn&nce costs costs 1024 Total 5t•ff ￿￿r (Noie 61 E*p•n4rt¥r¢ co¥r5eF ¥4Ytrkshops Staff rBcNi¢rnoTri tr￿n1Th9 0￿UP￿Tr￿¥ casts Audlt Ind ir(ount•nry Legal EMpefis¢s Oepredatltsh oriict expenses Llbriry costs Lew¥fund proJects Resirkttd fufi05.' Tralfilny c¢MrJ Resrrlcttd funds.. QMthIAC knd tralnlry •¥p•Trwi Ilejirkted fun05.' ahd wlzob 51•tt tlmE Olr¢ct Olrert Usalle Oliert Dlrect Usage U54ge Dlrort Olierr Dlrnrt 265.4Z5 130.025 3.786 Sl.26S 52,054 317.479 130.025 3.716 58.961 )0.2DO 5,696 10,200 180 14,928 Z7.327 1.6Z5 I,Is 3,035 1&517 J2.404 1.62S 13.ml 23.464 1.124 2￿42 13.464 1.824 8,000 $41.110 82,444 12,422 615.976 Supportcosts 62.444 162.444? Go¥ornancE Costs 12,422 112.4221 Tal￿ wthdltur• 2024 415.976 28 4Èt It￿￿￿* I lexpendttur•) thrth•¥•v 2025 loz4 5,515 Io,oNJ *JJditO*s 1•xE￿ID￿ VATr s1￿coAt￿ YMr• u follws.. 1015 1024 S•l•rtes indw4e¥ 5oElal s•rurlty cost E￿￿0ve￿5 rcffjlrlbulonlod•￿•d{0￿￿th￿n p•nskn *chem• 100.495 21,161 9,154 23.713 JrT.479 t4mid MQY•th4n £60,000 ih*yai12024. 60.000 Tht roittl effiplayEe bEnents lkndudlng wiion ￿￿trI￿onI llfflpttyees knu14fic*I tslth k•v m4f•Pmlftt pir1Dm￿ wir• £176,895 I2024.. EI 70,175 1. Th• nW¥•Trtqn¢ p•rsonn•l In¢lM41 of Tr&nlTrll￿ Offlcil Trilhln9 C•ntr• M4n•q¢r. lE[e￿E remun•r4tlon fw th•lr I￿(MIng r4imtsLYSQm•nt for th*lrlrw￿l expenie*. TTvsl¢¢Jthc I¢<È￿ta fefftUnÈrntlran fvrihwr tu£hin9 i•Y¥l¢tJ rnlMbws•rrtfjr In TM ¢urrtrtv•biwv•. - Illd (13,7501. Sharaffl ttrav￿ 1728.651. Rth-Vq¢%ma ItvKhlfflg 11.4374nd 11.7Jl.V. Graharn Mck4y(tNthln9 18101, #lchaid BKq(kn¥ell £6751 5vEW4IKe tttthchln9 E556 4nd tr￿1 £3911. ThÈre confllcfof Int￿￿1 nalrdmwerattd ityoftheii a￿1*>. Strtnurnbqr# Th¥ lknd couDi Dfithff emF10yed) th•vMIw￿ 15 IZQZI.. Ilk 1015 21J24 fl irn p1rty1r￿S1(f1¥ns 1¥ th5do*E for20Z5 Oih4r Lhan thoie anPJoth6 12DR51.' Thryrq 4rq donitlons frym p4rt11s which ar• DqVm41 caUr&•gI￿lln￿￿. •xL*pt1•9llrydvn4Uuni lotiM5hg £20.516 om El￿* Of A0￿￿d Moifis Nllsun. 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