2025-12-31-accounts - The Alexander Fund

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

THE ALEXANDER FUND ARe istered Charlt No. 303765 TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2025

THE ALEK4NDER FUND FULL NAME OF CHARITY The Alexander Fund GOVERNING INSTRUMENT S¢heme regulaled by the High Court (Chancery Division) of 20 January 1984, as varied by schemes of the Charily Lommi5sioners dated 20 July 1987 and 18 April 1994 as amended by resolution dated 6 March 2014. DATE OF REGISTRATION 1 January 1964 REGISTERED CHARITY NO. 303765 TRUSTEES OF CHARITY DURING THE YEAR ENDING 31ST DECEMBER 2025 Christopher John Evans Miss Hannah Cramplon lan Malcolm Andrews Gary Raymond Cooper Gavin Crockell Ferguson Ms Rosemary Frances Merricks Peter Nicholas Hapgood PRINCIPAL ADDRESS clo Arbor 255 Blackfriars Road London SE19AX SOLICITORS TO THE CHARITY Winckworth Sherwood LLP Arbor 255 BlaGkfriars Road London SE19AX BANKERS TO THE CHARITY Winckworth Shewood LLP Client Current and deposil accounts (wllh HSBC) AUDITORS TO THE CHARITY Newton & Garner Liinlled Building 2 301-rlern Park North Fln¢hley London N12 9DA AREA OF BENEFIT London Borough8 of Lambelh and Wandsworth INVESTMENT POWERS All sums of ¢ash belonqing to the Charity other than sums needed for iinmediale worklng purposes are invesled in ti'ust for the Chai'ily. The Iruslee$ determine the level of incom6 reserves required al their meetings held four times a year. RISKS The chayily is exposed lo Iluctualions in the sto¢k market. In selecting inveslmenls. the Iruslees follow

advice given by Rathbones Ilncorporating Investec Wealth & Inveslmenl). subject to their scrullny of 8ach quarterly report. The Charlly is presently Inanaged by 7 trustee8. The clerk lo Ihe trustees is responsible for the day-lo-day running of the Charily and Teports to the truslees al each of 4 meetings held In the linancial year. The liust885 applled to have Ihe scheme altered so that the minimum number of Iruslees al any one lime can b6 five and the maximum eighl. The paperwork to achit>vo this was exe¢iiled and an onlina submission was made to the Charily Commisslon on 05.08.2014. ORGANISATIONAL STRUCTURE APPOINTMENT OF TRUSTEES Trtsstees are ¢hosen by personal knowledge of the current trustees from among members or fDrmer Inemb8rs of the Scout Associalion. The continuing lyuslees appoinl lh8 new trL28tee by resolution. ANNUAL REPORT The objects of the charity The oble¢ls of the Charity are sel out in the Scheme of 1994 as follows.. la) The inGome of the Endowmenl Fund and the income and property of Ihe Expendable Fund shall be applied in furthering the aims of the Scoul A8sociallon within the London Boroughs of Lambelh and Wandsworth., The income of the Endowment Fund not required to be expended as aloresaid shall form part of Ihe Expendable Fund. The objeds of the Charlly as menlioned above are intendod to cover Public Benefit as defined in the Charities Act 2011. {b) Summary of policles adopted In order to further the charity's objeGts The trustees award gran18 to members of the Scout Association in the London Boroughs of Lambelh and Wandsworth lo enable them lo atlend S¢out camps. Grants are also awarded to improve facilities at Scoul camps and halls for SGoul meelings, and for tiaining. The trustees re¢eiv8 gTant applicallons and make decisions based on their local knowledge. Each trustee represents a different local district. In making grants, the trustees lake into account the Scout Associalion's Policy Rules and Regulations for Scouling. Achlevoments and performance During the year ended 31st December 2025 the trustees awatded grants lotalllng £69,072.37.

The stock and share porifollos overall have increased from £2,961,922 in 202410 £3,183,132 in 2025,. Ihe Endowmenl Fund porlfolio has increased by 8.11V/o, the Expendable Fund has increased by 5.1610 and the Broome Fund has inGreased by 7.76Okn. Future plans The Irustee5 conlinue lo assi81 Scouting aclivilles in Ihe London Boroughs of Lambeth and Wandsworth. There are no major plans al present. Income The total income received dLFring the year was £.84,975.76, and the total income expendilure was £79,716.77, plus capital expenditure of £28,330.81 making a tolal of £108,047.58. Review of transactlons and flnanclal posltlon of the Gharity A profil of £2,114.79 was realised in the Endowmenl Fund, iio loss, no gain was realised In the Exp8ndabSe Fund and a Ioss of £6,992.75 was realised in the Broome fund duriiig the year. Review of Ihe financia5 staternents for the year endlng 3181 D8cernber 2025 The trustees appainted Winckworth Sherwood LLP to prepare the financial statemen18 and report for Ihe year ended 31 sl December 2025. The financi<al slalemenls have been independenlly examined by Newton & Garner Lid who have given an unqualifigd repoEI. Tru%tees' responslblllti8s The Charily Irust6e8 are responsible for preparing the Iiustees, I'eport and the financial slalements in accordance with the applicable law and United Kingdoin A¢¢ounting Slandards (United Kingdom Generally Accepted Accountlng Pracllce). Law applicable to charilies in England and Wales requires Ihe trustees to prepare the Trustees, Annual Report and financial slaleinents for ea¢li financial year which give a true and falr vlew of the Charity's finaiicial activities during the year and of its linancial posilion al the end of the year. In preparin9 linancial slaleinenls the triislees are required to.. Select suitable acGoLinling pollGles and then apply them consistently. Observe the methods and principlfts in the Charities SORP. Make judgements and eslimales Ihat ale reasonable and prudent. Slate whether applicable 3ccounllng standards have been followed, subjecl to any material departures and explained iii the financial slalements. Prepare the financial slalements on the going Concern basis unless il is inappropriate lo presume that the Charily will continue in operallon. The Iruslees are responsible for keeping a¢counling records whioh disclose with rèasonable accuracy the flnancial posilion of the charity and wliich enable them lo ensure Ilial the financial stateinenls ¢omply wilh the Charities Act 2011, the Charity (accounts and reports) Regulations 2008 and th8 provision8 of the trust deed. They aro also responsible for safeguarding the assels of Ihe Charlty andlignce foi taking reasonable steps for the prevention and dote¢tion of fraud and other iriegularilles. (iv) Iv)

Christop (Chair of ohn. Ugtéésl vans aled

THE ALEXANDER FUND ARe istered Charit No. 303765 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025

THE ALEXANDER FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025 CONTENTS PAGE REPORT TO THE TRUSTEES REPORT OF THE INDEPENDENT EXAMINER GENERAL INFORMATION FINANCIAL STATEMENTS Notes lo the Financlal Statements Balance Sheet Slatemenl of Financial Aclivilies Capltal Account Income Account Schedule of Grants 10 Schedule of Creditors Schedule of Stocks and Share8 12-17

THE ALEXANDER FUND REPORT TO THE TRUSTEES We liavè prepared Ihe financial slaleiiienls sel oul on paoos 5 to 17 from the records of Ihe Ti'ubl maintained by the Irutslees and provided lo us. The lolal n)aik61 value of the securltles was'.- °A INCREASEI DECREASE 31.I2,2025 31.12.2024 £1,263,144 £1,168,379 £517.571 £492,172 £1,402,417 £1,301,371 Endowment Fund Expendable Fund Bi'oome Expendable Fund 7.76¥ Tlie income received wa5:_ /& INCREASEI DECREASI -7.250h 31.12.2025 31.12.2024 £26.354 £28,414 £17.156 £19,176 £20.874 £22,123 £64,385 £69,713 Under Seclion 145 {1) of Ihe Charilies A¢1 2011 the trustees may eleGI ellher:. Endowment Fund Expendable Fund Broome Expendable Fund -5.65Yo la) to have the accounts examlned by an independeiil ex8mlner,' or (b) to have th6 ao¢ounts audll&d by a person qualifled Llnder tho dollnilion contained in S8clion 14412) af the said A¢1. Tlie trustees have olecled to appoint Newton & Garner Lld, chartered accounlanls, to Independently examine the accounts In accoi'dance willi the above provisions, and their reporl is conlained in these financial statements. WINCI<WORTH SHERWOOD LLP DATED

THE ALEXANDER FUND CHARITY NO. 303765 YEAR ENDED 31ST D CEMBER 2025 INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE ALEXANDER FUND I report to th8 Irusloes on my exatniiialion of the accounts ol the above charity { Ilie Trust.) for the year ended 31s1 December 2025, wlilch are sel out on pages 5 to 17. Res onslbllltles and basi5 of re ort As Ihe charily's trustees. you aiE responslble for the preparation of Ihè a¢coiinls iii ac¢ordanee willi the requlreinenls of the Cl)arllies Act 2011 ("Ihe Act')- I reporl in respect of Iny oxaminalion of the Trust's accolints carried out undÈr section 145 oF11)e 2011 Acl and in carrying OLII my examination, I have followed all the applicable Directions given by the Charily Commlssion under seclion 145{Jllb) of the Act. Inde ndent examlner's stateinent I have completed my examinalioii. I coi)flfm Ihal no Inalerial mallers tiave come lo my allenlion in conneclioii with the whlGli gives nie caiise lo bellevè 11)at in, any material respect.. Ihe accounliiw rècords were not kept In accordance with section 130 91 the Chsrilies Act; or Ihe accounts did not accord wilh the accounling ¥ecords', or the accounts did not comply wllh Ihe applicable requ5remenls concerning the form and conlenl of accounts sel out in Ihe Charilies (Aocounls and Reports) Regulationg 2008 other than any requirement Ihal Ihe accounls give a 'lrLie aiid fair, view whlch is nol a matter consldered as part of an independent examinalion. I have no Concerns gnd have come across no other mallers in connecllon with the exaniinalion to which altenlion should be drawn in this report in order to enabl8 a proper iindgistaiiding of the aGcounls lo be reached. Robert Knlgl)t FCCA ATII Newlon & Garner Limilad Chartered Accounlaiils BUILDING 2 30 FRIERN PARI( NORTH FINCHLEY LONDON N12 9DA DATE- 20th July 2026

THE ALEXANDER FUND GENERAL INFORMATION ATE: 181 January 1964 GOVERNING INSTRUMENT.. Sttheme r6gLilaled by the Hlgh Court (Chancery DIVISI1) of 20 January 1964. as varied by schemes of Ilie Charily Cominlssloners dated 20 July 1987 and 18 Aprll 1994 as amended by rosloulion dated 6 March 2014, ORIGINAL TRUSTEES: Not known PRESENT TRUSTEES: Chi'islopher JDhn Evans hAiss Hannah Cramptoii lan Malcolm Ai)drews Gary Raymond Cooper Gavin Ci'ockall Fergiison Ms Roseinary Frence8 M6rrioks Pel¢i' Nicholas Hapgood TRUST PERIOD.. In perpotuily BENEFIGIAL TERN4S AND BENEFICIARIES: Tho Income of the Endowment fund and the incom8 and property of the Exp8nd8blts Fund shall be applled In lurlherlng Ihe alms of the Scout Associallon wilhln (he London Boroughs of Lambalh 8t Wandsworth. The Income of tho Endowment Fund not Yequired lo b8 expended as aforesald sh811 form part of Ihe Expandable Funrt. ADMINISTRATIVE TERMS.. There shall be a mlnlrnum of b" lruslees. Continuing IrLJsIoos shall appoint new Iruslags by resolullon. The Iruslees shall meel at leasl On every 3 months. CAPITAL AND INCOME TAX This is a chaTltable Irusl and Ih6r8by $njoys cerlaln TREATMENT OF TRUST: taxation privileges. Income Tax Income of Ihe Al8xander Fund is exempl so lar a8 It Is applied for cliayllablè purposas. ital Galns Tax Tho Aloxandor Fund 1$ exempl from CGT on oaing 8ppli8d for charllable puvposes. Inhorilance Tax Glfls lo the Alexander Fund aro generally exempl from 114T. Special rules apply to a charily in the form of a dis¢reliongry trust so that, provlded the property Is held

THE ALEXANDER FUND GENERAL INFORMATION Gontd.. for charilable purposes only, il is nol'relevant property" and there Is no ten year anniveysary oharge under s64114TA 1984. SOLICITORS; Wlnckworlh Sh6pNood I_LP Arbor 25of Blackfriars Road London SE19AX STOCKBROKERS.. Ralhbones 30 Gresl)am Slreel Londoi) EC2V 7QN ANY OTHER INFORMATION: David Hanwell the admlnlslralor does much of11i6 day lo day running of the Charity with help froni Ilie Iriist89S.

THE ALEXANDER FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST DECEfvIBER 2025 ACCOUNTING POLICIES Basis of Pr8 aralioi) The flnancial staleinenls havo beon prepai'ed in accordance with Accounting and Reporting by Charities.. Slalement of Recominended Practice applicable to charities preparing their accoiiiits In accordance with the Financial Reporiing Standard applicable in Ihe UK ¢ind Repiiblic ol Irelaiid IFRS 102) (effective 1 January 20151- {Charllies SORP IFRS 10211, fhe Fiiiat)cial Reporting Standard applicable in the UK and RÈpublSc of Ireland (FRS 102). The trust Gonslilutes a public benefit enlity as defined by FRS 102. The Iruslees consider that Iheie are no material unGert8lnlies about Ihe Irusl's abllity lo ci)nlinue as a going concern. Reconclllalion with ievious Generall Acce led Accounlin Praclice In preparii)g the accounls the trustees have consldBred whelher in applying the accounting PDlicie5 roquired by FRS102 2nd the Charilles SORP FRS102 a reslalemenl of comparative items was i)eed&d. No rest31amenl has been required. Income Re nition All income is recognised once the cl)arity l)as enlitlement lo the inconie, 11 is probable that Ihe incoine will be received, and the amounl ol Ii)come receivable can be mèasuFed reliably. Interest on funds held on deposit Is included when receivable and Ilie amotinl can be measured iellably by Iho charity. this is ngrmally upon nDlificatlon of Ilie interest paid or paygble by the haiik. Dividends are iecogi)Ised once the dividend has been declared ar)d nolilicalion has been recelved of the dividend due. Thls is normally upon nalilicalion by our inv6>slm6nl advisor of Ilio dividend yiel(l of Ihe investmeiit portfolio. Ex endilure roco nllion Liabililies ale fecognised ¢lS expendllure as soon as there is a leual or coi)slruclive obligalion coinmilling the chaTily to th81 expenditure, il Is probable that sellloment will be requlred, and the amotii)l of the obligation car) he In8asur8d reliably. All expenditure is accounled for on an a¢vaI,S basls. 2. Inveslmenls Investmeiils are a form of baslc financial inslrumenl and ale Inlllally recounised al Iheii. transaction value and subsequently tneasured at Iheir fair value a¥ at Ilig biilance sheel dale using Ihe closing quoted markcl price. The slalemenl or riii<ifiLial aclivSllès Iiicludes the nel gains and losses arlsing on revaluation and disposals Ihroughoul Ihe year.

Thè trust does nol acquire put options, derivatives, or olhei coinplex linaiicial inslruinent8. The main lorin of linancial risk faced by the charily is Ihal of volatility in eqiilly markets and invcslment markets due to wider ecDnoinic condilioi)s. the alliluda of iiivesloiE to inveslmènl iisk. and changes in sentlmenl concernlng equities and within pariicular sectors or sub soclors. Realised ain d losses All gains ai)d losses are taken lo the Stalenienl of Financlal Aclivilies as Ihey arl8e. Realised gains and Ir>sses on investimenls are calculaled as the difference belween sa5e8 PToceeds and 11)elr opening Garrying value or their purcliase value if acquiied subsequenl to the first day of the linanclal year. Unrealised gains and losses aTe calcLtlatcd as Ihe difference belweeii the falr value al the year end ai)d thelr carrying valiie. Roalised and unrealised investment gains aiid losse8 are combined in Ilie Slalemenl of Financlal Aclivilies 3. Grants Pa able Tlie disliibulion8 are accoiinled for on Ilie basis of aGtual payinenls Inade during the accounling period. 6 (ConUed1-

THE ALEXANDER FUND BALANCE SHEET AS AT 31ST DECEMBER 2025 31.12.2025 31.12.2024 Slocks and shares Endownienl Fund Expendable Fund Broome Expendable Fund 1,263,144.00 517,571.00 1,402,417.00 1,168,379.00 492,172.00 1.301,371.00 Ralhbones- balances held Endowment Fund Expendable Fund Broome Exp8ndable Fund 43.28 0.00 0.00 4,258.75 5,167.61 1,312.22 Winckworth SheNood cllenl deposit account Y4,417.17 32,043.32 Less creditors - per schedule on page 11 (6,709.44) <7,480.06) £3,190,883.01 £2,997,223.84 Thls Is represented by.'_ CAPITAL ACCOUNT {P8ge 8) 3.131,912.40 2,923,512.22 INCOME ACCOUNT {Page 9) 58,970.61 73,711.62 £3 190,883.01 £2,997,223.84 ov account8 of the Trust in respect of the period ended 02J as sel out on pa 51017. 31st ece ber 'Chri n Evans Chair of Irust8es) Dat

THE ALEXANDER FUND FINANGIAL ACTIVITIES FOR THE YE 31ST DFCEMBER 2025 R ENDING 2025 202 2025 T¢)lal 2024 Total Funds ¢om& and EX Income unds T8sour¢as Inve8lmpnt InGom8. EThlowmenl Fund (Ppqp 91 Invèslinenl Income- EKp6nd8ble Fund (Pag6 9} Invé8lNenl Incon)&~ 8[0018 Expondab18 Fund (Page 91 Gr08s IntCT05( 0.00 26,354.0fj 28.412.77 19,176.0 17.fj56.40 o.no .00 2Q,874.3 591.01 20.874.34 22,123.30 679.04 Toial Iii¢omiiig r880urt8s esourr.es ijsa Dlr8cI c118rll8bl8 ex 2ndiltsie Dislribullons 17)ad& Ischedijlel Other expendllure Adfflln151rallon w$ts 0.00 64 975.76 64 975.76 70 392.15 0.00 o.oo 211,330.E11 69,072.37 1,170.40 9.474.00 89.072.37 1.170.40 37,804.81 J2.9a6.49 1.17O.4Q 41.2GO.43 Tolal rpsourcas used Nol Incoml ou oin 28 330.81 79 716.77 1011047. Jf8 9 Jf.417.32 resou cos 128.330.811 114.741.011 143,071.82) {2b.025.171 Ollier r&t. nised ains and ltsssos Gglns and losse8 on Itwp.slm8nls:. Rgallsed Indowindnt Fund E%pand8bla Fun Broome Expendablg FuNt iJnroallsÈd Endowmgnl kvrld rxpandable Pund room8 Exgendable Fund 2.114.79 0.00 16.992.751 0.0 0.00 0.00 2,114.79 0.00 1fj,992.751 6.937.74 17.OJ5.671 12,041.13 99,Jf66.09 26.407.00 115.63 Jf.86 0.00 o.oo O.OD 99.566.09 26.407.00 11 Jf.635.86 8,2fj9.89 7,145.38 94.731.40 Nel mo I In lunds Balances brouolil forward at 1s1 January 2025 BalEn¢es carrSed loryd al 21st Decembpr 2025 208,400.18 114,741.011 193.659.a7 137,004.7ri 2.923,512.22 73.711.62 2,997,223.84 2.860.219.14 f_3.131912.40 £58 970.61 £3 ICQ BB3.n1 £2,997.223.84

THE ALEXANDER FUND CAPITAL ACCOUNT YEAR ENDED 31ST DECEMBER 2025 31.12.2025 2,923,512.22 31.12.2024 2,793,547.78 Balance brought foN4fard 811 st January 2025 A(Id:_ R&valualion of slo¢ks and shares Eiidowmenl Fund Expendable Fund Brooine Expendable Fund 99,586.09 26,407.00 115,635,86 48,269.89 7,145.38 94,731.40 ProliUILossl on sale of slocl( and shares Endowmenl Fund (Page 14) Expendable Fiind (Page 1J) Brooma Expendable Fund {Page 171 2.114.79 0.00 (6,992.75) 6,937.74 (7,09fa.67) 12,041.13 3,160,243.21 2,95fJ,577.65 Less:. Legal, accountancy, laxalion and adminislralion charg8S 7.89Jr.00 7,662.50 VAT Ihereon 1,579.00 rJisbursem8nts 97.56 212.14 Secretarlal fegs 0.00 750.00 Newton & Garner Indep8ndenl exainlnation fees 1,550.00 1,aroo,00 VAT Iheyeon 310.00 300.00 Ralhbones - Investmenl nianagement ¢harg88 16.899.25 20,108,29 Balance carried fotwaid 8131 sl De¢en)ber 2025 £3 131.912.40 £2,923,512.22

THE ALEXANDER FUND INCOME ACCOUNT YEAR ENDED 31ST DECEMBER 2025 31.12.2025 73.711.62 31.12.2024 66,671.38 Balance broughl foTward 811sl January 2025 Divldends and interest Endowinenl Fund (Page 14) Expendable Fund {Page 15) Brooine Expendab16 Fuiid (Page 17) 26.354.01 17,156.40 20.874.34 28,413.71 19,176.04 22,123.30 Ralhbones- Gross Interest 199.52 270.64 Wlnckworlh Sliew)od - gross inleresl 391.49 408.40 138.687.38 137,063.51 Less:_ Legal, accounlancy. taxation and adminislralion charges 7,895.00 VAT Ihereoii 1,579.00 1,532.50 GTants (see page 101 69,072.37 52,986.49 Dividends accumulated 0.00 0.00 Marsh Llmlled- Indemnity Insurance 1.170.40 1.170.40 Balanco cai'ried lorward as al 31st December 2025 £58,970.61 £73.711.62

THE ALEXANDER FUND GRANTS YEAR ENDED 31ST DECEMBER 2025 1st Balham Alr S¢ouls 15th Lainbelli Scout Group 1st Slr6alham Common Scout Group 1 Jrth Lambelh Scoiil Group 2nd Slrealham Hlll Scout Group 91h Soulhside Scout Group 91h Soulhside Scout Group Balham Air Scouls Balham Air Scouts 8th Lambelli Scout Group 8th Lambelh Sooul Group 22nd Slrealhain Scout Group 22nd Slrealhain Scout Group 4th Slrealham Scout Group 4th Slroalham Sea Scoults Group 32nd Slrealham Sl. Balholomew's Scout Group 12114th Fl8llersea Weslsid8 Scout Group 16th B8llersea Sea Scout Group 16th Batlersoa Sea Scout Group 16th Bcltlersea S6a Scout Group 16th Batlersea Sea S¢oul Group End8avour Explorers Lambelh 1 sl Ec?sl Pulney Scoiil Group 1 sl East Pulney Scout Gioup 1s{ Easl Pulney Soout Group Orion AESU 19th Clapham Scout GroLtp 19th Clapham Scout Gi'oup 1 st Wandsworth S¢oul Gioup 4th Lambolh Scoul Group 4th South Lambelh Scout GTOUP 41h South LaTnbelh Swul Group 4th South Lambelh Scout Group Mercury Exploi'er Unll MercLiry Explorer Unil Mercury Explorer Unil 5tFL Pulney Sea Scouls 5th Pulney Sea Scouts 875.41 1,375.55 42.90 720.00 207. Jro 2,000.00 3,37Jf.50 82.73 234.30 36.00 240.00 7Jf7.59 2,842.76 10,326.08 19, Jf53.15 722.96 1,418.56 1.058.99 1,151.51 210.00 90.00 1.09Jf.31 446.36 250.00 250.00 300.00 794.25 6.212.60 250.00 539.77 731.82 182.50 2,770.17 1,092.00 1,585.42 2,833.68 270.00 2,147.00 Tolal 269.072.37 10

THE ALEXANDER FUND SCHEDULE OF CREDITORS AS AT 31ST DECEMBER 2025 31.12,2025 31.12.2024 Newlon & Gari)er audit f8es 1,Jf50.00 1,500.00 VAT thereon 310.00 30D.00 Legal, accoLinlancy, taxation and admini51ralion charges 3,995.00 4,575.00 VAT Ihereon 799.00 915.00 Disbvrsemenls (including VATI 55.44 190.06 £6.709.44 £7,480.06 11

Il 11 Il Il JI 11 li li il

iaiil? l- ¢y IN r4 i ?1 iai',la i.. 00

8888 41 ryry J y I

ooa ro fo tsoo 111 ;1 I'l

000 ro oj ) OJ 00 I I I l a I 00 Es È& I

llj 3, 11 ioro