trustees’ report &financial statements

8/13/2019 Trustees Report &Financial Statements

1/36

\rustkks _kpbrt&Cnehefnhj

VthtkiketsCbr tdk ykhr kelkl 68 Ihrfd ?086

Vhihrnthe's Pursk

Netkrehtnbehj Jnintkl

Fbiphey _kgnstrhtnbe Euiokr ?


2/36

FBE\KE\V

Phgk

Fdhrnthojk Fbiphey Necbrihtnbe 8

\rustkks _kpbrt ?-83

_kpbrt bc tdk Nelkpkelket Hulntbrs 87-84

Vthtkiket bc Cnehefnhj Hftnvntnks 8>

Ohjhefk Vdkkt ?0

Fhsd Cjbw Vthtkiket ?8

Ebtks tb tdk Cnehefnhj Vthtkikets ??-6


3/36


4/36

?

\_[V\KKV _KPB_\

\dk trustkks, wdb hft hs lnrkftbrs cbr tdk purpbsks bc fbiphey jhw, prksket tdknr rkpbrt helcnehefnhj sthtkikets cbr tdk ykhr kelkl 68 Ihrfd ?086, wdnfd dhvk okke prkphrkl ne hffbrlhefkwntd Vthtkiket bc _kfbiikelkl Prhftnfk ?00; Hffbuetneg hel _kpbrtneg oy Fdhrntnks.

Fbestntutnbe

\dk fdhrnty ns h fbiphey jnintkl oy guhrhetkk, ebt dhvneg sdhrk fhpnthj. Ne tdk kvket bc wnelnegup, tdk ikiokrs ihy ok fhjjkl upbe tb fbetrnoutk tdk sui bc 8 khfd.

Bomkfts hel Prnefnphj Hftnvntnks

Ne hffbrlhefk wntd tdk Ikibrhelui hel Hrtnfjks bc Hssbfnhtnbe, tdk bomkfts hrk tdkhlvhefkiket bc tdk Fdrnstnhe chntd tdrbugd klufhtnbehj prbmkfts hel tdk rkjnkc bc pbvkrty.

Heeuhj _kpbrt bc Hftnvntnks

Vhihrnthes PurskNetkrehtnbehj Jnintkls inssnbe sthtkiket skts but wdb wk hrk hel wdht wk

hrk tryneg tb hfdnkvk ne tdk jbeg tkri hel gjbohjjy. Nt ns sdhrkl oy hjj bc tdk VP bccnfks hfrbss tdk

wbrjl. Nt ns=

Vhihrnthes Pursk ns h ebe-prbcnt, Fdrnstnhe brghenshtnbe prbvnlneg fdurfd suppbrt helkikrgkefy rkjnkc hel lkvkjbpiket hssnsthefk tb succkrneg pkbpjk hrbuel tdk wbrjl.

Vhihrnthes Pursk ns ikktneg tdk pdysnfhj ekkls bc vnftnis bc whr, chinek, ehturhjlnshstkr hel lnskhsk wntd tdk hni bc lkibestrhtneg Gbls jbvk hel sdhrneg tdk Gbbl

Ekws bc Mksus Fdrnst.

\dk hnl hel hssnsthefk hrk gnvke oy Vhihrnthes Pursk wntdbut rkghrl tb tdk rhfk, frkkl,gkelkr, rkjngnbe br ktdenfnty bc tdk okekcnfnhrnks.

Ne cujcnjjneg tdns inssnbe sthtkiket hel fbetrnoutneg tb nts cujcnjiket gjbohjjy, tdk [A hel Nrkjhelbccnfk ns cbfusneg nts rksburfks be h phrtnfujhr hpprbhfd tdht fbipjkikets hel fbetrnoutks tb tdk

gjbohj kccbrt.

Bur prbgrhiiks nevbjvk jbeg tkri lkvkjbpiket, hel Inssnbe hftnvntnksBpkrhtnbeFdrnstihs Fdnjl (BFF), \dk Grkhtkst Mbureky (\GM) hel \khis.

Bur jbeg tkri lkvkjbpiket prbgrhiiks, wntd tdknr jbfhj Fdurfd hel

fbiiuenty ohskl hpprbhfd, dkjp pkbpjk orkha tdk fyfjk bc pbvkrty hel gnvk

tdki dbpk cbr h okttkr tbibrrbw.

Bur Inssnbe hftnvntnks (BFF, \GM hel \khis) prbvnlk prhftnfhj tbbjs cbr

Fdurfdks tb rkhfd but tb tdknr fbiiuentnks

Bur kikrgkefy rkjnkc prbgrhiiks prbvnlk lkspkrhtkjy ekklkl hssnsthefk tb vnftnis bc

ehturhj lnshstkr, whr, lnskhsk hel chinek. Hs wk bcckr cbbl, whtkr hel tkipbrhry sdkjtkr,

wk ikkt frntnfhj ekkls hel gnvk pkbpjk h fdhefk tb rkounjl tdknr jnvks.


5/36


6/36


7/36

;

Netkgrhtkl prbgrhiiks hrk ebw okneg rbjjkl but

hfrbss 8? fbuetrnks (> ne ?088/?08?).

Phrtekr wntd [A Fdurfdks ne

h why tdht rkfbgensks tdk

uenquk fbetrnoutnbe tdht

Vhihrnthes Pursk fhe ihak,

tdk netkrlkpkelkefy bc bur

wbra hel tdk grkht pbtketnhj

bc fbjjhobrhtneg hel

phrtekrneg tbgktdkr wntd

Fdurfdks hrbuel tdk wbrjl

Ksthojnsd Fdurfd

Fbethft Prbgrhiik

Ne

prbgrkss

Ne ?088/?08? wk rkcbfuskl tdns hftnvnty be

ksthojnsdneg Fdurfd Fbethfts hel h Fdurfd

Fbethft prbgrhiik tb ksthojnsd h okttkr cueekj

bc rkjhtnbesdnps ne wdnfd tb phrtekr wntd

Fdurfdks. Bvkrhjj wk hrk ne rkjhtnbesdnp wntd ne

kxfkss bc 3,000 Fdurfdks.

Vtrkegtdke tdk jkhlkrsdnp,

brghenshtnbe hel lkjnvkry

fhphonjnty bc tdk

brghenshtnbe, ounjlneg be tdk

furrket strkegtds hel sanjjs

Ounjl Fdurfd

_kjhtnbesdnps \khi

Ounjl

Fbiiuenfhtnbes helIhraktneg \khi

Vtrkegtdke inlljk

ihehgkiket

fhphonjntnks

Vtrkegtdke obhrl hel

gbvkrehefk

Ne

prbgrkss

Wk dhvk trhnekl hjj bc bur rkgnbehj sthcc ne

Fdurfd rkjhtnbesdnps hel Dngd Niphft

Sbjuetkkrnegh strhtkgnf hpprbhfd tb

suppbrtneg, kqunppneg hel kehojneg bur aky

vbjuetkkrs wdb fbetrnoutk sb iufd tb tdkbrghenshtnbe.

Wk dhvk hppbnetkl h Fdurfd _kjhtnbesdnps

Ihehgkr tb lrnvk bur strhtkgnf hpprbhfd tb

keghgneg wntd Fdurfdks.

H ekw Bpkrhtnbehj Ihehgkiket \khi dhs okke

cbrikl hel nevkstiket dhs fbiikefkl ne tdknr

lkvkjbpiket tdrbugd h Mbsduh Lkvkjbpiket

Prbgrhiik.

\dk Obhrl fbiinttkks cbr Gbvkrehefk, Cnehefkhel Hulnt, D_ hel Grhets hrk wbraneg

kcckftnvkjy hel wkjj. \dk Grhets Fbiinttkk dhs

okfbik tdk Bvkrskhs Vtrhtkgy hel Grhets

Fbiinttkk.

Lurneg tdk 8? ibetd pkrnbl tdkrk wkrk ekt butgbneg rksburfks bc


8/36

3

\_[V\KKV _KPB_\ fbetneukl

\dk aky hfdnkvkikets hghnest bur Vtrhtkgnf Cbfus hrkhs hrk hs cbjjbws=

Kikrgkefy _kspbesk

Lurneg ?08?/?086 Vhihrnthes Pursk dhs fbetneukl tb ounjl nts fhphonjnty tb rkspbel tb lnshstkrshel kikrgkefnks hrbuel tdk wbrjl. Lnshstkr Hssnsthefk _kspbesk \khi (LH_\) ikiokrs crbitdk [A wkrk sket ne rkspbesk tb tdk typdbbe ne tdk Pdnjnppneks, wdnjk cnehefnhj suppbrt whs

prbvnlkl ne rkspbesk tb cjbblneg ne [ghelh hel Ibzhionquk, Fdbjkrh butorkha ne Engkr helrkcugkk frnsns ne Vbutd Vulhe. Grhets tbthjjneg 807,?06 wkrk prbvnlkl hs jnck-shvneg helsucckrneg-hjjkvnhtneg hssnsthefk tb vnftnis bc tdksk lnshstkrs, hs cbjjbws=

Cbjjbwneg be crbi tdk Dhntn Khrtdquhak ne Mheuhry ?080 hel tdk suoskquket WbikesFbiiuenty Vuppbrt Prbgrhiik ne ?088/8?, h gkelkr-ohskl vnbjkefk prkvketnbe prbmkft ns okneg

nipjkiketkl tdrbugd jbfhj fdurfdks, tkhfdneg 600 wbike jnck hel ousnekss sanjjs cbr tdki tb okhojk tb prbtkft hel susthne tdkiskjvks be h jbeg-tkri ohsns.

Fbesngeikets bc Gncts ne Anel wkrk sdnppkl tb Okjhrus hel Jnokrnh, okekcntneg tdk be-gbneg wbra

bc tdk fdurfdks wntd ekkly fbiiuentnks ne tdksk fbuetrnks. \dns nefjulkl sfdbbj suppjnks sket vnh

tdk VP bccnfk ne Jnokrnh.

Netkrehtnbehj Lkvkjbpiket

Vhihrnthes Pursks grhet-ihaneg pbjnfy ns tb cuel syiphtdktnf prbmkfts bpkrhtkl oy fdhrntnks

wntd sninjhr hnis ne brlkr tb ikkt frntnfhj ekkls bc vnftnis bc whr, pbvkrty, chinek, lnskhsk helehturhj lnshstkr wdnjk sdhrneg tdk gbbl ekws bc Mksus Fdrnst.

Ne hffbrlhefk wntd tdns pbjnfy, phyikets dhvk okke ihlk lurneg tdk ykhr tb brghenshtnbes tdht hfths phrtekrs tb tdk fdhrnty hel fhrry but lkvkjbpiket wbra ne Okjhrus, Dhntn, Akeyh, Jnokrnh,

Engkr, _whelh, Vwhznjhel, [ghelh hel Ayrgyzsthe. Lkvkjbpiket grhet phyikets ihlk hs hrksujt bc hpprbvkl prbpbshjs oy tdk Bvkrskhs Vtrhtkgy hel Grhets Fbiinttkk (kxfjulnegnestntutnbehj cuelneg hel Lnshstkr + Kikrgkefy grhets) tbthjjkl 3?7,86433,

>%Vkrnks8,

Pdnjnppneks,

364?0, 7;%

Vkrnks8,

[ghelh,


9/36

7


Vhihrnthes Pursk cuelkl whtkr, shenthtnbe hel dygnkek (WhVD) prbmkfts ne Jnokrnh, Engkr,

Vwhznjhel hel [ghelh. \dksk prbmkfts prbvnlkl hffkss tb shck lrneaneg whtkr hel dkhjtd, dygnkekhel shenthtnbe klufhtnbe tb hpprbxnihtkjy 6,000 chinjnks. \dns nefjulkl tdk prbvnsnbe,

fbestruftnbe hel/br rkphnr bc ?>8 whtkr cnjtkrs, 7 obrkdbjks/dhel-puips hel 8,?38 jhtrneks cbrvujekrhojk chinjnks.

\drbugd bur Fdnjl hel Chinjy Vuppbrt prbmkfts ne Akeyh, _bihenh hel [ghelh, ;3; chinjnks hrkokneg suppbrtkl oy jbfhj fdurfdks ne dkhjtdfhrk, klufhtnbe, sdkjtkr hel jnvkjndbbls, kehojneg tdki

tb ounjl h okttkr cuturk cbr tdkiskjvks hel tdknr fdnjlrke. Ne hllntnbe, tdk Fdnjl _knetkgrhtnbeprbmkfts nipjkiketkl ne Akeyh hel [ghelh dhvk skke 83; fdnjlrke trhesntnbe but bc

uesusthnehojk nestntutnbehj fhrk hel ohfa netb h jbvneg hel skfurk chinjy kevnrbeiket.

Fdurfd ibonjnshtnbe dhs okke tdk dhjjihra bc Vhihrnthes Pursk lkvkjbpiket wbra bvkrskhs cbrh euiokr bc ykhrs, hel tdns ykhr Vhihrnthes Pursk cuelkl prbmkfts strkegtdkeneg jbfhj fdurfdksne Okjhrus, Akeyh, Ayrgyzsthe, Vwhznjhel hel [ghelh. Bvkr 400 fdurfdks wkrk kqunppkl wntd

tdk tbbjs tb butrkhfd tdknr fbiiuenty ne prhftnfhj lkibestrhtnbe hel prbfjhihtnbe bc Gbls jbvk.Hs h rksujt, ekhrjy 7,000 vujekrhojk chinjnks wkrk fhrkl cbr hel suppbrtkl oy jbfhj fdurfdks,thfajneg nssuks jnak ohsnf DNS/HNLV hwhrkekss, fdnjlrkes klufhtnbehj suppbrt, dbik-ohskldkhjtdfhrk, fdnjl eutrntnbe hel sthrt-up ousnekss fhpnthj sb tdht tdky hrk hojk tb ebt bejy ikkt tdknrlhnjy ekkls out sthrt shvneg cbr tdknr cuturk.

Bpkrhtnbe Fdrnstihs Fdnjl

Bpkrhtnbe Fdrnstihs Fdnjl rkihnes bur jhrgkst prbgrhiik. Ne ?08?/?086 tdkrk whs h lkfrkhsk nesdbk obxks tb >4 (h lkfrkhsk bc 80% be ?088/?08?) luk prnihrnjy tb tdk kfbebinf sntuhtnbe

ne tdk [A.

\dk obxks wkrk fbjjkftkl oy bvkr Jbrrnks hel 60 Fbethnekrs) tb 8; fbuetrnks ne Kurbpk, tdk CbrikrVbvnkt [enbe hel Hcrnfh hel tb Dhntn.

Vkrnks8,

WhVD,

?,0

Vkrnks8,

Btdkr,

?7,>04 ,

;%

VP[A Lkv. Grhets ?08?,

oy Vkftbr WhVD

BSF /

Dkhjtdy

Chinjnks

Btdkr

Vkrnks8,

Khstkre

Kurbpk

&Fketrhj

Hsnh,

Vkrnks8,

Wkst &

Fketrhj

Hcrnfh,

846,;6

4 , 60%

Vkrnks8,

Khst

hel

Vbutdkr

e

Hcrnfh

Vkrnks

8,

Btdkr,

8?,


10/36

4


FB[E\_^ Vdbkobxks

Hzkrohnmhe 7,0;4

Dhntn 7,,4>0Ibetkekgrb ?0,,000. \dk bejnek Vdbkobx Wbrjl fhiphnge gkekrhtkl 3,08; sdbkobxks hel bvkr 800,000 bc grbss

nefbik.

\dk vhjuk bc tdk Gncts ne Anel cbr tdk prbgrhiik whs 8


11/36


12/36

80


\khis

Vhihrnthes Pursk rhe 8?tkhis lurneg ?08?/?086. 80; pkbpjk tbba phrt. \dksk fbiprnskl=

Vnx Bpkrhtnbe Fdrnstihs Fdnjl lnstrnoutnbe prbgrhiiks tb Okjhrus (?), Ibetkekgrb,Obsenh, Vkronh hel Ayrgyzsthe. \dksk tkhis wkrk he kefburhgkiket tb bur phrtekrs,tdky ghvk but tdbushels bc sdbk obxks hel nespnrkl hel ibtnvhtkl bur vbjuetkkrs tbfbetneuk wntd tdk prbgrhiik ne tdknr fdurfdks, sfdbbjs ohfa dbik.

Bek jhls ybutd tkhi tb [ghelh wdkrk tdky vnsntkl hel gbt nevbjvkl wntd VPprbgrhiiks, hs wkjj hs gkttneg he bppbrtuenty tb pjhy cbbtohjj ne bek bc tdk sthlnuishghnest h jbfhj tkhi.

Bek Fdurfd Lnsfbvkry \khi tb Okjhrus.

\wb Lnsfbvkry \khis tb Vwhznjhel tb vnsnt hel suppbrt tdk Fdurfd Ibonjnzhtnbeprbgrhiik.

H \ure be tdk \hp/ BFF Lnsfbvkry \khi tdht wbrakl hel jnvkl hjbegsnlk fbiiuentnksne Jnokrnh hs wkjj hs gnvneg but sdbk obxks.

Bur Cnrst Fdhrnty Fdhjjkegk \khi wdb vnsntkl h fdnjl rknetkgrhtnbe prbgrhiik ne AnokrhVjuis, Akeyh tb nespnrk tdki okcbrk tdky wket be tb fjnio Ibuet Anjnihemhrb tb rhnsk

ibeky cbr tdk prbmkft.

Brghenshtnbe Lkvkjbpiket hel Vuppbrt

Vhihrnthes Pursk ns dhvneg tb hlhpt tb h lkihelneg skt bc kfbebinf fnrfuisthefks, hel ne brlkr

tb grbw ne tdns kevnrbeiket bur brghenshtnbe ns fdhegneg hs wkjj.

Cnehefk hel Hlinenstrhtnbe

Nefbineg rksburfks cbr tdk 8? ibetd pkrnbl hibuetkl tb 8>,0?>,0?> (?088/8?= ?8,638,688),

wdnjst rksburfks kxpkelkl tbthjjkl 8>,;,


13/36

88


Cuelrhnsneg, Ihraktneg hel Fbiiuenfhtnbes

Wdnjk ?08?/86 prbvkl tb ok hebtdkr lnccnfujt ykhr cbr cuelrhnsneg ne tdk [A ihraktpjhfk, tdkrkwkrk fjkhr snges tdht kccbrts tb lnvkrsncy bur cuelrhnsneg hftnvnty wkrk okhrneg crunt. Wk shw h

sngencnfhet lbweture ne Bpkrhtnbe Fdrnstihs Fdnjl nefbik jhrgkjy luk, wk okjnkvk tb tdkkfbebiy out tdns whs jhrgkjy fbipkeshtkl cbr hs h rksujt bc bur lbebr cuelrhnsneg kccbrts,tdrbugd \B\\/WhVD cuelrhnsneg fhiphnges, tdrbugd bur begbneg \rust hftnvnty hel

Nestntutnbehj Cuelneg (LcNL).

Ne ?08?/?086 wk shw sdbrtchjjs hghnest oulgkt cbr bur Fdurfd Ibonjnshtnbe Prbgrhiik helVbfnhj Prbtkftnbe hftnvntnks hel lkvkjbpiket bc h ekw fhiphnge_hnsneg Chinjnks - whs anfaklbcc ne ?08?/86 tb hllrkss tdksk.

Lurneg tdk ykhr curtdkr rkstrufturneg bc bur ihraktneg hel fbiiuenfhtnbes hftnvnty whs rkqunrkl,

tb hjnge bur rksburfks hel hjj hftnvntnks tb kesurk prbpkr cbfus hel httketnbe. \dk pusd cbr tdk 800injjnbetd gnct-cnjjkl sdbkobx whs h strbeg kipdhsns cbr tdk ?08? Bpkrhtnbe Fdrnstihs Fdnjlfhiphnge wdnfd whs anfakl bcc, ne tdk prkskefk bc Fdrnstnhe iklnh rkprkskethtnvks oy Crheajne

Grhdhi ne Jbelbe1 tdk euiokr bc Bpkrhtnbe Fdrnstihs Fdnjl Chfkobba ches grkw tb bvkr6>,000 lurneg tdk ?08? fhiphnge.

Wdnjk ne ?086/8< wk wnjj fbetneuk bur cbfus be ounjlneg up bur fbrk lbebr suppbrt ohsk helgrbwneg bur Fdurfd Fbethft pbbj, wk wnjj hjsb skk grkhtkr hjngeiket netkrehjjy, hs wk ibvk

tbwhrls lbebr fketrnfnty, hel ibrk kcckftnvk nefbik gkekrhtnbe tdrbugd tdk rbjj-but helprbibtnbe bc h ekw_hnsneg Chinjnks Fhiphnge hfrbss tdk [A fdurfd skftbr.

Sbjuetkkrs

\dk cnehefnhj sthtkikets skt but tdk rksujts cbr tdk ykhr out lb ebt rkcjkft tdk fbesnlkrhojk hel

vnthj suppbrt gnvke tb Vhihrnthes Pursk, hel phrtnfujhrjy tdk Bpkrhtnbe Fdrnstihs Fdnjl prbmkft,

oy vbjuetkkrs tdrbugdbut tdk [A. \dknr fbetrnoutnbe ns rngdt ht tdk fketrk bc Vhihrnthes Purskhel kehojks tdk Bpkrhtnbe Fdrnstihs Fdnjl prbgrhiik tb cueftnbe kcckftnvkjy. Sbjuetkkrsuelkrthak ihey rbjks, nefjulneg prhyneg, prksketneg, lrnvneg, rueeneg whrkdbusks, ketdusnegbtdkrs hel hftneg wntdne tdknr Fdurfdks hel fbiiuentnks. \dk vbjuetkkr ektwbra hel tdk

keghgkiket wntd vbjuetkkrs ns h uenquk phrt bc Vhihrnthes Pursk hel tdk Obhrl hrk lkkpjygrhtkcuj cbr tdknr lklnfhtnbe, fbiintiket hel fbetrnoutnbe.

Lurneg ?08?/?086 wk grkw sjngdtjy tdk euiokr bc _kgnstkrkl Sbjuetkkrs ht ?,;;8 (?08??,;67),tdrbugd h fbefkrtkl prbgrhiik bc vbjuetkkr rkfruntiket hel rktketnbe, be wdnfd wk wnjj

fbetneuk tb cbfus ne ?086/8< tdrbugd Dngd Niphft Sbjuetkkrneg rbjjbut.


14/36

8?


\rustkks

\dk trustkks, wdb hft hs lnrkftbrs bc tdk fbiphey, skrvneg lurneg tdk ykhr wkrk hs cbjjbws=

Ir M. Ohrrktt - Fdhnr

_kv. Prko. _. \. OkwksIr _. FdnjvkrsIr P. FbpksthakSnfk Fdhnr (rksngekl 83.80.8?)Ir M. Ghjjhgdkr_kv W. C. Grhdhi (FKB bc VPN-[V hel Prksnlket bc VPN gjbohjjy)Ir H. Jhwrkefk_kv G.Bskn-IkeshdIr P. Vhokr (hjsb h lnrkftbr bc VPN -[V)Ir I. VintdIr I. \dbihsInss M. V. Wnjsbe (lkfkhskl 86.08.86)

\rustkks hrk hppbnetkl oy tdk ikiokrs, okneg tdk trustkks tdkiskjvks, ne hffbrlhefk wntd tdkHrtnfjks bc Hssbfnhtnbe.

\rustkks ikkt ht jkhst tdrkk tniks pkr ykhr hs h cujj obhrl tb ihehgk tdk fdhrntnks. Ne hllntnbe, tdktrustkks dhvk ne pjhfk up tb cbur suo-fbiinttkks.

Lurneg ?004 tdk \rustkks skt up ekw obhrl suo-fbiinttkks tb fbvkr tdk hrkhs bc Gbvkrehefk,Cnehefk hel Hulnt hel h Grhets (ebw Bvkrskhs Vtrhtkgy hel Grhets) Fbiinttkk.

\rhneneg bc \rustkks

Vhihrnthes Pursk Netkrehtnbehj kelkhvburs tb kesurk tdht hjj \rustkks rkfknvk tdk neluftnbe,trhneneg hel begbneg suppbrt tdky ekkl tb fhrry but tdknr lutnks kcckftnvkjy. \b tdns kelVhihrnthes Pursk Netkrehtnbehj ns ne tdk prbfkss bc netrblufneg h obhrl pkrcbrihefk rkvnkw tbdngdjngdt hrkhs bc tdk Obhrl wdkrk niprbvkikets fbujl ok ihlk hel curtdkr trhneneg ns rkqunrkl.Hjj ekw trustkks gb tdrbugd he neluftnbe prbgrhiik tb chinjnhrnsk tdki wntd tdk brghenshtnbe,tdknr lutnks hel jkghj rkspbesnonjntnks.

Brghenshtnbehj strufturk

[elkr tdk gbvkrehefk bc tdk trustkks h ihehgkiket tkhi ns rkspbesnojk cbr=

_kjhtnbesdnps hel Necrhstrufturk Cnehefk Gbvkrehefk hel Duihe _ksburfks Fbiiuenfhtnbes hel Netkrehtnbehj Inenstry Prbgrhiiks hel Prbmkfts

\dk fdhrnty bwes tdk sdhrk fhpnthj bc h trhlneg fbiphey, Bpkrhtnbe Fdrnstihs Fdnjl Jtl (BFF

Jtl), wdbsk lnrkftbrs hrk fdbske oy tdk \rustkks bc tdk fdhrnty. \dk fbiphey ns lbrihet._kjhtnbesdnp wntd btdkr brghenshtnbes

\dk fdhrnty dhs begbneg wbraneg rkjhtnbesdnps wntd Vhihrnthes Pursk [VH (VP-[VH) tdrbugd hsngekl jkghj Hccnjnhtnbe Hgrkkiket, hel tdky sdhrk rksburfks wdkrk ekfksshry. \dk fdhrnty hjsbwbras ne fbbpkrhtnbe wntd btdkr Vhihrnthes Pursk bccnfks wbrjlwnlk. \dk fdhrnty sdhrksnecrhstrufturk hel sthcc hel fbjjhobrhtks be prbmkfts wntd tdk Onjjy Grhdhi KvhegkjnstnfHssbfnhtnbe.


15/36


16/36

8 ;KTFbiibe lnrkftbrs/trustkks= Ir M. Ohrrktt, _kv Prko. _. Okwks, _kv. W. C. Grhdhi, _kv. G. Bskn-

Ikeshd, Ir. I. Vintd, Ir _. Fdnjvkrs,Ir I. \dbihs, Ir H. Jhwrkefk, Ir M. Ghjjhgdkr, Ir P.Vhokr

\dns fdhrnty sdhrks sbik rksburfks hel ihepbwkr hel dhs sbik fbiibe trustkks hs jnstkl.

Vkrnks8, NC

Grhets,

?67,367 ,

?


17/36

8;


Vtrhtkgnf Pjhe

\dk trustkks dhvk skt but tdk cbjjbwneg Vtrhtkgnf hrkhs cbr cbfus hel lkvkjbpiket bvkr tdkfbineg ykhrs

Vtrhtkgnf Hrkhs cbr lkvkjbpiket

_kpbsntnbe burskjvks ne tdk [A ihraktpjhfk, ksthojnsdneg tdk Vhihrnthes Pursk orhel

Lnvkrsncy bur cuelrhnsneg, ounjlneg be tdk suffkss bc Bpkrhtnbe Fdrnstihs Fdnjl, out orbhlkeneg but netb

btdkr fhiphnges hel netb ekw ihrakts nefjulneg ybutd, ojhfa fdurfdks, trusts, ihmbr lbebrs hel

nestntutnbehj cuelneg

Cbfus bur bvkrskhs wbra be ckwkr fbuetrnks hel ckwkr typks bc netkrvketnbes hel nipjkiket he

netkgrhtkl hpprbhfd ne

kvkry fbuetry ne wdnfd wk wbra.

Phrtekr wntd [A Fdurfdks ne h why tdht rkfbgensks tdk uenquk fbetrnoutnbe tdht Vhihrnthes Pursk fhe

ihak, tdk netkr-lkpkelkefy bc bur wbra hel tdk grkht pbtketnhj bc fbjjhobrhtneg hel phrtekrneg tbgktdkrwntd Fdurfdks hrbuel tdk wbrjl

Vtrkegtdke tdk jkhlkrsdnp, brghenshtnbe hel lkjnvkry fhphonjnty bc tdk brghenshtnbe, ounjlneg be tdk

furrket strkegtds hel sanjjs

Puojnf okekcnt sthtkiket

\dk \rustkks dhvk fbesnlkrkl tdk puojnf okekcnt gunlhefk nssukl oy tdk Fdhrnty Fbiinssnbetbgktdkr wntd tdk suppjkikethj gunlhefk be tdk hppjnfhtnbe bc tdk puojnf okekcnt tkst tb fdhrntnkswdbsk hnis nefjulk hssnstneg tdbsk ne ekkl. \dk \rustkks hrk hwhrk bc tdknr jkghj luty tb dhvkrkghrl tb tdk puojnf okekcnt gunlhefk hel tb rkpbrt be tdns fdhrntys fbipjnhefk wntd tdk puojnf

okekcnt bojnghtnbe. \dk hftnvntnks bc tdk fdhrnty hrk fbesnlkrkl tb prbvnlk puojnf okekcnt cbr tdkcbjjbwneg rkhsbes=

Bur jbeg tkri lkvkjbpiket prbgrhiiks,wntd tdknr fbiiuenty ohskl hpprbhfd, dkjp

pkbpjk orkha tdk fyfjk bc pbvkrty hel gnvk tdki dbpk cbr h okttkr tbibrrbw.

Bur Bpkrhtnbe Fdrnstihs Fdnjl, \dk Grkhtkst Mbureky hel \khis prbgrhiiks

prbvnlk prhftnfhj tbbjs cbr Fdurfdks tb rkhfd but tb tdknr fbiiuentnks. \drbugd tdk BFF

prbmkft khfd ykhr bvkr h injjnbe fdnjlrke hrk gnvke h gnct-cnjjkl sdbkobx rkghrljkss bc

rhfk, frkkl, gkelkr, rkjngnbe br ktdenfnty.

Bur kikrgkefy rkjnkc prbgrhiiks prbvnlk lkspkrhtkjy ekklkl hssnsthefk tb vnftnis bc

ehturhj lnshstkr, whr, lnskhsk, hel chinek. Hs wk bcckr cbbl, whtkr, hel tkipbrhry sdkjtkr,

wk ikkt frntnfhj ekkls hel gnvk pkbpjk h fdhefk tb rkounjl tdknr jnvks.

Bur Fdnjl hel Chinjy Vuppbrt prbgrhiik prbvnlks cnehefnhj suppbrt cbr

nipbvkrnsdkl chinjnks ne Khstkre Kurbpk.


18/36

83


Vthtkiket bc trustkks rkspbesnonjntnks

Fbiphey jhw rkqunrks tdk trustkks tb prkphrk cnehefnhj sthtkikets cbr khfd cnehefnhj ykhr wdnfdgnvk h truk hel chnr vnkw bc tdk sthtk bc hcchnrs bc tdk fdhrnty hel bc nts nefbineg rksburfks helrksburfks kxpkelkl cbr tdk pkrnbl. Ne prkphrneg tdbsk cnehefnhj sthtkikets, tdk trustkks hrk

rkqunrkl tb=

Vkjkft sunthojk hffbuetneg pbjnfnks hel tdke hppjy tdki fbesnstketjy1

Ihak mulgkikets hel kstnihtks tdht hrk rkhsbehojk hel prulket1

Fbipjy wntd hppjnfhojk hffbuetneg sthelhrls suomkft tb hey ihtkrnhj lkphrturks lnsfjbskl hel

kxpjhnekl ne tdk cnehefnhj sthtkikets1

Prkphrk tdk cnehefnhj sthtkikets be tdk gbneg fbefkre ohsns uejkss nt ns nehpprbprnhtk tb

prksuik tdht tdk fdhrnty wnjj fbetneuk ne bpkrhtnbe.

\dk trustkks hrk rkspbesnojk cbr ihnethneneg prbpkr hffbuetneg rkfbrls, wdnfd lnsfjbsk wntdrkhsbehojk hffurhfy ht hey tnik tdk cnehefnhj pbsntnbe bc tdk fdhrnty, hel tb kehojk tdki tb kesurktdht tdk cnehefnhj sthtkikets fbipjy wntd tdk Fbiphenks Hft ?003. \dky hrk hjsb rkspbesnojk cbr

shckguhrlneg tdk hsskts bc tdk fdhrnty hel dkefk cbr thaneg rkhsbehojk stkps cbr tdk prkvketnbe hellktkftnbe bc crhul hel btdkr nrrkgujhrntnks.

\dk trustkks hjsb fbecnri tdht hs chr hs tdky hrk hwhrk tdkrk ns eb rkjkvhet hulnt necbrihtnbe bcwdnfd tdk fdhrntys hulntbrs hrk uehwhrk hel tdky dhvk thake hjj stkps tdht tdky bugdt tb dhvkthake hs trustkks ne brlkr tb ihak tdkiskjvks hwhrk bc hey rkjkvhet hulnt necbrihtnbe hel tbksthojnsd tdht tdk fdhrntys hulntbrs hrk hwhrk bc tdht necbrihtnbe.

Hulntbrs

H rksbjutnbe tb rk-hppbnet Ihzhrs JJP hs hulntbrs wnjj ok prbpbskl ht tdk cbrtdfbineg heeuhjgkekrhj ikktneg.

Hpprbvkl oy tdk Obhrl bc \rustkks be hel sngekl be nts okdhjc oy=

Irs S ChchjnbsFbiphey Vkfrkthry


19/36

87

NELKPKELKE\ H[LN\B_V _KPB_\ \B \DK \_[V\KKV HEL IKIOK_V BCVHIH_N\HEV P[_VK NE\K_EH\NBEHJ JNIN\KL

Wk dhvk hulntkl tdk cnehefnhj sthtkikets bc Vhihrnthes Pursk Netkrehtnbehj Jnintklcbr tdk ykhr

kelkl 68 Ihrfd ?086 wdnfd fbiprnsk tdk Vthtkiket bc Cnehefnhj Hftnvntnks, tdk Ohjhefk Vdkkt,

tdk Fhsd Cjbw Vthtkiket hel tdk rkjhtkl ebtks. \dk cnehefnhj rkpbrtneg crhikwbra tdht dhs okke

hppjnkl ne tdknr prkphrhtnbe ns hppjnfhojk jhw hel [entkl Aneglbi Hffbuetneg Vthelhrls ([entklAneglbi Gkekrhjjy Hffkptkl Hffbuetneg Prhftnfk).

_kspkftnvk rkspbesnonjntnks bc trustkks hel hulntbrs

Hs kxpjhnekl ibrk cujjy ne tdk \rustkks _kspbesnonjntnks Vthtkiket skt but be phgk 83, tdktrustkks (wdb hrk hjsb tdk lnrkftbrs bc tdk fdhrnthojk fbiphey cbr tdk purpbsks bc fbiphey jhw)

hrk rkspbesnojk cbr tdk prkphrhtnbe bc tdk cnehefnhj sthtkikets hel cbr okneg shtnscnkl tdht tdkygnvk h truk hel chnr vnkw.

Wk dhvk okke hppbnetkl hs hulntbr uelkr skftnbe


20/36


21/36

8>

V\H\KIKE\ BC CNEHEFNHJ HF\NSN\NKV (nefjulneg nefbik hel kxpkelnturk hffbuet)Cbr tdk ykhr kelkl 68 Ihrfd ?086

[erkstrnftkl _kstrnftkl ?086 ?08?

Ebtk Cuels Cuels \bthj \bthj

NEFBINEG _KVB[_FKV

Nefbineg rksburfks crbigkekrhtkl cuels

Sbjuethry Nefbik=Fhsd lbehtnbes hel

grhets 6 6,07;,?43 8,0>>,>>7 83,>>4,767

Nevkstiket Nefbik=

Ohea netkrkst 8,;>6 - 8,;>6 8,44?

Nefbineg rksburfks

crbi fdhrnthojk

hftnvntnks=Btdkr ?4, 6,>7; 6?,7? 8>,0?>,0?> ?8,638,688

_KVB[_FKV KTPKELKL

Fbst bc gkekrhtneg

cuels ; >3?,?3> 8>,3;0 >48,>8> 8,88?,>?47 8


22/36

?0

OHJHEFK VDKK\Hs ht 68 Ihrfd ?086Fbiphey euiokr ?6Nevkstikets 8? ? ?

8,764,?70 8,7;8,7>;

F[__KE\ HVVK\VVtbfa ;,6;< 3,;?8Lkotbrs 86 ?30,> ??6,>


23/36

?8

FHVD CJBW V\H\KIKE\Cbr tdk ykhr kelkl 68 Ihrfd ?086

_KFBEFNJNH\NBE BC EK\ B[\GBNEG _KVB[_FKV \B EK\ FHVD (B[\CJBW) C_BIHF\NSN\NKV

?086 ?08?

Ekt ibvkiket ne cuels (30 ;4,?;;

Ekt fhsd (butcjbw) crbi hftnvntnks (8>8,3>>) (7>,783)

FHVD CJBW V\H\KIKE\

Ekt fhsd necjbw crbi hftnvntnks (8>8,3>>) (7>,783)

_ktures be nevkstikets hel skrvnfneg bc cnehefkNetkrkst phnl (?;,366) (?6,7>7)Netkrkst rkfknvkl 8,;>6 8,44?

(?


24/36

??

EB\KV \B \DK CNEHEFNHJ V\H\KIKE\VCbr tdk ykhr kelkl 68 Ihrfd ?086

8. HFFB[E\NEG PBJNFNKV

(h) Ohsnf hffbuetneg

\dk hffbuets dhvk okke prkphrkl be tdk gbneg fbefkre ohsns hel ne hffbrlhefk wntdtdk cbjjbwneg=

Hppjnfhojk hffbuetneg sthelhrls

Fbiphenks Hft ?003

Vthtkiket bc _kfbiikelkl Prhftnfk ?00; Hffbuetneg hel _kpbrtneg oy

Fdhrntnks

Fdhrntnks Hft ?088

Dnstbrnfhj fbst fbevketnbe

\dk rksujts bc tdk suosnlnhry trhlneg fbiphey, Bpkrhtnbe Fdrnstihs Fdnjl Jtl, dhvkebt okke fbesbjnlhtkl be tdk grbuels tdht tdky hrk niihtkrnhj tb tdk grbup.

(o) _kfbgentnbe bc nefbik

Gncts hel lbehtnbes hrk rkfbgenskl be h rkfknvhojk ohsns. Vdbkobxks dhvk okkenefjulkl ne nefbik ht tdk hvkrhgk vhjuhtnbe bc 8;.8< pkr obx hel btdkr gncts ne anelrkfknvkl vhjukl hffbrlneg tb fustbis lkfjhrhtnbe. Nefbik thx rkfbvkrkl hel netkrkstrkfknvhojk hrk hffbuetkl cbr be he hffruhjs ohsns. Grhets hrk rkfbgenskl ne tdkcnehefnhj sthtkikets ne tdk ykhr ne wdnfd tdky hrk rkfknvhojk.

(f) Kxpkelkl rksburfks

Fbst bc gkekrhtneg cuels nefjulks lnrkft cuelrhnsneg hel puojnfnty fbsts,

tbgktdkr wntd 66% bc suppbrt fbsts.

Fdhrnthojk hftnvntnks nefjulks tdk lnrkft fbst bc bur kikrgkefy rkspbesk, jbegtkri lkvkjbpiket hel fdurfd hel fbiiuenty suppbrt prbgrhiiks hjbeg wntd

37% bc ebe-BFF suppbrt fbsts.

Grhets nefjulk phyikets ihlk tb nelnvnluhjs br nestntutnbes, btdkr tdhe gbbls br

skrvnfks.

Bpkrhtnbehj prbgrhiiks nefjulk tdk vhjuk bc gbbls purfdhskl hel lnstrnoutkl,

tdk fbsts bc lnstrnoutnbe, prbmkft fbsts btdkr tdhe grhets hel tdk lnrkft kjkiket bc

sthcc fbsts.

Lbehtkl gbbls hrk tdk vhjuk bc sdbkobxkshel btdkr lbehtkl ntkis lnstrnoutkl.

Vuppbrt fbsts nefjulk dkhl bccnfk ihehgkiket sthcc, trhvkj, fbiiuenfhtnbe hel

btdkr bvkrdkhls, hel dhvk okke hjjbfhtkl tb tdk vhrnbus fdhrnthojk hftnvntnks bc tdk

fdhrnty be he hftuhj br ushgk prbpbrtnbehtk ohsns. Gbvkrehefk nefjulks fbsts rkjhtkl tb cujcnjjneg tdk jkghj hel sthtutbry rkpbrtneg

bojnghtnbes bc tdk fdhrnty.

(l) _kfbgentnbe bc jnhonjntnks hel fbiintikets

Prbvnsnbe ns ihlk wdke h phst kvket rksujts ne h prksket (jkghj br fbestruftnvk)bojnghtnbe tb ihak h trhesckr bc vhjuk tb h tdnrl phrty, wdnfd ns jnakjy tb bffur heltdk vhjuk bc wdnfd fhe ok rkhsbehojy kstnihtkl.


25/36

?6


Fbetneukl

(k) Nevkstikets

Nevkstikets rkprksket tdk fbst prnfk bc sdhrks ne nts uejnstkl trhlneg suosnlnhry,Bpkrhtnbe Fdrnstihs Fdnjl Jnintkl.

(c) \hegnojk cnxkl hsskts hel lkprkfnhtnbe

\hegnojk cnxkl hsskts hrk sthtkl ht fbst, jkss lkprkfnhtnbe. Lkprkfnhtnbe ns prbvnlklht rhtks fhjfujhtkl tb wrntk bcc tdk fbst jkss kstnihtkl rksnluhj vhjuk bc khfd hssktbvkr nts uskcuj jnck, hs cbjjbws=

Crkkdbjl prbpkrty - fbst jkss vhjuk bc jhel, strhngdt jnek iktdbl cbr ;0 ykhrsIbtbr vkdnfjks - ?;% strhngdt jnek iktdblKqunpiket, cnxturks hel cnttnegs - 66.6% strhngdt jnek iktdbl

\dk lk inenins fhpnthjnshtnbe jkvkj ns ;00.

(g) Cuels

Cuels hrk lnvnlkl netb uerkstrnftkl gkekrhj, uerkstrnftkl lksngehtkl hel rkstrnftklcuels.

[erkstrnftkl cuels hrk hvhnjhojk cbr usk ht tdk lnsfrktnbe bc tdk trustkks. \dky hrklnvnlkl oktwkke gkekrhj cuels hel lksngehtkl cuels. Ne hffbrlhefk wntd tdk tkrisuelkr wdnfd sdbkobxks hel lbehtnbes hrk rkfknvkl, surpjusks be tdk sdbkobx cuelsht tdk ohjhefk sdkkt lhtk ihy ok utnjnskl cbr tdk gkekrhj purpbsks bc VhihrnthesPursk Netkrehtnbehj Jnintkl.

Lksngehtkl cuels hrk hibuets skt hsnlk cbr spkfncnf purpbsks hs lkthnjkl ne Ebtk 87.

_kstrnftkl cuels nefjulk sbik 68 skphrhtk cuels, wdkrk hppjnfhtnbe oy tdk trustkks nsrkstrnftkl tb tdk hftnvnty nelnfhtkl oy tdk lbebr.

\rhesckrs crbi uerkstrnftkl cuels hrk ihlk wdkrk tdk rkstrnftkl cuels hrk ne lkcnfnthel tdkrk ns eb jnakjndbbl bc hey rkfbvkry ne cuturk.

(d) Vthtkiket bc nefbik hel kxpkelnturk

H skphrhtk sthtkiket bc nefbik hel kxpkelnturk ns rkqunrkl wdke tdk Vthtkiket bcCnehefnhj Hftnvntnks fbethnes ntkis sufd hs uerkhjnskl ghnes wdnfd fbujl ebtebrihjjy ok rkfbgenskl ne h prbcnt hel jbss hffbuet uelkr tdk Fbiphenks Hft ?003.Hs tdns ns ebt tdk fhsk ne tdksk hffbuets, h skphrhtk sthtkiket bc nefbik helkxpkelnturk dhs ebt okke prkphrkl.

(n) Cbrknge furrkefnks

Ibekthry hsskts hel jnhonjntnks lkebinehtkl ne cbrknge furrkefnks hrk trhesjhtkl netbstkrjneg ht tdk rhtks bc kxfdhegk rujneg ht tdk ohjhefk sdkkt lhtk. \rheshftnbes necbrknge furrkefnks hrk rkfbrlkl ht tdk rhtk rujneg ht tdk lhtk bc tdk trheshftnbe. Hjjlncckrkefks hrk thake tb tdk Vthtkiket bc Cnehefnhj Hftnvntnks.


26/36

? ?,;>6,83> 0> ?,;>,>>3


27/36

?;


Fbetneukl


28/36

?3


Fbetneukl

3. FDH_N\HOJK HF\NSN\NKV

\dk hibuets spket be fdhrnthojk hftnvntnks, nefjulneg suppbrt fbsts hs hehjyskl oyprbgrhiik hrkh, hrk hs cbjjbws=

Grhets Bpkrhtnbehj Lbehtkl Vuppbrt ?086 ?08?cuelneg prbgrhiiks gbbls Fbsts \bthj \bthj

Kikrgkefy rkspbesk

Wbrjlwnlk 88>,334 6 - ??,33> 84?,360 6;4,>08 800,304

Whtkr hel Vhenthtnbe - - ?07,;7; ?07,;7; 847?Btdkr - - >,;40

- - 7406,706 7;?,070

Hjj grhets hrk phyhojk tb nestntutnbes hs bppbskl tb nelnvnluhjs.


29/36

?7


Fbetneukl

4. V[PPB_\ FBV\V HEL GBSK_EHEFK

\dk suppbrt fbsts bc tdk fdhrnty fbesnst bc cbur ihne fbst kjkikets= Vthcc, bccnfk helhlinenstrhtnbe, fbiiuenfhtnbes hel trhvkj. \dksk fbsts pjus lkprkfnhtnbe dhvk okkehppbrtnbekl hfrbss tdk wbra bc tdk fdhrnty be tdk ohsns lnsfjbskl ne Ebtk 8(f) hel hjjbfhtklhs skt but okjbw=

Bccnfk & ?086 ?08?

Hline Vthcc \rhvkj Fbiis Lkprkfnhtnbe \bthj \bthj

Ohsns bc hppbrtnbeiket (Wbra lbek) (Vthcc) (Hftuhj) ([shgk) ([shgk)

Fdhrnthojk hftnvntnks

Kikrgkefy rkspbesk 7,6?7 8?,>86 733 6;8 8,68? ??,33> ,643

Netkgrhtkl Prbgrhiiks

Jbeg \kri Lkvkjbpiket ;>,6>? ?< 88,3?? 3>0 68; 8,848 ?0,


30/36

?4


Fbetneukl

>. V\HCC FBV\V HEL E[IOK_V

Vthcc fbsts wkrk hs cbjjbws=

?086 ?08?

Vhjhrnks 8,?;6,6;3 8,804,Pkesnbes 7


31/36

?>


Fbetneukl

88. \HEGNOJK CNTKL HVVK\V

Crkkdbjl Cnxturks, cnttnegs IbtbrPrbpkrty hel kqunpiket vkdnfjks \bthj

FBV\Ht 8 Hprnj ?08? 8,>;6,6;? ???,;


32/36

60


Fbetneukl

8,834 8>,834\rhlk frklntbrs 876,>44 8?>,078Btdkr frklntbrs 6?,008 68,>?;Vbfnhj skfurnty hel thxhtnbe 67,4>;Hffruhjs ?,000 ?>7,6;,4;,4,000 683,;0>

Hehjysns bc lkot ihturnty=?086 ?08?

Hibuets phyhojk=

Ne bek ykhr br jkss 8>,834 8>,834Ne ibrk tdhe bek ykhr out ebt ibrk tdhe twb ykhrs 8>,870 8>,870Ne ibrk tdhe twb ykhrs out ebt ibrk tdhe cnvk ykhrs ;7,;80 ;7,;80_kphyhojk hctkr cnvk ykhrs 8>?,6?0 ??0,338

?44,834 683,;0>


33/36


34/36

6?


Fbetneukl

84. HEHJ^VNV BC IBSKIKE\ NE C[ELV

[erkstrnftklGkekrhj Lksngehtkl _kstrnftkl \bthj

Ht 8 Hprnj ?08? 8,?66,3>? 8,; 6,0,?78Nefbineg rksburfks 87,>?;,0;7 - 8,806,>7? 8>,0?>,0?>Kxpkelkl rksburfks (84,0>4,46?) - (8,6>3,3,;,) - ?33,33> -\rhesckr oktwkke cuels (8


35/36

66


Fbetneukl

?0. _KV\_NF\KL C[ELV V[IIH_^\rhesckr

crbi/tbBpkeneg Nefbineg Butgbneg btdkr Fjbsnegohjhefks rksburfks rksburfks cuels ohjhefks

KikrgkefyLnshstkrs & Kikrgkefy 8,836 (80,346) 884Dhntn Khrtdquhak 833,46< ?0 83,,6?3

\bthj 640,?>; 8,806,>7? 8,6>3,3 6;3

Lnshstkrs hel Kikrgkefycuelprbvnlks rksburfks ekklkl tb rkspbel tb ehturhj lnshstkrsbr kikrgkefnks.

Dhntn Khrtdquhak prbmkft wnjj prbvnlk cuels cbr skttneg up prbgrhiiks tb hnl ne tdkrkounjlneg prbfkss ne Dhntn.

Fdnjl hel Chinjy Vuppbrtcuels brpdhes hel pbbr chinjnks, ihnejy ne Khstkre Kurbpk.

Fjkhe Whtkr Prbmkftprbvnlks h jncktnik bc shck lrneaneg whtkr tb chinjnks ne rkibtk hrkhsbc tdk wbrjl. \dns ns h sngencnfhet hrkh bc jbeg tkri cbfus cbr tdk fdhrnty hel tdkrk hrk heuiokr bc ihmbr prbgrhiiks pjheekl.

Vbfnhj Prbtkftnbe cnehefks prbmkfts tb dkjp prkvket tdk sprkhl bc DNS/Hnls hs wkjj hsprbvnlk fhrk hel suppbrt cbr tdbsk hcckftkl oy tdk lnskhsk.

FIP Prbmkfts hrk fdurfd ibonjnshtnbe prbmkfts ne Vwhznjhel, Ayrgyzsthe hel Okjhrus,

wdkrk fdurfdks hssnst tdk fbiiuenty tb kipbwkr tdkiskjvks tb prbvnlk ikhes bcjnvkjndbbl hel suppbrt.

LcNLtdns ns h Ihtkrehj Fdnjl Dkhjtd Prbmkft ne [ghelh cuelkl 7;% oy tdk Lkphrtiketcbr Netkrehtnbehj Lkvkjbpiket hel ?;% Vhihrnthes Pursk.

\khis tkhis bc vbjuetkkrs gb tb vhrnbus fbuetrnks tb vnsnt bur prbmkfts bvkrskhs br tblnstrnoutk sdbkobxks.

\dk Grkhtkst Mburekyns h lnsfnpjksdnp hel kvhegkjnsi prbgrhiik.


36/36

trustees’ report &financial statements

Documents