T EA C H FI RST

( Com pany Li ied by Guar a mt antee)

REPO RT A N D A CCO UN TS Y EA R EN DED 31A U G UST 29Q8

TEACH FI ( Cenpat Li ie byGua a k ) RST a r ry m t d r n oe

Yearended 31AugtA 1(0: tt t

PaQe o '

Ct.1r 'Nt: 53 p)l e!:3!$-l .-u t '1 n'r 7tk . ) f Rezor oft e tt.ecs . t h rs ' ' t 4
' ' ' k . lt nc epencenta t -' . o : udioi 1 rx' por

St t entof4na a a tv qe. a em '- ncid c l '$ s ' i . iis

.

(ncudlzi n-andexoenti.r.a cokn j j n. nconv x , q -t)e c i4 lk .'

.

' '

B:3. e sh,.: 4 pc i$e' I . t

Ac z igpolce. cotntn ii' r N ot t : fn iisa'mert es o he Ennca tt . s ! - l e

'KtCH :! 1( Com pa Lieip b Guar nt ' b r x RS- a ny rlt d y a ee)

G 7 N tf A ' . - ul . . t . F ( ' h:A T 3 R ' . p

Yearetted :lA ugus 2(0: lj ) t $

Regit ed cbariy nut s er t - ' obee C ot mpanyregjtr on t m ber s ati w

Pa on tr

d 294 098 44788 40

H RH The Prrr ofW tesK. KT GC B C) PC ADC ite z l G M

tp oit d k JE ' 0f l p ne . 'y; t a qu ) 0

Te t - ees us

Da ls Clv r on DCVO CBE(h i) me u i e e d a c ar Dr lh Dk f dOBE .o n i or . n

Dr Gt v Ga net ..' e r c. . e *i r ga u Hodnon ll y k & Ge g ic fs uC BE or e a oba c 'e er Li t u 27 Y t cmber' ' 4 . Q Ri L s c ewi Stphenf i j : CLT e - Brc Iv D n . :

tusn si t t- mniv 3 ies .n he -om t z s tconofS n a Coj ' S der Asoc- i a cj ool od j r eje ea s o s l p neaom aesor c Esm F ibailF t cton f i e ar rn cund i z' u-nasy vj j r G r up a k ? f o j Btsn s p t fx m k t t iBs n he wom d v niJ
.

Cu z Gjb ia tes(p one I p,n xr2 o ) ron o a P rs r a p itd 6 e trb t 8 l e a 9

t ondon Fr t is hacP c -hi l arner p s

J Owe o n j x Pn ol d k n
S ahS 5igf rl ar h 1n c c l A Vi Sood Ni ol dhu - ch k l

*I A1 n& O v r (mt en c ey r i c . r z DeotE(p oit d I F b-m' 2 t' li e a p ne e j ' 0l) t ) u y -8

barlys ca I tt . of:ti .tlo.p ss iut pp lr ir pv e ' al l

I -owns ames ' end f

Paon s j Vne t c 'r c s o lni x n

C or npanys et y ecr ar

L n o Rrt(/in d2 No-mb r2 0 ) o d n s rs e 2 y n 7 g e Ar saB oa tp oitd j S pe e 2 0 ) t t r d k p ne 8 e tmb r 0 7 e Se h nDr r te io d 1 S:Lmb r2 0 ) tp e uy r sp c 8 e.e e 0 7 s p

E-t idoiz ket i g v t

Chi executve ofi e ef j fcej St eg advlor boar rat c s y d

Da Jj Cly ronDCVC CBE(h i) me ui e ed a z c ar Cm -elr b gkCr (ioc ar xoi zo' ci 3 vc -h il g z e E Se h nC Br sCbE(ie car Lp e f .e) n vc -h is i z

b lNes , he *. *tsn s( t. Lommun)y N q : ' % b f 1 > ' . t t C%..yk or G r . -.z. vh f oup anf r . l on ist Eord Fr < i

Al t e ot Tr s efss - w' a e,2 i a ton : 1 h her u t z boe n bok md n ddii o peerC h7lon c - .c t r Clf dC'a ior b nte f ' L' F s ynn abe Roc/ ool i s ' HS BC JnZie e n a i o- . Wo p Nat na As ocai oft$adtac e s t i s iton )q c h r i o . e kaby jne 't rn zs RonaS'ey 'l zl x ' UK Car - Ar dery F ndz l l ee? z n ou t or : a t j o Ma ot y n .i -r lou hccrr ik l inl ' s a Rh Pary . vs r Pa tt'art. esce r it t Pr ilnt .P t r S,: V T2 s .-i . - t )tN . u .! -: c <lp'enShil Jc t eds London fis 'r t faon s j V3.tn z-l e : o $nic a + hlc ' 1,I2hie ' ht %%b r . e $ i t ?h ct esy ,' r ,. l l , >r .&oE ) j' 'ns v npan: L'r t ntf -C'fdr iShoohtnt: h'z 3 :arme oi .. er> c . l . c ls e) ol ., s t lan 's p I h k ih (b fwe) l e vr t o s. r mt g z j
.

TEACH F RS ( Cot n km jedbyGta a e ) I T a mpa y i t lr ntt e

G E N E R A L 1 NiF C) R E A 1'l( N M 7 7
Y earended 31A ugts 20$% zt 1

Fi nance ant audi com m it l t t ee

S a'S1ii - r ( h ? ari )li o:d ' ai.) ) ngt .c ) h:ktP tetor 1 t 'c - l i a s
L et t e ( c n e I P u v ' f' 3 oit ' ooit d 9 ebr ar 4 ) ) . a . w 0 1 T'e Prnc of: .0s t t n i a 3u i s L der For c) . i e $ 1 t er atot . sne s ea s 'r ) 4 - n Va al u

(ene $No enb 1-.? r s d - v f e 2*. g -t ) J

Da j i Ctv r on0Cvo, me ui e ed . w CbE a St phen Dr ' c t ut y > ' ' !9.p:-iq: ! ::' -pfkj k 1 i .-: $ b--i.f 67'ir ; .;::(r;Iy(: r(r-2p.3q-,j2?k. -!ki j .$ - . . , ' - : ' -

Busnes i ' Com m u-r .. s n r i w he pi ty

t n onPrt(e in ' Ito eCb r2)V - d i rs e . v ) e () J o s g d > ' s I 1 f z

Btsn si t Comr niy $ies p h1 nu t

J7(t) ( -A)?? b
Por 1uiv n er - i' ia

L n onFrc rs n d l .l 7 t o d i (e i c 4l y .N ? s g u o, 9 u Mn l-- E-:C (ppoi ed 1Novembe 20Q7 c 'st t'hE a nt Yfaip p < vs x r A
f 1i -; t1 v -

Bankee ' s

Ba ca Ba pb r iys nk ' c jC.tl hi Plc h !c 1 a e - 1 Lond on . , w j' EI $F' s r4 p 7 Bc e x/r l, tr t i tm L i s &kej a laE r LP t s hva 2 - 6 Ca f S r nron t ee: L ot ond p EC4M 6 YH Dd i' i or xor s l l vs 4 Roya M itCour l n c
tondon

Sojcj s p tor '

A udiorg t

E3 4 C N HJ .
Regit ed o'i s er fce f 1 FQr> Q t: 4 1 Ln ly i
Lo? 7 7 n dt g) 4) .4 $ g

< t t

TEACH F RS- ( fompa yLjaiedbyGua a ee I Fa n nt r nt )

R E Pt R T 3 T R U hT EE S y )

The Tr t s 5t ejc t rr ) t nd fnat cisat en- f t v cnd :l Aug t 'ob . The frati us ee . - - hei ejor es t l suh. t em t or he , t s ear ed $ us z N % jlr al c %at t ement ia e been pr r i a or a e s'' t' ac ountt;pol tus to'Lon p ges i<and j aljc t ' : hv s epa ed n cc d mc 'i- fe c l. . t t e: u sspj at q ci . a . A i ' 3 . l on- k . t pjz # wih t e c rt' t-s te t -C h - i .Acs 1 93 n 200 a d '- qtt l ..tfRe ormended P- cc ' t ' ha iys itt ' d. hc ' ies c 9 n - t E ajt d 6 p ri v a mort a c n . j ies .e ' . 1 ? ac / ou i .a Reporjn' yCha lj 2005. Acc ntng nd tj b g rtes

Te rh Fis i acolpan jr ct b iua-nt. asd C exem p for u v t v - lm ied unders E 30 oft a, rt s n y lnie- y l r e l s . . i a e t r n sn- he voj i t ' d eccon he Comp esAct1 -Tea Fr t'ec 'e ar git edchatk o' 2 l y,(ani 985 ch . s b ap - ser i n e '' ) ' 2J X iy ul . '

Z erl ' ald gkar tbrs tbtps t s an ) T'e S iy of ea r ar n or i L e even of a ' :di uo i Ir t d t Lj At 3l A u ' t 200:> t er h - ik ' i t abi th - a t n h u t k t ng 1 s inie o . . vi gus 3 h e <

w-r x (U --2 g aa t renb -fL n on Frta d B sn s i t eConn nl P ef n flyent-.of e e ' ' 0z ) u r nor ' t el o d is n u ies n h rcu i a ou dn-- -c s A ) ? nr s y, n ir o
rea h Frt .ubs c is. ' equentc tn y - nd t Tru ' ha e a-e t bec C a ' o ie eare be st ees v pr ed o ome xu a orr ar nn nember ofTea Fis s ch r t a on 6 NovtmberZO ) t comoa- pa s a Srn tl9e ol i adoptng ie A:i esof As ocas '' hi nd . t US he jy s ed j ci . s uton . f ' n w' r ci i o t ' t s itot w ch il ! . . r r s ted it'ondon r's and busrs 1 t Col m u tj t s,.iijlja , u a orj enber .Tea Fis wz d lk t e u' r i t h k ' . -r' 't i it s . he m nia, - k nnc sg armt m l s 4 v el r ' : s ; v ch r t out !e o ' ! . ; a iowl d .t courge,f esg. a lbeif oft !t o f ckn eu he ge a or iht nc .e 1 . ht w oundij r p' nemb s tlq bt era7e Te h Fis t l /r la .t l.ld ac rt ' t 've t: o c rbut s st esf l c irK oMsredut j ahi erent i: ci ss f onti e o tcc sul' o por i*. k J -' aton c ev n s n s iool o ar c $
.
.

O 'j sand ac vij beft ti tes

-c a e& educ tona diad nl . b t- soj n ext 1 i h K;r duasit etQc ie,i pla i !t cb sand 1, ddr s a i l s va zge j f - g eotoralz a ' t- n o - tv ns . ton ea er an mj f r . Ia r.raifeIs e dm s-t l i d f Tea :i. i ar i ependert q rt Sd e is l rch i$2002,Tea F r. h been s ce s uli a u-e i t ch r:s s i nd vr t t ha iy. nt t au l . . , r : ch t s as c uc s f . t a tng op n gr duaeswho woul ma gr tt ac s bu woul notnor l eiert t cbng pr es i ' E ck i s a t d ke ea e her , t . t mai rt he ea i of son,t ea 'n ome l y o ofEngand' mos ch l n ng s onda y s l s t - l gi ec i' ae r chooi. To da e.oy I .0 exc l n Tea h Fr t pa-id t s h: e s t er 43 el t c is s tpt ei tc nt w
' .

e t ? d c alsy e u b n c lx s h oj i Cj a e Uxr j se ,L d , Me s v ie a f h ?lr s (v fh n e- h l w ku r a ompe c o s r ae t r l t - t r on on r e sd n j l a t 'h' e a qn 1 $ a ct e ' d k c d 4

.

usu f lav a jas one t r oft ei puois fi iisbeig ek' l f f- s t sj easorl st an oo qutt al . e t e -t -hid ' r '' am le n t i e or j dyt ' h l ib g' ee ool m j es h e- trer

ofror oi' g ijg 5 .%C GCS s ' dn E #ih a d Maj 'a p riia c J ' e zy a Te c Frt . l h nj ani A h ' k j q. ps n E <j ig n s n , ts s a t p n s E L ' er ah ys. ndu n. 1 c nh . .

pr r n me,Tir ' sex i n e a t l r Irer jp ke el .n 'tti rzxej er t i cot t con v ih i og a n n ough t perejq nd ai ed : a sh - v op'ent rtnip i e: n jtnc i dc. o hi ol e l i l r -- v l l ' '
prrer or nia i s T'ac Rit xms t bui 4 e l det oft e f t e ' ho wijl d t' r pupi t gr at ' cl va s ton , e h - i o l - ea ' o s d, . h s h ' ur w u i ea hmi r . e er l o s as t i and a hivepmnt t dcontnte t sa ivoled ( h0l ngaddr sei a i rsa t g oi ons ut c e -. : l f m i i o ty n v r -pi , es uc tonaljs dvan a e. r. or c '< oj - r n l que tme sbp tpkt sies es ounda ins gover nent and: Fundig f Tea: Frc c mts for k usi gu- r i be b za bu n s , f t. h t t t -n to , nr , 3 hool. T$4 fspon or cor n'c t ani ,ra ornc an s c s . sz 7 s s prt o r i ng ient i%, d upporigTe h Rr cparii nt t 'ugh sr t . t tn ac s tcpa a hr >' t ucured o . s ummtrS tt t s t er i and cior busnes t s at cns e ta v a ef . egti f f t' ckca eet t ' iu e y- osxps ns nt - i ed i s t e . ur iez r Qs lpped or s.ra a our o l y t r s

ikedun ton a comrer Ctqr 8 btsneses .s - ela S dit pol. i tt s .almaj poi ia pt ce& r a i nd n ce- - 0 n k s ,a $ l % q n iy nsiun s j or ic l t i , q , v ea g c t r
educ i lss and t k t chig uni sl t t s pr aome. Mor i or in c te f l ac atonait ntny ea j n oos t ' ppor hi ogr rl e nf mato an o oufd

M *vz v -u - gt'q-q t ftfr tqr gl. 't li .

G ovetnajte - -: t -' a Tmac 1cv. Eoa d ofTr ' s z e r e diml or of t Char'? 'lac u lht < lh 7c t . r > . h .l us ee t .h r z . . he r r . t s ijy l corr r knce wir t pr sons of t h t) he ovit . h t ht . Comoanis Ac 1 75. 1'e a pol mertofnew T: t i t a b, t oj i oft Boa ' & Tr t - T>e e t : . - p nt l 9: l ) r ues s ' de v ms uton he rd us n usees . $ (ol. .al pr ecur s ad td f t. i ton 'nd t ani .ofnew' usees ar t i ed t t i i viual . i. .d ! t s .- oc i u opt . or $t nduci a r ' ng . $ reg $ : a9 l . Tr t e af ' o her ndi d or needs c mq . ur eN't t re perenu .ej iKit tq!y ul sand t- robj ai al poses as f'i , oj oens at ,i- hei x% i e q ns ha 8e sdert lei i tons fd s s ufcent r't p 't sur a '. t g L . p knowl ge as t how t H,cha'e m- Th Boap ofTr t s meet t f t t ce cf a yea al i ed o o Js r he . e g e d usee . t eas. hr- i s c peg r fd s
.

r porsbl f diec dszlmcors r tk:dc d csd soft c rt ai ers -n:t i e aconoft s r c -c us i e or r tn: i j t- et . ' t on hc ha t rd lut hu mplmehc i . y , r e i y i he c aej H ) : s
.
. .

ob' tves l i . ec

Th Tet- Fis Sca e i Advior Xoar c it oft e Tr ccsand menbei ofot. s oeotiz orn ini e th rt r t gc q y t d onsss ' use t' x s n . r s her u a - n g n stons t t 'n sBr f ) to?sofcl fha iy 1 r uor, $ tl Boa- ofTr t es The r eoftl Sta e c Ads. .z d s es i ou'da i l' ie - rt . c '.s ' - le t . ust bu i d - . v e t . s0 d e ol le r t gi ds o io' : a : d s o ov'e ons ia i uppor n t Boa-!of 7-usees a t Seni Mn ag ment t am i t Boar i t or l' c uttve s c ' t o he tl r t nd he: oc n e e n he

i, 1r en: L n ofE e Ch rt ' st igi o'jci s. Tke n e berioft. 1.a'qc hdvs r 1oar m ea a Iag .1e n . i 47 ao h a 7j n' e c be-ve ' . m . t 'e .' t x - .o J - d rt t e t ,y; a t f ) . -r -.wi i v . , . b t e $
t ie aye ra Hj i r inb s ' tpn t.i iedt c eeye s t ' . t i i r ' a i w 'c a n - r nt? er ht tr n' Int 'o hr . arp hough h- s enew 'le he o sc s o 3 # . Ti Fnan a Atdi Coc c l+ t neej tt-t lv a d ' r s onste f aifna i mater,oft e C.art i n i ce nd s t n nte : n : n$re- n i e- ilt oc l 1 ncat. t s e . . u s 1 , s p o . . h l iy, c n r- or s L t x Poar o6Ttu.tet t 'p. t. . . e A d . .- s 'i . i o h . ! t-. ): &

TEAQH FI ( Com p L ie b Gua anze : a RST any m t d y r t j

R t P C$ R T : E TRU

Yearetded 31A ogts 1:0 t zt

Gov oap e( ontnt er tc i i t ed)

The d t da r ag p,oft Cb riy i ci r ponsbit o't Chi t -ult C) c and E$ s ni r ay o y nan zemeft he a t s le es t ly f he ef - tvi m er t i. xoc hs e o ' . I * s d t z .The s or I te hi r ak : ldes t die or ofea of t sx d. r ment :Gr dt e ead h: e m er p enl eajrs p ' r i u v n nc e he r ft s ch hm l pa c s vp at
.

Rm r lt r, e d rhpDe to nmtFe i l.Amb tal s(lmr)E t f a R ain a d1pcai s cuc i L a e s s vf prt xlgps ne t l ' . s ai t au s, xe- ! elto s n 7 - lon s or l n -t 7 r
Atl uevem enk cnd perbrm apce sz f

tu igt ey a k d rc v.v Te c Frtpa e attl f6 (is: e rltk :7 sa t gt e fs rIsiuc; ' cc h - . i e e i , a h 's lc d oa o 2 f ty n x e3 3 tri h ur a N er n t w i rn me n t s te
g ond- r St e:247 sxai i s hoil f t r s ond v )t c j a ou t Nl t $. t f -a et oc yea t ak n t c e t' os or hei ec g ear e he- cr s he orh ' es Gt z M e

Ma c et ra Ee sy sepL d n a d te M a d . f s-e rimk e c e d' tre o'65b B d n h sq sdM ce sd l on o n h dia s Th.. rv a n e x e de L ag t f3 y n i t; r h

wl 42% hihert n i t prwi y ra i kl ofa i r s i t nunt oft iatotst Tea Fi% a . o > q ha n he t obs ear - it n nt eae n he es ber ppq t n o ch r t nd ? c t m or c it i quaky Ivelofa I nt- itkond Te h fis Ejced at a of253taw t c sit s hool e onss ect l e ppi u j ta ' on, at r tpa .otl l ea her r 84 c s

4 zs Lxl 7 s 26 :s alAut iisxTheyI ned 1 9 who ener t ei s t 5/4-on t s here.Tbi y Te Fis cr horte oi : t s jt ed h r . md , , he c n ec 1 ? . s ear ch r. t begla pl Er ectjtprma y 3 sau os Lt m an 1 oft e new t che s wer plced i t os s .f l p oj i i r qhool r s mdt d q t ot 0 h ea r e a n h e chool. v TheNorhW.s s w teplc me to 5 n w tab r t - sh sa r . 1 k al rorte.Th yj n d: t..e t a h a e n f 9 a e c e : n2 < ooj c os 0 ot Auh iis e oie 2 . . 2 : .
t cher ent n t rN ord y aron t s heme i t r on.The Norh %. now i j ea s erig hei ec t e he c n he egi t %%s ncudes l nes t zber 9 v ea s

wF j red t e Nc . oit h heme i t sc u l Mer epi T'th Fz' ne s ar a- I t MiInds $j n t c s o n ' hool n s dex : , rts we z e n he da ,b ew ea her s e j ne lt ? s heme i 2ss ooE a j s6 Loc Au torte ' r ghoucri tjla- : 1N c ig r. Th j i oi t L c h n ch t c- cs s al t tbd K ou h A I ' r rg' j l atm hart ey ' ned - rl l n nk l 3 o
46 t ch? e erngt i s ondye on t s hem i t r gi ea ' ot l her ec s ar he c n he e on94: of! s v a% ' a h sa d f t rs kot y ll59% oft e 2006 c / a t , - j ke u tye or hei e l ar rx . . ea nt d .h ohor a e sayn. f a ' id y , t r ' ig or L r ear L x h w hth ha exc i .s eeded ex tai . : - pec zons
.

770o te 2 8itk wi tuhpro i stjt: i s t c y:h j (uete Mzhs E ggh M'd r Fleg' f h X n a e t e . irt kbe t r eonhr c oos S ir ; t ; n l ; o e n cr i i X . ! y . k t s ' L iuae ( k:De kna Te ht o ifrn.t al Cot 'tti z Te h ol 1Mus : l i sE u a: ) an g s MF . s nd c r pc nt rai s- Mra i' n t n op g ) ol n -m x t l r tcbt i t i Rel ou d c t c g i on
a l tt a ded t cetof7 ,- jk z oft nrrar c c et a e t hi MFL.1 . ofajpa t pala w e gans he men ar % tq' . f t be tn y ea h t r eac nc f . s 4Y' 1 r kl ct er a fom aBMEbac gr r . k oundTeat Fr tw r ed t 9' mos pc tgi sgr duae r i t i t Tme Top j 0 Gr dua e Rmcr t rg ve ch ls : mnk t ' t esi ou a t ec- er r he f s he ui i 0 a t . -uiei ur y ' of I 000fnk' e sudenc,t hije tmnki tve f ' c ry5. i l ar r y s hc i ' s gt ng l r ora ha c
l S s.et r 'uo: '- f t 'ea Rrt J tk .t dta ed f t ri pr c nme, tz bec ne Tea Fs n ect nbe 2' ti ourt T ch s nt e g' zt oon -e ogas 3 je h a a ' s % x of ch r t

Amb sa r (l t-Th s 20 ne Amb s a or 'iel4 . Amt s a or fom t t Prtt r q c or..'hs a s do s aumnk e e 4 w a s d s s n t 15 z s d s r hi ks h e oh r F t o a s

le h . s t fj er d el 'xr zs ees he k rt ee opmen oft Yea h 'is Ac s dor 'pr a t be c tr t nbasa s ogr mme wht ai t nn nt n t l ch r o ai ai he ns Ar axador en ed wd trl Te !Fis. isen tioug ahh p' oft pi nb z s s gc t le ac8 ctpts i br h g e el ortpved i er s a commime t l k nt e. nd . t nt o t bel wih t Chart' a i tes p t he iys ctvii '

Theo set r uk f rea h Fi wer r I -ed duij n pa cy -I u - t l es l' or c j nf s ac e een s r v he s ear n umma yvx sedf uidi r ofE ' n o

@ I fo t e2:1t or a he e t etz ad f Quj. dTe ctrtau a a ousl .n (h - f h 6 ' t c iv d h i ad r s: aii a h i ts t n tt ig z e hl 0 . oh t or f e e t md

hihes.'Ivelw' l s $ver j g t e j hie ome % e ' j udged b: i petor t be an u t e mos exdep i jta v ns t z o nopg' h c t tooai r nees
Pr odoce bya zt bert i r r e, d' nv eac a nil out ' g ' At'as one Tea h Fis s hoolt ti tt ar d i4 ovemantC itsapdar- amos. ir y t t e ; et t c rt c ' tb led api n pr at .n t; t d l tert el o h ' s j cmt i i ofTea Fis pa t pant' c rbuton ch r t ck s: 'ea h Fis pariiant a ebibl t nr ted t ourmsi ofcounK i edu tof diadv a an F c r t tcp . r g y oc nit o s on ' ng cai ml s antge td er ' v amar edt b k i inpz l nt N ' e ba k y enet alf ctoi he chool iiol ' u nv ved. ' Rtttpant sa tqi t rG hooj as on k t orf - wet G t tngt ha e Aromtl i t f v ri : t yi l hei c s ez d vet ' nor k 4 r e - sri o v j '' mpam o e ie exznpj t ssorni 'nder t e,c ralf t s u pedor nedep t , . u' mia armen s' t ' n ent ' TheGc r zt g n 'ofti. ogr mti vasext n j s.r g-.-feQ m iit t i pr t 'ental'n eren r c Fepr a 'e y . r eptoial ton -ult om t - o j ovi y p x t'i pt .ssx ke C, -1bti neor itsmces b'zinpr s ie' le - -t u- t4, lj 4 tts a Nx r e sv ' oz r - di . ' ' s
. . . .

TEACH F: ( Com pa Ei ied b Gu a I RST a nyjm t y ar ot e) R EPO RT Yearended 3jA ugus 2t 8 t * T F 1!S T E F S v- ; . '

Ac : ve e sa' plf mae e ton i z d) he m pt rd iror l ' tnte. i c c

O t1c1:dent .fL e 1npa . ' he pr gr m mi wass en i as!r e. ofLoncon h$a.e hcr con. it d bz t e vbe i, e o h r ctoft .' a j , 1 . o e n . v. . a y . . . : 4 stac'is tuce v h l :J ' . 1 Lon C- l nt ,w hih f don hal De e l c oundt atone oft$ fv f .ti p t r ag f ippj h p l ie mos ' orant e ons or' e m r ovet tus' g or sl Lon -e -- c e ' a- r - : n don overt p t fv-vea. w'st c it ot ton oft tRe h F's pr r m n e.l a tor,Teac Fss r api of . he n; ic a .s a ' c n- d i t t l h r uc ht s ac . f t og a n n ddi' l t *rq an . l r j h ot t i haxi m l c hr .x anme whih s s Iiz'a ov A t goas a s hec l mu mpa c ozr r c. mt 'e -chi en en ' lh l nd uppor mec ni n f ' ac Fs t ha sns orTe h k t r t i.tc.. s n ? ls r m n u ur v s. >1t' - s i e he e ut o m f ur r . o7riiant i ' e ca g oot . l ft e z/3r.''zc.Fr twelus t sm rt.ls t . .c s e ' :pupi .t l er . ', . p . h - h i I :k t s : hc ja h' nenr ev . i pa tist ac er a- t .$gdur.ct eit.o ye ' on t pr afle. m c t e b u t - :n e. i ' f 3 ik - i w ar k h s he ogr rf
. . .

'i T.6i n tvert -ra tysa-ne ck Fis c lbr ' d is ft7ainier a ym%t a s resofev nc ,jcudiqa p 1c I.t dk. >a ho zs .?t a h : t ee a. . i 6 4 v s r ih e i n . co d . j - . r t t f e t a g n l n o iy d(Si4)t wrt. byist a .r 'ke s sfom t F onf atonf ecc f -p tci nt an % .a s ol -ajd a :Z$ rfq if t1 en t e cb s >-s on r he - ' e s r t er ie hot zri pa : d Amb s d -r . - . , s s t G aa tmmt d' ec l k - t , ds . cn
.

Te3 Fig r c ntk r c i d a %1FRli z a tfon h q - eti b i5 Founta- p Lt,.$t s EDor a m ove t a ch rt e e - e eve 4 '1 on r o r 3 t - rr -t. te l v - 1 ' . l - & - h u - to 7'fz -o u t t l i .- 's -. i 'A ' o l onpt r hea arer ancas iso n c r s ca ecn . dqu t s i sasne t ente oa f. p
' s

Dtrn t ' tv a Tea h Cr cwa hon c c r eie t oatona ofci Roq iHihr s t e Prnk of iig he n e r as c' / s s ou ed o ec v he r ge ' s z g l s ' i c .i k m a e n e d 1s 9% k . ! Futur devej pt e t meet z s

Te h Fis' $ 1 'js i S ac- sr t g It 'e vppr t by r Te c is tusees a t cha-t s ac i ts * ' k isos - j' t ae y n4 o en - a 7* z ' % i ' l mu ' s ovel - he a h r t r t s he i v' i Z:CfQC r@nuI c it o#t.eemti ar -t Gr nrhen Te h FEs' wor t r. ac eyng ism'siq;CtI.- .C t onsss d br I Q%I ti . . in e3s o c e . ' ac trts k owa dg hi i..t i o , ' . . ' . s
Teac Fr tvi s r t wvr ! a kvik x. t . l gr h $ is i x. whi i n: ng c it y akd h is vl vo k o. di che no .l i e owt,o t. ntke l . gr x ' . s . e m oyi onssenc .. v n p t nab . . $uai. Tea Fis. goa ' t r c ul 3s-n parii i f is 20l c or, makig t t pr zmno : ly. ch rts I s . e r - f ew . tcpact or t j t g o t v ' s 3 oh t t h , ogrt nn . one oft 1r skgr d: t r c t!er i t . U K. !!2.08 noogrTe ' Pis .a ms t r c ui 4t: ne he age t a . m e r t s n hc , a x 4 r C - . . ac, c t i o e r t ' w ? a 0 s : 9 t a her - l.i ai t a acI s 7t% ofc ne' t ac sv'1t ac sh cge s ' t --0a .*r tw-l ' c s t s r - t eat )J he e e her /1 e h or a. ubl s 1-ch Fk $ e ned h ' i ec is , . - I as gr 1. Y.r shie i ,1. jwl e x .is Mi tnds a tvte by cr tng g % -t Eas : N/ t io ow - o k.s s zt09 ' xp . 0 .r n A l and t dt . c iiis I a . eni epar e ' 4 hes a c nd Mt a .-gi an ma e nd f c rt ' Norh E u a!d H v -s' i fsur ye s .sjz ows ' ndsi ong d y xpa urhe o t dl e he t a c 4 j r l s kt e v ar -' 'o mbo de n % tqr , Tea i Fi twi ers r t tt c c nnet nc lve ofis i akc : t rn oft.chiganc lader hi ' rct c' is' I ku e ha h. or .e y c I t nt .i e ns c n s -. I ' c n a l n s p i pi s C$r$1;12. !'.11:: ' .-!-,1 . l ,(. f1 *
. .

'

Y'ac 1r u w$t' - t s-rk bti ng one of t mos e -cfve ei . t lader hi d elsrlnt . h - u '9 wot owa c lj e 2 , i ! t K 1 , di he t he i j- uae e s p ev op re , sad . or' ant es i t Ukzenslfg t tispa tcpan s1ad t i ou l l t e iihe t oos i o ag sa i n. cgr c m n he o t - trn ha t rii t e hes pi : t hq s . r go h k sbl p' qois t- r z ac kven o lvtl.ThI wilc op t rea. -bl goas' tea L par.i twiIyor't va ds i: i hs q. f 3s g l lvol j o s s a e l r . r nd s z nt z i t ui ha c . tcpan. l / k ov r r i l Ci' e-t he . t e n 2 a ' hei pup1 'a '.e en ont t t e 'ib s 1 v ' /'i t o k h r . d t i e, t z , p e - I ci$v n- s o h h u . .- e e! s n ge c .
. . .
. .. . ..

Te c Fc'w- v o - t wn d e s tn i Ar ols d r fzn cl' 31- lsg e n obl o ,e u$p. an a h .s i T f o r s n u- e t ni - a o s ' o n i f . f d r n ss d q -j e d it l k l . l s l s ? i n 1s a i e -. i g : d . .

i3pied t contnug t si t t Tea h Fi't m ison ' r or f ts r . o i o kppor hc c 's si t oug og- e s ch ; .Tea -O n,t r . h amm s u t s ch o

sl t Ar s a s t bec e s hool lade s a Soca Ent epr tr fr a n n a d addfi tppor nba s dor o om c e rs il r ene 1 aogrn n e, n toqal p ,g a- -est t. tAm b s.- . wht h ve lf edu .i ' wor t r t e T'a h Fr tmison ro r r n np o lI . .t ador kopor , as s o . et ca on t . a t o k owa ds h e.: is s i . c t ougks hoolF er s psment i ,c c kx.enolc' tq ot av hr . c . y norhi oy orng oa hk A iy ' d her enues k ng . .$k
. . .

--i Depa-r n f Chidf? tSc saf F n iiu and t c -kanigr Dcv opmen Ag y f --'a . s ' ih The !. . c ne t or . l -n .hool rd a sle ) . h-T i.: t t t t t . n nd -el t enc oj le cher zw t -. . t su N - oft P.m. Mt t rand t. O pp ii ?ha a e d t s he ppoi. he ). e i ae z t ni a Fe . oston s gr e o uppor Tca Fiu i a evte t s goaj : t ch rt n chi iu: he e k s l ' overt. c -pgt q y ar -A c z a whlh ok jr t efr t-tee y r ofc y suppor i s r.z lk be sgred ! Ge ont e . e u on rzc .c itl h. is c r ea s h' i t.es . F . s t h et j en i t a ' tv z ' ih t e TD A . wt h
.

TQACH F@ ( Compan Ei jedbyGua ate RST a y km t r rk e)

R EPC R T ) E T R U ST EES

Y earended 31A ugus 2Q(: t t

St ep at mentoft Bear ofTr tees res be d us ' ' ponsj KSs bll es d tUnixd kivto' c npa j' r r c Boar ofTr Lest pr oa e fnani sar firc f ' cc fn ncal ar t -n j r ol. ny a equies he e > n w d us e o s. r lcaj r L 'eis ocea t 'ia: i ye . er . Ri ' e da e t p.ia e z a . '.. 'o ' S ac or nc wi- a gIc bt iw 'nd U ot.1kgdom G ener j . c lptt Au n h .. ye. c ' al A c'. cd couotn Pr cuce,w)i. gie at ue . v ig x .ct v r 44 ? . k . a fi ves oftl sat ofalar 0.t' c mpa y as ac c' trk ofII fn il?c asc of c $ oli and nd ar iv ic t c ' is $ he ol n. f ' ' - k ' te aTl J, iancq v ar lt ke . -e e . a nc c e diur-oft c aa f -c .-a - l or p ' t os fca ixs aeo4 ..t e membec oft e Boa d of xpen.' c he omp ty os ' t.e r n e arng h e l hncui t t cnt h t . h / i l s s t . c h 1r ti a e r q r d t - us'es r . e uie o: i s.e ts cbl v c tngpoi o a 'henaopyt (m consst ty; olc uia e c ounj i s nc t ci ' l i i. h i enl

ma e i eren san esi t t ta e1.s ibl at pr nt k udg n t d tmass ha r -a oca e n ude ; 0 d

pr ar t e fna i s a em e ; on t . n ac er ba i un:s i i i ppr it t pr um e t t + f ep e h i ntal c t nt s be & g onc n : ss l s t s na opra e . es oi ' e o hat e cor pa . wil onnoue i bu i es ' n ny ic i n s n s > sat s tl a fabe a s pi san ds$ e b i)f l zd. x e vhe b ppl l cz tng tidar . er . c out ) et? ol e av ovz

Theya e rsp si ef k gsg D ooi a councnfr c -s.<lih dici e' F r s.na ea cur c a al tnlsc r e on bi or ee u r z c n r i e or s?j . s os k t ea o bd c a y t t i- he d ' cl vl h v e fnl ca postoto4t Compaital:ena x c en t enur t act efn ilsarett c npl wi t Compa es t m i m cj ii z , he n sd bl ' 4 o js ' - u ' K anca ' t n ls or s t he .. v : l h e. eh h i t v h ni y h , Ac . T$ey a e as r porsb f t e ssmr ofit na:c tol f sfgua dig t a s t ofcp c n xv and c . * r lo es ii e or h y t m n er l onr . or ae r n he s es se onpas ) . t ; 8 -- f ti n -ea onz e spsf tt or yet ajdont tosoff-ud a ot e ts guartes 1 te or tkigr s bl t. or 1e! e ruon - a eci ) t nd h t '-? l ii . ejc ' i a t ex .

R-k t anagem erkpop q ' s n t ky

Tb T'tsets a e r p i t f tn nt t enet of rsx b Teac Fis- Tht Tr c s aokt d by t Ch.f :' ritt r es onsbj or le - q r z . e . t t an ik y s h rt l usee t . e s he i e Ex bseu fmerhav durn t y 'm de t eqar z vsotte rs sa r sasa-vsjsofTea Fr t Thi r vl.# ecu z o f e ig he eart rak ese z - h ik c os ' ciie i l t t ch is- s e ew ha itntf d ' e k.' rs t whc Te c1Fis i e-os k beng t !corlnui mot i lofgr duazs t .w d- ie t -j iks o sb al rt s xp ed ' l ' h i . n: j ot s t . h e. j t . s j yac a' t o pa tcpa ei t s eme a' t er r ton ofTea Fr ci rli anqgc hih ku 'ys t rdt a ' e-eced o rii t n he ch !d ' lpu ai ) h th is n santii he g ll mrda ' h t! xp t i t & t s Let Tbs wor wi b.ong rgal af s r twi bo pr ctd k t c igy r he t nc- s k iae oii t2 orhcr epor l - odu z r he or n ea l c . s t
'

S t ar pr csdur hav b puti ptc t mana e L s rsk . ysems l o d es e een n ae o g he e i s

j. z nanck jj t t q xva a. ow

Retw cltt gci sJi tnv il ztt if -r7 ton r/ ' tnce p/u in ns tl ? . a l

Th is l f t y a-orTe c.Scts o as r iso Ll 36 7t't7-Lj077 )i u r srce f d a da e - uc or he e if a b J s h w u ou f - ' 89 V*9 e s ,' i 1 * l bl t 3 :' n ne titd un s n 8 d f .off6 ,5 (.0 - s r u .$ .5 Ai rsr tdfr s eic . 60 9 ' 7 upis43 8 .)n eti e ut d x Y 0 6 4 c d
Re'?es4 , s y t #e )x . y

Th :C' rt r g ds fsfee r s r tsa btl r r s st jby c e 'a cir ntaset ofis unr t it d f . At e ha iy e' - r c e: z . 'n ep e e)et b n ' ts e ar r . - s tg e i tt sd ' t esrca unds

31 Au ut Rtl fe rs re we- L 2 ,0 (0 7 - 'j7z.J rpcs n-g 09 monjs o u r srcad g s x o' te e ev s t - 69 2 2 0 L 2xs 4. e e e t b? . -, e 2 xn . i n '- f n e tit ti e p ? lue e ct i,pfs1t idt,1 ' 07 mo t: -TL Ch r yh t ' e efnM t p o iewos-' cptl x e4 h r. x ldn 't rkn 'o) - - nh ) e a i olst s u u o r vd -tg c ia .t d !'j ' ' 7 . l v s t - h i . s kr l
c fna : is da t da ooer. k an t pr de a s f fz ' a ais , cownt rn i s porr -a tviy t tc d o ' nte ' y o y h 'tons d . ovi k t . a. o a e- d g n tv l u n up !nt'c i t .2 . ouj uar a . : s ?1 l d r expendikr exc .ng i omeea : o tte eedi nc :

The f.a-y ar t i.r s tls r er s ov tl, c ' r ontl ofunr sti ed exsendius bj r ani ta Cr st 'ns o nc eae ie e es ve er s'e o - n. is 'l i p ir ' e rcc x t - ' et i ny e ? Dr kors ofisunr src eci or Epc vea' - n ton ' e t st jnc nc s-s 4 .. oi ' . t . k h f
.

A udi tors A r ol i t r a nt Di p s .lon ' @lbe pr ed aftl f t tor n an lg n m e 'ges uton t e- ppoi xtn d es . i o %' l v. opos ' he or bc nig tnua ener l ett s , l n

A cknew l edgennent s
-'ac li2 y l Ik ( a klowl u e atoft i busnss cg a ot fr i ttli k t t h v g- '-a ort niacoi lx zh - r; vou d ie . t n eds t - a i a s t nd hz ns Cttors ha a a i cs >a s - c - q ' o c ' h . ven lt p i s f ncig a d i knc s ocortt r uzt n t e v- r tnu as t a k4ox idz Pona Kieq' aic Dtmc Mar u . n n . i l u<1s t h o %#' ost h re - - lo o c 4 z e ''c k l n r i . a zi v .f iks nl .t c y v . . Pi r .. sc.t 'utois' Tea Sr ta. t:..c, Ambasado$ i kcha d onf . .t i. t .ch - s.s :' n.ng ' on rb - o . ' . s ! ' fufc. z l s s
.

TE ACH F RS7 ( fompan ki i* l Gua a t l -a y m t t by r n ee) '

R E PO R T Yeatended 11Augud 2908 ' t T R U ST E

Ac owldg nent ( tnue b ' kn e . . er s ion i d' ! ( .

ros not bl at zcl 'nx ildonor a e' ' t a e non%- 8e ) a a < I nc s r-

Ace- t e tn ur t 1. +77se C'edi '(1s -r KK . .% . ' t e:. -#. '' pa-r entf rC- 1 r n 'c co1 a d %a-.'s - vn o h t ' J h ) s n s yi , ' f' . de . r1e 1

(!. rduc ton Tr ' 7q < af -h t 7T x . us t D o te :e1 it T'e C oi n a q ch Fou oa ; n h j ! n n w s n ito d a

.. .

t2 f 9kki$ u ainTrq. d, - - o t J c t . ut .B 2 w o l d . . . z o

J Mora . gn P .

te%rfn 3r hkr Founda j n Eur h ' ra 4 ot 7s . ' tc z omo p a- o M et er ?C' no7 y ;7- ' s oc t n 1 c L (u ) e . % - g y%C5 th )t- FCknt ton 7 1 Q i.'- . .F t j j q . - / I fFS Q 1 a al ; aper ona c a t Lt S ev (a set: s l f c xom. fd n s h ap civ -- t e . rl !of aesor e c . ) 7 r :

l adfih t t t anr r ei d by 7e3c1 Frt fom t Tr i ng and D1v opment 'rnc f 1ct s of n lton o he k - ec ve , - .1 is r t ' ' : s r he anio - el t y or - l e ool fztl,t0' r i iix ison a t z8ji6t? tlci p s on die - t s ool f t ei-yett - gcos,of t t t3 f eeona ipan i nd he ' n') or . - la s ased s r cty o ch s or h t m Toti s l n t s Parif s 7e c)Fis ' oul'i ' ac noA/edp t s . -gieo b t' D e -r ntf k-'i enqS .tcpant, -a i r tw u i t rk zi o he upooct v . h J pai ne .or- I q - ke o l e ' y . . t k . e -h dr chooi and s Fan1's ofi'O-bt()L ts e t r a t-li1c w ovir $ h $r i t e 1ix.Tca. c Trjci41 f t 7ta F r ja t : i -' ' 31 o .t x e n I . ' i. pr d is w ' . ovde - nt7 z - ' - t h 'i y r -z a O o 0 h i1 th. l'! z or he r' c ' 1 a r , n 't z $ ' Fis. r ii nt. r tpa tc! s oa . .

O t t fna i donor I htr i ocal ' s ndudet Abs utt1ec 1f rKis ol t k ur- o ' d : . Cadbuc S hwepres vc z f tyofLondon -t . Fdion Sc s 's ' hooi k- xosrit Klne -t -ih i aa r . .t i-f sxl s b'ttr..a ier't.om pa y xtk ' t il n
. . .. . .

>2tg .l, d x <> t.7P,;i j e ) t ? .1 .y M ? f 4 Ftc' l oms F 4c i d Pr kta Cl i er rthf s a uc k us erng el h Goo e gl

l k P c F da. ac et hey oun ton s

PC:IIrX G3 l CC L mbe gjetkQnttt p2 tj y j$ ' $ e kr? '. t e .aP j1 . k gr g .
M's:not e a n t ' ki dona i sa e: o ! abl nong hej 'nd n ton r

i.rttPrv o Ba asl- iat- nk ' N M. hs hid Rot c l Res a ch Mac oes er hi

'ho W

oodlnd y ul p t r; t

Bez d N ow ' d con ofpr es i alc hi4,s$i ' - 1on s ona i of son oac nl 1.s !. s l . Ca # 'vha Gr ps sd con ofofi s c : oar k b d oup ' ona r y c' . fce oa ei (xpil t. jy Prljzn Oj2 G ,guoa g v j&okoS .cYst ..BCOr . . t e d Q a St l I y Cl,oc Cha eg donai ofpr bono mee i-, r . i d v nc s l ' f ton o tng oom andt anio s ac r i nm p e; Fr sh- ,sBr khausDert i' a C'ioi Cha c sdonai ofpr bono lgn advie; e fel1 uc l. : iqe- nd i- n s :f d f n e' ton o e j c

' b zns o ai o e d rhp e t rn; j kwe ' d n c .fla es i Icuig o> on

S lsort.i -' corii ofs t r a d s 2i. tetok s - iton of- e n upoorn tf - n i : . . wa r

APIr 3 ovedby l -Boar ofn'usmesand sgn on b fof he Bot d 't hc d ; t r t - md ehai ' t t r

z e ' ) 3 V 1'
.

-:!X '' .T, -- % S:. ,* IAC . 4 x

z (- ( 4 l $ 9.% e4 . x e t .. -j u m'4 ' )

.

a .

. l Clv r on wk I* e d u' a
Cbarofc Boa d l he r 1 N o$er)er1 (6 u A < .r - ) ?a 0 3

TEACH EI ( Cem pap' srled b Gu a ee FRST a j Lrjt y ar nt )

A U D lT 0 R S R EPO R T

Year ended :lA ugus llQ1 $ : )$

I DQPENDENT AUDI : REPU RT TO TH E MEH BERS t ) N TC RS: 7F

TEACH FC T ( Com p ! Li ked b Cuar tze) RI' a ary m y l art

% ' ha o t dt d t ln n .sa c n' oJTC U SFi t' t e yc . e de 3) ' u-sz- f whc c nprszt e t atcnrof . 0 v t o he i a ca t t mo t 3 f F r f h .r n d . h c t2 Nu l s s or a - u U( i- or it h k t e ' h t t

Fn ncz Aittistn u n I omea d E pe diue Acour)te Baan- Sie,t eAc o ti Poifsa d te rttd n t s ia i' tvte kchdtx ot i : x n tr v i .h l u b t f c uni l e n h mae o a t , e e h . v c
Th s r a hl 'e se s h M be n p e r d u e t e a c nvn poiins cou t er i o o p nca scer nt . e e r pa e nd r h c ov t g i e o t h en. n t a i c

'hi rpor i ma es eyt t eu mp n smc t x ' 'b y.a: c d c wdhct . - .fteCor a isAc i6C Oqr - s e ts d oll o . o a y' mt hi oc ' c or n e t e ton23 o h np ne t %na f h cr z s i 5
a di wor ha te n uc eru n s t a % e mih stt t t c n ls' me n er t f ma t swe a e r qnie t s e t ' m u t k su e t tke o n t+ g t tte o hc or p i s r b s hosi ter l d a ' J y r e r d o ut o L he i a a di % r p tt d f no .tl:pu-os . To t. f ls e t n p antq b lw,we d nota cttora s r itp it s n u t s e br t or o 8 j t e ! or n e- p l - e t x e t ai itd y a n bl e o c ' s uoe - s onsbs v p e i . t a y e o he t t t e c a ? a' t$ c a syme er a a bodz fl ourwor v ortlsr oor or' rtl opiin '' o n on t r hm i omp n $ #: omo sd mb , . ) ' d $ N s cr z k f i t L '' ie oo s +u i v o ha of n cd v- or n .
. .

Kes.et i F s nsi ite ofeAet 'r ard audiot p n ve e po. bii- s lr t s s t p l o ts zs d q de o spse . t t Boa d ofTr tes wh a e as t e dhe t - o t r a i f - pu p s s c'c n an iw.a e ? . rb d r r 5 hi r k es g ' use s o r ho h -c oi f hc - rpe or 'e r c e f or p y k r s h l q a t s sbl f ti pr a- i of t. fn ncv na o n s . a or n c wih a l a iw n d Untz Fi - z c oin ig - pon i e or i ep tton h ia il t t me t i cc nt & ppi bt a n s q a e n e c i d -n don c l tn i ' )x

%z d. '. 1c n d m e rl .c pe . c nig atc ' '. rk (UntA'Kig oi G-nealAc ot dAcou tn Prcie'. V mdA #. t 4 y )
O u rxpo /it i t a di t f ap ii satrlnt iia c r n e wtk r e n lga a d r g lt y c q r mfn: z r e nsbfv s o u t he i ca t e t s r c t da c t eivz t e I n e ua or c oie z j mt f> . a e o ' ) s

str adnlS nc rlonAk tp..J. r .rlnl. ne n t a ' t cs l ig I K ai :ea r) o o ' a dd t d .

'

$ r eoc t y our o non a f wh t e 4l fn n ilsot t e t gie a tua a fi vet ai a c p op rv pc a a i N% e t o wou pii s o e h r %e ia ca ' om cs v r ' sd ac i' r r r e l ep e d n t v d ? . ac orY.c ' s' t e a pt a c ' kt d 'ig ol im' n ' c ou-iesan a dsa w'r l ri c o ftn t, if l ton gs )i tc c n e w t h p i bl U - e r n d n z a d a c ktn ' d r nd iu - n mr pii i n ocma i -ef o t . h c t t i : . t t alj te lp q e f z tFe r pom oftl Boa- 0 Tr sse i c it r wt t e S a llsaensn s % % as r por t y i i ou opi ,,t $ e . le ' f utxs s onssef t ' na ta tt - t. % o e t o ou f q r ron te t d t hh e . t . - s t c omp7 y h sn kz tpr era c tn r o-s or iwe i v n ' v cie 1ht tf mti s . e pin eoo we r vtr?f n a ot p op u oun ig ec i d f l e ot n n v d 1 t ) .n or u or n x x i s d e l r or i ou a dt orl te if szi s ccf d %'hw r dig cie t s r n eti ia tn a t nswth tk c mp nr i no r u it f ' norn ton o - < a e n .reor? crun rlor nd rnsci h k ie y i . I t c t 'l o a s t h ds i e i icos t b e r a @. r po to t eBc r o Tr s e sf r e a v y a a c sde t e i pi a i a f -ou-rpor twe b a H ' e d e e r f ' : x d f u ' e or ' bo a q r nd on i r ' m i toa oi i e ' ' .. oma a i n a t h h c t. e wae ofa aa a en. s t. n. wi n', . ny t r tmi a e . p s mv t t i a hi t
Rassofadi op i z t -i m ol
C ec dut dot a i i a cy tj wi it i t n l tn a d oaAudt gki' n l R i i u dbrtiAudt' s &/ on ce' t vdt n c qr tc 't nerai x Sa d c s r . d re f' n n ot ii ' K a d r nc,s e . u n el l s hz ii s t v

cs . . P at e 2 rci r Boa d.An a li j id u e mia t ., a t s b sv o e de c r l an t t..a nt a ts l ui s 1 t e f a cil r tdt ncu e xa n to' 04 u t a t. f vt n e et t o F mou ' nd icos - 2 h i n a ) z oe . s c 3 n

s-o nt.1 as i dt asasxx e qo K. s n't n esi tsa:v e o ma ' b ( die- si t e psp rt s o ttme s : io adu t ' sc i a, f hc kitkat tmae r jdgmen d y he rcor n h - a a' i f a . s d sm : tc h d e t c m
t e f z chisx - t,a o wht-er t a aao ig p iis a e a or ra : t t e c - a ys u. tms c s c tsser l n q ' i n a tt men s nd f 'h h tr unt ol e r p op tt o h ono n ' ic l mn e l o- rt l y n a a - n c r s t ax L a4 a ec t h4idos d. j q ed jd d .uael .s e . , p z % ' oltn a d r rorn d ovra l s a t ob n ait c if ma f a e ln ton wFch we u sd t o t s a y J or e % q a- md n b f r e s a udt o s o ui i h aor toa a- xpa a i s h . . . i oa ior d e e s r n d r v t pt io u wih s/ls t e ioo e 4 gv r a on bt a s mnc t ac t fn o ls a e - n s u e fe for maorx o wvd s t saceo vd c o ie e s a a s u e h ' he l a ca ' t ni t r r e r n t- il o t e ls s azr!tt whot o q ls d 'y fa or o hc ir gta iy or aror l ftmig our opni ve as e -u t d t e o, r 1 'i tl r n w rc . h r a-e b rud ? t .r rc l rt r . n cr c i on s lo v l y e h q ,l a m 4 p: r tt' c & t pr s r a t ofif ma i i t cfn n it tt te t . k tnz - he e e t ccn nor ton : h ia za sa ersn s ch lz y n r
Pqi y *K rmn 1 ol opii . : r non' $ t t fn p i.sa e n sgie a tu a tx viw i a c ti; w ' Lite Kig m G a e -l Ac e e ' c ntn P v tc . hq ia ca tr me t v r e nd li . r c orlrt l t t d n dc .i ar e i - - t n e ' h n r l c pt d Ac ou sr r c' e ay C ', . o t s . o 'tar & ,' c - nv a a 3i hu u t2o3 rl o t e c : r n t r ouresan a p. a i oir s ur cs f he mt f t-js .: onpa s t e l g t ' 1 4 t . s f 8 s f h . om z vs ps c d p s ton . e o c , g A r a i c ' tc 4 n 1 .jc n idig t n ome a . e p- di u,f t t .bt r t i- c d d ?n hwe b- r Ir pe k . e a ed i a c 'a c wih t e . 5 ad u on t ur or ha yt h t - c d t s t t p o rt pr p r n c os n e t h i. p ae t d .a ' ! . Com o nes. e 1 3. i ai . rF 5 A 9 . .

L. ti mttongtogd ter or of h Boa- o Tr se it it viht ef a ciittle t. !?ror a. k i h en t t e s f u tess cnssen dt h i q a sze- na q f s d ' ' t d n a . .

t % ..' L w..... : x..' $ .u.' g. ' t

.! % ..: . x

D tu N ' 1t,N . 7 N -l M( % L , f Cha t e Ac ou a ' ai kc it e Au t s ror d c nt nt r zser d dior s d . P 4 q a l stt.t ? oy l ' l xo i en z r l

L n l N 4Hj ondo 1 C3
I No em r725 8 v e . 43

TE ACH FRST ( Co npap Ls iedbyGua an ee) I a r y mt l r t

h ! q . k . q
t) . N-. -

x 1 s ' 1- ( 1 1 1 I ,.N $p 'ykE %.u. 1 I% ! T tf z t > t .q 2 - ' q % s - t p % j - ' - . ' k t 2-1. C . '. . . . . 1 - fu . : . - $ - :. : z l : tt F . s ) j f' C. O h E A N D t '!j j 1.i $''l ' z C C f U N T ) k 1 A ) :q j 1 y j w 4 . r'h l jw : . N ,$ . ' t; '. ' ,' ' $, . * ; b ' s k , i s . l

Year ended : i A ugus 7:08 ) t

N ot e l tt i r nt n ng t oa euour ces ' ncom i r ng esour f ces rom generat f ed unds

S '

k nres i ed Bes eit l trct t tted f j uoru f unds f :

' ot ' al f 2Q9: L

'ot F aj 2:(7 $

s(j ?'kj ii,))) kzt --tt E:?I ?'lk;?' i:)s: t - -r !

'

Gover nen'c a ' f s hooj nr t r nc or c s s <' t por c cont i ttopsand on e gr nt -or ac rb l i l h ' r >a s ) ' tons ' j : cna ' $ ki d 7i t 2 n )

jJ's< Q!.j.pEi ; 2- 11R % .q .. % '. u * 26n(0( t) )

.C 1'st1 ff' F .k ' :kr h 4 q ' )q ' z h. J ' 1'TtLRv'* 3 . Uzz . 1 <Gi . ' . .

t ,k? d11t: l ,b ; '

'tNTt C$3 1 * ' - . 4' ;tAk' YtJ. % ' sht J ' a > N

-.k(#j 4''x-; 1,3.'' : i :,. i- l7 '

t e3 yf .' 'aL,. - -T.a lx/....-' '1:J ) z * ' N J

r-3 f hv'.0) d '

<9 ' 2. 9 >4z '< I p .'
. s .8 *. I3t7. 3J 4 ,. . y -t ! k.) l .V *? . )

2Sd10t ) . z 3
zy295g7* ' at, R 70
Q1 '.t9 ,. , ' 40 l Jt4 ''( ..z4') R *I y.j2 . *

' $ , 1.. 1i97yN3 > ' a* & Actv-i f gn a i f s 'r ltes or ser tnv und a m y ckooieo& f. Awar u di ncr d n
t.i., 32 , o28 .. 3' . . . j'z jjj eV. .'L x L
$a

)t2 y 0* y 6a n ' r. h .

1$ 9#o* <. yjx $ o. . h .

j4:9... . b4. tM

/t7)7k9 ,. t, 9 3, ,.

jvesmenti n t ncome Ba i e tr ei bl nk r s.cc va e ier

Totii ni%- r s -esfor genamt d cs a ncor nq ' oui r n ir ' . i , c . ' e un q e
Ot i hee ncom l hes t oq v oteces

.t9 3 i, A4 1

I0'k509 ,k ' t)

j ,4A 59 .

,.' 2 9 .92 , .

3,k9E l. a? t 9 '. 4 N 3 : :u9 0 ' y6 1.1 + Q-

4. u''t uJ..>'s 42q5w k kvN'qto t 'tt ? h# 1 e66 88 4vz0 .h p. -

Yoi lR fll r Otj a lforiig e5 l Ces '

oe I qi, .4 78x$ > .l-

I0-6yk9 km . '. > 's S.

.> 44y94 44 ' )

..C4JQ6 ?3- # - b >

Resouecesexpmnded on chariabl actvii t e i tel

r/),ia . a i tes . . ' t bi ctvi. k ?r e x -' . l
uuut j j $. .ator ). : m 2
'

'7 I 7 3a h 4' f5 1 v > 4 . !

1(9': 8 .& k. ! z . 56 s t

4y.4! 73 .'v t )- . .! 3 l

.> . k64 2 02? ' % , .L >t

Gover c c ' nanc . os s t

l)1t) ' j1C h 73 f :

.

I I483 6 >. ' $

lt>87( '3 J 6

Tokalres l osrcesexpended

--wi 8q vtz 11. (.'p .: r:,u 7 ,l. w '?, $ .

j1$$- :'; $'.' .t.' 2 )

x7--tt( kzi4k?.h ' 4kkj,j $('-t''4 .ju;$'ks sy%jt1%a ,Jk2J5k 2.gSj. . j ytv91 -;% 8 1l t hi ',. 1 k. ' I. t4 .t , t l i /r ' k .p g
$1i?-) ',..:1 t kb-8 : $) - t -' .

Ne j ome/( jg n )fn t y e t ne ot olgs tv he ea t

Reeoncjb j zoff latot unds Acc ult f dsbr ghcf wa d a um aed un ou or r t jS er ept nber2007 A eeum ul ed f at uodutai f w ar v ed or d
. .

--'#-5 , C.! . t $'k) .

-t'S:I .'-.J : z !l: . - 'N 7 , ',

I 74.7 6 s 7x

Ia#(. b.,1 9 -; 5 . x

35O! 6% +X.. .. t s

I'-t34 a2 Q N7 3 . >

2Q'1. t, t. . $ ty'4 .

1. 07z :1 y 17 t q

o94y(4 -.3 $) > q

.x0z 6 @- . :' f' 't zo ?.

Ther Ar no r cc. 'e.g .sorjs esf t cureo y sorprorv o hert a sned i tt sa ementof e e e K l d uk a s' t r l o s or he r t. eai z ear t han s t t n be t t . fn i,actiis a ac or i ' no saer(ncofi ognivdgais or' s sha leen or e ed. ,1ac iiisar 'ancai tvte nd c dnr i . kk y tt m1 ec si o h e s> os e: nt :I tvte e 4 C cn nv and t e a e no mover sc h, t adf nd ot t n t. r ul T t., ym < t or or. no On luio : ' her r neps l oc u s her ha. >o es t . '$ zr i.ef o t. r .. or h2 . n r c ciai ofr e oo l ton novcment i s c o'er 'unus: t es nt d. i s n ha eh t -s f - 2 or c ' d t. : 2 c

TEACH FI t Con pav Lcnie b G u a ee RST ' a n j r t d y ar nt )

FA t? N C E $ - %,
. .

S 11F E ' - - T -

A t1jA ugjs 2fti y zk . )1 s

Not e

2:08

2997

F' as s i xed set Tangbl a s t i e es

v$'av C'jt' zt. q4 ) u w

4471 .

Cut entab et r % s
D e or bt s Ca h a bal a i han s t tk od p id C r t s ar edl or : nounk f lng duo w i n one year s al thl

1 2

j98'42s l - .y' bOx> ) . 44$ .

k 1) 66h -4 1 q
-

7R 3$ 9 >2 t0ti.96 ' .z . , lx.y g4y ;.y z.j zt. z. l .4., . .y f 1, g (;'' z j z ,. N j4 . 7 N
..

;13Ik.'l ? 1 #t-i ! --$ t i.' ' ;

3 3902 4
o' Q Nb14 9R ?.Ry$4 Qw ) t h

N etcugr as e's ent s t T ek as etsI sturr labiii al s es ent i ltes

N et as mt s ' s

3t, -rI 3.; . .,7 5o

'1,-1' ?.; 4jt w.,j..4t 4rq5@ ;.1: t<r5t F ,, ' k .. p i
't* 1 % 't 7 * ) D..9.6o tz' %t .% .

Funds
'

St1.s2.tk14k' izit'ts r. 1 . l tL' '- ?. 2 !.ts.iLt;.:-e '. . t : .: -t t : . - .

t rt .Sj< v . il . ' k )lefx.Cq r A. 0 ilt . .'.. t i.e j tC ' w 4 f

I 7(b( l )) q 2ql1) . ,$4 - : 7 gst4 9t 1)

/1; * k'05> $J *' : y . > ?t $ -4(* ' ' .. 6* .

.

yo;vpo j kj ,v

Thefnafcalsaement on p ge E t 1 wer zppr ed b t Koa' of-rjt. o$ 1 N( nn er' Y. a wer i ii c L : s a g i r 9 e t ov y he t .1 I tes 4 8 we b z(' pd e 0' d - :t ' RR 8 ug . onis' j b ined ' K f <t eha J
z- $ 1 . f'$ 's h

a #

' yf'' wv . if -x l.

J.. Ct %E D1 N '1 kLA F$R.3 1 t

l ztoft Bop d -h i he t r

TEACH FE T t Compc Li t b Gua a ee I ' R& a my t ed y r nt ) mi

A C C O U N T IN G 4 Ct L l C lE S 3

Yeapended 2lA ugus 20:8 ) t

Li lt ofm em ber abiky s 3- : om ptt i I ied bz qu a se a jha no s a e c pi . Th M enor ndun o As oca in p ovie&t te y . c ty ' i q . v ,-arnc nc , s ' hn rs s nlt z 'r a t b ai e r a n f s ito c ' ha- ver d . . , menb s7 (ei ed by Clus 3 ottt Aril 0$As ocitin,i l wi t .on rbkz : s n :oEexn mdit fji t : r er 5 .gl s> tn a e l 'e tces . s a o . f ' o c ts ie u n r 'b c ' s aq. e ' r p e jg n he e toft e c opat.beig woul kn >hi 1e orsl i arl nber ,% 3jAug t200 c ' w'r ' t yb.r vtn. h ot ' l n ) d i v :e 2 L vj l e i s fet . % e l us 8 her e e x nepte s e 3
( z z .e

Ace tj o polci ourtnm i es

The t l jis a em en Ar. pr pa ed $ z c nue wi t' e S a e ntofRe nt nt Pr c ie 't c trc a ) l ca. t t nar ' l e e r n t vdc - ' t t c ne cc : T h com - . el kd a tc k oun it fd z Reporikhiyu-a iis!t iieil ra ch' 0.a saroi.be.c otntc S a dar. . tnto z. rce 'oubj a c ' m r - 5 nr f: -a l A c l ji c n. ds r ' a -r h s nl x l , y l' tg . t : ! ! .

. s Basi ofpr . at: epar f on

-he fra va n a em e is a :r': t d unde t hit ' tpc ; c' ' v ntol, 1 ' . ' l t c rt r.z tr,' - l n. l i - k i/ e l :u 1 r he s orc- os' 'on e ' i n ii t '

At tourtn: peri ti < od Yhtfn wilszt -en sc crt yea eaded 3 !Aucu t 20 7ie c npa al t amturt r trt y a ended - 1 v tat a tiep t ov he r n s.. 08- - of r tv i o t - he ? r l l ov e 3. >ug$t200 . h ts 7
. .

ljem - r ourceu rc l e: ng A ji c jn ome i r c ' s . i tl s a e' esc otfnai i'ac i ces when Te ch Fs t h s en bl nent t t ic e rnr s e og ed n l e t t m ' - i fca tkii ni . i l a ts- a tter . o he n om n i , t er i r ns bl nsum n ofr c pt - e s e ona e h s ce . e ei .
'

b oojf ' a e ac red f -i ! e yea't wl-s ' y a l. S l t s iv c li c ye c ti r hc t a rh ee r court os'n : s i . k r o aclt t. he pp- ci x s oiev n he 'a -at ei e o f oo1- l ee t ' a s s u trn nc-h a c 'gvea'n ec fed f war tnds own a d br'd i om ub equen la ii c ountn t f r ac- or d t ' ' a! i , 6 k n s ef-f nc ' ' e
.

Res ourcesexpended

AIe I xpendt e t ac ou edf t ai a cr aj ba $ a a bee tlc underhe diisL c'g r vctzlt tc ' E iur s t nt or : n c u s . ' nd ls r i ed m st l s a lg ha kx ek t t ht rsr tg z i a s r a e T tlt a t eit d : ta ctvt o i y. h e c t ca otbe diecl atrbu- t.y ha ba ai ncl ta a iiis oi 3 ba i er os. nn , s : r -y t i j h& va ten l t t ' ctvtc n . ss t ed ? oc - a i4 i. ett t hz . cocui t h w ih us ofr s fc. . s e e okj es -.
. .

J oor tss n ude he 'up cc- c icl . t ooncr f tonsald icldes l i a t a s iL c t ofs . .. qn m onjo:i:ard ! z f unc i ol -'k u 'l ng nd he s ocaed os s upporip t n c% : t rn l . e t aigt work o t c. iv. 1 h c t hof beenal t dbet een c - ia j a tviisand z rnt ' ' ; vtu tn he l f he hart , A . uc osz r e loca. e w hartbe c ite ' u z ove r en r nl og. s oiL.: .sso sv'm e n %e ba' f cf L l ;$
.

Diec fos-,i i r dtecl it' r . t t ncudig ' ty l fbumbl s a i aa e alc t on a a t a1ba i t ta ke sraegc a ea o t t s i r tl e alres r ' aed ) l o n c u ss o pe y t t j r s f he . d ch ky,t ve he sandot fs n isa ealc t d b we e ej e hidi ont tasso S'f c 'art ' r ad : l 7 he- alre r l ae et en xp u tp ngs h: y i f Lz os o . t df e Gov rn nc cosa ar t e i 'jrt i t lc wi fe man ger t ofTea h Fr ts a s t,or a s tona e ja e r q bos nc rtd n c e ron t h . k onr h a nen c is'. s e s q niai l y a n'iv ai an c dtE s ton d ompl nc wihc s-u ' a d sct or r ir n nt. n i e t on tt tonnl n tiut y eqtiene s a ' i

Furd at mtng t xot i

. nk etv be i eai o p tf r jts r e titd or s n h s cii s j, n $ te u d 9tc r cia l l r lt t se ic p oc, a er srre f ue d to e atvte ony a d11oh rfn s t n . on l t z i .
r eied ae c sdes unr sts et'rds i rt g xa pur ts- oftl c rt ec v r on - l ed e t ct lf l ,, he ener ) p zos it ha i r u o a yFf. <' ( / II * iej l: . C9 r gt Uj ' FE BS

Tr s ctons5 f -in c r nceszrzr coj eda t e r ' r I a ta 'rl of' diac i ' ij i ar'zs ,:e2 al an a i n oj g ur e i 'r e - . h ae u iK t iet ft e rs top.)oret vp et h . rd e t d t t nz < i t ' > s .. d s.
i '

bi'esoustndlda tl y en a- 'an it d a t zcz r l a'he baa ' s ejd n Anvadt c a lj t a np t te z ' l t . h ear d t t sa e t hf aes u- tt inc he : ' e. p .i ment . er i ng . e a js s

r sltn:a- t . nt t es t men Iffpa ttcj'j a c dsTi. e tlsx .e ak o l :tae to i ndt tlvi4s c or ncv al . ei , 4 l t > z

TE CH FI F f Com pa y Lj ied by G u a e A RS' x a n m t ar nt e)

,

t C C O kl N T ! N G h

8 C L 1C 1 E S 1. 7

Yearend4d :jAugus 2:98 1 t Tan:' efxed ass : gj t bl et ' r iI fxedt s sa esnt a t ppu ch eprce, og he wiha- icienalc t ofa quiii Fai $e l u et r t ed t hei r as i t et r t f> n d t oss . c sloq' go s / t ' ogEl fxoc ase donaed r D c npa ar vaued bvt e diecor a ai s . ' e tnat ofL ei vau t Fa be f l s o ' r t D he or nv e l o n ' r t s t - on: l sin e k r .pe o ea t u b: t c he omoa y. Yhe bene' ' rsognie ' t. ' m'and Q tltr ac n sti eu s d j he l is n ncop z xperci te count'!c: v t i s- c t s -at t j b. et n whjh he s et. r e r q : ! e'e . ' v w jd ec 1 ovii n or pr a ' . Lr sop f. de ecitot i ntde s a t wlt oF t. t !trv t i oftl ) ' ki d t s . ' sa'v r scrz . ' t s a o s o - e . he ost3 ajaton . z bl f i s ngi e ;xe t etN l nz e sj.! s s es 'u vale,on a sraihtlnfbags oiert u ct es fi et imi l es of r a s . c xr- Dupr t ron l u t t i' i v . he xpe ed et1 c o c j o .t r or v he s tt ont jeds t eci j s a c r d ftl z- n- t ofpu cha e,a 'none i t' ye ofdioout Tietniua ruf,ua f t :our ear ha ge jam je t h t on r s nd . -' ar s tl - t n l' cz ed or hi oos e: n b( t . i - g a Corout equi ei n er pm n t --73.*' 3 ?' i' )% , Erui nentfxt k. andftj gs -')t j p n ,. ' -- . dtn. z '. 1 u cs Nd ft
,

'

Leas es . ym n' 7 Pa. e t u9deroper tn las sa e c aredt t e itome a ( e . ndiur-ac untona. rt'- 1j ba's . t s a -g e e r h-g o ' rc j n ' n . xoe t c co 1 $ tsjc. - s!c i l :t ' v ie .
D onatoos1 kl i . nd n

Don i i ki r m entt t tofd t t s k i 37 f ite h t v 'durnt ve v u a.se prc tons n nd epr s he c ' os ona e- e- ces .d acl is u eiec io hez ar alqd tt ie ' v l . 1 i x er r w'ih t e t a iy w. d pay ii ,e opon mar mt. h c h : rt oul , . t . h c h k
.
.

TEACH iI r ( Com pa Ll t d byGu an ee FR&- a ny t e mi ar t )

N O T ES Yearended 3lA tgts 20t8 t tt ) A nal i ofchtct e f yss t iabl unds
A nal l ef ys s f m evenn : und ent s Res l ed f trct unds G ov nr en gc n s er n t a t hl z a r of z k1tt2 ) .d.8 ,% k)
.

F l N A N C 1A L S - A T E ?1E N T S r . .

Br ought il or cg Resttr tc ois -lem: z Gai a ns md f w ar r our or d: es ze: expended Tr f ansers j s o: es L f / 2 L f

Caxi zked f w at oT ' d Z

L a rhi De l jent e de' u t veopm so. .1:fC Gk!T3i1 h$l 1Cz 'i - X t n iII. 6 i t' C. 2 AC k * 'tC- 1K i 1 ' OU i )

60. ,: O

j 847 59.
?5ttt ll ' 20z 1 o(k 3 . $/ $ , P. O3f )

$j 847 E 7 '
t4aQ$5 h z. i n>$op .eq i 'z .v xpr - la0 l( qo 43 Q: t3 ,4 l-Ck0 t, 3 t) . .
.

i1 0 0 (7,t

k kl'on'wf . r.tt. .c%.. ok. h i ' --. j c 1pp t - P' t:F ibar P c to: 'J m aq ar in ou dat n - ; t i 6.y.c -4-l z 2, e *i- n; :r he st un toc 2ur '< hn;n. oc c r da i s- ope n ' . .% o t ' q o . - Ci ofLon t y don . I, f000 J - Ct F u i t . t o r j i da on 43804 , - P. k F u d to 7 vn o n ai 2 a : i -05 a 9 k , U nr trc ed Funds es -t p
' ot R al t

1( t419 jm,2 $ b: z - 'u r zd1?Q a k zf A44 3 s i ' 4 94

l0n2,6 ,. S 8 . -: 'l 8 4$ . g Od o d' 6, 5 ? 76 9 2 1lz 8 ,t4 ' :98 I1 3 < ' . (4

. 47 i 41 67 J (46 r o) 6

Res r ct f t i ed unds;

Governm entgr s ant G ov nm e g- nr s eied i t c r t ye r pr .ct vr lt 1. ex ed fo' t Dep n er nc i t ' v n he ur en ar e es i an u - c : . r m he a s ec e . 0 E ' . v ar ment f 4C hi enj 0? l dr Sc, l 3.: :ar .e r vr a e p3 s on : edit 1 t s ool wb& p tni7 : i t e Tea Fl t s eme. 4 s . r D . l s. i i r. . ed oo n l / nt ' i h ch . . s 1 mm aev . ch s .- ar' p- s h p o . . . t n t ch js ch q Amourt ar h c i a n i er t be eg bas ac otnu untl t ar pa s t pri p ig s 'n e el n l on-nt es acn . rk c l k. i hey e s ed o fcitn chool. . s Ac dil1,Tot h Fis' ec v n betel fom tt efjcgaodt east zc a r s fc edf nds cor r ' - c i tr-eies o n ff i -es ini g/ -. :- t e r t hrs s e t- t u i
.

Leader : devep . qentand pajtc' shl P a n ' op '' l l pants . upport Th pipos oft ader i ce opmen a :arii t csu or fl i t en ourip 'etcrqtx-v Toxc Pis e tr e he e shp lvel t nd o tcozn- pp t tnd s c c c -o t a j y u r i t h --t l c c'ic c i ed r j -nc no pup' 'noed : L don,Gr- mr Ma at r or eei' a d ' M ilnds The ea bno al ' , or : ow i or o t . u i on l s n o ar nchtser k s l o n z : l se hq d a ' ' c i us d t l tac.' an a s oor Tea Frt t ac s enc a e t ei i . sem e a.a ba s dor t. ! l s e o t r t t i nd up t ch ks. .e her,; our g a r ' v nt G m .s a .s ' un ' t ;r k t . n i nvoi n c i rgi ' ec q ar s ha i l ng n ord y chool - t se ar ia equi t e s t he n eat nd p hmm w ih 'a i t's'os mxna ensf and lad s . s lo t t s c 4i t . s z Li n g -a: t c er hk kl o -s Thes si's c n b dej oye k l ei ca s oor a:d i$a wl r 5 hoolcont xtf q b .- oft brtdec e k' a e Dl : i ' r ls r ns n c t r l d nh de c l ' or he eneft he cn e . l t . h s.. .ii nr 'y. c ,c nunl hoo' or t
. . '

TEACH F RSI ( Co pan Li ledbyGta a ee) ' -a m y m t I zr nt

ll .1 -' 1 t s : r !; ' 4h 7 E s s : - ). .

s t --II I 1 1 tl%.ll ,liI 1 F L : . ' t' N ' . -. ! 1- i - h - t . s . k .

.

. -

z '

. -

Yeaeended 3jAigis -t z lt. 1 )

' l i tfgrll ne ' tet bet An vss z' ttp t as s ween fm ds # s t

Flv b a te a 3IAu us 2 2ae r pr ent b . tnd aln s t . g t 001 r e es ed y' :

Unr t-ctd es i t i

L
Debc s or Ca ha ba ka i.ipc -s t . . nd . i . . . rr l n :a
C* . $'

Res it . trc ed f sds 'l u f

Tot al 2 'b: L

Tot al z ' ; l 4 L;'--' -1;... ' ''1< ' a'.> : k4 . t710.'4?k y l$ . s .. , . ,

k' # , %' .t4 90-pa lJ . -7 $' h

t.I'<4. )',C1'5 i-',-! 9: . ; S C m w '.L k '3$.4' j. j; h 4 w . . h

- 1:.'sil; v$..'-! -!'..9 ,. s. 1, ' I< ' )k y1 f u ' . t ki?%. tu q4' .-(,k . X % l / 0s ) R . . + 4
, 8' ) . v - (,I '0 3 ' v 6. ) y
. ,

x. Et t-rs .y t f . ly k

( .:IJ 'd ' l ,6) . f. 7 v % ,

.

Fie( as ec x 1 s s '

2...z. -2%9C2 o,k %i . .k. $4';7 , -3, j ,aw

2,j1 9-

)) t 1 '1 zz ( 7
j1 ,.0 7I0 A -

s$.i Q4LyQ2 pt 7 ). )4,.' i $ kx 1 .'J * 73' )v

381 ' 9 u# .

ok.>.1 -f%-5% R.*)s 5.. ' >.e .. .<'jr jjN .. ?

.

-ot4o6 ?'l ' 7

1a t l actvj taxal - nfthartabl. , Fiabe l tes r ysq $ v $ p j e- e expejdrur -p p tt

Dl' t ect cbzr t e s izbi expengiur t e L Cos l t ncuae f ed :r thartz e at ll es i,. bI t vtl
'

Suep ok k c s ost 1 :

Unr t g ed Resrc ed ts rit t it Tot al lt ds it l f uods L L f )

2 8 0 Tot al L

2t 1 *' Tot al L

Gc do t c c uifent l ae e r t n
r r ii ae c r hi *ztc p clade s . . i . h , p andde el ment . v op

. .>

?. 'ds.t.

. .

.z ,.'w ) t)

) )t ')-' Il 8.(3 1'/j6-5 i $) 0 6b. J z 6 ) ''

t24:47 ., 6
..

4 400 57
j j.. 9 ,4' 7z N

l7 )47 ,0$, 6
$l34CI . .A ,
8I$66Z .N .

l5 ,7t .025. '

4 9'(i 7 4$

1 ,936 i7QQ4' l0iz ? 9- . , . ; , 6 f 1 3 . % .

.2o401 5n >
lllo$' w l .k. iii-:- q i.!0s' l $ -j r ,. . 2 : l1'z . 2A (' :m

Amb s r -gp. i e s do E Pj *m 3 c 3 l Fuds pas ed t z s . o kl l pat ng

'

332(5% , 1
.

4z' 4. k2 7 b
.a -1 ( 't .1L2 :- :3 'L . F' , .8 p

s choot (eerot I ss ie 1 /
Tear El'tAw ar l 2 Fr h s ds xnner

e1!66' F N z '

3 t 7y A y 2W * j . jX N
' '* NhN 9P, k w'' t iz z
'

.)w .$ t(%j2*j 44 .jj7 q 4 : . wj .: u .. b j ./ a 2 .

'Jv' ..;. 9#q' 1 .' '$ .>

'y6'! 3u aj. N( s5 4 u
*9,'' % .z < z. '*1 t?

ii ISb8 4 I 4;42 205$('3 ,: j ' k 4 I: , 3 . z ) 2 $ t) ' )

Ir O lV0

% tVq' . .z V ,' 1 W

.' .1.'' $ t,.1 ? z6 .-1 X -u .

w* j z j 3Z . t n .> k j N q j z

j('j>;j xs'4x'a ..X xt s) m s z jDR v 7j ' a w. x *e . N x

%.4*hk$ . : z N) Q 1u. ? k. 7u 5

j(j .;j, otg4.,. J)d2;.j <j*tjt .j4tnj ''z'j(y g: . ; 4z' )'j <t'k jj j' j Y jj; , * %*s q z t ' ,o A ' z / . m s. j

TKACH FI ST (. pa y R'tie byGuar nt ) U R< aCom n ur't d ii a ee

N 1 T EG 3 Y earended 3jA tt zt2b ' aa k' N ot' . s% 4 s' ' ! E i 2l2 N C , . . t u tE C T 2 n F N1 t NiT S l % - .: x . .

A lo.aton ofsuppor cos sand ever:eads lc i t t .

TIebj kdowrofsk t - c t a lto' t .e wnr al ct be wee z er icea c rtbt a tvils.ss. vn . ea A . ' t i oj os. nc ' k hs .e loz et t n ov nan nd ha ia e ni te f tok . ot t s -v b a p . he abl 0l' k t t eb-:%n Lvt
C os k t ype
Szaj/ zn &lf'c t l - s d t ftoq: i ' s

Pr m iesc tan r e s os d ent Pcntnaan posaoe . . s iu d t o . .

T/tc g a' ed p ocat f 500, 1 79 1 046 46,

34, 085

Chart e iabl G overpance K

i0, I )( 7 t
att* ''e: : ** j ty yl

Bas: of l s appoj i en' a onm t t St 4rns af 2 -r1o ..

f .
.30. P 4x 7(z . . .. .
.

z3j19 . 1. t
5, 47 4

1 ztz .. w .

Stt tne af 7n ' .

St f tm k a' i a f

. ;.d Xgj gt d(k t yj N. . ! .

. f' t. ac ount nc R di Ak t m d c - y a .
i-c ulc 2 f es a ' ons tmi: e nd 1 dnv-opr.: ,- s ol sep c 4 a ost t Pr es i tf a c' r z of s ont ees nd ta g ) h - s

'.;-/ jr''I @1 !3l ,4.,r : ; - '' )

1 .23 ?( ? Q7
.. t ( 79 i7 7w
.g . q: 3M <' 6 a ..

3s,.6 ! 47 i tt' 4 f7' y ' /

I zd 4y z

.. -

b.fe. ..j u3twj k ...#p)j .. o tf 'n)t t ft l t

N'3 -andsltit e t YCI r ttssenc '. N- i - ) ,1,?z, r$'fr 7rIfr#rj w#. , n.:l 7.. x - : '
D e r citon P e ai :

I' $? Ns 2. z. ' S - .)6l) 'tsrt 1

2z ,-? -''5 %?. .sk

g g$ j. g

xa. < jc t%fkrn ..! j df k

Raf 1r ' t 1't n: l b af:r e - f -n t 1

1 ' 4 q8 x ' 4,04 4 . I ldb3 6 ''N $ -

?a .jg wgp.' ' y. :la j :- .

w1 ..e t(' b'y .l) lz J' 'k t i'
.

Fxt r nlr aton e n . el- s i

2-d S3' ,. . ); ) ?' N ' a

I i'<1 4 8o 4 -

-.

2 7i : . -t . J

jtp jJfj j s .

Th t .:s opor cos atrboabl t ch ia e aciii i t n a , i n : r r t t saf c t ass e otk u. t t ti t e o art bl tvq es s he pooctot p o aa o i ' oss bown i ;i . t ed f c cl t bt b d z ' te a - e ov c e
T o+a1cos s . . t
k,C;0t3,e recri ;lnl nt .s t)1 j .. . v w . . lj e h . t '
. ,

) ., ' k:. ;
.

Pa ccpa ,eade s p ce opicns rii ntl c bi ivej m : Z'l g 3 or 'e oo air rba s. r :r k.r r n f d g/ n
.

pNi*.2. ti-f4l l , -,F p?'' -l .> $, I j347 9 $O't'.1 2 ? . 6

T ot j j a ed a aj n oc

5.
.

overnante etx'' x'' o': t

2:03 L 1kj.. (%i.' -.) / ! 0.

1 9: ,::7 f

C) Vx- i1-C .. 'ot.4' '.',q?l . O-s !' N I .' ' k. . - L .- t 4 J . Ct S 1 .

lk >%'. ' 3)'C / -N ' . s N

&< '

T r t board us ee

No ft ber o t Aoa d (.Tp tt rt ved a r mun a i durp t - v t. Y S!Q- ' ej: r $rbtl 1d rem s f he r :' - tes t / us cei ny ej er ton ig ht / r - S ( W -t e* t lh ) 4 t ez t ) 3 ' r 3 :

L.8( 1u'.f l e p n e d rnah y a . * 3 ')h - ,' x e s s u ict e e r w w. 9 9 t nl z - ' l .4

.a 1k t r , . q . ;

TEACH Fj ( Com pav Lm jed byGt hnt ) RST a t - t i ' l a ee ar

N O T ES Y earended 3#A ugus 2tQ: t ! jN A N C : S T %.T E M E N T 6 9

Km pl oyees
g g 'k'v SanL St ,)s na e j law . .l p, ; ' t t e FP DI) I X n3 . n2 .S i:) tLLS K -M. C I tt - 4 t?1 C- ' TJ . Yi 5 k 1 1 4 IL t t s-h' osu , w c s her s - + a

200 $ 1 . l g , g. 6 ' 6j 14 ', , 9 .

1 182Z 7 , ; 2 X '664.5 -

2::7 j 1 $ j 1- up2 .(4%, 6 p. '1 3 .

.

f? . t ': ' 67 94-I 9 /

2$rB,06 0- ! a Repr s dg-sJf. c tkofac' fesi t ef hernc oft ch rt sobi l e entn 3a' ost y kvii n h urt a e he a i. l v* 1 a c .
C' er anc c t -s a i f ot 4 a n - e .os. alres q . . ov s ' e ) n

13; ,. .-.0806 ,1 '

j 78, 3 089 . / ' 0f0> 1 k $ 2-) 8, (G (- 1)$

N tnz z ber

f-..9. , -! .4 Rs , 5 * 4t,J4 .y4 ' -r ' ). io8( 8(8 '> ? . , ,1

N u, ber m

Th x zw numberofer ora durngt re wa e vsr w. npi es i hel ar s z

q1

' U

Nknba ofer oye 'hos r n ator p d du i t y r dclcdg an zibonus wusi t e f j ng sl y j sr r npl esw e eruner l i ai rng he ea ,n ttt nta l y --' t s n - bl h owi aar b. d tn s t 2$(% -) , d . ) t:;* 1 .
.

60,0 - 7 00D 0 0s 90. 0 - E 00 $ 1 1 0 90,

' mpo e v nt i c rb r spi'nr se tu-h s e lpe sa u t dc f*23 '2 Q/-Ll:6 ) E ly r e sorcmtiut adi ep c t e' mpc/ e mo ne o t417(0 - -. 2. 4 s on t e t *: /y k
.

N eti ntem ef t year or he

N/Lic ' n ome f t yek i ar ieda xkeic r igor he :r s rv t t - ha qn . < D e r citor P e ai h Audior 'r un uton -a t c n em es l s udi O Per tng las ch r es u i ' e e ia v o f h i t r ne r s e : v er N o ni o e our es X . nt . r l j-e ot rd ton o' ers enti omeaovot rs dr i ome ncuk s he onai s t v nc z i h d he un y nc

1 ) 46:
f
'

1:97 $
L
l)d.% t .7N yl ? '
o k; x 1hqrt / ..jJ

. ;.<; *j..4 , ;j N '. L;

dz I . -s .' z t <k. ))d/L j rJj

j.o. I $ G2 A >.x! y.p .

+z( 5x .

Ta i xak en

Teac Fis.s at %.'t r c rtzundert Cs- iis zct I 93 znd a s c1i e rl ttol), x on 's 1c' e.)d kh rti - qse ed ha ih ek he rl te A ' 9 u & u l s xefp:- - ' - t c opi -a lr k : r t. a u s ' 4 s $ L (f w t tt 1at t(; 5 Q c6 )j' i t. ' hk . r h ?t>) l & ' ' : S..O ,L1 o -e . t...&s. ..O'I a!. s . S2p.tNtedk7 C a-a 4 Pt ro& ! 1 >.7 2$ '2 x t ) 3 . lKI . r. t f ' > tel t -l ,J j '0 :. ' . ) i6 - L ' ( . ) a. ) a ! i :e r+ e .

l t
. .

Pess on cont l i l r butons

.

,C 0 7itCztiue t d f e o qi c tiuinp -aep ns n l isfii qtl.z gt ly e . ly r 't htn :(3rb ts o ei d1 s . rb t rvt e i K o. e o-t ' ' i. mpo e s mpo e s C3 C : 2 l i ' . p op on n e o i . . on i . , z f n c . ah r s .
CAii- ufznu paz.. f t e vea a n ied t tR!-'- f1 0- e u-'y -6h of%z rh f9y i (R tV w fnr0 I w- . tCt-b ' i .a i j . or . - .e .. ' , . n ourz o -. .1:' .-0.z . t:ozb / ahl h r -- . . - / 'Qh' , ' - w k ' z . -? ' >z ht .3-' 'O-, 3e . ' C c xz ' R b z z . . 3 t H t1 sa d'qthLe bla esi :tae. '. tn IV t ' ilnc p r- t l8 q .. t. f l . ' h ee.l .

TEACH FI ( Cem pa Li ie b Gu a ee RST a ny m t d y ar nt )

N i T ES ' . ' l Yearended 31A tgts 200: t tt Taegi e fxed as s bl i set C om put er equi ent pm f Equl ejt pon q , Gxt uresand ft i ldrgs . L 3..4 S8 F E N A N C 1, L i # $T A T E M E N T S

Tet al f
I-)94f o % ' )$ $ ' . iw ' 3%046 Vy K jjyggy tQ x ?. k

Cts yk /. IS- t r ' 42' $ qp en: - ttd t 1 t' e lT

lddii tons . f ioos ls ak

Cz' t4 .e * JAT. 'k )

3 f46 7)
.

>txi,u.s(' '8 t .''% yu .t Q $w x x ' f

D epr aton tci i AtlTe enber2007 gt r Ch g f L y ar are or he e Dipos s s al

1 :. $. . 2 e4' Iwi 37R & ! 1 q . .

7 , x4 5 (8 )

b9 Kq' ' .R

. '9 91.96 ki .:

1 480 6, 5, 663

bt 1 a 'v :
* ' *' * %' G % Y

2/ .D* $ @

At31Augtt2(CB s .I' '

N et book val ue

A n:1Augu c200 ) . n 8 A t3jA u n 200 gu n 7

4h P ed l s t ar he;f us b t c ct . - he. r soa e l or e y he ba i x d y

,1I;$ t .... 1 -j1 1.; N J

z tt) %6y 9i . .

1!ltI :ts, !$ 8604

k :n' - ?z 4 ts 2 X1e 1 / .b 4 '

D ebtz trl yr u.qexor z jjc s d v o : O l tc deb op F e t ' a

Ac r ic n c ued n on e

ZQQ: K
1 77 E773,- % , v 85 i6 4l 1.t'4'N . 4l. N . ) zz 6C9 33 %7 ' Jl '

107 L
tyw. 4y' :/JQ . g 7 ;.q -

Pr y ens epa m t

4 l )' .>t-m 7 r.y v . . % ., 3.o -

l92l'. < i4q 4x

a4j q% J5*J.a .- . t, . j

Cr tors aedl t znount f lng due wihi ote year s al t n l

Tr det edior a r t s ' t ejcr dior i l nstxa kj2 js i s ' iy Ah - e t ' ncudi ! l to- nc oda! e- ' s a t urc Ac ,u i. cr as Lef r i or l ered nc ne

2* 3 :
'

20 7
. .

t 9$ 89 s6 h7 <;,) '( .r($ ). nN. %% .. 4 % % ynkgy a;4 v w.

!1?W'61 * f )'t N1l15i ti 2 h $ X?
.' * >

' * . w9 , y !P 'k , ) 4 J$8 . 1 57 7 5, 4 43: 5 ?7 ' 4

.

l A$2-t/ t1.';..t .'t)e. . . ' '' - --k ' t''z1.' / $..'Q,.',T , . N 7. 'e, - b. I . >4. 'r.'

' ->1.1pk ') 61 oj%. ,k1 .k: 2 -.i k, . :,

TEACH EI ( Co pan Linie byGu ap ee FRST a m y r e d ar t )

N S T FS D T '1 r ( t tl, N C l, L . c J s% . - l 1 %
.

Q ,

- %- t: EN T x ) $ jM - n

Yeaj erded .d. c:ts 2 . - i 'jA ? ?t 40E k . g

F' zalcon-j j ent . nan4h tn tm ' s

T'er. er :0 cl jal n ew e n k t comnhtn t exrtnqa -1Au vs '0r4orolkt t- o' irens h i: t4 g t2 ,3 -- t l+ 2 s w-. ) % s ' Ams 097 b .'

-hecompa y>-scsnSv. t nikj t ef l ncp vj e ddf n tsntx ye i;r pc ofoperct ll : 1 n .z cr? ted o - n h ol % n a g . owi c m nt a g ' - t ar r - ct ri t : es a ig eues a >) A(Q8 3) x(07 Land ard t Latd and n buldi l ngs O t' her buldl j ngs tle ' her f L f f L s sw< c-expe; eae hil i r '/shi one y r / t n ea !os*A, :l.-Na u $1 . : ) 1GN< v'' tt N. vs ? bU k-u .uD' ' wz W ;..xt ). . . . N ihi t t fye M zr A/ r wo o l 'x . t l sa s J h .4 7 eq 1 p ?'6w) .z 4 ; . ! y8: ; pftrfyeve s N t ' J ar .e j
.

'-.C.c onsb't en t u rt atjr a e qDa ts t ot wi' t r a i ji s ih t c arc' a e s out T! (ati 'ewe he ha iy rf ebt d zri og her c hei ejtons-ps z t he h it r ec -s & : h i v k y UPo . 9 jw q

Dtig t e c re..y.rte c ai' p i L 0#. t.- -f) 47 bi r jr t t ocvson o-a - ita.t in h u fnt e h .. w ad 3 87 R3 / -21> )< ea' o he k r ii t dnl srt t s . .t' a . rt h. % . ' . 7.. n u . % t ' .N 0 l > , 4 h y on z t .i ' n v
.

Sip$r b)k-r?**% /.j tr5 ;1 r<%r ib Ar.t e Icobes i ko a die t . 'hec' i;ha alo re ot ied a kp 7 D-d*1).9 %'a- - kUP )Q t '' se h a '.t i 8 ' . - p . fJ ) .h h a c ' !c ' D o l ' cu : i s r c. r. h t s s c ..-.s . q . v or ar n donai )i kis off42oo& tbl7-z70futJI r a ipc c. pr sojofofles c b Calr Vs '' oto pl. tot t rd ) . w 'qt' * dql ' ejto c he ovti - fc pa e ' fa y / , Gr ) c t7 x - - n ' 'i v ha4 .

ILo '

M at k nona h to a<tot eral eas ians i u

:t:8 /$ f 74.4) ,t ( 4 ,7,t0 5 u3 *'

2Qf7 ) ' L
f*Jjy z.. gr T% ) jj k6. o J- i 3) v *s:''t' .tils'' 7-' - q', : t' .:;'- . .8 -. ?
.z:L ,$ ).

C'r* a edona j t ' kt r eied: xo nor t z1 torsj q ec y n nd Venueandev s -ses en? ej t vc Tj i ngs r ces - ni 'e vi ' a

Pr s a pj f soia s r ie emies nd - es i n j e vu s o
I s i ies r ew c

I) ) f2XtO

: e' N ot . hepr sopofi I enc ha be nid' a at bl a aSwern t ovii T'i es s ei - de v l c ' . c r l a t o oncomm.r airt e ci E e a dkrrg200 t ar wih t pr ousy r iip % omp ed t he evi ea' .

I 1.

Fundi agr entdici ng eem sl osures

tdni bel ;c t ef stutwer. e d durngt ye -w 'ih a e r quiet t b rjcos upd t ' rns - td ow )e hos und .a s . . $ o nr ceve i he aj nc r e r o e s l ed er he r oft i 'pi ncn e n. sant h ve I e acnj d fta or tc wih ' t mst er of Th e ar rocaian n her frdi . cc ercnt l a x n v : ' cc dale t D er h e . es e t s d ot i t p r e he l ne esarl '. Irts. ft fi r c je !41 ' jhhi uonti t c t a tvii kn cken d - t eyea c s i c e a i to - knds e e'. , .ofwh' a y. . h e he vc 1 . t ve : rbu ed o he c i tes jdera ' ulnz i h r Ftnt provt l j der k pos *ur e oft f ' 9 he unds 2Qt: ) L -. j.6 as lsv oo?oic,v y' Cc s Str- zc t ' e k tsort M:-anc rt ni;. d . el y m - . enc f - hool $- n- r l. , ! a' .z . or o t cut ostf xptn i t o . t j i s or i s d 1 0jotf . Nat 4 zz .mk niu a-o z el :e trt,e rk f Sc . Str- c t f e sont Lie1ai nv j. ev oc? -i p tv or hoot ti r m e ' t s a tup osa or xpan i o 'v l . oool 'tiy z7lot A. f . t '? ii g a d D-% 1 .,1jtzg vf rC tool i f-orrgcos uf s- sw'h Tea h Lr tpa tcian s 8 1:66O. 7 - ri n e- ,M'en l v p ' '-' s . ,h ii t- oc c 'a n e 0,f ' kenc o oc' i % It 1 hool i t c 2 s. r i p x i p z .
'

1' itft* .f > ps. ). . J . -s ; 5 ) . .