independent_schools_inspectorate

Page 1

!"#$#!"#!%&'()**+'& !'$#(%*,-%#

%)#&.*"*+$) !&-!"&+-%/0#,&'()**+

'%-!"-,"& !'$#(% *!

!"#$%&%#$%#'!()*++,-!"#-&%)'+./'%!0121


!"#$#!"#!%&'()**+'& !'$#(%*,-%# %12&.34356178&984&+9:;<2=&'>1335

34,,!5/6%!+7!()*++,

%12&.34356178&984&+9:;<2=&'>1335

89(3!546:%.

?@ABC?DE

;%<=-'%.%$!9*/.='>!546:%.

FE?CDD

?$$.%--

%12&.34356178&984&+9:;<2=&'>1335 GG52;&,394 )9<<2=H<7:1 +38438 IC&@$.

@%,%&*+#%!546:%.

@?@&JKLE&EDFC

3/A!546:%.

@?@&JKFA&DA?@

B6/=,!?$$.%--

3GG7>2MN3435617898459:;<2=O>3<

C%/$!D=-'.%--

0=H&,P:1&02=>2=

9*/=.!+7!E+F%.#+.-

%12&+94;&$9::28&*G&Q9=82H

?<%!;/#<%

EE&:3&EJ

@+'/,!546:%.!+7!G4&=,-

K?K

E%#$%.!+7!G4&=,-

.7=5H

546:%.-!:>!?<%

22H2IJ

546:%.!+7!8/>!G4&=,-

K?K

546:%.!+7!K+/.$%.-

@

"#-&%)'=+#!$/'%

EC&09=&?@E@&:3&EK&09=&?@E@

3=#/,!L'%/6M!F=-='

?C&-6=&?@E@&:3&?J&-6=&?@E@

!"#$%&%#$%#'!()*++,-!"#-&%)'+./'%!0121

K?K


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

@*%!P4/,='>!+7!%$4)/'=+#!&.+F=$%$!L94..=)4,46M @*%!P4/,='>!+7!%$4)/'=+#!&.+F=$%$!L@%/)*=#<M @*%!-&=.='4/,V!6+./,V!-+)=/,!/#$!)4,'4./,!$%F%,+&6%#'!+7!&4&=,@*%!N%,7/.%V!*%/,'*!/#$!-/7%'>!+7!&4&=,@*%!-4='/:=,='>!+7!-'/77V!-4&&,>!-'/77!/#$!&.+&.=%'+.@*%!&.%6=-%-!/#$!/))+66+$/'=+# @*%!&.+F=-=+#!+7!=#7+.6/'=+# @*%!6/##%.!=#!N*=)*!)+6&,/=#'-!/.%!'+!:%!*/#$,%$

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

!"#$%&%#$%#'!()*++,-!"#-&%)'+./'%!0121


(*!%#!%' G/<%

E

%)#&()-,-(%#, '% ('&*R&%)#&'()**+

E

?

%)#&'S((#''&*R&%)#&'()**+&-!"&-(% *!&$* !%'

?

T9U 0978&G78478NH

0

TVU ->:738&6378:H

S

F

L=M!9+6&,=/#)%!N='*!.%<4,/'+.>!.%P4=.%6%#'-

S

L==M!;%)+66%#$%$!/)'=+#

S

%)#&WS-+ %/&*R&-(-"#0 (&-!"&*%)#,&-() #X#0#!%'

L

L/M @*%!P4/,='>!+7!'*%!&4&=,-Q!/)*=%F%6%#'-!/#$!'*%=.!,%/.#=#<V!/''='4$%-!/#$!-Y=,,L:M @*%!)+#'.=:4'=+#!+7!)4..=)4,/.!/#$!%A'./H)4..=)4,/.!&.+F=-=+#!L=#),4$=#<! )+664#='>!,=#Y-!+7!:%#%7='!'+!&4&=,-M

[

L)M @*%!)+#'.=:4'=+#!+7!'%/)*=#<

\

L

K

%)#&WS-+ %/&*R&%)#&$S$ +'Y&$#,'*!-+&"#X#+*$0#!%

U

L/M @*%!-&=.='4/,V!6+./,V!-+)=/,!/#$!)4,'4./,!$%F%,+&6%#'!+7!'*%!&4&=,-

W

L:M @*%!)+#'.=:4'=+#!+7!/../#<%6%#'-!7+.!N%,7/.%V!*%/,'*!/#$!-/7%'>

I

A

%)#&#RR#(% X#!#''&*R&.*X#,!-!(#Z&+#-"#,') $&-!"& 0-!-.#0#!%

D

L/M @*%!P4/,='>!+7!<+F%.#/#)%

X

L:M @*%!P4/,='>!+7!,%/$%.-*=&!/#$!6/#/<%6%#'

X

L)M @*%!P4/,='>!+7!,=#Y-!N='*!&/.%#'-V!)/.%.-!/#$!<4/.$=/#-

21

!'$#(% *!&#X "#!(#

!"#$%&%#$%#'!()*++,-!"#-&%)'+./'%!0121

EE


@*%!E+$+,&*=#!/#$!O/'>6%.!()*++,!(@?58?;8!"5(GB9@"]5

2

EO

%)#&()-,-(%#, '% ('&*R&%)#&'()**+O

2R2

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

2R0

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

2RS

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

2R[

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`#='%$!a=#<$+6! +.!'*%!`#='%$!('/'%-!+7!?6%.=)/V!-+6%'=6%-!/7'%.!/!</&!>%/.R

2RU

5/'=+#/,! 94..=)4,46! #+6%#),/'4.%! =-! 4-%$! '*.+4<*+4'! '*=-! .%&+.'! '+! .%7%.! '+! >%/.! <.+4&-! =#! '*%! -)*++,R!! @*%! >%/.! <.+4&! #+6%#),/'4.%! 4-%$! :>! '*%! -)*++,! /#$! ='-! 5/'=+#/,!94..=)4,46!L59M!%P4=F/,%#)%!/.%!-*+N#!=#!'*%!7+,,+N=#<!'/:,%R ()*++, `&&%.!""" O+N%.!"_ `&&%.!"_ O+N%.!_ `&&%.!_ O+N%.!_" `&&%.!_"

59!#/6% b%/.!W b%/.!I b%/.!X b%/.!21 b%/.!22 b%/.!20 b%/.!2S

!"#$%&%#$%#'!()*++,-!"#-&%)'+./'%!0121


@*%!E+$+,&*=#!/#$!O/'>6%.!()*++,!(@?58?;8!"5(GB9@"]5

?O

0

%)#&'S((#''&*R&%)#&'()**+&-!"&-(% *!&$* !%'

?OT9U 0978&G78478NH 0R2

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

0R0

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

0RS

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

!"#$%&%#$%#'!()*++,-!"#-&%)'+./'%!0121


@*%!E+$+,&*=#!/#$!O/'>6%.!()*++,!(@?58?;8!"5(GB9@"]5

S

?OTVU ->:738&6378:H T7U (3<65798>2&[7:1&=2NP59:3=;&=2\P7=2<28:H L@*%!./#<%!+7!'*%!"#$%&%#$%#'!()*++,!('/#$/.$-!;%<4,/'=+#-!=-!<=F%#!=#!'*%!G.%7/)%M

0R[

?'!'*%!'=6%!+7!'*%!=#='=/,!F=-='V!'*%!-)*++,!6%'!/,,!'*%!.%P4=.%6%#'-!+7!'*%!"#$%&%#$%#'! ()*++,!('/#$/.$-!;%<4,/'=+#-!011SV!/-!-4:-%P4%#',>!/6%#$%$R

&T77U ,2>3<<28424&9>:738 0RU

@*%!-)*++,!=-!/$F=-%$!'+!6/Y%!'*%!7+,,+N=#<!=6&.+F%6%#'-R 2R

BA&,+.%!74.'*%.!N/>-!+7!$=F%.-=7>=#<!'%/)*=#<!-'>,%-!=#!+.$%.!'+!&.+F=$%!<.%/'%.! +&&+.'4#='=%-!7+.!=#$%&%#$%#'!,%/.#=#<c

0R

B#-4.%! '*/'! =#7+.6/'=+#! /#$! )+664#=)/'=+#! '%)*#+,+<>! =-! 74,,>! =#'%<./'%$! =#! &,/##=#<V!'%/)*=#<!/#$!,%/.#=#<!/).+--!'*%!)4..=)4,46c

SR

;%F=%N! '*%! ->-'%6! +7! N.=''%#! .%&+.'-! '+! &/.%#'-! =#! +.$%.! '+! &.+F=$%! <.%/'%.! )+#-=-'%#)>!/#$!),%/.%.!<4=$/#)%!'+!&4&=,-!7+.!=6&.+F%6%#'R

!"#$%&%#$%#'!()*++,-!"#-&%)'+./'%!0121


@*%!E+$+,&*=#!/#$!O/'>6%.!()*++,!(@?58?;8!"5(GB9@"]5

FO

[

%)#&WS-+ %/&*R&-(-"#0 (&-!"&*%)#,&-() #X#0#!%'

FOT9U %12&\P957:;&3G&:12&6P675HY&9>172]2<28:H&984&:127=&529=878NZ& 9::7:P42H&984&H^755H&& SR2

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

SR0

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

SRS

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

SR[

(=#)%! '*%! ,/-'! =#-&%)'=+#V! '*%! =#'.+$4)'=+#! +7! '*%! "K! =#! '*%! (=A'*! 3+.6! */-! <=F%#! <.%/'%.! +&&+.'4#='>! '+! )+6:=#%! :.%/$'*! +7! -'4$>! N='*! %#*/#)%$! +&&+.'4#='=%-! 7+.! =#$%&%#$%#'!,%/.#=#<R!!@*%!&.+<./66%!+7!d@*=#Ye!,%--+#-!&.+F+Y%-!N=$%.!$=-)4--=+#! /#$! )+6&,%6%#'-! '*%! "K! @*%+.>! +7! a#+N,%$<%! ,%--+#-! =#! <=F=#<! #%N! =#-=<*'-! =#'+! N/>-! +7! '*=#Y=#<V! Y#+N=#<! /#$! ,%/.#=#<R!! @*%! -)*++,! */-! .%)%#',>! /&&+=#'%$! /! '*=#Y=#<!/#$!,%/.#=#<!)+H+.$=#/'+.!/#$!:%<4#!/!.%F=%N!+7!'*%!)4..=)4,46!=#!b%/.-!W!'+! XV!=#!+.$%.!'+!=$%#'=7>!6+.%!+&&+.'4#='=%-!7+.!=#$%&%#$%#'!,%/.#=#<!N*=)*!N=,,!*%,&!'+! )*/,,%#<%!74.'*%.!'*%!6+-'!/:,%!&4&=,-R

SRU

@*%!.%,/'=+#-*=&!:%'N%%#!&4&=,-!/#$!'%/)*%.-!=-!+4'-'/#$=#<R!! "'!.%7,%)'-!'*%!-'.+#<V! )/.=#<!%'*+-!+7!'*%!-)*++,!/#$!*%,&-!'+!&.+6+'%!F%.>!&+-='=F%!/''='4$%-!'+!,%/.#=#<R

!"#$%&%#$%#'!()*++,-!"#-&%)'+./'%!0121


@*%!E+$+,&*=#!/#$!O/'>6%.!()*++,!(@?58?;8!"5(GB9@"]5

U

FOTVU %12&>38:=7VP:738&3G&>P==7>P59=&984&2_:=9`>P==7>P59=&6=3]7H738& T78>5P478N&>3<<P87:;&578^H&3G&V282G7:&:3&6P675HU! SR\

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

SRW

3=F%!6+$%.#!7+.%=<#!,/#<4/<%-!/.%!+77%.%$R!! @*%.%!=-!+&&+.'4#='>!7+.!<=7'%$!,=#<4=-'-! '+! -'4$>! /#! /$$='=+#/,! ,/#<4/<%! N='*=#! '*%! )+.%! /'! E9(BR!! @*%! 6+-'! /:,%! 6/'*%6/'=)=/#-! /.%! /:,%! '+! '/Y%! "E9(B! 6/'*%6/'=)-! %/.,>! /#$! '*%#! )+6&,%'%! /! 6+.%!/$F/#)%$!7.%%H-'/#$=#<!P4/,=7=)/'=+#R!! @*%!=#'.+$4)'=+#!+7!'*%!"K!=#'+!'*%!(=A'*! 3+.6! */-! /,-+! )+#'.=:4'%$! '+! '*%! :.%/$'*! +7! '*%! )4..=)4,46R!! G%.-+#/,V! -+)=/,! /#$! *%/,'*! %$4)/'=+#! LG(CBMV! '/4<*'! 4&! '+! b%/.! 22V! =#),4$%-! '+&=)-! +#! )='=Z%#-*=&! =#! b%/.-!IV!X!/#$!22R!! "#!6+-'!>%/.!<.+4&-!='!=-!'/4<*'!:>!-&%)=/,=-'!'%/)*%.-V!=#!+'*%.-! :>!7+.6!'4'+.-R!!

SRI

"#$=F=$4/,!,%/.#=#<!-4&&+.'!=-!+77%.%$!'+!/#>!&4&=,!N*+!N+4,$!:%#%7='!7.+6!-4)*!*%,&R!! ?! ),%/.! /#$! %77%)'=F%! ->-'%6! =-! =#! &,/)%! '+! =$%#'=7>! -4)*! &4&=,-R!! "#7+.6/'=+#! /:+4'! &.%7%..%$! ,%/.#=#<! -'>,%-! =-! $=--%6=#/'%$! /&&.+&.=/'%,>! '+! -'/77! -+! '*/'! '*%>! )/#! &.+F=$%!'*%!#%)%--/.>!<4=$/#)%R

SRX

@*%! ./#<%! +7! %A'./H)4..=)4,/.! /)'=F='=%-! +77%.%$! =-! +4'-'/#$=#<R!! @*%! -)*++,! -'.+#<,>! %#)+4./<%-! '*%! &4&=,-! '+! =#F+,F%! '*%6-%,F%-! =#! '*%! %A'%#-=F%! &.+<./66%! +7! )+664#='>! -%.F=)%c! /:+4'! 2\1! -%#=+.! <=.,-! '/Y%! &/.'! =#! '*=-! /#$! =#! +'*%.! F+,4#'/.>! N+.Y!&,/)%6%#'!-)*%6%-R!! D/#>!N+.Y!N='*!)*=,$.%#!N='*!O88!+.!/)'!/-!6%#'+.-!=#! ,+)/,!&.=6/.>!-)*++,-V!N*%.%!'*%>!+77%.!/!./#<%!+7!,='%./)>!/#$!,/#<4/<%!%#.=)*6%#'! &.+<./66%-R!!G4&=,-!/,-+!F=-='!'*%!-=)Y!/#$!%,$%.,>!+.!*%,&!=#!,+)/,!)/.%!=#-'='4'=+#-R

SR21

@*%! -)*++,Q-! -+)=/,! -%.F=)%-! '%/6! +.</#=-%-! N%%Y,>! )*/.='/:,%! 74#$H./=-=#<! %F%#'-V! =#),4$=#<!&+&4,/.!)/Y%!-/,%-V!/#$!/!-=<#=7=)/#'!-46!+7!6+#%>!N/-!./=-%$!7+.!)*/.='>! ,/-'!>%/.R!!;%<4,/.!%#'%.'/=#6%#'-!/#$!'%/!&/.'=%-!/.%!*%,$!7+.!%,$%.,>!,+)/,!.%-=$%#'-R!! ?)/$%6=)! $%&/.'6%#'-! *+,$! 7.%P4%#'! )+664#='>! %F%#'-R!! D/#>! /)'=F='=%-! /.%! /../#<%$!/#$!+.</#=-%$!:>!-%#=+.!&4&=,-!7+.!'*%!:%#%7='!+7!>+4#<%.!<=.,-c!7+.!%A/6&,%V! /!&.+$4)'=+#!+7!f9=#$%.%,,/Q!N/-!N.=''%#!/#$!&.+$4)%$!:>!b%/.!20!&4&=,-!7+.!&4&=,-!=#! b%/.!W!'+!&%.7+.6R

SR22

?#! =##+F/'=F%! /#$! %A'%#-=F%! B4.+&%/#! N+.Y! %A&%.=%#)%! %A)*/#<%! &.+<./66%! %#/:,%-!/!,/.<%!#46:%.!+7!b%/.!20!&4&=,-!'+!:%#%7='!7.+6!&,/)%6%#'-!=#!K%.,=#!/#$! G/.=-R!! ]'*%.! %A)*/#<%! +&&+.'4#='=%-! %A=-'! /#$! 6/#>! '.=&-! /:.+/$! /.%! 4#$%.'/Y%#R!! 9+6&.%*%#-=F%! )/.%%.-! /$F=)%! *%,&-! '+! <4=$%! '*%! &4&=,-! =#! $%)=-=+#-! /:+4'! '*%=.! 74'4.%R

SR20

D4-=)/,! +&&+.'4#='=%-! /.%! +4'-'/#$=#<R!! ;%<4,/.! )+#)%.'-! +7! *=<*! P4/,='>! /.%! &.%-%#'%$V! =#F+,F=#<! ,/.<%! #46:%.-! +7! &4&=,-R!! 8./6/! =-! /,-+! /! -4))%--74,! /#$! &+&4,/.!/)'=F='>R!! ?!6/^+.!/.'-!7%-'=F/,!*/$!'/Y%#!&,/)%!-*+.',>!:%7+.%!'*%!=#-&%)'=+#R!! @*%! -)*++,! */-! %#^+>%$! 64)*! .%)%#'! -4))%--! =#! $%:/'=#<R!! D+-'! $%&/.'6%#'-! +.</#=-%! ),4:-! /#$! ),=#=)-! +4'-=$%! '*%! )4..=)4,46! '+! %#.=)*! '*%! ,=F%-! /#$! ./=-%! '*%! ,%F%,!+7!/)*=%F%6%#'!+7!'*%!&4&=,-R

!"#$%&%#$%#'!()*++,-!"#-&%)'+./'%!0121


@*%!E+$+,&*=#!/#$!O/'>6%.!()*++,!(@?58?;8!"5(GB9@"]5

SR2S

\

(&+.'=#<! +&&+.'4#='=%-! /.%! /! -=<#=7=)/#'! /#$! &+&4,/.! /-&%)'! +7! '*%! -)*++,Q-! N=$%.! )4..=)4,46R!! ;%<4,/.! 7=A'4.%-! /.%! &,/>%$! =#! -%F%./,! -&+.'-V! /#$! '*%! -)*++,! */-! /! ^4-'=7=/:,%! .%&4'/'=+#! 7+.! '*%! P4/,='>! +7! ='-! .+N=#<R!! @*%! ./#<%! /#$! P4/#'='>! +7! '*%! %A'./H)4..=)4,/.! +&&+.'4#='=%-! 7+.! &4&=,-! /.%! 4#$%.&=##%$! :>! '*%! $%$=)/'=+#! +7! '*%! -'/77V!N*+!/.%!$%%&,>!)+66=''%$!'+!%#-4.=#<!'*%!-4))%--!+7!'*%!&.+<./66%R!!

FOT>U %12&>38:=7VP:738&3G&:29>178N&& SR2[

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

SR2U

@%/)*%.-!$=-&,/>!-'.+#<!-4:^%)'!Y#+N,%$<%!/#$!6/-'%.>!+7!'*%=.!6/'%.=/,R!! O%--+#-! /.%!N%,,!&,/##%$!/#$!'=6%!6/#/<%$!%77%)'=F%,>R!! @%/)*%.-!/.%!7.=%#$,>V!%#)+4./<=#<! /#$V! =#! '*%! :%-'! ,%--+#-V! =#-&=.%! '*%! <=.,-! '+! %A'%#$! '*%=.! 4#$%.-'/#$=#<! /#$! Y#+N,%$<%! :%>+#$! '*%! #%%$-! +7! '*%! %A/6=#/'=+#! -&%)=7=)/'=+#-R!! @*=-! N/-! &/.'=)4,/.,>! %F=$%#'! =#! '*%! -=A'*! 7+.6! ,%--+#-! N*%.%! 6+.%! +&%#H%#$%$! '/-Y-! N%.%! 4-%$! '+! )*/,,%#<%! &4&=,-R!! "#! /! -6/,,! #46:%.! +7! ,%--+#-V! '*%! &/)%! /#$! ,%F%,! +7! )*/,,%#<%!.%-'.=)'%$!'*%!+&&+.'4#='=%-!7+.!'*%!<=.,-!'+!$=-&,/>!'*%=.!=##/'%!).%/'=F='>!/#$! &+'%#'=/,!7+.!=#$%&%#$%#'!,%/.#=#<R!!K%*/F=+4.!=#!,%--+#-!=-!%A'.%6%,>!<++$!/#$!N%,,! 6/#/<%$R

SR2\

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

SR2W

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

!"#$%&%#$%#'!()*++,-!"#-&%)'+./'%!0121


@*%!E+$+,&*=#!/#$!O/'>6%.!()*++,!(@?58?;8!"5(GB9@"]5

LO

W

%)#&WS-+ %/&*R&%)#&$S$ +'Y&$#,'*!-+&"#X#+*$0#!%

LOT9U %12&H67=7:P95Z&<3=95Z&H3>795&984&>P5:P=95&42]2536<28:&3G&:12&6P675H&& [R2

@*%! $%F%,+&6%#'! +7! &4&=,-Q! -&=.='4/,V! 6+./,V! -+)=/,! /#$! )4,'4./,! /N/.%#%--! =-! +4'-'/#$=#<R!! G4&=,-! /.%! %#)+4./<%$! '+! 4-%! '*%=.! =#='=/'=F%V!:%! ).%/'=F%! /#$!$%F%,+&! .%-&+#-=:=,='>!=#!/#!=#),4-=F%!%#F=.+#6%#'!N='*!/!-'.+#<!-%#-%!+7!)+664#='>R

[R0

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

[RS

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c! 7+.! %A/6&,%V! /! .%)%#'! b%/.! 21! $=-)4--=+#! +#! '*%! =6&/)'! +7! -+)=/,! #%'N+.Y=#<! -='%-! /#$! '*%=.! &+'%#'=/,! )*/,,%#<%-V! +.! /! -=A'*! 7+.6! $%:/'%! +#! $.4<H! /#$! /,)+*+,H.%,/'%$! =--4%-R!! @*%! <%#%.+-='>! +7! &4&=,-! =#! -4&&+.'=#<! '*%! -)/,%! /#$!./#<%!+7!)*/.='/:,%!%F%#'-!.%7,%)'-!'*%=.!*=<*!,%F%,!+7!6+./,!/N/.%#%--R

[R[

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

[RU

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

!"#$%&%#$%#'!()*++,-!"#-&%)'+./'%!0121


@*%!E+$+,&*=#!/#$!O/'>6%.!()*++,!(@?58?;8!"5(GB9@"]5

I

LOTVU %12&>38:=7VP:738&3G&9==98N2<28:H&G3=&[25G9=2Z&1295:1&984&H9G2:;&& [R\

@*%! &/-'+./,! )/.%! -*+N#! '+! &4&=,-! =-! %A)%,,%#'! /#$! 74,,>! -4&&+.'-! '*%! /=6-! +7! '*%! -)*++,R!! @*%! P4/,='>! +7! '*%! .%,/'=+#-*=&-! :%'N%%#! -'/77! /#$! &4&=,-! /#$! :%'N%%#! '*%! &4&=,-!'*%6-%,F%-!=-!+4'-'/#$=#<R!!@*%!N=,,=#<#%--!+7!'*%!'%/)*%.-!'+!<%'!'+!Y#+N!'*%! <=.,-!:+'*!=#-=$%!/#$!+4'-=$%!'*%!),/--.++6!7+-'%.-!/#!/=.!+7!64'4/,!'.4-'!/#$!.%-&%)'R!! G4&=,-!7%%,!-/7%!/#$!N%,,!)/.%$!7+.R

[RW

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

[RI

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

[RX

G4&=,-! 4#$%.-'/#$! F%.>! N%,,! '*%! =6&+.'/#)%! +7! )*++-=#<! /! *%/,'*>! $=%'! /#$! &/.'=)=&/'=#<!=#!.%<4,/.!&*>-=)/,!%A%.)=-%R!!G4&=,-!)+66%#'%$!&+-='=F%,>!+#!'*%!P4/,='>! /#$!P4/#'='>!+7!'*%!7++$!/F/=,/:,%!/#$!+#!'*%!+&&+.'4#='>!'+!&.+F=$%!)+66%#'-!/#$! -4<<%-'=+#-! 7+.! =6&.+F%6%#'-R!! G4&=,-! /&&.%)=/'%! '*%! #46%.+4-! +&&+.'4#='=%-! '+! &/.'=)=&/'%!=#!/!N=$%!./#<%!+7!-&+.'-V!:+'*!'=6%'/:,%$!/#$!N='*=#!'*%!%A'%#-=F%!%A'./H )4..=)4,/.!&.+<./66%R

[R21

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

!"#$%&%#$%#'!()*++,-!"#-&%)'+./'%!0121


@*%!E+$+,&*=#!/#$!O/'>6%.!()*++,!(@?58?;8!"5(GB9@"]5

AO

X

%)#&#RR#(% X#!#''&*R&.*X#,!-!(#Z&+#-"#,') $&-!"& 0-!-.#0#!%

AOT9U %12&\P957:;&3G&N3]2=898>2&& UR2

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

UR0

@*%! <+F%.#+.-! )+#'.=:4'%! '+! '*%! -)*++,Q-! -'./'%<=)! F=-=+#V! /#$! */F%! -4))%--74,,>! +F%.-%%#! /#! %A'%#-=F%! :4=,$=#<! &.+<./66%! =#! .%)%#'! >%/.-R!! @*%! <+F%.#=#<! :+$>! .%)+<#=-%-! '*%! )*/,,%#<%! +7! -4&&+.'=#<! %$4)/'=+#/,! =##+F/'=+#V! %-&%)=/,,>! N='*! .%</.$! '+! +&&+.'4#='=%-! 7+.! 6+.%! =#$%&%#$%#'! ,%/.#=#<! /6+#<! '*%! &4&=,-V! N*=,%! 6/=#'/=#=#<!'*%!'./$='=+#/,!F/,4%-!+7!'*%!-)*++,R!!

URS

@*%!#46:%.!+7!<+F%.#+.-Q!)+66=''%%-!*/-!=#).%/-%$!-=#)%!'*%!,/-'!=#-&%)'=+#V!<=F=#<! <+F%.#+.-!%#*/#)%$!+&&+.'4#='=%-!'+!:%)+6%!=#F+,F%$!=#!'*%!,=7%!+7!'*%!-)*++,!/#$!'+! .%'/=#!/#!+F%.F=%N!+7!-)*++,!&+,=)=%-R

UR[

@*%! <+F%.#+.-! -/'=-7/)'+.=,>! $=-)*/.<%! '*%=.! .%-&+#-=:=,='=%-! 7+.! )*=,$! &.+'%)'=+#V! N%,7/.%V!*%/,'*!/#$!-/7%'>!'*.+4<*+4'!'*%!-)*++,R!! @N+!<+F%.#+.-!*/F%!4#$%.'/Y%#! -/7%<4/.$=#<! './=#=#<! &.+F=$%$! :>! '*%! ,+)/,! /4'*+.='>R!! ;%-4,'-! +7! /! &/.%#'/,! -4.F%>! =#$=)/'%!/#!%A'.%6%,>!*=<*!,%F%,!+7!-/'=-7/)'=+#!N='*!'*%!<+F%.#/#)%!+7!'*%!-)*++,R

AOTVU %12&\P957:;&3G&52942=H176&984&<989N2<28:&& URU

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

UR\

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

URW

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

!"#$%&%#$%#'!()*++,-!"#-&%)'+./'%!0121


@*%!E+$+,&*=#!/#$!O/'>6%.!()*++,!(@?58?;8!"5(GB9@"]5

21

&4&=,-! N*=)*! /.%! /,.%/$>! +77%.%$! :>! '*%! =#'.+$4)'=+#! +7! '*%! "K! /#$! '*%! d@*=#Ye! &.+<./66%!/#$!N=,,!:%!74.'*%.!-4&&+.'%$!'*.+4<*!'*%!/##4/,!-'/77!.%F=%NR URI

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

URX

@*%! /$6=#=-'./'=+#! +7! '*%! -)*++,! =-! <++$V! .%7,%)'=#<! '*%! -%#-%! +7! +.$%.! /#$! )/,6! %77=)=%#)>!'*/'!)*/./)'%.=-%!='-!$/>H'+H$/>!.4##=#<R!!@*%!-)*++,!*/-!=#!&,/)%!'*+.+4<*! /../#<%6%#'-! 7+.! )*%)Y=#<! '*%! -4='/:=,='>! +7! -'/77! /#$! <+F%.#+.-R!! ?&&.+&.=/'%! &.+)%$4.%-!/.%!=#!&,/)%!7+.!'*%!-4&&+.'!/#$!'./=#=#<!+7!#%N,>!P4/,=7=%$!'%/)*%.-R

AOT>U %12&\P957:;&3G&578^H&[7:1&69=28:HZ&>9=2=H&984&NP9=4798H&& UR21

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

UR22

@*%! -)*++,! =--4%-! /! ,/.<%! #46:%.! +7! %A)%,,%#'! &4:,=)/'=+#-! '+! $=--%6=#/'%! =#7+.6/'=+#! +#! /! .%<4,/.! :/-=-R!! (+6%V! ,=Y%! '*%! (=A'*! 3+.6! f?,'%.#/'=F%! G.+-&%)'4-Q! /#$! '*%! %A)%,,%#'! /#$! =6/<=#/'=F%! 6+$%.#! 7+.%=<#! ,/#<4/<%-! 6/</Z=#%! fO=#YQV! /.%! -'4$%#'H,%$! /#$! &.+$4)%$R!! ]'*%.-! =#),4$%! )4..=)4,46! :++Y,%'-V! -4:^%)'H-&%)=7=)! :++Y,%'-! +#! F+,4#'%%.=#<! /#$! 64-=)V! /#$! -%F%./,! 6/</Z=#%-R!! ?! F%.>! 74,,! /#$! =#7+.6/'=F%!&/.%#'!*/#$:++Y!=-!&4:,=-*%$!7+.!#%N!&/.%#'-R!! ;%<4,/.!#%N-,%''%.-!/.%! /,-+!&.+$4)%$R!!@*%!-)*++,Q-!)+6&.%*%#-=F%!N%:-='%!=#),4$%-!'*%!.%P4=.%$!&+,=)=%-R

UR20

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

UR2S

G/.%#'/,! )+#)%.#-! /.%! $%/,'! N='*! &.+6&',>! /#$! %77%)'=F%,>! /#$! /! ),%/.! /#$! %77%)'=F%! )+6&,/=#'-!&+,=)>!=-!=#!&,/)%R!!

I19:& :12& H>1335& H13P54& 43& :3& 7<6=3]2& 7H& N7]28& 9:& :12& V2N78878N& 3G& :12& =263=:& 78& H2>:738&?O

!"#$%&%#$%#'!()*++,-!"#-&%)'+./'%!0121


@*%!E+$+,&*=#!/#$!O/'>6%.!()*++,!(@?58?;8!"5(GB9@"]5

22

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

8H62>:3=H D.!T+*#!84#-'+#

;%&+.'=#<!"#-&%)'+.

D.-!T4,=%!B,$.=$<%

@%/6!"#-&%)'+.!LC%/$V!E(?!-)*++,M

D.!9*.=-'+&*%.!B#+-

@%/6!"#-&%)'+.!L8=.%)'+.!+7!('4$=%-V!E(?!-)*++,M

D.-!O=Z!O/>:+4.#

@%/6!"#-&%)'+.!L8%&4'>!C%/$V!E(?!-)*++,M

D.!],=F%.!G.=)%

@%/6!"#-&%)'+.!LC%/$V!"(?!-)*++,M

D.-!?##!K+>)%

@%/6!"#-&%)'+.!L8%&4'>!C%/$V!E(?!-)*++,M

!"#$%&%#$%#'!()*++,-!"#-&%)'+./'%!0121


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.