For the purposes of these Notes, the depositary is referred to as a "Firm".
1. Expenditure Requirement
1.1 The Expenditure Requirement is calculated as one quarter of the Firm's total expenditure taken from the most recent annual accounts.
1.2 Total expenditure includes all expenditure incurred by the Firm. The following may be deducted from the expenditure figure:
(b) Profit shares, bonuses etc.;
(c) Net losses arising in the translation of foreign currency balances;
1.3 All deductions from the total expenditure figure should be either clearly identified in the most recent annual audited accounts or supported with a letter from the auditors confirming the figures.
2. Financial Resources
2.1 A Firm is required to have…