The Gredley Charitable Trust For the year ended 31 March 2022 Charity Registration No l(KM1266
The Gredley Charitable Trust INDEX TO ACCOUNTS Legal and athn1nistratj infornjation Report of tbe Truste¢5 Tsl¢¢s. responsibiliti 1ndedellt Examiner's Report St8tement of financial tivItieS Balance sheet Accounting policies Not¢8 to the a¢counts 10-15
The Gredley Charitable Trust LEGAL AND ADMINISTRATIVE INFORMATION Year ellded 31 March 2022 TRUSTEES WJ Gredley JV Gredley MS Butcher SM Porter TCO Gredley PG Scott PRINCIPAL OFFICE AND REGISTERED ADDRESS Unex House Church Lane Stetchwortb Newmarket CambTidgeshire CBS 9TN INDEPENDENT ExAMER RSM UK Tax and Accounting LTmiied Blenheim House Newmarket Road Bury St Edmund8 Suffolk IP33 3SB BANKERS Coutts & Co 440 Strand Imdon WC2R OQS Page I
The Gredley Charitable Trust REPORT OF IHE TRUSTEES Y¢ar ended 31 March 2022 The trustees ptrsent their report together with th¢ financial Sthl¢m¢nt$ of th¢ ¢harity for the yefjr endd 31 March 2022. The financial stAl¢m¢nts wnpri$¢ the Statement of Financial Activities and the Bklanrc Shcet, together with supporting Thotes. The fjnanctal statements have been preparcd in accordance with the accounttng policies set out on pages 8 alld 9 and Comply with the charty's trust dee the Charities Act 2011 and Ac¢oulltitig aDd Rwtiug by Charities: Statement of Recommended Prnctice appli¢able to charities preparing thetr accounts in a¢¢ordan¢¢ with the Financial Reporting Standard applicAble in the United Kingdom and Republi¢ of Ireland (FRS 102). CONSTITtrrioN The Gredley Charitabl¢ Tr9¢ is ¢0[titut¢d und¢r a trust deed dated 10 August 1990 and is a registereAI cPrity No 1000266. OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFrr The objeets of the ¢har&ty are th¢ pur8Uit of charitable a¢tivities, mainly the organisin8 atjd financing of annual summer day trips to the coas¢ 8rtial outings al a Cknisbnas dinner for the older residents of Newmatlcet, Suffo]k and the surrounding villages. It al80 donat¢8 amounts lo other charities and to causes whi¢h hav¢ a ¢haritsble aim. The charity intends to Continue these activities unchanged. The ttwtees ¢onfirni that they have referred lo the guidance contained in the Charity Commission's genera] guidance on public benefit wkn reviewing the Ttust's aims and obje¢lives and in dern)inIng the grant mAking policy for the year. and in pl&tming fiJtw¢ activities. ORGANISATION The ttustrts who bAve s¢ry¢d during th¢ year and Sill¢e the year end are set out on page l. The appointtnenl of new or additional trustees is vested in th¢ settlor. Mr WJ Gredley duringhis lifetime. The total nutnb¢r of tNstees shall not be more than eight and not lass than three. Decisions ar¢ made by a majority vote of the wt¢¢5, New trustees are identified and appotnted by th¢ Continuing trustxy and made aware of th¢ governing docwllen( administrative prOCUreS and the nature of the tswt genernlly. New trustees are given a copy of the Cbarity Commission's booklet on the responsibility of trustees and the ptEViOUg year's aunIs. The trnstees aTe encoura1 to attend appropriat¢ ¢xt¢rnal troining events where these will facilitate the undertaking of theirn)I The Charity has purchasoj indenmity insurance on behalf of the tntee$. GRANf MAKING POLICY The trustees declde from time to time Twhat donations to make and wh&t activities io fimd in aeeordance with the ptincipal objects as set out above. Jn additio unsolicited requuts for grants 8r¢ ttviewed as they are received. RELATED PARTIES The Charity uses the premises of companies controlled by family members of its settler aDd trustee, WJ Gr1¢y. In ag¥&1¢ th¢ Companies dfflve no Profil from the provision of these servie¢s. KEY MANAGEMENf PERSONNEL REMUNERATION The tru8te¢s ¢onsid¢r the Board of Trustees as comprising the key management personttd of the chlty in Iwg¢ of dirting and controlling th¢ tharity and running and operatillg the chlty on a day to day basis. No r¢mun¢rntion w&s poid during thi$ or the previous year. ACHIEVEMENTS AND PERFORMANCE The charity continued io achieve lis stated objectivcq attd perforniatt¢¢ during the year with soJn¢ activities reacommencing following the Covid-19 pandemie. Page 2
The Gredley Charitable Trust REPORT OF THE I'RUSTEES Year ended 31 March 2022 FJNANCIAL REVIEW During th¢ year the charity had a net increase in funds of £49.342 (2021: £91,728). The principal funding source for th¢ year was the Tent and associated income on Ihe invesknent property of £96.485 (2021: £96,582). FUNDRAISING No external fundrdistng aclivities ar¢ undertaken by the Charity. INVESTMENT POLICY AND PERFORMANCE In March 2010 the trustees used £1,664,920 of the funds to purchase an investment property. Rents receivable from this property have gene¢d a yield of approximately 5.8Yo (2021: 5.8V•) in the year. RESERVES POLICY At 31 March 2022 totsl reserves were £2.568,279. It is the policy of the Charity to finance its expcndilure, as it aTi5e& from in¢ome. To the extent ih&i incoine is not fully utili5ed in any onc year, it is carried fonvard for use in future years. The tr8£te$ have decided to keep surplus cash on deposit to finance expendilure in the fvture. RISK MANAGEMENT The Iruslees have ¢xamined the major slrdlegi¢, business and operational risks which the charity faces and confirn) that systems have been established so that the n¢¢essary 51eps can b¢ taken lo lesscn the5¢ risks. The chority is ¢XPDsed to financial risks arising primarily from ihe investsnents that it holds. The Charity has developed an intemal framework for identifying risks that each investment 15 exposed to and their impl1 on economic capital. This process is risk bascd and utilises trStee member knowledge and experience to manage the capital requirements and to ensure Ihat the charity has Ihe financial strength and capital adequacy to support tts a¢tivilies. PLANS FOR THE FLrruRE The Trst plans to continue organising and finaneing annual summer day trips and Christmas dinners for older residents in th¢ Newmarkel area and to mak¢ donations to other charities. Rental income from the Trust's investsnent property is expected to furLd continuing charitable activities. Approved on £haIr of the Trustees on 12 December 2022. WJ Gre Trustee Page 3
The Gredley Charitable Trust TRUSTEES. RESPONSIBILITIES tN THE PREPARATION OF LfNAUDITED FINANCIAL STATEMENrs Year end 31 March 2022 The trust$ are responsible for preparing the Trustees, Report th¢ finan¢iaI ststem¢nts in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102: The Financial R¢twting Stsndard applicable in the UK and R¢publi¢ of Ireland (Uniied Kingdom Generally Accepted Ac¢ounting Pra¢ti¢e). The law appliGabl¢ lo chan'ties in England & Wales twuires the trustee8 to pr¢pare financial statements for each financial year which give a and fair view of the state of affAirs of the ¢harity and of th¢ ill¢ome and expenditure of the clwity for that period. In preparing these fanCIal ststern¢nts, the tNstees are required select suitable accowiting policies and then apply them consist¢ntly' observe the methods and principles in the Charities SORP. make judgments and estimkt¢s that are reasonable and pNdent' stste whether applicabl¢ aounting standards have been followed. subject to any mAt¢rial departures disclosed and explained in the finan¢ial ststements. and prepare the financiAI statements on the going concern b&8is unless it is inappropriate to pr¢8ume that the chaTity will continue in bu8in¢ss. The trustees are ra8p)nsible for ke¢ping Proper accounting records that di10$¢ with reasonable accurncy at any lime the financial position of the Chty and enable IheTn to ensure that the financial statemenis Comply with the Charilies Act 2011. the C])arity (Accounts and Reports) Regulations 2008 and the provision$ of the trust deed. They are also r¢spoJ]sible for safeguarding the assets of the chAtity and hence for taking reasonable steps for the prevention and detection of ud and other irregularities. Page 4
INDEPENDENf EXAMINER'S REPORT TO THE TRUSTEES OF THE GREDLEY CHARITABLE TRUST report to the trustee's on my examination of the financial ststements of Th¢ Gredley Charitabl¢ Tllt (the 'charity') for th¢ year ended 31 March 2022, which are set on pages 6 to 15. RespoDslbllltie8 and basi5 of report As th¢ trustees of the charity, you are responsible for the Prcparation of the financial statements in arcordan¢e with the requirements of the Clwities Act 2011 C'the 201 l A¢l"). I rep)rt in r¢sp¢¢t of my examination of the charity's financial staiements carried out under section 145 of the 2011 Act and in carrying out my examination. I have followed a]1 the applicabl¢ Dir¢¢tions given by the Charity Commission under ¢tion 145(S)(b) of the A¢t. An independent examinalton does not involve gathering all the evidence that would k required in an audit and consequentIy does not cover ail the matters that an audiior considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assuranee that a independent exaTnination can provide. Consequently, l express no opinion a5 to whether the financial statements present a 'true and fair view. and my report is limiled to those specific matters set out in ihe independent ¢xamin¢r's statement. Independent exominer's 5t8temelll I have completed my examination. l eonfim) that no material matters have cornc to my attention in connection with the eAamination which give5 me cause to believe that in. any material respect.. the accounting records weTe not kept in respect of the GhaTity as required by seclion 130 of th¢ Charities Aci 2011,. or the financial stal¢m¢nts do not accord with the accounting records" or the financial statements do not comply with the applicable requirements Concerning the forni and ontent of a¢¢ounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a'true and fair. view which is noi a matter considered as part of an independent examination. I have no Concen and have ¢ome across no other m&¢ters in conneeiion with the examination to which attention should be drawn in this Teport in order to enable a proper understsnding of the financial statements to b¢ reached. Name: Claire Sutherland Name of applicable listed bcdy.. The Inslilule ofCharteredAccowiianl$ in Engl<mdawl Wale$ Relevant professional qualification or membership of professionaE body: CJuwteredAccowztanl On behalf of RSM UK Tax and Accounting Limiied Chartered Accounlants Blenheim House Newmatket Road Bury St Edmunds Suffolk IP33 3SB 15 December 2022 Page 5
The Gredley Charitable Trust STATEMENf OF FINANCL4L AcTIVITs Year ended 31 March 2022 Not Total funds Total fimds Unrestrtcted Unrestricted 2022 2021 Income and endowments from: Donation8 and l¢gacie8 Investm¢nts 114,145 114,193 Total Income 114,145 J14,193 Expendlthre Investment mana8enient ¢o$ts Expenditure on charitsble activities 1155 62,648 2,087 20.378 Toth] ¢xpendlture 64,803 22.465 Net movement in ndS 49,342 91.728 R¢¢on¢ilt#lion of fund5 Total fiJnd8 brought forward at i April 2021 io 2.518.937 2,427,209 Total fijnds cattied forward at 31 MCh 2022 io £2.568279 £2,518.937 Page O
The Gredley Charitable Trust BALANCE SHEET 31 March 2022 Noles 2022 2021 FIXED ASSErs Tangtble assets.. Investment proFxrties Motor vehicles Investtnents 1,500.000 6,715 1,51)0,000 8,959 1,506.815 1.509.059 CUIUiENf ASSETS Debtor5 Cash at boj 1.084.473 2.422 1.030,519 4.790 1,086,895 1,035,309 CREDITORS.. Amounts falling due within one year (25.431) (25.431) NET CURRENf ASSETS 1,061,464 1,009.878 TOTAL NET ASSETS £2,568,279 £2.518,937 FUNDS . UNBESTRICTED io £2,568,279 £2.518.937 The fancial statements on pages 6 10 15 were approved and authorised for issue by the trustees on 12 De¢¢mb¢r 2 22 and siLm¢d on its behaifby: WJ Gredley Trusiee Page 7
The Gredley Charitable Trust AccouNfiNG PoLICs BASIS OF ACCOUNTING The accounts have been prepar1 und¢r the hislori¢al cost conv¢ntion with items recognised at cost or tranthction value unless otherwise ststed in the relevant note to these accowlts. The accounts have been prepared in accordance with the Ststem¢n¢ of R¢¢ommended Practice.. Acwunting and Reporting by Charitie5 preparing their accounts in accordanc¢ 1th the FinAn¢ial Re)rtillg Standard &pplicable in dLe UK and Republic of Ireland (FRS 102) and th¢ Charities Act 2011 and the Financi81 Reporting Standard applicable in the United Kingdom and Republi¢ of IrelBnd IFRS 102). GOING CONCERN The charity 18 considered lo be a going con¢ern on th¢ basis that 1¢ has net current assets at the balance sheet dale. When assessing the going concern position of the charity. theTste¢s&Vc ¢on8idered the financtal position of the c]wity. The charity has minin1 overhead expenses, does not incur Any staff costs and charitable cxp¢nditUTC is at thc discretion of the Trustees so this can be amend¢d in any year in order to remain in line with the level of income. Therefore, the Trnstees haye ¢on¢lud¢d that il is aPPTopriale to continu¢ to prepare the financial statements on the going con¢¢rn basi8. GROUP ACCOU[S The financial 8tsiements presentinfoTmation aboutthe charity as an individual entity and not about its group. The charity and its subsidiary undertakin8 comprise a small sized group. Th¢ charity has tberefor¢ taken advantage of the exemptions provided by the Charities Aet 2011, and th¢ Chariti¢5 (Accounts and Reports) Regulations 2008 not to prepare group a¢unIs. DONATIONS AND LEGACIES Income from donations are recognised when the charity has entitlement to the in¢ornc, it Is pmbable that the income will be received and the amount of the income can be reliably measured. STMENf COmE Jnvestment income is aecounted for in the period to which it rlates. Expenditure is Includ on an accnlS basis as a liability is incurred. It includes any VAT which ¢awiot be recovered and is part of the expenditure to which it relates. Charitable exp¢nditure ¢OmPTises th08e costs incurred by the charity in th¢ d¢livery of its activities for its benefi¢iari&q. Property Costs relate to those Costs iticurred by the charity in relation to property insuratt and repairs, and ar¢ iDcluded in th¢ Ststuncnt of Financial Activities as investment management costs. GRANTS PAYABLE Grants payable are account for when paid or where an wi¢onditional commitment to payrnent is made. Unrestricted fimds are donations and other incoming r¢souw¢s re1ved or generated for the objects of th¢ clwtty without further spe¢ifi¢d purpose and ar¢ available as general funds. Page 8
The Gredley Charitable Trust ACCOUNfiNG POLICIES TANGIBLE FIXED ASSETS AND DEPRECIATION All assets costing more tban £l.000 are capitalised. D¢preciation is prowded at a 251J/o reducing ba]ance basis on motor vehicles to write down each ass¢1 lo its ¢stirnated residual value over its expttted usefill lif¢. Inve51ment properties are initially measured at cost and subsequently measured at fair value. cIlSe8 in fAir value are re¢ognised in profit or loss. VESTMENrs Investments in subsidiary are stated at C4)st (Note 7). FINANCIAL INSTRUMENTS Financial 8ssets and financial liabilities are Tecognised when the Charity becomu a party to the contra¢ttwi provisions of the in5tnunent, and are offset only when the Charity currenily hgs a l¢gally enforceabl¢ right to 8¢t off th¢ r¢cognised amounts inteJLds either to settle on a net basis, or to r¢alise th¢ asset 8nd settle the liability simuliancously. Financial liabilities and eqwity inslnunents are classified according to the subst2n¢e of the conttzctual arnngemeDts entered into. An equity inslThment is any contract that eNidences a residual interest in the assets of th¢ Charity aftv dcduding all of its ]iabilities. FfNANCIAL ASSETS Amounls ow¢d by subsidiary undertsking and trade debtors which are receivable within one year and do not constitute a financing tratwction are inttially measured ai the transaction price and subs¢qu¢Dtly measured at aTnorti5¢d Cost. FfNANCIAL LIABILITIES Other creditors (in¢luding ac¢wals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price And 8ubsequently measured at amortised cosL being the transaction price less any amounts s¢ttl¢d. Page P
The Gredley Charitable Trust NOTES TO THE UNAUDFfED FINANCIAL STATEMENrs For the ear ended 31 March 2022 DONATION INCOME 2022 2021 Donation from related undertaking INVESTMENT INCOME 2022 2021 Other interest Rental and associated incorne 17,660 96.485 17,611 96,582 £114,145 £114.193 Jnvestment manageJn¢nt Chgritable costs tivi¢i¢s Toial 2022 Total 2021 Costs dlreetty allocAted to aethldes Tnm5POrtICatsingl Entertainment Vehicle expenses Grants payable Insurance & other admill costs Accountancy fees Property insurance and repair8 47.369 6.698 47,369 6,698 465 8J04 5.000 3.109 3.500 2.087 3.656 4.925 3,656 4,925 2,155 2,155 Total resources expended 2022 £2,155 £62,648 £04,803 £22.465 Totsl resources expettded 2021 £2,087 £20,378 Accountancy feas include £3500 (2021.. £2,900) in respxt of independent examinern fees. REMRATIoN OF EMPLOYEES AND KEY MANAGEMENT PERSONNEL The Charity considers its keymanagement personnel comprises its Tntee$. The total employmenl b¢ll¢fits, including employer pension cost of kry management personnel. w¢re £Nil {2021'. £Nil). There wtr¢ no ¢mployc¢s in this Charity in 2021 or 2022. Trustees received no remuneration (2021.. £Nil) and were not reimburs¢d for any of their expenses in the year (2021: £Nil). Page 10
The Gredley Charitable Trust NOTES TO ThE 17NAUDrrED FINANCIAL STATEMENrs For the ended 31 March 2022 GRANTS PAYABLE 2022 2021 Nil (2021: 1) follows.. St Nicholas Hospice Care s,0 £5,000 TANGIBLE FIXED ASSETS Jnvesiment Valuation At l April 2021 and 31 Mar¢h 2022 £1,500,0(KI The historic wst of the propety is £1,664920 (2021: £1,664,920) as at 31 MArch 2022. The fair value of the company's inves(ment properties ha5 been a1Ved al by WJ Gredley (a ttwslee) and AG Morris using a basis of market value. The valuation was b&8ed on recent market transaction5 on an aml's length basis for similar properties. The tangible red assets are primarily held to provide an invesrment return. Motor vehicles Cost: l April 2021 and 31 Mar¢h 2022 50,392 Depreciation: l April 2021 Charged in year 41,433 2244 31 March 2022 43,677 N¢t book value: 31 Mah 2022 £6.715 31 March 2021 £8959 Page 11
The Gredley Charitable Trust NOTES TO THE UNAUDITED FINANCIAL STATEMEFtrs For the ear ended 31 Marcb 2022 STMENTS Investment in subsidiary Valuation or nominal value or cosl AI I ApTiI 2021 and 31 March 2022 £100 Investment in subsidiary: Class of ]Joldin8 PrO)rtio1) held Nume Oftenfact Limited Ordinary The registered office of Oftenfact Limited 18 Unex Hou84 Church Lan¢. Stetchworth, NewmarkeL Cambridgeshir4 CB8 9TN. The awegate capitsl tnd res¢rv¢8 and results for the year are included ID Note I l. The unlisted inv¢stm¢nts wett primarily held to provide an invasttnent Rturn. DEBTORS 2022 2021 Trade d¢bior8 Amount due from subsidiary undertaking Amount du¢ from related undertaking Oth¢r debtOT3 3,240 588,4 490,768 1,975 3,240 574,020 448,575 4.684 £1,084,473 £1.030.519 CREDITORS 2022 2021 Other cr¢ditor8 Accruals and def¢rra income 31 31 25,400 25.4 £25,431 £25,431 Deferred income ¢ompriscs: Brought forward Defetyed in the year Released in the year 21,900 21,900 (21,900) 22200 21,900 {22,200) Deferred income carried foNard £21,900 £21,9LKJ Deferred income relat&8 to rentsl iD¢ome for the following quarter. Poge 12
The Gredley Charitable Trust NOTES TO THE UNAUDttED FINANCLAL STATEMENrs For the year ended 31 March 2022 10 MOVEMENTS IN FUNDS At l April 2021 Incoming Resources Outgoing At 31 March Retsources 2022 Unrestricted fimds: General resetves 2518.937 114,145 {64.803) 2,568279 Total unr¢stricted funds £2,518,937 £114,145 £(64,803) £2568279 At l April 2020 Incoming Resources Outgoing At 31 March Resources 2021 Unrestricted nds. General rc8erves 2,427,209 114,193 (22.465) 2.518.937 Total unrestricted fjJnds £2,427209 £114.193 22,465) £2.518.937 PuSeS of unrestricted fjjnds. General funds. To the extent that soUrceS are not fully utilis¢d in any year for the fiknberance of the obiccts of the charity. such sllrph resources are carried fonvard for use in subsequent years. Page 13
The Gredley Charitable Trust NOTES TO THE UNAUDrrED FINANCIAL STATEMENrs For the year ended 31 March 2022 SUBSIDtARY COMPANY The charity owns the whole of the i&8ued ordinary sh&tE capitsl ofotknfact Limitéd, a company registered in England. The subsidiary compatty is an invesknent holding ¢ompany. A summary of the results of the subsidiary is shown below: 2022 2021 Related costs (18,132) (9.251) Gross loss Administrntive expenses {17.532) (ioo) (8.651) Operaling1085 (17.632) (8,651) Interest receivable and stmilar ite Intwcst pay&bl¢ 17.632 (14.470) 9,804 (14,413) Los8 on ordinary activitie8 before and after t&xation £(14.470) q13.2fA)) 2022 2021 The aggtegate of the liabilities and fimds w&8: Assets Liabi]iti¢s 600.000 (588.490) 61KJ,000 (574.020) Net L8sets £11,510 £25,980 Capital and re5etves'. Called up share capital (representing 100 ordinary shares of £1 each) Revaluation resCe Profit and Ioss account loo 50,138 {38.728) 100 50,138 (24,258) £11,510 £25.980 The company owns a fre¢hold pmp¢rty which 1¢ intends to develop profitably. 12 TAXATION The GTedley Charitable Ttust is a registered chariry and. as such, its incomeand Wdins falling within Sectiolls 518 to 564 of Part 10 of the Ineotne Tax Act 2007 and Section 256 of the Taxation of Chargeable Gains Act 1992 are exempt from corporation tax to the extent that they are appli¢d to its charitable objectiv&8. Page 14
The Gredley Charitable Trust NOTES TO THE UNAUDITED FINANCIAL STATEMENTS For the year ended 31 March 2022 13 RELATED PARTY TRANSAcfioNS Holdings Limit¢d, a relat company by virtu¢ of a dir¢¢tor being a ttwstee of the charity? incurred expenses of £nil {2021'. £1.350} Oll behalf of the charity whicb were not recharged. tnterest of £3.1 (2021: £3.190) was receivable on the bank balance held by the CoMpY on behalf of the Charity. At 31 March 2022 £357.935 (2Q21: £354,745) w&s due from the company 8nd this 18 included in debtors. Unex Finance Limited, a related company by virtue of a director being a trustee of the ¢1]ty, rechorged the charity £60.192 (2021: £16.949} for expenses incufftd on its bebAlf. and collected rent and associated income of £99,195 (2021: £95,889) on behalf ofthe charity. At 31 March 2022 th¢ balan¢¢ duc from this entity WH8 £132,833 (2021: £93,830). In a previous year the Ch)ty loatted £250,000 (2021.. £250,000) to its subsidiary company* Oftenfact Limited? repayable on demand. The loaD is secured and interest is payabl¢ at the rdte of 30/0 per annum above the base rdte. In addition, £338,4 (2021: £324.020) 1$ due from th¢ subsidiary company on its ¢UTrei)t a¢¢ounL During the yearended 31 March 2022. the total interest payable was £14.470 (2021. £14,470}. 14 SECURITY The Tntst has the benefit of a legal charge over Oftenft Limited's freehold property in respect of au monies due from the subsidiary Company. Oftenfacl LiJnite(L 15 Rwf RECEIVABLE At the year end the charity had contracted with tenants under non-cancellable op¢r4ting leases, for the following future minimum lease payments: 2022 2021 Amounts receivable.. Within one y¢ar Betwe¢n two and fivc Yr3 40.734 63,OIM) 40,734 £40.734 £103,734 The operatitig leases represent leases of one propety lo third parties. The leA9¢8 are registered over ternis of15 years (2021: 15 years). There are no options in place for eitherpaty lo extend the lease Page 15