Charity registration number: 1020121 ## The Bouttell Bequest Annual Report and Financial Statements for the Year Ended 5 April 2021 ## **The Bouttell Bequest** ## **Contents** |**Contents**|| |---|---| |Reference and Administrative Details|1| |Trustees' Report|2 to 4| |Independent Examiner's Report|5| |Statement of Financial Activities|6| |Balance Sheet|7| |Notes to the Financial Statements|8 to 18| ## **The Bouttell Bequest** ## **Reference and Administrative Details** ## **Trustees** Mr J Rathbone Mrs C Rathbone Mrs A Houston Mrs E Osborn **Principal Office** c/o Freeths LLP 5000 Oxford Business Park South Oxford OX4 2BH **Charity Registration Number** 1020121 ## **Solicitors** Freeths 5000 Oxford Business Park South Oxford OX4 2BH **Bankers and investment advisors** J M Finn & Co 4 Coleman Street London EC2R 5TA Rathbones Rathbones Investment Management 8 Finsbury Circus London EC2M 7AZ **Independent Examiner** Buzzard's Accountancy Limited Buzzards Accountancy Limited 95 Sinclair Avenue Banbury Oxon OX16 1BQ Page 1 ## **The Bouttell Bequest** ## **Trustees' Report** The trustees present the annual report together with the financial statements of the charity for the year ended 5 April 2021. ## **Trustees** Mr J Rathbone Mrs C Rathbone Mrs A Houston Mrs E Osborn The accounts have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charities Act 2011 and the Charities SORP (FRS102) "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". ## **Objectives and activities** ## _**Objects and aims**_ The trusts objects are "to further such charitable purposes, and to assist such charitable institutions established in England and Wales as the trustees from time to time in their absolute discretion think fit". The policies adopted in furtherance of these objects are to use two stockbrokers to manage the investments on a daily basis with a view to generate income and to maintain the capital of the trust. There have been no changes to the policy during the year. ## _**Objectives, strategies and activities**_ The main charitable activity of the charity is that of making grants. The charity aims to support charitable projects in the village of Brill, Oxfordshire where the settlor of the trust, Mrs M J Bouttell resided before her death. ## _**Public benefit**_ The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. ## _**Grant making policies**_ In accordance with the trust deed the charity makes grants to other charities which support disadvantaged children, the care of the terminally ill and disabled, and various community projects within the local area. Applications are submitted to the trustees who meet regularly to consider them each based on their own merit and the funds available for distribution. To fulfil the charitable objectives, during the year under review the charity paid out grants totalling £80,300 to 19 different institutions (2020 - £115,714 of grants to 34 different institutions). Page 2 ## **The Bouttell Bequest** ## **Trustees' Report** ## **Achievements and performance** The investment income for the year is detailed in the Statement of Financial Activities on page 6. ## **Financial review** The financial transactions during the year and charities financial position at the year end are shown on pages 6 to 18 of the financial statements. The income generated from investments amounted to £86,731 in the year, a decrease of £25,376 compared to an increase of £3,652 in 2020. This decrease is in line with the trustees expectations as a result of the impact of the COVID pandemic on the investment market. The trustees aim to maintain the total expenditure in any year in line with the investment income for that year. The amount of grants paid out in the 2021 year was lower compared to the 2020 year (£80,300 compared to £115,714 in the previous year). This is as a direct result of reduced investment income due to the ongoing pandemic. The trustees consider that the charity's financial position at the year end is satisfactory. The endowment fund increased in value by £618,796 during the year which is partly due to the revaluation gains in the investment portfolio at the year end and a reversal of the losses that had arisen at the previous year end as a result of the pandemic. This is in line with the trustees expectations. The total endowment fund balance at 5 April 2021 amounted to £3,286,834 (2020 - £2,668,038). In addition the charity had unrestricted funds as at 5 April 2021 of £42,391 (2020 - £43,864), which resulted in a total fund balance at the year end of £3,329,225 (2020 - £2,711,902). The trustees review the capital and income performance of the portfolios on an ongoing basis. The trustees consider that the charity's financial position at the year end is satisfactory. ## _**Policy on reserves**_ It is the policy of the trust that unrestricted funds which have not been designated for a specific purpose should be maintained at a level equivalent to twelve months expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in investment income, they will be able to continue the trust's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. Page 3 ## **The Bouttell Bequest** ## **Trustees' Report** ## _**Investment policy and objectives**_ The only source of income for the charity is the investment income from the two portfolios lodged with independent stockbrokers - Rathbones and J M Finn & Co. The investment terms provide for a balanced approach between the production of income and capital growth. A medium risk investment strategy has been applied. ## **Structure, governance and management** ## _**Nature of governing document**_ The trust was established by a charitable trust deed on 29 March 1993. The charity is registered as The Bouttell Bequest with the Charities Commission, England and Wales - number 1020121. Mrs Bouttell died on 29 October 2006. Prior to this the trust had £7,500 cash on deposit. In accordance with the trust deed, the charity makes grants to other charities which support disadvantaged children, the care of the terminally ill and disabled, and various community projects within the local area. Applications are submitted to the trustees who meet regularly to consider them each based on their own merit and the funds available for distribution. ## _**Recruitment and appointment of trustees**_ Trustees are recruited by approaching local individuals who are known to be sympathetic to the aims which the charity supports. Any new trustee appointed is inducted and mentored by a nominated trustee. ## **Major risks and management of those risks** The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to major risks. The annual report was approved by the trustees of the charity on 23 November 2021 and signed on its behalf by: Mr J Rathbone Trustee Page 4 ## **The Bouttell Bequest** ## **Independent Examiner's Report to the trustees of The Bouttell Bequest** I report to the charity trustees on my examination of the accounts of the charity for the year ended 5 April 2021 which are set out on pages 6 to 18. ## **Respective responsibilities of trustees and examiner** As the charity’s trustees of The Bouttell Bequest you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the The Bouttell Bequest's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner’s statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of The Bouttell Bequest as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements concerning the form and content of accounts 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 not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Valerie Buzzard, FCCA Buzzards Accountancy Limited 95 Sinclair Avenue Banbury Oxon OX16 1BQ 3 December 2021 Page 5 ## **The Bouttell Bequest** ## **Statement of Financial Activities for the Year Ended 5 April 2021** |**Note**
**Unrestricted**
**funds**
**£**
**Endowment**
**funds**
**£**
**Total**
**2021**
**£**|**Note**
**Unrestricted**
**funds**
**£**
**Endowment**
**funds**
**£**
**Total**
**2021**
**£**| |---|---| |**Income and Endowments from:**|| |Investment income
2
86,731
-
86,731|| |Total income
86,731
-
86,731|| |**Expenditure on:**|| |Raising funds
-
(27,640)
(27,640)|| |Charitable activities
(88,204)
-
(88,204)|| |Total expenditure
(88,204)
(27,640)
(115,844)|| |Gains/losses on investment assets
-
646,436
646,436|| |Net(expenditure)/income
(1,473)
618,796
617,323|| |Net movement in funds
(1,473)
618,796
617,323|| |**Reconciliation of funds**|| |Total funds brought forward
43,864
2,668,038
2,711,902|| |Total funds carried forward
14
42,391
3,286,834
3,329,225|| |**Note**
**Unrestricted**
**funds**
**£**
**Endowment**
**funds**
**£**
**Total**
**2020**
**£**|| |**Income and Endowments from:**|| |Investment income
2|112,107
-
112,107| |Total income|112,107
-
112,107| |**Expenditure on:**|| |Raising funds|-
(28,767)
(28,767)| |Charitable activities|(124,346)
-
(124,346)| |Total expenditure|(124,346)
(28,767)
(153,113)| |Gains/losses on investment assets|-
(439,387)
(439,387)| |Net expenditure|(12,239)
(468,154)
(480,393)| |Net movement in funds|(12,239)
(468,154)
(480,393)| |**Reconciliation of funds**|| |Total funds brought forward|56,103
3,136,192
3,192,295| |Total funds carried forward
14|43,864
2,668,038
2,711,902| All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2020 is shown in note 14. The notes on pages 8 to 18 form an integral part of these financial statements. Page 6 ## **The Bouttell Bequest** ## **(Registration number: 1020121) Balance Sheet as at 5 April 2021** |**Note**
**2021**
**£**
**2020**
**£**|**Note**
**2021**
**£**
**2020**
**£**| |---|---| |**Fixed assets**|| |Investments
11|3,282,438
2,662,626| |**Current assets**|| |Cash at bank and in hand
12|58,236
61,078| |**Creditors: Amounts falling due within oneyear**
13|(11,449)
(11,802)| |**Net current**assets|46,787
49,276| |**Net**assets|3,329,225
2,711,902| |**Funds of the charity:**|| |**Endowment funds**|3,286,834
2,668,038| |**Unrestricted income funds**|| |Unrestricted funds|42,391
43,864| |**Total funds**
14|3,329,225
2,711,902| The financial statements on pages 6 to 18 were approved by the trustees, and authorised for issue on 23 November 2021 and signed on their behalf by: Mr J Rathbone Trustee The notes on pages 8 to 18 form an integral part of these financial statements. Page 7 ## **The Bouttell Bequest** ## **Notes to the Financial Statements for the Year Ended 5 April 2021** ## **1 Accounting policies** ## **Charity information** The Bouttell Bequest is a charitable trust established by a charitable trust deed on 29 March 1993. The charity is registered as The Bouttell Bequest with the Charities Commission, England and Wales - number 1020121. ## **Statement of compliance** The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a "true and fair" view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair" view. This departure has involved following Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in the UK and Republic of Ireland (FRS102) issued in October 2019 rather than Accounting and Reporting by Charities:Statements of Recommended Practice effective from 1 April 2005 which has since been withdrawn. ## **Basis of preparation** The Bouttell Bequest meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The financial statements have been prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £. ## **Exemption from preparing a cash flow statement** The charity has taken advantage of the provisions in the SORP for charities applying FRS102 Update Bulletin 1 not to prepare a statement of Cash Flows in these financial statements. ## **Going concern** The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. Page 8 ## **The Bouttell Bequest** ## **Notes to the Financial Statements for the Year Ended 5 April 2021** ## **Incoming resources** ## _**Investment income**_ Income from endowment funds comprise dividends received on listed investments, interest received on interest bearing securities and bank interest all of which is treated as unrestricted funds. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. ## **Expenditure** Liabilities and related expenditure are recognised in full in the financial statements as soon as the obligation arises. ## _**Raising funds**_ These are costs incurred in the management of investments that raise funds. ## _**Charitable activities**_ Charitable activities include expenditure associated with the payment of grants in accordance with the charities objectives and aims. Support and governance costs included within expenditure on charitable activities comprise costs for the running of the charity itself as an organisation and are recognised when incurred. ## _**Grant expenditure**_ Expenditure on charitable activities is charged in the year when the offer is confirmed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. ## _**Other expenditure**_ Support and governance costs included within expenditure on charitable activities comprise costs for the running of the charity itself as an organisation and are recognised when incurred. ## **Governance costs** These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses. Page 9 ## **The Bouttell Bequest** ## **Notes to the Financial Statements for the Year Ended 5 April 2021** ## **Taxation** The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. ## **Fixed asset investments** Fixed asset investments are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end. ## **Cash and cash equivalents** Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. ## **Trade creditors** Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of activities of the charity from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price. ## **Fund structure** Unrestricted funds are available for use at the trustees discretion in furtherance of the objectives of the charity. Endowment funds are subject to specific conditions by the donor that the capital must be maintained by the trust. Page 10 ## **The Bouttell Bequest** ## **Notes to the Financial Statements for the Year Ended 5 April 2021** ## **2 Investment income** |**2**
**Investment income**|||| |---|---|---|---| ||**Unrestricted funds**||| ||**General**||| ||**Total**|**Total**|| ||**2021**|**2020**|| ||**£**|**£**|| |Interest receivable and similar income;|||| |Interest receivable on bank deposits|-|9|| |Other income from fixed asset investments|77,423|96,824|| |Other investment income|9,307|15,274|| ||86,730|112,107|| ## **3 Expenditure on raising funds** ## **a)** ## **Investment management costs** |**a)**
**Investment management costs**|**a)**
**Investment management costs**| |---|---| |**Endowment funds**
**Permanent**|| |**Total**
**Total**|| |**Note**
**2021**
**£**
**2020**
**£**|| |Other investment management costs;|| |Administration of the investments|27,640
28,767| ||27,640
28,767| |**4**
**Expenditure on charitable activities**|| ||**Unrestricted funds**| ||**General**| ||**Total**
**Total**| |**Note**|**2021**
**2020**| ||**£**
**£**| |Grant funding of activities|80,300
115,714| |Governance costs|7,904
8,632| ||88,204
124,346| Page 11 ## **The Bouttell Bequest** ## **Notes to the Financial Statements for the Year Ended 5 April 2021** ## **5 Analysis of governance and support costs** ## **Support costs allocated to charitable activities** |**Support costs allocated to charitable activities**|**Support costs allocated to charitable activities**| |---|---| |**Governance**
**costs**
**£**
**Administratio**
**n costs**
**£**
**Total**
**2021**
**£**
**Total**
**2020**
**£**|| |Trustee expenses
-
-
-
45|| |Secretarial support costs
-
4,938
4,938
5,302|| |Bank charges
-
74
74
101|| |Sundry support costs
-
-
-
292|| |Accountancy
2,892
-
2,892
2,892|| |2,892
5,012
7,904
8,632|| ||**Governance**
**Administratio**
**Total**| ||**costs**
**n costs**
**2020**| ||**£**
**£**
**£**| |Trustee expenses|-
45
45| |Secretarial support costs|-
5,302
5,302| |Bank charges|-
101
101| |Sundry support costs|-
292
292| |Accountancy|2,892
-
2,892| ||2,892
5,740
8,632| Governance costs includes payments of £2,892 (2020 - £2,892) for independent examination fees. Page 12 **Notes to the Financial Statements for the Year Ended 5 April 2021** ## **The Bouttell Bequest** ## **6 Grant-making** |**Analysis of grants**|| |---|---| ||**Grants to institutions**| ||**2021**
**2020**| ||**£**
**£**| |**Analysis**|| |Grants|80,300
115,714| |The support costs associated with grant-making are £7,904 (5 April 2020 - £8,632).|| Below are details of material grants made to institutions. Page 13 ## **The Bouttell Bequest** ## **Notes to the Financial Statements for the Year Ended 5 April 2021** ||**2021**|**2020**| |---|---|---| |**Name of institution**
**Activity**|**£**|**£**| |Action 4 Youth|-|3,000| |Asthma Relief|5,000|3,000| |Autism Family Support|-|3,000| |Aylesbury Vale Child Contact||| |Centre|5,000|-| |Banbury Cherwell Rotary Club|-|4,000| |Banbury Food Bank|8,000|-| |BBO Wildlife Trust|6,200|-| |Bicester Food Bank|8,000|-| |Banbury Museum Trust|-|3,614| |Brill Church|100|100| |Brill PCC Playground|5,000|-| |Brill Society|-|3,000| |British Red Cross|3,500|-| |Cardiac Rick in the Young|-|5,000| |Changing Faces|-|3,000| |Cherwell Theatre Company|3,000|3,000| |Child Bereavement UK|-|3,000| |Disabled Sailors Association|-|3,000| |Dogs for Good|5,000|5,000| |Emmaus|3,000|3,000| |Flag DV|2,000|-| |Florence Nightingale Hospice|-|5,000| |Great Marlow Swans|-|4,000| |Guideposts|-|5,000| |Home Start|4,000|-| |Katherine House Hospice|5,000|5,000| |Mabel Prichard School|-|3,000| |Medcamp for Kids|-|1,000| |Orinoco|-|5,000| |Our Bus Bartons Limited|5,000|-| |Police Community Clubs of GB|-|3,000| |Quest for Learning|-|3,000| |Rainbow Trust|5,000|-| |Salvation Army|5,000|-| |Special Effect|-|3,000| |Soundabout|-|2,000| |Thames Valley & Chiltern Air||| |ambulance|2,000|2,000| Page 14 ## **The Bouttell Bequest** ## **Notes to the Financial Statements for the Year Ended 5 April 2021** |The Glebe Charitable Trust|-|5,000|5,000| |---|---|---|---| |The Sequel Trust|-|3,000|| |The Voices Foundation|-|3,000|| |Voices Across Time|500|-|| |Wellbeing for Women|-|3,000|| |Wheelpower|-|5,000|| |Whizz Kids|-|3,000|| |Yellow Submarine Holidays|-|3,000|| |YoungDementia UK|-|5,000|| ||80,300|115,714|| ## **7 Net incoming/outgoing resources** Net outgoing resources for the year include: |**7**
**Net incoming/outgoing resources**
Net outgoing resources for the year include:|||| |---|---|---|---| ||**Endowment funds**||| ||**General**||| ||**2021**||**2020**| ||**£**||**£**| |Loss on disposal of investments|80,764||14,690| |Unrealisedgains/(losses)on investments|565,672||(454,077)| ||646,436||(439,387)| ## **8 Trustees remuneration and expenses** No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. No trustees have received any other benefits from the charity during the year. Expenses of £nil (2020 - £45 were reimbursed to 2 trustees during the year for meeting expenses and are included in support costs. ## **9 Staff costs** There were no employees during the year to 5 April 2021 (2020 - nil). ## **10 Taxation** The charity is a registered charity and is therefore exempt from taxation. Page 15 ## **The Bouttell Bequest** ## **Notes to the Financial Statements for the Year Ended 5 April 2021** ## **11 Fixed asset investments** ## **Other investments** |**Other investments**|| |---|---| ||**Listed**
**investments**
**Unlisted**
**investments**
**Total**| ||**£**
**£**
**£**| |**Cost or Valuation**|| |At 6 April 2020|2,619,085
43,541
2,662,626| |Revaluation|565,672
-
565,672| |Additions|638,675
-
638,675| |Disposals|(577,084)
(7,451)
(584,535)| |At 5 April 2021|3,246,348
36,090
3,282,438| |**Net book value**|| |At 5 April 2021|3,246,348
36,090
3,282,438| |At 5 April 2020|2,619,085
43,541
2,662,626| Listed investments are stated at market value as at the balance sheet date, and are valued by the investment managers. ## **12 Cash and cash equivalents** |**12**
**Cash and cash equivalents**|| |---|---| ||**2021**
**2020**| ||**£**
**£**| |Cash at bank|58,236
61,078| |**13**
**Creditors: amounts falling due within one year**|| ||**2021**
**2020**| ||**£**
**£**| |Trade creditors|4,949
5,302| |Accruals|6,500
6,500| ||11,449
11,802| Page 16 ## **The Bouttell Bequest** ## **Notes to the Financial Statements for the Year Ended 5 April 2021** ## **14 Funds** ||**Balance at 6**
**April 2020**
**£**
**Incoming**
**resources**
**£**
**Resources**
**expended**
**£**
**Other**
**recognised**
**gains/(losse**
**s)**
**£**
**Balance at 5**
**April 2021**
**£**
43,864
86,731
(88,204)
-
42,391
2,668,038
-
(27,640)
646,436
3,286,834
2,711,902
86,731
(115,844)
646,436
3,329,225
**Balance at 6**
**April 2019**
**£**
**Incoming**
**resources**
**£**
**Resources**
**expended**
**£**
**Other**
**recognised**
**gains/(losse**
**s)**
**£**
**Balance at 5**
**April 2020**
**£**
56,103
112,107
(124,346)
-
43,864
3,136,192
-
(28,767)
(439,387)
2,668,038
3,192,295
112,107
(153,113)
(439,387)
2,711,902| |---|---| |**Unrestricted funds**|| |General|| |**Endowment funds**|| |Permanent|| |**Total funds**|| ||| |**Unrestricted funds**|| |General|| |**Endowment funds**|| |Permanent|| |**Total funds**|| The permanent endowment fund relates to the residual estate of the late Mrs M J Bouttell. The permanent endowment funds purpose is to further such charitable purposes, and to assist such charitable institutions established in England and Wales as the trustees from time to time in their absolute discretion think fit. Page 17 ## **The Bouttell Bequest** ## **Notes to the Financial Statements for the Year Ended 5 April 2021** ## **15 Analysis of net assets between funds** |**15**
**Analysis of net assets between funds**||||| |---|---|---|---|---| ||**Unrestricted**|**Endowment**||**Total funds at**| ||**funds**|**funds**||**5 April**| ||**General**|**Permanent**||**2021**| ||**£**|**£**||**£**| |Fixed asset investments|-|3,282,438||3,282,438| |Current assets|50,840|7,396||58,236| |Current liabilities|(8,449)|(3,000)||(11,449)| |Total net assets|42,391|3,286,834||3,329,225| ||**Unrestricted**|**Endowment**||**Total funds at**| ||**funds**|**funds**||**5 April**| ||**General**|**Permanent**||**2020**| ||**£**|**£**||**£**| |Fixed asset investments|-|2,662,626||2,662,626| |Current assets|55,666|5,412||61,078| |Current liabilities|(11,802)|-||(11,802)| |Total net assets|43,864|2,668,038||2,711,902| **16 Related party transactions** There were no related party transactions in the year. Page 18