Company Registration No. 4654393
The People’s Theatre Company (A company limited by guarantee)
## **Annual Report and Accounts**
**For the year ended 31 January 2025**
Registered Charity No. 1099248 Registered Office: 69 Manor Way, Guildford, Surrey GU2 7RR
## Contents
Directors’ Report Statement of Financial Activities Balance Sheet Notes to the Accounts
The People’s Theatre Company (A company limited by guarantee)
## **Annual Report of The Board of Directors**
The Directors are pleased to submit their annual report and financial statements for the year ended 31 January 2025. The financial statements comply with current statutory requirements, the requirements of the charity’s governing document and are in accordance with Accounting and Reporting by Charities: The Statement of Recommended Practice (Charities SORP (FRS 102)).
## **Legal Structure**
The People’s Theatre Company is an independent registered charity working with the public to strengthen the arts. The company was incorporated as a company limited by guarantee on January 31, 2003. The company commenced activities from that date.
The Directors have powers to make appointments to the Board. These are ratified by a vote of the guarantor members at the annual general meeting. Directors serve only until the next following AGM when they may be re-elected. The board meets at least three times a year.
## **Objectives**
The objectives of the Charity as set out in its memorandum of Association dated 31 January 2003 are to:
- Advance the education of the public in the arts by encouraging and supporting high standards in particular but not exclusively by the provision of workshops.
- Provide a platform to showcase talent in the form of original new productions.
- To obtain accessible theatre for all.
The directors consider at all times the Charity Commission’s guidance on public benefit.
## **Organisation**
The Board delegates responsibility for the day-to-day operation of the Charity to the Chief Executive.
The Charity is organised into two main units of operation:
1. The Arts Team programmes and runs workshops and productions, of which there is at this time two a year.
1. The Administrative Team maintains administrative and financial operations.
## **Directors**
The Directors of the Charitable Company stand in place of the Trustees of the Charity. Those who served as Directors during the period and up to the date of this report were as follows: Stuart Lane - Chair
Michael Green Sadie Buls
No Director has any beneficial interest in the company. All directors are members of the company and guarantee to contribute £10 in the event of winding up. In accordance with article 28, all the directors retire at the first annual general meeting and, being eligible, offer themselves for re-election.
Nadeem Naqui stepped down as a trustee but remains Treasurer.
## **Volunteers**
The People’s Theatre Company appreciates the continued support of the volunteers who are involved in both service provision and office support. During the year over 500 volunteer hours were provided. If this is valued conservatively at £10 per hour, the equivalent monetary value is £5000.
## **Employee Involvement and Employment of Disabled People**
The People’s Theatre Company is an equal opportunities employer and welcomes applications from all sections of the community. Our staff for projects this year have included people of BAME and continental European background as well as women and the disabled. All would have otherwise been unemployed.
The Charity has a working policy for equal opportunity.
## **Review of Activities and Future Developments**
Major Projects undertaken during the year include:
- Continuation of our Digital Transformation Project which when complete will provide greater accessibility to our on-line presence and further opportunities to interact with us and our work.
- Our production of A Big Egg toured from February 2024 and our new production of Santa's Great Christmas Escape was resident at South Hill Park who have booked us again for 2025.
- Much of the year was still spent adapting to the post covid world in the UK where the cultural recovery has not yet come to pre pandemic levels. Cost saving has been critical but we have also supported our artists during the economic crisis with employment opportunities.
- Beyond the UK our position is stronger with good sales in The Republic Of Ireland. Accordingly we are seeking to take advantage of further opportunities to take our work abroad.
## **Review of the Financial Position at the end of the Accounting Period**
## **Fund Raising**
The People’s Theatre Company makes applications for grants to charitable bodies, trusts and sponsors and receives donations from the public which we have recently begun to be more proactive about with a link on our website and various social media campaigns. These funds enable the Charity, which operates on a project-to-project basis, to continue its work and further its charitable objectives.
## **Reserves**
The Directors have set the short-term objective of retaining a level of unrestricted reserves of approximately £15,000 to use freely for investment or charitable application. At present the balance of unrestricted funds is designated, having been raised and allocated in advance for projects designed to meet the charitable objectives of the organisation.
## **Changes in Fixed Assets**
The PTC has a van, a storage facility at 69 Manor Way GU2 7RR and access to temporary free storage gifted to us by an anonymous landlord.
## **Risk Management and Internal Control**
The Directors have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Charity and are satisfied that systems are in place to mitigate exposure to these risks.
The Board of Directors review the annual budget paying particular attention to the balance between income and expenditure and the amount needed to be retained in reserves. The Board of Directors aim to maintain a system of financial controls, appropriate to the size and nature of the organisation.
The Board of Directors liaised with its external examiners on their recommendations regarding financial controls. The system of financial controls is designed to manage rather than eliminate risk. Thereafter there will be an ongoing process for reviewing financial controls which will also assist in identifying risks and management thereof.
## **Governance:**
At the end of the financial year the Charity had the following policies and procedures in place:
- Internal charity financial controls policy and procedures
- Safeguarding policy and procedures
- Financial reserves policy and procedures
- Complaints policy and procedures
- Serious incident reporting policy and procedures
- Charity financial reserves policy and procedures
-
-
-
-
- Internal risk management policy and procedures Trustee conflicts of interest policy and procedures Investing charity funds policy and procedures
Bullying and harassment policy and procedures
## **Statement of Directors’ Responsibilities.**
Company law requires the directors, who are also the charity trustees, to prepare financial statements for each financial year which give a true and fair view of the affairs of the charity and of the surplus or deficit of the charity for that period. In preparing those financial statements, the directors are required to:
- Select suitable policies and apply them consistently.
- Make judgements and estimates that are reasonable and prudent.
- State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.
- Prepare the financial statements that are on a going concern basis unless it is inappropriate to assume that the company will continue on that basis.
The directors have overall responsibility for ensuring that the Charity has appropriate systems of control, financial and otherwise. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time, the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006 and the Charities Acts. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The People’s Theatre Company (A company limited by guarantee)
## **Statement of financial activities (including summary income and expenditure account) For the year ended 31 January 2025**
|**Note**
Income from investments
**3**
**4**
Donations
Charitable activities
**Total income**
Raising funds
**Income from:**
**Total funds carried forward**
**Expenditure on:**
**Reconciliation of funds:**
Total funds brought forward
Charitable activities
**Total**
**Net income**
**Transfers between funds**
**Net movement in funds**|**2025**
**2025**
**2025**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total funds**
**£**
**£**
**£**|**2025**
**2025**
**2025**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total funds**
**£**
**£**
**£**|**2025**
**2025**
**2025**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total funds**
**£**
**£**
**£**|**2025**
**2025**
**2025**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total funds**
**£**
**£**
**£**|**2024**
**Total funds**
**£**|
|---|---|---|---|---|---|
||5,435|200|5,635||1,394|
||85,892|-|85,892||78,268|
||1,042|-|1,042||291|
||**92,369**|**200**|**92,569**||**79,953**|
|||||||
||3,775|-|3,775||3,473|
||71,500|200|71,700||71,621|
||**75,275**|**200**|**75,475**||**75,094**|
|||||||
||17,094|
-|17,094||4,859|
||-|-|-||-|
||**17,094**|
**-**|**17,094**||**4,859**|
|||||||
||57,722|-|57,722||52,863|
||**74,816**|**-**|**74,816**||**57,722**|
The Statement of financial activities includes all gains and losses recognised in the year
The Notes form part of these financial statements
The People’s Theatre Company (A company limited by guarantee)
## **Balance Sheet**
## **As at 31 January 2025**
|**Balance Sheet**
**As at 31 January 2025**||||
|---|---|---|---|
|||**31 Jan 2025 31 Jan 2025 31 Jan 2025**|**31 Jan 2024**|
|||**Unrestricted**
**Restricted**
**Total this**|**Total last**|
||**Note**|**funds**
**income funds**
**year**|**year**|
|||**£**
**£**
**£**|**£**|
|**Fixed assets**||||
|Tangible assets
**_Total fixed assets_**|**7**|14,633
**-**
14,633
599
14,633
-
14,633
599
~~-—_—_+—_| ——_~~||
|**Current assets**||||
|Debtors
Cash at bank
**_Total current assets_**|**8**
**9**|7,423
-
7,423
43,405
59,731 11,789 71,520
37,469
67,154
11,789
78,943
80,874
~~———|—~~||
|**Creditors: amounts falling due within one year**
**_Net current assets_**
**_Total assets less current liabilities_**
**_Total net assets_**
**Funds of the Charity**|**10**|6,971 11,789 18,760
23,751
60,183
-
60,183
57,123
74,816
-
74,816
57,722
**74,816**
**-**
**74,816**
**57,722**
~~all~~
~~rvce—PE»O".~~
~~ll~~
~~rvce—PE»O".~~
~~WOM~~
~~TZ oO~~||
|Restricted funds
Unrestricted funds
**_Total funds_**||**-**
**-**
**-**
**-**
**74,816**
**-**
**74,816**
**57,722**
**74,816**
**-**
**74,816**
**57,722**
~~———|—~~||
_**The company was entitled to exemption from audit under s477 of the Companies Act 2006 relating to small companies.**_
_**The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.**_
_**The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts.**_
_**These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with FRS102 SORP.**_
The Accounts were approved by the Board and signed on their behalf by:
Date
13/10/2025
…........................................................ Sadie Buls …........................................................
13/10/2025 …...............
The People’s Theatre Company (A company limited by guarantee)
## **Notes to the Financial Statements**
## **For the year ended 31 January 2025**
## **1. Basis of Preparation**
## **1.1 Basis of accounting**
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland FRS 102) and with the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
## **1.2 Going concern**
The lingering residue of the impact of the COVID pandemic, coupled with the current uncertain economic climate, means the company and the whole of the theatre business continues to be slow to recover audience numbers.
Future cashflow forecasts and budgets have been prepared, which indicate the company will be able to continue beyond the end of the next financial year.
The directors have assessed that there is a reasonable expectation the company has adequate resources for the foreseeable future and, accordingly, the financial statements have been prepared on a going concern basis.
## **1.3 Change of accounting policy**
The accounts present a true and fair view and no changes have been made to the accounting policies adopted in note 2.
## **1.4 Material prior year errors and misstatements**
An ongoing cost saving exercise (referred to in the Annual Report of The Board of Directors for the year ended 31 January 2024, under Review of Activities and Future Developments) resulted in creditors for professional fees and royalties, included in the financial statements for the year ended 31 January 2024, being renegotiated and cancelled during the current financial year.
## **Corrections required to prior period: year ended 31 January 2024**
|Expenditure - Royalties
Expenditure - Professional fees
Total expenditure
Total creditors
Total net assets
Unrestricted funds
Notes to the Financial Statements
Statement of financial activities
Net current assets
Expenditure on Charitable activities
Net income/(expenditure)
Total funds carried forward
Balance Sheet
Creditors|**Previously**
**Reported**
**Restated**
**£**
**£**|**Previously**
**Reported**
**Restated**
**£**
**£**|
|---|---|---|
||82,007|71,621|
||(5,257)|4,859|
||47,336|57,722|
||||
||34,137|23,751|
||46,737|57,123|
||47,336|57,722|
||47,336|57,722|
||||
||7,386|-|
||30,000|27,000|
||85,480|75,094|
||34,137|23,751|
## **2. Accounting Policies**
## **2.1 Income**
Income is recognised when:
- the charity becomes entitled to the resources;
- it is more likely than not that the resources will be received
- the monetary value can be measured with sufficient reliability
- any attached performance conditions have been met.
Donations are recognised in the year in which they are received, other than certain restricted fund grants where the income has been received, but to which the company is not yet entitled because the grant has been received with the condition that any unspent amount is to be returned to the donor. In such cases any unspent amount is treated as a Deferred Income liability on the Balance Sheet.
Donated goods are measured at fair value. Goods donated for ongoing use by the charity are recognised as intangible fixed assets.
Donated services are included in income when received, at the value of the gift to the charity, provided the value of the gift can be measured reliably. An equivalent amount is recognised as an expense, in the period of receipt, under the appropriate heading.
The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report.
## **2.2 Expenditure**
Expenditure is recognised when it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
Costs of charitable activities are the costs expended by the charity in undertaking its work and achieving its charitable objectives, as opposed to the cost of raising funds to finance those objectives.
Overhead support costs include central functions and have been allocated to activity cost categories in proportion to the direct costs incurred for each category.
## **2.3 Fund accounting**
Unrestricted funds are available to spend for charitable purposes at the discretion of the directors. The directors may choose to designate a part of the unrestricted funds to be used for forthcoming production commitments or to make up the shortfall for restricted fund projects.
Restricted funds are those which the donor has specified be used only for particular areas of the charity's work.
## **2.4 Fixed assets**
Individual fixed assets costing £500 or more are capitalised at cost and are depreciated over their useful economic lives on a straight line basis.
The moveable sets used in productions are deemed to have useful lives of 10 years. Motor vehicles and computer equipment are depreciated over three years
## **2.5 Debtors**
Debtors are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
## **2.6 Creditors**
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
## **3. Income**
|Donations and gifts
Gift Aid
Donated goods and services
Other
**Total**
Production income
Other
**Total**
Bank interest
**Total**
**Analysis of income**
**Total Income**
Charitable activities
Donations
Income from investments|Donations and gifts
Gift Aid
Donated goods and services
Other
**Total**
Production income
Other
**Total**
Bank interest
**Total**
**Analysis of income**
**Total Income**
Charitable activities
Donations
Income from investments|**2025**
**2025**
**2025**
**2024**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total funds**
**Total funds**
**£**
**£**
**£**
**£**|**2025**
**2025**
**2025**
**2024**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total funds**
**Total funds**
**£**
**£**
**£**
**£**|**2025**
**2025**
**2025**
**2024**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total funds**
**Total funds**
**£**
**£**
**£**
**£**|**2025**
**2025**
**2025**
**2024**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total funds**
**Total funds**
**£**
**£**
**£**
**£**|
|---|---|---|---|---|---|
||Donations and gifts|-|200|200|1,394|
||Gift Aid|385|-|385|-|
||Donated goods and services|5,000|-|5,000|-|
||Other|50|-|50|-|
||**Total**|5,435|200|5,635|1,394|
|||||||
||Production income|85,892|-|85,892|78,268|
||Other|-|-|-|-|
||**Total**|85,892|-|85,892|78,268|
|||||||
||Bank interest|1,042|-|1,042|291|
||**Total**|1,042|-|1,042|291|
||**Income**|||||
|||92,369|200|92,569|79,953|
Donated goods and services for the current year comprise animations for a new production set. Their value was assessed by the Artistic Director at fair value and included in additions to production sets as shown in the Tangible Fixed Assets Note 7 below.
All income in the prior financial year was unrestricted.
## **4. Expenditure**
|Advertising, marketing and
publicity
Overhead support costs
**Total**
Production costs - artists
professional fees
Production costs - travel and
accommodation
Production costs-other
Royalties
Professional fees
Digital Transformation Project
Bad debts
Overhead support costs
**Total**
Charitable activities
**Analysis of expenditure**
Raising funds
**Total Expenditure**|Advertising, marketing and
publicity
Overhead support costs
**Total**
Production costs - artists
professional fees
Production costs - travel and
accommodation
Production costs-other
Royalties
Professional fees
Digital Transformation Project
Bad debts
Overhead support costs
**Total**
Charitable activities
**Analysis of expenditure**
Raising funds
**Total Expenditure**|**2025**
**2025**
**2025**
**2024**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total funds**
**Total funds**
**£**
**£**
**£**
**£**|**2025**
**2025**
**2025**
**2024**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total funds**
**Total funds**
**£**
**£**
**£**
**£**|**2025**
**2025**
**2025**
**2024**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total funds**
**Total funds**
**£**
**£**
**£**
**£**|**2025**
**2025**
**2025**
**2024**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total funds**
**Total funds**
**£**
**£**
**£**
**£**|
|---|---|---|---|---|---|
||Advertising, marketing and
publicity|3,299|-|3,299|3,278|
||Overhead support costs|476|-|476|195|
||**Total**|3,775|-|3,775|3,473|
|||||||
||Production costs - artists
professional fees|21,383|-|21,383|24,501|
||
Production costs - travel and
accommodation|14,612|-|14,612|11,638|
||Production costs-other|2,481|-|2,481|3,675|
||Royalties|-|-|-|-|
||Professional fees|24,000|-|24,000|27,000|
||Digital Transformation Project|-|-|-|-|
||Bad debts|-|-|-|216|
||Overhead support costs|9,024|200|9,224|4,591|
||**Total**|71,500|200|71,700|71,621|
||**Expenditure**|||||
|||75,275|200|75,475|75,094|
All expenditure in the prior financial year was unrestricted.
## **5. Analysis of Overhead Support Costs**
|**Overhead Support Costs**|||||
|---|---|---|---|---|
||**2025**
**2025**
**2025**
**2024**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total funds**
**Total funds**
**£**
**£**
**£**
**£**||||
|Vehicle repairs and expenses|4,881|-|4,881|3,389|
|Telephone and office expenses|611|200|811|809|
|Insurance|333|-|333|289|
|Depreciation of fixed assets|3,675|-|3,675|299|
|**Total**|9,500|200|9,700|4,786|
Support costs cannot be attributed to a single activity. These costs have been allocated between raising funds and charitable activities in proportion to the direct costs incurred for each.
## **6. Employee and Independent Examiner Costs**
The company has no paid employees. (2024: none)
No remuneration or expenses were paid to the Independent Examiner. (2024: none)
## **7. Tangible Fixed Assets**
|As at 31 January 2024
Additions
As at 31 January 2025
As at 31 January 2024
Charge for the year
As at 31 January 2025
As at 31 January 2024
As at 31 January 2025
**Cost or valuation**
**Depreciation**
**Net Book Value**|**Production**
**Sets**
**Motor**
**Vehicle**
**Computer**
**Equipment**
**Total**
**£**
**£**
**£**
**£**|**Production**
**Sets**
**Motor**
**Vehicle**
**Computer**
**Equipment**
**Total**
**£**
**£**
**£**
**£**|**Production**
**Sets**
**Motor**
**Vehicle**
**Computer**
**Equipment**
**Total**
**£**
**£**
**£**
**£**|**Production**
**Sets**
**Motor**
**Vehicle**
**Computer**
**Equipment**
**Total**
**£**
**£**
**£**
**£**|
|---|---|---|---|---|
||-|3,600|898|4,498|
||9,709|8,000|-|17,709|
||9,709|11,600|898|22,207|
||||||
||-|3,600|299|3,899|
||709|2,667|299|3,675|
||709|6,267|598|7,574|
||||||
||-|-|599|599|
||9,000|5,333|300|14,633|
## **8. Debtors**
|**Total**
Trade debtors
Prepayments and accrued income
Other debtors|**2025**
**2024**|**2025**
**2024**|
|---|---|---|
||**£**
**£**||
||2,040|37,061|
||5,383|6,344|
||-|-|
||7,423|43,405|
## **9. Cash at Bank**
|Cash at bank
Short term deposits
Other|**2025**
**2024**|**2025**
**2024**|
|---|---|---|
||**£**
**£**||
||11,514|4,280|
||60,006|33,189|
||-|-|
||71,520|37,469|
## **10.1 Creditors**
|**itors**|||
|---|---|---|
|**Total**
Amounts falling due within one year
VAT due
Artists' professional fees payable
Accruals and deferred income
Other production costs
Other creditors
Digital Transformation Project|**2025**
**2024**
**£**
**£**||
||1,000|1,350|
||3,936|1,529|
||3,789|5,849|
||8,000|8,000|
||2,005|7,023|
||30|-|
||18,760|23,751|
## **10.2 Deferred Income**
|**red Income**|||
|---|---|---|
|Balance at the start of the reporting period
Amounts added in current period
Amounts released to income from previous periods
Balance at the end of the reporting period|**2025**
**2024**
**£**
**£**||
||8,000|8,000|
||-|-|
||-|-|
||8,000|8,000|
## **11. Transactions with Trustees and Related Parties**
During the current financial year none of the trustees have been paid any remuneration or received any other benefits or expenses from the charity. (2024: £nil)
The Chief Executive of the charity is a member of the key management personnel and works as Artistic Director, providing professional services under a self-employed agreement with the Peoples' Theatre Company. The amount for professional services and royalties payable amounted to £24,000 (2024: £27,000)
# **Independent examiner's report on the accounts**
## **Section A Independent Examiner’s Report**
**Report to the trustees/directors/** The People’s Theatre Company **members of**
**On accounts for the year ended** 31 January 2025
Charity no.: 1099248 Company no.: 4654393
**Set out on pages** 1 to 7 of the financial statements
)
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30/01/2025
**Responsibilities and** As the charity’s trustees of the Company (who are also the directors of the **basis of report** company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).
Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination, I have followed the Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act.
**Independent** I have completed my examination. I confirm that no material matters have **examiner's statement** come to my attention which gives me cause to believe that: • accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
- the accounts do not accord with such records; or
• the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 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; or
• the accounts have not been prepared in accordance with the Charities SORP (FRS102).
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.
**Signed:** ~~A sheet V fatell~~ **Name:** Asheet Patel
**Date:** 02/05/2025 ~~CT~~
**October 2018**
1
**IER**
## **Relevant professional qualification(s) or body (if any):**
## ACMA/CGMA
**Address:**
27 Jubilee Avenue Twickenham
TW2 6JA
## **Section B Disclosure**
Only complete if the examiner needs to highlight material matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners).
**Give here brief details of any items that the examiner wishes to disclose** .
None
**October 2018**
2
**IER**