EAST DEVON CITIZENS ADVICE BUREAU
(A company limited by
guarantee)
Operating as
CITIZENS ADVICE EAST DEVON
DIRECTORS, REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Charity No: 1115963
Company No: 05820956
(England and Wales)

DIRECTORS, REPORT AND UNAUDITED FINANCIAL STA TEMENTS
FOR THE YEAR ENDED 31 MARGH 2025
CONTENTS
Page
Report of the dlrectors
Independenl examiner's report to the members
Statement of financial activities
10
Balance sheet
11
Notes forming parl of the financial statements
12-17

DIRECTORS, ANNUAL REPORT
FOR THE YEAR ENDED 31 MARCH 2025
LEGAL AND ADMINISTRATIVE DETAILS
Registered charity number:
1115963
Registered company number:
05820956
Legal status:
East Devon Citizens Advice Bureau was originally registered as a
charity on 13 March 1g78. Itwas Incorporated under the Companies
Act 1985 as a private Company Ilmlted by guarantee on 18 May
2006. As a result, the charlty was re-registered from 30 August 2006
to reflect its new legal status, the asse15 and liabilities of the old
charity belng transferred to the new charily from 1 December 2006.
On 1 April 2Q08 East Devon CAB merged wilh Exmouth CAB
maintainlng the EDCAB Charity and Colnpany registration numbers
but changlng Its name to citizens Advice Service East Devon. On
18 September 2010 the name reverted to East Devon Citlzens
Advice Bureau,
DlrectorslTrustees
Directors and Trustees: Directors of the Gompany are also members of the company. Where a director
was in post for part of the y8ar this is shown in parenthesis. Where there is no parenthesis. the director was
in post for thg whole year.
Mary Punton (Chair) (deceased 15th November 2024)
Alexander Alder-westlake {lo March 21 st 2025)
Edwina Bradshaw (to 19th November 2024)
Andrew Duffy
John Holme
Dr. Beltina Kluettgens (to July 16th 2024)
Christopher Ward (from 20th March 2024)
Sheila Whelan
Fiobert Boyd {from 1st October 2024)
Julia Woodbridge (from 1st October 2024 to 18th February 2025)
Company Secretary:
Dean Stewart

DIRECTORS, ANNUAL REPORT
FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED)
LEGAL AND ADMINISTRATIVE DETAILS
Reglstered address:
67 Exeter Road
Exmouth
Devon
EX81QD
Bankers:
CAF Bank
25 Kings Hill Av6nuo
Klngs Hill
West Malling
Kent
ME19 4JQ
Independent Examlner:
On Target Accounting Ltd
105, Chineway Gardens
Ottery St Mary
Devon
EX111JJ

DIRECTORS, ANNUAL REPORT
FOR THE YEAR ENDED 31 MARCH 2025
DIRECTORS, ANNUAL REPORT
FOR THE YEAR ENDED 31 MARCH 2025
Report of the Trustee Dlrectors
The Trustees who are directors for Company Law purposes, have pleasure in presenting their report
along with financial slatements for the year ended 31 March 2025. The flnancial statements have
been prepared in accordance with the accounting policies set out in the notes tc the accounts and
comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting
by Charltles: Stalemenl of Recommended Practice applicable to Charities preparing their accounts in
accordance wlth the Financlal Reportlng Standards applicable In the UK and Republic of Ireland
published on 16 July 2014.
Status
The company 15 Iimlted by guarantee and has no shareholding. It 15 also a registered charity. The Charity's
objects and regulations are set out in the company's memorandurn and Articles approved on 19 January
2022 and agreed by National Citizens Advi￿ with the Charity Commisslon. The company is the successor
to the earlier non-incorporated charity which ceased to operate on 30 November 2006 and its assets and
funds transferred to the present charity.
Structure, governance and management
Citizens Advice East Devon is a member of the Natlonal Association of Cltizens Advlce ('Citizens Advice,)
and is regulated and inspected by the association. In addition, the charity Is authorlsed and regulated by the
Financial Conduct Authority {FRN,' 617590) and registered with the Information Commissioner's Offlce.
The charity is governed by a board of directorsltrustees who appoint a manager to execule pollcies and to
be responsible for day lo day management of the charity's activities. The charitls maln office Is located in
Exmouth.
Objectlves and activltles
The charity is established for the purpose of benefitting the community in East Devon (the area of benef1t)
a. By advancing the education of the public in matters relating to mental, physical and social welfare
b. By relleving poverty
The main activities in relation to these objectives are
a. We aim to provide the advice people need for the problems they face, and lo improve th& policies
and practices that affect people's lives
b. We also take part in campaigns for changes to policy and practice that benefit millions of people
each year nationally by conducting effective, Influential, and award-winning evidence-based social
policy work
Public Benefit
In planning Dur activities for the year, we kept in mind Charity Commission guidance on public benefit at our
trustees, meetings,
The focus of our activities remains to provide free, independent, confidential and impartial advice to everyone
on their rights and responsibilities. We value diversity, promote equality and challenge discrim ination. Our
aims are to provide the advice people need for the problems the face, and to Improve the policies and
practices thal affect people's lives. This benefits thousands of people each year, in East Devon. Clients often
report improved health and increased confidence after receivlng advi￿. both which reduce the demand for
health services and contrlbute to happier, more Integrated communities. In fact, the service saves Ilme and
money for society and stakeholders in many ways, for example, by preventing homelessness, avoiding legal
action and helping people to fill In official forms,

Our activities remain open to all members cf the community regardless of race, gender. disability. sexual
orientation, age or nationality, We provide our services free to all, they are confidential. impartial and
independent,
Report of the Chalr of Trustees
2024 and thg Start of 2025 have been very challenging and difficull limes for Citizens Advlce East Devon.
In November our chair. Mary Punton was suddenly taken ill and passed away a few days later, Mary was a
passionate and committed supporter of Citizens Advice and led the organization wilh diligence,
compassion and a determlnation to "do things right" Her contribution was immense and she is very sadly
missed. We were unable to recruit a new chair before the end of the fin8n¢lal year, and we are grateful to
Sheila Whelan and John Holme who stepped in to ensure that all trustees were ab16 to oversee the
organizalion.
In May 2025 we were able to secure David Incoll 88 our new chair.
Firstly. I would like to give my thanks to all of you who put so much effort into Citizens Advi¢6 East Devon, I
know that l am very fortunate to have a loyal group of experienced and dedi¢at9d volunteers, a committed
and conscientious staff team and an insightful and constructively cha119nging Board of Trustees who bring
a wide range of experience to their role.
I would lik8 to tak8 this opportunity to thank all our funders who continue to provide financial support
despite havlng to deal with Iheir own financial challenges. Our main funders, Devon County Council and
East Devon District Council, actively promo18 CAED as the primary provider of indepgndent advice that Is
free al the point of delivery. l am also grateful for the funding that comes from some Town and Parish
Councils who recogni88 the importanc8 of our service to their residents.
However. in lat8 summer 2024 it b8came apparent that funding for the charity sector was beGomlng harder
to secure, and we realised that we vvould nol hit our funding targets for 2024125. Th8 Finance Committee
made recommendations to the board that changes would have to be made to the organization to ensure its
survival.
The CEO together with Ihe Treasurer created a reslructure plan which took into account a forecast shortfall
in income of around £100,000 - a third of our operating budget. This would lead to a large deficit at the end
of the year and the current expenditure levels would not be sustainable. The plan will reduce salary
expendilure by a third, necessitate a new office location in Honiton and give other savings. Thls plan was
approved by the board and delivered by the CEO in the last quarter of 2024125.
Therefore, although we continue to face hard times. we are now in a far belter p18Ge to meel the challenges
ahead.
We have completed our Year 3 Leadership Self As8@ssment (LSA), which is a process led by national
Citizens Advice Ihat gives us a further 3 years of accreditation with the Advice Quality Standard. We are
also overseen by the FCA and the ICO and remain the only organisation in East Devon who are regulated
and monitored and assessed on the quality of advice that is offered.
Our Parent Supporl project continues lo help hundreds of families across Easl Devon and we recently
helped our 1,OOOth child. We work with the statutory bodies in the Team Around the Family and maks sure
that any debt. benefit, housing, employment or family issues that may exist are helped with.
Discussions continue across Devon where there are currently 6 separate offices to ensure that the advice
offer is standardized across the region and that clients continue to get the very best service while back-
office functions and processes are aligned to ensure the best value and most efficient delivery mechanisms
are in place.
Looking ahead, challenges are fast approachlng from all directions bul with the continued and much
appreciated financial support from Devon County Council, and East Devon District Council our staff and
volunteers will continue to deliver the best possible outcornes to our residents who need our help and
advice.
Once again, thank you for your support in 2024125.

DIRECTORS, ANNUAL REPORT
FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED)
Investment policy
The charity has the power to make any investment that the directors see fit.
Reserves policy
The trustees Intend that there should be s8t aside in the rnedlum term an amount equivalent to four months
operallng expenditure. Unrestricted funds are designated for equipment replacement, contractual
commitments e.g. Staff salarles and premises lo provide for the posslbllity of relocatlng, and, on a temporary
basis, unrestricted funds have in addition been designated lo establish pro-active debt advice.
Risk management
The Directors have assessed Ihe major risks to which the Charity is exposed, in partlcular those related to
the operations and finances of the charity and are satisfied that systems are in place to mitigate exposure to
major risks.
Review of transactions and financial position
2024 125 was a very dTff icull year for the Charity from a financial perspective. Our reserves at Ihe end of the
previous y8ar were Ljnusually high at £203 thousand and they were also distorted by certain °one-ofP' items.
We had thus always expected our reserves to fall and had planned that they would decrease to £119
thousand. In the event they fell to £56 thousand, and the differell￿ of £63 thousand is explained by a fall in
income against our planned figures. Income from our major donors, East Devon District and Devon County
Council wa8 more or less as expeciÈd, but we had budgeted an ambitious - though reallstic in the light of
previous experience - £131 thousand for Income from other sources- chiefly by bidding for 3rd sector funding
donors and for specific projects and contracts. These sources virtually dried up, which was reported not just
by other Citizens Advice trusts, bLJt by many other charities across the country.. the funds were simply not
there to bid for, and we 8chieved only £34 thousand from these sources. More positlvely, due to tight financial
reportlng and the work of the flnance committee, the problem was noticed by the summer, and work began
on 5tabilizing OLJr position by reducing costs. These were held down in the current year, but we also had lo
lake the dffticult decision, following consultation with staff and volunteers, to reduce 5tsff hours of work,
including making one person redundant. Because of this, while we are not clear of financial difficultie8, and
have some testing targets to come, we face the comlng year In a more secure positicn. The work of the
finance committee., keeplng careful focus on cashflow- the involvement of key staff,. and a focus on other
opportunities for fund raising will continue to be vital in ensuring our financial stability, in 2025 126 and the
years following,

DIRECTORS, ANNUAL REPORT
FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED)
Trustees. responsibllltles In relation to the financial statements
The trustees (who are also directors for tlie purposes of company lawl are responsible for preparing the
Trustees, Annual Report and the financial statements in a¢¢ordance with applicable law and United Kingdom
Accounting Standards (UK Generally Accepted Accounting Practice).
Company law requires the trustees lo prepare financial Statements for each financial year, which give a true
and fair view of the stale of affairs of the charitable company and of the incoming resources and application
of resources, including the income and expenditure, of the charitable company for that period. In preparing
these financial statements, the trustees are required to..
salect suitable accounting policies and then apply them consistently.,
observe the methods and principles In the Charities Statement of Recommended Pra¢tl¢e',
make judgements and eslimates that are reasonable and prudent.
state whether appliGable UK Accounting Standards have been followed, subject to any material
departures disclosed and explained in the financial statem8nts-
prepare the financial statements on the going concern basis unless it is inappropriate to presEJme
that the charitable company will contlnue in operation.
The Irustees are r8sponsible for keeping adequate accounting records that disclose wlth reasonable
accuracy at any time the financial position of the charitable company and enable them to ensure that the
financial statements comply with the Companies Act 2006. They ar& also responsible for safeguarding the
assets of the charitable Gompany and hence for taking reasonable steps for the prevention and detection of_
fraud and other irregularities.
Statem8nt as to disclosura to our Independent Examiners
In so far as the trustees are aware at the time of approving our trustees, annual report,.
there is no relevant information, being information needed by the examiner in canrtection wilh
preparing their report, of which the charitable company's examiner is unaware,. and
the trustees have taken all steps that they aught to have taken to make themselves aware of any
relevant informatlon and to establish that the examiner is aware of that information.
This report has been prepared in accordance wlth the provisions in Part 15 of the Companies Act 2006
applicable to companies subject to the small companies regime and Statement of Recommended Practice -
Accounting and Reporting by Charities and wa5 approved by the Directors and signed on Iheir behalf by,
Signed'.>
Signed
Date..
Dale:
IL

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF EAST DEVON CITIZENS
ADVICE BUREAU 'the chari
FOR THE YEAR ENDED 31 MARCH 2025
E rq)ort on the accounts of the charity for the year ended 31 March 2025, which are set out on the following
pages 10-17.
Responsibilities and basis of report
As the charity's trustees 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 charity's accounts carried out under section 145 of the Act and
in canrying 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 confimi that no material matters have come to my attention in connection
with the examination giving me cause to believe that in any material respect..
accounting records were not kept in respect of the cbarity as required by section 130 of the Act. or
the accounts do not accord with those records. or
the accounts do not comply with the applicable requirements concerning the fonn 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.
NAME..
OF:
Sam Blackford FCA
On Target Accounting Ltd
ADDRESS:
105 Chineway Gardens, Ottery St. Mary
Devon, EXI I IJJ
SIGNED:
DATE..
9 October 2025

10
STATEMENT OF FINANCIAL ACTIVITIES
{INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2025
UnrestrfGted Restrfctsd
Total
Total
2024125
2024125
2024125
2023124
Notes
Incomlng from:
Grants and contracts
168,264
1,759
4,847
168,264
1,759
4,847
256,528
31,879
3,584
Donations
Other income
Total
174,870
174,870
291,991
Expenditure on:
Charitable activities
4,5,6.7
322,441
322,441
244,266
Total
322.441
322.441
244.266
Net gainslllossesl on
invB8tments
10
Net
Incomel(expenditure)
1147,571)
1147,5711
47,725
Transfers between
funds
11.12
Net movement In funds
(147,571)
1147,5711
47,725
Reconciliation of
funds
Totsl funds brought
forward
203,437
203,437
155,712
Total funds carried
forward
55,86e
55,866
203,437

11
BALANCE SHEET
AS A T31 MARCH 2025
Notes
2024125
2023124
Tanglble Flxed Assets
Fixtures Fittings and Equipment
At Cost
Depreclatlon
7,863
(4,3631
4,363
(4,3631
3,500
Current a8S8ts
Investments
Prepayments and accrued income
Cash at bank and in hand
57.661
204,978
57,661
204,978
Creditor8: Amount falling due
within one year
10
(5,295)
(1,541)
Net current assets
52.366
203.437
Not assets
55,866
203,437
Represented by.
Unrestrlcted fund
Restricted funds
11
12
55,866
203,437
55,86e
203,437
For Ihe financlal year ended 31 March 2025 the company was entitled to exemption from audit under $8clion
477 of the Companies Act 2006 relating lo small companies.
Directors, responsibilities..
The directors and trustees have not required the company to obtain an audit of its financial
slatements for the year in question in accordance with section 476..
The directors acknowledge their responsibilities for complying with the requirements of th@ Act with
respecl to accounting records and the pr@paralion of financial statements.
These financial statements have been prepared in accordan￿ with the provisions applicRble to companies
subject lo the small companies, regim8.
Approved by the Board for issue on:
Director
Director

12
Company Reglstration No.. 05820g56
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Company status
The charity is a company limlted by guarantee. The directors of the company are named on pagg 1.
In the event of the charity being wound up, the liability in respect of the guarantee 15 limited to £1 per
mgmber of the charity.
Accounting policies
a. Ba818 of preparation of financial statements
The flnancial statements have been prepared in accordance with Accounting and Reporting by
Charities., Statement of Recommended Practice 8ppIic8ble to charities preparing thgir accounts in
accordan¢e wlth the Financial Reporting Standard applicable in the UK and RepubliG of Ireland (FRS
102) effectlve 1 January 2015- Ch8ritles SORP (FRS 102) Second Edition and the Companies Act
2006.
The East Devon Citizens Advice Bureau meets the definitlon of a public benefil entity under FRS 102,
Assets and Liabilities are initially recognised at historlcal cosl or transaction value unless othervvise
staled in the relevant accounting policy note(s).
b. Reconciliation with previous Generally A¢cepted Accountlng Practlce and transition to
FRS 102
In preparing the accounts, the trustees have considered whether in applying the accounting policies
required by FRS 102 and the Charities SORP FRS 102 the restatement of comparative items was
required.
No restatement was considered necessary.
c. Income
Don8tions and grants
Income from donations and grants, includlng capital grants, is included in incoming resources when
these are receivable, except as follows,.
When donors specify that donations and grants given to the charity must be used In future accounling
p&rioés, the income is deferred until those periods.
When donors impose conditions which have to b8 fulfilled before the charity becomes entitled to use
such income, the income is deferred and not included in incoming resources until the pre-conditions
for use have been met.
When donors specify that donations and grants, including capital grants, a￿ for particular restricted
purposes, which do not amount to pre￿onditionS regarding entitlement, this income is included in
incoming resources of restricted funds when receivable.
Interest r6ceiv8ble
Interest is included when receivable by the charity,

13
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED)
Accounting polici85 (continued)
d. Expendlture
All expenditure is accounted for on an accruals basis and has been classified under headlngs that
aggregate all cost related to the category. Where costs cannot be directly attributed to particular
headings, they have been allocated lo activities on a basis consistent wittt use of resources.
Expenses include VAT which cannot be recovered.
e. Assets and Ilabllltles
These are included in the balance sheet at the following amounts..
Other investments are included at fair value based on market value.,
Current assets at the lower of cost and net realisable value.
Liabilities at their settlemenl value.
Items costing in excess of £1,000 and with an expected useful life of at least 5 years are recognised
as Fixed Assets.
f. Unrestricted funds
Both income and capital may be us@d for the general purposes of the charity- Funds which are
unrestricted are classified in line with the Charity's reserve policy.
These funds pay for administration of the affaits of the charity and for the various activities with which
the charity is involved.
g. Restrlcted Funds
The charity's restricted funds represent those funds received for specific purposes, in line with
not6 2¢ above,
h. Baslc financial instruments
The charity only has financial instruments and financlal liabilities of a klnd that qualrfy as basic
financial instruments. Basic financial instruments are initlally recognised at transaction value and
subsoqu6ntly measured at their settlement value,

14
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED)
Income 2024125
Unrestricted Restricted
Total
Total
2024125
2024125
2024125
2023124
Donations
Donations
1,759
1,759
31,879
1,759
1,759
31,879
Grants and contracts
East Devon Dlstrlct Council
Devon County Council
Town and Parish Counclls
Parentsupport
Healthwatch
Household Support Fund
Children's Centre
Salvatlon Army
Food and Fuel Fund
other Grants forservices
Ukraine Project
75,438
66,058
15,580
4,000
700
4,063
75,438
66,Q58
15,580
4,000
700
4,063
73,765
69,849
9,500
5,000
13,000
2,505
2,505
14,112
63,518
7,784
600
600
168,944
168,944
256,528
Other Income
Bank Interest received
Other income
4,047
120
4,047
120
3,514
70
4,167
4,167
3,584
Investment Income
TOTAL INCOME
174,870
174,870
291,991

15
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED)
4. Expenditure 2024125
Unrestricted
Restricted
Total
Total
2024125
2024125
2024125
2023124
Fundraising expenses
Charitable Aclivities
Salaries Ilncludlng Nl & Penslonl
216,100
216,100
163,168
Travel, Expenses and Subslstence
1,435
1.435
2,284
Other Stafl & Volunieer costs
4,577
4,577
1,123
IT equlpment and support
8,986
8,986
11,596
Insurance
3,503
3,S03
2,026
Payroll l Accounting I Consultancyfees
1,392
1,392
10,401
Reference materials, subscilptions
1,719
1,719
2,224
Telephonè & Communlcatlong
13,8
13,822
12,929
Other Off Ice Costs
3,359
3,359
3,397
Rent
27,182
27,182
24,864
Heat & Ilght
6,288
6,289
1,222
Cleanlng, repalrs and malntenance
8.593
6,593
1,226
Other Premises Costs
2,573
2,573
4736
Independent Examlner
250
250
-500
Bank charges
120
120
120
Other Mlscèllaneous expenses
24,541
24.5111
3,450
106,341
106,341
81,098
TOTAL EXPENDITURE
322,441
322,441

16
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED)
5. Analysis of Staff Costs and Remuneratlon of Key Management Personnel
2024125
2023124
Net Salad6s and Wag8S
Employerfs National Insurance Contributlon8
Employer's Pension Contributions
Total Salaiies and Wag&s
200,601
8,189
156,801
3,699
216,100
163,168
The average number of employees was 13.012022123:12.5) with all employee time involved In providing
either support to the governance of the charity or support services to charilable activities.
The Bureau considers that ils key management parsonn61 comprise the trustees and The Chlef Executive
Officer, The trustees receive no paymenl and the total employment benefits including employer pension
and employer's National Insuranc8 contributions were £43,482 (2023124: £41,292).
No 8mployee had employee benefits exceeding £60,000 (2023124: none)
In March 2025, we took the difficult deGision to make our Advice Services Manager redundant. In line with
our redundancy poliGy. she received before the end of the financial year, £6,721.58, and in additlon a
payment in lieu of notice of £4,481.05. Thes@ amounts are included in salary costs for the year.
6. Taxation
The company is a registered charity and as such is not liable for corpor8lion tax.
Independent Examlnation
Fees of £250 for Independent examlnation of these accounts have been provided and arè included in
expenditure for the year.
8. Investments
The organisation released its Investments Into the general reserves in the financial year 2016117.
9. Debtors
2024125
2023124
Prepaymen18 2nd accrued income
10. Creditors: amounts falling due within one year
2024125
2023124
Accruals and Deferred Income
Other Creditors
3,835
1,460
896
645
5,295
1,541

17
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED)
14. Funds of the charlty
The funds of the charity are composed of Ihe following., -
Unrestricted Restricted
Total
Currenl assets
57,661
57,661
Current liabilifi8S
(5,295)
(5,295)
52,366
52,366
2. Restrlcted Funds
There was no income to nor expenditure from restricted funds in 2024125, and no such funds at the start or
end of the year.
13. Deslgnated Funds
These funds are not legally restricted, but are those which the Board of Trust88s has decided to dedicate to
specrfic ends.
At 1 April
2025
Income
Expendlture
Transfers At 31 March
2025
TranSfo￿natiOn Dellvery Fund
Debt Advice Fund
Food and Fu81 Fund
10,000
30,000
14.112
(10,0001
(18.800}
113,833)
11,200
279
14. Trustees, r8muneration and expenses
No Trustee received remuneration or expenses during the year.
15. Ralated Party Transactions
There were no transactions with related parties during the year.