GLOUCESTERSHIRE HISTORIC CHURCHES TRUST (Registered Charity No. 1120266)
REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
GLOUCESTERSHIRE HISTORIC CHURCHES TRUST ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
OBJECTIVES AND ACTIVITIES
The Trust was originally established in 1980, launched in 1981, and reconfigured by Declaration of Trust dated 15 August 2006. The object of the Charity is to advance the Christian religion by the preservation, repair, maintenance, improvement, upkeep, beautification and reconstruction of churches in Gloucestershire and of the monuments, fittings, fixtures, stained glass, furniture, ornaments, goods and chattels in such
The Trust is governed by a board of Trustees and administered by a Council, the membership of which is representative of the churches of Gloucestershire. The Trustee board is composed of no less than four Trustees, and in practice includes Honorary Officers of the Council as Chairman, Vice Chairman, Secretary and Treasurer.
CHAIRS REPORT
For the Gloucestershire Historic Churches Trust (GHCT) 2024 was another active year. We made 39 Grant Offers amounting in total to £125,500 (2023: £118,000) to churches ranging from Hotwells in Bristol to Wormington in the north of the county and to Redbrook in the Forest of Dean.
Our Total Income rose to £230,095 from (2023: £160,465), with the increase due mainly to three generous legacies received during the year, which have been allocated to our capital funds. We are very grateful for the support of £10,000 that we continue to receive from the Stratton Davis Bequest held by the Diocese of Gloucester. Subscriptions and Donations improved by over 20% to £38,369 and Ride+Stride generated gross income of £32,616, a small drop from last year. In September we organised another fundraising event, a talk by Nicola Coldstream on her recent book ‘Churches of Gloucestershire’ , and this attracted a good audience as well as generating some useful income.
During 2024 we recruited a part-time Administrator, Sophie Manuel, who has already brought about a significant improvement in our operations and our communications through our website, newsletters and social media.
The value of our Investments increased to £1,953,504 (2023: £1,871,846) and our investment income increased to £87,214 (2023: £82,553), emphasising the importance of our capital reserves in assuring income stability.
GHCT is a volunteer-run charity, with no overhead costs for premises or permanent employees. Consequently, most of our income can go where it is intended, to our churches. As Chair, I am very grateful to our donors, volunteers, Council Members and Trustees for their commitment and achievement during 2024. We have continued to strengthen our Council during the year, in particular with the appointment of Ian Serjeant to look after our work in Bristol diocese. The Trust has performed well during the year and we intend to expand our activities further during 2025 and to maintain our level of grant-making to support the needs of our churches.
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GLOUCESTERSHIRE HISTORIC CHURCHES TRUST ANNUAL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trust is funded by subscriptions, donations and the proceeds of fundraising events. The Trustees are responsible for holding its assets and for the payment of grants recommended by a Grants Committee appointed by the Council.
The Trustees meet twice a year to agree the level of grants to be distributed, to decide investment policy and to discuss the general affairs of the Trust. The Council of the Trust meets at least three times a year to discuss fund-raising activities, recruitment of new members and any other matters relating to the actual operation of the Trust and its volunteers. As a matter of policy, the Trust's investments are all held in Gross Funds and Deposit Accounts to maximise revenue.
VOLUNTEERS
The Trust works through volunteers, none of whom received any remuneration in 2024 for the work they have done.
PUBLIC BENEFIT
Trustees are aware of the requirement placed upon them by the Charities Act 2011 to demonstrate compliance with Section 4 dealing with “public benefit”. The Trust raises money in order to preserve churches, chapels, and other buildings, which are used for Christian worship and makes no discrimination between denominations. All applications for grants are supported by written applications and considered in detail by a Grants sub-committee of the Council. These applications are usually reviewed during visits to the scene of the proposed works, and it is a requirement that the work will lead to lasting physical improvements. It is clear that the work of the Trust benefits those members of the public that make use of these places of worship, either for worship or to enjoy and admire the buildings, many of which are of historic and architectural significance.
RESERVES
In the Trustees’ view, the reserves should provide the Charity with adequate financial stability and the means for it to meet its charitable objectives for the foreseeable future.
The Trustees propose to maintain the Charity’s reserves at a level which is at least equivalent to three months’ operational expenditure.
The Trustees review the level of reserves that are required to ensure that they are adequate to fulfil the Charity’s continuing obligations on a half yearly basis at their Trustee meeting.
GRANTS POLICY
The Trustees apply the funds of the Gloucestershire Historic Churches Trust at their discretion and in accordance with the charitable purposes and objectives of the Charity.
The GHCT Council has appointed a Grants Committee to consider the distribution of beneficial grants on its behalf and to make recommendations in accordance with the charitable purposes and objectives. Any decision whether to award a grant remains solely the responsibility of the Trustees.
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GLOUCESTERSHIRE HISTORIC CHURCHES TRUST ANNUAL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2024
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Chair - Colin Senior Vice-Chair - Helen Whitbread Treasurer - David Kingsmill Secretary - Stephen Langton
Jonathan MacKechnie-Jarvis Ray Singleton. (Chair, Grants Committee)
Council Members
All Trustees are members of Council, which also includes: Jane Jenner-Fust Naomi Buckler Adam Klups Revd Canon Michael Garland Sue Pearce Simon Ray Marcus Green Alick Campbell Ian Serjeant Arthur Snell
Address for Correspondence
FREEPOST GHCT
Registered Office
c/o Wenn Townsend (Chartered Accountants) 5 Gosditch Street Cirencester Gloucestershire GL7 2AG
Independent Examiner
Solicitors
Miss Ruth Herbert FCCA Wenn Townsend (Chartered Accountants) 5 Gosditch Street Cirencester Gloucestershire GL7 2AG
Charles Russell Speechly Compass House Lypiatt Road Cheltenham Gloucestershire GL50 2QJ
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GLOUCESTERSHIRE HISTORIC CHURCHES TRUST ANNUAL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2024
TRUSTEES’ RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS
The Charity Trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources for that period. In preparing those financial statements, the Trustees are required to:
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Select suitable accounting policies and apply them consistently
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Observe the methods principles in the applicable Charities SORP
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Make judgements and estimates that are reasonable and prudent
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State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation
The Trustees are responsible for keeping proper accounting records which are sufficient to show and explain the Charity’s transactions and to disclose with reasonable accuracy at any time its financial position and to enable them to ensure that any financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the Trust deed. 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.
Approved at a meeting of Trustees held on 6 March 2025
Signed ……………………………………. Colin Senior Chair of the Trustees
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GLOUCESTERSHIRE HISTORIC CHURCHES TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
Independent Examiner’s Report to the Trustees of Gloucestershire Historic Churches Trust
I report to the Charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2024 which are set out on pages 7 to 12.
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 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:
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accounting records were not kept in respect of the Charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the applicable 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.
Name: Miss Ruth Herbert FCCA
Address: Wenn Townsend 5 Gosditch Street Cirencester Gloucestershire GL7 2AG
Date: 6 March 2025
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GLOUCESTERSHIRE HISTORIC CHURCHES TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
| Income | Capital | Total | Total | ||
|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | ||
| Note | 2024 | 2023 | |||
| £ | £ | £ | £ | ||
| INCOME: | |||||
| Donations, Legacies and Charitable | |||||
| Activities | |||||
| Subscriptions & Donations | 38,369 | - | 38,369 | 31,925 | |
| Legacies | - | 61,896 | 61,896 | - | |
| Grant from Diocesan Funds | |||||
| Stratton Davis Bequest | 10,000 | - | 10,000 | 10,000 | |
| - | - | - | - | ||
| Ride & Stride event – gross income | 32,616 | - | 32,616 | 35,987 | |
| Investments | 3 | 87,214 | 87,214 | 82,553 | |
| _ | _ | _ | _ | ||
| Total Income | 168,199 | 61,896 | 230,095 | 160,465 | |
| _ | _ | _ | _ | ||
| EXPENDITURE: | |||||
| Costs & Raising Funds | |||||
| Ride & Stride grants paid to churches | 13,893 | - | 13,873 | 14,450 | |
| Other fund raising costs | 9,952 | - | 9,952 | 7,956 | |
| Grants payable to Churches | 4 | 125,500 | - | 125,500 | 118,000 |
| Other support costs | 5 | 9,575 | - | 9,575 | 7,363 |
| _ | _ | _ | _ | ||
| Total Expenditure | 158,920 | - | 158,920 | 147,769 | |
| _ | _ | _ | _ | ||
| Total Income less Expenditure | - | 12,696 | |||
| Gains/(Losses) on Revaluation | |||||
| of Investments – Unrealised | 6 | - | 81,658 | 81,658 | 36,939 |
| _ | _ |
_ | _ | ||
| 9,279 | 143,554 | 152,833 | 49,635 |
||
| Net Movement in Funds for Year | |||||
| Total Funds brought forward | (4,086) | 1,871,846 | 1,867,760 | 1,818,125 | |
| Transfer | - | - | - | - | |
| _ | _ | _ | _ | ||
| Total Funds Carried Forward | 5,193 | 2,015,400 | 2,020,593 | 1,867,760 | |
| _ | _ |
_ | _ |
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GLOUCESTERSHIRE HISTORIC CHURCHES TRUST
BALANCE SHEET AT 31 DECEMBER 2024
| Note | 2024 | 2023 | |
|---|---|---|---|
| £ | £ | ||
| Fixed Assets | |||
| Investments | 6,7 | 1,953,504 | 1,871,846 |
| ─────── | ─────── | ||
| Current Assets | |||
| - | - | ||
| Cash at bank | 174,589 | 83,714 | |
| ─────── | ─────── | ||
| Less: Current Liabilities | |||
| Creditors: Amounts due within one year | 8 | (107,500) | (87,800) |
| ─────── | ─────── | ||
| Net Current Assets | 67,089 | (4,086) | |
| ─────── | ─────── | ||
| Net Assets | 2,020,593 | 1,867,760 | |
| ═══════ | ═══════ | ||
| Funds | |||
| Unrestricted: | |||
| Income Fund | 5,193 | (4,086) | |
| Capital Fund | 2,015,400 | 1,871,846 | |
| ─────── | ─────── | ||
| 2,020,593 | 1,867,760 | ||
| ═══════ | ═══════ |
The notes which follow form part of these accounts.
Approved by the Trustees at a meeting held on 6 March 2025 and signed on its behalf by
Colin Senior Chair
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GLOUCESTERSHIRE HISTORIC CHURCHES TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
1.
Basis of accounting
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) – (Charities SORP (FRS 102)). Gloucestershire Historic Churches Trust 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 Charity has applied Update Bulletin 2 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.
2. Accounting policies
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(a) The Trustees hold monies and investments as either a Capital Fund or an Income Fund. The Capital Fund was established to provide a capital base to generate income to further the objectives of the Charity. Dividends and interest received, together with monies received from fund raising events are applied to making grants and is credited to the Income account. Monies received from special events, earmarked as raising funds for Capital, specific donations stipulated by the donor and legacies will be credited to the Capital Account, unless they have specific directions to be treated as income. Grants and administrative expenses will be paid from the Income Fund unless specifically attributable to the Capital Fund.
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(b) Dividends and interest are accounted for when due.
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(c) Subscriptions and donations are recognised as received. Tax recoverable in respect of amounts received under Gift Aid are recognised as received.
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(d) Grants to churches are recognised when committed and all expenses are treated on an accruals basis.
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(e) Listed investments and unit trusts are valued at mid-market prices and Common investment funds at prices advised by management companies.
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(f) Unrealised and realised investment gains and losses are shown net in the statement of financial activities.
3. Investment Income
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Listed investments | 85,956 | 81,949 |
| Bank and deposit interest | 1,258 | 604 |
| ───── | ───── | |
| 87,214 | 82,553 | |
| ═════ | ═════ |
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GLOUCESTERSHIRE HISTORIC CHURCHES TRUST
NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024
4. Grants to churches – 2024
| Abbeydale | Christchurch | Replacement of fire doors and windows | £4,000 | ||||
|---|---|---|---|---|---|---|---|
| Amberley | Holy Trinity | Install digital organ and create a clergy vestry | £2,000 | ||||
| Avonmouth | St. Andrew | Mezzanine floor to create space for Spear Hub | £6,000 | ||||
| Barnwood | St. Lawrence | Stonework repairs, replacement of window guards | £6,000 | ||||
| Bishops Cleeve | St. Michael & All | Angels | Oak chest conservation | £500 | |||
| Bitton | St. Mary | Cleaning of interior walls | £3,000 | ||||
| Cheltenham | St. Andrew URC | Demolition and rebuild of spire | £4,500 | ||||
| Cheltenham | St. Mark | Major reordering to facilitate wider community | £6,500 | ||||
| Clapton on the Hill | St. James | Repairs to exterior walls and roof tile replacement | £3,500 | ||||
| Compton | |||||||
| Greenfield | All Saints' | Masonry repairs to tower walls and openings | £500 | ||||
| Cranham | St. James the Great | Restoration of church organ | £2,000 | ||||
| Down Ampney | All Saints | Conservation repairs to organ | £4,500 | ||||
| St. Mary |
& | Corpus | |||||
| Down Hatherley | Christi | Re-roof vestry, organ chamber, chancel | £6,500 | ||||
| Dymock | St. Mary | Refurbishment of bells rehung in 1970 | £2,000 | ||||
| Gloucester | Cathedral | Reroofing North Aisle | £5,000 | ||||
| Great Witcombe | St. Mary the | Virgin | Installation of hearing loop and PA system | £1,000 | |||
| Hambrook | Whiteshill Evangelical | Roof and wooden window repairs | £500 | ||||
| Harnhill | St. Michael & All | Angels | Re-roofing of tower, porch, nave and chancel. | £6,500 | |||
| Hasfield | St. Mary | Repairs to lead roof and masonry | £3,500 | ||||
| Hotwells, Bristol | Holy Trinity | Roof and rain water goods repairs | £1,000 | ||||
| Kingscote | St. John the Baptist | Renew footpath from lychgate to north porch | £1,000 | ||||
| Lechlade | St. Lawrence | Roof and floor repairs as part of major re-ordering | £10,000 | ||||
| Little Barrington | St. Peter | Repair to Sanctus Bellcote and Tower roof access | £1,000 | ||||
| Postlip | St. James chapel | Roof and rain water goods repairs | £1,000 | ||||
| Redbrook | St. Saviour | Repairs to lead gutter between tower and | vestry | £1,000 | |||
| Shipton Oliffe | St. Oswald | Installation of pew heaters | £500 | ||||
| Southmead | St. Stephen | Create wheelchair access | £4,500 | ||||
| St. Paul's, Bristol | St. Agnus | Erect taller railings and gates | £3,500 | ||||
| Stroud | Holy Trinity | Replacement of gas central heating with electric | £1,000 | ||||
| Tibberton | Holy Trinity | Architect's fees for spec of ceiling conservation | £500 | ||||
| Tidenham | St. Mary & St. Peter | Creation of community space + catering area | £6,500 | ||||
| Uley | St. Giles | Repairs to church wall within curtilage | £5,500 | ||||
| Upper Slaughter | St. Peter | Repairs to tower roof and access door | £2,500 | ||||
| Upton | St. | ||||||
| Leonards | St. Leonards | Repairs to north aisle, north chapel, chancel | £6,500 | ||||
| Preservation, making safe and |
securing | ||||||
| Wickwar | Holy Trinity | Storerooms | £2,500 | ||||
| Windrush | St. Peter | Repairs of bowing parapet and north wall | £2,000 | ||||
| St. Michael |
the | ||||||
| Winterbourne | Archangel | New infra red heating system | £1,000 | ||||
| Wormington | St. Katherine | Turret repairs | £2,000 | ||||
| Wyck Rissington | St. Laurence | Re-lead tower roof, protect butresses, repoint tower | £4,000 | ||||
| TOTAL | £125,500 | ||||||
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GLOUCESTERSHIRE HISTORIC CHURCHES TRUST
NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| 5. | Other Fundraising Costs | ||
| PR and Just Giving Costs | 3,678 | 3,920 | |
| Communication with Supporters | 5,897 | 3,443 | |
| ─────── | ─────── | ||
| 9,575 | 7,363 | ||
| ═══════ | ═══════ | ||
| 6. | Fixed asset investments | ||
| Market value at 1 January | 1,871,846 | 1,834,907 | |
| Disposals | - | - | |
| Realised Gains | - | - | |
| Unrealised gain/(loss) for the year | 81,658 | 36,939 | |
| Additions | - | - | |
| ─────── | ─────── | ||
| Market Value at 31 December | 1,953,504 | 1,871,846 | |
| ═══════ | ═══════ | ||
| Historical Cost at 31 December | 1,312,564 | 1,312,564 | |
| ═══════ | ═══════ | ||
| 7. | Analysis of fixed asset investments | ||
| Value | % of Total | ||
| £ | |||
| M & G Charifund | 845,262 | 43% | |
| COIF Investment Fund | 456,583 | 23% | |
| M & G Charibond | 55,734 | 3% | |
| COIF Fixed Interest Fund | 133,690 | 7% | |
| M&G Global Dividend Fund | 169,803 | 9% | |
| Schroders Cazenove Multi Asset Fund | 292,432 | 15% | |
| ─────── | ─────── | ||
| 1,953,504 | 100% | ||
| ═══════ | ═══════ |
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GLOUCESTERSHIRE HISTORIC CHURCHES TRUST
NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| 8. | Creditors -Amounts falling due within one year | ||
| Accrued expenditure | 2,000 | 1,800 | |
| Grants awaiting payment | 105,500 | 86,000 | |
| _ | _ | ||
| 107,500 | 87,800 | ||
| _ | _ |
| 9. | Movements in | funds | |||||
|---|---|---|---|---|---|---|---|
| Funds at | Income | Expenditure | Transfers | Unrealised | Funds at | ||
| 1/1/2024 | Gains on | 31/12/24 | |||||
| Investments | |||||||
| £ | £ | £ | £ | £ | £ | ||
| Income funds | (4,086) | 168,199 | (158,920) | - | 5,193 | ||
| Capital funds | 1,871,846 | 61,896 | - | - | 81,658 | 2,015,400 | |
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ||
| 1,867,760 | 230,095 | (158,920) | - | 81,658 | 2,020,593 | ||
| ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | ═══════ |
10. Analysis of net assets between funds
| Income | Capital | Total | Total | |
|---|---|---|---|---|
| Funds | Funds | Funds | Funds | |
| 2024 | 2023 | |||
| £ | £ | £ | £ | |
| Investments | - | 1,953,504 | 1,953,504 | 1,871,846 |
| Current assets | 112,693 | 61,896 |
174,589 | 83,714 |
| Current liabilities | (107,500) | - | (107,500) | (87,800) |
| ─────── | ─────── | ─────── | ─────── | |
| Net assets at 31 December 2024 | 5,193 | 2,015,400 | 2,020,593 | 1,867,760 |
| ═══════ | ═══════ | ═══════ | ═══════ |
11. Related Party Transactions
None
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