OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-03-31-accounts

Charity Registration No. 1123066

Company Registration No. 05843714 (England and Wales)

AXE VALLEY SWIMMING ASSOCIATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

AXE VALLEY SWIMMING ASSOCIATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Mr R B Peacock Mrs D Church Mrs J K Broom Mrs S Parris Mrs K Armstrong Mr J L Marjoribanks (Appointed 25 March 2021)

Charity number 1123066 Company number 05843714 Registered office The Flamingo Pool Lyme Road Axminster Devon EX13 5AZ Independent examiner Hammett Audit 21 Heavitree Road Exeter Devon EX1 2LD

AXE VALLEY SWIMMING ASSOCIATION

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5 - 6
Notes to the financial statements 7 - 16

AXE VALLEY SWIMMING ASSOCIATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2021

The trustees present their report and financial statements for the year ended 31 March 2021.

The financial statements have been prepared in accordance with the SORP, relevant law and FRS 102.

Objectives and activities

The charity's objects are provision and maintenance of public swimming pool for the benefit of the inhabitants of the Axe Valley and its neighbourhood who are in need thereof by reason of their social circumstances or youth, sickness or old age. T here ha ve been no change s in these objectives during the year.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

The charity meets Charity Commission charitable purposes descriptions in the following two categories:

Under the memorandum and articles of association, the charity has the power to make any investments which the trustees see fit.

All investments are kept under continuous review so as to maintain the appropriate balance between security and return .

Achievements and performance

Last year has probably been the most stressful and difficult year for the swimming pool since it was opened. So our thanks go to fellow committee members and all who work at Flamingo pool. Also it has been a great encouragement to committee and management to have the support of our loyal swimmers.

Due to Covid-19 the pool was only open for two months during the year, from 24 August to 24 October 2020 . While the pool was closed, staff were on furlough and the rules of the scheme prevented us from doing other than the bare minimum to keep the building running.

During the short open period we had to adopt infection mitigation methods – hand sanitisation on entry, using baskets instead of lockers, one way system, smaller lesson classes with no parents on poolside, overall capacity limitation.

The pool is now fully open again and numbers have bounced back. We may lose some users when the Chard Leisure Centre opens, but we expect our long waiting list largely to offset that. Staff are back at work, but we are experiencing staff shortages. We are running Lifeguard training courses to help alleviate the problem.

Committee meetings were reduced in number and the last AGM was held on Zoom which, thanks to Karen Armstrong, went much better than we had dared to hope.

Financial review

Income for the year was £389,264 (of which £257,833 was government support grants). Expenditure for the year was £415,633 giving a net deficit of £26,369.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to sixty day's income . The trustees consider that reserves at this level will meet ongoing expenditure in case of income loss due to uninsurable disaster.

Additional reserves are maintained in order to cover unforseen repairs. This level of reserves has been maintained throughout the year.

AXE VALLEY SWIMMING ASSOCIATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

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 the major risks.

The charity's website address is: www.flamingopool.co.uk

Structure, governance and management

The charity is a company limited by guarantee , incorporated on 12 June 2006 and registered as charity on 4 March 2008.

The trustees, who are also the directors for the purpose of company law, and who served during the year were:

Mr R B Peacock Mrs D Church Mrs J K Broom Mrs S Parris Mrs Jane Thompson (Resigned 11 June 2020) Mrs K Armstrong Mr J L Marjoribanks (Appointed 25 March 2021)

Potential trustees are generally recruited from the pool users and other people who express an interest in becoming involved with the charity. When selecting new trustees, the diversity of the board is borne in mind so that the needs of the charity and its users can be fairly represented.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The charity is administered by a board of trustees who are all directors of the company. This group meets every 4 to 5 weeks. The meetings are minuted and the minutes are available for inspection as a true record of the decisions reached. In addition to the trustees, the meetings are attended by the pool manager Mr S Buxton.

If a decision is required at short notice and is outside the remit of the pool manager, the authority of at least two directors is sought and their decisions later ratified at the subsequent meeting of the board.

The trustees' r eport was approved by the Board of Trustees.

Mr R B Peacock

Trustee Dated: 17 November 2021

AXE VALLEY SWIMMING ASSOCIATION

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF AXE VALLEY SWIMMING ASSOCIATION

I report to the trustees on my examination of the financial statements of Axe Valley Swimming Association (the charity) for the year ended 31 March 2021 , which comprise the Statement of Financial Activities, the Balance Sheet and related notes .

The report is made solely to the charity's trustees as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my work, for this report, or for the views I have formed.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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 financial statements to be reached.

J R Banks FCA

Hammett Audit

21 Heavitree Road Exeter Devon EX1 2LD

Dated: 20 December 2021

AXE VALLEY SWIMMING ASSOCIATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021

Unrestricted
Restricted
funds
funds
2021
2021
Notes
£
£
Income and endowments from:
Donations and legacies
3
25,846
-
Provision of public
swimming pool
4
97,229
-
Other trading activities
5
6,398
-
Investments
6
1,958
-
Other income
7
257,833
-
Total income
389,264
-
Expenditure on:
Shop activities
8
6,756
-
Provision and
maintenance of
swimming pool
9
376,755
32,122
Total resources
expended
383,511
32,122
Net income/(expenditure)
for the year/
Net movement in funds
5,753
(32,122)
Fund balances at 1
April 2020
367,764
1,220,052
Fund balances at 31
March 2021
373,517
1,187,930		 TotalUnrestricted
funds
2021
2020
£
£
25,846
34,150
97,229
444,885
6,398
57,086
1,958
2,928
257,833
-
389,264
539,049
6,756
37,989
408,877
512,961
415,633
550,950
(26,369)
(11,901)
1,587,816
379,666
1,561,447
367,765		 Restricted
funds
2020
£
-
-
-
-
-
-
-
38,324
38,324
(38,324)
1,258,376
1,220,052		 Total
2020
£
34,150
444,885
57,086
2,928
-
539,049
37,989
551,285
589,274
(50,225)
1,638,042
1,587,817
Donations and legacies
3
Provision of public
swimming pool
4
Other trading activities
5
Investments
6
Other income
7
Total income
Expenditure on:
Shop activities
8
Provision and
maintenance of
swimming pool
9
Total resources
expended
Net income/(expenditure)
for the year/
Net movement in funds
Fund balances at 1
April 2020
Fund balances at 31
March 2021

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

AXE VALLEY SWIMMING ASSOCIATION

BALANCE SHEET

AS AT 31 MARCH 2021

Notes
Fixed assets
Tangible assets
13
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
17
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
18
Net assets
Income funds
Pool project fund
Disability fund
Aquagym fund
Unrestricted funds		 2021
£
£
1,316,417
13,050
29,688
262,570
305,308
(10,278)
295,030
1,611,447
(50,000)
1,561,447
1,173,394
6,900
7,636
1,187,930
373,517
1,561,447		 2020
£
£
1,343,837
13,453
13,840
240,558
267,851
(23,871)
243,980
1,587,817
-
1,587,817
1,205,516
6,900
7,636
1,220,052
367,765
1,587,817

AXE VALLEY SWIMMING ASSOCIATION

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2021

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2021.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 17 November 2021

Mr J L Marjoribanks

Trustee

Company Registration No. 05843714

AXE VALLEY SWIMMING ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

Charity information

Axe Valley Swimming Association is a private company limited by guarantee incorporated in England and Wales. The registered office is The Flamingo Pool, Lyme Road, Axminster, Devon, EX13 5AZ.

1.1 Accounting convention

The accounts have been prepared in accordance with the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds

T hese are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Expenditure

AXE VALLEY SWIMMING ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

Expenditure is recognised on accruals basis when a liability is incurred.

Costs of generating funds are those costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Governance costs include those incurred in the governance of its assets and are primarily associated with constitutional and statutory requirements. They include accountancy and legal costs and costs linked to the strategic management of the charity.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Hydro pool cover straight line over 3 years Pool project expenditure straight line over 50 years Pool equipment 20% reducing balance Office equipment 20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.8 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell . Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

AXE VALLEY SWIMMING ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

AXE VALLEY SWIMMING ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

3 Donations and legacies

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Donations and gifts 25,846 34,150

4 Provision of public swimming pool

Provision and
Provision and		 Provision and
Provision and
maintenance of
maintenance of
public swimming
public swimming
pool pool
2021 2020
£ £
Income from provision of public swimming pool 97,229 444,885
Other trading activities
UnrestrictedUnrestricted
funds funds
2021 2020
£ £
Trading activities 6,398 57,086
Investments
UnrestrictedUnrestricted
funds funds
2021 2020
£ £
Bank interest 1,958 2,928

5 Other trading activities

6 Investments

AXE VALLEY SWIMMING ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

7 Other income

Unrestricted
funds
2021
£
Coronavirus job support scheme funding
194,333
Coronavirus support grants
63,500
257,833
Shop activities
2021
£
Shop activities
Direct t rading activities
5,934
Support costs
822
6,756		 Total
2020
£
-
-
-
2020
£
35,882
2,107
37,989

8 Shop activities

AXE VALLEY SWIMMING ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

9 Provision and maintenance of swimming pool

Staff costs
Depreciation and impairment
Water rates
Chemicals
Staff training
Rent
General rates
Insurance
Light and heat
Cleaning
Repairs and renewals
Service agreements
Share of support costs (see note 10)
Share of governance costs (see note 10)
Analysis by fund
Unrestricted funds
Restricted funds
For the year ended 31 March 2020
Unrestricted funds
Restricted funds		 2021
£
257,522
42,563
19,538
3,040
366
2,250
-
13,664
26,872
970
16,240
9,714
392,739
7,405
8,733
408,877
376,755
32,122
408,877
512,961
38,324
551,285		 2020
£
307,578
50,867
13,776
8,676
2,647
4,500
1,260
13,473
65,464
2,780
37,811
14,157
522,989
18,966
9,330
551,285
512,961
38,324
551,285

AXE VALLEY SWIMMING ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

10 Support costs

Support
costs
Governance
costs
£
£
Depreciation
639
-
Office supplies
1,247
-
Advertising
260
-
Telephone
2,682
-
Licenses
158
-
Cash collection fees
(14)
-
Bank charges
1,557
-
Sundries
1,515
-
Uniforms
39
-
Subscriptions
144
-
Human resources
-
4,274
Accountancy
-
4,248
Bookkeeping
-
211
8,227
8,733
Analysed between
Shop activities
822
-
Swimming pool
7,405
8,733
8,227
8,733		 2021
£
639
1,247
260
2,682
158
(14)
1,557
1,515
39
144
4,274
4,248
211
16,960
822
16,138
16,960		 2020 Basis of allocation
£
2,508 Usage
4,788 Usage
1,999 Usage
3,701 Usage
992 Usage
1,650 Usage
3,753 Usage
867 Usage
405 Usage
410 Usage
4,872 Governance
4,397 Governance
61 Governance
30,403
2,107
28,296
30,403

Governance costs includes payments to the independent examiner of £ 600 (2020 - £600) .

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year .

12 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs		 2021
Number
39
2021
£
247,575
9,947		 2020
Number
45
2020
£
298,719
8,859

AXE VALLEY SWIMMING ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

12
Employees
13
Tangible fixed assets
Cost
At 1 April 2020
Additions
Disposals
At 31 March 2021
Depreciation and impairment
At 1 April 2020
Depreciation charged in the year
Eliminated in respect of disposals
At 31 March 2021
Carrying amount
At 31 March 2021
At 31 March 2020
14
Stocks
Finished goods and goods for resale
15
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 Hydro pool
cover
Pool project
expenditure
£
£
62,843
1,786,830
-
-
-
-
62,843
1,786,830
50,325
471,521
1,796
35,048
-
-
52,121
506,569
10,722
1,280,261
12,518
1,315,309		 Pool
equipment
£
103,630
15,782
(795)
118,617
90,812
5,719
(795)
95,736
22,881
12,818		 (Continued)
257,522
307,578
Office
equipment
Total
£
£
24,124
1,977,427
-
15,782
-
(795)
24,124
1,992,414
20,932
633,590
639
43,202
-
(795)
21,571
675,997
2,553
1,316,417
3,192
1,343,837
2021
2020
£
£
13,050
13,453
2021
2020
£
£
6,213
6,192
16,326
-
7,149
7,648
29,688
13,840

AXE VALLEY SWIMMING ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

16
Loans and overdrafts
Bank loans
Payable after one year
Coronavirus Bounce Back Loan was taken out by the charity.
17
Creditors: amounts falling due within one year
Trade creditors
Other creditors
Accruals and deferred income
18
Creditors: amounts falling due after more than one year
Notes
Bank loans
16		 2021
£
50,000
50,000
2021
£
1,810
478
7,990
10,278
2021
£
50,000		 2020
£
-
-
2020
£
15,565
4,706
3,600
23,871
2020
£
-

AXE VALLEY SWIMMING ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

19
Analysis of net assets between funds
Unrestricted
fund
Restricted
fund
2021
2021
£
£
Fund balances at 31
March 2021 are
represented by:
Tangible assets
143,023
1,173,394
Current assets/
(liabilities)
280,494
14,536
Long term liabilities
(50,000)
-
373,517
1,187,930		 TotalUnrestricted
fund
2021
2020
£
£
1,316,417
138,321
295,030
229,444
(50,000)
-
1,561,447
367,765		 Restricted
fund
2020
£
1,205,516
14,536
-
1,220,052		 Total
2020
£
1,343,837
243,980
-
1,587,817

The Restricted Income Funds consist of the Pool Project Fund, Disability Fund and Aquagym Fund.

The Pool Project Fund was established to provide for the building and subsequent running costs of a public swimming pool in Axminster, Devon. The pool was commissioned and the building work was completed on 12 September 1998. The fund is represented by tangible fixed and current assets.

The Disability Fund was established to provide therapy facilities for those whose physical health would be sustained or improved by the use of swimming pool. The fund is represented by current assets .

In year ended 31 March 2015, the Aquagym was funded by a £50,000 grant from People's Millions project. The fund is represented by current assets .

20 Related party transactions

There were no disclosable related party transactions during the year (2020 - none).