Raymond and Beverly Saclder Foundation (A company limited by guarantee) Trustees, Report and Audited Financial Statements Year ended: 31 December 2023 Company Number: 06802985 Charity Number: 1128918
Raymond and Beverly Sackler Foundation Reference and administrative details Com an Number: 06802985 Chari Number: 1128918 Directors and Trustees Dr Richard S. Sackler Stephen J. Jamieson Anthony Collins Princi al and Re 83 Cambridge qtreet Pimli¢o London SWIV4PS istered Office Address Aecountant8 ManaiTenient Revisions Limited 60 Gray's Inn Road London WCIX 8LU Auditors George Ila), & Coinpai)y 83 Cambridge Street Pimlico London SWIV 4PS Bankers C. Hoare & Co 37 Fleei Street Llindon EC4P 4DQ
Raymond and Beverly Sackler Foundation Trustees, Report Incorporating Directors, Report The Trustees present their report and accounts of Raymond ai)d Beverly Sackler Foundation (the"Foundation") for the year ended 31 December 202i. Trustees and Dircctors The Direciors of the Foundation are also Trustees of the Foundation and throughout this report are referred to as Trustees. The Trustees serving during the year were Dr Richard S. Sackler, Stephen J Jamieson and Anthony Collins. Structure Govcrnancc and Mana Governin InstrLiment The Foundation was incorporated under the Companies Act 1985 as a private company limited by guarantee under niimber 06802985 on 27 January 2009. The Foundation obtained charitable staS under the Charities Act 1960 on 31 March 2009, and it is r¢£istered as a charitv under number 1128918. The Foundation is governed by its Memorandum and Articles of Association. cment Ob-ectives and Activities As 5Ct out in the objccts coiitained in tlie Foundation s memorandum of association, the principal object of the Foundation 15, aiid will contiiiue to be, the advancement of research and education in England and Wales and elsewhere in the fields of art, science and medical research and any otlier charitable object5 as the Trustees shall, at their discretion, decide according to the laws of Eiigland and Wales. Grant application5 are 5crutini5ed to ensure compliance M'ith the Foundation s stated object5. The Trustees coiifim] they have complied with the duty. in section 17 of the Charitie5 Act 2011 to have due regard to public benefit guidance published by the Cornmi5sion. Grant-makin olic It is the policy of tlie TTUSt to review applications from charitable organi5ations and to make grants oli a selective basis. Achievements and Performance As show'n on page 12, the Foundation's charitable commitments in the year increased by £949 from the impact of exchange difference (2022.. net increase of £25.983). ointment of Trustees Trustees are appoinied by Resolution of the Members of Ihe FL)undation. Trustee activities The Trustees are supported in their activities by their professional advisers and attend Ttijstee meetings. Mana 7ement and or Fanisation The F'oundation has no eniplo}'ees. The administration of the Foundation is dealt with b}, the Triistees and supported by their professional advisers. These services are provided free of charge bv the Trustees. Risk mana ement The Triistccs havc cxamined the major strategic. busines5 and operational risks which the Foundation faces and confirin that systems have been established so that the necessary steps can be taken to lessen these risks. These are kept under reg7ular review. CutTenc risk Curreiicj. risk 15 the risk that the value of a financial instrument will fluctuate because of chan¥e5 iii forei¥n exclian¥e rates. Accordin¥lv, the value of such instrunients a), be affected favourably or unfavourably by fluctuations in cUeliCY rates. The CUTreiicy risk sen51tivity aiialy5is ha5 Ilot been disclosed because the impact 15 not material. Interest rate risk Interesi rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair values of financial instruments. As at 31 December 2023, the Foundation is exposed to interest rate risk on the payment of Grants in instaln)ents over an extended period. The interest rate risk sensitivity analysis has not been disclosed because the impaci is not Inaterial.
Raymond and Beverly Sackler Foundation Trustees, Report (Continued) Other ma or risks The Foundaiion's outstanding charitable commitments are expected to be met out of current resources and future income. The Trustees have identified rto other major risks. Financial Review Financial osition The accounts have been prepared in accordance with the revised Statement of Recommended Practice, Accounting and Reponing by Charities (SORP 2019). The Trustees have taken advantage of the small company exemptions in the preparation of this report. The net increase in funds for the year was £50.194 and was added from Ihe funds balance at the beginning of the year to give a balance carried fon6.ard at the end of the year of £1,782,652 (for the year ended 31 December ?022 the net decrease of £25,170 was deducted to give a funds balance of £1,732,458). These funds are unrestricted and will be applied to meeting the Foundation's committnents and aiiy other donations in the coming year. The Trustees report that.. l. The Foundation has sufficient funds to cover its imtnediate and tUre comniitments out of current resources. As set out in page 12 oiit5taiidiiifT coniinitinents at the )'ear end were £14,135 of which £4,712 is payable in 2024. The reniainingF £9,423 is the total of i11stalmeiits pa}'able in accordance with a gjift agFreetnent to be paid durintw the years 2025 to 2028. 2. The Foundation s a%%ets are held in order to rther its obje¢tiv¢s and all funds received have been or will be applied to the achievenient of those objectives. 3. The Trustees have performed a review of the Foundaiion's ability to ¢ontinue as a going ¢on¢¢rn. In their opinion the Foundation will be able to continue in operational existence for the fores¢¢able future. Reserves olic The Foundation does not make full disiribution of its income in each year bui works to a broad policy of making full distribution of its income over the medium to long term. Investment olic SuTpIu5 ndS are retained in cash deposits. Trustees, Res onsibilities Statement The Trustee5 {who are also the directors for the purpose of coinpaiiy law) are resp0115ible for preparing tl)e Annual Report and the finaiicial statemeiits in accordance with applicable law aiid regFulations. Company law requires the Trustees to prepare finaiicial statenients for each financial y'ear. Under that law the TTUStee5 have elected to prepare the fii)ancial statement5 in accordaiice ivith Uiiited Kingdoni Generally Accepted Accouiitings Practice (United Kii)gdtsm Accounting Stai)dards and applicable law). Under company law. the Trustees n)ust not approve the accounts unless they are satisfied that they give a true and fair view of the state of al'tairs of the charitable compan}, ai)d of the incoining resources and application of resources, includii)g the income and expendituie of the charitable con)pan), for that period. In preparii)g those Iinancial statements, the Trustees are required to.. Select 5Ultable accouiiting policies aiid then apply theni consistently Observe the methods aiid prit]ciples in the Charitie5 SORP,. Make judgements and estimates that are reasonable and prudent; State whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in Ihe financial siatemenis, and; Prepare the financial stateinents on the gtsing conceTn basis uiiless it is inappropriate to presume that the Trust will Continue in operation. The Trusiees are responsible for keeping adequate accountino records ihat are sU1¢ien1 to show and explain Ihe charitable compan5J S transaciions and disclose with reasonable accuracy at any time the financial posiiion of the charitable compan5J and enable them 10 ensure that the financial s[aMen[S complv with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Raymond and Beverly Sackler Foundation Trustees, Report (Continued) Trustees, Res onsibilities Statement continued The trustees confim) that so far as they are aware, there is no relevant audii infomjatioi) (as defined by sectioii 418(31 of the Companies Act 20061 of which the charitable company's audiiors are unaware. They have taken all Ihe steps that Ihey oughi to have taken as trusiees in order to make Ihemselves aware of any relevant audit informaiilin and to esiablish that the charitable company's audiilirs are aware L)f that information. On behalf of the Board.. Name.. STEPHEN JAMIESON ANTHONY COLLINS Date= 30 OCTOBER 2024 30 OCTOBER 2024
Raymond and Beverly Sackler Foundation INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RAYMOND AND BEVERLY SACKLER FOUNDATION Opinion We have audited the financial staiemenis of Raymond and Beverly Sackler Foundation ("the Charithble Compan) I for the year ended 31 December 2023 w,hich comprise Statement of Financial Aciivities. the Balance Sheet and the related notes to the financial statements, including a summary of significant accouniing policies. The financial reponing framework that has been applied in their preparaiion is applicable law and Uniied Kingdom Accounting Siandards (United Kingdom Generally Accepted Accounting Praciicel. including FRS 102 "The Financial Reporting siandard applicable in the UK and Republic of Ireland" In our opinion the financial statements.. give a trne and fair view of the state of the Charitsble Company's affairs as at 31 December 2023 and of its incoming resources and application of resources, includiiig its inconie and expenditure, for the year then et]ded. have been properly prepared in accL)rdance with United Kingdom Generally Accepied Accounting Practice., and have been prepared in accordance with tlie requireinent5 of the Companies Act 2006. Basis for opinion We conducted our audit in accordance i1th International Standards on Audiiing (UK) (ISAS (UK)} and applicable law. Our responsibilities under those standards are further described in the 'Audiior's responsibilities for the audit of the financial statements" section of our report below. We are independent of the Charitable Company in accordance with ihe ethical requirements that are relevant to our audit of the financial staiements in ihe UK. including the FRC'S Ethical Standard and 'e have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence e have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslolls relating to going concer In auditiiig the financial stateinent5, ¢ have concluded that the trustees, use of the going concern basis of accounting ii) the preparation of the finaiicial statemeiits is appropriate. Based on the work we have perfomied. we have not identified ai)y material uncertainties relatii)g to events or conditions that, individuallv or colleciively, may casi significant doubt on the entity's abiliiy to continue as a going concern for a period of ar least iwelve monihs from when the financial staMentS are authorised for issue. Our responsibiliiies and Ihe responsibilities of the trusiees with respect to going concem are described in Ihe relevant sections of this report. Other information The other information comprises the information included in the annual report set out on pages I to 4, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial stateinent5 does not cover the otlier infotynatioii and. except to the extent otherwise explicitly stated in tlii5 reporL we do not express any form of as5uraiice conclu5lOn thereon. In connettion with our audit of the financial statements. our responsibility is to read the other information and, in doing so, coi)sider whetl)er the other inlorination is materially inconsistent w'ith the financial statements or our knoNwledge obtained in the audit orotherwise appears to be materially misstated. If we identify such material inconsistencies or apparei)t inaterial misstatements, we are required to deiermine wheiher there is a material misstatement in Ihe financial statements or a material misstatement of the oiher infonnation. If, based on the work we have perflirnied, we conclude that there is a material missiatement of the other information, we are required to report thai fact. We have nothing ILI report in this regard. Opinion on other matters prescrib¢d bv the Companies Act 2006 In our opinion, based on the work iindertaken in the course of the audit.. the information given in Ihe tNsiees' repori, which includes the directors, report prepared for company law purposes. for the financial year for which ihe financial statements are prepared is consisnt with the financial statements., and the director5 report included withiii the tru5tees' report has been prepared in accordance with applicable legal requirements.
Raymond and Beverly Sackler Foundation IINDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IL4YMOND AND BEVERLY SACKLER FOUNDATION Matters on whieh we are required to report by exetption In light of the knowledge and understanding of the Charitable Company and its environment obtained in Ihe course of the audit, we have identified no Marial misstatements in the TrUses, Report. We have nothing to report in respeci L)f ihe following matteTS where Ihe Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept or returns adequate for ouraudit have noi been received from branches not visited b}. us; or the financial statements are not in agreement with the accouniing reclirds and retums: or certain disclosures of trustee5' reTnuiieration specified by laiy are not made,. or we have not received all the information and explanations we require for our audit. Responsibilities oltrustees As explained more fullv in the Trustees. Responsibilities Stateinent set out on page 4. the trustees (who are also the directors of Ihe Charitable Compan}. for the purposes of compan}. laiv) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees detennine is necessary to enable the preparation of financial staiements ihat are free from maierial misstatement, whether due 10 fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable company's ability to continue as a going concem. disclosing. as applicable, matters related to going concem and using the going concern basis of accounting unless the trusiees eiiher intend tLI liquidate the charitable company or to cease Liperations, or have no realisiie alternative but to do so. Auditor's responsibilities for the Audit of the financial statements Our objectives are to obtaiii reasonable assuraiice about wlietlier the finanLial statement5 a5 a w'hole are free froin Inateriiil misstaiement, whether due to fraud or error. and to issue ai) auditor's rewrt that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee. that an audii conducied in accordance with ISAS IUKI will alw'a5Js detect a maierial misstatement when li exists. Missthiements can arise from fraud or error and are considered maierial if, individually or in the aggregate. they could reasoi)ably be expected to influence the economic decisions of users taken on the basis of these financial stamentS. Based on our understanding of the charitable company's operations. we identified that the principal risks of non-compliance with laws and regulations relgtes to grant making. We considered the extent to which non-compliance might hgve a material effect on the financial statements that results in the situation th91 no further grant funding ¢an be provided. We also Considered Ihe relevant laws and regulations th81 have a direct impact on the preparation of the financial statements. We are required to evaluate management's incentives and opportunities for fraudulent Tnanipulation of the financial statements (including the risk of override of controls). We found there were no principal risks directly impacting the chaiitable coinpany's income and inanaueinent bias iii accounting estimates. Audit procedures perfotyned by the en¥a¥einent teatn included.. Discussions with n)anagement including consideration of knowi) or suspected instances of non•compliance with laws and regulation and fraud: Evaluating management's controls designed to prevent and detect irregularities., Identifying and testing jliurnals. in particularjournal entries posted with unusual aecountcombinations or with unusual descriptions; and Challenging assumptions and judgements made by management in their critical accounting estin)ates. Becaus¢ of th¢ inherent limitations of an audiL there is a risk thatM'¢ will not detect all irregularities, including those leading to a tnaterial misstatement in the financial stateinents or non-compliance M'ith regulatioii. This risk increases the more that compliance with a law or regFulation is removed froin the events and ttan5actions reflected in the financial statements, as we will be less likely to become aivare of instances of non-conipliaiice. A further de5criptioii of our responsibilities for the audit of the finaiicial statements is located on the Financial Reporting Council's Th'ebsite at htt S'.ilM'ww.frc.or uk..aiiditorsre5 0115ibilities. This description fom]s part of our auditor s Teport.
Raymond and Beverly Sackler Foundation IINDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IL4YMOND AND BEVERLY SACKLER FOUNDATION Use of our report This report is made solely to the Charitable Climpany's members. as a kndy. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitsble Company's members those matters we are required w state 10 ihem in an auditor's report and for no other purpose. To the fullest extent permitied b}. law,, we do not accept or assume responsibility to anyone other than the Charitable Companv and Ihe Charitable Companv's members as a tN)dy, for Liur audit work, for ihis repon. or for the opinions we have fomied. ANDREW FOX {BA FCA) Senior Statutory Audiilir For and on behall'of George Hay & Company. Statutory Auditors 83 Cambridge StreeL Pinilico, London, SWIV 4PS Date.. 30 OCTOBER 2024
Raymond and Beverly Sackler Foundation STATEMENT OF FINANCIAL ACTIVITIES Incorporating Income and Expenditure Accoun¢ For the year ended 31 December 2023 2023 2022 IiYCOMING RESOURCES Invesiment and similar income 54.088 2,877 TOTAL INCOMING RESOURCES 54,088 2,877 RF.SOIIRC.F.S F.XPEiYDED ChaTltable activities 3,894 28,047 TOTAL RESOURCES EXPENDED 28.047 IYET INCOME I {EXPENDITUREI 50.194 (25,170} RECONCILIATION OF FUNDS Totsl funds brought forward 1,732,458 1.757,628 TOTAL FUNDS C.ARRIED FORM'ARD 1,782,652 1,732,458 All funds received are unrestricted. There were no other recognised gains or losses. All amounts derive from continuing activities. The accompanying notes I fLI 10 fomi an integral part of these Financial Statements
Raymond and Beverly Sackler Foundation Company Number: 6802985 BALANCE SHEET At 31 December 2023 2023 2022 Noles CURRENT ASSETS Cash at bank 1,801.057 1.834,164 TOTAL ASSETS 1,801,057 1.834,164 CREDITORS.. aniount5 falling due within one year (9,854) (89,977) TOTAL ASSET5 LESS CURRENT LIABILITIES 1,791,203 1,744.187 CREDITORS.. amounts falling due beyond oiie year IYET ASSETS 1,782.652 1732,458 REPRESEiYTED BY: FUNDS OF THE FOUNDATIOiY Unrestricted Funds 1,782,652 1,732,458 TOTAL FUNDS OF THE FOUNDATION 1,782,652 1,732,458 Approved by the Trustees and signed on behalf of the Board by.. Name.. STEPHEN JAMIESON ANTHONY COLLINS Dale= 30 OCTOBER 2024 30 OCTOBER 2024 The accompanying notes I ro 10 form an integral part of these Financial Statements
Raymond and Beverly Saclder Foundation NOTES TO THE ACCOUNTS At 31 Deeember 2023 ACCOUNTING POLICIES The principal accounting policies adopted, judgements made and key sources of estimation uncertainty in ihe preparation of the accounts are as follows.. Basis oluccouiitlllR The accounts of the Foundation, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102)"Accouniing and Reporting by Lharities.. Staiement 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) (effective I, January 2019)" Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" the Charities Act 2011 and the Companies Act 2006. The accounts have been prepared under the historical cost convention Th'ith items recognised ai cosi or transaction value unless otherwise stated in the relevant note(s) to the accounts. Going concern No inaterial uiicertainties that cast si£iiificant doubt about the ability of the Foundation to continue as a going concern have been ideiitified b}, the Trustees. The activities, financial position, cash flow and liquidity position are set out in Ihe Trnstees, Report and the financial statements. The TNstees have a reasonable expectation that the Foundation has adequate resoiirces to contiiiue in operation for the foreseeable fure and they thus continue to adopt th¢ going concern basi5 of accountii)gF in preparing the finaiicial statements. INcuming re50ufL All incoming resources are included in the Statement of Finaiicial Activitie5 when the Foundation 15 entitled to the iiicoine. it 15 probable that the income will be received and the ainount can be quantified with reasonable accuracy. The followit)g specilic policies are applied to particular categorieg of income.. Voluntary incon)e 15 received by way of bTraTlts, doi)atioiis and gifts aiid is included in full in the Stateinent of Fiiiancial Activities H,hen receivable. Grants, where eiititlement is not conditional on the delivery of a specific perfonnance by the Foiindation, are recognised when the Foundation becotnes unconditionally entitled to the graiit. Doiiated Se1]ceS and facilities are included at the value to the Foundation where this can be quantified. The value of services provided by volunteers has not been included in these accounts. Investment income is included when receivable. Resources peed ExpenditUTe is recognised on an accwal basis &$ a liability is incurred. Expenditure includes any V A T which cannot be recovered, and is reported as part of the expenditure to which it relates.. Charitable expenditure comprises those costs incurred by Ihe Foundation in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated direcily to such aciiviiies and those costs of an indirect nature necessary to support them. Governance costs include Ihose costs associated with meeting the constiiutional and ststutory requirements of the Foundaiion and include the accountancy fees and costs linked to the strategic management of the Foundation. All costs are allocated between the expenditure categories of the Siaten)eni of Financial Activities on a basis designed to reflect the use of the resource. Recognilion ofgranl commilmenlspavable Grants pavable are charged in the year M,hen the offer is conve}'ed to the recipient. Grants offered subject to conditions ,hich have not been met at the year-end are accrued as expenditure. In accordance M'ith FRS 102, Ihe paTrment of a Grant in instalments over an extended period is considered to be a 'debi instrument.. The Foundation records its long-term liabilities li.e. deferred instalments) in the accounts at their discounted present value in orderto attribute an economic value to the deferral of payment8. As the in%talments are paid, the unwindiiig of the di%count 1% accounted for as a finance ¢harge in the Ststenient of Financial Activities. A% per FRS 102.11.12, the pre%ent values of deferred instalments are discauntcd at the reqiiired discount rate, being the market rate for a similar debt instrument. As there is iio such market the Foundation uses notiongl rates to reflect the top rate of interest available at the Balan¢e Sheet date for deposits of Foundation funds. 10
Raymond and Beverly Saclder Foundation NOTES TO THE ACCOUNTS At 31 Deeember 2023 I. ACCOUNTING POLICIES {eontinued) Foreign Curreiici Assets and liabilities in foreign currencies are tTanslated into sterling at the rate5 of excliange rulingF at the Balance Sheet date. Transactions in foreign currencies are tra1151ated into sterlingF at the rate of exchangFe rulingF at the date of the transaction. Realised aiid unrealised exchanbFe differences are reported in tlie Statenient of Finaiicial Activities and categorised in line with tlie underlying iiicome or expenditure of the assets or liabilities coi)ceriied. The nCtional and presentational currency of the Foundation is UK Pouiids Sterliiig. Casli and Lu&h equlvolenis Cash and cash equivalents iii the Balance Sheet comprise cash at bank and in hand ai)d short tem deposits with an original niaturity date of three months or less. For the purpose of the Cash Flow Stateinent, cash and cash equivalents consist of cash and cash equivalents as defined above. net of outStandiiig bank overdrafts. LEGAL STATUS OF THE FOUNDATIOF4 The Foundaiion is a company limited by guarantee and has no share capiial. The liability of each member in the event of a winding up is limited w £10. 3. INVESTMENT AND SIMILAR INCOME 2023 2022 UK bank deposit inierest 54.088 2.877 54.088 2,877 CHARITABLE ACTIVITIES 2023 2022 Grants made- Note 8 Exchange differences 1,033 25,927 Governance costs - Audit fee Administration ¢osts Bank charges 2,724 300 80 3,104 2,088 300 100 2,488 Net discounts char¥ed l {credited)- Note 9 (243) (368) 3,894 28,047 The Foundation had no employees during the year12022.. £nil). None of the Trustees reLeived reinuneiation or reiTnbursed expense5 during the year (2022.. £nill. The auditor did not receive any remuneration in respect of iion-audit Services duriiig the year (2022.. £nil). CREDITORS: amounts falling due within one year 2023 2022 Grants payable Accruals 4,712 5,142 85,439 9.854 89,977
Raymond and Beverly Saclder Foundation NOTES TO THE ACCOUNTS At 31 Deeember 2023 CREDITORS- ainoui)ts falling due be)iond one year 2023 2022 Grants payable - Note 9 8,551 11,729 TAXATION The Foundation is exempt from tax on income and gai11s arising it] pursuit of its charitable objects. GRANTS MADE 2023 2022 Institutional grants made: New commitments Exchange differences 949 25,983 Increase l (decrease) in commitments 949 25,983 2023 2022 Reconciliation of grants payable: Commitments at l January 97,881 163,717 Increase in commitments 949 25,983 Grants paid {84,695) (91,819) Commitments at 31 December Payable within one year 4,712 85,439 Payable beyond one year 9,423 12,442 97,881 All amounts above are aciual commitmenis. As set out in Note 9 the amounts payable beyond one year are subject to discounts for inclusion in the Balance Sheet. 12
Raymond and Beverly Saclder Foundation NOTES TO THE ACCOUNTS At 31 Deeember 2023 COMMITMENTS PAYABLE BEYOND ONE YEAR In compliance with the SORP 2019. the carrying values of grant commitments payable beyond one year are discounted to net presei)t value usii)g notional interest rates. The rate adopted in preparing these accounts is 2.40/0 per annum. compounded. &s ai 31 December 2022 and 4.0/ per annum, compounded, as at 31 December 2023. The application and reversal of the discount is deemed a 'Finance charge, by the SORP 2019 and is charged to Charitable Activities. 2023 2022 Commitments payable beyond one year at l January 12,442 87,415 Discount to commitments at l January 1713) {289) Carrying value of discounted commitments at l January 11,729 87,126 Amounts cotnmitted during the year Finance charge attributed to.. Discount reduLed l increased on commitments at l Jai)uary Discouni applied to con)mitments made during the year 1243} {368} 1243} {i681 Exchange differences 1580} 10,410 Commitments becoming due within one year (2,355) (85,4391 Commitments at 31 December at carryin(T value 8.551 11,729 10. RELATED PARTY TRANSACTIONS No related party transactions have been identified in the period. 13