Company registration number: 07351786 Charity registration number: 1138836
OSCR registration number: SC042755
## Life with Art
(A company limited by guarantee)
Annual Report and unaudited Financial Statements
for the Year Ended 31 March 2023
## **Life with Art**
## **Contents**
|http://www.lifewithart.co.uk/||
|---|---|
|Reference and Administrative Details|1|
|Trustees' Report|2 to 5|
|Statement of Trustees' Responsibilities|6|
|Independent Examiner's Report|7 to 8|
|Statement of Financial Activities|9|
|Balance Sheet|10|
|Notes to the Financial Statements|11 to 20|
## **Life with Art**
## **Reference and Administrative Details**
**Chairman** D N S Pigott **Trustees** A P R Main D N S Pigott I A M Reid **Principal Office** St Brandons House 29 Great George Street Bristol BS1 5QT **Registered Office** Freshford House Redcliffe Way Bristol BS1 6NL **Charity Registration Number** 1138836 **Company Registration Number** 07351786 **OSCR Registration Number** SC042755 **Solicitors** VWV Narrow Quay Bristol BS1 4QA **Bankers** Handelsbanken 66 Queen Square Bristol BS1 4JP **Auditors** Milsted Langdon LLP Chartered Accountants Freshford House Redcliffe Way Bristol BS1 6NL
Page 1
## **Life with Art**
## **Trustees' Report**
The Trustees, who are directors for the purpose of company law, are pleased to present their annual Trustees' report together with the financial statements of the Charity for the year ended 31 March 2023, which are also prepared to meet the requirements for a Trustees' report and accounts for Companies Act purposes.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with Financial Reporting Standard 102.
The principal office of the Charity is: St Brandons House 29 Great George Street Bristol BS1 5QT
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
Life With Art is a company limited by guarantee, as defined by the Companies Act 2006, and governed by its Memorandum and Articles of Association dated 20 August 2010. It is registered as a charity with both the Charity Commission (registration number 1138836) and the Office of the Scottish Charity Regulator (registration number SC042755).
## **Organisational structure and management of the Charity by the Board of Trustees**
The Trustees are responsible for strategy, policy and financial oversight of the charity.
The Board of Trustees administers the Charity and meets quarterly. The current Chairman, D N S Pigott, is appointed by the trustees to manage the day-to-day operations of the Charity. To facilitate effective operations the Chairman has delegated authority, within terms of delegation approved by the Trustees, for operational matters including finance, employment and all other related activities.
The Trustees who served during the year are listed on page 1, along with the details of professional organisations who have provided services or advice to the charity during the year ended 31 March 2023.
## **Recruitment and appointment of new Trustees**
As set out in the Articles of Association there must be at least three Trustees at all times. None of the Trustees are obliged to serve fixed terms nor retire on rotation. When considering co-opting Trustees, the board has regard to the requirement of any specialist skills needed.
## **Induction and training of new trustees**
New Trustees undergo an orientation day to brief them on their legal obligations under Charity and Company law, the Charity Commission guidance on public benefit and inform them of the content of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan and recent financial performance of the Charity. During the induction day they will meet key employees and other Trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
Page 2
## **Life with Art**
## **Trustees' Report**
## **Pay policy for senior staff**
The Trustees consider themselves members of key management personnel of the Charity in charge of directing and controlling, running and operating the charity on a day to day basis. All Trustees give up their time freely and do not claim any expenses incurred.
The pay of senior staff is reviewed annually by the Trustees.
## **Related parties and subsidiary undertakings**
The Charity’s wholly owned subsidiary, Life With Art Trading Limited, was established to operate those activities which are outside the scope of the Charity’s objectives.
## **Investment policy**
The Trustees, having regard to the liquidity requirements of operating the Charity, have kept available funds in an interest-bearing account and would, in normal circumstance, seek to achieve a rate of interest which matches or exceeds inflation as measured by the retail prices index. Due to wider economic circumstances this aim was not achieved in the year. The Trustees are now exploring further options to achieve this objective.
## **Risk management**
The Trustees have a duty to identify and review the risks to which the Charity is exposed and to put systems into place to mitigate these risks. The Trustees have carried out a risk assessment review of risks to the Charity. These include Health and Safety, Employment law, security, and financial operations/liquidity. Risks are identified throughout the period and discussed at each Trustees meeting. Actions are taken to mitigate any risk wherever possible.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and activities**
The Trustees confirm that they have complied with their duty under the Charities Act 2011 to have due regard to the Charity Commission's guidance on public benefit when planning and reviewing the aims, objectives and activities of Life With Art.
The purposes and aims of the Charity are:
• To advance the education of the public in the arts, including (but not limited to) young people and disabled people;
• To promote the relief of disabled people; and
• To advance for the benefit of the public such other exclusively charitable purposes (in accordance with the laws of England and Wales and Scotland) as the Trustees of the Charity shall from time to time select.
Through the education of young people and disabled people the Charity wishes to maximise the public benefit and ultimately its legal purposes.
Page 3
## **Life with Art**
## **Trustees' Report**
## **Strategies**
The strategies in place to achieve the purposes and aims of charities and by which way the success of the Charity is measured include:
• Increasing the quantity of workshops offered;
• Increasing exposure on social media, with the use of blogs and other engaging media in order to promote the charitable purposes;
• Increasing awareness of the therapeutic nature of art through organising and facilitating art competitions; and
• Increasing local involvement through sustained community out-reach programmes at each Charity art centre.
## **ACHIEVEMENT AND PERFORMANCE**
## **Achievements against objectives**
During the year the Charity increased the number of Charitable Art Centres operated throughout the UK from 8 to 11, including an increased presence in Scotland.
The COVID epidemic severely restricted the use of the buildings, not only during periods of ‘lockdown’ but more generally too, as many of the clients, particularly the elderly and disabled were considered vulnerable to the virus and had to restrict their movements. Whilst this situation is considerably improved, there is still a knock on effect from the pandemic in terms of a more cautious attitude from the clients.
The Charity continues to run exhibitions, workshops and events and to update blogs on the Charity’s activities to promote those activities and the benefits of art in education.
## **FINANCIAL REVIEW**
The Trustees have re-established their policy of supporting other charities through grants totalling £1,800 (2022: £19,103). During the year, the charity received total incoming resources of £337,744 (2022: £400,000). After taking into account grants and other expenses of £228,569 (2022: £102,760), the funds of the charity have increased during the year by £109,175 (2022: £297,240). The Trustees consider the financial position of the funds of the charity to be satisfactory.
## **FUTURE PLANS**
The Charity is hopeful of increasing the number of Charity Art Centres throughout the next financial year.
The Trustees aim is to find new suitable venues and keep incoming resources at as high a level as possible to enable it to continue to support as many of its clients as possible though art workshops, events and art competitions.
Page 4
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## **Life with Art**
## **Independent Examiner's Report to the trustees of Life with Art ('the Company')**
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 March 2023.
## **Responsibilities and basis of report**
As the charity’s Trustees of Life with Art (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’) the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.
Having satisfied myself that the accounts of Life with Art 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 your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner’s statement**
Since Life with Art'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 ACCA, 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:
1. accounting records were not kept in respect of Life with Art as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
Page 7
Llfe wlth Art
Independent Examinerfs Report to the trustees of Life with Art I'the Company,)
Ltsf
R E Rawle FCCA
Milsled Langdon LLP
Freshford House
Redcliffe Way
Bristol
BS16NL
Date.....lo .i.::.r..ts.
Page 8
## **Life with Art**
## **Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
|**Note**
**Income and Endowments from:**
Investment income
3
Total Income
**Expenditure on:**
Raising funds
4
Charitable activities
5
Total Expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
16|**Unrestricted**
**funds**
**£**
337,744
337,744
(121,189)
(107,380)
(228,569)
109,175
109,175
483,578
592,753|**Total**
**2023**
**£**
337,744
337,744
(121,189)
(107,380)
(228,569)
109,175
109,175
483,578
592,753|**Total**
**2022**
**£**
400,000|
|---|---|---|---|
||||400,000|
||||15,329
(118,089)|
||||(102,760)|
||||297,240|
||||297,240
186,338|
||||483,578|
All of the charity's activities derive from continuing operations during the above two periods. There were no gains or losses other than those stated above.
The funds breakdown for 2022 is shown in note 16.
The notes on pages 11 to 20 form an integral part of these financial statements. Page 9
##
##
||Note|2023I|2022
g|
|---|---|---|---|
|Fixedassets||||
|Tangible assets|11|3,482|4,643|
|lnvestments|12|1|1|
|||3,483|4,644|
|Current assets||||
|Debtors|13|343,991|9,863|
|Cash atbank and inhand|14|248,399|477,864|
|||592,370|497,727|
|Creditors:Amounts fallingduewithinoneyear|15|(3,100)|(8,793)|
|Netcurrentassets||589,270|478,934|
|Net assets||592J53|483,578|
|Funds of the charity:||||
|Unrestricted incomefunds||||
|Unrestricted funds||592,753|483,578|
|Totalfunds|16|592,753|483,578|
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##
##
##
##
##
## **Life with Art**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **Income and endowments**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
## _**Deferred income**_
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which it has been received. Such income is only deferred when:
-The donor specifies that the grant or donation must only be used in future accounting periods; or -The donor has imposed conditions which must be met before the charitable group has unconditional entitlement.
## _**Investment income**_
Investment income is recognised using the effective interest rate method.
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
## _**Raising funds**_
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
## _**Charitable activities**_
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## _**Other expenditure**_
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.
## **Support costs**
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.
## **Governance costs**
These include the costs attributable to the charities' compliance with constitutional and statutory requirements, including audit, strategic management and Trustee's meetings and reimbursed expenses.
Page 12
## **Life with Art**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
The trading subsidiary recognises the current income tax charge on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
## **Tangible fixed assets**
Fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
## **Depreciation and amortisation**
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
**Asset class Depreciation method and rate** Furniture and equipment 25% on reducing balance
## **Fixed asset investments**
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
## **Trade debtors**
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 13
## **Life with Art**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **Trade creditors**
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the Trustees discretion in furtherance of the objectives of the charity.
## **Financial instruments**
## _**Classification**_
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
## _**Recognition and measurement**_
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Page 14
## **Life with Art**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## _**Investments**_
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
## **3 Investment income**
||**Unrestricted**|||
|---|---|---|---|
||**funds**|**Total**|**Total**|
||**General**|**2023**|**2022**|
||**£**|**£**|**£**|
|Other investment income|337,744|337,744|400,000|
£337,744 (2022 - £400,000) of the income above was attributable to unrestricted funds and £Nil (2022 - £Nil) attributable to restricted funds.
## **4 Expenditure on raising funds**
## **a) Costs of trading activities**
|Other direct costs of activities for generating
funds
Allocated support costs|**Unrestricted**
**funds**
**General**
**£**
112,361
7,090
119,451|**Total**
**2023**
**£**
112,361
7,090
119,451|**Total**
**2022**
**£**
(26,163)
7,798|
|---|---|---|---|
||||(18,365)|
All expenditure recognised within this classification is accounted for within unrestricted funds, for both the current and preceding financial year
Page 15
## **Life with Art**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **b) Investment management costs**
|Allocated support costs|**Unrestricted**
**funds**
**General**
**£**
1,738
1,738|**Total**
**2023**
**£**
1,738
1,738|**Total**
**2022**
**£**
3,036|
|---|---|---|---|
||||3,036|
All expenditure recognised within this classification is accounted for within unrestricted funds, for both the current and preceding financial year.
## **5 Expenditure on charitable activities**
|**Note**
Artists' fees, materials and expenses
Auditor's remuneration
6|**Unrestricted**
**funds**
**General**
**£**
105,205
2,175
107,380|**Total**
**2023**
**£**
105,205
2,175
107,380|**Total**
**2022**
**£**
114,493
3,596|
|---|---|---|---|
||||118,089|
All expenditure recognised within this classification is accounted for within unrestricted funds, for both the current and preceding financial year.
## **6 Analysis of governance and support costs**
## **Governance costs**
|Independent examiner fees
Other fees paid to examiners
**Total for 2023**
**Total for 2022**|**Unrestricted**
**funds**
**General**
**£**
2,175
2,175
3,596|**Total**
**funds**
**£**
2,175|
|---|---|---|
|||2,175|
|||3,596|
Page 16
## **Life with Art**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **7 Net incoming/outgoing resources**
Net incoming resources for the year include:
|Depreciation of fixed assets|**2023**
**£**
1,161|**2022**
**£**
1,548|
|---|---|---|
## **8 Trustees remuneration and expenses**
No Trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
## **9 Independent examiner's remuneration**
|**9**
**Independent examiner's remuneration**|||
|---|---|---|
||**2023**|**2022**|
||**£**|**£**|
|**Other fees to examiners**|||
|All other services|2,175|3,596|
## **10 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **11 Tangible fixed assets**
|**Cost**
At 1 April 2022
At 31 March 2023
**Depreciation**
At 1 April 2022
Charge for the year
At 31 March 2023
**Net book value**
At 31 March 2023
At 31 March 2022|**Furniture and**
**equipment**
**£**
15,685
15,685
11,042
1,161
12,203
3,482
4,643|**Total**
**£**
15,685
15,685
11,042
1,161
12,203
3,482
4,643|
|---|---|---|
Page 17
## **Life with Art**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **12 Fixed asset investments**
|**12 Fixed asset investments**|||||
|---|---|---|---|---|
|Shares in group undertakings and participating interests
**Shares in group undertakings and participating interests**
**Cost**
At 1 April 2021 and 31 March 2022
**Net book value**
As at 1 April 2021 and 31 March 2023||**2023**
**£**
1
**Subsidiary**
**undertakings**
**£**
1
1||**2022**
**£**
1|
|||||**Total**
**£**
1
1|
## **Details of undertakings**
Details of the investments in which the charity holds 20% or more of the nominal value of any class of share capital are as follows:
||**Country of**||**Proportion of voting**|**Principal**|
|---|---|---|---|---|
|**Undertaking**|**incorporation**|**Holding**|**rights and shares held**|**activity**|
||||**2023**
**2022**||
|**Subsidiary undertakings**|||||
|Life With Art Trading
Limited|England and
Wales|Ordinary|100%
100%|Operation of
arts facilities|
The profit for the financial period of Life With Art Trading Limited was £209,592 (2022 - £77,678) and the aggregate amount of capital and reserves at the end of the year was £1 (2022 - £128,153).
## **13 Debtors**
|**13 Debtors**|||
|---|---|---|
|Due from group undertakings
Prepayments|**2023**
**£**
337,744
6,237
343,981|**2022**
**£**
-
9,863|
|||9,863|
Page 18
## **Life with Art**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **14 Cash and cash equivalents**
|Cash at bank
**15 Creditors: amounts falling due within one year**
Trade creditors
Accruals
**16 Funds**
**Balance at 1**
**April 2022**
**£**
**Incoming**
**resources**
**£**
**Unrestricted funds**
**_General_**
Unrestricted general fund
483,578
337,744
**Balance at 1**
**April 2021**
**£**
**Incoming**
**resources**
**£**
**Unrestricted funds**
**_General_**
Unrestricted general fund
186,338
400,000|**2023**
**£**
248,389
**2023**
**£**
164
2,936
3,100
**Resources**
**expended**
**£**
(228,569)
**Resources**
**expended**
**£**
(102,760)|**2022**
**£**
477,864|
|---|---|---|
|||**2022**
**£**
5,104
3,689|
|||8,793|
|||**Balance at 31**
**March 2023**
**£**
592,753|
|||**Balance at 31**
**March 2022**
**£**
483,578|
The specific purposes for which the funds are to be applied are as follows:
Unrestricted general funds are funds that are available for use at the Trustee's discretion in furtherance of the objectives of the Group.
Page 19
## **Life with Art**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **17 Analysis of net assets between funds**
|**2023**
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
**2022**
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets|**Unrestricted**
**General**
**£**
3,482
1
592,370
(3,100)
592,753
**Unrestricted**
**General**
**£**
4,643
1
487,727
(8,793)
483,578|**Total funds**
**£**
3,482
1
592,370
(3,100)|
|---|---|---|
|||592,753|
|||**Total funds**
**£**
4,643
1
487,727
(8,793)|
|||483,578|
## **18 Analysis of net funds**
|Cash at bank and in hand
Net debt
Cash at bank and in hand
Net debt|**At 1 April**
**2022**
**£**
477,864
477,864
**At 1 April**
**2021**
**£**
183,931
183,931|**Financing**
**cash flows**
**£**
(229,475)
(229,475)
**Financing**
**cash flows**
**£**
293,933
293,933|**At 31 March**
**2023**
**£**
248,389
248,389
**At 31 March**
**2022**
**£**
477,864
477,864|
|---|---|---|---|
## **19 Related party transactions**
Transactions with the wholly owned entities of the group are not disclosed in accordance with exemptions available under FRS 102 Section 33.
Page 20