Reglstered number.. 08029715 Charity number: 1149156 NORTH NORFOLK FOODBANK (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
NORTH NORFOLK FOODBANK (A company limited by guarantee) CONTENTS Page Reference and administrative details of the Company. its Trustees and advisers Trustees. report Independent examinerfs report statement of flnanclal actlvltles Balance sheet Notes to the financial statements 9-18
NORTH NORFOLK FOODBANK (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Mr Peter Wenham, Chair Mr Adrian Rudman, Trustee Iresqned 31 January 20241 Mrs Michele Bishop, Trustee Mr David Baldwin, Trustee Mrs Olivia Reid, Trustee Mrs Vivienne Edwards, Trustee (resigned 31 March 20241 Mr Jon Platlen, Trustee lappointed 26 April 20241 Mrs Valerie Woodland, Trustee lappoinled 26 April 20241 Company registered number 08029715 Charity registered number 1149156 Registered offi Cromer Methodist Church Hall West Street Cromer Norfdk NR27 gDT Accountants MA Partners Audit LLP Chartered Accountants 7 The Close Norwich Norfdk NR14DJ Page 1
NORTH NORFOLK FOODBANK (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present th&r annual report together with the financial statements of the Company for the year 1 April 2023 10 31 March 2024. The Annual report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current slatulory requirements, the requirements of the charitable company's governing d(Kumenl and the provisions of the Stslemenl of Recommended Practice ISORPI applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffeclive 1 January 20191. Since the Company qualifies as small under section 382 of the Companies Act 2006, the Stffttegic report required of medium and large companies under the Companies Act 2006 Istrategic Report and Directors, Report) Regulations 2013 has been omitted. Objectives and activities a. Policies and objectives The objective of the charity is to relieve persons in the United Kingdom who are in conditions of need. hardship or distress Ibeneficiariesl in such ways as the Trustees shall from time to lime think fit. In setting objectives and planning for activities, the Trustees have given due consideration lo general guidance published by the Charity Commission relating lo public benefit, including the guidan 'Public benefit.. running a charity IPB21'. b. Activities undertaken to achieve objectives The main activities undertaken lo achieve objectives are.. Providing emergency fcM)d and household supplies lo local people in financial crisis Providing emergency fuel support to local people in financial crisis Continuing lo signFM)St clients to appropriate agencies and charities for further help and working closely with them to provide ongoing support Obtaining external funding to employ Citizens Advice officer 4 days a week. to supwrt Foodbank clients Achievemonts and perforniance a. Main achievemonts of the Company During the year ended 31 March 2024, the Charity continued to cary out several initiatives to further ils charitable purposes for the public benefit, including.. Maintaining a full service to the community by continuing a fO-parcel deliveries 8rKJ expanding customer (x)Ilections across seven distribution centres. The Charity continues the provision of support lo people requiring help with their energy bills as part of our Energy Bank scheme. This is in conjunction wth our own Citizens Advice Office and NNDC Help Hub. The Foodbank has expanded the provision to school breakfast clubs and during the winter months, provides supplies lo the areas 'Warm Rcoms.. To support the increase in homeless tEople in the area, the Foodbank is now providing Homeless Support Packs which comprises sets of new essential clothing and toiletries. In addition lo the storage in our warehouse, shed and porlacabin, additional rented storage space continues to be necessary as well as extended storage into the church. Recruitment of administration assistant to work alongside the Fwdbank manager. Page 2
NORTH NORFOLK FOODBANK (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perfomiance {continued) b. Perfomiance Numbers of those served.. 2,57412023 2,7891 vouchers, 3,695 adults {2023'. 4,1421, 2,29512023 2,675) children giving a total of 5,990 {2023 .. 6,8171 Weight of food distributed 59,647 kg {2023 .. 71,658 kg) Value of eneryy vouchers - £48.675 {2023 '. £102,265) Financial review a. Going concem After making appropriate enquiries, the Trustees have a reasonable expectstion that the Company has aduate resources lo continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves policy The lolal funds of the Charity were £263,858 at 31 March 2024 12023.. £239,831}. Free serVeS, being UnstrICted funds not represented by fixed assets were £236,933 al 31 March 202412923.. £185,994). The Charity believes in the grace of Donors to provide for its financial needs as they arise as well as Grants. In principle, the Charity Lelieves that monies given should be utilised for the furtherance of the work of the Charity as soon as is practical and is consistent with an orderly and responsible stewardship of the funds and the work of the Charity. In practice, in the view of the Charity Leadership, free reseNes should be approximately 3 months normal recurring unrestricted expenditure. This is based upon the Charity's size and level of financial commitments. c. Year Overview During the twelve months to 31 March 2024 the Charity had a total income of £197,269 12023.. £233,498}. Offerings and donations al £180,248 have increased from the previous years12023.. £136,9581- Grants were received this year to the totsl of £12,849 {2023.- £95, 4991 lo support the employed members of staff and the Energy Bank. Charitable expenditure was lower than in the previous year at £173,242 {2023.. £230,3811- This was mainly due lo increased spending on energy assistance and Community projects in the prior year. Page 3
NORTH NORFOLK FOODBANK (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Stmcture, governance and management a. Constitution North Norfolk Foodbank is registered as a charitable company limited by guarantee and was set up by 8 Memorandum of Association. b. Methods of appointment or election of Trustees The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association. Statement of Trustees. responsibilities The Trustees (who are also the directors of the Company for the purposes of company law} are responsible for preparing the Trustees, report and the financial statements in accordance wlh applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Accounting Praclicel. Company law rluiS the Trustees to prepare financial slalements for each financial year. Under company law, the Trustees musl not approve the financial slalemenls unless they are satisfied that they give a true and fair view of the stale of affairs of the Company and of ils incoming resources and application of res()urces, including its income and expenditure, for that peri. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 102)., make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards {FRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial slalemenls on the going concern bass unless il is inappropriate lo presume that the Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Company's transactions and disclose with reasonable accuracy al any lime the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2(106. 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. Approved by order of the members of the board of Trustees and signed on their tkhalf by.. Mrs Valerle Woodland ITrusleel Date.. 20 December 2024 Page 4
NORTH NORFOLK FOODBANK (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Independent Examiner's Report to the Trustees of North Norfolk Foodbank {'the Company.) I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and Basis of Report As the Trustees of the Company land ils directors for the purFxJses of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Acl'l. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 20( Act and are eligible for independent examination, I report in respect of my examination of the Companys accounts caThied out under section 145 of the Charities Act 2011 {'Ihe 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent Examiner's Statement I have completed my examination. I confirm that no matters have come lo my attention in connection wth the examination giviry me cause to believe.. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act., or the accounts do not accord with those records., or 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 Irue and fair, view which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and principles irf the Slalement of Recommended Practice for accounting and reFK)rting by charities. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made soldy to the Company's Trustees, as a body, in accordan wlh Part 4 of the Charities {A¢wunts and ReFy)rtsl Regulations 2008. My wcyk has been undertaken so that I might slate lo the Companls Trustees those matters l am required lo slate to them in an Independent examiner's 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 Company and the Company's Trustees as a body, for my work or for this report. Signed.. Alice Lynch Bsc FCA DChA Dated.. 20 Dember 2024 MA Partners Audit LLP Chartered Accountants 7 The Close NoNrich Norfolk NR14DJ Page 5
NORTH NORFOLK FOODBANK (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and grants Investments 10,875 182,222 4,172 193,097 4,172 232,457 f,041 Total income 10.875 186,394 197,269 233,498 Expendlture on: Charitable activities 38,116 135,126 173,242 230,381 Total expenditure 38.116 135,126 173,242 230,381 Net movement in funds 127,241) 51,268 24,027 3,117 Reconciliation of funds- Totsl funds brought forward Net movement in funds 35.416 127.2411 204,415 51.268 239,831 24.027 236, 714 3,717 Total funds carried forward 8,175 255,683 263,858 239,831 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 9 10 18 form part of these financial statements. Page 6
NORTH NORFOLK FOODBANK IA company limited by guarantee) REGISTERED NUMBER: 08029715 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets 10 18.750 18,421 18,750 18,421 Current assets Debtors Cash at bank and in hand 11 1,070 247,992 1, 148 221,862 249.062 223, 010 Creditors.. amounts falling due within one year 12 13,9541 (1,600) Net current assets 263,858 239,831 Total net assets 263,858 239,831 Charlty funds Restricted funds Unrestricted funds 13 8,175 35,416 General funds 13 255.683 204,415 Total unrestricted funds 13 255,683 204,415 Total funds 263,858 239,831 Page 7
NORTH NORFOLK FOODBANK IA company limited by guarantee) REGISTERED NUMBER: 08029715 BALANCE SHEET {CONTINUED) AS AT 31 MARCH 2024 The Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance wth section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance wlh the provisions applicable lo entities subject to the small companies regime. The financial statements were approved and aulhorised for i&8ue by the Trustees and signed on their behalf by= Mrs Valerie Woodland ITrusleel Date". 20 December 2024 The notes on pages 9 10 18 form part of these financial statements. Page 8
NORTH NORFOLK FOODBANK (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General infomiation The Charity is a company which is limited by guarantee. It is both incorporated and domiciled in England and Wales. The addess of its registered office is Cromer Methodist Church Hall, West Street, Cromer, Norfolk, NR27 9DT. The charity's principal activity is that of a fuel and food bank for the local community. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporbng Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. North Norfolk Foodbank meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless olherwse staled in t relevant accounting policy. 2.2 Income Al income is recognised once the Company has enliuement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes bul not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Company's accounting policies. On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Company which is the amount it would have been wlling to pay to obtain services or facilities of equivalent economic benefit on the open market., a corresponding amount is then recognised in expenditure in the period of receipt. 2.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives. as well as any a&8ociated support costs. Page 9
NORTH NORFOLK FOODBANK (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontinuedl 2.3 Expenditure Icontinuedl All expenditure is inclusive of irrecoverable VAT. 2.4 Interest receivable Interest on funds held on deposit is induded when receivable and the amount can be measured reliably by the Company., this is nomially upon notification of the interest paid or payable by the institution wth whom the funds are deposited. 2.5 Tangible fixed assets and depreciation Tangible fixed assets are capilalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed asts are initially rewgnised al cost. After recognition, under the cost model, tangible fixed assets are measured al Cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is Charged so as lo allocate the cost of tangible fixed assets less their rewdual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the fdlowing basis.. Motor vehicles Fixtures and fillings Computer equipment 25/0 25,/0 25,/0 2.6 Debtors Trade and other debtors are recognid al the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 2.7 Cash at bank and in hand Cash al bank and in hand includes cash and shorl-term highly liquid investments with a short maturity of three months or less from the date of acquiwlion or opening of the deposit or similar account. 2.8 Liabilities and provisions Liabilities are rewgnised when there is an obligation at the Balance sheet dale as a result of a past event, it is probable that a transfer of economic benefit wll be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it Mrill pay to settle the debt or the amount il has reiVed as advanced payments for the goods or services il must provide. Page 10
NORTH NORFOLK FOODBANK (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontinuedl 2.9 Financial instruments The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic finanryal instruments are initially recognised al transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured al amortised wst using the effective interest method. 2.10 Pensions The Company operates a defined contribution pension scheme and the pension charge repre*nts the amounts payable by the Company to the fund in respect of the year. 2.11 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes lo the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Income from donations and legacies Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Donations 4,000 6,875 176,248 5.974 180.248 12,849 136,958 95,499 Grants 10,875 182,222 193,097 232,457 Total 2023 89,105 143,352 232,457 Restricted donations income includes 8 donated asset, 8 Portacabin. with a fair value of £4,00012023.. £Nil) which has been capitalised wlhin fixed asset additions. Page 11
NORTH NORFOLK FOODBANK (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Investment income 4,172 4,172 1,041 Analysis of expenditure on charitable activities Summary by fund type Restricted Unrestricted funds funds 2024 2024 Total 2024 Total 2023 Foodbank 38,116 135,126 173.242 230,381 Total 2023 55,183 175,798 230, 381 Analysis of expenditure by activities Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Total funds 2023 Foodbank 100,332 72,910 173.242 230,381 Total 2023 763,450 66,931 230, 381 Page 12
NORTH NORFOLK FOODBANK (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure by activities {continuedl Analysis of direct costs Total funds 2024 Total funds 2023 FoodBank 2024 Foodbank Energybank Van expell8 49.161 48.675 2,496 49,161 48,675 2,496 46,376 114,316 2, 758 100,332 100.332 163,450 Analysis of support costs Total funds 2024 Total funds 2023 FoodBank 2024 Staff Costs Depreciation Rent & ulilits'es 44,647 6,251 6.856 1.338 1,468 8,720 395 23 2,305 44,647 6,251 6,856 1,338 1,468 8,720 395 23 2,305 41,390 6, 143 5,9Q7 1,260 1,214 8,199 374 306 961 Insurance IT, phone & broadband Adminislralion & office costs Subscriptions Adverbsing & promotional Accountancy, legal & professional Repairs & maintenance Sundry iii 907 907 982 195 72,910 72,910 66,931 Page 13
NORTH NORFOLK FOODBANK (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Independent examinerfs remuneration 2024 2023 Fees payable lo the Companvs independent examiner for the independent examination of the Company's annual accounts 990 900 Staff costs 2024 2023 Wages and salaries Contribution to defined contribution pension schemes 44,298 349 41,390 44,647 41,390 The average number of persons employed by the Company during the year was as fdlows.. 2024 No. 2023 No. Staff No employee received remuneration amounting lo more than £60,000 in either year. Amounts paid to key management personnel during the year totalled £21,81712023.- £22, 7791 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023- £NIL). During the year ended 31 March 2024, no Trustee expenses have been incurred (2023- £NIL). Page 14
NORTH NORFOLK FOODBANK (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Tangible fixed assets Motor Fixtures and vehicles fittings Computer equipment Total Cost or valuation At 1 April 2023 Additions 40.981 5,907 4,000 46.888 6,580 2,580 At 31 March 2024 40.981 9,907 2,580 53.468 Depreciation At 1 April 2023 Charge for the year 23.938 4.261 4,529 1,345 28.467 6.251 645 At 31 March 2024 28,199 5,874 645 34,718 Net book value At 31 March 2024 12,782 4,033 1,935 18.750 At 31 March 2023 17,043 1,378 18,421 11. Debtors 2024 2023 Due within one year Prepayments and awrued income 1,070 1, 148 1,070 1, 748 Page 15
NORTH NORFOLK FOODBANK (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Creditors: Amounts falling due within one year 2024 2023 Other taxation and social security Other creditors Accruals and deferred income 464 700 2,500 990 900 3,954 1,600 13. Statement of funds Statement of funds- current year Balance at 31 March 2024 Balance at 1 April 2023 Incorne Expenditure Unrestricted funds General Funds 204415 186,394 1135.1261 255,683 Restricted funds Fuelbank 6.875 16,8751 IT & Internel 994 994 Van 500 500 Citizens Advice Servi Portacabin funding 33,922 {30,2411 11,0001 3.681 3.000 4.000 35,416 10,875 {38,1161 8,175 Total of funds 239,831 197,269 1173,2421 263,858 Restricted funds for the year include grants received for supporting the fuelbank and a donated as*1 of a porlacabin, expenditure related to providing fuelbank grants, the running of a rytizens advi servi and the depreciation charge on the px)rlacabin. Page 16
NORTH NORFOLK FOODBANK (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Ststement of funds (continued) Statement of funds- prior year 88lance al 31 MarGh 2023 8alance al 1 April 2022 Transfers in/out Income Expenditure Unrestricted funds Designated funds Designated Funds 90,000 (90,OOOJ General funds General Funds 145,220 144, 393 (175, 198) 90,000 204,415 Total Unrestricted funds 235,220 744, 393 (7 75, 198J 204,415 Restricted funds Fuelbank 40,652 (40,652) IT & Internel Van Foodbank Citizens Advice Service 994 500 994 500 5,000 43,453 (5,000) (9,531) 33,922 1,494 89,105 (55, 183) 35,416 Total of funds 236, 714 233,498 (230,381) 239,831 Page 17
NORTH NORFOLK FOODBANK (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Analysis of net assets between funds Analysis of net assets between funds - current period Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year 18,750 240,887 13,9541 18.750 249,062 {3.954) 8.175 Total 8,175 255,683 263,858 Analysis of net assets belMeen funds- prior period Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Tar@ible fixed assets Current assets Creditors due within one year 18,427 187, 594 (1,600) 18,427 223,010 (1,600) 35,416 Total 35,416 2Q4,415 239,837 15. Penslon commltments The Charity operates a defined contribution pension herne. The assets of the scheme are held separately from those of the Charity in an indeFÈndenlly administered fund. The pension cost charge represents contributions payable by the Charity lo the fund and amounted lo £349 12023 - £Ni4. No contributions were outstanding at the year end. 16. Related party transactlons There were no related paty transactions during the year. Page 18