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2023-07-31-accounts

A chanty registered in England and Wales, number 1149656

A company limited by guarantee, registered in England and Wales, number 7706484

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Gull Head (1965), by Bernard Reynolds, bronze, purchased 1982, chosen by the then retiring Chair, Anstice Shaw

Trustees' Report and Unaudited Accounts Year Ended 31 July 2023

The Victor Batte Lay Foundation

Contents

Pages
Trustees’ Annual Report 2to3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
NotestotheAccounts 7to17

Page 1

The Victor Batte Lay Foundation Trustees’ Annual Report for the year ended 31 July 2023

The trustees present their report with the unaudited financial statements of the charity for the year ended 31 July 2023.

Reference and administrative details

Company No. 7706484 Charity No. 1149656

Registered Office

The Minories, 74 High Street, Colchester, Essex, England, CO1 1UE

Directors and Trustees

The Trustees during the year were Ben Coode-Adams (Chair), Verity Barclay, Julia Stephen, Sophie Kabangu, Amy Turnbull, Jayne Knowles (resigned 19th November 2022), Dr Saran De Melo (resigned 21st March 2023), Benjamin Paites, Ray Cox (resigned 14th January 2023), Prof Ismene Gizelis (appointed 19th November 2022), Lesley Scordellis (appointed 2nd May 2023), Susan Roche (appointed 1st August 2023), Edmund Bacon (appointed 7th November 2023)

No Trustee receives remuneration. All the work of the Trustees of the Foundation is done on a voluntary basis.

Objects and activities

The charitable purpose of the Foundation is defined in its constitution as “The provision and maintenance of the land and buildings from time to time owned by the charity as a museum and art gallery for the exhibition of a collection or collections of objects of antiquarian interest, art or science for the benefit of the inhabitants of Colchester and of the general public.” The Foundation owns The Minories, one of the most significant buildings in Colchester, which it currently lets to Colchester Institute for the use of its Art Department. This lease expired in May 2023, and the Trustees are in the process of taking up occupancy of the building and are planning an extensive and far reaching range of projects and programmes to be held there The main task of the Trustees has been the maintenance and development of the Foundation's Collection of art related to Colchester, North Essex and East Anglia, and to make it available to be enjoyed by the public. .

Achievements and performance

In addition to exhibition space at The Minories, the Trust rented unoccupied shops in Colchester and established a pop-up gallery and artist residency space. The exhibitions staged were staged by We Are The Minories in both locations.

There were no additions to the collection during this financial year, nor were there any disposals.

During the year the Trust continued its membership of several organisations — Association of Independent Museums, Colchester Civic Society, Museums Essex. Membership of these bodies will assist in the reopening of the Minories and its future role in the cultural landscape.

Throughout the year a selection from the collection was on display to the public at Layer Marney Tower and Tymperleys tea room in Colchester.

Page 2

The Victor Batte Lay Foundation Trustees’ Annual Report for the year ended 31 July 2023 (Continued)

The Minories

The Trustees have now established a separate charity and legal entity, We are the Minories, to manage the day to day running of the building and organise future activities.

Financial review

Total income was £80,715 (previous year £83,695) and expenditure was £113,648 (last year £74,354). Grant funding was applied for from several sources in order to hold exhibitions and activities, and to enhance The Minories building. The Foundation received the following grants during the year: £2,949 from the Arts Society and was used to reframe several items within the collection, £9,954 from the National Heritage Lottery Fund and went towards strategic development for the future of The Minories and its collection and the local community, £8,000 for an artist residency programme and £5,000 from Steps to Sustainability. No legacies were received during this financial year.

Structure, governance , management, and administrative details

The Foundation was originally established as the Victor Batte Lay Trust (Registered as a charity in England and Wales, number 310662) after the bequest in 1955 by the widow of Victor Batte Lay of his collection of works of art, etc, and funds to purchasea suitable building to run as a Gallery in which to display the collection. In 2017 the assets and operations of the Trust were transferred to the Victor Batte Lay Foundation (Registered as a charity in England and Wales, number 1149656), a company limited by guarantee, Its constitution is its Memorandum and Articles of Association.

Statement of trustees’ responsibilities in relation to the financial statements

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial Statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

Signed on behalf of the board:

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Page 3

Independent Examiner's Report to the Trustees of The Victor Batte Lay Foundation

Independent Examiner's Report to the trustees of Victor Batte Lay Foundation | report to the charity trustees on my examination of the financial statements of Victor Batte Lay Foundation (the Trust) for the year ended 31 July 2023 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes.

Responsibilities and basis of report

As the charity's trustees of the Trust (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, | report in respect of my examination of the Trust's financial statements as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination | have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's statement

| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1, accounting records were not kept in respect of the Trust as required by section 386 of the 2006 Act; or 2 the financial statements do not accord with those records; or 3. the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a ‘true and fair’ view which is not a matter considered as part of an independent examination: or

  1. the financial statements have not been prepared in accordance with the Charities SORP (FRS 102).

| 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.

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ger
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a Stuart Foster (FCCA) ACCA

Quantic Accountancy Ltd 1 Second Avenue Halstead Essex C09 2SU

Date: 2 February 2024

Page 4

Chanty No 1149856 Company No 7706484

The Victor Batte Lay Foundation

Annual accounts for the year ended 31 July 2023

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Section A Statement of financial activities (including summary, income and expéenditure.!
account) We ay }
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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |Minories|Total|Restricted| |Reopening|General|Unrestricted|Funds:|Prior year| |Fund|Fund|funds|Collection|Total|funds|funds| |A|B|A+B| |Accounts|£|£|£|£|E|£| |41|August 2022|to|34|July|2023|FO1|FO2|FO4|FO5| |Income|and|endowments|from:| |Donations and legacies|||20,542[|«656|||21,198|8,000|=|29,198|76,104| |Chariable actntes|ae a|-|1-1|i| |Other|trading|activities|ae|a|ea| |Investments|aaa|1,118a|:|1,118[ 91| |RentDonationsof the|Minories|es|50,399[/ =||=|50,399||7,500||| |Total|in kind of|works of art (Heritage Assets}|ae[20542||50,173]ee|ee7aris| 8000]ee|-ee|eee80,715 ||[63,005]| |Expenditure|(Notes|3)| |Expenditure|on:| |RaisingChantableSeparatefundsmaterial acthities expense|item|PC94,7208,914 - TGT Pe|||94,720a6 TC-a|-aSa|94,7209,716936 |23,318_31,57010,000||| |AdjustmentGovemance to creditor (Note 4)|2021|fs————8,275|8,275 P||Ss-|.|5 E,275|12,4773,011| |Total|703,634|10,013|||173,648|:|~|113,648|74,354| |the|reporting|period|83,092|42,160|40,932|8,000|-|32,932| |Tax|payable|SE?|RES?|ES|GE, S|CRS MEEe| |Netbeforeincome/(expenditure)investment|gains/(losses)after|tax|‘83,092|42,160|8,000|-||||32,932|9,341| |investments.|-|°|-| |Net|income/(expenditure)|83,092)||42,160]|(40,932|B0c0;|-|32,932)]|9,341|| |Extraordinary items|||ft|||=|=||ss|[|| |Transters between funds|ee|Ge|ee|:|-|[=| |Other recognised|gains/(losses):|aa| |Gains and|losses|on|revaluation of|fixed|assets|fer|the| |OtherNet movement gainsi(losses)|in|funds|283,092)|[42,160ee|||ee(40,952) ||ee8,000|||-||||(32,932a|aae| |funds:| |Total funds brought|forward||55540]|29,097|84.637||"|1.490.424|||7.575.061|||7,565,720| |Total funds|carried forward|27,552|71,257|43,705|||1,498,424|-|1,542,129|||1,575,061|

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Page 5

The Victori Batte Lay Foundationi EciapantyCharity NoHe 77064841149656 Section B Balance sheet as at 31 July 2023

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |Minories|Total|Total|this|Total|last| |reopening|Unrestricted|Restricted|year as|at 31|year|as|at 31| |Fund|General|Fund|Funds|Funds|July 2023|July|2022| |A|B|A+B| |£|a|£|x|£|£| |Fixed|assets| |Intangible assets|Poe|||ln|Te|E—E—EEEee—s—“‘“;éCSd’| |Tangible assets|a|esee|ee|Se|900,000| |Heritage assets|eeee|ee|2000|580,009| |Investments|me|lle| |Current|assets|Total|fixed|assets [7|= [||CABO OUT|||TAB|OUT|||7,480,009| |InvestmentsCashDebtorsStocks|(Note 8)|PooCees|Ulee)ee eeTT —EeEEEeeee| |at bank and inhand|(Note9)|=||"|(27.552)||76.325|||48777 ||18415||||_ 67,186|| |95412| |Total current|assets"|(27.552)||76,323]|78771]|1841S ||||67,106]|o5,41e| |one year|(Note|10)|5,067|5,067|5,067|360| |Net current|assets((liabilities)|[27B92]|71207]|43,705]|16415]|||02120]|95,050| |Total assets less|current|liabilities|[~|(27 D52)||71.257]|43,705]|TAB AM|||||TS4Z|120]|1,575,001| |one|year|(Note|10)| |Provisions|for liabilities|ES|i|ee|ee| |Total net assets|orliabilities|(27,552)|71,257||43,705|||1,498,424|eas|1,542,129|||1,575,061| |Funds|of the|Charity| |Restricted funds (Note 11)|||le |.|4.498.424|||||1,498,424|||1.490.420| |Unrestricted|funds|(Note|11)|27,552|71,257|43,705||—|-|||||43,705|84.637| |Revaluation reserve|po||Ee| |Total funds|(27,552)|71,257|43,705|1,498,424|B|1,542,129|||1,575,061|

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These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. For the year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. Signed Date of by one or two trustees/directors on behalf of all the trustees/directors Print Name Name approval _ dd/mm/yyyy Signature of direct henticati i i 7 b ignature of director authenticating accounts being sent to Companies House 7H,JdJd ApeiA

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Date of
Print Name Name approval
_ dd/mm/yyyy
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7H,JdJd . Wd Oke ApeiA i
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Page 6

The Victor Batte Lay Foundation

Note 1 Accounting Policies

1.1 Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting Ly 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) (effective 1 January 2015)’, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settiement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Taxation The charity is exempt from corporation tax on its charitable activities.

Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds 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. Restricted funds:-

a) Freehold : This represents the market value of the Minories Art Gallery Colchester. b) Art Fund : This represents the permanent collection. Trustees are permitted to sell parts of the collection but proceeds must be reinvested in art work.

1.2 Going concern

The trustees are not aware of any reason to doubt that the Foundation is a going concern.

Page 7

The Victor Batte Lay Foundation

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|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Section|C|Notes|to|the|accounts|for|the|year|ended,|31|July.|2023|(cont)|#/i)| |Note|2|Income| |Designated| |Analysis|of|income|MinoriesFund:|General|UnrestrictedTotal|Restricted| |Reopening|Fund|funds|Funds|Total funds|Prior|year| |E|£|£|£|£|£| |Donations|[Donations and|gifts|||26397-2639]|-[ 26397=||| |andlegacies:|GiftAidhieC=]ee)|ee|BG||||a" ee| |government/other|charitie|17,903|17,903|8,000|73,502| |Membership|subscriptions|and| |sponsorships|which|are|in|substance| |qonad|ip|0|=| |CO|TVICe| |Totaill__20,542|| |656]|27,198]|6000)|20,108| |es|es|es|a)|ae| |fe|ee|en|ee|ee|es|ee|eee, oe|a|a)|i| |=|es|ees|ee| |activities:|wos|7| |es|ee|i|ae| |es|en|es|es|ee| |[oer|ns|2) ae| |Total|=|Te|i|ee|eee| |Income from|[interestincome||||TB|1,118|es|3| |investments:||DividendRental|income|ann|eee|eee|| arenea (ELS)| |and|leasing|income|||=|||50,3997|50,399|||-{|50,399]|7,500| |Totals- ||54,517|51,517|:|51,517]|7,591| |i|ee||es| |materialitem|—|CiCC|2|a| |ofincome|[LH|———CSCSCee| |aS| |Total|ss -[|STa|ae2|eeees| |Gain on disposal of a|tangible fixed PT| |asset|held|for|charity's|own|use|cca|2|=| |.||| |elaleg|i|+|men|"|bell| |intellectual|property|righ|ameallt| |Total|=|=|-[|=f|= ||_-|-{ es|| |TOTAL INCOME||20,542||52,173|72,745|8,000|80,715]|83,695| |Other|information:| |All incomein|the|prior|year|was|unrestricted|except|ey|e|.| |for:|(please provide|description|and amounts)|zero donations|in|kind|of works of art to the|Collection|

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Page8

The Victor Batte Lay Foundation

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|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Section|C|Notes|to|the|accounts|for|the|year ended|31|July:2023:(cont)|||jy|trols|iP| |Note 3|Expenditure|Designated|onne| |Fund:|Total|Restricted| |Analysis of expenditure|Minories|moar|Unrestricted|income| |Reopening|enee|funds|funds|Total|funds|Prior|year| |3|£| |and|oublicity| |andRentmaintenance collection, propecha|r|tyges repairs|tt|a|Digs| |fundsTotal expenditure on raising|936|-Tw31,570| |Expenditure|on||Storage,|preservation,|promotion| |charitable|and|exhibition|of the|Collection.||| |activities|Membership|of associations|8,914|9,716|-|||9,716|3,698| |activities|8,914|9716|-|9.716| |macneaesh|'|Transfer of funds to WatM|||4720]|94.720|.|94.720|40,000| |oxponsematerial|item|Of|—Agiistment|creditor raised|2021|a|za| |‘|:|:|,|i| |Total|94,720 Zz|94720|-||94,720|6,989| |Other|[Governancecosts:|=F 5s|||||=||es| |examination|1,273|1,273|-|1,273|579| |[Bankcharges|CTC|||COCO|:|60|96| |Legal|and|Professional|Fees|||1,342|1,342|:|1,342|41,802| |linmsurance|i|(G0|5,601|es es| |Filingfees|SSC)|SCC]|TC|||I|ig|1 eS| |Total other expenditure|||- |h8275]|8275|||=||8,275|12.477| |TOTAL EXPENDITURE|103,634|||[10,013]|||113,648|-|||113,648]|74,354|

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Page 9

The Victor Batte Lay Foundation

Section C Notes to the accounts for the year ended 31 July 2023 (cont),

Note 4 Details of certain types of expenditure

Fees for examination of the accounts

Please provide details of the amount paid for any statutory external scrutiny of accounts and other services provided by your independent examiner. If nothing was paid please enter '0' in the appropriate box(es).

Accounts

Assurance services other than independent examination

Tax advisory fees

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__£. e
786 579
os
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Other fees (for example: financial advice, consultancy, accountancy services) paid to the independent examiner

Note 5 Paid employees The Foundation has no paid employees.

Page 10

The Victor Batte Lay Foundation

Section C Notes to the accounts for the year ended 31/July 2023 (cont)2) i) )

Note 6 Tangible fixed assets Please complete this note if the charity has any tangible fixed assets 14.1 Cost or valuation

Freehold land Plant, Fixtures, Total Total
& buildings machinery fittings and
and motor equipment
vehicles
£ £ 3 ee
the vear
2023
—
Atendof the of theyear 900,000es 900,000
14.2 Depreciation and impairments
“Basis SLorRB SL or RB SL orRB SL or RB SL orRB
Line ("SL")
or Reducing
Balance
("RB")
“Rate
year
=
14.3 Net bookvalue
Net book value at the 900,000 - 900,000
beginning ofthe year
Net book value atthe 900,000 - - 900,000
endoftheyear

Page 11

The Victor Batte Lay Foundation

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Section C Notes to the accounts for the year ended 31 July 2023 (cont). |.
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Note 7 Heritage assets Please complete this note if the charity has heritage assets 7.1 General disclosures for all charities holding heritage assets {i) Explain the nature and scale of The Foundation maintains a collection of some 250 works of art, heritage assets held. currently valued ata little over £580,000. (ii) Explain the policy for the The collection was inherited as part of our founding bequest. The acquisition, preservation, trustees manage the collection through disposal at auction and managementand disposal of heritage jacquisition through purchases and gifts. The collection is maintained assets. in adequate condition and insured. Our policy is triennial revaluation.

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |Accounts| |1|August 2022|to|31|July 2023|The collection|||Heritage|asset||Heritage|assat|Hojiage asset|Total|_| |2|3|4| |£|£|£|£|£| |At beginning of the year|580,0097 a|~|=|580,009| |At end of the year|580,009|i|aS|-|580,009|

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7.2 Revaluation

if an accounting policy of revaluation is adopted, please provide:

the effective date of the revaluation the name of independent valuer, if applicable qualifications of independent valuer the methods applied and significant assumptions any significant limitations on the valuation

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Trustees’ revaluation in September 2019
ssapheenini aOR; Plaaiel hiecin oe
also a directorofReeman Dansie,
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Page 12

The Victor Batte Lay Foundation

Section C Notes to the accounts for the year endéd 31 July 2023 (cont)

Note 8 Debtors and prepayments

Please complete this note if the charity has any debtors or prepayments.

8.1 Analysis of debtors

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This year Last year
: £
eee —
Total - -
after the the reporting date.
in debtors above)
This year Last year
€ £
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Trade debtors
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Complete 19.2 where a material debtor is recoverable more than a year after the the reporting date.

8.2 Disclosure of debtors recoverable in more than 1 year (included in debtors above)

Trade debtors Prepayments and accrued income Other debtors

Page 13

The Victor Batte Lay Foundation

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Section C Notes to the accounts for the year ended 31 Vuly 2023 (cont) | tee. /)
Note9 Cash at bank and in hand This year esLast year
£ —__E
Short term cash investments (less than 3 months maturity date) - -
COIF 34,500 34,500
Cash at bank and on hand 32,686
Total 87,786 B5A
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Cash at Bank £ Barclays - CAF Cash 32,686 Paypal - Total 32,686

Analysed by Category of Fund

Minories
reopening Other Total
(designated Unrestricted Unrestricted Restricted
fund) funds Funds income funds Totalfunds
£ £ £ £ £
Opening Balance 55,540 29,457 84,997 10.415 95,412
Cash in 20,542 52,810 73,352 6,000 81,352
Cash Out (103,634) (5,943) (109,578) - (109,578)
Transfers
ClosingBalance (27,552) 76,323 48,771 18,415 67,186

Page 14

|

The Victor Batte Lay Foundation

Section C Notes to the accounts for the year ended 31 July 2023 (cont).

Note 10 Creditors and accruals

Please complete this note if the charity has any creditors or accruals.

10.1 Analysis of creditors

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|||||||| |---|---|---|---|---|---|---| |Amounts|falling|due|Amounts_|falling|due|after| |within|one|year|more|than|one|year| |£|£|c|£| |Bank loans and overdrafts||g|eer:|-| |Trade|creditors|4,070|-|4| |orPayments performance-related received on accountgrants|for contracts Pf|-| |Accruals and deferred income|oes le| |Other creditors|a|-{| || |Total|S067]|0|

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10.2 Deferred income

Please complete this note if the charity has deferred income.

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Please~|the|reasons|-|income is|deferred.|=e,| |Movement|in|deferred income|account|This|year| |2|£| |Balance|at|the|start|of|the|reporting|period||||-| |Amounts|added|in|current|period|ee|I|:| |Amounts|released|to|income|from|previous|periods|=|||-| |Balance at the end of the reporting period|:||

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----- Start of picture text -----
The Victor Batte Lay Foundation
Section C Notes to the accounts for the year ended 31 July 2023(cont) | (het oT
Note 12 Transactions with trustees and related parties
# the charity has any transactions with related parties (other than the trustee expenses explained in guidance notes) details of such
transactions should be provided in this note. If there are no transactions to report, please enter “True” in the box or "False" if there
are transactions to report.
----- End of picture text -----

28.1 Trustee remuneration and benefits

----- Start of picture text -----
None of the trustees has been paid any remuneration or received any other benefits from an employment with TRUE
the Foundation (True or False)
In the period the charity has paid trustees remuneration and benefits. Please give the amount of, anc /agal authority for, any
remuneration or other benefits paid to a trustee by the charity or any institution or company connecte:! 1h A.
A OUNTS _ Amounts paid or benefit value
; This year naa Last year
1 August 2022 to 31 July 2023 Legalorder, authoritygoverning(eg contributionPension || Redundancy!)(including Other TOTAL
document) loss of
officeVex
gratia
a a ae RE £
es ae a on ee ee | oases ie
; | epee
Pioase give details of why remuneration or other rea |
employment benefits were paid.
Where an ex gratia payment has been made fo a trustee, °
provide an explanation of the nature of the payment.
Ia third party has been reimbursed for providing one or
more trustees, state the nature of the payment and
amountState the of numberthe reimbursement. of trustees to whom retirement benofits ~ |
are accruing under
schome. a defined contribution pension ||
ee eeeee |
12.2 Trustees' expanses
# the charity has paid trustees expenses for fulfilling their duties, details of such transactions should be provided in this nota. If
there are no transactions to report, please enter “True” in the box below. # there are transactions to report, please enter "False".
No Sa
trustee expenses have been incurred (True or False) |TdTRUE
Type of expenses reimbursed $e| This yeas Last year j
Travel — ~
Subsistence al:
Accommodation ie
Other (please specify): _ i
12.3 Transaction(s) with related parties
Please give details of any transaction undertaken by (or on behaif of) the charity in which a related party has a material interast,
including where funds have been held as agent for related parties. If there are no such transactions, please enter ‘true’ in the box
provided.
There have been no related party transactions in the reporting period (True or False) | TRUE
----- End of picture text -----

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Page 17
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