REGISTERED COMPANY NUMBEIL. 08410802 (England and Wales) REGISTERED CHARITY NUMBER: 1152603 Reportof the Trnstees FinaneiAI Ststements for the Year Ended 29 FebruAry 2024 for AsAte Ltd
Asats Ltd Contents of the Finaneial Ststements for the YeAr Ended 29 February 2024 Page Report of the Tru5tee5 Independent Audltor'8 Report Statèment of Fin2nel21 Atdvlties BAlaDce Sheet Cash Flow Statement Note$ to the Flow St4tsment Nots• to the Flnanclal StAtsments 10 to 16
Asydte Ltd Report of the Trustees for the Year Ended 29 February 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 29 February 2024. The trnstees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing ihcir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ircland (FRS 102) (effective l January 2019). OwE1VEs AND ACTIVITIES Objective9 And aims The charity was fornied for the advancement of the education of persons expressing the orthodox Jewish faith. the advanment of th¢ orthodox J¢wish faith, and th¢ r¢lief of poverty in the orthodox Jewish community. The eharity is also actively involved in raising funds for 8eneral education, and relief of poverty, and to this end made substantial grants in the year under review. Slgnltlcant aetlvltles There were no significant activities to report. Public benefit The trustees confinn their cornpliancc with th¢ duty to hav¢ r¢gard to the Public Benefit guidance published by the Charity Commission when reviewing the Charity's aims and objcctivcs in planning future activities. GrantmAklng Asatc Ltd has within it5 Articles of A&sociation thc ability to mak¢ donations. Volunteeri During the year, the charity did not have any voluntecrs to hclp with thc objcctive of the charity. ACHIEVEMENT AND PERFORMANCE Charitable aetivitles Th¢ truSiC consid¢r that th¢ perforniance of the charity this year has been most satisfactory. Substantial funds have been granted to institutions during the period from contributions received from donors. The Statement of Financial Activities shows a net surylus of £576,022 after making total grants of £224,990 and thc reserves stand at £3,448,881. Invutment performance The trustees are currently satisfied with the investment perfomiance of the assets. The Company h&8 not expanded it$ a¢tivities during the Current year. bLLt is always looking at opportunities, the current investment propety Portfolio is producing good results which enhances its chIlable a¢tiviti¢s, Internal and externvdl factors The ttustces have made a full assessment of the internal and extemal factors that may affect these financial statements and do not deem any factors material enough to have an impacL FINANCIAL REVIEW Principal funding source5 Asat¢ Ltd is pl¢ased and fortLLnate to re¢eive donations from anumber of organi58tion5. Also through its investment policy th¢ returns from th¢ investments have produced go rental income. Ovcrall th¢ ¢harity has experi¢n¢ed a good year and hopes it will continue to do so next year. Investment pollcy and objectlves Under the memorandum and articles of association, the charity has the power to mak¢ any invcstment, which the trustee5 see fit. The trustees have considered the most appropriate policy for investing funds and have found that investments in property meets their requirements to generate both income and capital growth. Page I
Asate Ltd Report of the Trustees for the Year Ended 29 February 2024 FINANCIAL REVIEW Reserves polity The charity does not maintain a reserve policy, as reserves are distributed when they become available. at the trustees, discretion. The present level of funding is adequate to support the continuation of it5 objects and the lrnstees consider the financial position of the charity to be satisfactory. FUTURE PLANS There e no significant fijture developments to report. STRucfuRE, GOVERNANCE AND MANAGEMENT Coverning document The ¢harity is controlled by ils governing documenl. the memorandum and articles of association. and ¢onstttut¢s a limited company, limited by guarantce, as defined by the Companies Act 2006. the Charities Act 201 l and the Siatcment of Recommended Practice, "AccoLLnting and Reporting by Charities" issued in March 2005. The company was fomicd on 20 February 2013. The charity is manag¢d and Controlled by the dir¢ctors who are the trustees, who meet regularly. Recrultment And Appolntment of new trustee$ The trustees are appointed according to th¢ Articles of Ao¢latiOn, It is not the intention of the charity to appoint any new trustees. Should the situation chang¢ in the futur¢, thc trust¢¢s will apply suitable recruitment, induction and trainin8 Wider network At present Asate Ltd does not ¢onsid¢r itsrlf part of a wider n¢tWOTk. Risk m4nagement The Iruslees hav¢ identifi¢d and r¢vi¢wed thc major risks to which thc ctwity is exposed. Both rnanual and automated checks are regularly invoked, particularly thos¢ r¢lating to the operations and finance of the charity. The trustees arc Satisfied that these systems and procedures mitigate any p¢e1Ved risks. REFERENCE AND ADMINISTRATIVE DETAIIS Reglstered Company ttumb¢r 08410802 (England and Wales) ReRiStered Chydrlty number 1152603 Reglstered office 75 Maygrove Road Wcst Hampstead London NW6 2EG Trustees Mrs. S R Lisser M Lisser S E HeGkscher Independent Audltor Goldwins Limited 75 Maygrove Road West Hampstead London NW6 2EG ApproveAI by order of th¢ b d of trustees on.... .... ..and signed on its behalf by: M Lisser- TrLthe Page 2
Independent Auditor's report to the trustees of Asgte Ltd Opinion We have audited the financial statements of Asal¢ Ltd for the year ended 29 February 2024 which Comprise the Statement of Financial Activities, the Balance Sheet, statement of cash flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102-. The Financial Reporting Standard applicable in the U,K and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). Oplnlon on flnanclal statements In our opinion the financial statements.. give a true and fair vieiv of thc 5tatc of the charitablc company's affairs as at 29 February 2024 and of its ift¢ome and expenditure for the year then ended: have been properly prepared in accordance with United Kingdom Generally Ac¢ept¢d Accounling Practice. and have been prepared in &c¢ordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and appli¢abl¢ law. Our responsibilitie5 under th05C standards are turther described in thc Auditor's responsibilities for the audit of the financial stal¢m¢nts section of our report. We are independent of the Charity in accordancc with th¢ ¢thical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'5 Ethical Standard and we have fijlfilled our other ethical responsibilitics in accordance with these requircmcnts. We believe that the audit evidcn¢e wc have obtained is sufficient and appropriate to provide a basis for Oltr opinion. Conclusloni relatlng to golDg ¢on¢ern In auditing the financial statements. we have concluded that the trustees, usc of the goin8 concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfornied, we have not identified any material uncertainlics rclating to events or conditions that, individually or collcctivcly, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the fmancial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern ar¢ dcscribed in the relevant sections of this report. Other Information The trnstees are responsible for the other infom)ation. The other inforn]ation comprises the inforniation included in the annual report other than the financial statements and our auditor's report thcreon. Our opinion on the financial statements does not cover the other infonnation and. except to the extent otherwise explicitly stated in our report, we do not express any forni of assurance conclusion thereon. In connection with our audit of the financial stalcments, our responsibility is to read the other infonnation and, in doing so. consider whether the other infonnation is mat¢rially inconsistcnt wilh the financial statements or our knowledge obtained in the audit or otherwise appears to be mat¢rially mi5Stat¢d. If we identify such material in¢onsisten¢ies or apparent material rnisslalements we are required to dctern]ine whether there is a material misstatement in the financial statements or a rnatertal rnisstatemcnt of the other inforniation. If, based on the work we have perforn]ed, we conclude that there is a material misstatement of this othcr infomation, we are required to report that fact. Wc have nothing to report in this regard. Page 3
Independent Auditor's report to the trustees of Asate Ltd Opinion on other matter prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit: the inforniation given in the trustees. report (incorporating the directors, report) for the finaneial year for which the finaneiai statements are prepared is consistent with the financial statements" and the trustees, report (incorpornting the directors. report) has been prepared in accordance with applicable Icgal r¢quirements. Matters on whlch we are required to report by exception In the light of the knowledge and understanding of the Charity and its environment obtsined in the course of the audit, we have not id¢ntified material misswemenls in the Truslees. Annual Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept or returns adequate for our audit havc not bccn rc]Ved from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration sp¢cifi¢d by law are not made. or we have not received all the inforn)ation and explanations we require for our audit. Responsibilities of the truJtee$ As explained morc fully in the Trustees, Responsibilities Statement, the trustees (who are also the dIreCrS of the charitable company for the purpos¢s of company law) arc 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 they detenninc is necessary to cnablc the preparati(m of financial statements that arc fre¢ from material misstatcmcnt, whethw due to fraud or error. In preparing the financial statements, the trnstees arc responsible for assessing the Charity's ability to continue &8 a going concern, disclosin& 88 applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend lo liquldate the Charity or to cease operations, or have no realistic alternative but to do so. Our responsibilities for the audlt of the flnanclAI statements Our objectives are to obtain reasonable assuran¢¢ about whether the financial Statemenls as a whole are frec from material misstatement. whether due to fraud or error, and to issue an auditor's report that includes our opinion. Re&8onable assurance is a high level of as$uran¢e. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatemcnts can arise from fraud or error and arc considered material if. individually or in the aggregat¢. they could reasonably be expected to influence the economic decisions of users taken on the basis of these rinancial statements. I¢SularitiCI in¢ludin8 fraud, are in5tance5 of non-complianc¢ with laws and regulations. W¢ design procedures in line with our responsibilitie& outlined abov¢. to dett material misstatements in re5t of irregularitie& including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below. Page 4
Independent Audltor's report to the trustees of Asate Ltd In identifying and assessing risks of material misslatement in respect of irregularities, including fraud and non-compliance with laws and regulations. our procedures included the following: We enquired of management, which included obtaining and reviewing supporting do¢uTnentation, concerning the charity's policies and procedures relating lo: identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance. Detecting and responding lo the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud. The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. We inspected the minutes of tneetings of those charged with governance. We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental etTect on the operations of the charity from our piofessional and sector experience. We reviewed the financial statement disclosures and test¢d th¢s¢ to supporting documentation to assess compliance with applicable laws and regulations. We p¢rforn¢d analyti¢al procedures to identify any unusual or unexpeeted relationships that may indicate risks of mal¢rial misstaternent due to fraud. In addr¥s5ing the risk of fraud through management override of controls. we tested the appropriatcness of journal ¢ntries and other adjustments, aSSSed whether the judgements madc in making accounting cstimates arc indicative of a potcntial bia5 and t¢st¢d significant transactions that are unusual or those outsid¢ the nomal course of business. A further description of our responsibilities for thc audit of th¢ financial statements 15 located on the Financial Reporting Councils website at: [www.frc.org.uklauditor5re5ponsibilitieb]. This description form5 part of our auditor's report. Use of our report This report is made solely to the charitable company's members. &8 a body. 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 charity's member5 those matters we are required to state to them in an auditor's report and for no other purpose. To the lIest extent perniitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body. for our audit work, for this report, or for the opinions we have fonned. Anthony Epton (Senior Statutory Audltor) for and on behalf of Gtsldwln8 Llmited Statutory Auditor Chartered Accountants 75 Maygrove Road West HAmpstsad London NW6 2EG 16 December 2024 Page 5
Asate Ltd (Including Income and Expenditure Account) Statementof FinaneiAI Aetivldes for thè Yegr Ended 29 February 2024 292.24 Unr*icted fimds Total fuThd5 28.2.23 Notes INCOME AND ENDOWME]Yrs FROM Donations and l¢wi¢s 775.191 420.210 Investment income 96.570 64,499 Total 871,761 484.709 EXPENDITURE ON Raising fimds 67,023 31,002 Charftsble activities Donations 224,990 172,548 3,726 1.996 Total 295,739 205.546 Net gAln8 on Investments 106,708 NET INCOME 682,730 279,613 Net Movement in funds 682,730 279.613 RECONCILIATION OF FUNDS Totsl funds brought forward 2,766,151 2.486,988 TqyfAL FUNDS CARRIED FORWARD 3,448,881 2,766,151 Page 6
Asate Ltd Balance Sheet As at 29 February 2024 29.2.24 28.2.23 Unrestricted fldS Total funds Notes FIXED ASSETS Inv¢stmcnts Investment property io 1.606,708 2,465.009 2,202,778 4,071,717 2,202.778 CURREIYT ASSETS Debtors Cash at bank 12 12,784 341,806 1,283,490 354,590 1283.490 CREDITORS Amounts falling due within one year 13 (243,OIXI) (4,685) NET CURRENT ASSETS 111,590 1,278,805 TOTAL ASSETS LESS CURRENT LIABILITIES 4,183,307 3,481.583 CREDITORS Amounts falling duc aftcr more than one year 14 (734,426) (715,432) ET ASSETS 3,448,881 2,766,151 FUNDS UnrG8tri¢ted fifftds 16 3,448,881 2,766,151 TOTAL FUNDS 3,448,881 2,766.151 The financial statements have been prepared in accordancc with the special provisions for small cornpanics undcr PartLS of the Companies Act 2006. The fin n¢ial latements were approved by the Board of Trustees and authorised for issue ..and were signed on ils behalf by: M Lisscr- Tnlstee Page 7
Asate Ltd Cash Flow Statement for the Year Ended 29 February 2024 29.2.24 28.2.23 Notes Cash flows from operating activitles Cash generated from operations 793,244 281.345 Net cash provided by opKrating activiti¢s 793244 281.345 Cash flows from investlng 8ctivltt¢$ Purchase of fixed asset investments Purchase of investment propety Int¢r¢sr reIVed Dividends received (1,500.000) {262231) 14,919 12,384 (2,940) 703 Net cash used in investing activities (1.734.928) (1237) Chgnge In tash and ea$b eqUiVAlents In the reporting period Cash and cash equlvthnts at the beglnnlngof the reportlng perlod (911,684) 279,108 1,283,490 I,(NM,382 C4sb c4sh equlvYdleDts at the end of the reportlDg period 341,806 1,283.490 Page 8
Asate Ltd Notes to the C*sh Flow Statement for the Year Ended 29 February 2024 RICONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITILS 29.2.24 28.2.23 Net Ineome for the reporting period per the Statsment of Financial Activities) Adjustments for: Interest received Dividends received Incrcase in debtors Increase in Creditors 576,022 279,163 (14.919) (l2,3841 (12,7841 257,309 (703) 2,885 Net ea$h provld¢d by operatlo 793,244 281,345 ANALYSIS OF CHANGES IN NET FUNDSI(DEBT) At 113123 Cash flow At 2912124 Net ¢aJh Cash at bank 1.283,490 (941,684) 341,806 1.283.490 (941,684) 341,806 Debt Dcbts falling due after l ycar (715,432) (18,994) (734,426) (715.432) (18,994) (734,426) Tot•1 568.058 (960,678) (392,620) The notes fonn part of these financial statements Pagc 9
Asate Ltd Notes to the Financial Statements for the Year Ended 29 February 2024 ACCOUNTING POLICIES Basis of preparing the finanelal statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, havc been prepared in accordance with the Charities SORP (FRS 102) 'Aecounting and Reporting by Charities: Statement of Recommended Practice applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective l January 2019),, 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. with the exception of invem¢nts which are included at market valu4 as modified by the revaluation of certain assets. Income All incornc is r¢¢ogniscd in th¢ Stat¢ment of Financial AGtivilies onG¢ th¢ charity has entitlement to the funds it is probable that thc inrom¢ will bc received and the amount can b¢ m¢asur¢d reltably. 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 settl¢m¢nt and th¢ amount of the obligation can be measured reliably. Expenditure is accounted for on an arual8 basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot bc directly attributed to particular headings they have been allocated to activities on a basis consistcnt with the usc of rc50urces. Grants offer¢d subject to conditions whith have not bccn mct at thc ycar end date are noted as a commitrnent but not accrued as expenditu. Invethent property Inveslrnent propcrty is Sho at most rccent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities. Taxatt(Jn Th¢ charity is exempt from corporation tax on its Chitable activities. Fund aceoundng Unr¢ri¢t¢d funds Can be used in 8¢¢ordanee with the charitable obje¢tives at the disrtion of th¢ trnstee& R¢stri¢led funds can only be used for particular restricted purposes within the objects of the charity. Restrirtions ar1 when specified by the donor or when funds arc raised ftir particular restricted purposes. Further explanation of thc nature and purySe of cach filnd is included in the notes to the financial statement& DONATIONS AND LEGACIES 29.2.24 28.2.23 Donations 775.191 420,210 Pagc 10
Asate Ltd Notes to the Finxneithl St4tsments- continued for the Year Ended 29 February 2024 INVESTMENT INCOME 29.2.24 28.2.23 Rents received Other fixed asset invest- Fll Deposit account interest 69.267 12,384 14,919 63,796 703 96,570 64.499 RAISING FUNDS nvestment management ¢o$ts 29.2.24 282.23 Loan interest Light and heat Maintenance charge$ Rates and wat¢r Insurance and 5Ecurity 62,079 21.972 937 2,35 I 1,301 4,441 2,325 2,619 67,023 31,002 CHARITABLE ACTIVITIES COSTS Grant funding of activities (sc¢ notc 6) Donations 224,990 GRANTS PAYABLE 29.2.24 282.23 Donations 224,990 172,548 The total grants paid to instifvtions during the year was as follows: 29.2.24 28.2.23 Comet Chariti¢s Ltd Donations less than £lO.000 Pardes Grarnmar School 28,360 79,788 87,479 40,125 Bels Yaakov Primary Sthool Foundation TMC Trust Ltd Beth Ja¢ob Grdrnm School 14.400 50,OC(J 18,000 79,086 224.690 172.548 Page 11
Asate Ltd Notss to the Flnanelal Statements- Continued for the Year Ended 29 Febrnary 2024 SUPPORT COSTS Management Finance Tota]s Other resources expended 3,380 346 3,726 TRUSTEKSI REMUNERATION AND BENEFITS There were no tNslees' remuneration or other benefits for the year ended 29 February 2024 nor for the year ended 28 February 2023. Tru$tees' ¢xpens¢$ There were no 28 February 2023. trusttts, expcnscs paid for the year ended 29 February 2024 nor for the year ended COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unre5trictcd funds INCOME AND ENDOWMENTS FROM Donation8 and legacies 420,210 Investment income 64,499 Total 484,709 EXPENDITURE ON Raising fimds 31,002 Charitsble aetivities Donations 172,548 1,996 Total 205,546 NET INCOME 279,163 RECONCILIATION OF FUNDS Totsl funds brought forward 2,486,988 TOTAL FUIYDS CARIUED FORWARD 2,766.151 Page 12
As4ts Ltd Notes to the Financial Statements- eontinued for the Year Ended 29 Febrnary 2024 io. FIXED ASSET INVESTME]YTS Listed investments MARKET VALUE Additions Revaluations 1,500,0(KI 106,708 At 29 Febnw 2024 1,606,708 NET BOOK VALUE At 29 February 2024 1.606,708 At 28 Febrnary 2023 There were no investment assets outside the UK. Cost or valuation at 29 February 2024 is represented by: Lxsted Valuation in 2024 Cost 106,708 1,500,000 1,606,708 IIYVESTMENT PROPERTY FAIR VALUE At l March 2023 Additions 2,202,778 262,231 At 29 February 2024 2,465,009 NET BOOK VALUE At 29 February 2024 2.465,009 At 28 February 2023 2,202,778 The trustees value the fair value of the investment properties at 29 Febnwy 2024 at £2.465,009. Pagc 13
Asate Ltd Iyotes to the Finaneial Ststsments- continued for the Year Ended 29 February 2024 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 29.2.24 28.2.23 Other debtors Prepayments and accrued income 10,984 1,800 12.784 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 29.2.24 28.2.23 Other ¢reditors & defentd income 181,086 59,934 1.980 1,085 Accrucd expense5 3,600 243,000 4,685 14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 29.2.24 28.2.23 Bank loans (see note 15) 734.426 715,432 LOANS An analysis of the maturity of loans is given below: 29.2.24 28.2.23 Amounts falling due in more than five years: Repayable otherwise than by instalments: Bank l¢)ans more 5 yrs non-inst 734,426 715,432 16. MOVEMENT IN FUNDS Net mov¢m¢nt in funds At 113123 At 2912124 Unrestrlcted funds Gcncral fund 2.766.151 682,730 3,448,881 TOTAL FUNDS 2,766,151 682,730 3.448.881 Pag¢ 14
Asate Ltd Noteg to the Finaneiai Ststements- eontinued for the Year Ended 29 February 2024 16. MOVEMENT IN FUNDS- continued Net movement in fimds, Includ An the above arc as follo Inwming Resources expended Gains and losses Movement infiu Unrestricted funds Gcneral fund 871,761 (295,739) 106,708 682,730 TOTAL FUNDS 871,761 (295,739) 106,708 682,730 Comparailves for movement IA fund$ Net movement in funds At113122 At 2812123 Unrejtrkted fvndi G¢nerai fLmd 2,486,988 279,163 2,766,151 TOTAL FUNDS 2,486,988 279,163 2,766,15 I Comparative net movement in fimth, included in th¢ above are as follows: Incoming rUrceS Resources expended Movemenl in fimds Unrestrictsd funds General fund 484,709 (205J46) 279,163 TOTAL FUNDS 484,709 (205,546) 279.163 A cllrret year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 113122 At 2912124 Unrestricted fun General fund 2,486,988 961,893 3,448.881 TOTAL FUNDS 1486.988 961,893 3.448.881 Page 15
Asate Ltd Detailed Statement of Financial Aetivltles for the Year Ended 29 February 2024 16. MOVEMEIYT IN FUNDS- contlnued A current year 12 months and prior year 12 months combined net movement in funds, includcd in the above are as follows: Incoming Resources expended Gains and losses Movement in fimds Unrestricted funds General fimd 1,376,664 (501,285) 106,708 982,087 TOTAL FUNDS 1,376,664 (501,285) 106.708 982,087 17. RELATED PARTY DISCLOSURES Included in D¢)nations received during the year were receipts totalling £680,000 received from entities of which M.Li5ser is a dircct•r and/or trnstee. Page 16