REGISTERED COMPANY NUMBER: 08722309 (England and Wales)
REGISTERED CHARITY NUMBER: 1154476
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2022
for
Sandhurst Trust
Harlands Accountants (Newquay) Limited
35 High Cross Street
St Austell
Cornwall
PL25 4AN
Sandhurst Trust
Contents of the Financial Statements
for the Year Ended 31 December 2022
|
|
Page |
|
Report of the Trustees |
1 |
to |
3 |
Independent Examiner's Report |
|
4 |
|
Statement of Financial Activities |
|
5 |
|
Balance Sheet |
6 |
to |
7 |
Cash Flow Statement |
|
8 |
|
Notes to the Cash Flow Statement |
|
9 |
|
Notes to the Financial Statements |
10 |
to |
15 |
Sandhurst Trust
Report of the Trustees for the Year Ended 31 December 2022
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,present their
reportwiththefinancialstatementsofthecharityfortheyearended31December2022.Thetrustees have
adoptedtheprovisionsofAccountingandReportingbyCharities:StatementofRecommended Practice
applicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReporting Standard
applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives of the Charity
The Sandhurst Trust has two charitable objects:
Object1:TopromotetheefficiencyofthearmedforcesoftheCrownandinparticulartheRoyal Military
Academy (RMA) Sandhurst in such charitable ways as the trustees from time to time think fit.
Object2:Toadvanceeducationandresearchinthefieldsofleadershipandmanagementandthe training
of effective managers and leaders in civil and military life.
Significant activities in the year and achievements
2022sawthecharityforgingaheadfromrestrictionsduetothecovidpandemic.Theearlypartofthe year
sawareturntoafullprogrammeofevents.Laterintheyearthepaceincreasedwith155eventstaking place
overall.
TheTrustcontinuestobesupportedbythePatron,TheKingofBahrain,withtheannualgrantof£70k paid.
Furthermore,thegrantinaidfromtheChiefoftheGeneralStaffwasincreasedto£65kandbothgrants were
fullyutilisedkeepingthecharityrunning.Reserves,whichhadbeenrundownduringtheearlypartofthe year,
werere-establishedatalowlevelbutwithaplantorestorethecashreserveto£75kbytheendof2022. The
profitfromtheincreasedamountofeventsenabledthedisbursementtoreach£125ka hugeimprovement on
the £83k in 2021 and exceeding the previous best of £107k in 2019.
Public benefit
TheRoyalMilitaryAcademySandhurst(RMAS)hasaninternationalreputationforthetrainingofArmy officers
asleadersandmanagers.All Army officerstakethistrainingandsubsequentmilitaryexperiencebackinto the
civilarenaattheendoftheirmilitarycareerwhetherthisisshortorlong.TheTrustsupportsRMASby providing
prizesandleadershipgrantstoenhancetrainingactivityandalsoprovidesleadershipgrantsformembers of
the charity out in the Field Army.
Duringtheyear,thecharitysupportedtheCentreforArmyLeadershipwiththeprovisionofbooksfor the
leadershiplibraryandprovidedprizesinsupportofbothRMASandtheIntermediateCommandand Staff
Course.ThecharityalsosupportedtwoeducationalwebsitesrunbyservingArmyofficers,theArmy Leader
and The Wavell Room.
During2022TheTrustcharitablydisbursed£125kincluding648grantstoOfficerCadetsgoingon adventurous
trainingexpeditions.Furthermore,221grantsweresuppliedtomemberstakingtheirsoldiers adventurous
trainingandanother14tomembersoftheSandhurststaff.Welfarecontinuedtobeamajoractivity, with
supporttointernationalcadetsforcedtoremainatRMASduringtherecesses,unabletoreturnhomedue to
thecostofflights.Grantstointernationalcadetsroseto£66kduringtheyear(up from44kin2021).There were
someremaininglegaciesfollowingthecollapseoftheAfghanGovernmentin2021withover£4kgiven in
resettlementgrantstotheremainingsevenAfghancadetsatSandhurstandafurthersixwhohad escaped
thecountry.Itisanticipatedthatthisrequirementwilldwindlewillin2023althoughTheTrustalsoprovided a
grantto thelastremainingUkrainiancadetat theAcademy. At otherfarendofthescale,TheTrust refurbished
a small memorial garden for an Officer Cadet who died in training in 2012.
Finally,TheTrustsupportedLucknowPlatoon,whichhousesthecadetsinjuredduringtraining,and the
continuedprovisionofahiredgolfbuggycutsdowntheamountofwalkingrequiredonthelarge660 acre
site.Withthisandassistancewithextra-curricularsuchasavisittoBletchleyPark,thetotalgrantstothe rehab
cadets was £5k.
Page 1
Sandhurst Trust
Report of the Trustees for the Year Ended 31 December 2022
FINANCIAL REVIEW
Reserves policy
Tomeetitsobjects,TheTrusthasagreedabudgetingandreservespolicythatenablesittomake the
appropriateallocationoffundswhileatthesametimesecuringasoundfinancialbasisforthefuture activities
ofthetrust.Theallocationofthefundsandresourcesareagreedbythetrusteesintheoveralllightof the
Trusts strategic needs.
TheTrustholdsseveraltypesofreserves.Somearerestricted,meaningthattheyhavebeengivenfor specific
purposes or have conditions attached that means they can only be spent in a specific way.
SomereservesareintheformofdesignatedfundsthatareputasidebytheTrusteestorepresentfixed and
other assets, which cannot be readily converted into cash.
Finally, The Trust holds general funds or free reserves for three principal reasons:
i. To supply working capital to enable the Trust to manage fluctuations in its cash-flow
ii. To enable the trust to invest in other operations that complement the objectives of the trust
iii. To provide protection in the case of any unforeseen costs or to enable an orderly winding up of the Trust
Thereservespolicyadoptedbythetrusteeshasestablished,atthecurrentlevelsofactivity,thetarget range
forthefreereservesisbetween£100,000and£150,000.Totalreservesattheendofthefinancialyear were
£111,852(2021:£224,581),whichiswithintherangethattheTrusteesfeelarenecessarytoprotectforany of
the events set out above.
Going concern
SincetheBalanceSheetdateof31December2019,theTrust,inlinewithallothercharities, commercial
businessesandgenerallives,hasbeenadverselyimpactedbytheglobalCOVID-19pandemic, including
cancellationofvirtuallyalleventsandexternalactivitiesafterMarch2020.TheTrusteeshavetaken advantage
ofGovernmentalsupportmeasures,including'furlough'schemeclaims,andhavecutothercosts where
possible;fortunately,theTrustcontinuestobenefitfromregulardonationsandgrantstomaintainincome such
thattheTrusteesconsiderthattheTrustcancontinueasagoingconcernfortheforeseeablefuture- the
Trustees will continue to keep the financial position of the charity under regular review.
STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution
InaccordancewiththedecisiontakenbytheTrusteesduring2013,inconsultationwiththe Charities
Commissionandwithappropriatelegaladvice,TheSandhurstTrust(Charitynumber1154476; Company
number08722309)waslaunchedwitheffectfrom1Jan2014.Allassetsandliabilitiesofthe Sandhurst
FoundationweretransferredtotheSandhurstTrustasaresultofaTransferAgreementbetweenthetrustees of
eachorganisation(andwiththeauthorityoftheCharitiesCommission).SandhurstTrustisacompany limited
byguaranteeandgovernedbyitsmemorandumandarticlesofassociation.Consequently,the Sandhurst
Foundation has been removed from the Register of Charities.
Methods of appointing trustees
Therearethreeexofficiotrustees:TheCommandant,theAssistantCommandantand theDirectorofStudies of
the Royal Military Academy Sandhurst. Other Trustees, between 3 and 9, are co-opted.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
08722309 (England and Wales)
Registered Charity number
1154476
Registered office
Old College
The Royal Military Academy
Sandhurst
Camberley
Surrey
GU15 4PQ
Page 2
Sandhurst Trust
Report of the Trustees
for the Year Ended 31 December 2022
Trustees
Trustees of the Sandhurst Trust during the year 2022 were:
Major General D F Capps CBE (ex officio and Chairman) - resigned 10 November 2022
Major General Z R Stenning OBE - appointed 9 September 2022
Lieutenant General (Retired) Sir Simon Mayall KBE CB (Chairman)
Colonel R N Alston MBE
Brigadier (Retired) I N A Thomas OBE (ex officio)
Mr R C R Anderson
Lieutenant Colonel S W Bartlett QVRM TD
Mr W R W Gornall-King
Ms J A D James
Mr S Taylor
Mr T R Sherwood
Mr P R J Smith
Mr R Tanna
Mr A M Skilton - appointed 1 October 2022
Independent Examiner
Deborah Edwards
Harlands Accountants (Newquay) Limited
35 High Cross Street
St Austell
Cornwall
PL25 4AN
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
...........................................................................
Mr T Sherwood - Trustee
Page 3
Independent Examiner's Report to the Trustees of
Sandhurst Trust
Independent examiner's report to the trustees of Sandhurst Trust ('the Company')
IreporttothecharitytrusteesonmyexaminationoftheaccountsoftheCompanyfortheyear ended
31 December 2022.
Responsibilities and basis of report
Asthecharity'strusteesoftheCompany(andalsoitsdirectorsforthepurposesofcompanylaw)you are
responsibleforthepreparationoftheaccountsinaccordancewiththerequirementsoftheCompanies Act
2006 ('the 2006 Act').
HavingsatisfiedmyselfthattheaccountsoftheCompanyarenotrequiredtobeauditedunderPart16of the
2006Act andareeligibleforindependentexamination,Ireportinrespectofmyexaminationofyour charity's
accountsascarriedoutunderSection145oftheCharitiesAct2011('the2011Act').Incarryingout my
examinationIhavefollowedtheDirectionsgivenbytheCharityCommissionunderSection145(5)(b)of the
2011 Act.
Independent examiner's statement
Sinceyourcharity'sgrossincomeexceeded£250,000yourexaminermustbea memberofa listedbody.I can
confirmthatIamqualifiedtoundertaketheexaminationbecauseIamamemberoftheInstitute of
Chartered Accountants in England and Wales, which is one of the listed bodies.
Ihavecompletedmyexamination.Iconfirmthatnomattershavecometomyattentioninconnection with
the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company 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)).
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationto which
attentionshouldbedrawninthisreportinordertoenableaproperunderstandingoftheaccountsto be
reached.
Deborah Edwards
Harlands Accountants (Newquay) Limited
35 High Cross Street
St Austell
Cornwall
PL25 4AN
Date: .............................................
Page 4
Sandhurst Trust
Statement of Financial Activities for the Year Ended 31 December 2022
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Investment income
3
Total
EXPENDITURE ON
Raising funds
4
Other
Total
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
31.12.22
31.12.21
Unrestricted
Total
fund
funds
£
£
983,535
578,514
682
15
984,217
578,529
770,619
307,071
326,327
196,918
1,096,946
503,989
(112,729)
74,540
224,581
150,041
111,852
224,581 |
|
|
The notes form part of these financial statements
Page 5
Sandhurst Trust
Balance Sheet
31 December 2022
31.12.22
Unrestricted
fund
Notes
£
FIXED ASSETS
Intangible assets
9
3,180
CURRENT ASSETS
Stocks
10
33,583
Debtors
11
41,303
Cash at bank and in hand
306,244
381,130
CREDITORS
Amounts falling due within one year
12
(202,374)
NET CURRENT ASSETS
178,756
TOTAL ASSETS LESS CURRENT LIABILITIES
181,936
CREDITORS
Amounts falling due after more than one
year
13
(70,084)
NET ASSETS
111,852
FUNDS
15
Unrestricted funds
111,852
TOTAL FUNDS
111,852 |
31.12.21
Total
funds
£
3,180
23,168
7,871
248,273
279,312
(57,911)
221,401
224,581
-
224,581
224,581
224,581 |
|
|
ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct 2006 for
the year ended 31 December 2022.
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyear ended
31 December 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 6
Sandhurst Trust
Balance Sheet - continued
31 December 2022
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicableto charitable
companies subject to the small companies regime.
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
............................................. and were signed on its behalf by:
.............................................
Mr T Sherwood - Trustee
The notes form part of these financial statements
Page 7
Sandhurst Trust
Cash Flow Statement for the Year Ended 31 December 2022
Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Interest received
Net cash provided by investing activities
Cash flows from financing activities
New loans in year
Loan repayments in year
Net cash provided by financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period |
31.12.22
£
(29,462)
(29,462)
682
682
100,000
(13,249)
86,751
57,971
248,273
306,244 |
31.12.21
£
91,510 |
|
|
91,510 |
|
|
15 |
|
|
15 |
|
|
-
- |
|
|
- |
|
|
|
|
|
91,525
156,748 |
|
|
248,273 |
The notes form part of these financial statements
Page 8
Sandhurst Trust
Notes to the Cash Flow Statement for the Year Ended 31 December 2022
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Interest received
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase in creditors
Net cash (used in)/provided by operations |
31.12.22
31.12.21
£
£
(112,729)
74,540
(682)
(15)
(10,415)
1,704
(33,432)
7,814
127,796
7,467
(29,462)
91,510 |
|
|
2. ANALYSIS OF CHANGES IN NET FUNDS
|
At 1.1.22 |
Cash flow |
At 31.12.22 |
|
£ |
£ |
£ |
Net cash |
|
|
|
Cash at bank and in hand |
248,273 |
57,971 |
306,244 |
|
248,273 |
57,971 |
306,244 |
Debt |
|
|
|
Debts falling due within 1 year |
- |
(16,667) |
(16,667) |
Debts falling due after 1 year |
- |
(70,084) |
(70,084) |
|
- |
(86,751) |
(86,751) |
Total |
248,273 |
(28,780) |
219,493 |
The notes form part of these financial statements
Page 9
Sandhurst Trust
Notes to the Financial Statements
for the Year Ended 31 December 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS 102,
havebeenpreparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReporting by
Charities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccounts in
accordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland (FRS
102)(effective1January2019)',FinancialReportingStandard102'TheFinancialReporting Standard
applicableintheUKandRepublicofIreland'andtheCompaniesAct2006.Thefinancial statements
have been prepared under the historical cost convention.
Income
All incomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlementto the
funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswill be
requiredinsettlementandtheamountoftheobligationcanbemeasuredreliably.Expenditure is
accountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregateall cost
relatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadingsthey have
been allocated to activities on a basis consistent with the use of resources.
Stocks
Stocksarevaluedatthelowerofcostandnetrealisablevalue,aftermakingdueallowance for
obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Pension costs and other post-retirement benefits
Thecharitablecompanyoperatesadefinedcontributionpensionscheme.Contributionspayable to
thecharitablecompany'spensionschemearechargedtotheStatementofFinancialActivitiesin the
period to which they relate.
2. DONATIONS AND LEGACIES
3.
Donations
Other income
INVESTMENT INCOME
Interest receivable - trading |
31.12.22
£
266,587
716,948
983,535
31.12.22
£
682 |
31.12.21
£
179,704
398,810 |
|
|
578,514 |
|
|
31.12.21
£
15 |
continued...
Page 10
Sandhurst Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
4. RAISING FUNDS
Raising donations and legacies
5.
Direct costs
SUPPORT COSTS
Management
Finance
£
£
Other resources expended
301,019
13,678 |
31.12.22
£
770,619
Other
£
11,630 |
31.12.21
£
307,071 |
|
|
Totals
£
326,327 |
6. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31December2022nor for
the year ended 31 December 2021.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31December2022norfortheyear ended
31 December 2021.
7. STAFF COSTS
Wages and salaries
Other pension costs
The average monthly number of employees during the year was as follows:
Staff
No employees received emoluments in excess of £60,000. |
31.12.22
31.12.21
£
£
244,264
135,135
12,223
15,924
256,487
151,059
31.12.22
31.12.21
7
6 |
|
|
8.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
|
|
Unrestricted |
|
fund |
|
£ |
INCOME AND ENDOWMENTS FROM |
|
Donations and legacies |
578,514 |
Investment income |
15 |
Total |
578,529 |
EXPENDITURE ON |
|
Raising funds |
307,071 |
Other |
196,918 |
Total |
503,989 |
continued...
Page 11
Sandhurst Trust
Notes to the Financial Statements - continued
for the Year Ended 31 December 2022
8. |
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
|
|
|
|
|
Unrestricted |
|
|
|
fund |
|
|
|
£ |
|
NET INCOME |
|
74,540 |
|
RECONCILIATION OF FUNDS |
|
|
|
Total funds brought forward |
|
150,041 |
|
TOTAL FUNDS CARRIED FORWARD |
|
224,581 |
9. |
INTANGIBLE FIXED ASSETS |
|
|
|
|
|
IPR on |
|
|
|
Medals |
|
|
|
£ |
|
COST |
|
|
|
At 1 January 2022 and |
|
|
|
31 December 2022 |
|
3,180 |
|
NET BOOK VALUE |
|
|
|
At 31 December 2022 |
|
3,180 |
|
At 31 December 2021 |
|
3,180 |
10. |
STOCKS |
|
|
|
|
31.12.22 |
31.12.21 |
|
|
£ |
£ |
|
Stocks |
33,583 |
23,168 |
11. |
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
|
|
31.12.22 |
31.12.21 |
|
|
£ |
£ |
|
Trade debtors |
17,974 |
3,600 |
|
Other debtors |
20,764 |
4,271 |
|
VAT |
565 |
- |
|
Prepayments and accrued income |
2,000 |
- |
|
|
41,303 |
7,871 |
continued...
Page 12
Sandhurst Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
12.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 14)
Trade creditors
Social security and other taxes
VAT
Other creditors
Accruals and deferred income
Commandant's fund loan
13.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Bank loans (see note 14)
14.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank loans
Amounts falling between one and two years:
Bank loans - 1-2 years
Amounts falling due between two and five years:
Bank loans - 2-5 years
15.
MOVEMENT IN FUNDS
At 1.1.22
£
Unrestricted funds
General fund
224,581
TOTAL FUNDS
224,581
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
984,217
TOTAL FUNDS
984,217 |
31.12.22
£
16,667
144,941
8,338
-
3,850
28,578
-
202,374
31.12.22
£
70,084
31.12.22
£
16,667
16,667
53,417
Net
movement
in funds
£
(112,729)
(112,729)
Resources
expended
£
(1,096,946)
(1,096,946) |
31.12.21
£
-
-
14,962
6,776
11,846
19,151
5,176
57,911
31.12.21
£
-
31.12.21
£
-
-
-
At
31.12.22
£
111,852
111,852
Movement
in funds
£
(112,729)
(112,729) |
|
|
|
continued...
Page 13
Sandhurst Trust
Notes to the Financial Statements - continued
for the Year Ended 31 December 2022
15. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS |
Net
movement
At 1.1.21
in funds
£
£
150,041
74,540
150,041
74,540 |
At
31.12.21
£
224,581 |
|
|
224,581 |
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
Resources
Movement
resources
expended
in funds
£
£
£
578,529
(503,989)
74,540
578,529
(503,989)
74,540 |
|
|
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Net
movement
At 1.1.21
in funds
£
£
150,041
(38,189)
150,041
(38,189) |
At
31.12.22
£
111,852 |
|
|
111,852 |
A currentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedin the
above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
1,562,746
1,562,746 |
Resources
expended
£
(1,600,935)
(1,600,935) |
Movement
in funds
£
(38,189)
(38,189) |
|
|
|
|
continued...
Page 14
Sandhurst Trust
Notes to the Financial Statements - continued
for the Year Ended 31 December 2022
16. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2022.
Page 15