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2025-03-31-accounts

REGISTERED CHARITY NUMBER: 1163715

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

ANDOVER YOUNG CARERS

ANDOVER YOUNG CARERS

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Page
Report of the Trustees 1 to 5
Independent Examiner’s Report 6
Statement of Financial Ac�vi�es 7
Balance Sheet 8
Notes to the Financial Statements 9 to 12

ANDOVER YOUNG CARERS

REPORT OF THE TRUSTEES For the Year Ended 31 March 2025

  1. The Trustees have adopted the provisions of Accoun�ng and Repor�ng by Chari�es: Statement of Recommended Prac�ce applicable to chari�es preparing the accounts in accordance with the Financial Repor�ng Standard applicable in the UK and Republic of Ireland (FRS 102) (effec�ve 1 January 2019).

OBJECTIVES AND ACTIVITIES

Our Mission

The provision of relief to Young Carers in the area covered by Northern Test Valley and surrounding districts (Young Carers being defined as children and young people, up to the age of 18 years of age), who help to look a�er or have a significant caring responsibility for a parent, parents or sibling with a long-term illness or disability.

What we do

Young carers assessments

All young carers receive an assessment of their caring to enable us to provide them with a service that meets their needs and ensures that they are able to take a break from their caring responsibili�es.

Young carers a�er school clubs

We run weekly a�er school clubs for primary school aged, lower secondary school age, upper secondary, as well as a regular transi�on group for those in college.

Young carers school drop ins

Andover, with weekly visits to secondary schools and regular visits to primary schools.

One to one support

For young carers who require extra support and �me to talk, we provide one to one support sessions in a venue of the young carer’s choosing.

Trips and ac�vi�es

During the school holidays we provide a number of trips and ac�vi�es to enable young carers to take a break and enjoy new opportuni�es, and we also a�end the annual Young Carers’ Fes�val.

Page 1

ANDOVER YOUNG CARERS

REPORT OF THE TRUSTEES For the Year Ended 31 March 2025

OBJECTIVES AND ACTIVITIES

AYC Achievements 2024-2025

primary and two secondary) across the town. We have also helped schools to set up and run their own groups. This has enabled us to reach out and support hundreds of young carers and iden�fy those who may require more support. At these clubs we usually bring along refreshments and games, we work closely with school staff to engage the young people with informal learning and o�en have open discussions about their caring responsibili�es in this se�ng. We visit the secondary schools every week and the primary schools at least every half-term, maintaining a regular presence.

Our regular a�er school club sessions have remained busy and mostly reach capacity for 18 young people at each session. As we have built such strong rela�onships with our teaching colleagues it helps us to decide on what’s the best support to offer an individual. For example, some young people with rela�vely low caring responsibili�es may find the support from their school and lunch�me young carers club enough. Whereas we may iden�fy that another young person is struggling and may benefit from some 1-1 support within school.

We receive referrals from a variety of organisa�ons including social workers, family support workers and schools. The Support Worker Coordinator will traffic light the referrals and priori�se them in order of who requires support. Last year we supported families that were living in temporary accommoda�on or had recently moved to the area due to difficult circumstances. We felt that these families required our support promptly and arranged mee�ngs with the families and young people.

We worked throughout this year with Andover Trees and took groups of young carers up to Harmony Woods for a series of ac�vi�es exploring nature, with an exhibi�on of art work at Andover Train sta�on as part of Art in the sta�on.

We took eleven young people to the annual Young Carers fes�val in June where they got to try new experiences at a na�onal outward-bound centre, with hundreds of young carers from across the country mee�ng together. This is always a thoroughly adored weekend by all and gives the young people a sense of independence and freedom they may have rarely felt before.

During the summer of 2024 we were invited by Southampton Yacht Club to take part in water sports ac�vi�es. We took several different groups kayaking, sailing and paddle-boarding.

Hanson, ideas were discussed and shared about best prac�ce for suppor�ng young carers, it was hugely informa�ve to liaise with other professionals.

We held our Halloween party which was well a�ended with forty young people enjoying this annual party, all had a great �me, games, music and fun and most of them in fancy dress!

We ran an open day for new primary aged young carers and their parents where we ran an explora�on on being a young carer and completed the paperwork with the families. This saw us take on a handful of young carers in a short �me. The need for our service is evident with referrals regularly being made to us from a range of organisa�ons.

Page 2

ANDOVER YOUNG CARERS

REPORT OF THE TRUSTEES For the Year Ended 31 March 2025

OBJECTIVES AND ACTIVITIES (Con�nued)

We require a certain level of commitment from the young carers and families, as a rule we reach out to parents when young carers miss three consecu�ve sessions. Communica�ng effec�vely with some parents can be a challenge, we send reminder texts about club dates, provide newsle�ers and make parents aware they can always contact us on our work phones.

At �mes young people miss sessions because the person they are caring for becomes unwell. If we are made aware of this, we communicate with schools and offer addi�onal support to the young person. We do this through offering 1-1s or ensuring a child can a�end a session by providing addi�onal transport or offering alterna�ve club dates.

Our a�erschool club sessions can be very varied; some sessions may centre around playing sport or taking part in ac�vi�es and others can be more informal and led by the young people.

Fundraising for our work has become increasingly challenging, as we, like many small chari�es, face a reduc�on in available funding against the backdrop of a huge increase in demand for services and funds across the charity sector. Several of our mul�-year funding streams are nearing their end, including a Na�onal Lo�ery Partnership project with Hampshire Young Carers Alliance. We have therefore been focussing on applica�ons for further mul�-year funds. We were funded through the Na�onal Lo�ery Awards for All stream for one year. Other funding has been provided by the Postcode Society Trust, Children in Need and UK Youth as well as smaller grants from Test Valley Borough Council, OJ Colman and Asda. In addi�on, we receive dona�ons from individuals and local businesses as well as fundraising events run by third par�es to raise money for AYC. We are hugely grateful to all of our supporters.

We received funding from Hampshire Ac�ve Health Programme, administered by Energise Me, this year to run organised sport sessions, which meant we’ve had dance teachers and football coaches visit the bungalow. We have also purchased new sports supplies including football boots, skills equipment, shin pads and goalkeeper gloves with a grant from Jamie G. Our Support Worker obtained an FA qualifica�on in coaching football and used the new knowledge running sessions with different age groups. This has proven to be very popular with most of the young people and has helped them build confidence and skills.

We gratefully received dona�ons of Christmas boxes and gi�s from Andover Foodbank. This enabled us to gi� one hundred presents to our young carers. We had seven Christmas par�es in the lead up to the fes�ve season; all the young carer groups enjoyed a full Christmas dinner along with party games. We were also fortunate to receive funding to buy �ckets to the pantomime, and 48 young people and families enjoyed the local produc�on at The Lights.

We are able to provide this range of services, respite and support to young carers in Andover thanks to the dedicated staff team and a team of volunteers who help us with driving the minibus, helping out at a�er school club sessions, cooking meals, and maintaining the garden and minibus.

Page 3

ANDOVER YOUNG CARERS

REPORT OF THE TRUSTEES For the Year Ended 31 March 2025

FINANCIAL REVIEW

The income for 2024-25 was £113,551 compared to an income of £117,881 in 2023-24. Restricted income totalled £72,652 and the remaining £40,899 was unrestricted income. Restricted expenditure totalled £72,159, and unrestricted expenditure amounted to £56,150. This resulted in a surplus of £493 being added to the Restricted reserves, and a deficit of £15,551 being transferred to unrestricted reserves.

The deficit on the unrestricted reserves has arisen as a result of income that should have been deferred as at 31 March 2024. This amounted to £26,405, and was included in the accounts for that year as recognised income. An adjustment has been included in the year under review.

Reserves Policy

Trustees have agreed to a cash reserve of at least 3 months operating cost that is built up from unrestricted income. Unrestricted reserves are kept in a separate AYC Lloyds bank account and in a Newbury Building Society Savings Account. The total cash reserves are £76,208.

The level of reserves is calculated and monitored every three months by the Management Committee. Considerations are given to: Salaries, HMRC and pension payments, venue running costs and redundancy payments for eligible staff. Consideration is also given to; The need to pay salaries that deliver core work and to undertake the securing of further funds. The need to support service users into alternative provision or a wind down of services.

Going Concern

The Trustees have reviewed the ongoing financial position of the Charity and have identified areas of potential material uncertainty. However, the Trustees are satisfied that they understand the Charity’s liabilities and they continue to monitor the financial situation closely to ensure the Charity remains solvent. The Trustees believe that, with ongoing grants and plans in place to reduce costs, the Charity has sufficient working capital to enable it to continue operating for a period exceeding 12 months after the date of this report.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Andover Young Carers (AYC) became a Charitable Incorporated Organisa�on on 24[th] September 2015.

Trustee recruitment follows our equal opportunity/recruitment policy and process, all poten�al trustees are interviewed with references and DBS clearance sought, followed by an induc�on period and introduc�on to the charity. The trustees meet monthly at least 11 �mes a year. The Charity Execu�ve manages the day-to-day opera�onal ac�vi�es of the charity along with a small, part �me staff team and a team of volunteers.

and their families in the town of Andover and surrounding villages. They hear every month, at their monthly mee�ngs, about the impact of the work on young carers and their families. Helping to alleviate the effects of poverty, long term illness, and disability on young people and ensuring young carers get access to opportuni�es and respite to enable them to support their families.

Page 4

ANDOVER YOUNG CARERS

REPORT OF THE TRUSTEES For the Year Ended 31 March 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT (Con�nued)

Governing document

The Charity is controlled by its governing document, a deed of trust and cons�tutes an unincorporated charity.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity Number

1163715

Principal address

Churchill Bungalow Admirals Way Andover SP10 1QG

Trustees

Mr M Mundy (Ac�ng Chair) Ms L Bishop Ms M Cooke Dr N Mason Ms C Moodie (appointed 10 March 2025) Ms A May (resigned September 2024) Mr C Osbourne (resigned September 2024)

Independent Examiner

David Moulton

Approved by order of the board of trustees on………………………. and signed on its behalf by: 19 January 2026

……………………………………………

Michael Mundy, Trustee, Andover Young Carers

Page 5

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF ANDOVER YOUNG CARERS

Independent examiner’s report to the trustees of Andover Young Carers

I report to the charity trustees on my examina�on of the accounts of Andover Young Carers (the Trust) for the year ended 31 March 2025.

Responsibili�es and basis of report

As the charity trustees of the Trust you are responsible for the prepara�on of the accounts in accordance with the requirements of the Chari�es Act 2011 (‘the Act’).

I report in respect of my examina�on of the Trust’s accounts carried out under Sec�on 145 of the Act and in carrying out my examina�on I have followed all applicable Direc�ons given by the Charity Commission under Sec�on 145(5)(b) of the Act.

Independent examiner’s statement

with the examina�on giving me cause to believe that in any material respect:

  1. Accoun�ng records were not kept in respect of the Trust as required by Sec�on 130 of the Act; or

  2. The accounts do not accord with those records; or

  3. The accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Chari�es (Accounts and Reports) Regula�ons 2008 other than any requirement that the accounts give a true and fair view which is not a ma�er considered as part of an independent examina�on.

I have no concerns and have come across no other ma�ers in connec�on with the examina�on to which a�en�on should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

David Moulton

22nd January 2026

Page 6

ANDOVER YOUNG CARERS

STATEMENT OF FINANCIAL ACTIVITIES For the Year Ended 31 March 2025

Notes
INCOME AND ENDOWMENTS FROM:
Donations and legacies
2
Charitable activities
Grants Received
4
Investment income
3
Total
EXPENDITURE
5
Charitable activities
Direct Expenses
Support Costs
Total
SURPLUS/(DEFICIT)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
Unrestricted
fund
33,474
7,425
40,899
38,854
17,596
56,450
(15,551)
49,691
34,140
Restricted
fund
1,500
71,152
72,652
67,856
4,303
72,159
493
26,405
26,898
31.3.25
Total
funds
34,974
78,577
113,551
106,710
21,899
128,609
(15,058)
76,096
61,038
31.3.24
Total
funds
19,952
97,929
-
117,881
122,566
16,545
139,111
(21,230)
97,326
76,096

The notes form part of these financial statements

Page 7

ANDOVER YOUNG CARERS

BALANCE SHEET 31 March 2025

Notes
CURRENT ASSETS
Debtors
9
Cash at bank
CREDITORS
Amounts falling due within one year
10
NET CURRENT ASSETS
NET ASSETS
FUNDS
11
Unrestricted funds
Restricted funds
TOTAL FUNDS
31.3.25
Total
funds
-
76,208
76,208
(15,170)
61,038
61,038
34,140
26,898
61,038
31.3.24
Total
funds
3,883
73,681
77,564
(1,468)
76,096
76,096
49,691
26,405
76,096

The financial statements were approved by the Board of Trustees and authorised for issue on …................19th January 2026 and were signed on its behalf by:

----- Start of picture text -----
…..........................................
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Michael Mundy, Trustee

…..........................................

The notes form part of these financial statements

Page 8

ANDOVER YOUNG CARERS

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 March 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The Financial statements of the charity, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by 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 (FRS102) (effective 1 January 2019). Financial Reporting Standard FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 2011. 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 settlement 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 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 onnly 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 purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Page 9

ANDOVER YOUNG CARERS

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 March 2025

2.
DONATIONS AND LEGACIES
Donations
3.
INVESTMENT INCOME
Deposit account interest
4.
INCOME FROM CHARITABLE ACTIVITIES
Grants Received
5.
CHARITABLE ACTIVITIES EXPENDITURE
Direct Expenses
Support Costs
(See Note 6)
6.
SUPPORT COSTS
Management Costs
Governance Costs
31.3.25
34,974
31.3.25
-
31.3.25
78,577
31.3.25
106,710
21,899
128,609
31.3.25
21,599
300
21,899
31.3.24
19,952
31.3.24
-
31.3.24
97,929
31.3.24
122,566
16,545
139,111
31.3.24
15,105
1,440
16,545

Page 10

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 March 2025

ANDOVER YOUNG CARERS

7. TRUSTEES REMUNERATION AND BENEFITS

Trustees remuneration and benefits paid for the year ended 31 March 2025 and 31 March 2024 was £NIL.

No expenses were paid to Trustees for the year ended 31 March 2025 or 31 March 2024.

8. PRIOR YEAR STATEMENT OF FINANCIAL ACTIVITIES

INCOME
Donations and legacies
Charitable activities
Investment income
Total income
EXPENDITURE
Charitable activities: Direct expenses
Support costs
Total expenditure
NET SURPLUS/(DEFICIT) FOR THE YEAR
FUNDS AT 1 APRIL 2023
TOTAL FUNDS CARRIED FORWARD
9.
DEBTORS
Prepayments
Unrestricted
funds
-
-
-
-
30,554
30,554
(30,554)
80,245
49,691
Restricted
funds
19,952
97,929
-
117,881
92,012
16,545
108,557
9,324
17,081
26,405
31.3.25
-
Total
2024
19,952
97,929
117,881
122,566
16,545
139,111
(21,230)
97,326
76,096
31.3.24
3,883

Page 11

ANDOVER YOUNG CARERS

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 March 2025

10.
CREDITORS
Deferred Income
Accruals
11.
MOVEMENT IN FUNDS
Unrestricted funds
Restricted funds
Net movements in funds, included in the above are as
Unrestricted funds
Restricted funds
At
1 April 24
49,691
26,405
76,096
follows:
Incoming
Resources
40,899
72,652
113,551
31.3.25
14,870
300
15,170
Net
movement
in funds
(15,551)
493
(15,058)
Resources
Expended
(56,450)
(72,159)
(128,609)
31.3.24
1,468
1,468
At
31 March 25
34,140
26,898
61,038
Movement
in funds
(15,551)
493
(15,058)

12. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended March 2025.

Page 12

ANDOVER YOUNG CARERS

STATEMENT OF FINANCIAL ACTIVITIES For the Year Ended 31 March 2025

Notes
INCOME AND ENDOWMENTS FROM:
Donations and legacies
2
Charitable activities
Grants Received
4
Investment income
3
Total
EXPENDITURE
5
Charitable activities
Direct Expenses
Support Costs
Total
SURPLUS/(DEFICIT)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
Unrestricted
fund
33,474
7,425
40,899
38,854
17,596
56,450
(15,551)
49,691
34,140
Restricted
fund
1,500
71,152
72,652
67,856
4,303
72,159
493
26,405
26,898
31.3.25
Total
funds
34,974
78,577
113,551
106,710
21,899
128,609
(15,058)
76,096
61,038
31.3.24
Total
funds
19,952
97,929
-
117,881
122,566
16,545
139,111
(21,230)
97,326
76,096

The notes form part of these financial statements

Page 7

ANDOVER YOUNG CARERS

BALANCE SHEET 31 March 2025

Notes
CURRENT ASSETS
Debtors
9
Cash at bank
CREDITORS
Amounts falling due within one year
10
NET CURRENT ASSETS
NET ASSETS
FUNDS
11
Unrestricted funds
Restricted funds
TOTAL FUNDS
31.3.25
Total
funds
-
76,208
76,208
(15,170)
61,038
61,038
34,140
26,898
61,038
31.3.24
Total
funds
3,883
73,681
77,564
(1,468)
76,096
76,096
49,691
26,405
76,096

The financial statements were approved by the Board of Trustees and authorised for issue on …................19th January 2026 and were signed on its behalf by:

----- Start of picture text -----
…..........................................
----- End of picture text -----

Michael Mundy, Trustee

…..........................................

The notes form part of these financial statements

Page 8

ANDOVER YOUNG CARERS

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 March 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The Financial statements of the charity, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by 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 (FRS102) (effective 1 January 2019). Financial Reporting Standard FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 2011. 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 settlement 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 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 onnly 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 purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Page 9

ANDOVER YOUNG CARERS

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 March 2025

2.
DONATIONS AND LEGACIES
Donations
3.
INVESTMENT INCOME
Deposit account interest
4.
INCOME FROM CHARITABLE ACTIVITIES
Grants Received
5.
CHARITABLE ACTIVITIES EXPENDITURE
Direct Expenses
Support Costs
(See Note 6)
6.
SUPPORT COSTS
Management Costs
Governance Costs
31.3.25
34,974
31.3.25
-
31.3.25
78,577
31.3.25
106,710
21,899
128,609
31.3.25
21,599
300
21,899
31.3.24
19,952
31.3.24
-
31.3.24
97,929
31.3.24
122,566
16,545
139,111
31.3.24
15,105
1,440
16,545

Page 10

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 March 2025

ANDOVER YOUNG CARERS

7. TRUSTEES REMUNERATION AND BENEFITS

Trustees remuneration and benefits paid for the year ended 31 March 2025 and 31 March 2024 was £NIL.

No expenses were paid to Trustees for the year ended 31 March 2025 or 31 March 2024.

8. PRIOR YEAR STATEMENT OF FINANCIAL ACTIVITIES

INCOME
Donations and legacies
Charitable activities
Investment income
Total income
EXPENDITURE
Charitable activities: Direct expenses
Support costs
Total expenditure
NET SURPLUS/(DEFICIT) FOR THE YEAR
FUNDS AT 1 APRIL 2023
TOTAL FUNDS CARRIED FORWARD
9.
DEBTORS
Prepayments
Unrestricted
funds
-
-
-
-
30,554
30,554
(30,554)
80,245
49,691
Restricted
funds
19,952
97,929
-
117,881
92,012
16,545
108,557
9,324
17,081
26,405
31.3.25
-
Total
2024
19,952
97,929
117,881
122,566
16,545
139,111
(21,230)
97,326
76,096
31.3.24
3,883

Page 11

ANDOVER YOUNG CARERS

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 March 2025

10.
CREDITORS
Deferred Income
Accruals
11.
MOVEMENT IN FUNDS
Unrestricted funds
Restricted funds
Net movements in funds, included in the above are as
Unrestricted funds
Restricted funds
At
1 April 24
49,691
26,405
76,096
follows:
Incoming
Resources
40,899
72,652
113,551
31.3.25
14,870
300
15,170
Net
movement
in funds
(15,551)
493
(15,058)
Resources
Expended
(56,450)
(72,159)
(128,609)
31.3.24
1,468
1,468
At
31 March 25
34,140
26,898
61,038
Movement
in funds
(15,551)
493
(15,058)

12. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended March 2025.

Page 12