**REGISTERED CHARITY NUMBER: 1175343** Report of the Trustees and Unaudited Financial Statements for the Year Ended 30 April 2022 for The Eva Crane Trust Monahans Chartered Accountants Fortescue House Court Street Trowbridge Wiltshire BA14 8FA The Eva Crane Trust Contents of the Financial Statements for the Year Ended 30 April 2022 |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|3| |**Independent Examiner's Report**||4|| |**Statement of Financial Activities**||5|| |**Balance Sheet**||6|| |**Notes to the Financial Statements**|7|to|13| ## The Eva Crane Trust ## Report of the Trustees for the Year Ended 30 April 2022 The Trustees present their report and the audited financial statements of the charity for the year ended 30 April 2022. The Trustees have adopted the provisions of the Statement of Recommended Practice Accounting and Reporting by Charities (FRS 102) in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 published in October 2019. ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and Activities for the Public Benefit** The Trust was founded by Dr Eva Crane, who was an internationally renowned expert in apiculture and apicultural research. The CIO's objects remain the same and intend to encourage the advancement of the science of apiology and the promoting, financing, organising and encouraging the dissemination of bee research for the public benefit. On her death, Dr Crane, bequeathed the majority of her estate to the Trust. It is part of the charity's strategy for achieving those objects, as expressed in the Incorporated Trust deed, is to co-operate with other charities, voluntary bodies and statutory authorities in furtherance of the objects or of similar charitable purposes and to exchange information and advice with them. Other powers expressly stated in the Trust deed include the power to maintain and promote libraries, records and museums of beekeeping and beekeeping history. The charity's objects give a benefit to the public because bees are vital pollinators and therefore important in ensuring food security: without pollination, many important crops would fail. Research into the management of bees helps to support their survival. Honey is an important food and medicinal supplement especially in the developing world. ## **Grant making policy** The Trustees seek to make grants that will further the objectives of the Trust without risking the Trust's future by dissipating its resources. Applications are invited from other institutions, organisations and charities that promote knowledge and understanding of bees to a wider audience. Dissemination of scientific information, as well as the historical and international aspects of beekeeping, were of particular interest to the Trust's Founder and therefore projects in these areas are given particular consideration. The Trustees have proactively sought to advertise the Trust's grant making policy and continue to see a significant increase in the number and variety of applications which are being received by them. The Trust's dedicated website (www.evacranetrust.org) and social media platforms (namely Facebook and Twitter) give it much greater visibility than has previously been the case. ## **ACHIEVEMENT AND PERFORMANCE** ## **Achievements** The Trustees' aims throughout the year have been to continue to make grants in accordance with the Trust's objectives. The total amount distributed by the charity in the 2022 year of account was £131,882, compared to £193,111 which was distributed in 2021. The Trustees continue to explore ways of disseminating information about the Trust. In August 2021 the International Bee Research Association - IBRA (also founded by Eva Crane) asked the Trustees if they would consider taking over parts / all of the IBRA Charity. Having assessed the financial and logistical ramifications of possibly incorporating IBRA into The Eva Crane Trust, as well as seeking legal advice, the Trustees agreed to the proposal. They presented a carefully constructed operational plan which was rejected by IBRA. However, on 25th April 2022, the Historical Collection was officially donated from IBRA to the Trust and has been moved to safe and secure storage at Gent University. ## **Investment performance** The Trustees have appointed Brewin Dolphin to manage the investments of the charity. As at the year-end 3.1% (2021: 2.4% of the portfolio was held in cash with the balance invested as described in Note 10 to the accounts. The Trustees meet regularly (at least twice-yearly and receive quarterly written reports) with the investment managers to review the investment performance and to give guidance to them of their investment objectives. ## **The On-Going implications of Covid-19** The Trustees continue to hold the majority of their meetings virtually but have at least one annual meeting in person. A number of the projects that were funded by the Trust were delayed, but regular communication and written notifications ensured that the money is used as per the signed Grant Agreement. Most projects and institutions are now unaffected by the Pandemic. Page 1 ## The Eva Crane Trust ## Report of the Trustees for the Year Ended 30 April 2022 ## **FINANCIAL REVIEW** ## **Level of reserves** The Trustees aim to preserve, as far as possible, the value of the fund. They have not so far made any major grant which would diminish the value of the fund and at present have no intention to do so. The reserves of the charity as at 30 April 2022 were £4,978,118 (2021: £5,059,089). ## **Review of financial position** This charity was the major beneficiary of the Estate of Dr Eva Crane. Dr Crane died on 6 September 2007 and in 2009 the charity received its entitlement from this estate amounting to £2,781,290. The income of the charity is almost entirely derived from its investments. The Trustees review applications received by the charity and award funding where they feel the objectives of the charity have been met. This year grants totalling £131,882 were awarded (2021: £193,111 excluding a £6,000 prior year accrued grant cancelled in the year). ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document** The charity is a charitable incorporated organisation (CIO) controlled by its governing document, a Deed of Trust. The constitution was revised in accordance with Charity Commission guidelines and dated 24 October 2017. The CIO was registered in October 2017. This replaced the former Eva Crarne Trust which was an unincorporated charity. On closure of the unincorporated charity, the Trustees agreed unanimously that all assets be transferred to the CIO, namely the investment portfolio with Brewin Dolphin and cash held by the charity in the CAF Bank account. ## **Trustees** The Trustees are appointed by a resolution passed at a properly convened meeting of the charity Trustees. The charity's constitution provides that in selecting individuals for appointment, the Trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO. All new Trustees receive a Declaration of Trust and sign the necessary Deed of Appointment. They also receive a copy of the Policy Statement Guidelines of the Trustee Act 2000 and are encouraged to attend courses and seminars held by such organisations as Charity Business. During the year ended 30 April 2022, all face to face meetings were held at Northumberland Buildings, Bath, the offices of RWK Goodman, a firm of solicitors with an extensive practice in charity law. James McNeile, Senior Partner, is the main source of contact, with Deanna Hurst advising the Trust on specific charity law enquires when required. The representatives at RWK Goodman derive no personal benefit from the Eva Crane Trust or from RWK Goodman's involvement with the Charity. If, however, any element of conflict was to arise, the Trust Deed provides for decisions to be made by a majority of votes of the Trustees. ## **Risks Charity faces** It is the policy of the Trustees that the careful management of the charity's resources will ensure that funds will be available for the foreseeable future to promote the charity's objectives. Financial Risk: The brokers Brewin Dolphin were appointed in 2008 to manage the Trust's financial investments. The Trustees receive a written quarterly valuation report. This allows the Trustees to assess the performance of funds in a currently unstable period in the financial markets. Representatives of Brewin Dolphin also attend (usually twice-yearly) the Trustee meetings where any developments or changes are discussed. Governance Risk: Conflict of Interests. Trustees are made aware of their legal obligations and responsibilities to the Trust and all Trustees declare any interest that they may have in any application. This is to ensure, as far as possible, that there is no bias in the decision-making process. On occasions it may be necessary that such a Trustee is not involved in the voting process. In addition to quarterly reports and the regular meetings the Trustees reserve the right to call meetings at short notice if any member or adviser feels that circumstances have changed and possible risk factors have increased. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1175343 ## **Principal address** Royds Withy King 34 Regent Circus Swindon SN1 1PY Page 2 The Eva Crane Trust Report of the Trustees for the Year Ended 30 April 2022 ## **Trustees** H R Jones P Walker C Smith R Cooper D de Graaf ## **Independent Examiner** James Gare ACA DChA Monahans Chartered Accountants Fortescue House Court Street Trowbridge Wiltshire BA14 8FA ## **Solicitors** Royds Withy King 34 Regent Circus Swindon SN1 1PY ## **Investment Managers** Brewin Dolphin 12 Smithfield Street London EC1A 9BD Approved by order of the board of trustees on ............................................. and signed on its behalf by: 20th December 2022 ............................................................................... H R Jones - Trustee Page 3 ## Independent Examiner's Report to the Trustees of The Eva Crane Trust ## **Independent examiner's report to the trustees of The Eva Crane Trust** I report to the charity trustees on my examination of the accounts of The Eva Crane Trust (the Trust) for the year ended 30 April 2022. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I 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 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 Charities (Accounts and Reports) Regulations 2008 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. I 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. James Gare ACA DChA Monahans Chartered Accountants Fortescue House Court Street Trowbridge Wiltshire BA14 8FA 20 December 2022 Date: ............................................. Page 4 ## The Eva Crane Trust ## Statement of Financial Activities for the Year Ended 30 April 2022 |Notes
**INCOME AND ENDOWMENTS FROM**
Other trading activities
2
Investment income
3
**Total**
**EXPENDITURE ON**
Raising funds
4
**Charitable activities**
5
Promoting, financing, organising and encouraging the
dissemination of bee research for the public benefit
**Total**
Net gains on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|2022
Unrestricted
fund
£
103
82,238
82,341
31,788
152,420
184,208
20,896
(80,971)
5,059,089
4,978,118|2021
Total
funds
£
46
115,358| |---|---|---| |||115,404| |||31,294
207,747| |||239,041| |||509,284| |||385,647
4,673,442| |||5,059,089| The notes form part of these financial statements Page 5 ## The Eva Crane Trust Balance Sheet 30 April 2022 |Notes
**FIXED ASSETS**
Investments
10
**CURRENT ASSETS**
Debtors
11
Cash at bank
**CREDITORS**
Amounts falling due within one year
12
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
13
Unrestricted funds
**TOTAL FUNDS**|2022
Total
funds
£
4,740,714
1,596
311,624
313,220
(75,816)
237,404
4,978,118
4,978,118
4,978,118
4,978,118|2021
Total
funds
£
5,090,248
1,596
91,017
92,613
(123,772)
(31,159)
5,059,089
5,059,089
5,059,089
5,059,089| |---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on .............................................20th December 2022 and were signed on its behalf by: ............................................. H R Jones - Trustee The notes form part of these financial statements Page 6 The Eva Crane Trust ## Notes to the Financial Statements for the Year Ended 30 April 2022 ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The Eva Crane Trust is a charitable incorporated organisation (CIO) registered in England and Wales. The address of the principal office is given in the charity information on page 2 of these financial statements.The nature of the charity's operations and principal activities are the advancement of the science of apiology and the promoting, financing, organising and encouraging the dissemination of bee research for the public benefit. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 (FRS 102) issued on October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Practice. The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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 (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. ## **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. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. Income from trading activities includes income earned from royalties on Dr Eva Crane's copyrighted work. Royalty income in the prior year netted off against expenditure has been re-allocated to show as income in the comparatives in the current year accounts. Income is recognised when entitlement has occurred. Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the charity's right to receive payment is established. ## **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. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity. Page 7 continued... The Eva Crane Trust ## Notes to the Financial Statements - continued for the Year Ended 30 April 2022 ## **1. ACCOUNTING POLICIES - continued** ## **Taxation** The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. ## **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. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. ## **Investments** Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains / (losses) on investments' in the Statement of Financial Activities if the shares are publicly traded or their fair value can otherwise be measured reliably. ## **Cash** Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **Debtors and creditors payable within one yea** r Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. ## **Financial instruments** The charity only holds basic financial instruments as defined in FRS 102. Trade debtors, trade creditors and accruals are held at amortised cost as detailed in notes 11 and 12. Cash is measured at face value. Fixed asset investments are measured at fair value as detailed in note 10. Prepayments are not financial instruments. ## **Going Concern** The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. The trustees have considered the ongoing potential impact of the coronavirus Covid-19 pandemic and have concluded that this will not affect the going concern status of the charity. ## **2.** ## **3.** ## **OTHER TRADING ACTIVITIES** |**OTHER TRADING ACTIVITIES**||| |---|---|---| ||2022|2021| ||£|£| |Royalty income|103|46| |**INVESTMENT INCOME**||| ||2022|2021| ||£|£| |Dividends received|82,238|115,358| Page 8 continued... ## The Eva Crane Trust ## Notes to the Financial Statements - continued for the Year Ended 30 April 2022 ## **4. RAISING FUNDS** |**Investment management costs**
Portfolio management
**5.**
**CHARITABLE ACTIVITIES COSTS**
Grant
funding of
activities
Direct
(see note

Costs
6)
£
£
Promoting, financing, organising and
encouraging the dissemination of bee
research for the public benefit
3,166
131,882
**6.**
**GRANTS PAYABLE**
Promoting, financing, organising and encouraging the dissemination of bee research
for the public benefit
The total grants paid to institutions during the year was as follows:
Coloss
MERL
Sassari University
CNRS Toulouse
Nottingham Trent University
La Trobe University
Universidad Peruana Cayetano Heredia
University of Calgary
University of Florence
Johannes Gutenberg University
Solatina
Honeybee Valley of Ghent University
University of Sheffield
University of Sussex
National University of Ireland Galway
Bees for development
University College Dublin
Manchester Metropolitan University
Purdue University
USDA Agricultrual Research Service Bee Research Lab
Western Sydney University
Tanzania Forestry Research
Universitario de Cartuja Granada
IRIAF Spain
Universidad Mayor Chile|2022
£
31,788
Support
costs (see
note 7)
£
17,372
2022
£
131,882
2022
£
1,829
7,500
3,000
-
23,109
3,500
14,629
11,629
29,000
12,186
10,500
15,000
-
-
-
-
-
-
-
-
-
-
-
-
-
131,882|2021
£
31,294
Totals
£
152,420
2021
£
187,111
2021
£
1,000
7,500
2,500
12,500
-
-
-
-
-
-
-
-
13,090
4,673
15,700
8,350
15,710
11,442
29,927
30,769
7,500
8,000
5,000
14,500
(6,000)
182,161| |---|---|---| Page 9 continued... ## The Eva Crane Trust ## Notes to the Financial Statements - continued for the Year Ended 30 April 2022 ## **7. SUPPORT COSTS** |**SUPPORT COSTS**|||||| |---|---|---|---|---|---| ||||Information|Governance|| ||Management|Finance|technology|costs|Totals| ||£|£|£|£|£| |Promoting, financing,|||||| |organising and encouraging|||||| |the dissemination of bee|||||| |research for the public benefit|720|571|575|15,506|17,372| ## **Independent examiner's remuneration** The total fee for independent examination and accounts preparation is £3,348 (2021: £3,042). ## **8. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 30 April 2022 nor for the year ended 30 April 2021. ## **Trustees' expenses** During the year three trustees (2021: one trustee) were reimbursed for expenses totalling £350 (2021: £72). ## **Key management personnel remuneration** The charity considers its key management personnel comprise the trustees. No employee benefits were received by key management personnel. ## **9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** ||Unrestricted| |---|---| ||fund| ||£| |**INCOME AND ENDOWMENTS FROM**|| |Other trading activities|46| |Investment income|115,358| |**Total**|115,404| |**EXPENDITURE ON**|| |Raising funds|31,294| |**Charitable activities**|| |Promoting, financing, organising and encouraging|| |the dissemination of bee research for the public|| |benefit|207,747| |**Total**|239,041| |Net gains on investments|509,284| |**NET INCOME**|385,647| |**RECONCILIATION OF FUNDS**|| |Total funds brought forward|4,673,442| |**TOTAL FUNDS CARRIED FORWARD**|5,059,089| Page 10 continued... **11.** ## The Eva Crane Trust Notes to the Financial Statements - continued for the Year Ended 30 April 2022 ## **10. FIXED ASSET INVESTMENTS** |**FIXED ASSET INVESTMENTS**|| |---|---| ||Listed| ||investments| ||£| |**MARKET VALUE**|| |At 1 May 2021|5,090,248| |Additions|1,654,657| |Disposals|(2,025,087)| |Revaluations|20,896| |At 30 April 2022|4,740,714| |**NET BOOK VALUE**|| |At 30 April 2022|4,740,714| |At 30 April 2021|5,090,248| All investments are UK investments or investments within a portfolio managed within the UK. Investments at the year end date are broken down as follows: |Investments at the year end date are broken down as follows:||| |---|---|---| ||**2022**|**2021**| ||**£**|**£**| |||| |UK Bonds|412,113|823,143| |Overseas Bonds|612,838|431,512| |UK Equities|878,454|1,026,744| |North American Equities|998,309|105,709| |European Equities|365,167|372,451| |Japanese Equities|101,837|397,197| |Asia Pacific Equities|37,493|1,112,544| |Global Investments|271,975|142,412| |Absolute return|544,044|49,646| |Property|-|529,519| |Commodities|518,484|99,371| |||| ||4,740,714|5,090,248| |||| The charity employs professional fund managers to manage the investments on a discretionary basis according to general policies agreed with the Trustees. The Trustees are aiming for a high level of capital protection whilst maintaining a steady production of income available to be withdrawn every year. The fair value of listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date. ## **DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** Prepayments and accrued income |2022|2021| |---|---| |£|£| |1,596|1,596| Page 11 continued... ## The Eva Crane Trust ## Notes to the Financial Statements - continued for the Year Ended 30 April 2022 ## **12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** ## **13.** |||||2022|2021| |---|---|---|---|---|---| |||||£|£| |Trade creditors||||875|962| |Accrued expenses||||3,348|3,042| |Accruals for grants payable||||71,593|119,768| |||||75,816|123,772| |**MOVEMENT IN FUNDS**|||||| |||||Net|| |||||movement|At| ||||At 1.5.21|in funds|30.4.22| ||||£|£|£| |**Unrestricted funds**|||||| |General fund|||5,059,089|(80,971)|4,978,118| |**TOTAL FUNDS**|||5,059,089|(80,971)|4,978,118| |Net movement in funds, included in the above are as follows:|||||| ||Incoming||Resources|Gains and|Movement| ||resources||expended|losses|in funds| |||£|£|£|£| |**Unrestricted funds**|||||| |General fund|82,341||(184,208)|20,896|(80,971)| |**TOTAL FUNDS**|82,341||(184,208)|20,896|(80,971)| ## **Comparatives for movement in funds** |**Unrestricted funds**
General fund
**TOTAL FUNDS**
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
115,404
**TOTAL FUNDS**
115,404|At 1.5.20
£
4,673,442
4,673,442

Resources
expended
£
(239,041)
(239,041)|Net
movement
in funds
£
385,647
385,647
Gains and
losses
£
509,284
509,284|At
30.4.21
£
5,059,089|At
30.4.21
£
5,059,089| |---|---|---|---|---| ||||5,059,089|| ||||Movement
in funds
£
385,647
385,647|| |||||385,647| Page 12 continued... The Eva Crane Trust ## Notes to the Financial Statements - continued ## for the Year Ended 30 April 2022 ## **14. RELATED PARTY DISCLOSURES** During the year a grant of £15,000 was made to the University of Ghent, where one of the trustees, D de Graaf, is a professor. No related party transactions took place during the prior year. Page 13