## **NORTHAMPTONSHIRE SEARCH AND RESCUE**
## **FINANCIAL STATEMENTS AND ANNUAL REPORT FOR THE FINANCIAL YEAR ENDING**
## **31 OCTOBER 2025**
## **Registered CIO Number: 1195265**
## **NORTHAMPTONSHIRE SEARCH AND RESCUE**
## **FINANCIAL STATEMENTS AND ANNUAL REPORT FOR THE YEAR ENDING 31 OCTOBER 2025 INDEX**
||**PAGE**|
|---|---|
|**Legal and Administrative Information**|**1**|
|**Report of the Trustees**|**2-7**|
|**Independent Examiners Report**|**8**|
|**Statement of Receipts and Payments**|**9**|
|**Statement of Assets and Liabilities**|**10**|
|**Accounting Policies**|**11**|
|**Notes to the Financial Statements**|**12-13**|
**NORTHAMPTONSHIRE SEARCH AND RESCUE**
**Page 1**
## **FINANCIAL STATEMENTS AND ANNUAL REPORT FOR THE YEAR ENDING 31 OCTOBER 2025 LEGAL AND ADMINISTRATIVE INFORMATION**
## **Registered CIO Number 1195265**
**Address**
**16 Neale Close Wollaston Wellingborough NN29 7UT**
## **Trustees**
|**Nicholas Strelczuk**|**Chair**|
|---|---|
|**John Frostwick**|**Treasurer**|
|**Tony Payne**|**From 2 March 2025**|
|**André González De Savage**|**From 2 March 2025**|
|**Michael Titcombe**|**From 2 March 2025**|
|**Katie Crisp**|**From 2 March 2025**|
|**Georgina Feakin**|**From 2 March 2025**|
|**Martin Bourne**|**From 2 March 2025**|
|**Neil Balderson**|**From 2 March 2025**|
|**David Hough**|**Until 27 March 2025**|
|**Paul Middlehurst**|**Until 27 March 2025**|
|**Paul Willis**|**Until 27 March 2025**|
|**Martin Crisp**|**Until 27 March 2025**|
|**Grayham Amos**|**Until 27 March 2025**|
|**Andrew Chatwin**|**Until 27 March 2025**|
## **Bankers**
**National Westminster Bank Plc The Co-operative Bank Plc**
**Independent Examiner**
**Steven Jones FCA**
**Page 2**
**NORTHAMPTONSHIRE SEARCH AND RESCUE TRUSTEE ANNUAL REPORT FOR THE YEAR ENDING 31 OCTOBER 2025**
## Introduction
The year ending 31 October 2025 was one of continued development and strengthening for Northamptonshire Search and Rescue (NSAR), both operationally and strategically. The Trustees are pleased to report a year marked by increased capability, enhanced governance arrangements, and sustained commitment from the Charity’s volunteers.
NSAR achieved several notable successes, including receipt of the King’s Award for Voluntary Service, receiving a national commendation from Lowland Rescue for its role in a major incident response and passing an external audit by Northamptonshire Fire and Rescue Service.
A significant milestone during the year was the appointment of Trustees from outside the operational membership. This change has strengthened the Board through the addition of Trustees with a wide range of professional expertise, supporting improved governance, strategic oversight, and long-term planning.
Operational capability was further enhanced through successful funding to replace an ageing support vehicle and through investment in training, particularly in swiftwater rescue. With flooding events expected to become more frequent within the county, this proactive approach reflects lessons learned from previous callouts and the Charity’s commitment to remaining responsive to emerging risks.
Throughout the year, Northamptonshire Search and Rescue continued to provide a vital, entirely voluntary service in support of the emergency services and local authorities. The Trustees remain grateful for the dedication of the Charity’s volunteers and supporters, whose commitment enables NSAR to deliver an effective 24-hour response for the benefit of the public.
During the period, NSAR supported emergency services at 45 incidents, delivered 151 training sessions, and participated in 30 engagement events. Volunteer commitment remained exceptional, with 7,199 total volunteer hours contributed. NSAR ended the year with 62 qualified operational members, demonstrating sustained growth and engagement.
Financially, the Trustees confirm NSAR remains stable and well managed. Reserves are considered appropriate, with free reserves set at £39,800 (equivalent to one year’s operating costs), alongside designated and restricted funds to support planned and future activities.
Looking ahead, the Trustees’ priorities are to maintain financial resilience, further develop skills and capabilities, and continue strengthening the charity’s effectiveness in meeting future operational challenges.
## Structure, Governance and Management
Northamptonshire Search and Rescue (NSAR) is governed by a Constitution adopted by its members. The Board of Trustees includes nine Trustees who bring a wealth of experience and skillset to the charity. Trustees are appointed or reappointed annually at the Annual General Meeting by the members.
**Page 3**
## Risk Management
The Committee and Trustees have continued to strengthen the charity’s approach to risk management, with increased focus and rigour applied across governance, finance, and operational delivery. Emphasis has been placed on robust financial oversight and accounting controls, supported by clearer and more disciplined business cases for all significant investments, ensuring that expenditure aligns fully with NSAR’s constitutional objectives and delivers clear operational benefit.
Resource planning has been reviewed to ensure the charity maintains the appropriate number and mix of resources to meet the needs of both the wider organisation and specialist operational units, alongside ongoing review of existing and future roles to ensure the charity remains effective, resilient, and sustainable.
Assurance arrangements have been enhanced through an increase of five internally qualified auditors during the year, and through successfully passing an external audit conducted by Northamptonshire Fire and Rescue Service, providing independent assurance that policies, procedures, and Swiftwater Rescue Technician qualifications remain compliant with current legislation and best practice. The implementation of the SARSYS system has further strengthened oversight and control of operational activity, while increased digitalisation of vehicle and equipment checks has improved safety, consistency, traceability, and auditability.
##
We aim to relieve the suffering and distress amongst persons endangered, and the preservation of life, in particular, but not exclusively by:
The provision of trained resources to the Police, other emergency services, Local Authorities and other Search and Rescue organisations
Assist statutory authorities for the relief of those in need in emergencies
The provision of useful training and skills to the members and to the public
All of our activities and decision making is carried out to further the Charity's aims and objectives which are for the public benefit.
## Activities
NSAR delivers its services entirely on a voluntary basis. It may be called upon to support incidents including searches for high-risk missing persons where the individual’s location is unknown, flooding responses, and welfare checks.
Team members receive comprehensive training across a wide range of specialist skills, including search techniques, search planning, navigation, radio communications, first aid, swiftwater rescue, and bank search operations.
All search activities are managed through a structured command framework comprising a Search Manager, Search Operations, and a Search Planner. Operational teams are deployed with defined roles, including a Team Leader, Communications, Navigation, and Medic.
NSAR works in close partnership with the Police, Fire and Rescue Service, and Local Authorities, who request support when the charity’s specialist capabilities are required.
**Page 4**
## History of Northamptonshire Search and Rescue
**----- Start of picture text -----**
2025
• 3 team
2021 vehicles
• 3 team • 62 members
vehicles • 16 qualified SRT
2018 • 41 members Mod 3s
• Full member • 1 qualified • 8 qualified
search dog
status granted by First Responder
ALSAR Emergency
2013 • Eight SRT Care Level 3
MOD 3 qualified
• Charity status
• 6 first
granted
• 17 members responder medics
• 1 team qualified
2012 vehicle
• Team
formed
• 9
members
**----- End of picture text -----**
## Financial Statements
The Board of Trustees confirm that the financial statements for the year have been prepared in accordance with the accounting policies set out in the notes to the financial statements, comply with the charity’s governing document, and have been prepared in accordance with the requirements of the Charities Act 2011.
## Achievements and Performance in the Period
During the reporting period, NSAR provided operational support to the Emergency Services at 45 incidents, some of which extended over multiple days. These deployments primarily involved searches for high-risk missing persons, alongside responses to flooding and water-related incidents.
To ensure operational readiness and continual professional development, NSAR delivered 151 training
exercises and training sessions, covering a wide range of specialist and core competencies. In addition, NSAR ran or attended 30 events, supporting engagement, awareness, and partnership working.
**Page 5**
Significant progress was made in training and capability development. Two intakes of new recruits successfully completed training. NSAR requalified nine Swiftwater Rescue Technicians, trained two members in Missing Person Behaviour, qualified five additional Internal Quality Auditors, trained one additional Kayaker, and completed one Kayaker requalification. During the period, NSAR also transitioned to a new search planning and management software system, with all search management personnel trained in its use. To enhance operational communications, internet connectivity was upgraded to Starlink, improving coverage across the county.
NSAR was honoured to receive the King’s Award for Voluntary Service, recognising the exceptional contribution of its volunteers. The award was formally presented by the Lord Lieutenant for Northamptonshire in March 2025.
NSAR also successfully passed an audit conducted by Northamptonshire Fire and Rescue Service, providing assurance that policies, procedures, and Swiftwater Rescue Technician qualifications remain compliant with current legislation and best practice.
The team were recognised by its national body Lowland Rescue award committee receiving a certificate of commendation for the work it undertook supporting blue light services including Northamptonshire Fire and Rescue Service and Northamptonshire Police during the major incident and evacuation of Billing Aquadrome in 2024. This being one of the highest awards a team can receive.
Governance arrangements were strengthened through last year’s change to the charity’s constitution, enabling Trustees to be elected from outside the membership. This has allowed NSAR to appoint Trustees with extensive professional experience from policing, fire and rescue services, and other relevant sectors. As a result, notable improvements have been made to governance, strategic planning, and the overall organisational structure.
Volunteer commitment remained exceptional throughout the year. Members contributed the following person hours in support of the charity’s activities:
- 2,632 search hours
- 3,809 training hours
- 758 event hours
- 7,199 total volunteer hours
Operational activity during the period included the following search and response types:
- One missing child
- Nine dementia-related searches
- 19 despondent person searches
- Two fatalities
- Four flood responses
- Five water searches
- 12 mutual aid searches
- Six drone deployments
- Five callouts at the request of Northamptonshire Fire and Rescue Service
- Two body recoveries
At the end of the reporting period, NSAR had 62 qualified operational members, reflecting continued growth and sustained volunteer engagement.
**Page 6**
## Financial Review
The Trustees have reviewed the financial position of Northamptonshire Search and Rescue and are satisfied that the charity remains financially stable, with a strong balance sheet at the year end. Financial management throughout the year has focused on maintaining resilience, supporting operational readiness, and ensuring resources are applied effectively in furtherance of the charity’s objectives.
At the reporting date, the charity held £407 in restricted funds, which are held in accordance with donor requirements for specific purposes. In addition, £59,370 of unrestricted funds have been formally designated by the Trustees to support planned projects, agreed budgets, and known future expenditure, reflecting prudent financial planning and forward-looking management.
The Trustees maintain a formal Reserves Policy to support the continuity of operations and provide financial resilience in the event of unforeseen circumstances. Free reserves are held to mitigate identified financial and operational risks, including short-term cashflow pressures, fluctuations in income, unexpected increases in service demand, and unplanned expenditure relating to vehicles, equipment, training, insurance, and volunteer welfare.
In determining an appropriate level of reserves, the Trustees have considered NSAR’s risk profile, anticipated cashflow requirements, core operating costs, and potential contingencies over the coming year. Based on this assessment, the Trustees have set a target level of free reserves equivalent to one year of annual operating costs, currently £39,800. The Trustees consider this level of reserves to be reasonable, justified, and sufficient to support NSAR’s ongoing activities, protect operational capability, and enable the continued delivery of public benefit. This approach is consistent with NSAR’s governing document and Charity Commission guidance, and the level of reserves is kept under regular review.
## Welfare and Safeguarding
The welfare and wellbeing of members remain a key priority for the Trustees, recognising the challenging and often stressful environments in which the team operates, including searches for vulnerable missing persons and responses to flooding and other critical incidents.
During the year, NSAR increased the number of designated Welfare Officers, strengthening its ability to provide timely and appropriate support to members. NSAR continues to maintain a dedicated Welfare and Safeguarding Lead, reflecting the importance placed on safeguarding, duty of care, and member wellbeing.
Since the introduction of the SARSYS system, welfare considerations have been further embedded within operational activity with Trauma Risk Management (TRIM), ensuring wellbeing is actively considered before, during, and after deployments. To further enhance this capability, three team members will be attending the TRIM Practitioner course, providing additional internal expertise and resilience to support the ongoing welfare needs of the team.
## Looking Ahead
Financial stability will be a key focus. We have worked diligently to consolidate our financial position, ensuring long-term sustainability and operational security and we aim to continue to strengthen this over the coming year.
In addition, we are actively exploring new ways to advance the skills and capabilities of our team. A key priority will be investing in Mental Health First Aid training for team members, recognising the importance of wellbeing, resilience, and early intervention in the work we do.
**Page 7**
By investing in professional development and strategic growth, we aim to enhance our effectiveness and impact, equipping our team for future challenges and opportunities.
## Acknowledgements
The Trustees would like to express their gratitude to all those who continue to support NSAR. The delivery of our vital service would not be possible without the generosity and commitment of our donors, partners, and supporters.
The Trustees extend particular thanks to Enterprise, the Michael Guest Charitable Foundation, Cherry Lane Garden Centre, Weston Favell Garden Society, and Lamport Hall for their ongoing support, which continues to make a significant contribution to NSAR’s operations and development.
Finally, the Trustees wish to place on record their appreciation to NSAR’s volunteers. Their dedication and professionalism, providing an on-call service 24 hours a day, seven days a week, 365 days a year, remain central to NSAR’s ability to respond whenever support is needed.
Presented and approved at a board meeting held on 5th February 2026 and signed on their behalf.
______________________________ Nicholas Strelczuk Chair
**Page 8**
## **NORTHAMPTONSHIRE SEARCH AND RESCUE INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES AND MEMBERS ON THE ACCOUNTS FOR THE YEAR ENDING 31 OCTOBER 2025 CHARITY NUMBER 1195265**
I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31 October 2025 as set out on pages 9 to 13.
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 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
- accounting records were not kept in accordance with section 130 of the Act or
- the accounts do not accord with the accounting records
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
…............................................................
## **Steven Jones Bsc(Hons), FCA**
Chartered Accountant and Registered Auditor
06 February 2026 Dated: …...................
c/o Cube Partners Ltd Chartered Accountants 5 Giffard Court Millbrook Close Northampton NN5 5JF
**Page 9**
## **NORTHAMPTONSHIRE SEARCH AND RESCUE REGISTERED CIO NUMBER:1195265**
## **STATEMENT OF RECEIPTS AND PAYMENTS FOR THE YEAR ENDING 31 OCTOBER 2025**
|**Notes**
**Income from:**
Donations and legacies
Grant income
**1**
Fundraising and other events
Members contributions
VAT refunds
Other Income
**Total Income Receipts**
**Asset Sales**
**TOTAL RECEIPTS**
**Expenditure on:**
Search operations costs
Medical & other consumables
Subscriptions and insurances
Vehicle fuel and running costs
Training
Base costs
Other
**Total Expenditure Payments**
**Asset purchases**
**TOTAL PAYMENTS**
**Net of Receipts/(Payments)**
Transfer between funds
Cash funds brought forward from last year
**Cash funds carried forward this year end**
**3**|**Total**
**Total**
**Unrestricted Restricted**
**2025**
**Unrestricted Restricted**
**2024**
**£**
**£**
**£**
**£**
**£**
**£**
29,903
1,000
30,903
34,198
-
34,198
25,000
10,000
35,000
3,526
14,625
18,151
5,723
5,723
3,033
-
3,033
1,654
1,654
3,010
-
3,010
16,803
16,803
1,743
-
1,743
2,296
2,296
1,359
-
1,359|
|---|---|
||81,379
11,000
92,379
46,869
14,625
61,494|
||1,962
1,962
-
-
-|
||83,341
11,000
94,341
46,869
14,625
61,494|
||4,801
4,801
3,424
-
3,424
309
309
488
488
7,859
7,859
10,880
10,880
5,088
5,088
4,451
4,451
3,734
3,734
3,155
3,155
12,591
1,013
13,604
237
10,112
10,349
3,164
593
3,757
1,248
-
1,248|
||37,546
1,606
39,152
23,883
10,112
33,995|
||36,988
10,000
46,988
2,004
5,000
7,004|
||74,534
11,606
86,140
25,887
15,112
40,999|
|||
||8,807
(606)
8,201
20,982
(487)
20,495|
||-
-
-
-
-
-
96,128
1,013
97,141
75,146
1,500
76,646|
||**104,935**
**407**
**105,342**
**96,128**
**1,013**
**97,141**|
All income and expenditure derive from charitable operations.
**Page 10**
## **NORTHAMPTONSHIRE SEARCH AND RESCUE REGISTERED CIO NUMBER:1195265**
## **STATEMENT OF ASSETS AND LIABILITIES AS AT 31 OCTOBER 2025**
|**Notes**
**ASSETS:**
**Fixed Assets at Current Value**
**2**
**Current Assets**
Cash at Bank and in hand
**3**
**LIABILITIES:**
**Creditors**
Amounts falling due
within one year
**NET ASSETS OF THE CHARITY**|**Unrestricted**
**Restricted**
**Total**
**Unrestricted**
**Restricted**
**Total**
**2025**
**2024**
**£**
**£**
**£**
**£**
**£**
**£**
16,287
74,086
90,373
7,339
61,733
69,071|
|---|---|
||104,935
407
105,342
96,128
1,013
97,141|
||104,935
407
105,342
96,128
1,013
97,141|
||-
-
-
-
-
-|
||-
-
-
-
-
-|
||**121,222**
**74,493**
**195,715**
**103,467**
**62,746**
**166,212**|
Approved by the trustees at a meeting held on 5 February 2026, and signed on their behalf
John Frostwick
**----- Start of picture text -----**
Treasurer
**----- End of picture text -----**
**NORTHAMPTONSHIRE SEARCH AND RESCUE REGISTERED CIO NUMBER:1195265**
**Page 11**
## **ACCOUNTING POLICIES FOR THE YEAR ENDING 31 OCTOBER 2025**
## **PRINCIPAL ACCOUNTING POLICIES**
## **Basis of preparation**
The financial statements have been prepared on a receipts and payments basis and in accordance with the Charities Act 2011 and applicable UK Accounting Standards.
## **Income recognition**
Monetary donations and legacies income is accounted for when received.
Grants are accounted for when received.
Fundraising and other events income are sponsorship and other donations raised at events, and are accounted for when received.
Donations of consumable goods are not included in Income, as it is not considered practicable to quantify such income.
## **Intangible Income**
Intangible income, in the form of donated facilities and services etc., is not included in the financial statements since it is not considered practicable to quantify such income.
## **Expenditure**
Expenditure is stated inclusive of value added tax, and is brought into account in the period it is paid for. Costs are allocated to the functional cost heading or asset heading to which it relates in the Receipts and Payments accounts
## **Employees**
The charity does not have any employees. It is operated purely by volunteers.
## **Tangible fixed assets**
Fixed assets are shown in total in the Statement of Assets and Liabilities at their estimated current value.
The Notes to the Financial Statements summarises the charity's Fixed Assets at both their original cost and at their estimated current value. The charity has a policy of regular maintenance of its fixed assets, so as to maintain their longevity, and provide value to donors.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objects 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 or set aside for particular restricted purposes.
## **Reserves**
The current reserve policy is to maintain sufficient cash flow for known operating commitments, and the replacement of certain assets.
## **Risk**
The trustees do not believe the charity is subject to any substantial risk.
**NORTHAMPTONSHIRE SEARCH AND RESCUE REGISTERED CIO NUMBER:1195265**
**Page 12**
## **NOTES TO THE FINANCIAL STATEMENTS**
|**1**
**Grant income**
Maud Elkington
David Laing Foundation
Drax Corporate
Tesco Groundworks
Enterprise Holdings
PayPal
Movement for Good
Postcode lottery
PFCC Grant
Michael Guest Charitable Foundation
**2**
**Fixed Assets - Current Value**
**Asset Detail**
_Orig cost_
Major Asset 1 - Incident Control Van
_19,680_
Major Asset 2 - Incident Support Vehicle
_47,308_
Major Asset 3 - Response Vehicle (sold)
_8,040_
Major Asset 4 - 4x4 Response Vehicle
_42,069_
Search & Rescue Equipment - purch 2025
_4,919_
Search & Rescue Equipment - purch 2024
_7,004_
Search & Rescue Equipment - purch 2023
_17,855_
Search & Rescue Equipment - purch 2022
_20,101_
**Total Current Values**|**Total**
**Total**
**Unrestricted**
**Restricted**
**2025**
**Unrestricted**
**Restricted**
**2024**
**£**
**£**
**£**
**£**
**£**
**£**
-
-
1,500
1,500
-
-
10,000
10,000
-
-
2,000
2,000
-
-
1,125
1,125
3,000
3,000
2,500
2,500
-
26
26
-
1,000
1,000
20,000
20,000
-
10,000
10,000
-
2,000
2,000
-|
|---|---|
||25,000
10,000
35,000
3,526
14,625
18,151|
||**Total**
**Total**
**Unrestricted Restricted**
**2025**
**Unrestricted**
**Restricted**
**2024**
**£**
**£**
**£**
**£**
**£**
**£**
11,014
11,014
-
14,685
14,685
25,635
25,635
-
34,180
34,180
-
-
-
-
1,000
1,000
10,000
32,069
42,069
-
-
-
3,689
-
3,689
-
-
-
1,002
2,500
3,502
1,503
3,750
5,253
1,596
2,868
4,464
3,386
5,542
8,928
-
-
-
2,450
2,576
5,025|
||**16,287**
**74,086**
**90,373**
**7,339**
**61,733**
**69,071**|
Major fixed asset purchases are individually assessed for their Current Value.
Other fixed assets ("Search & Rescue Equipment" above) are deemed to have a Current Value based on a 4 year useful life Search & Rescue Equipment fixed assets purchased prior to FY2022 are deemed to have no material current value
|**3**
**Cash at Bank**
Current Accounts
Savings Accounts
Cash in Hand|**Total**
**Total**
**Unrestricted Restricted**
**2025**
**Unrestricted**
**Restricted**
**2024**
**£**
**£**
**£**
**£**
**£**
**£**
3,259
3,259
500
-
500
101,636
407
102,043
95,587
1,013
96,600
40
40
40
-
40|
|---|---|
||104,935
407
105,342
96,127
1,013
97,140|
**NORTHAMPTONSHIRE SEARCH AND RESCUE REGISTERED CIO NUMBER:1195265**
**Page 13**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **4 Unrestricted Funds**
|**Unrestricted Funds**||
|---|---|
|General Reserve|**Opening**
**Transfer**
**Closing**
**Balance**
**Movement**
**Movement**
**Between**
**Balance**
**01.11.24**
**In**
**Out**
**Funds**
**31.10.25**
**£**
**£**
**£**
**£**
**£**
96,128
83,341
(74,534)
-
104,935|
||96,128
83,341
(74,534)
-
104,935|
## **5 Restricted Funds**
|**Funds**||||||||
|---|---|---|---|---|---|---|---|
|||**Opening**|||**Transfer**||**Closing**|
|||**Balance**|**Movement**|**Movement**|**Between**||**Balance**|
|||**01.11.24**|**In**|**Out**|**Funds**||**31.10.25**|
||**note**|**£**|**£**|**£**|**£**||**£**|
|David Laing Foundation|a|1,013||(1,013)||-|-|
|DC Heating Ltd|b||1,000|(593)||-|407|
|PFCC|c||10,000|(10,000)||-|-|
|||1,013|11,000|(11,606)||-|407|
Purpose, use and restrictions of funds:
a This grant is to fund the fit out of the charity's base
b This grant is to fund the charity volunteers event c This grant is to fund the charity's new vehicle
## **7 Ultimate Controlling Party**
The Charity is controlled by the board of Trustees, who are listed in the Legal and Administrative Information page.
## **7 Transactions with Trustees and Connected Parties**
During the year, the Charity purchased services to the value of £1,000 from a business owned by the spouse of a Trustee. The transaction was on an arms length basis.
## **8 Events After the End of the Reporting Period**
There have been no significant events since the end of the reporting period.