Charity registration number 1199491
Company registration number CE029579 (England and Wales)
LIFE CHANCE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
LIFE CHANCE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | J Scott-Bryant |
|---|---|
| A Nettleship | |
| A Lyons | |
| D Hawkins | |
| H J Davidson | |
| S Almond | |
| J Ford | |
| Charity number | 1199491 |
| Company number | CE029579 |
| Registered office | Enviro Hub |
| 13 Marsh Barton Road | |
| Marsh Barton | |
| Exeter | |
| EX2 8NU | |
| Independent examiner | Prydis Accounts Limited |
| Clyst House | |
| Manor Drive | |
| Clyst St. Mary | |
| Exeter | |
| Devon | |
| EX5 1GB |
LIFE CHANCE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 14 |
LIFE CHANCE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025
The trustees present their annual report and financial statements for the year ended 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
Objectives and activities
Public benefit - activities undertaken to further public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
Achievements and performance
Financial review
It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Structure, governance and management
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
J Scott-Bryant A Nettleship A Lyons D Hawkins H J Davidson S Almond J Ford
Reserves Policy Statement
We continue to grow our reserves while seeking to invest the greatest possible amount in essential resources and service delivery to reach our charitable goals and demonstrate social impact / public benefit in a timely manner. As at the end of March 2025, the balance sheet shows an accumulated £51,911 of unrestricted funds, with forecast income due to cover staff and core costs for the year ahead.
In light of the current financial position of the charity, and the analysis above, the Board decision is to continue to hold 3 months of reserves sufficient to wind up the charity at a minimum which it currently has in a reserves account.
The Board will reconsider at the October Annual Board 2026 whether free reserves of 6 months should be paid into a designated fund for a specified purpose or put into extra charitable activities in the current business plan period . In the longer term, the Life Chance Trust should not see high levels of reserves as the answer to uncertain funding. Rather, we will be working to reduce financial risk by diversifying income streams, in particular seeking to develop lower risk sources of income, and by adopting a flexible service model for projects, keeping the staff team agile, and drawing on additional ‘associate’ capacity and skills as required.
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LIFE CHANCE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
The trustees' report was approved by the Board of Trustees.
.............................. ....................... J Scott-Bryant A Lyons Trustee Trustee Date: .............................................
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LIFE CHANCE TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LIFE CHANCE TRUST
I report to the trustees on my examination of the financial statements of Life Chance Trust (the trust) for the year ended 31 March 2025.
Responsibilities and basis of report
As the trustees of the trust (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.
Having satisfied myself that the financial statements of the trust are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the trust’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the trust as required by section 386 of the Companies Act 2006.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
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4 the financial statements 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 financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 financial statements to be reached.
Prydis Accounts Limited
Clyst House Manor Drive Clyst St. Mary Exeter Devon EX5 1GB
Dated: .........................
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LIFE CHANCE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025
| Unrestricted Restricted funds funds 2025 2025 Notes £ £ Income from: Donations and legacies 3 62,680 35,973 Other trading activities 4 10,726 - Total income 73,406 35,973 Expenditure on: Raising funds 5 7,311 3,639 Charitable activities 6 45,200 53,295 Total expenditure 52,511 56,934 Net income/(expenditure) for the year/ Net movement in funds 20,895 (20,961) Fund balances at 1 April 2024 31,016 56,764 Fund balances at 31 March 2025 51,911 35,803 |
Total Unrestricted Restricted funds funds 2025 2024 2024 £ £ £ 98,653 57,384 65,537 10,726 1,902 - 109,379 59,286 65,537 10,950 3,625 66 98,495 33,082 33,559 109,445 36,707 33,625 (66) 22,579 31,912 87,780 8,728 24,561 87,714 31,307 56,473 |
Total 2024 £ 122,921 1,902 |
|---|---|---|
| 124,823 | ||
| 3,691 | ||
| 66,641 | ||
| 70,332 | ||
| 54,491 33,289 |
||
| 87,780 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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LIFE CHANCE TRUST
BALANCE SHEET
AS AT 31 MARCH 2025
| Notes Fixed assets Tangible assets 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Income funds Restricted funds - general 13 Unrestricted funds |
2025 £ 443 88,012 88,455 (2,046) |
£ 1,305 86,409 87,714 35,803 51,911 87,714 |
2024 £ 35,170 54,894 90,064 (3,745) |
£ 1,461 86,319 |
|---|---|---|---|---|
| 87,780 | ||||
| 56,473 31,307 |
||||
| 87,780 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on .........................
| .............................. | .............................. |
|---|---|
| J Scott-Bryant | A Lyons |
| Trustee | Trustee |
Company registration number CE029579
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LIFE CHANCE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
Charity information
Life Chance Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Enviro Hub, 13 Marsh Barton Road, Marsh Barton, Exeter, EX2 8NU.
1.1 Accounting convention
The financial statements have been prepared in accordance with the trust's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust.
1.4 Income
Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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LIFE CHANCE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers 33.33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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LIFE CHANCE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2 Critical accounting estimates and judgements
In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted Restricted funds funds general 2025 2025 £ £ Donations and gifts 62,680 35,973 Grants from other trusts and foundations - - 62,680 35,973 |
Total Unrestricted Restricted funds funds general 2025 2024 2024 £ £ £ 98,653 57,384 10,551 - - 54,986 98,653 57,384 65,537 |
Total 2024 £ 67,935 54,986 |
|---|---|---|
| 122,921 |
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LIFE CHANCE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
4 Other trading activities
| Fundraising events Raising funds Unrestricted Restricted funds funds general 2025 2025 £ £ Fundraising and publicity Advertising 1,979 1,412 Other fundraising costs 5,332 1,530 Staff costs - 697 Fundraising and publicity 7,311 3,639 7,311 3,639 |
Unrestricted Unrestricted funds funds 2025 2024 £ £ 10,726 1,902 Total Unrestricted Restricted Total funds funds general 2025 2024 2024 2024 £ £ £ £ 3,391 - - - 6,862 3,625 66 3,691 697 - - - 10,950 3,625 66 3,691 10,950 3,625 66 3,691 |
Unrestricted Unrestricted funds funds 2025 2024 £ £ 10,726 1,902 Total Unrestricted Restricted Total funds funds general 2025 2024 2024 2024 £ £ £ £ 3,391 - - - 6,862 3,625 66 3,691 697 - - - 10,950 3,625 66 3,691 10,950 3,625 66 3,691 |
|---|---|---|
| Total 2024 £ - 3,691 - |
||
| 3,691 | ||
| 3,691 |
5 Raising funds
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LIFE CHANCE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
6 Charitable activities
| Charitable | Charitable |
|
|---|---|---|
| expenditure | expenditure | |
| 2025 | 2024 | |
| £ | £ | |
| Staff costs | 72,568 | 46,755 |
| Depreciation and impairment | 785 | 434 |
| Printing, postage and stationery | 347 | 241 |
| IT software, phones and licences | 2,530 | 250 |
| Advertising | - | 1,377 |
| General expenses | 1,006 | 5,708 |
| Rent | 1,650 | - |
| Staff training | 1,140 | 1,869 |
| Staff expenses - travel | 1,892 | 1,051 |
| External staffing costs | 1,911 | 1,465 |
| Young people resources | 1,272 | 4,203 |
| Youth advocacy | 12 | - |
| Recruitment and DBS checks | 463 | - |
| Trustee expenses | 145 | 287 |
| Website expenses | 6,101 | - |
| Subscriptions | 244 | 15 |
| Volunteer Expenses | 1,072 | 50 |
| Other charitable expenditure | 5,357 | 2,936 |
| 98,495 | 66,641 | |
| 98,495 | 66,641 | |
| Analysis by fund | ||
| Unrestricted funds | 45,200 | 33,082 |
| Restricted funds - general | 53,295 | 33,559 |
| 98,495 | 66,641 |
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
8 Employees
The average monthly number of employees during the year was:
| 2025 | 2024 |
|---|---|
| Number | Number |
| 2 | 2 |
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LIFE CHANCE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
| 8 Employees Employment costs Wages and salaries Other pension costs |
(Continued) 2025 2024 £ £ 72,568 45,922 697 833 73,265 46,755 |
(Continued) 2025 2024 £ £ 72,568 45,922 697 833 73,265 46,755 |
|---|---|---|
| 46,755 |
There were no employees whose annual remuneration was more than £60,000.
9 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
10 Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Computers | |
| £ | |
| Cost | |
| At 1 April 2024 | 2,554 |
| At 31 March 2025 | 2,554 |
| Depreciation and impairment | |
| At 1 April 2024 | 464 |
| Depreciation charged in the year | 785 |
| At 31 March 2025 | 1,249 |
| Carrying amount | |
| At 31 March 2025 | 1,305 |
| At 31 March 2024 | 1,461 |
| 11 | Debtors | ||
|---|---|---|---|
| 2025 | 2024 | ||
| Amounts falling due within one year: | £ | £ | |
| Prepayments and accrued income | 443 | 35,170 |
The Trust received a 2 year donation in 2024 of £70,000 from Life Chance Group of which £35,000 was included as accrued income and released in the year ended 31 March 2025.
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LIFE CHANCE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
12 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Other taxation and social security Trade creditors Other creditors Accruals and deferred income |
2025 £ 233 624 109 1,080 2,046 |
2024 £ 1,344 789 292 1,320 |
| 3,745 |
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LIFE CHANCE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
13 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| Movement in funds | Movement in funds | Movement in funds | Movement in funds | |||||
|---|---|---|---|---|---|---|---|---|
| Balance at | Incoming | Resources | Transfers | Balance at | Incoming | Resources | Balance at | |
| 1 April 2023 | resources | expended | 1 April 2024 | resources | expended 31 |
March 2025 | ||
| £ | £ | £ | £ | £ | £ | £ | £ | |
| Local Giving & Post Code Local Trust (People's Postcode | ||||||||
| Lottery) | 137 | 6 | (366) | 223 | - | 6 | - | 6 |
| Devon County Council (Growing Communites Fund) | 993 | - | 1,061 | 68 | - | - | - | - |
| The Norman Family Charitable Trust | 1,752 | - | (1,140) | - | 612 | - | (535) | 77 |
| Devon Community Foundation (Sedal-Collings Foundation | ||||||||
| Devon Fund) | 2,196 | 4,196 | (1,468) | - | 4,924 | - | (4,919) | 5 |
| Awards for All | - | 20,000 | - | - | 20,000 | - | (9,881) | 10,119 |
| KFC Foundation | - | 2,500 | (1,397) | - | 1,103 | - | (1,041) | 62 |
| NCS Trust | - | 10,545 | (6,977) | - | 3,568 | 15,967 | (19,489) | 46 |
| The Grocer's Charity | - | 4,980 | (1,361) | - | 3,619 | - | (3,511) | 108 |
| St James Place | - | - | - | (291) | - | 10,000 | (1,666) | 8,334 |
| Albert Hunt | 19,483 | 23,310 | (19,855) | - | - | 5,000 | (5,080) | (80) |
| Northbrook | - | - | - | - | - | 5,000 | (4,968) | 32 |
| The Blagrave Trust / National Lottery Community Fund | - | - | - | - | 22,938 | - | (5,844) | 17,094 |
| 24,561 | 65,537 | (31,503) | - | 56,764 | 35,973 | (56,934) | 35,803 |
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LIFE CHANCE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
| 14 Analysis of net assets between funds Unrestricted funds Restricted funds 2025 2025 £ £ Fund balances at 31 March 2025 are represented by: Tangible assets 1,305 - Current assets/(liabilities) 86,409 - 87,714 - |
Total Unrestricted funds Restricted funds 2025 2024 2024 £ £ £ 1,305 1,461 - 86,409 86,319 - 87,714 87,780 - |
Total 2024 £ 1,461 86,319 |
|---|---|---|
| 87,780 |
15 Related party transactions
There were no disclosable related party transactions during the year (2024 - none).
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