REGISTERED CHARITY NUMBER: 1202098
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD 27 FEBRUARY 2023 TO 31 AUGUST 2023
FOR
STAGE ONE YOUTH THEATRE
Gibson Whitter Chartered Accountants and Chartered Tax Advisers Larch House Parklands Business Park Denmead Hampshire PO7 6XP
STAGE ONE YOUTH THEATRE
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE PERIOD 27 FEBRUARY 2023 TO 31 AUGUST 2023
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 12 |
STAGE ONE YOUTH THEATRE
REPORT OF THE TRUSTEES FOR THE PERIOD 27 FEBRUARY 2023 TO 31 AUGUST 2023
The trustees present their report with the financial statements of the charity for the period 27 February 2023 to 31 August 2023. The trustees have adopted the provisions of 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) (effective 1 January 2019).
Chair's Foreword
I am delighted to provide the first Chair's report since Stage One Youth Theatre converted from an unincorporated association and became formally registered as a Charitable Incorporated Organisation on 27 February 2023. Whilst this is a new and exciting chapter, we are a seamless continuum of the original Stage One founded in 1980 as the youth section of the then Solent Theatre Company. Our predecessors left us with a fantastic legacy and solid foundations to build upon to meet new challenges; in that spirit, I hope that we can honour the past but welcome the future.
Notwithstanding the fact that we only became a registered charity in February 2023, the period of this annual report covers our activities from 1 September 2022 through to 31 August 2023, which has been a wonderfully varied year, with a number of highlights and achievements. We performed Anything Goes in October 2022, which was our third successive show in the New Theatre Royal and our first show with our new artistic director, Paul Clements. We were invited to support and perform with Collabro on the final date of their farewell UK Tour at Portsmouth Guildhall in December 2022. Then February 2023 was a compilation show, What's Next, performed at Titchfield Festival Theatre, followed by Legally Blonde the Musical at the King's Theatre in June 2023. To round off the year, we performed at a street party for the King's Coronation and ended the year at Victorious Festival on the Kids Arena stage.
With our conversion to a registered charity, we have necessarily changed the governance structure of Stage One Youth Theatre. A Board of Trustees has been established to oversee and steer the charity and to meet the statutory requirements of the Charity Commission. In executing their duties, Trustees have had full regard of the requirement for Stage One Youth Theatre to fulfil its charitable purposes, which are carried out for the public benefit. We continue to make steady advances on reviewing and putting in place appropriate policies and procedures. The most significant and difficult area has been with banking; despite remaining with our original bank and retaining our account, the transfer to charity status has not been made easy. Unfortunately, this would appear to be an issue across the charity sector. Thankfully, despite the administrative burden, these issues have never affected our ability to make and receive payments.
In support of the Trustees, a Coordinating Committee was established, which is responsible for the day-to-day running of key administrative activities and works with the production team to ensure the smooth running of shows and events. An important aspect of our work is to educate and develop young people's talents and capabilities in the performing arts and to produce high quality theatrical experiences. To this end, we engage the services of experienced, highly talented and creative performing arts leaders.
Our vision is to unlock the potential of young people through high quality youth theatre experiences, but this is only possible with a huge collective effort. As such, I would like to pay tribute to and extend my sincere thanks to all of our volunteers, creative team and many supporters who have worked so hard to ensure that Stage One Youth Theatre continues to thrive and goes from strength to strength. Not only do they dedicate their time and energy, but they do so with the best interests at heart of Stage One Youth Theatre and all the children and young people that we serve.
OBJECTIVES AND ACTIVITIES Objectives and aims
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1) To advance education in the performance arts for the public benefit through the development of youth members' individual capabilities, competences, skills and understanding of drama, dance, music and singing.
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2) To advance the arts for the public benefit through the promotion and encouragement of high standards of the arts of drama, dance, music and singing through the production and public performance of performance arts and musical theatre shows.
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3) To advance in life and help young people through: (a) The provision of recreational and leisure time activities provided in the interest of social welfare, designed to improve their conditions of life;
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(b Providing support and activities which develop their skills, capacities and capabilities to enable them to participate in society as mature and responsible individuals.
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STAGE ONE YOUTH THEATRE
REPORT OF THE TRUSTEES FOR THE PERIOD 27 FEBRUARY 2023 TO 31 AUGUST 2023
OBJECTIVES AND ACTIVITIES
Public benefit
In shaping our objectives for the period and planning our activities, the trustees have considered the Charity Commission's guidance on public benefit, including the guidance on public benefit and fee charging. To cover its operating and production costs, State One Youth Theatre relies on various income streams, including from ticket sales, fundraising activities, donations and subscription membership fees. In setting fees and prices, the trustees are conscious of and give due consideration to accessibility for those on low incomes and/or facing cost of living challenges.
The charity continues to advance education in the performance arts through the development of youth members' individual capabilities, competences, skills and understanding of drama, dance, music and singing. This is primarily project based and is delivered in a practical setting through workshops, rehearsals and performances. Stage One Youth Theatre engages performing arts industry professionals to lead and deliver its artistic programme, ensuring that members receive high quality training and gain practical insights into the industry. When rehearsing and performing within a theatre, the cast also benefits from professional technicians and are able to develop their stage craft in a real world work environment where teamwork, safety and discipline are paramount.
Stage One Youth Theatre continued to advance the arts through its high standards of production and public performances. Anything Goes won a "Highly Commended" award from the National Operatic and Dramatic Association (NODA) and was runner-up in the best youth production in the NODA South-East region West (an area that covers Hampshire, Isle-of-Wight and Surrey) for 2022. Similarly, NODA awarded What's Next an Accolade of Excellence for 2023 and the show also won best compilation show in the South-East region (an area that covers Hampshire, Isle-of-Wight, Surrey, East and West Sussex, and Kent). For context, in excess of 300 shows are reviewed in the South-East region; as such, to even be nominated for an award is a significant achievement.
In terms of broader youth and societal benefits, Stage One Youth Theatre's activities during this period has helped to get children and young people actively involved in teamwork and provided a safe space that allows them to express themselves and encourages creative thinking. Those undertaking their GCSEs and A-Levels during this period have benefited from having a safe and positive non-academic outlet each week, which is essential for young people's mental health; as well as enabling them to share their experiences with their peers. Moreover, participation in workshops, rehearsals and performances with Stage One Youth Theatre, and being part of the team, is a galvanising experience; inevitably, new friendship groups develop that encourage members to engage with people from different backgrounds.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Inevitably, there will always be a degree of churn in membership as members leave due to age or due to their wider commitments, such as academic examinations. A key achievement during this period is that Stage One Youth Theatre has not only attracted new members but has in fact managed to grow its membership. Moving forward, this growth improves our ability to fundraise, sell tickets to performances and increase subscription revenue, so that we can improve and increase our activities in pursuit of our charitable purposes and associated public benefits.
During the year our programme of activities, as previously outlined, has provided great variety and an increased range of opportunities for our young people. In particular, the compilation shows and the opportunity to perform in new and different events, such as Victorious Festival and Portsmouth Guildhall, have been enthusiastically embraced by our members. As well as being beneficial to our members, it has also increased the public's awareness of our work and given a broader cross-section of our local communities the opportunity to watch our performances and see the power of youth theatre. In doing so, the public get a greater sense of the benefits of performing arts for young people and our members have been able to see the positive impact that they can have with their actions within their communities and wider society.
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STAGE ONE YOUTH THEATRE
REPORT OF THE TRUSTEES FOR THE PERIOD 27 FEBRUARY 2023 TO 31 AUGUST 2023
FINANCIAL REVIEW
Financial position
The financial reporting year 1 September 2022 to 31 August 2023 was a conversion year as Stage One Youth Theatre converted from an unincorporated association to a Charitable Incorporated Organisation (CIO) on 27 February 2023. Whilst the change altered our legal status, fundamentally Stage One Youth Theatre's purposes and beneficiary class remain unchanged. Accordingly, all assets and liabilities transferred to the CIO, and the unincorporated association was closed. No permanent endowment, designated land, or special trusts were in existence. Having taken professional accounting advice, the trustees have decided to change accounting policy from receipts and payments to accrual basis accounts. The benefit of doing so is that the accounts will show a clearer picture of the charity's activities and financial affairs, with the accounts presented on a true and fair basis.
Stage One Youth Theatre began the year (1 September 2022) with sufficient funds to meet its commitments and to cover likely losses of its October show, Anything Goes, due to relatively low membership numbers and disappointing ticket sales. With the realisation of losses from Anything Goes, and on the back of a challenging post-pandemic recovery period, the committee considered that conversion to a CIO would open up greater fundraising opportunities and would increase the likelihood of Stage One Youth Theatre's long-term existence. It was also decided that we needed a period of consolidation to reduce our costs, which meant delaying rehearsals for Legally Blonde the Musical and instead undertaking an interim lower-cost compilation production, What's Next, that would be performed in February 2023 half-term. The period 1 September 2022 to 26 February 2023 saw a manageable deficit of £2,907 on a cash basis.
Following registration by the Charity Commission on 27 February 2023 for Stage One Youth Theatre to become a CIO, a specially convened Extraordinary General Meeting was held on 10 March 2023 to seek formal agreement to dissolve the unincorporated association and to enact the transfer to CIO, including all assets and liabilities, which was approved. Meanwhile, the company were immediately into rehearsals for Legally Blonde the Musical and, after a late notice venue change, the show was performed on 3 June 2023 at The King's Theatre, Southsea with a matinee and evening performance. Thereafter, we auditioned for new members to join the company and commenced rehearsals for Les Misérables School Edition. The period 27 February 2023 to 31 August 2023 saw a surplus of £8,201 on an accruals basis (after receipt of charitable funds from the unincorporated charity of £8,676). Excluding this receipt an overall deficit of £475 for the reporting period was made.
Stage One Youth Theatre has a growing membership base and has a balanced programme of activities for 2023/24 that is considered will most likely result in an improving financial position. Accordingly, it is the Trustee's view that the charity is financially stable enough to meet its ongoing obligations and to continue its charitable purposes for the foreseeable future.
Reserves policy
SOYT does not seek to hold reserves higher than necessary and does not seek to tie up money unnecessarily; however, failure to hold a certain level of reserves increases the risk to the charity's ability to carry on its activities in future in the event of financial difficulties and increases the risks of unplanned and unmanaged closure and insolvency. To that end, the primary reasons for SOYT to hold reserves is to help manage uncertainty and ensure our activities are sustainable.
SOYT's current reserves policy is that by 31 August 2025 the unrestricted funds not committed or invested in tangible fixed assets ('the free reserves') held by the charity should be equivalent to 25% overheads and administrative expenditure plus 20% budgeted production costs, equating to £12,000. For the reserves policy to be met, it will be necessary for SOYT's budgets and fundraising to build-up the levels of free reserves. To not limit the amount spent on charitable activities and the public benefits that SOYT provides, the build-up of reserves will be conducted over a period of two-years; as such, the aim was that by 31 August 2023 the free reserves would equate to 20% overheads and administrative expenditure plus 10% budgeted annual production costs, which based on FY2022/23 expenditure equates to £6,600.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The Charity is a Charitable Incorporated Organisation (CIO) and is controlled by the Constitution, its governing document, the foundation registered on 27th February 2023. The governing document has been agreed by the Charity Commission.
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STAGE ONE YOUTH THEATRE
REPORT OF THE TRUSTEES FOR THE PERIOD 27 FEBRUARY 2023 TO 31 AUGUST 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
There must be at least three charity trustees and the maximum number of charity trustees is twelve. Nominations to be a charity trustee are sought and notified prior to each Annual General Meeting of the charity. At each Annual General Meeting, one-third of the charity trustees shall retire from office; retirees may seek re-election. The vacancies so arising may be filled by the decision of the members at the Annual General Meeting. Any vacancies not filled at the General Meeting may be filled at any time by the members or the charity trustees; any person so appointed shall retire at the next Annual General Meeting and will need to seek re-election.
Organisational structure
The trustees have delegated certain responsibilities to a Coordinating Committee, which is responsible for the management of all aspects of the day-to-day operations of Stage One Youth Theatre (SOYT) including enabling and supporting productions by SOYT and supporting the Board of Trustees with the implementation of safeguarding, and statutory and regularity compliance at all times. The Committee is accountable to the SOYT Trustees and is entrusted to act in SOYT's best interests. The Committee comprises trustees assuming ex officio roles (Chair, Secretary, Vice-Chair and Treasurer) and non-ex officio Committee Members who are appointed by rotation at each Annual General Meeting.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1202098
Principal address
79 Lonsdale Avenue Portsmouth Hampshire PO6 2PU
Trustees
Stephen Michael Clark (Chair) Rachel Grech Justin Nigel Butcher Simon Watson Duncan Tyler Sophie Ann Lane Gemma Lesley Payne-Simmons Anthony Crockett Archie Lloyd Crockett
Appointed 27 February 2023 Appointed 27 February 2023 Appointed 10 March 2023 Appointed 10 March 2023 Appointed 10 March 2023 Appointed 10 March 2023 Appointed 10 March 2023 Appointed 10 March 2023 Appointed 11 March 2024
Independent Examiner
Gibson Whitter Chartered Accountants and Chartered Tax Advisers Larch House Parklands Business Park Denmead Hampshire PO7 6XP
Approved by order of the board of trustees on ............................................. and signed on its behalf by: 27 June 2024
Stephen Clark - signed on original
.................................................................
Stephen Michael Clark - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF STAGE ONE YOUTH THEATRE
Independent examiner's report to the trustees of Stage One Youth Theatre
I report to the charity trustees on my examination of the accounts of Stage One Youth Theatre (the Trust) for the period 27 February 2023 to 31 August 2023.
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:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
Gavin Whitter - signed on original
Gavin Whitter
Gibson Whitter Chartered Accountants and Chartered Tax Advisers Larch House Parklands Business Park Denmead Hampshire PO7 6XP
27 June 2024 Date: .............................................
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STAGE ONE YOUTH THEATRE
STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 27 FEBRUARY 2023 TO 31 AUGUST 2023
| Unrestricted | ||
|---|---|---|
| fund | ||
| Notes | £ | |
| INCOME AND ENDOWMENTS FROM | ||
| Donations and legacies | 2 | 11,205 |
| Charitable activities | 5 | |
| Operation of Youth Theatre | 18,695 | |
| Other trading activities | 3 | 3,645 |
| Investment income | 4 | 41 |
| Total | 33,586 | |
| EXPENDITURE ON | ||
| Raising funds | 6 | 1,796 |
| Charitable activities | 7 | |
| Operation of Youth Theatre | 23,589 | |
| Total | 25,385 | |
| NET INCOME | 8,201 | |
| TOTAL FUNDS CARRIED FORWARD | 8,201 |
The notes form part of these financial statements
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STAGE ONE YOUTH THEATRE
BALANCE SHEET 31 AUGUST 2023
| Unrestricted | ||
|---|---|---|
| fund | ||
| Notes | £ | |
| CURRENT ASSETS | ||
| Debtors | 11 | 1,452 |
| Cash at bank | 9,323 | |
| 10,775 | ||
| CREDITORS | ||
| Amounts falling due within one year | 12 | (2,574) |
| NET CURRENT ASSETS | 8,201 | |
| TOTAL ASSETS LESS CURRENT | ||
| LIABILITIES | 8,201 | |
| NET ASSETS | 8,201 | |
| FUNDS | 13 | |
| Unrestricted funds | 8,201 | |
| TOTAL FUNDS | 8,201 |
The financial statements were approved and authorised for issue by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 27 June 2024
Stephen Clark - signed on original
.............................................
Stephen Michael Clark - Trustee
The notes form part of these financial statements
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STAGE ONE YOUTH THEATRE
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 27 FEBRUARY 2023 TO 31 AUGUST 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 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
Items of income are recognised once the charity has entitlement to the funds, it is probable that the income will be received, and the monetary value of funds can be measured with sufficient reliability.
Voluntary income is received by way of donations and fundraising activities and is included in full in the Statement of Financial Activities when receivable.
Grants are recognised when receivable and allocated between restricted and unrestricted activities as appropriate. Deferred income relates to grants received in respect of future periods.
Donated goods and services are included at the value to the charity where this can be quantified. The value of service provided by volunteers has not been included in these financial statements.
Investment income is included when receivable.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party or it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
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Charitable expenditure comprises those costs incurred by the charity in the delivery of itsactivities and services for its beneficiaries. It includes both costs that can be allocated directlyto such activities and those costs of an indirect nature necessary to support them. These costsinclude the costs of performances, workshops and theatre trips.
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Costs of raising funds comprise all costs incurred in fundraising activities
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Support costs are those functions that assist the work of the charity but do not directlyundertake charitable activities. Support costs include administrative and governance costswhich support the charity’s activities.
Irrecoverable VAT
The charity is not VAT registered and irrecoverable VAT is charged against the category of resources expended for which it was incurred.
Allocation and apportionment of costs
All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.
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 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.
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STAGE ONE YOUTH THEATRE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 27 FEBRUARY 2023 TO 31 AUGUST 2023
1. ACCOUNTING POLICIES - continued
Fund accounting
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
| 2. | DONATIONS AND LEGACIES | |
|---|---|---|
| £ | ||
| Donation from charity | 8,676 | |
| Donations | 1,118 | |
| Gift aid | 1,411 | |
| 11,205 | ||
| 3. | OTHER TRADING ACTIVITIES | |
| £ | ||
| Fundraising events | 2,233 | |
| Merchandise income | 1,412 | |
| 3,645 | ||
| 4. | INVESTMENT INCOME | |
| £ | ||
| Deposit account interest | 41 | |
| 5. | INCOME FROM CHARITABLE ACTIVITIES | |
| Operation | ||
| of Youth | ||
| Theatre | ||
| £ | ||
| Subscriptions income | 11,264 | |
| Ticket sales | 7,431 | |
| 18,695 | ||
| 6. | RAISING FUNDS | |
| Raising donations and legacies | ||
| £ | ||
| Programme and DVD expenses | 688 | |
| Merchandise and other expenses | 1,108 | |
| 1,796 |
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STAGE ONE YOUTH THEATRE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 27 FEBRUARY 2023 TO 31 AUGUST 2023
7. CHARITABLE ACTIVITIES COSTS
| 7. | CHARITABLE ACTIVITIES COSTS | |||
|---|---|---|---|---|
| Direct | Support | |||
| Costs (see | costs (see | |||
| note 8) | note 9) | Totals | ||
| £ | £ | £ | ||
| Operation of Youth Theatre | 20,092 | 3,497 | 23,589 | |
| 8. | DIRECT COSTS OF CHARITABLE ACTIVITIES | |||
| £ | ||||
| Rehearsals expenses | 8,404 | |||
| Storage expenses | 2,070 | |||
| Show expenses | 9,618 | |||
| 20,092 | ||||
| 9. | SUPPORT COSTS | |||
| Governance | ||||
| Management | costs | Totals | ||
| £ | £ | £ | ||
| Operation of Youth Theatre | 1,997 | 1,500 | 3,497 | |
| Support costs, included in the above, are as follows: | ||||
| Management | ||||
| Operation | ||||
| of Youth | ||||
| Theatre | ||||
| £ | ||||
| Insurance | 698 | |||
| Sundries | 59 | |||
| Marketing, website and social media | 1,240 | |||
| 1,997 | ||||
| Governance costs | ||||
| Operation | ||||
| of Youth | ||||
| Theatre | ||||
| £ | ||||
| Independent examiners fees | 1,500 |
10. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the period ended 31 August 2023.
Trustees' expenses
There were no trustees' expenses paid for the period ended 31 August 2023.
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STAGE ONE YOUTH THEATRE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 27 FEBRUARY 2023 TO 31 AUGUST 2023
11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other debtors 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Deferred income Accrued expenses Deferred income Deferred income comprises ticket sales received for future shows. Balance brought forward Amount release to incoming resources Amount deferred in the year Balance carried forward |
£ 1,452 |
|
|---|---|---|
| £ 1,074 1,500 |
||
| 2,574 | ||
| 31.8.23 | ||
| £ | ||
| - | ||
| - | ||
| 1,074 | ||
| 1,074 | ||
13. MOVEMENT IN FUNDS
| Net | ||
|---|---|---|
| movement | At | |
| in funds | 31.8.23 | |
| £ | £ | |
| Unrestricted funds | ||
| General fund | 8,201 | 8,201 |
| TOTAL FUNDS | 8,201 | 8,201 |
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 33,586 | (25,385) | 8,201 |
| TOTAL FUNDS | 33,586 | (25,385) | 8,201 |
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STAGE ONE YOUTH THEATRE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 27 FEBRUARY 2023 TO 31 AUGUST 2023
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the period ended 31 August 2023.
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