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2025-03-31-accounts

Shrimp Welfare Project Trustee Annual Report

Charity Registration number: 1204414 Company number: 14013279

Shrimp Welfare Project

Report and Financial Statements for the Year Ended 31 March 2025

Shrimp Welfare Project Trustee Annual Report

Index

Trustee Annual Report 1
Independent auditors’ report 5
Statement of financial activities 9
Balance sheet 10
Statement of cash flows 11
Notes to the accounts 12

Shrimp Welfare Project Trustee Annual Report

Trustee Annual Report

For the year ended March 2025

The trustees, who are also the directors for the purpose of company law, present their report and the financial statements for the year ended 31 March 2025.

1. Reference and Administrative Details

Charity name: Shrimp Welfare Project

Charity registration number: 1204414

Company number: 14013279

Registered address: International House, 45-55 Commercial Street, London, E1 6BD

Trustees: Andrés Guillermo Jiménez Zorrilla, Vicky Cox, James Ozden, Manfred McKenzie

Co-Executive Directors: Aaron Boddy & Andrés Guillermo Jiménez Zorrilla

Auditors: Goldwins Limited, 75 Maygrove Road, London, West Hampstead, NW6 2EG

2. Structure, Governance and Management

The Shrimp Welfare Project is a registered charity and a company limited by guarantee, governed by its Memorandum and Articles of Association.

Organisational structure: The charity is led by Co-Executive Directors, supported by a team of specialists in research, operations, and communications.

Shrimp Welfare Project maintains the following key internal policies:

Page 1

Shrimp Welfare Project Trustee Annual Report

3. Objectives and Activities

Charity's aims: To promote humane behaviour towards shrimps in shrimp farming and promote sustainable options for aquaculture.

Main activities undertaken to further the charity's purposes for public benefit:

4. Achievements and Performance

Corporate Engagement:

Research and Publications:

Outreach and Communication:

Page 2

Shrimp Welfare Project Trustee Annual Report

Organisational Development:

5. Financial Review

Reserves policy and level of reserves: Shrimp Welfare Project (SWP) maintains a reserves policy to ensure financial stability, protect against unforeseen challenges, and support the organization's mission. The policy sets a target of unrestricted reserves equivalent to 6 months of core operating costs, reviewed annually to reflect financial needs and risks. Access to reserves requires Board approval, and plans are in place to replenish reserves if they fall below the target level. Reserves are monitored quarterly and reported annually in financial statements to ensure transparency and accountability.

6. Plans for Future Periods

7. Statement of Trustees' Responsibilities

Trustees (who are also directors of Shrimp Welfare Project for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Page 3

Shrimp Welfare Project Trustee Annual Report

Company law requires Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company and the group, and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

This report was approved by the Board of Directors and Trustees on 24 August 2025 and signed on their behalf by:

..........................................................

Andrés Guillermo Jiménez Zorrilla

Trustee

Page 4

Shrimp Welfare Project Trustee Annual Report

Independent auditors’ report to the trustees of Shrimp Welfare Project

Opinion

We have audited the financial statements of Shrimp Welfare Project (the ‘charitable company’) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statement s section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCʼs Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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Shrimp Welfare Project Trustee Annual Report

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditorʼs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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Shrimp Welfare Project Trustee Annual Report

Responsibilities of the trustees

As explained more fully in the trusteesʼ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorʼs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non- compliance with laws and regulations, our procedures included the following: • We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charitable company's policies and procedures relating to: • Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;

• The internal controls established to mitigate risks related to fraud or non -compliance with laws and regulations.

• We inspected the minutes of meetings of those charged with governance.

• We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. • In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or

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Shrimp Welfare Project Trustee Annual Report

non-compliance with regulation. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councilʼs website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditorʼs report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditorʼs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

………………………………………………….

Anthony Epton (Senior Statutory Auditor) for and on behalf of Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG

Date: 8 September 2025

Page 8

Shrimp Welfare Project Ltd Statement of Financial Activities

(incorporating an income and expenditure account)

For the year ended 31 March 2025

Note
Income from:
Donations
3
Investments
4
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net income for the year
6
Net movement in funds
Reconciliation of funds:
13
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
2025
2025
2025
2024
£
£
£
£
2,179,624
-
2,179,624
1,465,443
62,651
-
62,651
-
2,242,275
-
2,242,275
1,465,443
592,743
-
592,743
385,807
592,743
-
592,743
385,807
1,649,532
-
1,649,532
1,079,636
1,649,532
-
1,649,532
1,079,636
1,467,381
-
1,467,381
387,745
3,116,913
-
3,116,913
1,467,381

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements.

Page 9

Shrimp Welfare Project Ltd Balance Sheet As at 31 March 2025

Note
Fixed assets:
Tangible assets
9
Current assets:
Debtors
10
Cash at bank and in hand
Liabilities:
Creditors: amounts falling due within one year
11
Net current assets
Total net assets
Funds
13
Restricted funds
Unrestricted funds:
General funds
Total unrestricted funds
Total funds		 2025
2025
2024
2024
£
£
£
£
465,383
193,567
9,966
9,966
2,647,564
1,269,848
2,657,530
1,279,814
(6,000)
(6,000)
2,651,530
1,273,814
3,116,913
1,467,381
-
-
3,116,913
1,467,381
3,116,913
1,467,381
3,116,913
1,467,381		 2025
2025
2024
2024
£
£
£
£
465,383
193,567
9,966
9,966
2,647,564
1,269,848
2,657,530
1,279,814
(6,000)
(6,000)
2,651,530
1,273,814
3,116,913
1,467,381
-
-
3,116,913
1,467,381
3,116,913
1,467,381
3,116,913
1,467,381
3,116,913
1,467,381
-
1,467,381
1,467,381

The financial statements were approved and authorised for issue by the trustees on 24 August 2025 and signedon their behalf by:

Andres Guillermo Jimenez Zorrilla

Company registration number: 14013279

The attached notes form part of the financial statements.

Page 10

Shrimp Welfare Project Ltd Statement of Cash Flows For the year ended 31 March 2025

Note
Cash flows from operating activities:
Net cash provided by / (used in) operating
activities
14
Cash flows from investing activities:
Sales/ (purchases) of fixed assets
Interest income
Cash provided by / (used in) investing
activities
Change in cash and cash equivalents in the
year
Cash and cash equivalents at the beginning of
the year
Cash and cash equivalents at the end of the
year
15		 2025
2025
2024
2024
£
£
£
£
1,703,227
1,124,062
(388,162)
(219,864)
62,651
-
(325,511)
(219,864)
1,377,716
904,198
1,269,848
365,650
2,647,564
1,269,848

Page 11

Shrimp Welfare Project Ltd Notes to the Financial Statements For the year ended 31 March 2025

1 Accounting policies

Basis of preparation

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 (Charities SORP FRS 102) and the Companies Act 2006.

The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met.

Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.

Page 12

Shrimp Welfare Project Ltd Notes to the Financial Statements For the year ended 31 March 2025

1 Accounting policies (continued)

Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, 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:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the Trusts artistic programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 6.

Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Plant and machinery

25% reducing balance method

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

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.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 13

Shrimp Welfare Project Ltd Notes to the Financial Statements For the year ended 31 March 2025

2 Detailed comparatives for the statement of financial activities

Income from:
Donations
Total income
Expenditure on:
Charitable activities
Total expenditure
Net income for the year
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
3
Income from donations
Donations
4
Income from investments
Bank interest		 Unrestricted
funds
Restricted
funds
Total
funds
2024
2024
2024
£
£
£
1,465,443
-
1,465,443
1,465,443
-
1,465,443
385,807
-
385,807
385,807
-
385,807
1,079,636
-
1,079,636
1,079,636
-
1,079,636
387,745
-
387,745
1,467,381
-
1,467,381
Unrestricted
Restricted
Total
Total
2025
2025
2025
2024
£
£
£
£
2,179,624
-
2,179,624
1,465,443		 Unrestricted
funds
Restricted
funds
Total
funds
2024
2024
2024
£
£
£
1,465,443
-
1,465,443
1,465,443
-
1,465,443
385,807
-
385,807
385,807
-
385,807
1,079,636
-
1,079,636
1,079,636
-
1,079,636
387,745
-
387,745
1,467,381
-
1,467,381
2,179,624
-
2,179,624
1,465,443
Unrestricted
Restricted
Total
Total
2025
2025
2025
2024
£
£
£
£
62,651
-
62,651
-
62,651
-
62,651
-

Page 14

Shrimp Welfare Project Ltd Notes to the Financial Statements For the year ended 31 March 2025

5 Analysis of expenditure

For the year ended 31 March 2025

Freelancers and contractors
Wages and salaries
Advertising
Bank charges
Legal and professional fees
General administrative expenses
Travelling expenses
Depreciation
Audit fee
Foreign exchange (gains)/losses
Support costs
Governance costs
Total expenditure 2025
Total expenditure 2024		 Charitable
activities
Support
costs
Governance
costs
2025
Total
2024
Total
£
£
£
£
£
287,556
43,183
-
330,739
322,130
44,364
-
-
44,364
-
9,693
-
-
9,693
-
-
4,553
-
4,553
1,458
10,353
-
-
10,353
-
-
4,710
-
4,710
2,804
-
1,612
-
1,612
-
116,346
-
-
116,346
48,392
-
-
6,000
6,000
6,000
64,373
-
-
64,373
5,023
532,685
54,058
6,000
592,743
385,807
54,058
(54,058)
-
-
6,000
-
(6,000)
-
592,743
-
-
592,743
385,807
-
-
385,807

Of the total expenditure, £592,743 (2024: £385,807) was unrestricted and £0 (2024: £0) was restricted.

For the year ended 31 March 2024

Freelancers and contractors
Bank charges
General administrative expenses
Depreciation
Audit fee
Foreign exchange (gains)/losses
Support costs
Governance costs
Total expenditure 2024		 Charitable
activities
Support
costs
Governance
costs
2024
Total
£
£
£
282,402
39,728
-
322,130
-
1,458
-
1,458
-
2,804
-
2,804
48,392
-
-
48,392
-
-
6,000
6,000
5,023
-
-
5,023
335,817
43,990
6,000
385,807
43,990
(43,990)
-
-
6,000
-
(6,000)
-
385,807
-
-
385,807

Page 15

Shrimp Welfare Project Ltd Notes to the Financial Statements For the year ended 31 March 2025

6
Net income / (expenditure) for the year
This is stated after charging / (crediting):
Auditor's remuneration:
Audit fees		 2025
2024
£
£
5,000
5,000
7
Staff costs were as follows:
Salaries and wages
Social security costs
Analysis of staff costs, trustee remuneration and expenses, and the
personnel		 2025
2024
£
£
40,159
-
4,205
-
cost of key management
44,364
-

Dr Aaron Boddy, one of the trustees (resigned on 25 July 2024) received £60,223 (2024: £45,596) for the provision of services to the charity as the chief impact officer.

Andres Guillermo Jimenez Zorrilla, one of the trustees received £16,162 (2024: £61,278) for the provision of services as the chief executive officer of the charity.

No other charity trustee received payment for professional or other services supplied to the charity.

Staff numbers

The average number of employees (head count based on the number of staff employed) during the year was 1 (2024: none).

8 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

9 Tangible fixed assets

Cost
At the start of the year
Additions in year
At the end of the year
Depreciation
At the start of the year
Charge for the year
At the end of the year
Net book value
At the end of the year
At the start of the year		 Plant and
Machinery
Total
£
£
241,959
241,959
388,162
388,162
630,121
630,121
48,392
48,392
116,346
116,346
164,738
164,738
465,383
465,383
193,567
193,567

All of the above assets are used for charitable purposes.

Page 16

Shrimp Welfare Project Ltd Notes to the Financial Statements For the year ended 31 March 2025

10 Debtors

11
**12 **		 Other debtors
Creditors: amounts falling due within one year
Accruals
Analysis of net assets between funds 2025
For the year ended 31 March 2025
Tangible fixed assets
Net current assets
Net assets at the end of the year
Analysis of net assets between funds 2024
For the year ended 31 March 2024
Tangible fixed assets
Net current assets
Net assets at the end of the year		 2025
2024
£
£
9,966
9,966
9,966
9,966
2025
2024
£
£
6,000
6,000
6,000
6,000
Unrestricted
funds
Restricted
funds Total funds
£
£
£
465,383
-
465,383
2,651,530
-
2,651,530		 2025
2024
£
£
9,966
9,966
9,966
9,966
2025
2024
£
£
6,000
6,000
6,000
6,000
3,116,913
-
3,116,913
Unrestricted
funds
Restricted
funds
Total funds
£
£
£
193,567
-
193,567
1,273,814
-
1,273,814
1,467,381
-
1,467,381

Page 17

Shrimp Welfare Project Ltd Notes to the Financial Statements For the year ended 31 March 2025

**13 ** Movements in funds
For the year ended 31 March 2025		 At 1 April
2024
Income and
gains
Expenditure
and losses
Transfers
At 31 Mar
2025
£
£
£
£
£
1,467,381
2,242,275
(592,743)
-
3,116,913

Unrestricted funds:
General funds
Total Unrestricted funds
Total Restricted funds
Total funds
For the year ended 31 March 2024
1,467,381
2,242,275
(592,743)
-
3,116,913
-
-
-
-
-
1,467,381
2,242,275
(592,743)
-
3,116,913
At 1 April
2023
Income and
gains
Expenditure
and losses
Transfers
At 31 March
2024
£
£
£
£
£
387,745
1,465,443
(385,807)
-
1,467,381

Unrestricted funds:
General funds
Total Unrestricted funds
Total Restricted funds
Total funds
387,745
1,465,443
(385,807)
-
1,467,381
-
-
-
-
-
387,745
1,465,443
(385,807)
-
1,467,381

14 Reconciliation of net income / (expenditure) to net cash flow from operating activities

Net income / (expenditure) for the reporting period
(as per the statement of financial activities)
Depreciation
Investment income
(Increase)/ decrease in debtors
Increase/ (decrease) in creditors
Net cash provided by / (used in) operating activities		 2025
2024
£
£
1,649,532
1,079,636
116,346
48,392
(62,651)
-
-
(9,966)
-
6,000
1,703,227
1,124,062

15 Analysis of cash and cash equivalents

Cash at bank and in hand
Total cash and cash equivalents		 At 1 April
2024
Cash flows
Other
changes
At 31 March
2025
£
£
£
£
1,269,848
1,377,716
-
2,647,564
1,269,848
1,377,716
-
2,647,564

Page 18

Shrimp Welfare Project Ltd Notes to the Financial Statements For the year ended 31 March 2025

16 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £10 in the event of the charity being wound up.

17 Related party transactions

There were no related party transactions during the year (2024: none) other than those disclosed under note 7.

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