# **FONNEREAU ROAD HEALTH FOUNDATION**
**(Charity Registration No. 210098)**
**FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021**
## **ENSORS ACCOUNTANTS LLP**
Connexions 159 Princes Street IPSWICH IP1 1QJ
**FONNEREAU ROAD HEALTH FOUNDATION**
|**INDEX**||
|---|---|
|**Page No:**||
|**1**|**LEGAL AND ADMINISTRATIVE INFORMATION**|
|**2**|**CHAIRMAN’S REPORT**|
|**3 – 4**|**TRUSTEES’ REPORT**|
|**5**|**INDEPENDENT EXAMINER’S REPORT**|
|**6 – 7**|**STATEMENT OF FINANCIAL ACTIVITIES**|
|**8**|**BALANCE SHEET**|
|**9 – 14**|**NOTES TO THE ACCOUNTS**|
## **FONNEREAU ROAD HEALTH FOUNDATION**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**NAME:**
Fonnereau Road Health Foundation
## **LEGAL STRUCTURE:**
The Foundation is administered in accordance with a Charity Commission Scheme dated 11 October 2000.
**CHARITY REGISTRATION NUMBER:**
210098
**TRUSTEES:**
C J Billingham T Boon P T Crossman D J Elliott A N Lang D C McNab R Chester
## **INDEPENDENT EXAMINER:**
H Rumsey FCA, Dch A Ensors Accountants LLP Connexions 159 Princes Street IPSWICH IP1 1QJ
## **PRINCIPAL ADDRESS:**
The Old Vicarage 8 Fonnereau Road IPSWICH IP1 3JP
## **BANKERS (principal):**
Barclays Bank plc Princes Street IPSWICH IP1 1PB
## **SOLICITORS:**
Birketts Providence House 141-145 Princes Street IPSWICH IP1 1QJ
## **INVESTMENT MANAGERS:**
Charles Stanley & Co Ltd 33 Lower Brook Street IPSWICH IP4 1AQ
**- 1 -**
## **FONNEREAU ROAD HEALTH FOUNDATION**
## **CHAIRMAN’S REPORT FOR THE YEAR ENDED 31 MAY 2021**
The capital of the Foundation came originally from the remaining funds of Christchurch Park Hospital Ltd when it was wound up in 1999. The Foundation makes charitable donations from the income generated by the capital.
In 2014 and 2018 the Foundation made substantial gifts to the Suffolk Community Foundation (SCF) seeking to reach smaller charitable needs. These gifts are ring fenced within SCF and subject to the same protections as the Main Fund with all grants from the SCF Fund subject to Trustees’ agreement and approval. At the year end the SCF Fund was valued at £1,067,478.
The Foundation’s grant policy has traditionally focused on assisting with the purchase of equipment. This remains the core policy of the Main Fund. The operation of the SCF Fund has broadened this policy to include supporting running costs of small charities. This activity is tightly controlled to avoid any long term commitment to a particular charity. On occasion, where the income from the SCF Fund is insufficient to meet all applications and particular cases are considered by the Trustees to be worthy, the Trustees have agreed to make grants from the Main Fund.
For the sake of completeness, we made grants from the SCF Fund as follows:
|Inside out Community|£4,695|
|---|---|
|Our Special Friends|£5,000|
|Wednesday’s Child|£5,000|
|Abbeycroft Leisure|£4,880|
|Greener Growth CIC|£3,340|
|Music in our Bones|£420|
Just before the year end the Foundation had also pledged £27,600 to St Elizabeth Hospice from the Main Fund.
The year in question has been marked by the Covid19 pandemic and its devastating impact on local charities. The pandemic also interrupted the release of previous year agreed grants to the NHS. No new grants were agreed for the NHS during the year.
Our investment portfolios – Main Fund and SCF Fund - have also been disrupted by the pandemic but our thanks to our investment managers for their skill in managing a turbulent time. The Foundation’s income fell by 25% compared to the prior year as a result of the decision of many corporates not to pay or to reduce dividends during the pandemic period. Future income is anticipated to recover to previous levels.
My thanks to all our Trustees – particularly those in the front line of the NHS – and to our professional advisors for their support and commitment to the Foundation.
Alistair Lang Chairman 15 November 2021
**- 2 -**
## **FONNEREAU ROAD HEALTH FOUNDATION**
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MAY 2021**
The Trustees have pleasure in presenting their report and the financial statements for the year ended 31 May 2021.
## **OBJECTS AND ACTIVITIES FOR THE PUBLIC BENEFIT**
In setting objectives, developing strategies and undertaking activities, the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit.
## **PRINCIPAL ACTIVITY**
The Fonnereau Road Health Foundation was founded in 1874 and is now administered in accordance with a Charity Commission Scheme dated 11 October 2000.
The object of the Foundation is to provide benefit to the public through the relief of sickness and the protection of health by promoting and assisting in the provision of general medical health services in the area of benefit.
Full details of the activities and achievements for the year can be found in the chairman’s statement on page 2. Further details of direct grants made can be found in note 3 to the accounts.
## **TRUSTEES**
The Trustees for the year are disclosed on page 1.
Trustees are appointed following a selection process designed to enhance the skills and experience of the Foundation as a whole. New Trustees are provided with a detailed induction programme covering all aspects of the organisation.
## **POLICIES**
## **Investments**
The Trustees have continued to take professional advice and the policy remains of investing the majority of the Foundation’s funds in a mixture of government stocks, fixed interest investments and equities. The investments are under continuous review and the Trustees receive a report every six months on the progress of the portfolio.
## **Reserves**
The Trustees take the view that the funds are better applied to appropriate projects than remaining in their ownership.
With this in mind they have the policy of approving support for projects to the extent of the available funds.
At 31 May 2021 the Foundation held unrestricted reserves of £94,160, with a further £1,697,645 held as permanent endowment generating income for future grant making.
## **Risk management**
The Trustees have considered the risks to the funds, principally cash and liquid investments, and are confident that the procedures in place are adequate for the protection of those assets.
As regards any risk which could come from a donation, it is made plain to the recipients that the Foundation will not accept any responsibility for the equipment purchased with any donated money.
**- 3 -**
## **FONNEREAU ROAD HEALTH FOUNDATION**
## **TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 31 MAY 2021 (continued)**
## **POLICIES (continued)**
## **Grants**
The Foundation has established its grant making policy to achieve its objects for the public benefit to provide benefit to the public through the relief of sickness and the protection of health by promoting and assisting in the provision of general medical health services in the area of benefit.
The Foundation makes grants which tend to the improvement of the physical and mental health and well-being of people in Suffolk. It prefers to fund one-off, rather than ongoing, projects, and to fund all, or an identifiable major part, of a project.
## **Going concern**
At the time of approving the accounts, the Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future, despite the ongoing impact that the COVID-19 pandemic might have on its operations. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the accounts.
## **FINANCIAL REVIEW**
The total income to 31 May 2021 was £51,477 compared to £68,440 for the year to 31 May 2020.
Total expenditure amounted to £48,775 compared to £92,933 for the year to 31 May 2020. After gains on investments of £197,531 (2020: Losses £168,019) the Foundation has produced an overall surplus for the year of £200,233 compared to the deficit of £192,512 for the previous year.
The overall surplus of £200,233 principally results from the reversal of the unrealised losses on investments of £207,654 following the impact of the COVID-19 pandemic in 2020.
Whilst income is down, it is anticipated that the Foundation’s future income is expected to return to pre COVID levels in the forthcoming year and we continue to strive to support local charities within our means.
## **TRUSTEES’ RESPONSIBILITIES**
The Trustees are required to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Foundation and of the surplus or deficit of the Foundation for that period. In preparing those financial statements the Trustees are required to:
- Select suitable accounting policies and then apply them consistently.
- Make judgements and estimates that are reasonable and prudent.
- State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements.
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue to operate.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
By order of the board 15 November 2021
A N LANG Chairman
**- 4 -**
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF**
## **FONNEREAU ROAD HEALTH FOUNDATION**
I report to the Trustees on my examination of the accounts of the Fonnereau Road Health Foundation (the Foundation) for the year ended 31 May 2021.
## **Responsibilities and basis of report**
As the charity Trustees of the Foundation 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 Foundation’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Foundation as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
H Rumsey FCA, Dch A
ENSORS ACCOUNTANTS LLP IPSWICH
16 November 2021
**- 5 -**
## **FONNEREAU ROAD HEALTH FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **YEAR ENDED 31 MAY 2021**
|**Notes**
**Unrestricted**
**INCOME**
**£**
Investment income:
Bank interest
112
Dividends and interest received
51,365
**TOTAL INCOME**
51,477
**EXPENDTURE**
**Costs of raising funds**
Investment management costs
-
**Expenditure on charitable activities:**
Grants
3
34,959
Accountants’ fees
1,562
Insurance
952
**TOTAL EXPENDITURE**
37,473
**OTHER RECOGNISED GAINS AND**
**LOSSES**
Net losses on disposal of investments
-
Unrealised gains/(losses) on
investments
4
-
**NET MOVEMENT IN FUNDS FOR**
**THE YEAR**
14,004
**FUND BALANCE BROUGHT**
**FORWARD**
80,156
**FUND BALANCE CARRIED**
**FORWARD**
94,160||**Permanent**
**endowment**
**£**
-
-
-
11,302
-
-
-
11,302
(10,123)
207,654
186,229
1,511,416
1,697,645|**2021**
**£**
112
51,365
51,477
11,302
34,959
1,562
952
48,775
(10,123)
207,654
200,233
1,591,572
1,791,805|**2020**
**£**
379
68,061|
|---|---|---|---|---|
|||||68,440|
|||||12,250
78,357
1,206
1,120|
|||||92,933|
|||||(5,843)
(162,176)|
|||||(192,512)
1,784,084|
|||||1,591,572|
All activities are continuing
The notes on pages 9 to 14 form part of these financial statements.
**- 6 -**
## **FONNEREAU ROAD HEALTH FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **YEAR ENDED 31 MAY 2020**
|**Notes**
**Unrestricted**
**INCOME**
**£**
Investment income:
Bank interest
379
Dividends and interest received
68,061
**TOTAL INCOME**
68,440
**EXPENDTURE**
**Costs of raising funds**
Investment management costs
-
**Expenditure on charitable activities:**
Grants
3
78,357
Accountants’ fees
1,206
Insurance
1,120
**TOTAL EXPENDITURE**
80,683
**OTHER RECOGNISED GAINS AND**
**LOSSES**
Net losses on disposal of investments
-
Unrealised losses on investments
4
-
**NET MOVEMENT IN FUNDS FOR**
**THE YEAR**
(12,243)
**FUND BALANCE BROUGHT**
**FORWARD**
92,399
**FUND BALANCE CARRIED**
**FORWARD**
80,156|**Permanent**
**endowment**
**£**
-
-
-
12,250
-
-
-
12,250
(5,843)
(162,176)
(180,269)
1,691,685
1,511,416|**2020**
**£**
379
68,061|
|---|---|---|
|||68,440|
|||12,250
78,357
1,206
1,120|
|||92,933|
|||(5,843)
(162,176)|
|||(192,512)
1,784,084|
|||1,591,572|
All activities are continuing
The notes on pages 9 to 14 form part of these financial statements.
**- 7 -**
## **FONNEREAU ROAD HEALTH FOUNDATION**
## **BALANCE SHEET**
## **AS AT 31 MAY 2021**
|**Notes**
**FIXED ASSETS**
Investments
4
**CURRENT ASSETS**
Cash at bank
**CREDITORS:** amounts falling due within one year
5
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**TRUST FUNDS**- unrestricted
6
- permanent endowment
6
6|**2021**
**£**
1,663,863
135,192
135,192
7,250
127,942
1,791,805
94,160
1,697,645
1,791,805|**2020**
**£**
1,465,032|
|---|---|---|
|||153,525|
|||153,525
26,985|
|||126,540|
|||1,591,572|
|||80,156
1,511,416|
|||1,591,572|
The only movements in funds are those shown in the statement of financial activities on page 6.
Approved on 15 November 2021
A N LANG
R CHESTER
) ) ) Trustees ) )
The notes on pages 9 to 14 form part of these financial statements.
**- 8 -**
## **FONNEREAU ROAD HEALTH FOUNDATION**
## **NOTES TO THE ACCOUNTS**
## **YEAR ENDED 31 MAY 2021**
## **1. ACCOUNTING POLICIES**
## **Basis of accounting**
The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) – (Charities SORP (FRS 102) effective 1 January 2019) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Fonnereau Road Health Foundation 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 note.
The accounts have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following 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) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The accounts have been prepared in sterling, which is the functional currency of the Foundation, and rounded to the nearest pound.
## **Going concern**
At the time of approving the accounts, the Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future, despite the ongoing impact that the COVID-19 pandemic might have on its operations. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the accounts.
## **Fund accounting**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Foundation.
The permanent endowment came from the remaining funds in Christchurch Park Hospital Ltd after it had ceased to trade, sold all its assets and settled all liabilities. The income generated may be used for the objects of the Foundation without further specified purposes and is available as general funds.
The costs of raising and administering such funds will be charged against the specific fund.
## **Income**
All income is included in the Statement of Financial Activities when the Foundation is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policy is applied:
- Investment income is included when receivable.
**- 9 -**
## **FONNEREAU ROAD HEALTH FOUNDATION**
## **NOTES TO THE ACCOUNTS**
## **YEAR ENDED 31 MAY 2021**
## **1. ACCOUNTING POLICIES (continued)**
## **Expenditure**
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes VAT which cannot be recovered, and is reported as part of the expenditure to which it relates:
- Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Foundation. Grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the Foundation.
- Charitable expenditure comprises those costs incurred by the Foundation in the delivery of its activities and services for its beneficiaries.
- Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Foundation and include accountants’ fees and costs linked to the strategic management of the Foundation.
- All costs are allocated directly.
## **Investments**
Investments are stated at their current market value at the year end. Unrealised gains or losses are accounted for on revaluation at the year end. Realised gains or losses are recognised when a investment is sold.
## **Gains and losses on investments**
Unrealised gains and losses represent the difference between market value at the previous balance sheet date and market value at the current balance sheet date.
## **Cash at bank and in hand**
Cash at bank and in hand are basic financial assets and 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.
## **Financial instruments**
Financial instruments are recognised in the Balance Sheet when the Foundation becomes party to the contractual provision of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legal 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 include trade and other receivables and cash and bank balances. These are initially measured at transaction price, including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the transaction constitutes a financing transaction, where the transaction is measured at the present value of the future receipts.
## Impairment of financial assets
Financial assets are assessed for indicators of impairment each year. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. This impairment is recognised in the SOFA.
**- 10 -**
## **FONNEREAU ROAD HEALTH FOUNDATION**
## **NOTES TO THE ACCOUNTS**
## **YEAR ENDED 31 MAY 2021**
## **1. ACCOUNTING POLICIES (continued)**
## **Financial instruments (continued)**
## De-recognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when the Foundation transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
## Classification of financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
## Basic financial liabilities
Basic financial liabilities, including trade and other payables, 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.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classified as a current liability if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## De-recognition of financial liabilities
Financial liabilities are derecognised when, and only when, the Foundation’s obligations are discharged, cancelled, or they expire.
## **Judgements and key sources of estimation uncertainty**
In application of the Foundation’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts 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 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 revision and future periods where the revision affects both the current and future periods.
## **2. TAXATION**
Due to the charitable status of the Foundation, no taxation arises on the results for the year.
**- 11 -**
## **FONNEREAU ROAD HEALTH FOUNDATION**
## **NOTES TO THE ACCOUNTS**
## **YEAR ENDED 31 MAY 2021**
|**3.**
**GRANTS**
**Grants unpaid at 1 June 2020:**
East Suffolk and North Essex Foundation Trust:
-
brachytherapy applicators
-
accuveins
-
CADD pumps
St Elizabeth Hospice – sensory equipment
**Grants paid in the year:**
East Suffolk and North Essex Foundation Trust:
-
brachytherapy applicators
-
accuveins
St Elizabeth Hospice – sensory equipment
Suffolk Community Foundation – income grants
-
Ipswich & District CAB
-
Beyond the Wall
-
The Pear Tree Fund
-
Access Community Trust
-
Friends of Thomas Wolsey School
-
Suffolk Punch Trust Limited
-
Rural Coffee Caravan Information Project
-
The Sporting Memories Foundation
-
East Anglia Children’s Hospice
-
Suffolk Mind
-
grant fees for the year
Suffolk Community Foundation – Coronavirus Community Fund
Suffolk Community Foundation – Surviving Winter Appeal
**Grants unpaid at 31 May 2021:**
East Suffolk and North Essex Foundation Trust:
-
CADD pumps
-
accuveins
-
brachytherapy applicators|**2021**
**£**
(15,800)
(3,985)
(6,000)
-
11,134
3,895
-
-
-
-
4,000
4,741
6,205
5,000
4,578
6,000
1,000
3,191
-
5,000
6,000
-
-
34,959|**2020**
**£**
-
-
-
(18,000)
-
-
17,829
20,000
2,141
4,898
-
-
-
-
-
-
-
704
25,000
-
6,000
3,985
15,800|
|---|---|---|
|||78,357|
**- 12 -**
## **FONNEREAU ROAD HEALTH FOUNDATION**
## **NOTES TO THE ACCOUNTS**
## **YEAR ENDED 31 MAY 2021**
|**4.**
**INVESTMENTS**
**Movement in market value:**
Market value at 1 June 2020
Additions at cost
Disposals at opening market value/cost
Net gains/(losses) on revaluations in the year
Market value at 31 May 2021
Historical cost at 31 May 2021|**2021**
**£**
1,465,032
234,669
(243,492)
207,654
1,663,863
1,384,186|**2020**
**£**
1,674,909
296,628
(344,329)
(162,176)|
|---|---|---|
|||1,465,032|
|||1,396,722|
All of the above are listed on a recognised investment exchange in Great Britain and are valued at the market value at the balance sheet date. All investments are held primarily to provide an investment return.
## **5. CREDITORS: amounts falling due within one year**
|Grants payable
Accruals|6,000
1,250
7,250|25,785
1,200|
|---|---|---|
|||26,985|
**- 13 -**
## **FONNEREAU ROAD HEALTH FOUNDATION**
## **NOTES TO THE ACCOUNTS**
## **YEAR ENDED 31 MAY 2021**
## **6. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|Unrestricted
Permanent
Endowment
Unrestricted
Permanent
Endowment|**Fixed**
**assets**
**£**
-
1,663,863
1,663,863
**Fixed**
**assets**
**£**
-
1,465,032
1,465,032|**Current**
**assets**
**£**
101,410
33,782
135,192
**Current**
**assets**
**£**
107,141
46,384
153,525|**Current**
**liabilities**
**£**
(7,250)
-
(7,250)
**Current**
**liabilities**
**£**
(26,985)
-
(26,985)|**2021**
**£**
94,160
1,697,645|
|---|---|---|---|---|
|||||1,791,805|
|||||**2020**
**£**
80,156
1,511,416|
|||||1,591,572|
The permanent endowment came from the remaining funds in Christchurch Park Hospital Limited after it had ceased to trade, sold all its assets and settled all liabilities. The sum is now invested and the Foundation makes charitable donations from the income earned by that capital.
## **7. TRUSTEES**
During the year the Foundation purchased indemnity insurance for its Trustees at a cost of £952 (2020: £1,120).
The Trustees received no remuneration or expenses during either year.
## **8. RELATED PARTY TRANSACTIONS**
There were no related party transactions during either year that require disclosure.
**- 14 -**