**Charity number: 219805**
## **The Nellie Fenton Trust Fund**
**Trustees' report and financial statements for the year ended 31 October 2023**
**The Nellie Fenton Trust Fund**
## **Contents**
||Page|
|---|---|
|**Reference and administrative details of the charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 4|
|**Independent examiner's report**|5|
|**Statement of financial activities**|6|
|**Balance sheet**|7|
|**Notes to the financial statements**|8 - 17|
**The Nellie Fenton Trust Fund**
## **Reference and administrative details of the charity, its Trustees and advisers for the year ended 31 October 2023**
|**Trustees**|Rev Canon J Tapper FCA|
|---|---|
||Mrs J Freeston|
||Ms E A Marsh (resigned 22 February 2023)|
||Mr E Walter LLB|
||Mr T Tapper BSc MSc MRICS MCIArb (appointed 22 February 2023)|
|**Charity registered**
**number**
219805
**Principal office**
Montague Place
Quayside
Chatham
Kent
ME4 4QU
**Accountants**
Kreston Reeves LLP
Chartered Accountants
Montague Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QU
**Bankers**
Natwest Bank Plc
13 Market Place
Faversham
Kent
ME13 7AF
**Independent Examiner**
P Barton
13 Nativity Close
Sittingbourne
Kent
ME10 1ET
**Investment advisors**
Investec Wealth & Investment Limited
30 Gresham Street
London
EC2V 7QN||
Page 1
## **The Nellie Fenton Trust Fund**
## **Trustees' report for the year ended 31 October 2023**
The Trustees present their annual report together with the financial statements of the charity for the year ended 31 October 2023.
## **Objectives and activities**
## **a. Policies and objectives**
The objects of the Charity are:
1) to provide for the relief of poverty amongst elderly persons and amongst persons in distressed circumstances, and
2) to provide a residence for impoverished elderly persons and impoverished persons in distressed circumstances being members of the Kent Quarterly Meeting of the Society of Friends and other impoverished persons as the Trustees select.
The properties are based in Cranbrook, Kent.
There have been no changes to the objects during the year.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **Achievements and performance**
## **a. Review of activities**
The results for the year are set out on page 6.
The total income for the year, including interest earned on the accumulating investment held in the Extraordinary Repairs Fund, was £30,845 (2022 - £26,948). Expenses amounted to £81,613 (2022 - £30,750) for the year. Overall, there was a deficit for the year before investment movements of £50,768 (2022 - £3,802). Net losses on investments amounted to £8,217 (2022 - £48,406) leaving an overall deficit for the year of £58,985 (2022 - £52,208).
During the year, a major project was undertaken to repair the roof. The total cost was £44,316 and reserves brought forward have ben utilised.
## **b. Investment policy and performance**
The Trustees' investment policy is low risk with the aim of maintaining capital whilst earning sufficient income to meet the annual expenditure of the Charity.
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Page 2
## **The Nellie Fenton Trust Fund**
## **Trustees' report (continued) for the year ended 31 October 2023**
## **b. Reserves policy**
## **Unrestricted Funds**
The unrestricted funds of the Charity consist of the income and expenditure account and other income funds, including designated funds. It is the Trustees' aim to maintain unrestricted funds at a level sufficient to meet one year's expenditure. The current level of £14,917 is less than this target. It continued to be the Trustees' policy to transfer the Almshouse Association's recommended sums from general funds to the designated funds whilst still keeping residents' contributions as low as possible.
## **Designated Funds**
## **Reserve for building maintenance and repairs**
Established by the Trustees to provide for the maintenance and repairs of the buildings, the balance at 31 October 2023 was £2,884.
## **Cyclical maintenance fund**
Established voluntarily in accordance with powers contained in the Charity Commissioners Scheme to provide for items of ordinary maintenance of the almshouses, which recur at infrequent intervals. The fund amounted to £13,006 at 31 October 2023.
## **Extraordinary repairs fund**
Established compulsorily in accordance with the Charity Commissioners Scheme to provide for the extraordinary repair, improvement or rebuilding of the almshouses. The fund amounted to £2,556 at 31 October 2023.
## **Endowment Funds**
The endowment funds represent the Estate Account and comprise the Permanent Endowment of the Charity. Endowment funds totalled £321,520 at 31 October 2023.
## **Structure, governance and management**
## **a. Constitution**
The Charity, known as the Nellie Fenton Trust Fund, was founded by the will of Nellie Lydia Fenton proved in the Principal Registry on 31 October 1957 and comprised in an Order of the High Court of Justice (Chancery Division) on 28 July 1958. A subsequent Charity Commissioner's Scheme was approved on 8 June 1976.
## **b. Methods of appointment or election of Trustees**
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
## **c. Risk management**
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
## **Plans for future periods**
The Trustees will continue to support the activities of the Charity for the foreseeable future.
Page 3
The N•llle Fenlon Th181 Fund
Trustees. report (conlinued)
for tho year ended 31 October2023
The Tnjstees are respon$ble for PTeparin9 Iha Trust88s' report and the financial staiements in accDrdance with
appllcable law and United Ktrodom Ar4))tirv4 Standths likntt8d lfjngdom GernraNy Accepted ACcong
PraGtiGel.
The law apKable to charlues in England & Wales requlres the Trustees to prepare financial statements for
each financial whlth glve a true and fair vW of stale of affaws of the th and of its Incoming resources
and application of resour. irthding it5 incCe aThl expenthlur8. that tOd. In pPallng these financtar
statements. the Trustees ar8 reqwred
sdect suilable accounlirvJ pOIleS and aFWythem (sIstenty.
obseNe the methcrfts and prinuF485 ofth8 Charfties SORP (FRS 102):
make judgments and *g)unting estimates that are reasonable and txudent:
Stale whether appl1& UK A(lun9 Standar(Es (FRS 102) have been i01t¢J*, subjéct to any materf
departures disdosed arKJ exptsined rn fmancial stalem&)ts."
prepare the flnandal slaternents ¢in the gokng concem basi5 unless St15 Ip[*ITi8te tc pr85um8 that tho
charitywill conlinue in tsJsines*
The Trnstees are reSp(S[ble fDr keepiTYJ adequate xccmjning reoJrd5 Ihat are sufficlent ta show arKI explain
the tharitys trdnsacltons and (Isclose wilh re850nable accuraGy at any trne the finanoal po5ibon of the charfty
and enable them lo ertsure thal the financial statements (x)nySy wilh lh8 Charities Act 2011. the Charity
(Accounts and Reports'} Regulations 2008 and the ofthe Charity Commlssion Scheme. They ar8 also
responsible for safeguardlng the assets of the charity and hen for takyig reasonable steps ts th& prevention
and detection otfrwd and other Irregul&18*
Approved by order ofthe membw5 ofthe board TruStee5 &iwed ther behalfty.
Date: 13 June 2024
14 June 2024
**The Nellie Fenton Trust Fund**
## **Statement of financial activities for the year ended 31 October 2023**
|**Note**
**Income and endowments from:**
Charitable activities
3
Investments
4
**Total income and endowments**
**Expenditure on:**
Raising funds
5
Charitable activities
6
**Total expenditure**
**Net expenditure before net losses on**
**investments**
Net losses on investments
**Net expenditure**
Transfers between funds
12
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Endowment**
**funds**
**2023**
**£**
**-**
**-**
**-**
**2,961**
**-**
**2,961**
**(2,961)**
**(6,418)**
**(9,379)**
**(307)**
**(9,686)**
**331,206**
**(9,686)**
**321,520**|**Unrestricted**
**funds**
**2023**
**£**
**18,313**
**12,532**
**30,845**
**-**
**78,652**
**78,652**
**(47,807)**
**(1,799)**
**(49,606)**
**307**
**(49,299)**
**82,662**
**(49,299)**
**33,363**|**Total**
**funds**
**2023**
**£**
**18,313**
**12,532**
**30,845**
**2,961**
**78,652**
**81,613**
**(50,768)**
**(8,217)**
**(58,985)**
**-**
**(58,985)**
**413,868**
**(58,985)**
**354,883**|Total
funds
2022
£
15,090
11,858|
|---|---|---|---|---|
|||||26,948
3,230
27,520|
|||||30,750
(3,802)
(48,406)|
|||||(52,208)
-|
|||||(52,208)
466,076
(52,208)|
|||||413,868|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 17 form part of these financial statements.
Page 6
The Nellle Fenton Trust Fund
Balance shget
as at 31 October 2023
2023
2022
Flxod ass9ts
T8nglbl8 assets
Investménts
1,119
356,494
1.119
411.604
357,613
412.723
Current amets
Debtors
C8sh al bank and In harKI
10
437
7.105
25.119
25,603
7,542
Crodllor8: amounts faillng due wlthln one
year
11
124333)
(8,3971
N•t Gurront Ilabllltlu l assets
12,730)
354,883
1,145
Totsl net a8S•t8
413,868
Ch•rfty fund8
Endowment fund8
Unre8lrfcted fundB
12
12
321,520
33,363
331,206
82,662
Total lund8
354,883
413,868
The tlnandal gtatemenlg were appn)ved and authortsed for Issu8 by Ihe TruBtees and slgned on thelr behaff by,.
J Tappgr
Date: 13 June 2024
The notes on p8ges 8 to 17 fom part of the8e financial statements.
Page 7
**The Nellie Fenton Trust Fund**
**Notes to the financial statements for the year ended 31 October 2023**
## **1. General information**
The Nellie Fenton Trust is an unincorporated charity with the registration number 219805. The address of the principal office is Montague Place, Quayside, Chatham Maritime, Kent ME4 4QU.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements 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 the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Nellie Fenton Trust Fund 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.
The financial statements are presented in British Sterling and are rounded to the nearest pound.
## **2.2 Going concern**
The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
## **2.3 Income**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
## **2.4 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 on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
Page 8
**The Nellie Fenton Trust Fund**
**Notes to the financial statements for the year ended 31 October 2023**
## **2. Accounting policies (continued)**
## **2.5 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 institution with whom the funds are deposited.
## **2.6 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
## **2.7 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.8 Cash at bank and in hand**
Cash at bank and 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.
## **2.9 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
## **2.10 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.
## **2.11 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the Trustees' Report.
Investment income, gains and losses are allocated to the appropriate fund.
Page 9
**The Nellie Fenton Trust Fund**
## **Notes to the financial statements for the year ended 31 October 2023**
## **3. Income from charitable activities**
|Contributions from residents
Collections from meters|**Unrestricted**
**funds**
**2023**
**£**
18,200
113
18,313|**Total**
**funds**
**2023**
**£**
**18,200**
**113**
**18,313**|Total
funds
2022
£
14,958
132|
|---|---|---|---|
||||15,090|
## **4. Investment income**
|Listed investments
Cash investments|**Unrestricted**
**funds**
**2023**
**£**
12,459
73
12,532|**Total**
**funds**
**2023**
**£**
**12,459**
**73**
**12,532**|Total
funds
2022
£
11,843
15|
|---|---|---|---|
||||11,858|
## **5. Investment management costs**
|Investment management fees
Total 2022|**Endowment**
**funds**
**2023**
**£**
2,961
-|**Unrestricted**
**funds**
**2023**
**£**
-
3,230|**Total**
**funds**
**2023**
**£**
**2,961**
3,230|Total
funds
2022
£
3,230|
|---|---|---|---|---|
||||||
Page 10
**The Nellie Fenton Trust Fund**
## **Notes to the financial statements for the year ended 31 October 2023**
## **6. Analysis of expenditure by activities**
||**Support**|**Total**|Total|
|---|---|---|---|
||**costs**|**funds**|funds|
||**2023**|**2023**|2022|
||**£**|**£**|£|
|Provision of almshouse accommodation|78,652|**78,652**|27,520|
## **Analysis of support costs**
|Repairs and maintenance
Roof repairs
Cleaning
Garden
Council tax
Water rates
Insurance
Electricity
Gas
Sundry expenses
Life Line charges
Bookkeeping and accountancy
Legal fees|**Activities**
**2023**
**£**
11,353
44,316
342
1,544
6,464
1,134
1,553
1,400
4,299
377
230
5,100
540
78,652|**Total**
**funds**
**2023**
**£**
**11,353**
**44,316**
**342**
**1,544**
**6,464**
**1,134**
**1,553**
**1,400**
**4,299**
**377**
**230**
**5,100**
**540**
**78,652**|Total
funds
2022
£
8,963
-
427
1,269
4,281
1,055
1,471
1,527
2,145
408
292
4,884
798|
|---|---|---|---|
||||27,520|
Repairs and maintenance of £11,353 and roof repairs of £44,316 combined comprises £1,422 charged to general unrestricted funds, £25,622 charged to the Reserve for Building Maintenance, £9,671 charged to the designated Cyclical Maintenance Fund and £18.955 to the designated Extraordinary Repairs Fund.
In 2022, the repairs and maintenance charge of £8,963 comprised £1,395 charged to general unrestricted funds, £5,956 charged to the Reserve for Building Maintenance and £1,612 charged to the designated Cyclical Maintenance Fund.
Page 11
**The Nellie Fenton Trust Fund**
## **Notes to the financial statements**
## **for the year ended 31 October 2023**
## **7. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
In accordance with the provisions of the will of Nellie Fenton, Mr E Walter has charged the Trust £540 in respect of professional services provided for the year ended 31 October 2023. Buss Murton LLP, for whom Mr Walter works as a partner, made the charge. There was an amount outstanding of £330 (2022 - £nil) at the balance sheet date.
No other expenses or fees were paid to the trustees during the year.
## **8. Tangible fixed assets**
|**Cost or valuation**
At 1 November 2022
At 31 October 2023
**Net book value**
At 31 October 2023
At 31 October 2022
**9.**
**Fixed asset investments**
**Cost or valuation**
At 1 November 2022
Additions
Disposals
Revaluations
At 31 October 2023
**Net book value**
At 31 October 2023
At 31 October 2022|**Freehold**
**property**
**£**
**1,119**|
|---|---|
||**1,119**|
||**1,119**
1,119
**Listed**
**investments**
**£**
**411,604**
**59,517**
**(106,410)**
**(8,217)**|
||**356,494**
**356,494**|
||411,604|
Page 12
**The Nellie Fenton Trust Fund**
## **Notes to the financial statements for the year ended 31 October 2023**
## **10. Debtors**
|**Due within one year**
Prepayments and accrued income
**11.**
**Creditors: Amounts falling due within one year**
Other creditors|**2023**
**£**
**484**
**484**
**2023**
**£**
**28,333**|2022
£
437|
|---|---|---|
||||
|||437|
|||2022
£
6,397|
Page 13
**The Nellie Fenton Trust Fund**
## **Notes to the financial statements for the year ended 31 October 2023**
## **12. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted**
**funds**
**Designated**
**funds**
Reserve for
Building
Maintenance
Cyclical
Maintenance
Fund
Extraordinary
Repairs Fund
**General funds**
General Fund
**Unrestricted**
**funds**
**Endowment**
**funds**
Endowment
Fund
**Total of funds**|**Balance at 1**
**November**
**2022**
**£**
**25,599**
**18,485**
**17,468**
**61,552**
**21,110**
**82,662**
**331,206**
**413,868**|**Income**
**£**
**23**
**16**
**2,035**
**2,074**
**28,771**
**30,845**
**-**
**30,845**|**Expenditure**
**£**
**(25,622)**
**(9,671)**
**(18,955)**
**(54,248)**
**(24,404)**
**(78,652)**
**(2,961)**
**(81,613)**|**Transfers**
**in/out**
**£**
**2,884**
**4,176**
**2,556**
**9,616**
**(9,309)**
**307**
**(307)**
**-**|**Gains/**
**(Losses)**
**£**
**-**
**-**
**(548)**
**(548)**
**(1,251)**
**(1,799)**
**(6,418)**
**(8,217)**|**Balance at**
**31 October**
**2023**
**£**
**2,884**
**13,006**
**2,556**|
|---|---|---|---|---|---|---|
|||||||**18,446**|
|||||||**14,917**|
|||||||**33,363**|
|||||||**321,520**|
|||||||**354,883**|
Page 14
**The Nellie Fenton Trust Fund**
## **Notes to the financial statements for the year ended 31 October 2023**
## **12. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted**
**funds**
**Designated**
**funds**
Reserve for
Building
Maintenance
Cyclical
Maintenance
Fund
Extraordinary
Repairs Fund
**General funds**
General Fund
**Unrestricted**
**funds**
**Endowment**
**funds**
Endowment
Fund
**Total of funds**|Balance at
1 November
2021
£
29,071
16,503
16,589
62,163
40,166
102,329
363,747
466,076|Income
£
4
2
1,800
1,806
25,142
26,948
-
26,948|Expenditure
£
(5,956)
(1,612)
-
(7,568)
(23,182)
(30,750)
-
(30,750)|Transfers
in/out
£
2,480
3,592
2,196
8,268
(8,268)
-
-
-|Gains/
(Losses)
£
-
-
(3,117)
(3,117)
(12,748)
(15,865)
(32,541)
(48,406)|Balance at
31 October
2022
£
25,599
18,485
17,468|
|---|---|---|---|---|---|---|
|||||||61,552|
|||||||21,110|
|||||||82,662|
|||||||331,206|
|||||||413,868|
Page 15
**The Nellie Fenton Trust Fund**
## **Notes to the financial statements for the year ended 31 October 2023**
## **13. Summary of funds**
## **Summary of funds - current year**
|Designated
funds
General funds
Endowment
funds|**Balance at 1**
**November**
**2022**
**£**
**61,552**
**21,110**
**331,206**
**413,868**|**Income**
**£**
**2,074**
**28,771**
**-**
**30,845**
Income
£
1,806
25,142
-
26,948|**Expenditure**
**£**
**(54,248)**
**(24,404)**
**(2,961)**
**(81,613)**
Expenditure
£
(7,568)
(23,182)
-
(30,750)|**Transfers**
**in/out**
**£**
**9,616**
**(9,309)**
**(307)**
**-**
Transfers
in/out
£
8,268
(8,268)
-
-|**Gains/**
**(Losses)**
**£**
**(548)**
**(1,251)**
**(6,418)**
**(8,217)**
Gains/
(Losses)
£
(3,117)
(12,748)
(32,541)
(48,406)|**Balance at**
**31 October**
**2023**
**£**
**18,446**
**14,917**
**321,520**|
|---|---|---|---|---|---|---|
|||||||**354,883**|
|||||||Balance at
31 October
2022
£
61,552
21,110
331,206|
|**Summary of funds - prior year**|||||||
|Designated
funds
General funds
Endowment
funds|Balance at
1 November
2021
£
62,163
40,166
363,747
466,076||||||
|||||||413,868|
Page 16
**The Nellie Fenton Trust Fund**
## **Notes to the financial statements for the year ended 31 October 2023**
## **14. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
**Total**
**Analysis of net assets between funds - prior year**
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
**Total**|**Endowment**
**funds**
**2023**
**£**
-
321,520
-
-
321,520
Endowment
funds
2022
£
-
332,534
(1,328)
-
331,206|**Unrestricted**
**funds**
**2023**
**£**
1,119
34,974
25,603
(28,333)
33,363
Unrestricted
funds
2022
£
1,119
79,070
8,870
(6,397)
82,662|**Total**
**funds**
**2023**
**£**
**1,119**
**356,494**
**25,603**
**(28,333)**|
|---|---|---|---|
||||**354,883**
Total
funds
2022
£
1,119
411,604
7,542
(6,397)|
||||413,868|
## **15. Related party transactions**
Please see note 7 for details of related party transactions.
Page 17