## **THE OWEN OWEN TRUST FUND**
**UNAUDITED ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2024**
**CHARITY NUMBER** - **233264**
## **THE OWEN OWEN TRUST FUND TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] MARCH 2024**
-------------------------------------------------------------------------------------------------------------------------
The Trustees present their annual report and financial statements of the charity for the year ended 31st March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The accounts 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
## **OBJECTIVES AND ACTIVITIES**
The Trustees have applied the resources of the Trust for the relief of persons in need who were employed by any former company in the Owen Owen Limited group of companies or are the spouses or dependants of persons who were so employed. This includes consultant and concession staff formerly working within the Owen Owen group stores.
## **Grant Making Policy**
The Trust has established its grant making policy to achieve its objects for public benefit. Grants are made against a scale of cash payments based on age and length of service, subject to the over-riding criteria of financial need. All grants remain discretionary and subject to annual review.
Details of grants made in the year are shown in note 3 to the financial statements.
## **Public Benefit**
In planning the Trust’s grant making the Trustees have given consideration to the Charity Commission guidance on public benefit.
## **Achievements and Performance**
The investments are managed by Investec Wealth & Investment Limited (Investec) on a discretionary basis, subject to agreed parameters and restrictions, with the aim of a ‘balanced’ return between income and capital accepting a medium degree of risk.
## **Financial Review**
At the year end the value of the fund was £2,117,399 (2023: £2,205,331). The value of the fund decreased by £87,932 (2023: decrease by £354,242) during the year resulting from a net outflow of £196,471 (2023: £204,640 outflow) from the normal activities of the Trust; and a net gain on investment assets of £108,539 (2023: £149,602 net loss) reflecting net realised and unrealised gains and losses during the year.
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## **THE OWEN OWEN TRUST FUND TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] MARCH 2024**
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## **Investment Policy and Powers**
There are no restrictions on the charity’s powers to invest. The investment strategy is set by the Trustees and takes account of current demand for funds and an assessment of expected future need (see also Reserves). The investment policy and strategy are reviewed with the Investment Manager at regular intervals. The current Statement of Investment Principles was approved by the Trustees on 17[th] November 2020.
The Trustees are aware that the funding requirement required from the investments is above what could be generated by income alone. They have therefore adopted a “total return” approach to the portfolio, looking to generate returns from a mixture of income and capital.
The objective is to achieve a total return of at least 0.5% above the benchmark per annum over a rolling 3-year period.
## **Risk Management**
The main risks, to which the charity is exposed, as identified by the Trustees, have been considered and systems have been established to mitigate those risks. The Trustees accept that the attainment of the long-term investment objectives requires the acceptance of a level of investment risk. The risk manifests itself primarily in the fluctuation of the capital value and the risk of loss of value periodically.
## **Reserves Policy**
The Trustees have considered the needs of current and potential future beneficiaries. The objects of the charity are such that need is expected to reduce over time, in terms of beneficiary numbers. Over recent years, therefore, the Trustees’ policy has been to distribute all income and to accept revenue deficits.
## **Plans for the Future**
The Trustees intend to continue grant making on the existing principles with ongoing revenue deficits leading to a gradual depletion of funds.
## **Structure, Governance and Management**
The Trust was established by a Trust Deed dated 15th January 1900 made by the late Mr Owen Owen as subsequently amended.
The Trust is a registered charity under the Charities Act 1960.
## **Organisation, Management and Delegation**
The Trust employs two staff, on a part time basis, in the day-to-day running and management of its grant making activities.
The Trustees meet quarterly to review the Trust’s performance, its financial position and its investments.
The Trustees, in their power, have delegated the management of the investments to independent professional investment managers and the administration of grant-making and accountancy to LCVS.
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## **THE OWEN OWEN TRUST FUND TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] MARCH 2024**
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## **Recruitment and Appointment of New Trustees**
Having considered relevant skills and geographical requirements, potential new Trustees are approached by the existing members of the board and then appointed by election at a meeting of the board of Trustees. The board is also responsible for induction and training of the new Trustees.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
|**Name**|The Owen Owen Trust Fund|
|---|---|
|**Charity number**|233264|
|**Principal Office**|LCVS|
||151 Dale Street|
||Liverpool|
||L2 2AH|
|**Trustees**|During the year under Review, the trustees were as follow|
||Mr J S Barker|
||Miss K M Eggleton|
||Mr L Foster|
||Mrs A Gibbon|
||Mrs R Lochiel-Owen|
||Mrs S A Mitchell|
||Miss E A Stewardson|
||Mr A G Turner|
||Mr R Warren|
|**Trust Manager**|Mrs K Sloss|
|**Accountants**|LCVS|
||151 Dale Street|
||Liverpool|
||L2 2AH|
|**Independent Examiner**|Mr Tony Stanley ACA|
||Mitchell Charlesworth|
||Tempest|
||Suite 5.1|
||12 Tithebarn Street|
||Liverpool|
||L2 2DT|
|**Investment Manager**|Investec Wealth & Investment Limited|
||100 Old Hall Street|
||Liverpool|
||L3 9AB|
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**THE OWEN OWEN TRUST FUND TRUSTEES' REPORT FOR THE YEAR ENDED 31[5T ] MARCH 2024**
## **TRUSTEES' RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS**
The Trustees are responsible for preparing a Trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period.
In preparing the financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the applicable Charities SORP;
- make judgements and estimates that are reasonable and prudent;
• state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to
- presume that the charity will continue in business.
The TiUstees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Signed on behalf of the Trustees**
**.** \-.. �'h .. •�---- J **·a;��·�· "s"** ;:���i�� • • • • • • • • • • • • • ....... ½\�:j;� .. : .... **K M Eggleton - Trustee**
**Dated: ......** ��\�\?.-:-t: ........... .
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## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE OWEN OWEN TRUST FUND**
------------------------------------------------------------------------------------------------------------------------I report to the trustees on my examination of the accounts of The Owen Owen Trust Fund for the year ended 31[st] March 2024.
This report is made solely to the charity’s trustees, as a body, in accordance with Section 145 of the Charities Act 2011. My examination has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in an Independent Examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my examination, for this report, or for the opinions I have formed.
## **Responsibilities and basis of report**
As the charity trustees 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 charity’s accounts as 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**
Your attention is drawn to the fact that the charity has prepared accounts in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I can confirm that no 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 charity 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.
………………………………………….
## **Mr Tony Stanley ACA Mitchell Charlesworth**
Tempest, Suite 5.1 12 Tithebarn Street Liverpool L2 2DT
Dated: ………………………………….23/10/2024
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## **THE OWEN OWEN TRUST FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[ST] MARCH 2024**
**-------------------------------------------------------------------------------------------------------------------------**
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**Funds**|**Funds**|
|||**2024**|**2023**|
|**Income from:**|Notes|**£**|**£**|
|Investments|2|83,911|87,068|
|||-----------|-----------|
|**Total income**||**83,911**|**87,068**|
|||-----------|-----------|
|**Expenditure on:**||||
|Raising funds||17,355|17,984|
|Charitable activities|3|263,027|273,724|
|||-------------|-------------|
|**Total expenditure**||**280,382**|**291,708**|
|||--------------|--------------|
|**Net expenditure**||**(196,471)**|**(204,640)**|
|Net gain/(loss) on
investments|4|108,539|(149,602)|
|||--------------|--------------|
|**Net movement in funds**||(87,932)|(354,242)|
|_Reconciliation of funds:_||||
|Total funds brought
forward||2,205,331|2,559,573|
|||--------------|--------------|
|**Total funds carried**
**forward**||**2,117,399**|**2,205,331**|
|||========|========|
The notes on pages 9 to 15 form part of these accounts.
The net movement in the funds in the year is derived from the continuing activity of the charity.
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THE OWEN OWEN TRUST FUND
BALANCE SHEET AT 31ST MARCH 2024
31$t March 2024
31st March 2023
Fixed assets
Investments
Notes
2,102.040
2,154,796
Current assets
Debtors
Bank & Cash balan$
215
28,451
343
59,018
28,666
59,361
Current liabilities
Creditors
(13.307)
(8,826)
Net current assets
15,359
50,535
Net assets
2,117.399
2,205,331
The funds of the charlty:
Unrestricted funds
Capital Funds
Income Funds
15,359
2,102,040
50,535
2,154,796
2,117,399
2,205,331
Approved and authorised for issue by the Trustees and signed on their behalf by
er- Trustee
K M Eggleton - Trustee
Dated:
**THE OWEN OWEN TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[ST] MARCH 2024**
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## 1. **ACCOUNTING POLICIES**
## **Charity information**
The Owen Owen Trust Fund is a registered charity governed by a Deed of Settlement. The principal address is 151 Dale Street, Liverpool L2 2AH.
## **Basis of Accounting**
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (SORP 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and Charities Act 2011.
The accounts 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The trust constitutes a public benefit entity as defined by FRS 102.
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The Charity has taken advantage of the provisions in the SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
## **Going concern**
At the time of approving the accounts, the Trustees have reasonable expectations that the charity has adequate reserves to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the accounts.
## **Investments**
Investments held as fixed assets, in accordance with SORP 2015, are stated and included in the balance sheet at their market value at the year end or at the valuation date nearest to the year end. UK listed securities and foreign securities quoted on a recognised stock exchange are stated at market values ruling at the year end. Investments denominated in foreign currencies are translated using the sterling rate of exchange ruling at the year end.
Unit Trust and managed fund investments are stated at the average of the bid and offer prices quoted by the Trust’s managers nearest to the year end.
Investments are valued at the mid-market price on the valuation date. The Statement of Financial Activities includes unrealised gains and losses arising from the revaluation of the investment portfolio. The trustees consider that the cash held as part of the portfolio to be cash at bank, and it is included in the balances at bank.
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**THE OWEN OWEN TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[ST] MARCH 2024**
**-------------------------------------------------------------------------------------------------------------------------**
## **Fund accounting**
Unrestricted funds are considered ‘free’ reserves and are available for use or retention at the discretion of the Trustees, in accordance with the charity’s objectives. Free reserves are undesignated funds available for the furtherance of the general objectives of the charity.
## **Income recognition**
Income from investments comprises dividend income and interest and are accounted for when received in the financial year.
## **Expenditure recognition**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accrual basis. All expenses, including support and governance costs, are allocated or apportioned to the applicable expenditure headings in the statement of financial activities.
Raising funds costs relate to expenses incurred in the management of the investment assets. Charitable activities include grant funding, along with associated support costs, to beneficiaries. These are dealt with in the Statement of Financial Activities when payment has been approved by the charity. Governance costs relate to compliance with constitutional and statutory requirements and specifically include all costs incurred by the charity in producing the Annual Report.
## **Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
## **Fixed Assets**
The threshold for capitalising a fixed asset is £5,000.
## **Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## **Basic financial assets**
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future
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## **THE OWEN OWEN TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[ST] MARCH 2024**
- **-------------------------------------------------------------------------------------------------------------------------**
receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## **Basic financial liabilities**
Basic financial liabilities, including creditors 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
## **Derecognition of financial liabilities**
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received if material.
If they occur termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
A defined contribution pension scheme was set up in October 2016.
## **Taxation**
The charity benefits from various exemptions from taxation afforded by tax legislation and is not liable to corporation tax on income or gains falling within those exemptions. Partial recovery is made of tax credits on UK dividend income. The charity is not able to recover Value Added Tax. Expenditure is recorded in the accounts inclusive of VAT.
## **Critical Accounting Estimates And Judgements**
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates **.**
The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## 2. **Income from Investments:**
**2024 2023 £ £** Dividends and interest **83,911 87,068** ===== =====
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## **THE OWEN OWEN TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[ST] MARCH 2024**
**-------------------------------------------------------------------------------------------------------------------------**
## 3. **Expenditure on charitable activities:**
|3.|**Expenditure on charitable activities:**||||
|---|---|---|---|---|
|||**Direct**|**Support &**
**Total**|**Total**|
|||**Charitable Governance**
**2024**||**2023**|
|||**Expenditure**|**Costs**||
|||**£**|**£**
**£**||
||To make grants for charitable
purposes|180,215|82,813**263,028**|**273,724**|
|||=======|======= ======|======|
|**a.**|**Analysed as follows:**||||
|||**2024**|
**2023**||
||_Direct charitable expenditure:_|**£**|**£**||
||Grants – existing recipients|172,215|
178,550||
||Grant distribution charges|8,000|
8,000||
|||-----------|
-----------||
|||**180,215**|
**186,550**||
|||-----------|
-----------||
|||**2024**|
**2023**||
||_Support & Governance costs:_|**£**|**£**||
||Staff salaries costs|43,270|
40,325||
||Pension|1,298|
1,210||
||Volunteer visitors|7,850|
11,300||
||Visitors’ expenses|400|
795||
||Tea parties and flowers|4,784|
5,906||
||Travel expenses|11|
57||
||Postage|1,055|
1,295||
||Stationery|1,376|
1,445||
||Sundry expenses|86|
55||
||Computer maintenance and support|1,722|
3,276||
||Office rent and service fee|5,433|
5,428||
||Rates|18|
353||
||Marketing/Advertising|-|
296||
||Telephone and internet|795|
1,036||
||Bank charges|60|
44||
||Trustees meeting costs|512|
603||
||Insurance|1,123|
820||
||Payroll fees|500|
500||
||Accountancy|10,000|
10,000||
||Independent examination|2,520|
2,430||
|||----------|
----------||
|||**82,813**|
**87,174**||
|||----------|
----------||
||**Total expenditure on charitable**
**activities**|**263,028**|
**273,724**||
|||======|
======||
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**THE OWEN OWEN TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[ST] MARCH 2024**
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Volunteer visitors, who make periodic contact with grant recipients to check on their wellbeing, received honoraria payments.
Insurance has been purchased to protect both the Trust and its Trustees against claims for losses arising from neglect or default by the Trustees, employees or agents. The total cost of this insurance was £580 (2023: £550).
b. Staff Costs and Trustees Remuneration
||**2024**|**2023**|
|---|---|---|
||**£**
|**£**|
|Salaries|43,270|40,325|
|Pension|1,298|1,210|
||----------|----------|
||**44,568**|**41,535**|
||======|=======|
|The average number of employees during the year was as follows:|||
||**2024**|**2023**|
|Charitable activities|**2**|**2**|
||====|====|
During the year, out of pocket expenses were reimbursed to Trustees amounting to £52 (2023: £38).
A defined contribution pension scheme was set up in October 2016. The employer’s contribution to 31[st] March 2024 was £1,298 (2023: £1,210)
There are no employees with emoluments over £60,000 p.a. (2023: none).
None of the Trustees (or any person connected with them) received any remuneration during the year (2023: none).
## 4. **Fixed Asset Investments**
Throughout the accounting period the assets of the fund were managed by Investec in accordance with the following permitted ranges:
|Fixed interest|2.5|-|42.5%|of portfolio|
|---|---|---|---|---|
|Equities (overseas max 40%)|42.5|-|82.5%|of portfolio|
|Property|0|-|15%|of portfolio|
|Alternatives|0|-|15%|of portfolio|
|Cash|0|-|25%|of portfolio|
Without the prior approval of the Trustees no initial investment should exceed 5% of the total value of the funds under management and the total sum of all equity holdings in excess of 5% must not be equal to or exceed 40% of the funds value at any time. No investment is to be held in derivatives.
Investments are listed on a recognised stock exchange, including investment Trusts.
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## **THE OWEN OWEN TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[ST] MARCH 2024**
**-------------------------------------------------------------------------------------------------------------------------**
||**2024**|**2023**|
|---|---|---|
|**Investments assets in the UK**|**£**|**£**|
|Market value at 1stApril 2023|2,154,796|2,443,586|
|Disposal proceeds|(493,435)|(382,751)|
|Acquisitions at cost|332,140|243,563|
|Realised gains on investment assets|38,519|103,339|
|Unrealised gains/(losses) on
investment assets|70,020|(252,941)|
||--------------|--------------|
|**Market Value at 31st March 2024**|**2,102,040**|**2,154,796**|
||========|========|
|**Book Value at 31st March 2024**|**1,876,367**|**2,000,263**|
||========|========|
## **Custodian Arrangements**
All assets are held by Investec’s custodian, Ferlim Nominees. The custodian is regulated by the FCA. Should the custodian or Investec become insolvent, assets are ring-fenced and would not be impacted by the insolvency.
## 5. **Financial Instruments**
|**ancial Instruments**|||
|---|---|---|
||**2024**|**2023**|
|Carrying amount of financial assets:|**£**|**£**|
|Debt instruments measured at cost|28,451|59,018|
|Equity instruments measured at fair
value through income and expenditure|2,102,040|2,154,796|
||--------------|--------------|
||**2,130,491**|**2,213,814**|
||========|========|
|Carrying amount of financial liabilities:|||
|Measured at cost|**13,307**|**8,826**|
||========|========|
|**btors**|||
||**2024**|**2023**|
||**£**|**£**|
|Prepayments|**215**|**343**|
||=====|=====|
|**editors**|||
||**2024**|**2023**|
||**£**|**£**|
|Accruals|**13,307**|**8,826**|
||=====|=====|
## 6. **Debtors**
## 7. **Creditors**
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## **THE OWEN OWEN TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[ST] MARCH 2024**
**-------------------------------------------------------------------------------------------------------------------------**
## 8. **Unrestricted Funds**
Unrestricted funds are expendable at the discretion of the Trustees in furtherance of the Trust’s objectives.
## 9. **Related Party Transactions**
There were no related party transactions in the year.
## 10. **Operating Lease Commitments**
At the reporting end date, the charity had no commitments for future lease payments under non-cancellable operating leases (2023: £nil).
15