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2024-08-31-accounts

THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED

Report of the Trustees a n d

Financial Statements

THE ABBEY THEATRE TRUST (ST ALBANS) LIMITED

For the year ended 31st August 2024

(1[st] September 2023 to 31[st] August 2024)

A Charity registered under number 247839.

A Company limited by guarantee and registered in England and Wales number 877400.

THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED

CONTENTS

Page
Legal and administrative information 1
Chairman’s Report 3
Trustees’ Report 6
Statement of Trustees’ Responsibilities 10
Statement of Financial Activities 11
Balance Sheet 12
Notes to the Financial Statements 13

THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED

TRUSTEES REPORT FOR THE YEAR ENDED 31 AUGUST 2024

LEGAL and ADMINISTRATIVE INFORMATION

----- Start of picture text -----
Company Number 00877400 (England and Wales)
Charity Number 247839
Principal Address Westminster Lodge
Holywell Hill
St Albans
Hertfordshire
AL1 2DL
Independent Bowdon Accounting Services Ltd
Examiners Bartle House
Oxford Court
Manchester
M2 3WQ
Bankers Barclays Bank PLC
16-18 St Peter’s Street
St Albans
Hertfordshire
AL1 3NA
Company Ian Barrett
Secretary
Officers Paul Davidson
Tim Hoyle
----- End of picture text -----

----- Start of picture text -----
Trustees Paul Davidson Chairman
Tim Hoyle Treasurer
Ian Barrett Secretary
Susannah Evershed Marketing
Maureen Bukht Membership
Angela Stone Production
Terry Prince Production
----- End of picture text -----

1

THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED

----- Start of picture text -----
Ian Crawford Technical
Elena Markham Training & Development
Carol Rose Premises
Guy Conroy-Smith Without Portfolio
(appointed 01/06/24)
Anne Frizell Without Portfolio
Jane Fookes Without Portfolio
----- End of picture text -----

2

THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED

TRUSTEES REPORT

FOR THE YEAR ENDED 31 AUGUST 2024

CHAIRMAN'S REPORT

For the 2023-4 season, the Company of Ten staged a total of nine productions on the main stage and in the studio, covering a wide range of genres from comedy to high drama. Of these, the Christmas show, The Lion, the Witch and the Wardrobe, clocked up a very impressive 99% ticket sales. The New Year saw a departure from what might be regarded as ‘standard’ CoT fare. She Kills Monsters was targeted at a younger audience and featured several new young actors. An additional highlight was a production of Wind / Rush Generation(s) - the result of an initiative to tie in with Black History Month. This too attracted a new, young cast from a range of backgrounds who did a great job of telling the Windrush story to an audience which also included many new faces. More young people were involved with the Company’s two permanent youth groups: The Machine Gunners was the Company of Teens offering and the exuberant St Albans Youth Music show was Legally Blonde .

The main stage season was completed in June with an excellent production of Pressure, about the preparations for the D-day landings, timed to coincide with its 80[th] anniversary. A final addition to the programme was a Festival of New Writing which, over two weeks, showcased 13 short plays selected from a total of 70 submissions from all parts of the country.

Partly as a result of the successful Open Day held in September, membership numbers continued to rise steadily, with new recruits to all areas of activity. Training workshops were a regular feature of the year. At the end of the season, a major refurbishment of the wardrobe was carried out – moving thousands of costumes down to the stage, strengthening the wardrobe floor, installing new LED lights, decorating all areas, culling old or unusable costumes and transporting the rest back to their new home. A massive exercise, masterminded by the wardrobe team, but involving strenuous efforts from many other members.

Figure 1-The Weekend

Figure 2-Constellations

Figure 3- Wind/Rush Generations

3

THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED

Figure 4- Parfumerie

Figure 5 - The Lion the Witch and the Wardrobe

Figure 6- She kills Monsters

Figure 7- Machine Gunners

Figure 8 - Steel Magnolias

Figure 9- Legally Blonde

Figure 10 - Elgar and Alice

Figure 11- Pressure

4

THE ABBEY THEATRE TRUST 1ST. ALBANSI LIMtrED Figuie 12- love ietteis

THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED

TRUSTEES REPORT FOR THE YEAR ENDED 31 AUGUST 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Abbey Theatre Trust (St. Albans) Limited is a company limited by guarantee governed by its Memorandum and Articles of Association dated 25[th] June 2004. It is registered as a charity with the Charity Commission. Every member of the charity undertakes to contribute such amounts as may be required (not exceeding £10) to the charity’s assets if it should be wound up.

Organisation and structure

The Charity is administered by a Board of Trustees, which commonly meets monthly. There were initially twelve increasing to thirteen through the period. The board has appointed a Theatre Manager who acts as the licensee and manages day-to-day administration.

Recruitment and Appointment of Trustees

Trustees are elected as the holders of designated offices at the Annual General Meeting for an initial period of two years (three years in the case of Officers) and then may stand for a further two years (three years in the case of Officers). After serving for four consecutive years (six consecutive years for Officers), Trustees must retire. Trustees “without portfolio” are elected for two years.

The Board of Trustees may also appoint a trustee to fill a vacancy or as an additional Trustee to serve until the next annual general meeting.

Induction and training of new Trustees

Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. Relevant articles and publications are also circulated.

Risk Management

The Trust is faced with several on-going risks, both financial and other, including:

6

THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED

The Board conducts regular reviews of the risks the Charity may face, with a view to ensuring:

Objectives and Activities

To promote, maintain, improve, and advance education in and appreciation of the arts, including the production of plays and the encouragement of dramatic arts, to formulate, prepare and establish schemes thereof provided that all objectives of the Trust shall be of a charitable nature.

There have been no changes to the Charity’s principal objectives since the last report. The Trustees have given regard to the Charity Commission’s guidance on public benefit.

The main activity in the period has been the presentation of theatrical productions for public performance by the members of the Company of Ten. The Charity provides a vibrant, artistic hub for the community, offering opportunities to enjoy and participate in a wide range of performance-related activities. The Charity offers opportunities to a broad base of the community.

Other activities included the provision of performance facilities to other organisations and facilities for training in drama and related skills.

Strategies

The strategies employed to achieve the Charity’s objectives are:

7

THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED

ACHIEVEMENT AND PERFORMANCE

Charitable activities

Activities during the period being reported on included:

8

THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED

TRUSTEES REPORT

FOR THE YEAR ENDED 31 AUGUST 2024

FINANCIAL REVIEW

Income, expenditure, and outturn for the year

The theatre ran a full season and audiences continued to return following the pandemic which affected us in previous years and we were able be fully operational and return to a full season of CoT productions. This has seen an increase in the theatre's income from ticket sales, which is gratifying as it is our biggest source of income. The sales at the bar and of refreshments were also up with the additional productions. We also saw a good level of income raised from outside lets. This led to a modest increase in overall income from the previous year.

There was also an increase in expenditure. This included essential maintenance work and purchase of technical equipment, which had been agreed by the trustee board and reported at the last AGM

We received a very substantial legacy donation of £150,000 this year for which we are very grateful. As a result of this we had a large surplus for the year of £140,888. However, it should be noted that without this donation we had an operating deficit of £9,112. This is less than the deficit the previous year and is due to the amount spent on essential maintenance to our theatre. We will strive to balance the books over the coming years.

Reserves

The deficit for the year has been charged to our "operating reserve" as agreed by the management committee. Our general fund remains at £60,000.

Outlook for the year 2024 - 25

We will continue with our usual full season of CoT productions (including Teens and SAYMT) for 2024-25 and continue to look to fill any remaining space with outside lets. We are aware that our buildings still need further essential repairs and improvements and will continue our plan to do this work over the next few years. Some was completed in the 2023/24 season with more to be done in the 2024/25 season. The cost of these will be covered from our investment reserves.

Our plans to develop the theatre building have been re-visited and revised with a concept to undertake some work using the legacy donation previously mentioned.

Investment policy

Our investments continue to be managed by professional investment specialists who have been appointed and who manage our portfolio. These investments have much improved growth this year and have recovered from the market volatility which affected them in the previous year.

9

THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED

TRUSTEES REPORT FOR THE YEAR ENDED 31 AUGUST 2024

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees (who are also Directors of Abbey Theatre Trust (St. Albans) Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Principles.

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the period.

In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006 and Charities Act 2011. They are also responsible for safeguarding the assets of the charitable company and hence to taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the Trustees are aware, there is no relevant information (as defined by Section 418 of the Companies Act 2006) of which the charitable company’s auditors are unaware, and each trustee has taken all steps that they ought to have taken as a trustee in order to make them aware of any audit information and to establish that the charitable company’s auditors are aware of the information.

AUDITORS

The auditors, Bowdon Accounting Services, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD

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

Paul Davidson - Chairman and Trustee

05/20/2025 Date: ............................

10

THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024

Note
Income from:
Donations and legacies
2
Charitable activities
4
Investments
3
Total
Expenditure on:
Charitable activities
6
Raising funds
5
Total
Net gain/(losses) on investments
8
Transfer between funds
13
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
£
161,339
211,429
41
372,809
188,324
1,667
189,991
-
182,819
93,888
276,707		 Designated
funds
£
-
-
-
-
-
54,234
54,234
473,809
528,043		 Restricted
funds
£
-
-
-
-
32,534
32,534
(32,534)
830,013
797,479		 Total funds
2024
£
161,339
211,429
41
372,809
220,858
1,667
222,525
54,234
-
204,519
1,397,710
1,602,229		 Unrestricted
funds
£
15,213
169,939
13
185,165
197,267
1,161
198,428
-
-
(13,263)
107,151
93,888		 Designated
funds
£
-
-
-
-
-
-
-
1,674
-
1,674
472,135
473,809		 Restricted
funds
£
-
-
-
-
32,195
-
32,195
-
-
(32,195)
862,208
830,013		 Total funds
2023
£
15,213
169,939
13
185,165
229,462
1,161
230,623
1,674
-
(43,784)
1,441,494
1,397,710

The Statement of Financial Activities includes all gains and losses recognised in the year and all income and expenditure derive from continuing activities.

The notes form part of these financial statements

11

THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED

BALANCE SHEET AS AT 31 AUGUST 2024

Fixed assets
Tangible assets
7
Investments
8
Current assets
Stocks
9
Debtors
10
Cash at bank and in hand
Creditors: Amounts falling due within one year
11
Net current assets
Total net assets
Total funds of the charity
Unrestricted funds
13
Designated funds
13
Restricted funds
13
Building development reserve
St. Albans youth music theatre (SAYMT)
Tangible fixed assets reserve
Total funds
Note		 2024
£
833,659
536,629
1,370,288
2,018
35,518
250,350
287,886
55,945
231,941
1,602,229
276,707
528,043
-
1,000
4,750
791,729
1,602,229		 2023
£
824,263
482,395
1,306,658
2,798
20,209
121,565
144,572
53,520
91,052
1,397,710
93,888
473,809
-
1,000
4,750
824,263
1,397,710

Approved by the Board of Trustees and signed on its behalf by:

….............................. ….............................. P Davidson - Chairman and Trustee I Barrett - Trustee 05/20/2025 05/20/2025 Date …............... Date …...............

The notes form part of these financial statements

12

THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting Policies

Company information

The Abbey Theatre Trust (St. Albans) Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Westminster Lodge, Holywell Hill, St Albans, AL1 2DL.

Basis of preparation

A summary of the principal accounting policies adopted, judgements and key sources of estimation uncertainty, is set out below.

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The company is a public benefit entity for the purposes of FRS 102 and a registered charity established as a company limited by guarantee and therefore has also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of lreland (The FRS 102 Charities SORP), the Companies Act 2006 and Charities Act 2011.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts.

Assessment of Going Concern

As the charity continues to rebuild from the residual impact of the coronavirus pandemic, the trustees have assessed whether the use of the going concern basis is appropriate. They have considered possible events or conditions that might cast significant doubt on the charity's ability to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of these financial statements. In particular, they have evaluated the charity's forecasts and projections while considering pressures on income. After conducting thorough inquiries, the trustees have concluded that there is reasonable expectation that the charity has sufficient resources to maintain operational existence for the foreseeable future. Therefore, the charity continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements

There are no judgements, estimates or assumptions that affect the amounts recognised in the financial statements.

Incoming resources

All income is recognised in the Statement of Financial Activities when the conditions for receipt have been met and there is reasonable assurance of receipt.

Voluntary income includes donations, gifts and legacies. Such income is only deferred when:

Donations include income from fundraising activities together with unsolicited income. lncome from charitable activities is recognised as earned (as related goods and services are provided). Lnvestment income is recognised on a receivable basis.

Grant income

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

13

THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies (continued)

Deferred income

A provision for deferred income is made where the income is received in the year but can only be recognised for the next financial year and can be reliably measured at the balance sheet date

Resources expended

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Costs are allocated between categories on a direct basis. 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 will be required in settlement and the amount of the obligation can be measured reliably.

Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is identified to the fund.

Unrestricted funds are donations and other income received or generated for the objects of the charity without further specified purpose and are available as general funds.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixed asset investments

Fixed asset investments are included at market value at the balance sheet date. Realised and unrealised investment gains are reflected in the Statement of Financial Activities.

Financial instruments

a. Financial assets

Basic financial assets, including trade and other receivables as well as cash and bank balances, are initially measured at the transaction price, which includes transaction costs. These assets are subsequently carried at amortised cost using the effective interest method, unless the arrangement qualifies as a financing transaction. In such cases, the transaction is measured at the present value of future receipts, discounted using a market rate of interest.

a. Financial liabilities

Basic financial liabilities are initially measured at transaction price.

Legal Status

The charity is incorporated as a company limited by guarantee and is registered with the Charity Commission. The members of the company have undertaken to contribute up to their guarantee of £10 each towards the liabilities of the company, in the event that it is wound up whilst they are, or within one year of being, members.

14

THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

2 Donations & Legacies

Unrestricted
Funds
Restricted
Funds
Total Funds
2024
£
£
£
Donations
8,839
8,839
Legacies
152,500
152,500
Covid-19 grant
-
161,339
-
161,339
Income from investments
Deposit interest
41
41
Income from charitable activities
Ticket and programme sales
Members' subscriptions
Bar and refreshment sales
Expediture on raising funds
Newsletter/Prompt Corner
Club activities
lncome from visiting companies, hire of premises and of stage
properties and wardrobe items		 Unrestricted
Funds
Restricted
Funds
£
£
15,066
-
147
-
-
-
15,213
-
13
-
2024
Unrestricted
funds
£
105,093
10,897
53,878
211,429
2024
Unrestricted
funds
£
952
715
1,667
41,560		 Total Funds
2023
£
15,066
147
-
15,213
13
2023
Unrestricted
funds
£
86,178
8,219
41,638
169,939
2023
Unrestricted
funds
£
821
340
1,161
33,904

3 Income from investments

4 Income from charitable activities

5 Expediture on raising funds

15

THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

6 Expediture on charitable activities

Production costs
Bar expenses
Bank charges
IT and computer
Insurance
Regulatory fees
Salary
Postage
Professional fees
Stationery
Repairs and maintenance
Services & utilities
Technical
Marketing
Miscellaneous expenses		 2024
Unrestricted
funds
£
14,758
20,868
32
18,142
9,548
748
31,951
57
6,544
1,730
20,141
35,135
9,433
15,225
4,012
188,324		 2023
Unrestricted
funds
£
8,503
18,728
26
17,312
11,550
2,078
31,147
240
8,475
267
25,457
36,852
18,076
17,569
987
197,267

7 Tangible fixed assets

Cost
At 01 September 2023
Additions
Disposals
At 31 August 2024
Depreciation
At 01 September 2023
Charge for the year
At 31 August 2024
Net book value
At 31 August 2024
At 31 August 2023		 Long
Leasehold
Equipment
Total
£
£
£
1,212,053
253,083
1,465,136
37,876
4,054
41,930
-
1,249,929 257,137 1,507,066
444,049
196,824
640,873
25,421
7,113
32,534
469,470
203,937
673,407
780,459
53,200
833,659
768,004
56,259
824,263

16

THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

8 Fixed asset investments

Market and Net book value as at 01 September 2023
Additions
Disposals
Revaluation
Market and Net book value as at 31 August 2024		 2024
2023
£
£
482,395
480,721
67,271
-
(65,093)
(7,061)
52,056
8,735
536,629
482,395
All investments are listed investments.They are held to provide investment income to the charity All investments are listed investments.They are held to provide investment income to the charity
The following fixed asset investments exceeded 5% of the total portfolio:
Morgan Stanley lnvnt Mngt (ACD) Ltd 2024
2023
5%
6%
T Rowe Price (Lux) Mgt SARL 5%
6%
Link Fund Solutions Ltd -
Muzinich & Co lreland Limited 5%
5%
Egerton Capital Equity Fund 6%
-
Blackrock GBL 6%
6%
BH Macro Ltd -
Findlay Park Funds PLC 5%
6%
WS Ruffer lnvestment fund 6%
7%
Blackrock Fund Managers Ltd 5%
5%
Fundsmith LLP 5%
7%
9 Stocks
Refreshment and bar stock 2024
2023
£
£
2,018
2,798
10 Debtors
Trade debtors 2024
2023
£
£
1,218
2,790
Prepayments and accrued income 26,907
16,721
VAT debtor 7,393
698
35,518
20,209
11 Creditors
Accruals 2024
2023
£
£
6,135
17,111
Deferred income from advance ticket sales 25,990
9,183
Deferred income from advance membership subscriptions 2,395
-
Ticket sales for third parties' shows 6,906
14,134
Social security and other taxes 243
1,256
Other creditors 14,276
11,836
55,945
53,520

17

THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

12 Deferred income

Deferred lncome at 1st September 2023
Resources deferred in the year
Amounts released from previous years
Deferred lncome at 31st August 2024
Deferred income comprises the following
Advance ticket sales
Advance membership subscriptions		 2024
£
9,183
28,385
(9,183)
28,385
25,990
2,395
28,385		 2023
£
3,551
9,183
(3,551)
9,183
9,183
-
9,183

13 Statement of funds

Unrestricted funds
General fund
Operating reserve
Designated funds
Development reserve
Restricted funds
Building development fund
Tangible fixed asset reserve
St Albans Youth Music Theatre
(SAYMT)
Total funds		 Balance at
01-Sep-23
£
30,941
62,947
93,888
473,809
1,000
824,263
4,750
830,013
1,397,710		 Movement
in income
£
372,809
372,809
54,234
-
427,043		 Recources
expenditure
£
(189,991)
(189,991)
(32,534)
(32,534)
(222,525)		 Transfers
£
-
-
-		 Balance at
31-Aug-2024
£
-
213,760
62,947
276,707
528,043
1,000
791,729
4,750
797,479
1,602,229

Purpose of funds

General Fund

The General fund represents funds that are readily available for use and not allocated to a specific

Development Reserve

The trustees have agreed to set aside amounts from annual surpluses to build funds towards major developments to the theatre's infrastructure.

Operating Reserve

The operating reserve exists to enable the company's operating costs to be covered for at least 6 months should its theatre facilities not be available for any reason.

18

THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

13 Statement of funds (continued)

Building development fund

This reserve represents donations that have been made specifically in connection with the proposed new building.

St. Albans Youth Music Theatre Reserve

This reserve represents the value of the endowment when this group came under the wing of the Abbey Theatre. lt will be used when required towards exceptional show costs incurred by SAYMT.

Tangible Fixed Asset Reserve

The funds relating to the tangible fixed assets are classified as restricted, as they are required for use for the purposes of the Charity in relation to the miantenance and imrpovement of the theatre's physical assets.

14 Analysis of net assets between funds

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year		 Unrestricted
funds
2024
£
2,836
287,886
(55,945)
234,777		 Designated
funds
2024
£
528,043
528,043		 Restricted
funds
2024
£
833,659
5,750
839,409		 Total
funds
2024
£
833,659
536,629
287,886
(55,945)
1,602,229		 Total
funds
2023
£
824,263
482,395
144,572
(53,520)
1,397,710

15 Lease commitments

Below are the aggregate amounts payable under operating leases expiring in:

Less than one year
Two to five years		 2024
£
155
45
200		 2023
£
155
45
200

16 Related party transactions

There were no related party transactions (2023: Nil)

19