Charity Registration No. 272948
THE PATRICIA & DONALD SHEPHERD CHARITABLE TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
THE PATRICIA & DONALD SHEPHERD CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Trustees' report | 2 - 3 |
| Statement of trustees' responsibilities | 4 |
| Independent auditor's report | 5 - 7 |
| Statement of financial activities | 8 |
| Statement of financial position | 9 |
| Notes to the financial statements | 10 - 14 |
THE PATRICIA & DONALD SHEPHERD CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mrs J L Robertson Mr I O Robertson Mrs C M Shepherd Mr P M Shepherd Mr J O Shepherd Mr R O Robertson Mrs C E Robertson Mr M J Shepherd Miss A P Robertson Charity number 272948 Principal address West Mount 129 The Mount York YO24 1DU Auditor JWPCreers LLP Genesis 5 Church Lane Heslington York North Yorkshire YO10 5DQ Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
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THE PATRICIA & DONALD SHEPHERD CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2021
The trustees present their report and financial statements for the year ended 5 April 2021.
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 governing document, 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 published in October 2019".
The legal and administrative information page forms part of this report.
Objectives and activities
The Trust Deed permits the trustees to apply the Trust to such charities and for such charitable purposes and in such proportions and in such manner and subject to such terms and conditions as they may determine.
The Trust aims to provide financial contributions to organisations (whether voluntary or otherwise) whose purposes are deemed by the trustees to be of benefit to those less fortunate in society or to society in general, with particular emphasis on the North of England.
Under the Trust Deed the trustees have absolute discretion as to the investment of the charity’s funds. The Endowment Fund is represented by the unlisted company shares and therefore not available for reinvestment. Free reserve funds are generally placed on interest bearing deposits.
The policy of the trustees is to donate only to local charities or charities of which the trustees have close personal knowledge, interest or association and particularly those involving young people. Donations are not made to individuals (unless they are part of a group or organisation with charitable status) or local authorities.
All applications to the Trust are considered and responded to by the trustees who provide help and assistance on a purely voluntary basis. The trustees review their policy on donations from time to time.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
The Trust invests its funds cautiously taking advice as considered appropriate. The Trust does not undertake any activities to raise funds.
The Trust made 10 (2020: 16) donations to 10 charities totalling £320,000 (2020: £312,705) to a wide range of organisations and these are set out in detail in note 4 to the accounts.
Financial review
Reserves policy
The trustees consider that the charity requires an adequate level of reserves in order to protect its long term ability to maintain the level of regular charitable giving, having regard to the charity’s main sources of income. The trustees' future policy is to seek to fully distribute its net income after retaining sufficient to maintain the real value of the Trust’s accumulated reserves.
At 5 April 2021 free reserves were £493,718 (2020: £417,298).
Risk management
The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity was established by Trust Deed dated 31 May 1973 and amended 7 March 2020.
Under the Trust Deed, Trustees have the power to appoint additional trustees from time to time.
Disclosure of information to auditor
Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.
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THE PATRICIA & DONALD SHEPHERD CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
The trustees' r eport was approved by the Board of Trustees.
Mr P M Shepherd Trustee Date: 31 January 2022
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THE PATRICIA & DONALD SHEPHERD CHARITABLE TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2021
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales 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 charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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THE PATRICIA & DONALD SHEPHERD CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE PATRICIA & DONALD SHEPHERD CHARITABLE TRUST
Opinion
We have audited the financial statements of The Patricia & Donald Shepherd Charitable Trust (the ‘charity’) for the year ended 5 April 2021 which comprise the statement of financial activities, the statement of financial position and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) .
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In our opinion, the financial statements:
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give a true and fair view of the state of the charity’s affairs as at 5 April 2021 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees' r eport; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the s tatement of trustees' r esponsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.
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THE PATRICIA & DONALD SHEPHERD CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE PATRICIA & DONALD SHEPHERD CHARITABLE TRUST
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below .
Our approach was as follows:
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During our planning process we gained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant of them, which are directly relevant to specific assertions in the financial statements, are those that relate to the reporting framework (FRS 102).
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We gained an understanding of how the charity is complying with these frameworks by making enquiries of trustees and if necessary, advisors responsible for legal and compliance matters. We inspected supporting evidence to the underlying records and made appropriate enquiries following our review of bank statements, dividend certificates, board minutes , investment reports and third party correspondence provided by the trustees.
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We independently assessed the susceptibility of the charity’s financial statements to material misstatement, including how fraud or error might occur by meeting with trustees with the skills and experience necessary to determine the risk factors which they believe expose the charity to susceptibility to fraud and error. We also considered the impact of the charity's targets and the personal financial circumstances of trustees to create a driver for fraud. Where the risk was considered to be higher, we designed then performed audit procedures to address each identified fraud risk. These procedures included, but were not restricted to, testing large and unusual items and transactions with high estimation uncertainty. These tests were designed to provide reasonable assurance that the financial statements were free from fraud and error .
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Based on our audit plan and understanding of the risks that specifically affect the charity we designed our audit procedures to identify non-compliance with such laws and regulations identified above. Our procedures involved substantive testing of transactions. We looked for unusual patterns, large or unusual transactions, agreement of approved grants and donations to third party correspondence confirmations. In addition, we completed procedures to conclude on the other information and disclosures in trustees report and accounts with the requirements of the relevant accounting standards and UK legislation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: http s ://www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor's report.
Other matter s
Your attention is drawn to the fact that the charity has prepared financial statements 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)" (as amended) 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.
This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.
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THE PATRICIA & DONALD SHEPHERD CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE PATRICIA & DONALD SHEPHERD CHARITABLE TRUST
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Nigel Clemit ACA FCCA (Senior Statutory Auditor) for and on behalf of JWPCreers LLP
31 January 2022
Chartered Accountants Statutory Auditor
Genesis 5 Church Lane Heslington York North Yorkshire YO10 5DQ
JWPCreers is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006.
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THE PATRICIA & DONALD SHEPHERD CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2021
| Unrestricted Endowment funds funds 2021 2021 Notes £ £ Income Investments 2 313,832 - Expenditure Charitable activities 3 323,343 - Net expenditure before transfers (9,511) - Gross transfers between funds - - Net expenditure for the year (9,511) - Other recognised gains and losses Other gains or losses 7 85,931 - Net movement in funds 76,420 - Fund balances at 6 April 2020 417,298 18,691,660 Fund balances at 5 April 2021 493,718 18,691,660 |
Total Unrestricted Endowment funds funds 2021 2020 2020 £ £ £ 313,832 226,829 - 323,343 314,158 - (9,511) (87,329) - - - - (9,511) (87,329) - 85,931 (11,728) - 76,420 (99,057) - 19,108,958 516,355 18,691,660 19,185,378 417,298 18,691,660 |
Total 2020 £ 226,829 314,158 (87,329) - (87,329) (11,728) (99,057) 19,208,015 19,108,958 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE PATRICIA & DONALD SHEPHERD CHARITABLE TRUST
STATEMENT OF FINANCIAL POSITION
AS AT 5 APRIL 2021
| Notes Fixed assets Investments 8 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets Total assets less current liabilities Income funds Endowment funds Unrestricted funds |
2021 £ 432,780 (326,000) |
£ 19,078,598 106,780 19,185,378 18,691,660 493,718 19,185,378 |
2020 £ 119,791 (3,500) |
£ 18,992,667 116,291 19,108,958 18,691,660 417,298 19,108,958 |
|---|---|---|---|---|
The financial statements were approved by the Trustees on 31 January 2022
Mr P M Shepherd
Trustee
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THE PATRICIA & DONALD SHEPHERD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
1 Accounting policies
Charity information
The Patricia & Donald Shepherd Charitable Trust is an unincorporated charity registered in England and Wales.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, "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) (issued in October 2019)" and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).
The charity is a Public Benefit Entity as defined by FRS 102.
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.
The financial statements 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 financial statements are prepared in sterling , which is the functional currency of the charity.
The financial statements have been prepared under the historical cost convention as modified for the fair value of investments. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Investment income is accounted for in the period in which the charity is entitled to receipt.
1.5 Expenditure
Expenditure is included on an accruals basis.
Support costs have been allocated in full to charitable activities.
Grants payable are accounted for as they are payable. The trustees correspond regularly to approve these grants.
1.6 Fixed asset investments
Investments listed on a recognised UK Stock Exchange are included in the accounts at the published fair value on the latest trading date in the reporting period and are reported in the accounts at the mid-price.
Unlisted investments were revalued in 2019 by a third party applying an appropriate valuation methodology and assessed for impairment regularly. These shares generate a regular return by way of dividend and their yield generating ability has remained consistently robust over the past years.
The surplus on revaluation to fair value at the year end is shown as gains or losses in the Statement of Financial Activities.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks .
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs .
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THE PATRICIA & DONALD SHEPHERD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities are initially recognised at transaction pric e . Financial liabilities classified as payable within one year are not amortised.
2 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Income from investments | 313,735 | 226,460 |
| Interest receivable | 97 | 369 |
| 313,832 | 226,829 |
3 Charitable activities
| Charitable | Charitable | |
|---|---|---|
| Expenditure | Expenditure | |
| 2021 | 2020 | |
| £ | £ | |
| Grants payable (see note 4) | 320,000 | 312,705 |
| Reversal of old cheques | (1,000) | (200) |
| Share of support costs (see note 5) | 2,543 | 193 |
| Share of governance costs (see note 5) | 1,800 | 1,460 |
| 323,343 | 314,158 |
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THE PATRICIA & DONALD SHEPHERD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
4 Grants payable
| Grants to institutions: Age UK York Antibiotic Research UK St Nicks SASH Shepherd Group Brass Band Special Boat Service Association St Leonards Hospice The Island York Rescue Boat York Early Music Centre York Food Bank York Museums Trust York Theatre Royal York Against Cancer Grants and donations under £3,500 Support costs 2021 Support costs Governance costs £ £ Bank charges 70 - Other administrative costs - - Legal fees 1,200 - Accountancy fees 1,273 - Audit fees - 1,800 Independent examiners fee - - 2,543 1,800 Analysed between Charitable activities 2,543 1,800 |
Charitable Expenditure Charitable Expenditure 2021 2020 £ £ - 10,000 25,000 25,000 - 5,000 30,000 35,000 12,000 24,000 50,000 50,000 40,000 100,000 22,000 12,000 45,000 - - 4,205 - 10,000 45,000 - - 30,000 50,000 - 1,000 7,500 320,000 312,705 2020 2021 Support costs Governance costs 2020 £ £ £ £ 70 60 - 60 - 133 - 133 1,200 - - - 1,273 - - - 1,800 - - - - - 1,460 1,460 4,343 193 1,460 1,653 4,343 193 1,460 1,653 |
Charitable Expenditure Charitable Expenditure 2021 2020 £ £ - 10,000 25,000 25,000 - 5,000 30,000 35,000 12,000 24,000 50,000 50,000 40,000 100,000 22,000 12,000 45,000 - - 4,205 - 10,000 45,000 - - 30,000 50,000 - 1,000 7,500 320,000 312,705 2020 2021 Support costs Governance costs 2020 £ £ £ £ 70 60 - 60 - 133 - 133 1,200 - - - 1,273 - - - 1,800 - - - - - 1,460 1,460 4,343 193 1,460 1,653 4,343 193 1,460 1,653 |
|---|---|---|
| 312,705 | ||
| 2020 £ 60 133 - - - 1,460 |
||
| 1,653 | ||
| 1,653 |
5 Support costs
6 Trustees
None of the trustees received any remuneration or benefits from the charity during the year.
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THE PATRICIA & DONALD SHEPHERD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
- 7 Other gains or losses
| 7 | Other gains or losses | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Unrealised (losses)/gains on investment assets | 85,931 | (11,728) | |
| 8 | Fixed asset investments | ||
| Investment assets | |||
| £ | |||
| Valuation | |||
| At 6 April 2020 | 18,992,667 | ||
| Unrealised gain | 85,931 | ||
| At 5 April 2021 | 19,078,598 | ||
| Carrying amount | |||
| At 05 April 2021 | 19,078,598 | ||
| At 05 April 2020 | 18,992,667 |
All investment assets are held in the UK.
The unlisted securities represent shares in Shepherd Building Group Ltd, who appointed PWC Chartered Accountants as independent valuers to place a fair value on the company shares in 2019. The price per share was determined to be £1,073.
| Investments at fair value comprise: UK Equity share Other unlisted securities 9 Creditors: amounts falling due within one year Accruals |
2021 £ 386,938 18,691,660 19,078,598 2021 £ 326,000 |
2020 £ 301,007 18,691,660 18,992,667 2020 £ 3,500 |
|---|---|---|
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THE PATRICIA & DONALD SHEPHERD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
10 Analysis of net assets between funds
| Analysis of net assets between funds | |
|---|---|
| Unrestricted funds Endowment funds 2021 2021 £ £ Fund balances at 5 April 2021 are represented by: Investments 386,938 18,691,660 Current assets/(liabilities) 106,780 - 493,718 18,691,660 Unrestricted funds Endowment funds 2020 2020 £ £ Fund balances at 5 April 2020 are represented by: Investments 301,007 18,691,660 Current assets/(liabilities) 116,291 - 417,298 18,691,660 |
Total 2021 £ 19,078,598 106,780 |
| 19,185,378 | |
| Total 2020 £ 18,992,667 116,291 |
|
| 19,108,958 |
11 Related party transactions
Mr P M Shepherd is a trustee for both the charity and York Against Cancer a grant beneficiary (note 4) . In 2021 the charity donated £50,000 to York Against Cancer with the balance outstanding at year end (2020: nil).
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