Charity registration number: 312691 GEORGE GREENS SCHOOL TRUST FUND ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
GEORGE GREENS SCHOOL TRUST FUND CONTENTS Page Legal and administrative information Trustees, report Independent examiner's report Statement of financial artivities Balance sheet Notes to the financial statements 9-18
GEORGE GREENS SCHOOL TRUST FUND LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr. W Everard CBE Ms. L Williams Mr. A W D Roberts Ms Laura Denholm MrGOLong Charity number 312691 Reglstered office George Greens Secondary School Manchester Road London UK E14 3DW Independent examiner Price Bailey LLP 24 Old Bond street Mayfair London WIS 4AP Bankers CCLA Bordier Rathbones National Westminster Bank PLC
GEORGE GREENS SCHOOL TRUST FUND TRUSTEE5' REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I 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 (FRS 102) (effective l January 2019)" Objertives, activities and achievements The object of the charity is the provision ot items and facilities for George Green's Secondary School in addition to providing financial assistance to students entering further education. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objettives and in planning future activities. The charities administered in connection with the charity and underthe same Scheme have the specific objects as set out below. The trustees (who provide their services without charge) work closely with the school to ascertain the needs of the pupils and of the school. The trustees are very pleased to note the progress of the school and its continued improvement year by year which has been helped by the specific donations that the trustees are able to make to improve the educational facilities available to the pupils of the school. George Green's School Foundation Objects: to provide grants to pupils in need of a5SiStance to take part in school activities; to provide certain leaving exhibitions. to provide for certain facilities for games. music and school educational visits; • to act for the Foundation in respect of its land and buildings. During the year grants totalling £112,IY)O have been made to certain students going to university. In addition, £28.996 has been paid as grants to the school to enable the students to benefit from various projects and equipment such as Chrome Books. books for the English Department, the First Story Programme, the Access Project and the Think Fonvard project, and the Open Minds Project. As a matter of poliq, the Trustees seek where possible to fullyfund these awards so that the students do not have to make any financial contribution. The feedback from the school and the students benefitted by these awards has been excellent and the Trustees are very pleased to note that the pupils of the school continue to attain excellent levels of academic success. Fronces Dovidson Bequest Objert: • to provide holidays for girts at the school who are in need of assistance or those starting their careers. No grants have been made during the year.
GEORGE GREENS SCHOOL TRUST FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Lilian Davy Scholarshlp Objett: to award 5cholarshlps for the benefit of pupils and former pupils of the school being female and not exceeding 25 years of age, to enable them to train in medicine, dentistry, medical services or veterinary sur8ery, with a preference in that order. Five grants of £4,5CKI each have been made to former pupils to enable two of them to study nursin8, two to study medicine and one to study dentlstry. George Green's School Prlzo Fund Object: • to award prize5 in accordance with various existing trusts. No grants have been made during the year. K. & B. Fund Object: • to assist present and past students not exceeding 25 years of age travellin8 abroad to further their education, No grants have been made durin8 the year. Financial review and future plans The overall financial outcome for the year was a surplus of £91,908 {2023: deficit of £87,366). The Trustees are satisfied that the finances of the charity are now on a firm footing and will aim to spend all of its income in the coming year on its charitable objects. The Trustees have adopted a policy of assisting students of the school with their further education and apprenticeship training by making bursaries available to them. The Trustees propose to review and continue this policy where appropriate. The Trustees also wish to continue to provide assistance for school trips and to enhance the facilities and education available to pupils at the school. Reserves pollcy The Trustees aim to maintain reserves of unrestrlcted funds at a level which equates to approximately 12 months of unrestricted expenditure.
GEORGE GREENS SCHOOL TRUST FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Investments Pollcy The deeds of the present school, the Old School at East India Dock Road and Millwall Park are vested in the Official Custodian of Charities who holds the property as custodians forthe Trustees. A nominal value for the present school and Millwall Park has been included in the accounts. This is based on current usage of the properties. The Trustees are of the opinion that there is no change in value in the year and no impairment. The value of The Old School at East India Dock Road has been reviewed by the Trustees following the grant of the lease to Poplar Housing and Regeneration Association pursuant to an Agreement dated 16th March 2018, The Trustee5 have obtained an independent valuation of this property as at 31st March 2022 and have concluded that this valuation is appropriate. The Trustees have invested funds with Rathbones, Bordier and the CCLA. Risk Management George Green's School Trust Fund's strategy is overseen by its Trustees by its management and governance arrangements. In the pursuit of its strategy. the George Green's School Trust Fund faces three types of strategic risk which need artive management. These are: Financial Reputational The responsibility for risk management ultimately belongs to the Trustees. The organisation's Chairman and the other Trustees represent the interests of the organisation on a day to day basis in this respect. Structure, governance and management The Charity is governed by a Scheme approved by the Charity Commission on 9 September 2008. Prior to that date the charity was Eoverned by the previous Scheme dated 13 September 1997. Before that the charity has roots going back to 1828 when George Green founded his school in Poplar. The Charity's registered number is 312691 and the Registered Office is Elms Avenue London NIO 2JP. The Trustees comprise five foundation governors and one co-opted Trustee. The Trustees who served during the year and up to the date of signature of the financial statements are as follows: Mr. W Everard CBE Ms. L Williams Mr. A W D Roberts Ms Laura Denholm MrGOLong The bodies entitled to appoint Trustees are circulated with invitations to nominate Trustees prior to any vacancy, advising them of the vacancies and the requirement for any specialist skills needed.
GEORGE GREENS SCHOOL TRUST FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Trustee inductlon and tralnlng A new Trustee is provided with induction help and assistance from the existing outgoing Trustee prior to his or her appointment who can offer guidance and answer queries. New trustees usually have close connections with George Green's School or rapidly develop connertions, serving as governors of the school. The Chairman of the Trustees provides information on their legal responsibilities. the Trust's governing documents and strategic plan. Trustees responsibilitles The Trustees are responsible for preparinE 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 & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the stste of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to: Select suitable accountin8 policies and then apply them consistently; Observe the methods and principles in the Charities SORP {2019),- Make judgments and estimates that are reasonable and prudent.. State whether applicable accounting stsndards have been followed. subject to any material departures disclosed and explained in the financial statements; • Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financi3I 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 constitution. 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. The Trustees, report was approved by the Board of Trustees. M5 Laura Denholm Chair of Trustees Date
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GEORGE GREENS SCHOOL TRUST FUND I report to the charity trustees on rny examination of the accounts of the charity for the year ended 31 March 2024 which are set out on pages 7 to 18. Responsibllitles and basls of report As the chariws trustees you are responsible for the preparation of the accounts in accorijance with the requirements of the Charities Act 2011 {'the Act'l. I report in respect of my examination of the charit¢s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commi55ion under section 145(51(bl of the Act. Independent examlner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination 8ivin8 me cause to believe that in any material respert: l. accounting records were not kept in respert 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 Vie 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. Michael Cooper-Davis FCCA ACA Price Bailey LLP 24 Old Bond Street Mayfair London WIS 4AP Date:
GEORGE GREENS SCHOOL TRUST FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlrted Funds Re5trirted Endowment Funds Notes Funds 2024 Total Total 2023 2024 2024 2024 Income Investments 173.951 8.808 29,469 212,228 204,391 173.951 8,808 29,469 212,228 204,391 Expenditure Raising Funds Charitable activities Other 8.894 8.894 148,437 10.822 217,736 24 148,437 Total expenditure 148.437 8.894 157.331 228.582 Net 8ains/llosses1 on investments 10,793 22,119 37,011 (63.175) Net movement in funds 29.613 19,601 42,694 91,908 187,366) Fund balances at l April 2023 318.060 236,556 4.757,779 5,312.395 5,399.761 Fund balances at 31 March 2024 347.673 256,157 4,8(K1.473 5.404,303 5,312,395 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing artivities.
GEORGE GREENS SCHOOL TRUST FUND 8ALANCE SHEEr AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Investment properties Investments 3,965,000 1,356,158 5,321,158 3,965,000 1,289.733 5,254,733 io Current assets Cash at bank and in hand 89,295 89,295 145,201 145,201 Creditors: amounts falling due withln one year 11 (6,1501 187,5391 Net current assets 83,145 57,662 Total asset5 less current liabllltles 5,404.303 5,312,395 Capltal funds General endowment funds Fair value resenrfe 1,590,473 3,210,000 1,547,779 3,210,000 13 4,800,473 4,757,779 Income funds Restricted funds Unrestricted funds 14 256,157 347,673 236,556 318,060 5,404,303 5,312,395 The financial statements were approved by the Trustees on Ms Laura Denholm Trustee
GEORGE GREENS SCHOOL TRUST FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 l Accounting policies Charity information George Greens School Trust Fund is a Charity governed by a Scheme approved by the Charity Commission on 9th September 2008. 1.1 Accounting convention The financial statements have been prepared in accordance 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 {FRS 102) (effective l January 2019)".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 I not to prepare a statement of Cash Flows. The financial statements are prepared in sterlin& which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared underthe historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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 financia Statements. 1.3 Charitable funds Unrestrirted income funds are general funds that are available for use at the trustees, discretion in furtherance of the objectives of the charity. Restricted funds are those donated for use in a particular area or specific purpose5. the use of which is restricted to that area or purpose. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.
GEORGE GREENS SCHOOL TRUST FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1.4 Income Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation. unless perforrnance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Investment income is recognised on a receivable basis. 1.5 Expenditure Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and seniice for its beneficiaries. It incudes both costs that can be allocated directly to such activities and those costs of an indirert nature necessary to support them Grants payable are payments made to third parties in the furtherance of the charitable objertives. Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only reco8nised in the SOFA once the recipient of the grant has provided the specific service or output. Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. Support costs Support costs (within expenditure on charitable activities) include the costs of the preparation and audit of the statutory accounts, the costs of trustee meetings and the cost of any legal advice to trustees on governance or constitutional matters. 10
GEORGE GREENS SCHOOL TRUST FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1.6 Investment propertles Certain of the properties used by the charity are held for long-term investment and so are included asl investment property on the balance sheet. No depreciation is provided in respect of investment properties and they are shown at fair value in the accounts. The fair value of the investment properties has been determined by the Trustees at the balance sheet date based on future rental values and usage of the properties, together with an independent valuation. The surplus or deficit on any revaluation of investment properties is transferred to the fair value reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the statement of financial activities for the year. 1.7 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transattion costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transartion costs are expensed as incurred. Those investments which consist of liquid cash balances are included within cash at bank and in hand within current assets. Realised gains and losse5 on investments are calculated as the difference between the sale proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the statement of financial activities in the period of disposal. Unrealised gains and losses represent the movement in market Values during the year and are credited or charged to the statement of financial activities based on the market value at the year end. 1.8 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less. li
GEORGE GREENS SCHOOL TRUST FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1.9 Financial instruments The Charity has elected to apply the provision5 of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instrumentslssues, of FRS 102to all of its financial instruments. Financial instruments are recognised in the Chanty'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 orto realise the asset and settle the liability simultaneously. Bosicfinoncial ossets Basic financial assets which represent cash and bank balances and debtors are measured initially based upon cash held and settlement amount after any trade discounts or amounts advanced by the charity respectively. Bosicfinonclol Ilobllltles Basic financial liabilities, which represent creditors and accruals are initially recognised at settlement amount after any trade discounts or amounts advanced to the charity. Derecoqnitlon olfinonciol Ilobllitles Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled. 2 Critical accountlng estimates and Judgements In the application of the Charity's accounting policies, the Trustees are required to make jud8ements, 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 ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Key sources of estlmatlon uncertainty Valuation of land and buildings Valuation of land and buildings in the accounts is based partly on an independent valuation of the previous school building at East India Dock Road which is partly based on future rental values and the Trustees, estimation of values of the land at Manchester Road and the old railway arches at Millwall Park. The value of Manchester Road is based on land not used by the school with some future development potential. The Trustees have estimated thi5 value based on their knowledge of similar land in the local area. The value of the old railway arches in Millwall Park has been estimated by the Trustees based on the fact that there are no immediate development prospetts for this area. The values of each element of the investment property is reviewed each year. 12
GEORGE GREENS SCHOOL TRUST FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 3 Investment income Unrestricted funds 2024 Restricted funds 2024 Endowment funds 2024 Total 2024 Rental income Interest receivable 173,951 173,951 38,277 8,808 29,469 173,951 8.808 29,469 212,228 Unrestrirted funds 2023 Restrirted funds 2023 Endowment funds 2023 Total 2023 Rental income Interest receivable 173,951 173,951 30,440 3,872 26,568 173,951 3,872 26,568 204,391 4 Charitable activlties 2024 2023 Grants for educational visits Grants for university students Scholarship Insurance Grant for First Story &Book Buzz Projects Grant for Open Minds Project Grant for Think Forward Project Grant for school equipment Access Projert Valuation fees 18,167 40,000 36,000 1,137 6,000 7,000 16,000 41,832 30.000 3,600 199,736 112,(YJO 28,996 140,996 Support costs Bank fees Insurance Governance costs (see note 6) 258 1,033 6,150 18,000 148,437 217,736 13
GEORGE GREENS SCHOOL TRUST FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Raising funds Endowment funds Endowment funds 2023 2024 Investment management 8,894 10,822 Support Costs Support Governance 2024 2023 Bank fees Insurance Independent examiners fees 304 1,033 304 1,033 6,150 6,150 18,000 1.337 6,150 7,487 18,000 Analysed between Charitable activities 1,337 6.150 7,487 18,000 Trustees None of the Trustees (or any persons connected with them) received any MUneratIon or benefits from the Charity during the year (2023: Nill. Furthermore, no Trustee nor other person related to the Charity had any personal interest in any contract or transaction entered into by the Charity during the year (2023: £Nil}. No Trustee expenses have been incurred during the year (2023: £Nil). Employees There are no employees who received any emoluments during the year or the prior year. The average number of staff in the year was Nil12023: Nil). Investment property Fair Value 2024 At l April 2023 and 31 March 2024 3.965,000 Investment property comprises of buildings and land that are not currently used by the school and part of which are being rented out to third parties. The fair value of the investment property has been arrived at on the basis of an independent valuation carried out by Gerald Eve on the Old School Property at East India Dock Road as at 31st March 2022, together with the Trustees, estimate of usage of the Manchester Road site and the part of Millwall Park. The trustees reviewed for impairment and have concluded that there h35 been no change to the valuation of the investment property and therefore the balance remains the same for the year ended 31 March 2024. 14
GEORGE GREENS SCHOOL TRUST FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10 Fixed asset Investments Llsted Investments Cost or valuatlon At l April 2023 Additions Valuation changes Disposals 1,289,733 170,798 37.011 {141,384) At 31 March 2024 1,356,158 Impalrment At l April 2023 at 31 March 2024 Carrying amount at 31 March 2024 1,356,158 at 31 March 2023 1,289,733 11 Credltors: amounts falllng due wlthln one year 2024 2023 Accruals 6,150 87,593 15
GEORGE GREENS SCHOOL TRUST FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12 Operating leases Total future minimum lease payments receivable under non-cancellable operating leases, are as follows; 2024 2023 not later than one year later than one year and not later than five years later than five years 169,201 248,176 170,201 610,320 417,377 780,521 13 Endowment funds Endowment funds represent a55ets which must be held permanently by the Charity. Income arising on the endowment funds can be used in accordance with the objects of the Charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund. Movement in funds Revaluations gains and losses Balance at 31 March 2024 Balance at I April 2023 Incoming resources Expenses Pemianent endowments GGS Foundation - Land GGS Foundation - Other Frances Davidson Lilian Davy GGS prize fund K&B fund 3.965.000 732,681 11,114 22,856 17,704 8,424 3,965,000 771.875 12,296 24,925 17,723 8.654 27,956 591 665 18,8941 20,132 591 1,404 13 121) 251 4,757,779 29,469 18,894) 22,119 4,800,473 Prior year comparative Movement in funds Revaluations gains and losses Balance at 31 March 2023 Balance at I April 2022 Incoming resources Expenses Permanent endowments GGS Foundation- Land GGS Foundation - Other Frances Davidson Lilian Davy GGS prize fund K&B fund 3,965.000 746,281 10,919 23.755 17,419 8.278 3,965,000 732,681 11,114 22,856 17,704 8,424 25.936 195 (39,536) {8991 {8} 293 146 4,771,652 26,570 140,4431 4,757,779 16
GEORGE GREENS SCHOOL TRUST FUND NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2024 14 Restricted fund5 The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: Movement In funds Revaluations gains and losses Balance at 31 March 2024 Balance at I April 2023 Incoming resources Resources expended GGS Foundation - Other Frances Davidson Lilian Davy GGS prize fund K&B fund 103,585 12.041 114,794 2,442 3,694 1.065 640 6,662 49 392 7,252 {55) 3,633 {41 1331 111,902 12,626 125,089 2,487 4,053 236.556 8,808 10,793 256,157 Prior year comparative Movement In funds Revaluations gains and losses Balance at 31 March 2023 Balance at I April 2022 Incoming resources Resources expended GGS Foundation - Other Frances Davidson Lilian Dawi GGS prize fund K&B fund 154,570 11,831 112,728 2,409 3,629 (36,000) 114,985) 103,585 12.041 114,794 2,442 3,694 210 3,564 33 65 (1,498) 285,167 3,872 136,0(X)I {16,4831 236,556 17
GEORGE GREENS SCHOOL TRUST FUND 4PTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15 Analysis of net assets between funds Unrestrlcted funds 2024 Restrlcted funds 2024 Endowment Total lunds 2024 2024 Fund balances at 31 March 2024 are represented bv: Investment properties Investments Current assetsllliabilitiesl 3,965.000 835,473 3.965,000 1,356.158 83,145 5.404.303 264.528 83,145 347,673 256.157 256,157 4.800.473 Unre5tr1cted funds 2023 Restrfctsd funds 2023 Endowment funds Total 2023 2023 Fund balances at 31 March 2023 are represented by: Investment properties Investments Current assets/lliabilitiesl 3.965,000 792,779 3,965,000 1,289,733 57,662 5,312,395 260,398 57,662 318,060 236.556 236,556 4,757,779 16 Related party transactions There were no disclosable related party transactions during the year (2023: none). 18