REGISTERED CHARITY NUMBER: 521712 West Lancashire County Scout Council Report of the Trustees and Audited Financial Statements For the year ended 31 March 2025 Mcmillan & Co LLP Chartered Accountants and Statutory Auditor 28 Eaton Avenue Matrix offi Park Buckshaw Village Chorley Lancashire PR7 7NA
West Lancashire County Scout Council Contents of the Financial Statements forthe year ended 31 March 2025 Page Report of the Trustees 1 to 12 Report of the Independent Auditors 13 to 15 Statement of Financial Activities 16 Balanco Sheet 17 Cash Flow Statement 18 Notes to the Cash Flow Statement 19 Notes to the Financlal Statemènts 20 to 28
West Lancashire County Scout Council Report of the Trustees for the year ended 31 March 2025 The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) Aims The aim of West Lancashire County Scout Council ("WLCSC") is that of The Scout Association, namely,. Scouting engages and supports young people in their personal development, empowering them to make a positive contribution to society. These benefits are available to all young people and are therefore considered to be a public benefit under Section 4 of the Charities Act 2011. The method of achieving the Aim of the Scout Association is by providing an enjoyable and attractive scheme of progressive training. based on the Scout Promise and Law, guided by adult leadership. Public benefit 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 objectives. VVLCSC continues to adopt the clear Equal Opportunities Policy of The Scout Association in that no young person or person volunteering their service shall receive less favourable treatment on the basis of, nor suffer disadvantage by reason of.. ethnicity gender age sexual orientation additional needs nationality religion WLCSC continues to embrace the objectives set down in the Equality ACT 2010. There is an ongoing commitment to enhance access to all areas of the charity's facilities and to make available specialised equipment within permitted resources. The charity believes that no member with any form of support needs has been disadvantaged by access to accommodation or other facilities within the overall context of the potentially hazardous nature of some of the activities. WLCSC welcomes membership from disabled persons, bearing in mind the aptitudes of the individuals COnrned. The importance of volunteers WLCSC would not be able to provide the outstanding Scouting opportunities and experiences we do without all the voluntary help that is freely given, we are extremely fortunate to have so many volunteers giving their time selflessly for the benefit of Scouting in West Lancashire and we thank them all for their support this year. Our County would not thrive as it does without the large team of people that are not involved in "front line" Scouting and work tirelessly behind the scenes to ensure that young people in West Lancashire get the best Scouting experience possible. The trustees value very highly the contribution made to the charity by both its paid and volunteer staff and considers that good communications and relationships with its people and its members to be very important and makes relevant information available to all. The success of the charity can only be put down to its people, uniformed and non-uniformed leaders, supporters and of course its young people. Page 1
West Lancashire County Scout Council Report of the Trustees for the year ended 31 March 2025 OBJECTIVES AND ACTIVITIES Significant activities WLCSC are a very active, ambitious and forward-thinking county whose heritage has provided solid foundations and a proud track record. During the year we continued to focus on our Strategic Plan "Scouting in 2025" which provides a unique opportunity to galvanise our talents and offer a shared vision of Scouting that continues to be exciting and relevant. Having a plan empowers us to ensure that our efforts are aligned and we combine our efforts to deliver of long term strategy. To achieve the plan we aim to focus on the following areas.. to provide a fun, enjoyable, high quality programme to our members., to have more well trained, better supported and motivated adult volunteers., to provide good quality, practical locations to support our Scouting programme across West Lancashire., to ensure Scouting is clearly understood, more visible, trusted, respected and widely seen as playing a role in today's society. The County has continued to grow with membership increasing by 2.3 % this year {2024'. 2.9 % ), with total membership now surpassing our previous highest ever year120171 by 470 members. In 2024125, growth in our newest Scouting provision Squirrels has continued to be encouraging with an additional 13 Dreys opened in the year taking our youngest section up to 771 12024-. 593). Our Cubs section has also been successful with 3.8% growth. We have suffered small falls in Beavers, which will be a focus for future development, and Scout numbers, likely attributable to the pandemic dip working its way through the age ranges. We have continued to see an increase in female members which are at an all time high with 31.60/0 of youth members and 50.5 % of adults. There are now 14812024.1461 groups with 570 sections in West Lanc8shire offering a wide range of opportunities and adventures for our members. Considerable investment has been made in the year in our Development officers with a 40 /0 increase in year on year spend, bring the team to 3 people who support Districts and Groups with the recruitment and support of new volunteers. This is a critical investment in our long term success and a key part of our future strategy. Another area of focus of spend for the trustees is in training new adventurous activities leaders, trainers and assessors and additional monies have been set aside to support this programme. It has been another busy year for our members, with many of them taking part in a very highly successful week-long international camp "Red Rose 2024" which was hosted and organised by the County in the Westmorland Showground in the Lake District, attracting over 2,000 participants. Our thanks go to the 600 adult volunteers who ensured the success of this camp. For the summer of 2025, as well as the World Scout Moot in Portugal, we are planning 6 international trips for a total of over 300 young people who will be travelling to Malawi, The Baltics, Croatia, The Netherlands, Belgium and Switzerland with activities including Sailing, Mountain activities and Community Projects. We have continued to see more young people achieve their top awards and it is wonderful to get everyone together again at special awards ceremonies to celebrate these incredible achievements. Our County site at Waddecar has had a very successful year which saw the highest ever revenue and the campsite made a surplus for the second consecutive year. Activity income improved following the opening of new activities in 2024, the 'Norwegian Crane, and 'Tin Can Alley,. A further camping pod has been built during the year, which offers an alternative basic indoor accommodation targeted at group leaders. Activity days for schools have continued to grow in popularity and increase mid-week income. Page 2
West Lancashire County Scout Council Report of the Trustees for the year ended 31 March 2025 OBJECTIVES AND ACTIVITIES Significant activities (continued) To allow more young people to enjoy a wide variety of activities at Waddecar we have run 23 adult courses in bushcraft, archery, rifle shooting, climbing, high ropes and crossbows and 178 adults have not only learnt new skills but are now qualified to run these activities for the young people visiting our campsite. As well as our own members we have welcomed over 1,800 school children from 26 primary schools and 19 secondary schools who have all enjoyed spending time at Waddecar. We have also welcomed over 4,000 young people for their D of E award expeditions. Waddecar isn't just for Scouts in West Lancashire and over 2,000 Scouts from outside our county have visited and enjoyed our picturesque setting and explored the local area. We are planning for an increase in "Nights Away" in the year ahead and look forward to building on the success of recent years with further improvements to our Activity Centre. Waddecar has continued to develop its plans for a new state-of-the-art accommodation block which will have 80 beds and with the aim of delivering 1 million nights away for young people during the lifetime of the building. Fund raising for this opportunity has gathered momentum during the year and the trustees are pleased to have raised and set aside over £560k for this purpose. We expect to receive detailed quotations for the project with a view to starting work in our 25128 year. We are very grateful for the indications of support which we have received from sponsors and local businesses. Strategy 2025-27 For 2025-27 we have adopted a shorter-term focus to our strategy whilst a longer-term strategy is developed nationally. During the year, 8 members of our County Leadership Team attended the National Scout conferen to help to shape the next long-term strategy Out strategy has five pillars.. Supporting safe Scouting, through initiatives covering safe people, safe place and safe programmes., Supporting our Programme, through providing a quality programme for all, more nights away than ever before and increasing outdoor and adventurous activities., Supporting our Young people, through enabling them to achieve more top awards than ever before, improving retention beeen sections and developing progressive youth leadership opportunities., Supporting our Volunteers., through ensuring that they feel valued, empowered and proud of their work, making volunteering easier and more fun, developing the skills to fulfil their roles and confidence.. and Supporting our Groups & Districts, through recruiting and developing effective teams and trustee boards, grow all groups to and ensure that they include all aged 4-14 sections and providing effective communication. Safety and safeguarding The trustees recognise the overriding consideration is the safety and security of young people and their continued development in accordance with the Purpose and Values of the Scouting Association. Sections 2.5 and 2.6 of the May 2025 updated of POR set out the Safeguarding and Safety Policies which the trustees have adopted as part of their wider commitment to POR . Social investments Whilst no actual monetary financial investment has been made to non-scouting projects. the trustees would like to point out that the charity supports all young people, not just those in Scouting, and Waddecar is used by a wide range of organisations which help and encourage young people from all sorts of backgrounds. Consequently the "investment" made by WLCSC in young people, Scouting or other, should not simply be viewed in monetsry terms and nor should it be undersold. Grants, fundraising activities and charitable activities As a charity we are always looking for fundraising and grant opportunities for our members. In these financially difficult times we are especially grateful to all those who help in sourcing and completing grant applications. This year these have allowed us to maintain and replace adventurous land and water activity equipment and offer new facilities to those using Waddecar. The charity has once again supported West Lancashire Scouts World Scout Youth Event contingents and is carrying forward a sum of £22,589 (2024". £15,794) to meet future commitments. Page 3
West Lancashire County Scout Council Report of the Trustees for the year ended 31 March 2025 ACHIEVEMENT AND PERFORMANCE Investment performance With the help of our investment managers, Brooks MacDonald, we have summarised our portfolio performance over the year and the outlook for the future.. After a strong year for equity markets in 2024, global stock markets had a weaker start in Q12025, posting negative returns in Sterling terms and lagging behind fixed-income assets At the start of the year, there were high expectations for continued strong performance from the US, driven by President Trump's tax cuts and deregulation. However, concerns about tariffs and inflation, along with slower economic growth, tempered that optimism. As a result, some investors shifted their focus away from the US, favouring markets like the UK, which appeared better value and outperformed the US during the quarter. Despite volatile headlines, the broader investment outlook remained, supported by solid fundamentals, such as expected earnings growth and the potential for intertest rate cuts. Our strategy continues to focus on staying diversified and well-position for long term opportunities, even amid uncertainty. Over the year to March 2025 the portfolio returned 6.40/0 net of managers fees (2024.. 9.9Q/o) and at 31 March 2025 our portfolio can be broken down as., Overseas equities- 40.5% Fixed interest - 18.9% Structured return - 8.0% UK equities- 19.2% Alternatives - 9.20/0 Cash & Property- 4.2% The Brooks MacDonald investment committee remains optimistic about equities overall but is more cautious about US markets, favouring cheaper regions. While economic risks have grown, there are still positives., such as central banks, ability to cut rates and possibly lower energy costs. US investors also continue to rely on the Federal Reserve as a safety net during downturns. During Q4, European holding (ex UK) were reduced and we moved to a neutral position from positive in the US. At the end of March 2025, the portfolio value was £1,786,121 {2024.. £1,711,329) which includes cash funds held by the investment managers. The value of the investments fell post year end in early April largely due to the introduction of tariffs by the USA. The trustees point out that the value of the investments has recovered to above year end levels by the middle of May 2025. Page 4
West Lancashire County Scout Council Report of the Trustees for the year ended 31 March 2025 ACHIEVEMENT AND PERFORMANCE Investment properties The investment properties were formally revalued in March 2023 by Charles Parker Bennett & Co Ltd, Chartered Surveyors, for the sum of £1,020,000 in line with our triennial valuation policy. This compared to a valuation of £895,000 for the same properties at March 2020. The next valuation is scheduled for March 2026. In the opinion of the Trustees, the rental properties continue to remain a beneficial investment 2nd the rental income achieved in the year of some £62,000 (2024.. £58,100), before agents commission and costs of upkeep etc. gives a very good return and is a very useful income stream in the current economic climate. Internal and external factors There are many internal and external factors which will affect the future performance of the charity, our trustees and County Management Team meet regularly and conduct regular reviews to safeguard our County. The investment return has improved in the year but can also be seen as a recovering pace with the inflation seen in prior years. The effects of the wars in the Middle East and Ukraine, US tariffs, commodity prices, economic performance and the cost-of-living increases will no doubt continue to affect our income streams in the coming year and we will continue to monitor our income and cost base closely on a frequent basis. FINANCIAL REVIEW Principal funding sourc8S In the year the charity generated income of some £1,321,000 {2024.. £927,000}, an increase of £394,000. No one year is ever quite the same as the previous one and when comparing this years, results to last year the following, amongst other things, needs to be considered., County and International Event income has risen by £274,000 this year with the inclusion of £664,000 of income relating to Red Rose 2024. Activity centre income at Waddecar has risen by £57,000 (240/0} due to the opening of additional facilities in the prior year, increased footfall at the centre and inflationary rises to camping and activity fees. This includes activity fees earned from the Red Rose 2024 event. Many of the charities activities, including the trips and events noted above, are intended to run at a break-even result, with support from the charity in the event of unforeseen costs or subsidies such as hardship funds. In previous years the objective for our Waddecar site has also been to break even each year. This year the site has been managed to make a small profit which is intended to cover the long-term replacement of assets on the site. This is budgeted to continue at current levels to aid future project funding. One of the principal costs of the charity is investment in supporting districts and groups within the county. with assistance for recruitment and training of leaders and event planning. These costs, together with the costs of running the charity are funded by rental income and in the longer term, income from investments. The results for 2025 showed an overall of a surplus of £173,650 (2024.. £161,627). This is after a decrease in the performance of investments of £101,000 compared to last year and the underlying increase of £113,000 is due principally to.. a surplus on the Red Rose 24 event due to increased attendance levels against budget., increased returns from Waddecar with more activities and increased shop trading., and the creation of a County levy of £3.50 per young person which raised £33,000. Taking the result for the year into account, the total funds of the charity have increased from £3,878,000 to £4,052,000 this year, a 4.50/0 increase (2024.. 4.70/01. These two years follow the Iwo years post Covid where total funds fell due principally to weaker investment performance. The notes to the financial statements provide a more detailed analysis of the incoming resources and expenditure. Page 5
West Lancashire County Scout Council Report of the Trustees for the year ended 31 March 2025 FINANCIAL REVIEW Investment policy and objectives The charity holds investments of some £2.936,000 {2024.' £2,896,000)- This is split as; £1,702,000 {2024'. £1,691,000) in tradeable securities at market valuation, £43,000 (2024". £21,000) cash held by investment managers, £1,020,000 (2024.. £1.020,000) of investment properties at valuation, and £171,000 {2024: £184,000) of bank bonds held as current assets. The trustees have the power to invest in such stocks, shares, investments and propety in the UK as they see fit and in accordance with the Policy, Organisation and Rules ("POR") of The Scout Association and Charities, legislation. The trustees engaged Brooks MacDonald as investment managers who operate within guidelines agreed with the trustees. The trustees have asked the investment managers to consider social, environmental and ethical criteria when managing the portfolio. They would not wish to hold any investments that knowingly could be to the detriment of Scouting, although they are mindful that their prime duty is a financial one. The performance of the portfolio and the investment managers is reviewed against the investment objectives on a regular basis. The investment objective is to provide sufficient growth to protect the fund against the effects of inflation in the medium to long term. This is subject to change should there be any requirement for large capital outlay. The trustees accept that to achieve the long-term capital growth and a real return over inflation the fund must be subjected to the risks associated with asset backed investments and investing in business through loans and equity holdings. The trustees are not averse to the concept of an element of investment risk but wish the fund to be balanced to reduce the overall effect of that risk. It should be noted that in arriving at the above, the trustees and investment managers are aware that WLCSC holds further cash for its short-term needs and investment properties. The trustees have engaged an independent propety advisor to manage the investment properties, collect the rents and supervise any necessary maintenance work etc. on behalf of the charity in accordance with guidelines agreed with the trustees. The investment properties are held both to provide income through the rents and also for their long-term capital growth. Page 6
West Lancashire County Scout Council Report of the Trustees for the year ended 31 March 2025 FINANCIAL REVIEW Reserves policy The County has reviewed and updated the reserves policies in the year and will continue to review this on a regular basis. The charity's unrestricted funds are held in the General Fund and in the Adventure Trust Fund as set out on the balance sheet and notes to the financial statements. Amounts in the General Fund are primarily tied up in propety and equipment used in the County programme or tied up in assets to generate income in order to meet expenses incurred in running the County. The Adventure Trust fund is held to promote the challenging expeditions organised periodically by the county for young people in the groups and units within the county. It is worth pointing out that at any one time the value of these "tied-up" assets represent, on average, two-thirds to three-quarters of our total reserves. At the year end the unrestricted funds in the balance sheet are categorised as follows- 2025 2024 Propety and equipment used in providing scouting activities Adventure Trust Amounts set aside in income generating assets such as rental properties and stock market investments to provide a notional investment return 729,000 24,000 755,000 21,000 2 458,000 2,298,000 Assets "tied-up" in generating income and activities 3,211,000 3,074,000 Set aside designated funding for the new Waddecar accommodation building 566,000 400,000 Balance of other reserves available to cover general running costs and the replacement of county assets I'free" assets} 275,000 404,000 Unrestricted Funds 4,052 000 3,878,000 The balance of other reseNes available has decreased in the year due to the increase in the designated fund for the accommodation block at Waddecar, the increase in the amount set aside to provide a notional investment return. Funds Held as Custodian The charity does not hold any funds as a custodian. FUTURE PLANS The charity has numerous strategic goals and objectives to achieve in the medium to long term. This is a very comprehensive programme and it would not be practicable to list all the objectives, but the main ones are to increase membership (both young people and adult leaders}, to ensure that Adventurous activity training and assessment capability is maintained and to make improvements to Waddecar Activity Centre such that the facilities set very high standards. The new building for the redevelopment of accommodation at Waddecar received planning permission in the year and the trustees are keen to start the project once secured funding can be found. Page 7
West Lancashire County Scout Council Report of the Trustees for the year ended 31 March 2025 Future plans Icontinued) Artists, impression of the new accommodation building planned for Waddecar STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document and charity constitution WLCSC is registered as a charity in England number 521712. The rules of the charity are stipulated by the POR of The Scout Association, itself a charity registered in England (No. 306101) and incorporated by a Royal Charter dated 4 January 1912. A substantially revised constitution for WLCSC was approved at the Annual General Meeting (AGM) held on 12 September 2024. The revised constitution adopted is taken from POR issued by the Scout Association in March 2024 edition with an amendment to paragraph 5.6.9.8. These amendments to POR provide new processes and definitions for Charity Governance. This includes changes to the composition and roles on the Trustee Board and to the Operational Structure. Changes include: the County Executive is replaced by the Trustee Board; that the Trustee Board will decrease in size as recommended to become a maximum of 12 trustees., 10 of the trustees are nominated by a sub-committee of the board and approved by the Council at its, AGM. The remaining two are ex officio members., the Chair and Treasurer are appointed by the Council at its AGM. The Deputy Chair and Chairs of subcommittees are appointed by the board of trustees. there is no longer 2 secretary to the Board., and there are also a number of title changes such as the County Commissioner becomes the County Lead Volunteer. The amendment to paragraph 5.6.9.8 adopted at the AGM allows for electronic voting (such as email) to be allowed for decision making of the Trustee Board and its sub-committees when deemed appropriate by the Chair (for example where a pressing matter arises between meetings). In such instances the number of votes received must satisfy the requirements for a quorum and the usual voting guidelines apply. Page 8
West Lancashire County Scout Council Report of the Trustees for the year ended 31 March 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure and decision making (continued) For ease of administration and when analysing the financial performance of the charity, WLCSC is split into o "divisions" One is the "County" which deals with the governance of the charity and the wide range of support it offers to its members. The other is "Activity Centre" which deals with the operation of the Waddecar activity centre and where the operation is significant enough to be identified separately. The management of the business of WLCSC is vested in the trustees which make up the Trustee Board. These consist of.. 2 Ex officio members.. County Lead Volunteer County Youth Lead 10 Appointed members.. Persons nominated annually by a sub-committee of the Board and approved by the County AGM. Co-opted members: Additionally, the Trustee Board has powers to co-opt additional members (who will have particular skills needed by the Committees>. The Trustee Board is accountable to the WLCSC which is established in accordance with the Scout Association's POR and meets annually at the AGM. The WLCSC is chaired by the County President. The Trustee Board meets at least four times a year. Much of the business is delegated to the Board sub committees through agreed terms of reference. Reports are presented from these committees to the Trustee Board to highlight key items of business and when required, Trustee approval. The management of Operational Scouting within West Lancashire is vested in the County Lead Volunteer. supported by the County Team comprising the Deputy Lead Volunteers, Assistant County Lead Volunteers and District Lead Volunteers. Change in trusteeship post year end In April 2025. the County Lead Volunteer, Mr Craig Dewar-willox took up an Interim appointment as Chair of the Board of Trustees of UK Scouts. It was agreed by the trustees that, due to the nature of his new role, he should stand down from his role as County Lead Volunteer. His role as County Lead Volunteer has been filled on an Interim basis from 24 March 2025 by Mr Andrew Hobson, Deputy County Lead Volunteer. The trustees are very grateful to Andrew for his diligence and support to the Board during his interim appointment. Induction and training of new trustees When inducting and training new trustees, the charity follows the detailed procedures as set out in the POR of The Scout Association. The charity also provides a 'new trustee" training event upon appointment and all new trustees are required to complete a Trustee Declaration. Page 9
West Lancashire County Scout Council Report of the Trustees for the year ended 31 March 2025 RELATED PARTIES The charity has a 28.57 % share in the land at Bispham Hall campsite in Billinge, Lancashire which is owned jointly with a number of other scout counties. WLCSC has no responsibility for the operation of this campsite (which is administered by Greater Manchester West) but a representative of WLCSC attends the Bispham Hall AGM. The value of this interest on a going concern basis is deemed to be negligible and therefore has not been included in the financial statements. REFERENCE AND ADMINISTRATIVE DETAILS County President Mrs Gail S Stanley MBE, JP, DL County Vice Presidents Mrs Jean Frew Mr Bernard Pendlebury Life members Mr Dick Griffiths Mr David Thornton Mr George Lowe Mrs Joan Swann Mrs Judith Jamieson Dr Tony Andrews Trustees Mr Craig Dewar-willox County Lead Volunteer until 24 March 2025 when he took up an interim appointment as Chair of the Board of Trustees of UK Scouts Interim County Lead Volunteer from 24 March 2025 County Chair and appointed member Nominated member of the Board of Trustees (to 12 September 2024) County Secretary (to 12 September 2024) County Treasurer Member and County Youth Commissioner Appointed member of the Board of Trustees and Chair Waddecar Management Committee County Vice Chair and appointed member Chair Finance and Fund-Raising Committee and appointed member Elected member of the Board of Trustees (to 12 September 2024) Appointed member of the Board of Trustees (from 12 September 2024) and Chair County Workplace Committee Appointed member of the Board of Trustees (from 12 September 2024) Appointed member of the Board of Trustees (from 12 September 2024) Appointed member of the Board of Trustees Nominated member of the Board of Trustees (to 12 September 2024) Appointed member of the Board of Trustees Nominated member of the Board of Trustees (to 12 September 2024) Nominated member of the Board of trustees (to 12 September 2024) Mr Andrew Hobson Mr Richard Charnock Dr Tony Andrews Mr Peter Willingham Mrs Catherine Joyce Miss Emma Aggrey Mr Oliver Wood Mrs Cartharhyn Hall Mr Charles Bithell Mr Andrew Neville Mr Jeremy Boardman Miss Alexi Walsh Mr Jamie Scudamore Mr Saber L'Bekkari Miss Rachael Hoyle Mr Max Lowe Miss Gabby Howson-Tax Mrs Joan Swann Page 10
West Lancashire County Scout Council Report of the Trustees for the year ended 31 March 2025 REFERENCE AND ADMINISTRATIVE DETAILS {continued County Officials Mr Andrew Hobson Dr Chris Lomas Deputy County Lead Volunteer (to 24 March 20251 Deputy County Lead Volunteer Other Officials Mr Brendan Booth Mrs Heather Lomas Interim Regional Commissioner for NW England (to May 2025) Regional Commissioner for NW England (from May 2025) Registered Charity number 521712 Principal address County Scout Office Waddecar Scout Activity Centre Snape Rake Lane Goosnargh, Preston Lancashire PR3 2EU Auditors Mcmillan & Co LLP Chartered Accountants and Statutory Auditor 28 Eaton Avenue Matrix Office Park Buckshaw Village Chorley Lancashire PR7 7NA Solicitors Napthens LLP 7 Winckley Square Preston PR1 3JD Principal Bankers The Royal Bank of Scotland plc 36 St Andrews Square Edinburgh EH2 2YB Page11
West Lancashire County Scout Council Report of the Trustees for the year ended 31 March 2025 REFERENCE AND ADMINISTRATIVE DETAILS (continued) Investment Managers Brooks MacDonald No1 Marsden Street Manchester M21HW Property Advisor Mr Charles Bennett Alderfield 230 Woodplumpton Road Preston PR4 OTA Tax exemption number X89058 STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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. including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charity SORP., make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards 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 which 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 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. Approved by order of the board of trustees on 11 September 2025 and signed on its behalf by.. Mrs CA Trustee CCA Page 12
Report of the Independent Auditors to the Trustees of West Lancashire County Scout Council Opinion We have audited the financial statements of West Lancashire County Scout Council (the 'charity') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial statements. give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources. for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland and 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 {UKI (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, 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 Stsndard, 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 e1ve 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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, 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 audit or otheNise 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 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements., or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for OLSr audit. Page13
Report of the Independent Auditors to the Trustees of West Lancashire County Scout Council Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees are responsible for the preparation of the financial statements which 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 misststement, 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 liquidate the charity or to cease operations, or have no realistic alternative but to do so. Our responsibilities for the audit of the financial statements We have been appointed as auditors 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 misststement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulations applicable to the charity through discussions with trustees and management, and from our knowledge and experience of the sector., we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities and Companies Acts and the Charities SORP, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation, particularly in relation to the safe-guarding of young persons., we assessed the extent of compliance with the laws and regulations identified above through making enquiries of trustees and management and inspecting legal correspondence., and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. Page 14
Report of the Independent Auditors to the Trustees of West Lancashire County Scout Council We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of trustees and management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud,. and considering the internal controls in pla to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we= performed analytical procedures to identify any unusual or unexpected relationships., tested journal entries to identify unusual transactions, In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreeing financial statement disclosures to underlying supporting documentation., reading the minutes of meetings of those charged with governance., enquiring of trustees and management as to actual and potential litigation and claims., and reviewing correspondence with The Scout Association, Local Government bodies. HMRC, relevant regulators including the Health and Safety Executive, and the charity's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at W.frC.org.ukIaudlt0rsreSponSlb1lltle$. This description forms part of our Report of the Independent Auditors. 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. Mcmillan & Co LLP Chartered Accountants and ststutory Auditor Date.. 11 September 2025 Page15
West Lancashire County Scout Council Statement of Financial Activities for the year ended 31 March 2025 2025 2024 Unrestricted Unrestricted Funds Funds Notes INCOME AND ENDOWMENTS FROM Charitable activities Activity Centre and County Investment income 1.213,939 107 733 827,972 99,098 Total Income 1321,672 927,070 EXPENDITURE ON Raising funds Charitable activities Activity Centre and County 28,077 21,318 1,158 405 883,952 Total Expenditure 1.186,482 905,270 Surplus before investment gains 135,190 21,800 Net gains on investments 38,460 139.827 NET SURPLUS FOR THE YEAR 173,650 161,627 RECONCILIATION OF FUNDS Total funds brought forward 3,878,498 3,716,871 TOTAL FUNDS CARRIED FORWARD 4,052,148 3,878,498 The notes form part of these financial statements Page16
West Lancashire County Scout Council Balance Sheet 31 March 2025 2025 2024 Unrestricted Unrestricted Funds Funds Notes FIXED ASSETS Tangible assets Investments Investments Investment propety 728,627 755,002 10 1,766,121 1,020,000 1,711,329 1,020,000 3,514,748 3,486.331 CURRENT ASSETS Stocks Debtors Investments Cash at bank 12 13 14 15 12,580 63,666 177.300 883,819 14,857 59,749 167,884 749.987 1,137,365 992,477 CREDITORS Amounts falling due within one year 16 1599,965) (600,310) NET CURRENT ASSETS 537,400 392,167 TOTAL ASSETS LESS CURRENT LIABILITIES 4,052,148 3,878,498 NET ASSETS 4 052 148 3,878,498 FUNDS Unrestricted funds.. General fund Adventure Trust 17 4,027,768 24,380 3,857,238 21,260 TOTAL FUNDS 4,052,148 3,878,498 The financial statements were approved by the Board of Trustees and authorised for issue on 11 September 2025 and were signed on its behalf by.. 6F/I CA Trustee CCA CP Bithell ACA Trustee The notes form part of these financial statements Page 17
West Lancashire County Scout Council Cash Flow Statement for the year ended 31 March 2025 2025 2024 Notes Cash flows from operating activities Cash generated from operations 133,333 233,971 Net cash provided by operating activities 133,333 233,971 Cash flows from investing activities Purchase of tangible fixed assets Purchase of fixed asset investments Sale of fixed asset investments Movement in current asset investments Movement in cash funds held by broker Interest received Dividends received (19,572) (294,253) 300,577 {9,416) 122,655) 14,011 31,807 (22,8381 1364,535) 295,442 91,080 55,080 13,666 27,362 Net cash provided by investing activities 499 95,257 Change in cash and cash equivalents in the reporting period 133,832 329,228 Cash and cash equivalents at the beginning of the reporting period 749,987 420,759 Cash and cash equivalents at the end of the reporting period 883,819 749,987 The notes form part of these financial statements Page 18
West Lancashire County Scout Council Notes to the Cash Flow Ststement for the year ènded 31 March 2025 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2025 2024 Net income for the reporting period {as per the Statement of Financial Activities} Adjustments for: Depreciation charges Gain on investments Interest re1Ve Dividends received Decreasel(increase) in stocks (Increase)Idecrease in debtors (Decrease)lincrease in creditors 173,650 161,627 45,947 (38,460) (14,011) (31,807) 2,277 (3,917) 46,711 {139,827) 113,666) (27,362) (2,690) 15,979 193,199 Net cash provided by operations 133,333 233,971 ANALYSIS OF CHANGES IN NET FUNDS At 114124 Cash flow At 3113125 Net cash Cash at bank 749 987 133,832 883,819 749,987 133,832 883 819 Liquid resources Deposits included in cash Current asset investments 167 884 9.416 177,300 167.884 9,416 177 300 Total 917,871 143,248 1061119 The notes form part of these financial statements Page19
West Lancashire County Scout Council Notes to the Financial Statements for the year ended 31 March 2025 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 {effective 1 January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. In preparing the financial statements, there are no material uncertainties about the Charity's ability to ontinue as a going concern and they are presented using the Pound Sterling (£} and the amounts in the financial statements have been rounded to the nearest £1. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure 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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold propety Plant and machinery Motor vehicles at varying rates on cost at varying rates on cost 25 % on cost Freehold land is not depreciated. Fixed asset investments Listed investments are valued 2t their mid-market price as at the close of trading at the year-end date. Any gain or loss on revaluation at the end of the accounting period is taken to the Statement of Financial Activities. Investment property In accordance with FRS102, the charity's properties are held for long term investment and are included in the balance sheet at their open market value. The surpluses or deficits on revaluation of such properties are transferred to the relevant fund to which those properties relate. All of the properties are freehold and depreciation is not provided in respect of these properties. This policy represents a departure from statutory accounting principles, which require deprecation to be provided on all fixed assets. The trustees consider that this departure is necessary in order that the financial statements may give a true and fair view because they consider current values are of prime importance rather than the calculation of systematic annual depreciation. Due to cost constraints revaluations are, currently, conducted every three years by suitably qualified external valuers. Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Page 20 continued...
West Lancashire County Scout Council Notes to the Financial Statements - continued for the year ended 31 March 2025 ACCOUNTING POLICIES - continued Current asset investments Due to the nature of the investments these assets are stated at cost. Taxation The charity is exempt from tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the Charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Financial instruments Financial instruments are recognised when the charity becomes paty to the contractual provisions of the instrument. Basic financial assets, which include debtors, prepayments and bank balances, are initially measured at transaction price and are subsequently carried at Cost unless the arrangement indicates othewise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors and accruals are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicates otheMise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest. Realised gains and losses All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference beeen sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. Critical accounting estimates and key sources of estimation In the application of the Charity's accounting policies, the Trustees are required to make judgments, 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. Subsequently, 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The Trustees do not consider there are any critical judgments or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed above. Page 21 continued...
West Lancashire County Scout Council Notes to the Financial Statsments - continued for the year ended 31 March 2025 INVESTMENT INCOME 2025 2024 Rental income Investment income Bank interest 61.915 31,807 14,011 58,070 27,362 13,666 107 733 99,098 INCOME FROM CHARITABLE ACTIVITIES 2025 2024 Activity centre income Scouting activities, training and section income County and intemational events MISlIaneOuS income and donations 292,808 116,950 743,716 60,465 235,654 96,628 469,576 26,114 1,213,939 827,972 RAISING FUNDS Investment management costs 2025 2024 Investment managers fees Propety managers administration and valuation fees Investment properties maintenance and other costs 15,691 6,206 6,180 11,337 6.305 3,676 28,077 21,318 CHARITABLE ACTIVITIES COSTS 2025 2024 Salaries, wages, employers national insurance and pensions Activity centre costs World Scout Youth Events Scouting activities, training and section expenses County and international events County Execulive, administration and other costs Audit, accountancy and legal fees Depreciation less profit on disposal of tangible fixed assets 152.065 97.119 6,000 150,116 652,259 45,443 9,456 127,201 83,472 10,700 92,600 469,552 44,326 9,390 46.711 1,158,405 883,952 Page 22 ontinued...
West Lancashire County Scout Council Notes to the Financial Statements - continued for the year ended 31 March 2025 TRUSTEES. REMUNERATION AND BENEFITS There were no tiustees. remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. Trustees, expenses During the year 1 trustee (2024.. 2 trustees) was reimbursed for part of their expenses arising from attending meetings and carrying out other duties amounting to £1,233 (2024.. £422). STAFF COSTS 2025 2024 Wages and salaries 152,065 127 201 152,065 127,201 The average monthly number of employees during the year was as follows: 2025 2024 Charitable activities Administration No employees received emoluments in excess of £60,000. RECOGNISED REALISED AND UNREALISED GAINS OR LOSSES The realised and unrealised gains or losses included in the financial statements are as follows; 2025 2024 Realised gainsl{losses) Investment properties Listed investments 28,906 34.821 34.821 Unrealised gainsl(losses) Investment properties Listed investments 9,554 105,006 9,554 105.006 Total gainsl(losses) 38,460 139.827 Page 23 continued...
West Lancashire County Scout Council Notes to the Financial Statements - continued for the year ended 31 March 2025 TANGIBLE FIXED ASSETS Freehold property Plant and machinery Motor vehicles Totsls COST At 1 April 2024 Additions 1,300,557 16,105 194,396 3,467 45,062 1,540,015 At 31 March 2025 1.316,662 197.863 45,062 1,559,587 DEPRECIATION At 1 April 2024 Charge for year 586,994 34,455 165,139 9,867 32,880 1,625 785,013 45,947 At 31 March 2025 621449 175,006 34,505 830,960 NET BOOK VALUE At 31 March 2025 695,213 22,857 10,557 728,627 At 31 March 2024 713,563 29,257 12,182 755,002 10. FIXED ASSET INVESTMENTS 2025 2024 Listed investments Cash funds held by investment managers for future dealings 1,722,884 43,237 1,690,747 20,582 1 766 121 1,711,329 Listed investments MARKETVALUE At 1 April 2024 Additions Disposals Gains or (losses) on investments 1,690,747 294,253 1300,577) 38,460 At 31 March 2025 1,722,884 NET BOOKVALUE At 31 March 2025 1,722,884 At 31 March 2024 1,690,747 The historic cost of investments is £1,437,932 (2024.. £1,415,351). Page 24 continued...
West Lancashire County Scout Council Notes to the Financial Statements - continued for the year ended 31 March 2025 11. INVESTMENT PROPERTY FAIR VALUE At 1 April 2024 and 31 March 2025 1 020,000 NET BOOK VALUE At 31 March 2025 1,020,000 At 31 March 2024 1,020,000 The investment properties were valued in March 2023 by Charles Parker Bennett & Co, Chartered SuNeyors, 4 Winckley Square, Preston, Lancashire for the sum of £1,020,000 carried out in accordance with the RICS Valuation-Global Standards ("The Red Book") on an open market value basis. This is in line with our triennial valuation policy. At the previous valuation in March 2020 these same properties were valued at £895,000 by the same firm. The historical cost of these properties remains at £232,773. The Board of Trustees, having taken into consideration market and economic factors, consider that there has been no material change in the March 2023 valuation to date. 12. STOCKS 2025 2024 Stocks 12,580 14,857 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade debtors Other debtors VAT Prepayments and accrued income 3,898 24,891 108 1,492 24,011 34,246 59.749 Page 25 continued...
West Lancashire County Scout Council Notes to the Financial Statements - continued for the year ended 31 March 2025 14. CURRENT ASSET INVESTMENTS 2025 2024 Investment in rufftl community broadband venture Fixed and variable interest bearing bonds and deposits 3,992 173.308 3.802 164,082 177.300 167,884 15. CASH AT BANK 2025 2024 Unrestricted funds-, Current accounts Deposit accounts 518,324 365,495 186,049 563,938 883,819 749,987 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Deposits for county events, courses and activity centre Trade creditors Social security and other taxes VAT Other creditors World Scout Youth Events Accruals and deferred income 307.541 5,906 3,000 318,774 17,842 2,081 275 223,666 15,794 21,878 207,614 22,589 53,315 599,965 600,310 17. MOVEMENT IN FUNDS Net movement in funds At 114124 At 3113125 Unrestricted funds General fund Adventure Trust 3,857,238 170.530 3.120 4,027,768 3,878A98 173 650 4,052,148 TOTAL FUNDS 3,878 498 173,650 4,052 148 Page 28 continued...
West Lancashire County Scout Council Notes to the Financial Statements - continued for the year ended 31 March 2025 17. MOVEMENT IN FUNDS - continued Net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in frJnds Unrestrwcted funds General fund Adventure Trust 1,316,353 5,319 (1,184,283) 2,199) 38,460 170,530 3.120 1,321672 1,186 482 173,650 TOTAL FUNDS 1.321,672 1,186.482 38,460 173,650 Comparatives for movement in funds Net movement in funds At 114123 At 3113124 Unrestricted funds General fund Adventure Trust 3,698,343 18,528 158,895 2,732 3,857,238 21,260 3,716,871 161627 3,878,498 TOTAL FUNDS 3716,871 161,627 3,878 498 Comparative net movement in funds, included in the above are as follows- Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund Adventure Trust 921,815 5,255 (902,747) 2,523) 139,827 158,895 2,732 927,070 905,270> 139,827 161,627 TOTAL FUNDS 927,070 905,270) 139,827 161,627 Included in the General Fund is the revaluation surplus on the investment properties of £787,227 (2024.. £787,227} which is unrealised. The General Fund also includes an amount of £568,000 (2024.. £400,000) which the Trustees have so far committed to the funding of a new accommodation building at Waddecar campsite. P2ge 27 continued...
West Lancashire County Scout Council Notes to the Financial Staternents - continued for the year ended 31 Mar¢h 2025 18. RELATED PARTY DISCLOSURES There were no related paty transactions for either the current and previous year. Page 28