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2024-03-31-accounts

E-Sign ID: 35eebe6d-b429-440c-8716-79bc49820537

Company registration number NI062234 Northern Ireland Charity Number NIC100285

Photoworks North Limited

Report and Accounts

Year Ended

31 March 2024

E-Sign ID: 35eebe6d-b429-440c-8716-79bc49820537

Photoworks North Limited Report and accounts Contents

Page
Charity reference and administrative details 3
Trustees annual report (including directors' report) 4 to 7
Independent examiner's report 8
Statement of financial activities 9
Balance sheet 10
Notes to the financial statements 11 to 15

E-Sign ID: 35eebe6d-b429-440c-8716-79bc49820537

Photoworks North Limited Charity reference and administrative details

Company registration number

NI062234

Northern Ireland Charity Number

NIC100285

The board of directors (charity's trustees)

S Dodd M Fenning A Ihebom L Kirkwood K O'Neill J Caldwell R Marlow M Healy M Gill

Company Secretary

J Duncan

Registered office

Unit 6, 3-10 Bridge Street Belfast County Antrim Northern Ireland BT1 1LT

Accountants & independent examiners

Satori Accounting Chartered Accountants 11 Orchard Business Park Pennyburn Industrial Estate Derry Northern Ireland BT48 0LU

Bankers

Ulster Bank Limited 140-142 Great Victoria Street Belfast Northern Ireland BT2 7BU

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E-Sign ID: 35eebe6d-b429-440c-8716-79bc49820537

Photoworks North Limited Registered number: NI062234 Trustees' Annual Report

The Trustees present their report and the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

Structure, governance and management

The company is governed and managed by the board of directors. The directors who served the company throughout the period are shown on page 3, together with details of the registered office and other professional advisors.

The board of directors carry out their governance role throughout the year by way of meetings on a regular basis to review the performance of the company and to make decisions regarding the company’s financial and operational matters. The directors govern the activities of the company in line with the objectives set out in the governing documents of the charity, namely the Memorandum and Articles of Association and the charity’s constitution.

The day-to-day management of the charity is delegated to Mr J Duncan, who oversees all operational and financial matters on behalf of the board and reports directly to the board on all such matters.

Objectives and activities

The principal objectives and activities of the charity during the year continued to be:

The charity is a charitable company limited by guarantee. It is governed by a memorandum and articles of association. The trustees have had regard to guidance issued by the Charities Commission of Northern Ireland on public benefit in carrying out their statutory duties in the governance of the charity.

Strategic report

Achievements and performance (including principal risks and uncertainties, development and key performance indicators)

Main achievements

During this period, the charity produced four issues of the magazine. We continue to publish and distribute a magazine that has a solid track record built up over 32 years and over 113 issues that is critically respected with national and international distribution.

4

E-Sign ID: 35eebe6d-b429-440c-8716-79bc49820537

Photoworks North Limited Registered number: NI062234 Trustees' Annual Report

In addition we have produced two 16 page supplements to accompany the BA and MA phase of Source Graduate Photography online. These have been distributed with the magazine. We worked with over 50 University photography departments. We distribute the magazine to 70 art teachers who receive a cover letter connecting the content of each issue with the curriculum. With each issue we distributed free copies of Source to 34 Northern Ireland Libraries.

Alongside its print edition, Source magazine is also available as a digital Edition. Four Digital editions of the magazine have been published. In 2023 all back issues have been scanned and made available to digital subscribers. The Source Website has over 5,000 pages of content, which is free to access as an educational resource.

We published and distributed a sign-up monthly email newsletter produced in-house as part of our editorial outputs. Source Social Media was used to distribute relevant photography news and opportunities as an access point to National and International photography culture.

Performance indicators

(1) Monitor and evaluate sales and subscription figures from distributors and our in-house subscription data bases.

(2) Web statistics Google Analytics, Native Stats, Twitter Analytics, Facebook Insights and E- Newsletter (Emma) Stats.

(3) Income from sales and subscriptions, Graduate Photography Online and advertising in the magazine.

Risks

Our key risks are as follows:

The directors are satisfied that the performance of the company during the year, in terms of both financial and operational results, is in line with the charity’s constitution and key objectives. Adapting to changes and opportunities presented by new technology and the changing landscape of publishing the organisation is now very much a cross platform publisher producing additional material for its Youtube channel, social media outlets and e-newsletters. This allows the public a greater number of ways to engage with our outputs. The print issue remains at the core of all our activities with material from that appearing in digital formats and our website.

5

E-Sign ID: 35eebe6d-b429-440c-8716-79bc49820537

Photoworks North Limited Registered number: NI062234 Trustees' Annual Report

Financial review (including reserves policy)

The net expenditure for the year was £18,932 (31 Mar 2023 – net income £4,205). The deficit for the year will be deducted from funds brought forward. Total funds at the year-end date was £54,869 and consisted of designated funds of £38,319, unrestricted funds of £1,546 and restricted funds of £14,824.

The directors have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be 6 months of total costs. Total expenditure for the year ended 31 March 2024 was £166,335 and therefore the target is £83,167 in general unrestricted funds. The reserves are needed to meet the working capital requirements of the charity and the directors are confident that at this level they would be able to continue the current activities of the charity while negotiating continuation funding. The present level of liquid reserves available to the charity are £38,319 which is below this target level, and the strategy is to increase reserves through planned operating surpluses. The directors will continue to review the level of unrestricted reserves required.

Plans for future periods

There are no significant changes planned for the forthcoming year. The trustees will continue to govern the charity in line with the constitution in order to achieve the objectives noted above.

Trustees of the charity

The directors of the charitable company are its trustees for the purposes of charity law. The trustees who have served during the year and since the year end were as follows:

K Connell resigned 2 August 2023 S Dodd M Fenning A Ihebom L Kirkwood K O'Neill J Caldwell R Marlow M Healy appointed 19 October 2023 M Gill appointed 9 October 2023

6

E-Sign ID: 35eebe6d-b429-440c-8716-79bc49820537

Photoworks North Limited Registered number: NI062234 Trustees' Annual Report

Trustees' responsibilities

The trustees' are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

♣ select suitable accounting policies and then apply them consistently;

♣ make judgements and estimates that are reasonable and prudent;

♣ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

Small company exemptions

This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

On behalf of the Board

J Duncan 03/05/2024 12:23:54

John Duncan _____ J Duncan Company Secretary

7 May 2024

7

E-Sign ID: 35eebe6d-b429-440c-8716-79bc49820537

Independent Examiner's Report To The Members of Photoworks North Limited Year Ended 31 March 2024

Respective responsibilities of charity trustees and examiner

As charity trustees (and also the directors of the company for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the Companies At 2006. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner's report

I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters.

My role is to state whether any material matters have come to my attention giving me cause to believe:

  1. That accounting records were not kept in accordance with section 386 of the Companies Act 2006

  2. That the accounts do not accord with those accounting records

  3. That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the 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

  4. That there is further information needed for a proper understanding of the accounts to be reached

Independent examiner's statement

I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention.

S Accounting 06/05/2024 16:34:11

Satori Accounting

Satori Accounting Chartered Accounants

11 Orchard Business Park Pennyburn Industrial Estate Derry BT48 0LU

7 May 2024

8

E-Sign ID: 35eebe6d-b429-440c-8716-79bc49820537

Photoworks North Limited Statement of Financial Activities for the year ended 31 March 2024

Notes
Income and endowments from:
Charitable activities
4
Total income
Expenditure on:
Charitable activities
5
Governance costs
6
Total expenditure
Net (expenditure) / income
Reconciliation of funds:
Total funds brought forward
Transfer between funds
Total funds carried forward
Designated
Unrestricted
Restricted
£
£
£
-
46,993
100,410
2024
£
147,403
147,403
159,073
7,262
166,335
(18,932)
73,621
-
2023
£
147,041
-
46,993
100,410
147,041
-
58,663
100,410
-
7,262
-
142,525
311
-
65,925
100,410
142,836
-
(18,932)
-
64,837
5,421
3,363
( 26,518)
15,057
11,461
4,205
69,416
-
38,319
1,546
14,824
54,689 73,621

All income and expenditure derive from continuing activities

The statement of financial activities includes all gains and losses recognised during the year

9

E-Sign ID: 35eebe6d-b429-440c-8716-79bc49820537

Photoworks North Limited Balance Sheet

as at 31 March 2024

Notes 2024 2023
£ £
Fixed assets
Tangible assets 7 546 938
546 938
Current assets
Stocks 1,000 1,000
Debtors 8 24,803 3,256
Cash at bank and in hand 38,319 78,271
64,122 82,527
Creditors: amounts falling due
within one year 9 (9,979) (9,844)
Net current assets 54,143 72,683
Total assets less current
liabilities 54,689 73,621
Charity funds 12
Designated 13 38,319 64,837
Unrestricted 13 1,546 5,421
Restricted 13 14,824 3,363
Total charity funds 54,689 73,621

These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic Of Ireland (FRS 102)”.

The directors confirm that:

(i) For the year ended 31 March 2024, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies;

(ii) The members have not required the company to obtain and audit of its accounts for the year in question in accordance with section 476;

(iii) the directors acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts;

(iv) These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime

These financial statements were approved by the directors and authorised for issue on 7 May 2024 and are signed on their behalf by:

L Kirkwood J Caldwell 06/05/2024 11:19:30 03/05/2024 15:54:19 Leah Kirkwood Jessica Caldwell L Kirkwood J Caldwell Director Director

10

E-Sign ID: 35eebe6d-b429-440c-8716-79bc49820537

Photoworks North Limited Notes to the Accounts for the year ended 31 March 2024

1 Accounting policies

(i) General information and basis of preparation

Photoworks North Limited is a charitable company limited by guarantee registered in Northern Ireland. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are:

♣ to publish the work of emerging photographers

♣ to contribute to contemporary photographic culture through critical writing

♣ to be a useful resource to those practicing and studying photography

♣ to attract new audiences for contemporary photography

♣ to encourage thinking about the world through photography

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared 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) issued on 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act (Northern Ireland) 2008, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015.

The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.

The financial statements have been prepared to give a ‘true and fair’ view.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(ii) Tangible fixed assets and depreciation

Tangible fixed assets are initially measured at historical cost. Depreciation has been provided at the following rates in order to write off their assets over their estimated useful life

Equipment - 25% straight line

(iii) Income resources

Incoming resources from generated funds consists of income from fees and services generated by the charity from its main charitable activities. All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Incoming resources from charitable activities consists of grants received from various funding bodies to assist the charity in achieving its objectives. Grants of this nature are recognized in the Statement of Financial Activities when the charity is legally entitled to the income and all preconditions for receipt of the funds have been met.

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E-Sign ID: 35eebe6d-b429-440c-8716-79bc49820537

Photoworks North Limited Notes to the Accounts for the year ended 31 March 2024

(iv) Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. Staff costs have been allocated on the basis of time spent on each of the main activities of the charity, which are:

♣ Governance costs (management and administration of the charity)

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

(v) Fund accounting

Incoming resources of the company which are provided for a specific purpose, together with the resources expended to which they relate, form part of the restricted funds of the charity. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.

Incoming resources which are generated by the charity’s own efforts or provided with no specific preconditions, together with the resources expended to which they relate, are disclosed as part of the unrestricted funds of the charity. Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

(vi) Stock

Stock has been valued by the trustees at the lower of cost and net realisable value, on a FIFO basis. Stock consists of back issues of magazines produced by the charity and other photographic material and literature.

(vii) Debtors and creditors receivable/ payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure

(viii) Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

2 Income from charitable activities

Generated Funds:
Magazine sales
Advertising revenue
Subscriptions
Back issue sales
Graduate photography
Other revenue
Funding:
Arts Council of NI - core and programme
The Arts Council (Ireland) - visual arts
Department of Communities
Belfast City Council
Unrestricted
Restricted
Funds
Funds
£
£
2,538
-
4,559
-
22,999
-
925
-
15,972
-
-
-
-
35,987
-
30,927
21,715
-
11,781
Total
Funds 2024
£
2,538
4,559
22,999
925
15,972
-
35,987
30,927
21,715
11,781
Total
Funds 2023
£
1,403
8,612
20,713
1,061
12,296
359
-
44,984
23,913
21,919
11,781
-
46,993
100,410
147,403 147,041

12

E-Sign ID: 35eebe6d-b429-440c-8716-79bc49820537

Photoworks North Limited Notes to the Accounts for the year ended 31 March 2024

3 Expenditure on charitable activities
Audience development
Design fees
Personnel & people:
Editors fees
Web editor fees
Writers fees
Artists fees
Administration salaries
Pension costs
Staff training
Salaries
Direct magazine costs:
Magazine printing costs
Distribution costs
Digital distribution fees
Web hosting costs
Other running costs:
Rent and rates
Heat, light and power
Insurance
Telephone and internet
Postage
Office printing & stationery
IT, software and consumables
Books
Repro fees
Travel, subsistence and hospitality
General expenses
Depreciation
Unrestricted
Restricted
Funds
Funds
£
£
1,108
-
-
-
10,796
24,628
16,356
-
-
14,274
939
-
7,364
12,004
1,197
-
-
-
-
34,704
-
13,943
5,075
-
4,863
-
-
-
4,083
857
142
-
1,209
-
834
-
2,797
339
-
189
-
186
-
20
-
606
-
169
-
391
-
-
Total
Funds 2024
£
1,108
-
35,424
16,356
14,274
939
19,368
1,197
-
34,704
13,943
5,075
4,863
-
4,940
142
1,209
834
2,797
339
189
186
20
606
169
391
Total
Funds 2023
£
-
-
49,335
13,294
15,608
326
30,646
1,360
420
-
11,009
4,795
2,611
1,992
4,528
469
1,081
601
2,568
157
-
-
218
318
127
1,062
58,663
100,410
159,073 142,525
4
Governance costs
Accountancy fees
Bank charges
Exchange losses / (gains)
Unrestricted
Restricted
Funds
Funds
£
£
3,755
-
833
-
2,674
-
Total
Funds 2024
£
3,755
833
2,674
Total
Funds 2023
£
1,830
352
( 1,871)
7,262
-
7,262 311

5 Independent examiner's remuneration

The independent examiner’s remuneration amounts to an independent examination fee of £700 (2023 - £700) and accountancy fees of £3055 (2023 - £1,130).

6 Trustees and key management remuneration and expenses

The trustees neither received nor waived any remuneration during the year, nor did the trustees have any expenses reimbursed during the year.

Mr J Duncan, who is the manager of the charity and company secretary, was paid £26,971 in respect of editors' fees during the year ended 31 March 2024.

13

E-Sign ID: 35eebe6d-b429-440c-8716-79bc49820537

Photoworks North Limited Notes to the Accounts for the year ended 31 March 2024

7 Tangible fixed assets

Cost
At 1 April 2023
Additions
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023
8
Debtors
Funding debtors
Advertising and magazine debtors
9
Creditors: amounts falling due within one year
Accruals and deferred income
Equipment
£
17,897
-
Total
£
17,897
-
17,897 17,897
16,959
392
16,959
392
17,351 17,351
546 546
938 938
2024
£
24,802
-
2023
£
-
3,256
24,802 3,256
2024
£
9,980
2023
£
9,844
9,980 9,844

10 Related party transactions

There were no transactions with related parties during the year which require disclosure in the financial statements other than editors fees as disclosed at note 6.

11 Tax status

The company is a registered charity for tax purposes (Northern Ireland charity number NIC 100285 and is exempt from corporation tax on any income or capital gains arising.

12 Company limited by guarantee

The company is limited by guarantee and, therefore, there is no issued share capital.

Every member of the company undertakes to contribute to the assets of the company in the event of it being wound up during a period in which they are still a member of the company, including a period of one year from the date that they ceased to be a member, providing the debts were incurred during their period as a member of the company or the debt relates to costs and expenses of a winding up.

The liability of each member in such circumstances is limited to £1.

14

E-Sign ID: 35eebe6d-b429-440c-8716-79bc49820537

Photoworks North Limited Notes to the Accounts for the year ended 31 March 2024

13 Funds

Funds brought forward
Net (expenditure) / income
Funds available before transfers
Transfers between funds
Funds carried forward
Designated
Unrestricted
Restricted
Funds
Funds
Funds
£
£
£
64,837
5,421
3,363
-
( 18,932)
Total
Funds 2024
£
73,621
(18,932)
Total
Funds 2023
£
69,416
4,205
64,837
( 13,511)
3,363
( 26,518)
15,057
11,461
54,689
-
73,621
38,319
1,546
14,824
54,689 73,621

Description of funds:

(a) Restricted funds

Restricted funds consist of incoming resources which are provided for a specific purpose, together with the resources expended to which they relate. These consist of support from funders for the magazine production.

(b) Unrestricted funds

General unrestricted funds consist of incoming resources which are generated by the charity’s own efforts or provided with no specific preconditions, together with the resources expended to which they relate. These usually consist of monies generated from various revenue streams from magazine sales, subscriptions, advertising and graduate photography.

(c) Designated funds

Designated funds are incoming resources which are unrestricted in their nature but which have been designated by the charity to be used for a particular purpose or expended based on its own internal budgeting system.

As part of good governance and proper financial management of the charity, the board have designated funds of £38,319 towards future operating costs and to meet the charity's legal obligations in the event that funding streams are not sufficient to cover such costs. Designated funds at the year-end includes:

Website and magazine redesign / deployment 9,000
Salaries including redundancies 25,038
Other contractual obligations 4,281
38,319

14 Analysis of net assets between funds

Fixed assets
Stock
Debtors
Cash at bank
Current liabilities
Total
Designated
Unrestricted
Restricted
Funds
Funds
Funds
£
£
£
-
546
-
-
1,000
-
-
-
24,803
38,319
-
-
-
-
(9,979)
Total
Funds
£
546
1,000
24,803
38,319
(9,979)
38,319
1,546
14,824
54,689

15

This Document has been Signed with a secure electronic signature via E-Sign.

Envelope Details

Title Photoworks Final Accounts Version (31.03.24) For Signing
Author Satori Accounting (kieran@cloud360accounting.com)
Envelope Created on Fri, 03 May 2024 12:00:58
Envelope ID 35eebe6d-b429-440c-8716-79bc49820537
Document Details
Title ACC1_-_Photoworks_North_Ltd_Accounts_31_03_24.pdf.pdf
Digital Fingerprint 87279354-417e-477c-b2ea-81f5b8af9642

Document Signers Scan/Click the QR Code to view signature information

Name Leah Kirkwood
Email lkirkwood3@hotmail.co.uk
Status SIGNEDat Mon, 06 May 2024 11:19:30 BST(+0100)
Signature Fingerprint f7474c04-8422-4f7b-8aa2-7921e62f97aa
Name Jessica Caldwell
Email jcjmar@gmail.com
Status SIGNEDat Fri, 03 May 2024 15:54:19 BST(+0100)
Signature Fingerprint 756ec54a-be01-46d2-b126-b8e213f0b78f
Name John Duncan
Email john@source.ie
Status SIGNEDat Fri, 03 May 2024 12:23:54 BST(+0100)
Signature Fingerprint cc22f1e1-6d11-494c-b282-93bf434f0be9
Name Kieran Phelan
Email kieran@satoriaccounting.com
Status SIGNEDat Mon, 06 May 2024 16:34:11 BST(+0100)
Signature Fingerprint 6549d4c9-e259-4186-b40e-432f48872675

Document History

Mon, 06 May 2024 16:34:12 Kieran PhelanSigned the Document (IP: 80.6.172.181)
Mon, 06 May 2024 11:19:31 Leah KirkwoodSigned the Document (IP: 86.141.171.247)
Fri, 03 May 2024 15:54:20 Jessica CaldwellSigned the Document (IP: 86.30.244.74)
Fri, 03 May 2024 12:23:54 John DuncanSigned the Document (IP: 86.179.70.208)