Kilbroney Centre IA MPanY limit•d by gu•rarrt, not having a share capital) Annual Report and Unaudited Financial Statements for the financial year ended 31 March 2023 Company Number: N1606867 Charity Number.. 104782
Kilbroney Centre {A company limited by guarantee, nol having a share capltall CONTENTS Page Reference and Administrative Information Trustees, Annual Report Statement of Trustees, Responsibilities Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 10-14
Kilbroney Centre IA ¢¢mpany Ilmlt•d by guarantsè. not having a share capital) REFERENCE AND ADMINISTRATIVE INFORMATION Trustees Rev Adrian Dorrian - Chairperson Rt Rev Darren James Mccartney Edward WlleY Kenneth John Hooks Aanah Donaldson Robert Andrew Brannigan Or Ken Roberts Helga Harris Matthew Peach Catroina O'Hanlon Emma Holley (App'nted 6 February 20231 Charlty NUrnr In Northom Ireland 104782 Company Registratlon Number N1606867 Roglst•rod Offlce and Prlnclpal Addro1S 1 ForeslbrrM)k Road Rostrevor Newry BT34 3BT Independènt Examlner Malone Accounting 12 New Street Newry County Down BT35 6JD Prlnclpal Bankers Ulster Bank Ltd 86 Hill Streel Newry County Down BT34 1YB
Kilbroney Centre IA company limited by guarantee, not having a share capltall TRUSTEES. ANNUAL REPORT lor the financial year ended 31 March 2023 KILBRONEY The Iruslees present their Tws1. Annual Report. cnmbining Ihe Directors. Report and Trustees, Report, and th8 unaudited financial statements for the financial year ended 31 March 2023. The financial statements are prepared In accordance wth the Companies Act 2006. FRS 102"The Financial Reportin9 Standard applicable in the UK and Republic of Irdand" and Accounting and Reportin9 by Charilies.. Statement of Recommended Practice applicable 10 charits.es preparing their financial slatemenls in accordance with the Fin8nci81 Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 1021. The Trustees. ReFrt c£snlains the inforynation requir8d lo be provided in the Trustees, Annual Report under the ststement of Recommended Practice (SORP) guidelines. The trustees of the company are also Gharity trustees for the purpose of charity law and under the company's conslilution are known as members of the board of trustees. In this report the truslees of Kilbroney Centre present a summary of its purpose. govemance, adivities. achievements and finances for the financial year 31 March 2023. The charlty Is 8 registered ¢h8rity and hence the report and results are presented in a form whlch complies with th8 requirements of the Companies Act 2006 and, although not obliged lo cnmply with the Slalemenl of R8comm8nd8d Practice applicable in the UK and Republic of Ireland FRS 102. the organisation has implemented its recommendations where relevant in thése financial statements. Mlsslon, ObJ•ctlv•s and Strategy Objectlves The direct benefits which flow from the purwse of the organisation are the education and promobon of Ihe Christian faith to the users of the centre, the promotson and education of people regarding InSeallOn of the natural environmenl and the promOtn of reconciliabon. religious haMnY. equality and diversity. These benefits are evidenced through the direct feedback from users of the cenlre. user suNeys, word of mouth recornmendations 8nd repeal users. The beneficiaries are the users of the Cenlre who come from throughout Northem Ireland and includ8 youlh groups including BB. Brownies etc. church groups and school groups. Structuro, Governan and Managernent Slnjcture The Kilbroney Centre (The Centre) is overseen by a board of trustees. The day to day management and development is caffied out by 2 full time employees. the development office and the groundsman. The Development Officer rep to an appointed member of the Board. The groundsman report5 to the Development Officef for day to day roles but are accountable to the same appointed member of Ihe board. Revlew of Actlvitlos. Achlevements and Perfomance 2022123 has seen a return to the busy activities the centre had been accustomed lo befo COVID. During our usual peak seasons lexduding January and December) the centre hosted residential groups almost every weekend. From April-June we welcomed school groups for residentials each week of temi time as well. By the end of the finanal year. we had moved to appoint a third staff member to support the Centre Manager. Kilbroney ha5 also maintained a team of 'bank' staff and a cook who are brought in for residentials as required. 11 is expected that the Kilbroney Inlem scheme (begun in 2019 and curtailed due to COVIDI will resume in September 2023.
Kilbroney Centre IA company Ilmited by guarantee, not having a share capltall TRUSTEES. ANNUAL REPORT for Ihe financial year ended 31 March 2023 The Iruslees met several times during the year Ung Zoom and in person. and communicated regularly via email to take decisions as necessary. The Chair, Treasurer and Itkjwn and Dromorel Diocesan Development Officer acted on behalf of the board as necessary, in consultation with the Centre Manager. Although revenue has significantly increased, and we have worked hard to maintain generS reserves. the centre continues to need to obtain support from grant makers and other ssjpporters - both individuals and churches. This is in line viith the centre's charitable stslus. The cenlre staff, along with support from volunteers, continued to dev&lop Ihe site considerably includiiig the development of outdoor spaces at the campfire sites and near to main dinin9 hall. The centre is in g¢xJd health going forward, remaining financialty viable and operating within its aims and objectlves. We ¢tinUe to be thankful for the SAJPWrt of indiwduals, churches and granl-makers. Flnanclal Results Al the end of the finanrjal year the chartty has assets of £371.$50 {2022 - £413.835) and liabiliti8s of £108,69312022 - £129,956). The nel assets ofthe charty have decreased by £121.022). Re8orv•s Poslllon and Pollcy We are aiming for a bank b31an¢e which would cover us for 6 months. We pay cr8dilors soon after the invoice is approved, so keeping short to medium debt to a minimum. Likewise we encourage timeous settlement of our sales invoicés. Prlnclpal Rlsks and Uncertalntle• The Centre is subject lo general Commercial risks as are most businesses. As mosl of our guesls a from voluntary Christian groups and from schools, we are particularly vulnerable to the finanual circumstances which impact th8S8 user groups. We are especially mindful of the increasing budget squeeze in the education sector which irnpacts sch¢)ol and some youth programmès. Although most school groups charge pupils to attend residentials, increasing pressure on sch¢)ol budgets. and present industrial action. may impact the availability of teachers and Ih8refore some of our schools custom. Despite these risks. we are thankful that 2022123 saw a return lo more 'normal' acts'vilies in the wak8 of several years of COVID relaled dovffltum. Trustee• The trustees who served throughoul Ihe financial year. excepl as noted, were as follows.. Rév Adrian Dothan Rl Rev Darren James Mccartney Edward Wooll8y Kenneth John Hooks Alanah Donaldson Robert Andrew Brannigan Dr Ken Roberts Helga Harris Matthew Peach Catroina O'Hanlon Emma Holby (Appoinled 6 February 2023) In accordance with the Constitution. the trustees retire by rotation and, being eligible, offer themsefves for re-election. Complian¢0 wlth Sqctor-wido LaglatIon and Standards The charity engages pro•actively with legislation. standards and c4xles which are developed for the sector. Kilbroney Centre subscribes lo and is compliant with the following: The Companies Act 2006 The Charities SORP IFRS 102) Approved by the Board of Trustees on 10 Novemb•r 2023 and signod on Its behalf by: Rev Adrian Dorrian Trustee
Kilbroney Centre {A company limited by guarantee. not having a sharfr capital) STATEMENT OF TRUSTEES. RESPONSIBILITIES for the financial year ended 31 March 2023 The trustees. who are also directors of Kilbroney Centre for the purpjses ofcompany law, are responsibb for preparing the financial ststernents in accordance with applicable law armd regulations. Company law requires the trustees as the dilOr$ to prepare financial statements for each finanual year. Under that law the trustees have elected lo prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl induding FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Under company law the trustees must not approve the fir¢ancial statements unless they are sabsfied that they give a and fair view of the stste of affairs of the Charty and of the net income or expenditure of the charity for that peric*J. In preparing these financial ststements. the trustees are required to: selecl suitable accounting policies and apply them consistently., make judgements and estimates that a reasonable and prudent: stale whether the financial ststemenls have been prepared in accordance wth the relevant financial porting framework, identify those standards. and note the effect and the reasons for any material departure from th( standards,. and prepare Ihe financial statements on the going cOnn basis unless it is inappropriate to presume that the charity will continue in operation. The trustees confirm that they have comFAied with Ihe above requirements in preparing the financial ststements. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transaction5 and disclose wlh reasonable accuracy at any time the financial posib'on of the charity and enable them to ensure that the financial Statements comply with the Charities Act (Northern Ir8landl 2008. They are also responsible for safeguarding the assets of the drity and trEnce for taking reasonable steps for the prevention and detection of fraud and Other trUlaritieS. Approved by the Board of Trustees on 10 November 2023 and ¥igned on Its behalf by: IU .4ar_ Rev Adrian Dorrian Trustee
Kilbroney Centre IA company limited by guarantee. not havlng a sharè eapltall INDEPENDENT EXAMINER'S REPORT TO THE BOARD OF TRUSTEES OF KILBRONEY CENTRE We have examined the financial 5tstements of the charity for the financial year ended 31 March 2023, which comprise the Statement of Financial Activities lincorForating an Income and Expenditure Account), Ihe Balance Sheet and the related notes. This report is made solely lo the charity's members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Board of Trustees that we have done so, and state those matters that we have agreed to slate lo them in this report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members, as a body. for OUT work, or for this report. Respecllve responslbilitles of trustees and examiner The charity's trustees Iwho are also the directors of the company for the purposes of company lawl are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. The charity's trustees consider that an audit is not required for this financial year under Chapter 3 of Part 16 of the Companies Act 2006 and that an independent èxamination is required. It Is our resr)onsibility to.. examine the finan¢ial slalements under section 65 of the Charities Act- follow the procedures laid down by the general Directions given by the Charity Commission for Northern Ireland under section 65{9llb) of the Charilies Act., and 5tat8 whether particular matters have come lo our attention. Basis of independent examlnerfs report We have examined your charity financial statements as required under section 65 of Ihe Charities Act and our examination was carried out in accordance with the general Directions given by the Charity Commission for Northem Ireland under section 6519}Ibl of the Charities Act. An examination includes a review of the accounting records kept by the charity and a comparison of the financial slalemenls presented with those records. It also includes consideration of any unusual items or disclosures in the financial slalements and seeking explanations frorn the tmslees concerning any such matters. The procedures uridertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as lo whether the accounts present a 'true and fair, view and the report is limited to those matters sel out in the statement below. In connection with our examination, no matter has come to our attention which gives us use to believe that in. any material respect.. accounting records were not kept in accordance with section 386 of the Companies Act 2006 the financial statements do nol accord with those accounting records the financial statements have not been prepared in accordance with the accounting requiremenls of section 396 of the Companies Act 2006 and with the methods and principles of the Stalemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS1021 there is further information needed lor a proper understanding of the accounts to be reached. Independent examine¢s statement We 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 financial statements to be reached. VMthR Aidan Malone {FCA) Malone Accounting 12 New Street Newry County Down BT35 6JD Date: 10 November 2023
Kilbroney Centre IA company limited by guarantee, not having a share capital) STATEMENT OF FINANCIAL ACTIVITIES Ilncorpofating an Income and Expenditure Accoun¢) for the financial year ended 31 March 2023 Unrestricted R8strl¢t•d Funds Funds 2023 2023 Total Unrestricted Restricled Funds Funds Funds 2023 2022 2022 Total Funds 2022 Notes Incoming Rgsourcos Grants & Donations Activities for generating funds 9,326 118.323 9.326 118.323 47.555 48.732 9,554 57,109 48,732 Total incornlng resources 127.649 127,649 96,287 9,554 105.841 Expondlture Charitable activib'es 148,671 148,671 93,596 9,554 103.150 Net incomingloutgolng ro8our¢es bofor¢ transfers {21.022) 121.0221 2.691 2,691 Gross transfers lVe8n funds Not mov•menl In funds for the flnancial year (21,022) (21,022) 2,691 2,691 R•con¢lllatlon of funds: Total funds beginning of the year 14 293,261 19,382) 283,879 292,078 (10,890) 281,188 Totsl lund8 at th• énd of tho year 272.239 19,382) 262,857 294.769 110,890) 283,879 The Statement of Fin8nci81 Activities indudes all gains and losses recognised in the financial year. All income and expenditure relate lo conlinuing activities. notes pages 10 to 14 fc*m part of the finaniial statements
Kilbroney Centre IA company limited by guarnntse, not haviry a share c•pl¢•l) Company Numt*r: N1606867 BALANCE SHEET as al 31 Marth 2023 2023 2022 Fixed Assets Tangible assels 316.200 338,108 Current Assets Debtors Cash at bank and in hand 10 17,452 37,898 12,584 63,143 55.350 75,727 Crgditors: Amounts falllng duo wlthin one year 11 {16.139} 17.9021 Net Current Assets 39.211 67.825 Total A¥sets legs Current Liabilities 355,411 405,933 Grants receivable 12 191554) {122.054) Totsl Net Assets 262,857 283,879 Funds Restricted trust funds General fund (unrestrided) 19.382) 272.239 110,8901 294,769 Total funds 14 262,857 283,879 These finan(ial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 20C6. For the financtal year ended 31 Marth 2023 the tharty wa5 entitled lo exemption from audit under section 477 of the Companies Act 20C.. and no notice has been deposiled under seclion 476. The trustees confirm thal the members have not required the ecrfnpany to ckntain an audit of its financial statements for the financtal year in question in actordance wtlh seth.on 476 ofthe Companies Ad 21XE. The trustees acknowledge thr responsibikbes for ensuring that tharity keeps accounting records which comply wtth section 386 and for preparing financial ststements whith give a true and fail vW of the stale of affairs of the charity as at the end of the financial year and of rts profft and loss for the financbal year in accordance with the requirements of sections 394 and 395 and which othefW5e comply wilh the requirements of the Companies Act 2006 relab'ng to ffinan81 statents, so far as apICable to the ch8nty. Approved by the Board of Trustees and authorised for issue on 10 November 2023 and signed on its behalf Rev Adrian Dorrian Trustee Th? notes C pag9$ 10 to 14 form part ofthe finanL?al ststefn•n
Kilbroney Centre IA company limited by guarantee, not having a share capital) NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2023 GENERAL INFORMATION Kilbroney Centre is a company limited by guarantee inLY)rporaled in Northem Ireland. The registered office of the company is 1 Forestbrook Road, Roslrevor. Newry. BT34 3BT which is also the principal place of business of the company The financial statements have been presented in Pound Sterling (£1 which is also the functional currency of ihe company. SUMMARY OF SIGNIFICANT ACCOUNTING POUCIES The following accounting wlicies have been applied consistentty in dealing with items which are considered material in relation lo the charity's financial statements. Basls of preparatlon The financial statements have been prepared on the going concem basis under the historical cosl convention. modified lo indude certain items at fair value. The financial slaternenls have b&en prepared in accordance with the Statement of Recommended Practice ISORP) "Accounting and Reportin9 by Chanlies preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland FRS 102". As pemitted by the Companies Act 2006. the charity has varied the standard formats in that acl for the Statement of Financial Activities and the Balance Sheet. Departures from the standard fonnals are to comply th the requirements of tha Chanties SORP and are in compliance wrth section 4.7, 10.6 and 15.2 of that SORP. Statement of compllance The financial statements of the charity for thè financial year ended 31 March 2023 have been prepared on th& going concern basis and in accordance wth the Statement of Recommended Practice ISORPI 'Accounling and Reporting by Charities preparing their accounts in accGrdance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102.. Cash flow slatoment The charity has availed of the exemption in FRS 102 from the requIrnent to produGe a cash flow statemenl because il is classified as a small charity. Incomlng Rosources Voluntary income or capital is included in the Stslement of Financial Activities when the charity is legally enb'lled to it, ils financ1 value can be quantified wilh reasonable certainty and there is reasonable certainty of its ultimate receipt. Enlillemenl lo legacies is considered established when the ch8rity has been notified of distribution to be made by the executors. Income received in advan¢8 of due performance under a contract 15 accounted for as deferred income until eamed. Grants for activities are recognised as income when the re181ed conditions for legal entstlement have been ffet. Al other inrne is aA)Unted for on an accruals basi5. Expendlture All resources expended are accounted for on an accrua ba51$. Charitable aclivities include costs of service$ and grants. support costs and depreciation on related assets. Costs of generating funds similady indude fundraising aclivilies. Non-staff costs not attributed lo one category of activity are allocated or apportioned pro rala to the staffing of the relevant service. Finance. HR. IT and adminislralive staff costs are directly attributable lo individual activities by objective. Goveman¢e costs are those associaled with conslilulional and statutory requirements. T•nglble flxed assets and depreclatlon Tangible fixed assets are slated at cost or at valuation. less accumulated depreciation. The charge lo depreciation is calculated to write off the original cost or valuation of tangible fixed assels. less their estimated residual value. over their expecled useful lives as follows: Buildings Plant and machinery Fixtu5. fittings and equipment 4Yo Slraighl line 25.10 Slraighl line 10% Straight line 10
Kilbroney Centre IA company Ilmlted by guarant89. not havlng a sharo ptrI) NOTES TO THE FINANCIAL STATEMENTS continued for the financial year ended 31 March 2023 Debtors Debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Income recognised by the charity trom government agenaes and other cfrfvnders. but not yet re1Ved at year end. is included in debtors. Cash at bank and In hand Cash at bank and in hand comprises cash on deposit at banks requiring less than Ihree months, notice of thdrawal. Taxatlon No current or deferred taxation arise$ as the charity has been granted charitable exemption. Irrecoverable valued added lax is expenswj as incurred. INCOME GRANTS & DONATIONS Unrnstrictèd R•strl¢ted Fund$ Funds 2023 2022 All Churches Voluntary Donations Glft Receipts EducAtion Authority Belfast Region 7,896 4,062 1.825 14.4571 7,896 4,062 1.825 14.457 2,994 2,005 2,205 18.681 Ulster Communty FoUndatn Dept for the Economy Covid 19 Business Support Grant Corona Vlws Job Relention Sthe 20,064 10,000 1.160 9.326 9,326 57.109 OTHER TRADING ACTIVITIES Unrestrlct•d Restrlctod Funds Fund• 2023 2022 Income from groups 118.323 118.323 48.732 EXPENDrruRE CHARITABLE ACTIVITIES Dlrect ct$ Other Costs Support Costs 2023 2022 Expenditure on Charilable Activits'es Govemance Costs (Note 4.2) 100,345 2,428 45,898 146,243 2,428 100,418 2.732 102.773 45,898 148.671 103,150 GOVERNANCE COSTS Direcl Costs Other Costs Support Costs 2023 2022 Accountancy Services 2,428 2.428 2.732 11
Kilbroney Centra IA company limited by guarantee, not having a share capltall NOTES TO THE FINANCIAL STATEMENTS continued for the financial year ended 31 March 2023 ANALYSIS OF SUPPORT COSTS 2023 2022 Heat & Lvjht Telephone Maintenance Insurance General Office Rates 14.954 1,777 23.416 2,572 1.314 1,865 6,931 1.512 18,011 852 2,414 1.841 45.898 31,561 NET INCOMING RESOURCES 2023 2022 Net Incomlng ROUrceS are Slated after charglng1{crodltlng): Depreciation of tangibl8 assets Independent Examinerfs remuneration: independent examination seThices Amortisalion of grants receivable 21.908 23,219 2,428 {21.604) 2,732 118,6101 INVESTMENT AND OTHER INCOME 2023 2022 Amortisation of capilal grants received 21,604 18.610 EMPLOYEES AND REMUNERATION Number of èmployoes The average number of persons employ&J during the finandal year was as follows:17 2023 Nurnr 2022 Number Pemianent full tln Part rim 15 17 The staff costs comprise: 2023 2022 Wages and salaries Pension cosls 74,899 2,017 51,389 1,042 76,916 52,431 There were no employees with 1ments above £60.000. 12
Kilbroney Centre IA company limited by guarantee, not having a share capltall NOTES TO THE FINANCIAL STATEMENTS cnntinued for the financial year ended 31 March 2023 TANGIBLE FIXED ASSETS Buildings Planl and Fixtures, machinery fittings and equipmenl Total Cost At 31 March 2023 438.353 3,933 53,673 495.959 Depreciation At 1 April 2022 Charge for the financial year 122.035 17.534 1.358 34.458 3.694 157,851 21,908 At 31 March 2023 139,569 2.038 38,152 179.759 Net book value At 31 March 2023 298,784 1.895 15,521 316.200 At 31 March 2022 316,318 2,575 19.215 338.108 10. DEBTORS 2023 2022 Trade debtors Prepayments and accrued income 10,903 6,549 9.110 3,474 17.452 12,584 11. CREDITORS Amounts falling due wlthln one year 2023 2022 Trade creditors Taxation and social security costs Accruals and deferred income: Pension accrual Other amals 4,940 6.742 5,607 2.088 207 4,457 16.139 7.902 12. GRANTS RECEIVABLE 2023 2022 Capltal grants received and receivable At 1 April 2022 IDecrease}Ilncrease in financial year 180,878 17,896) 179,392 1,486 At 31 March 2023 172.982 180,878 Amortisation At 1 April 2022 Amortised in fin8ncb31 year {58.824) {21.604) {37,220} (21,604) At 31 March 2023 180,428) 158.824) Net book value At 31 March 2023 92.554 122,054 At 1 April 2022 122.054 142,172 13
Kilbroney Centre IA company limited by guarantee, not having a share capital) NOTES TO THE FINANCIAL STATEMENTS cor,tinued for the financial yeaf ended 31 Mafch 2023 13. RESERVES 2023 2022 Al the beginning of the year {DeficrtySurplus for the financial year 283,879 {21,022) 281.188 2,691 At the end of the year 262,857 283.879 14. FUNDS 14.1 RECONCILIATION OF MOVEMENT IN FUNDS Unrestrlcted Restricted Funds Funds Total Funds At 1 April 2021 Movement during Ihe financial year 292.078 2.691 (10,890) 281,188 2.691 Al 31 March 2022 Movement during the finanoal year 293,261 (21.022) (9.382) 283,879 121.0221 At 31 March 2023 272.239 19,3821 262,857 14.2 ANALYSIS OF MOVEMENTS ON FUNDS Balance 1 April 2022 Income Expenditure Transfers between funds Balance 31 Mah 2023 Restricted funds Restricted UnStrICted funds Unreslrided (9.382) (9.3821 293,261 149.253 170,275 272,239 Total funds 283.879 149.253 170.275 262.857 14.3 ANALYSIS OF NEf ASSETS BY FUND Fixed assets - charlty use Current assets Current Long-tenn Ilabililies deferred incorne Total Restrictsd tnjst funds {9.382) 19,3821 Unrestricted general funds 316.2C 55,350 (16,139) (83.172) 272,239 316,200 55.350 {16.139) {92,554) 262,857 15. STATUS The charity is limited by guarantee nol having a share capital. The liability of the members is limited. Every member of the company undertakes to contribute lo tre assets of the company in the event of its being wound up while they are members, or within one year thereafter. for the payment of the debts and liabilities of the company contracted beffo they ceased to be members. and the costs. chaTges and expenses of winding up, and for the adjustment of the rights ofthe ¢ontributors among Ihemsefves. such amount as may be required, not exceeding £1. 16. RELATED PARTY TRANSACTIONS It is thè policy of Kilbroney Centre that no remuneration is paid to trustees. The koy management personnel of The Centre comWe the trustees and the developmenl Offir. There are no related party transactions that require disdosure durirvJ the year. 14