Social Change Initiative Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Restricted funds Total funds Totsl funds 2023 Unrestricted funds Income and endowments Charitable activities Other trading activities Investment income 44.818 184,142 228.960 72,860 1,245 115,449 169.585 169.585 Total income 214.403 184,142 398,545 189,554 Expenditure Expenditure on charitable activits'es Total expendituro 37.038 1.058.963 1.096,001 1,192,388 37.038 1.058.983 1.096,001 1.192.388 Net losses on investrnents 10 {2.699) (2.699) (321,507) Net expenditure 174.666 (874,821) (700,155) (1,324,341) Transfers between funds 49.672 (49.672) Net movement in funds 224.338 (924.493) (700.155) (1,324,341) Reconciliatlon of funds Total funds brought forward Total funds carrled foNard 886,050 4,243,987 5,130,037 4,429,882 6,454.378 1,110.388 3,319,494 5,130.037 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 17 to 31 fonn part of these financial statements. 14
Social Change Initiative Company Limited by Guarantee Statement of Financial Position 31 March 2024 2024 2023 Nole Fixed assots Tangible fixed assets Investmènts 15 7,680 16 3.298.203 8,354 3,867.938 3,876.290 3.305.883 Current assets Debtors Investments Cash at bank and in hand 17 18 4,253 952,022 210.894 6,155 1,187,783 118,026 1.167,169 1.311,964 Creditors: amounts falling due withln one year Net current assets 20 43.170 58.217 1,123,999 4.429,882 4.429,882 1,253,747 5,130,037 Total assets less current liabilities Net assets 5,130,037 Funds of the charity Restricted funds Unrestricted funds 3.319.494 1.110,388 4,243,987 886.050 Total charity fund5 4.429,882 5.130,037 These financial statements have been prepared in accordance with the prowsions applicable to ompanies subject to the small companies. regime. These financial statement5 were approved by the board of trustees and authorised for issue on 15 November 2024. and are signed on behalf of the board by: Maggie Beirne Trustee The notes on pages 17 to 31 forni part of these financial statements. 15
Social Change Initiative Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operating activities Net expenditure (700,155) (1,324,341) Adjustments for Depreciation of tangible fixed assets Net losses on investments Dividends. interest and rents from investments Other interest receivable and similar income Interest payable and similar charges Accrued {income)lexpenses 1.893 2,699 (167.265) (2,320) 487 (15,110) 2,917 321,502 (114.873) (576) 596 2.190 Changes in.. Trade and other debtors Trade and other creditors 1,902 63 3.840 5,921 (877,806) {1,102.824) Cash generated from operations Interest paid Interest received (487) 2,320 (875,973) (1,102,844) {596) 576 Net cash used in operating activities Cash flows from investing activities Dividends, interest and rents from investments Purchase of tangible assets Purchases of other investments Proceeds from sale of other investments 167,265 114,873 (1,219) (744) (1.703,032) (1,425,105) 1.868,173 1,352,220 41,244 Net cash from investing activiti'es 331,187 N8t decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year (544.786) {1,061,600) 1,305,809 2,367,409 19 761,023 1,305.809 The notes on pages 17 to 31 forni part of these financial ststements. 16
Social Change Initiative Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 General inforniation The charty is a public benefft entity and a private company limited by guarantee, registered in Northern Ireland and a registered charty in Northem Ireland. The address of the registered office is 3rd Floor. Wellington Buildings, 24 Wellington Stree( Beas[ BT16HT. statement of compliance These financial statements have been prepared in compliance with FRS 102. 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the 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) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the hlstorfcal cost basis, as modiffed by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional cUencY of the entity. Going concern There are no material uncertainties about the charity's abilty to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements. estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experien and other factors. including expectations of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the drscretion of the tnjstees to fijrther any of the charity's purposes. Designated fund5 are unrestricted funds earmarked by the trustees for particular future project or commitmenL Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. 17
Social Change Initiative Company Limited by Guarantee Notes to the Financial Statements (conbnu8d) Year ended 31 March 2024 Accounting policies (ntinued) Incomlng resources All incoming resources are included in the statement of financial actwities when entitlement has passed to the charity" it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliabty measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift. receipt is probable and tis amount can be measured reliably. legacy income is recognised when receipt rs probable and entitlement is established. income from donated goods is measured at the Pdir value of the goods unless this is impractical to measure reliabty, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and ServIS are recognised in the accounts when received if the value can be reliabty measured. No amounts are included for the contribub'on of generdl vOlunr5. income from contracts for the supply of services is recognised with the delNery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and retumed rf unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis a5 a liabiltty 15 incurred. Expenditure includes any VAT which cannot be fiJlly recovered. and is dassified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non- charitable trading activities. and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of tts beneficiaries, including those support costs and costs relating to the govemance of the charity apportioned to charitable acb'vities. other expenditure includes all expenditure that is neither related to raising fvnds forthe charity nor part of its expenditure on charitable actwities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directy to that actNty. Shared costs are apportioned beeen the activities they contribute to on a reasonable. justifhable and consistent basis. Tangible assets Tangible assets are initially recorded at cost. and subsequently stated at cost less any accumulated depreciation and impaiment losses. Any tangible assets Caled at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 18
Social Change Initiative Company Limited by Guarantee Notes to the Financial Ststements (¢othinuedJ Year ended 31 March 2024 Accounting policies {c¢Jnlinued) Tangible assets (eontinu An increase in the carying amount of an asset as a resutt of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impaimient that has previously been recognised as expenditure within the ststement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation. is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain. in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuats'on of an asset, less its residual value. over the useful economic life of that asset as follows: Equipment 20% straight line Investments Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured. assets are measured at Cost le33 impairment Listed investments are measured at fair value with changes in fair value being recognised in income or expendrture. Inveslments in associates Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impaimient losses. Investments in associates accounted for in accordan with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. lthere it is impracticable to measure fair value reliabty without undue cost or effort, the cost mcKlel will be adopted. Dividends and other distributs'ons reiVed from the investment are recognised as income wtthout regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition. Investments In joint ventures Investments in jointly controlled entities accounted for in accordance with the cost model are corded at cost less any aGGumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporbng date. the investrnents are measured at fair value, with changes in fair value taken through income or expenditure. IM7ere it is impracticable to measure fair value reliably without undue cost or effor( the cost model will be adopted. 19
Social Change Initiative Company Limited by Guarantee Notes to the Financial Statements (conthued) Year ended 31 March 2024 Accounting policies (¢onb"nuedJ Investments in joint ventures (conUnu•rfJ Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition. Impalmient of red assets A review for indicators of impaimient is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist IAlhere the carrying value exceeds the recoverable amount, the asset is impaired accordingty. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testsng. when It Is not possible to ests.mate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash4Jenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely Independent of the cash inflows from other assets or groups of assets. For impaiment testing of goodwill, the goodwill acquired in d bu¥iiiess Gornbinatiori 15, from the acquisib'on date. allocated to each of the cash4Jenerats"ng units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Financial instruments A financial asset or a financial liabilty is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount recetvable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or reiVed and not discounted. Debt instruments are subsequenty measured at amortised cost VQhere investments in shares are publicty traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairmenL other financial instruments, including derivatives, are initially recognised at fair value, unless payrnent for an asset is deferred beyond nomial business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. other financial instruments are subsequently measured at fair value, wilh any Ghanges recognised in the statement of financial activities. with the exception of hedging instruments in a designated hedging relationship. 20
Social Change Initiative Company Limited by Guarantee Notes to the Financial Statements (¢onfrnuedJ Year ended 31 March 2024 Accounting policies (continued) Ftnancial inGtruments (contsnuedj Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reportrng date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the ststement of financial acts'vities in which the initial gain was recognised. For all equity instruments regardless of significan, and other financial assets that are individually significant, these are assessed indrvidually for impaiment. other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carying amount of the financial asset that exceeds what the carying amount would have been had the impairment not previously been recognised. Defined Contribution plans Contributj'ons to defined contributton plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduGtion in future payrnents or a cash refund. then contributions are not expected to be setued wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Limited by guarantee The Social Change Initiative is a company limited by guarantee govemed by its Memorandum and Articles of Association dated 31st October 2017.lts application to be recognised as a charity was accepted by the Charity Commission for Nothem Ireland on 30th April 2018. 21
Social Change Initiative Company Limited by Guarantee Notes to the Financial Statements (eonknuedj Year ended 31 March 2024 Charitable activities Unrestricted Funds Restricted Total Funds Funds 2024 Fees for Semce Work CFI - Trim Convening Rowan Trust - Trim Convening Human Rights 360- return of unused thnds CFI - Philanthropy Conf. Miscellaneous Income Porticus- World Values Survey Joseph Rowntree Charitable Trust- Philanthropy Conf. CFNI - Philanthropy Conf. DFA- Supporting Palestinian Women in Leadership DFA- World Values Follow Up Porticus - Strengthening Activist Supports First instalment DFA- Philanthropy Conf. Foreign, Commonwealth & Devebpment offi - Philanthropy Conf. International Fund Ireland - Philanthropy Conf. Communty Foundation Ireland- All Ireland Convening 27,435 12,649 4,535 27,435 12.649 4,535 35.764 12,451 199 35.764 12,451 199 10,000 13.000 20,081 21,085 10,000 13,000 20,081 21.085 50,000 4,261 50.000 4,261 7.500 10,000 7,500 10,000 44,818 184.142 228,960 Unrestricted Funds Restricted Total Funds Funds 2023 Fees for Service Wlork CFI - Trim Convening Rowan Trust- Trim Convening Human Rights 360- retum of unused funds CFI Philanthropy Conf. MiscellaneDUS Income PortiCUS- Wodd Values Survey Joseph Rowntree Charitable Trust- Philanthropy Conf. CFNI - Philanthropy Conf. DFA- Supporting Palestinian Women in Leadership DFA- World Values Follow Up Porticus - Strengthening Activist Supports First instalment DFA- Philanthropy Conf. Foreign, Commonwealth & Development Office - Philanthropy Conf. Intemational Fund Ireland- Philanthropy Conf. Community Foundab'on Ireland- All Ireland Convening 32,037 32,037 1,244 1.244 10.000 10,000 1,000 1.000 3.000 3.000 25.579 25,579 72.860 34,281 38.579 22
Social Change Initiative Company Limited by Guarantee Notes to the Financial Statsments {coneinuedJ Year ended 31 March 2024 Other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Sale of Assets 1,245 1,245 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Income from listed investments Bank interest received 167,265 2,320 169.585 167,265 2,320 169,585 114.873 576 114,873 576 115.449 115,449 Expenditure on charitable actlvftles by fund type Unrestricted Funds RestrÉcted Total Funds Funds 2024 Support of Social Change Support costs 37,038 911,984 146,979 949,022 146,979 1,096,001 37.038 1.058,963 Unrestricted Funds Restricted Total Funds Funds 2023 Support of Social Change Support costs 1,019,874 172.514 1.019,874 172,514 1,192,388 1,192.388 Analysis of support Costs Analysis of support costs Total 2024 Total 2023 Staff costs Premises Communications and IT General office Govemance costs 69,059 43,438 13.160 8,278 13.044 69,059 43,438 13,160 8,278 13,044 146,979 76,945 56,319 11,216 12,932 15,102 146,979 172,514
Social Change Initiative Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 10. Net losses on investments Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Gainsl(losses) on listed investments (2.699) (2,699) (321,507) {321,507) 11. Net expenditure Net expenditure is stated after chargingl(crediting): 2024 2023 Depreciation of tangible fixed assets 1,893 2,917 12. Auditors remuneration 2024 2023 Fees payable for the audit of the financial statements 4.265 3,810 13. Staff costs The total staff costs and employee beneffts for the reporbng period are anatysed as foll0v.. 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans Other employee benefits 523,174 67.781 77,079 23,374 581.273 78.184 87.191 22,807 691,408 769,455 The average head count of employees during the year was 5 (2023.. 6). The number of employees whose remunerdtion for the year fell within the following bands, were: 2024 2023 No. No. £60,000 to £69.999 £70,000 to £79,999 £80,000 to £89,999 £130,000 to £139,999 £190,000 to £199.999 Key Management Personnel Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided lo the charty was £512,608 (2023". £514,438>. 24
Social Change Initiative Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2024 14. Trustee remuneration and expenses The organisations trustees were not paid or received any other benefits from employment with the organisation in the year. They were reimbursed travel expenses during the year totalling £103 {2023'. £2,229) None of the organisations trustees receNed payment for professional or other services supplies to the organisation. 15. Tangible fixed assets Fixiures and fittings Equipment Total Cost At 1 April 2023 Additions 5,000 15,576 1,219 16,795 20,576 1,219 21.795 At 31 March 2024 5,000 Depreciation At 1 April 2023 Charge for the year At 31 MarGh 2024 12.222 1.893 12.222 1.893 14.115 14.115 Carrying amount At 31 March 2024 5.000 2.680 7.680 At 31 March 2023 5,000 3.354 8.354 16. Investments Listed investments Cost or valuation At 1 April 2023 Additions Disposals Fair value movements 3,867,936 1,703,032 (1,635,111) (637,654) 3,298,203 At 31 March 2024 Impaimient At 1 April 2023 and 31 March 2024 Carrying amount At 31 March 2024 3.298,203 3,867,936 At 31 March 2023 All investments shown above are held at valuation. Financial assets held at falrvalue All investments shown above are held at valuation 25
Social Change Initiative Company Limited by Guarantee Notes to the Financial Statements (confinued) Year ended 31 March 2024 17. Debtors 2024 2023 Trade debtors Prepayments and accrued incorr Other debtors 3,000 2.622 533 3,720 533 4.253 6,155 18. Investments 2024 2023 Bank investments 952,022 1.187.783 19. Cash and cash equivalents Cash and cash equivalents comprise the following: 2024 2023 Cash at bank and in hand Short-term deposits 210,894 952,022 118,026 1,187,783 1,305,809 1.162,916 20. Creditor5: amounts falling duo within one year 2024 2023 Trade creditors Accruals and deferred income Social security and other taxes other creditors 1,169 12,544 22.242 7,215 872 27,654 22,944 6,747 43,170 58,217 21. Penslons and other post retirement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relab'on to defined contribution plans was £77,079 (2023: £87.191). 26
Social Change Initiative Company Limited by Guarantee Notss to the Financial Statements (lI•nuedJ Year ended 31 March 2024 22. Analysis of charitable funds Unrestricted funds At 1 Apr 2023 Gains and At losses 31 Mar 2024 Income Expendtiure Transfers General funds 886,050 214,403 {37,038) 49,672 {2,699) 1,110.388 At 1 Apr 2022 Gains ancl At losses 31 Mar 2023 Income Expenditure Transfers General funds 1.026,656 150.975 29,926 (321.507) 886.050 Restricted funds At 1 Apr 2023 Gains and At kisses 51 Mar 2024 Income Expenditure Transfers Atlantic Philanthropies Atlantic Philanthropies- Fellowships Atlantic Philanthropies - Migration Atlantic Philanthropies - Assets in Kind PortiCUS- Fellowship and Mentoring Atlantic Philanthropies- Migration Narrative Porticus Nl Shared Education and learning Porticus monitoring hate and tension Joseph Rowntree CFNI 3,479.392 (808,969) 478,893 3,149,316 39.313 (33,221) (6.092) 234,025 (8.175) (225,850) 5,000 (5,000) 12,153 (12,153) 200,680 213.399 35.764 {236,444) (105,511) (37,799) 70,089 29,057 29,057 16.197 16,197 10.000 (10,000) 5,000 (5,000)
Social Change Initiative Company Limited by Guarantee Notes to the Financial Statements (con(InuedJ Year ended 31 March 2024 22. Anatysis of charitable funds (continuedj Communty Foundation Ireland- All Ireland Convening Porticus- World Values Survey DFA- Supporbng Palestinian Women's Leadership DFA- Ildvs Porticus- Strengthening Activist Supports {229) 229 10.000 (10.000) 20.081 21.085 (20.257) (12.530) 176 (632) 7.923 50.000 (3.088) 46.912 DFA- P&P Conference FCDO- P&P Conference IFI P&P Conferen CFI - P&P Conference CFNI- P&P Conference 4.261 (4,261) 7.500 (7.500) 10.000 {10,000) 12.451 (12,451) 13.000 (13.000) 184,142 {1,058,%3) (49,672) 4,243,987 3,319,494
Social Change Initiative Company Limited by Guarantee Notes to the Financial Statsments (co¥nUed) Year ended 31 March 2024 22. Anatysis of charitable funds (¢ontlnued) At 1 Apr 2022 Gains and At losses 31 Mar 2023 Income Expenditure Transfers Atlantic Philanthropies Atlantic Philanthropies- Fellowships Atlantic Philanthropies - Migration Atlantic Philanthropies- Assets in Kind Poiticus- Fellowship and Mentoring Atlantic Philanthropies- Migration Narrakn've 4,354,748 (902,731) 27,375 3.479,392 71,218 {31.905) 39,313 304,657 (62.457) (8,175) 234.025 5,000 5,000 12,153 12.153 200.680 200,680 29
Social Change Initiative Company Limited by Guarantee Notss to the Financial Statements {¢onlinued) Year ended 31 March 2024 22. Analysis of charitable funds (conbnuedj Porticus Nl Shared Education and learning Porticus monitoring hate and tension Joseph Rowntree CFNI Communty Foundation Ireland- All Ireland Convening Porticus- Worfd Values Survey DFA- Supporting Palestinian Women's Leadership DFA- IMIS Porticus - strengthening Activist Supports DFA- P&P Conference FCDO- P&P Conference IFI - P&P Conference CFI - P&P Conference CFNI - P&P Conference 399,615 (137.090) (49,126) 213,399 29,057 29,057 28.594 10.000 12,000 (12.397) (10.000) (10,000) 16.197 3.000 5.000 25,579 (25.808) (229) 10,000 10,000 5,427.722 38,579 (1,192,388) (29,926) 4,243,987 Transfers have taken place during the year in relation to recharges for overheads between the funds, these transfers totalled £49,672 (2023: £29,926) 30
Social Change Initiative Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2024 23. Analysis of net assets between funds Unrestricted Funds Restricted Totsl Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Net assets 7,680 3,354.984 (43.170) 3,319.494 7,680 4.465,372 (43,170) 4,429,882 1.110.388 1,110.388 Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 8,354 4,334.877 (58.217) 4,285.014 8,354 5.179,900 (58,217) 5,130,037 845.023 845.023 24. Ethical standards In common many other businesses of our size and nature we use our auditors to prepare and submit returns to Ihe tsx authorities arKJ assist with the preparation of the financial statements. 25. Taxation The Company is a registered charity. and as such is entitled to tax exemptions on income and profits in furtherance of the charrtvs primary obJecb"ves. 26. Contingencies A contingent liability exists to repay grants and Trust monies received should certain conditions not be fulfilled by the charity. In the opinion of the Trustees, the terms of the Letters of Offers have been. or will be. complied with and no liability is expected. 27. Analysis of changes in nel debt At At 1 Apr 2023 Cash flo 31 Mar 2024 Cash at bank and in hand Current asset investments 118,026 1,187,783 92,868 (235,761) (142,893) 210,894 952,022 1.305,809 1,162,916 28. Related parties The Trustees have considered guidance in retation to related paty transactions and believe there are no transactions that require disclosure. 31