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**WCH TRUST FOR CHILDREN SC003724**
**(Scottish Charitable Incorporated Organisation)**
**REPORT AND FINANCIAL STATEMENTS**
**for the year ended 31 March 2026**
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## **WCH TRUST FOR CHILDREN**
## **CONTENTS**
||**Page**|
|---|---|
|Reference and administrative details|1|
|Trustees’ Report|2-6|
|Independent Examiner’s Report|7|
|Statement of Financial Activities|8|
|Balance Sheet|9|
|Notes to the Financial Statements|10-16|
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## **WCH TRUST FOR CHILDREN**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
**Trustees** P W Yellowlees – Chairman A Barrie J Broadwood M J Gibson J Sims **Secretaries and Treasurers** MHA, Chartered Accountants **and Principal Address** 6 St Colme Street Edinburgh EH3 6AD **Bankers** Virgin Money 83 George Street Edinburgh EH2 3ES **Investment Managers** Rathbones 10 George Street Edinburgh EH2 2PF **Independent Examiner** RLH Crawford, BA CA CTA Jeffrey Crawford & Co Chartered Accountants 25 Castle Terrace Edinburgh EH1 2ER **Solicitors** Anderson Strathern LLP 1 Rutland Court Edinburgh EH3 8EY **SCIO Number** SC003724 **Companies House number** CS000004
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## **WCH TRUST FOR CHILDREN**
## **TRUSTEES’ REPORT**
The Trustees present their report along with the financial statements of the charity for the year ended 31 March 2026.
## **Objectives and Activities**
The charitable purposes of the SCIO are:
- To provide financial assistance and other benefits, from time to time, to former residents and/or former employees of the former Widowers’ Children’s Home, Edinburgh who are in need by way of ill health, financial hardship or other disadvantage;
- to provide financial assistance to charities registered in Scotland, in particular those that are concerned with the care and welfare of children; and
- to provide relief by way of grants or other means to individual children and young adults up to the age of 25 or the families of such individuals for the purpose of education, training, treatment for mental or physical disabilities or ill health, the provision of equipment for the benefit of such individuals and the provision of holidays and the like.
## **Achievements and Performance**
As detailed in Note 4, during the year, grants were made to 24 (2025 - 27) Scottish registered charities as well as 26 (2025 - 29) individual grants to former residents of the Home. The grants for the year ended 31 March 2026 were mainly determined at the grants committee meetings held in June and December 2025.
## **Financial review**
The results of the year are shown in the financial statements. As planned, there is net expenditure before investment gains and losses of £178,982 (2025: £194,038). The deficit decreased in the year due to the lower contribution to the Scottish Government’s Redress Scheme of £93,333 (2025: £143,333). The net movement in funds for the year after investment gains and losses was a decrease of £61,617 (2025: £180,405).
## **Reserves Policy**
The Trustees intend to continue the policy of expending at or in excess of 150% of annual investment income to meet grant funding objectives. Funds brought forward from previous years are available if needed. Reserves at 31 March 2026 were £1,000,535 (2025: £1,062,152).
## **Investment policy and performance**
There are no restrictions on the charity’s power to invest. The investment objective of the Trust is to grow both capital and income over the longer term. The investment managers attend a formal meeting of the Investment Committee twice yearly and operate on a discretionary management basis.
The total value of the investment portfolio as at 31 March 2026 was £999,462 (2025: £1,046,764), made up of securities of £987,484 (2025: £1,038,633) and cash of £11,978 (2025: £8,131). Income generated was £30,474 (2025: £40,093).
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## **WCH TRUST FOR CHILDREN**
## **TRUSTEES’ REPORT (continued)**
## **Investment policy and performance (continued)**
The WCH Trust’s investment portfolio generated a total return, net of all fees, of 13.6% over the 12-month period to end of March 2026. This is behind the risk group benchmark (+16.7%) but ahead of the peer group, as measured by the ARC Equity Risk category, which appreciated by 12.3%.
Recent headlines have been dominated by the war in Iran which has caused markets to sell off in general. It remains to be seen how long the conflict will continue and, importantly, how long supply will continue to be impacted by shipping disruption in the Strait of Hormuz, but at this point, even if peace is quickly negotiated from here, the longer-term impact will certainly be inflationary. That said, we’re currently estimating inflation increases of around 1.5-2.0% at this time, which is modest compared to the double-digit inflation levels we experienced in 2022 following Russia’s invasion of Ukraine, or indeed the exceptionally high inflation seen after the oil shock of the 1970s. We also note that long-term inflation expectations remain relatively subdued.
Despite the ongoing geopolitical uncertainty, markets have experienced strong returns over the past year, particularly developing markets which have been supported by rapid earnings growth and exposure to the AI theme through companies such as TSMC. The Lazard Emerging Markets fund was the portfolio’s top contributor, adding 1.53% to total performance and generating absolute returns of over 46%. Gold was another key contributor to performance, with Invesco Physical Gold adding 1.16% to performance and generating absolute returns of 44.32%, continuing to add good diversification to the portfolio. It was ASML Holdings, however, which experienced the strongest individual absolute return (+93.98%) as it continues to be benefit from the AI theme.
At the other end of the spectrum, certain growth stocks have struggled including Diageo (- 31.92%) and RELX (-33.40%), although we continue to have confidence in both positions longer term and believe the recent selloffs have been overdone.
The portfolio’s overall yield was 2.4%, equivalent to £24,300, as at the 31st of March.
## **Grant making policy**
The Trust welcomes applications for grant aid from registered charities whose aim is the protection, care and welfare of children in Scotland. Applications are reviewed at each meeting of the Grants Committee and are assessed on an individual basis taking into account the nature of the project being undertaken, knowledge of the charity and the impact that the grant aid would make to the project. Where it is felt appropriate, grant aid can be spread over the lifetime of a particular project. The Trustees on the Grants Committee monitor the effectiveness of the grant aid by obtaining and reviewing periodic updates from the charities concerned.
In addition, the committee receive individual requests for financial assistance from former residents of the home. Where support is given, it can either be in the form of a grant or loan depending on the circumstances. These are dealt with as and when the requests are received.
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## **WCH TRUST FOR CHILDREN**
## **TRUSTEES’ REPORT (continued)**
## **Risk management**
The Trustees have considered and maintain a risk register of the major risks to which the charity is exposed. They are satisfied that systems are in place to mitigate exposure to those risks. In common with many Children’s Homes operating in the 1960s and ‘70s, former residents have raised allegations in the past about mistreatment during their time in the Widowers’ Children’s Home. As the Home closed in 1980 and therefore no longer exists, this charity, which has the financial welfare of ex-residents as one of its charitable objectives, has been the focus for reporting these allegations. The Trustees have always advised former residents to speak to the appropriate authority.
In January 2017 the Trust was given notice under section 21 of the Inquiries Act 2015 to provide reports relating to the Widowers’ Children’s Home as part of the Scottish Child Abuse Inquiry. While the information available to the trustees was limited a detailed report was provided to the Inquiry in April 2017. The charity was included in Phase 10 of the Inquiry and in November 2025, submitted to them an update to their April 2017 Report. Following an opening submission to the Inquiry in December 2025, 2 days of evidence were heard in January 2026 from both former residents and the Chair of the charity. Phase 10 of the Inquiry closed in June 2026, and thereafter a formal report is anticipated some time in 2027.
In June 2018, the charity received formal notification that 10 ex-residents felt they suffered abuse while resident at the Widowers’ Children’s Home in Edinburgh. As a result of a recent change in legislation they wished to sue this charity for as yet unquantifiable compensation. This matter remains in the hands of our solicitors and OSCR has been informed. In 2019, 4 of the cases brought by ex-residents were found to relate to a period where the Home had insurance in place. Accordingly, these cases have been passed on to the relevant insurers. As at the balance sheet date, 3 claimants had sadly passed away.
The Scottish Government’s ‘Redress for Survivors (Historical Child Abuse in Care) (Scotland)’ bill received royal assent in April 2021 and began accepting applications in December 2021. The Trustees, after carefully considering the matter including taking legal advice, resolved in November 2022 that the charity should join the Redress Scheme "RS" as a Contributor. The Trust formally joined the scheme on 27 September 2023. Since notifying the Scottish Government in December 2022 of our intention to join the RS, the Trustees have been informed that 12 former residents of the Home and/or their next of kin have contacted the RS to note a claim. During the year to 31 December 2024, the RS made determinations which resulted in the Trust incurring a liability of £173,333. Subsequent to this, further determinations have been made amounting to £93,333. As of today's date, we are not aware of any outstanding liabilities to the RS.
## **Plans for the future**
The Trust’s investment income has decreased from the prior year, being £30,474 in the year to 31 March 2026 compared with £40,093 in the year to 31 March 2025. This is due to the disposal of shares in the year to fund the Redress Scheme contribution. The anticipated income for the year to 31 March 2027 is £21,292. The Trustees intend to continue to consider charity applications for funding on a biannual basis in line with reserves and grant making policies.
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## **WCH TRUST FOR CHILDREN**
## **TRUSTEES’ REPORT (continued)**
## **Structure, Governance and Management**
The WCH Trust for Children is a Scottish Charitable Incorporated Organisation (SCIO) and is governed by its constitution dated August 2016.
## **Structure, Governance and Management (continued)**
The Trustees meet formally twice yearly and those who served during the year are listed on page 1. The day-to-day management of the Trust is undertaken by the Secretaries and Treasurers, MHA Chartered Accountants.
## **Organisational structure**
The responsibility for the management of the charity’s investments and the review of grant aid applications and making recommendations thereon is split between the Investment Committee and the Grants Committee. Each Trustee serves on one of either the Grants or Investment committees which then report to the Trustees. These committees also meet twice yearly although they convene and consult on other occasions as required.
The overall strategy, policy and general control of the charity is the responsibility of the Trustees but the day-to-day co-ordination of management of the charity is devolved by the Trustees to the Secretaries and Treasurers.
## **Recruitment, appointment and training of Trustees**
New Trustees are appointed by the existing Trustees in accordance with the terms of the Constitution. The number of Trustees shall not be fewer than three and not be more than nine.
Appropriate training is provided, and all the current Trustees are familiar with the practical work of the charity and their responsibilities as Trustees.
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## **WCH TRUST FOR CHILDREN**
## **TRUSTEES’ REPORT (continued)**
## **Trustees’ responsibilities statement**
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in Scotland 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 of the charity for that period. In preparing these financial statements, the trustees are required to:
- Select suitable accounting policies and then apply them consistently;
- Observe the methods and principles in the Charities SORP 2019 (FRS 102);
- 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 operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investments (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
For and on behalf of the Trustees
**P W Yellowlees, Chair**
22 July **2026**
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## **WCH TRUST FOR CHILDREN**
## **Independent Examiner’s Report to the Trustees of WCH Trust for Children**
I report on the financial statements of the charity for the year ended 31 March 2026 set out on pages 8 to 16.
## **Respective responsibilities of Trustees and Independent Examiner**
The charity’s Trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity Trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.
## **Basis of Independent Examiner’s statement**
My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the financial statements.
## **Independent Examiner’s statement**
In the course of my examination, no matter has come to my attention:
1. which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
- to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;
have not been met; or
> 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
**RLH Crawford, BA CA CTA** Independent Examiner
22 July 2026 **2026**
Jeffrey Crawford & Co 25 Castle Terrace Edinburgh EH1 2ER
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## **WCH TRUST FOR CHILDREN**
## **STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2026**
|**Income from:**
Note
Investments
**Total income**
**Expenditure on:**
Raising funds
2
Other expenditure
3
Charitable activities
4
**Total expenditure**
**Net expenditure before gains on investments**
Net gains on investment assets
8
**Net (expenditure) and net movement in funds**
Fund balance at 31 March 2025
11
**Fund balance at 31 March 2026**
11|2026
£
30,474
30,474
7,304
133,295
68,857
209,456
(178,982)
117,365
(61,617)
1,062,152
1,000,535
|2025
£
40,093|
|---|---|---|
|||40,093|
|||8,785
143,352
81,994|
|||234,131|
|||(194,038)
13,633|
|||(180,405)
1,242,557
1,062,152|
8
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## **WCH TRUST FOR CHILDREN**
## **BALANCE SHEET at 31 March 2026**
|Note
**Fixed assets**
Investments
8
**Current assets**
Cash at bank
Cash at brokers
Debtors
9
**Creditors: amounts falling due within one**
**year**
10
**Net current assets**
**Net assets**
**Represented by:**
**Unrestricted funds -**General Fund
11|2026
£
987,484
8,041
11,978
437
20,456
(7,405)
13,051
1,000,535
1,000,535|2025
£
1,038,633|
|---|---|---|
|||21,202
8,131
1,794|
|||31,127
(7,608)
23,519|
|||1,062,152|
|||1,062,152|
These financial statements were approved by the Trustees on 22 July 2026 and are signed on their behalf:
## **P W Yellowlees Chair**
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## **WCH TRUST FOR CHILDREN**
## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2026**
- 1 **Accounting policies**
The significant accounting policies applied in the preparation of the financial statements are set out below. These policies have been consistently applied unless otherwise stated.
## _**General information**_
The financial statements have been 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 and rounded to the nearest £.
## _**Basis of preparation**_
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and Charities Accounts (Scotland) Regulations 2006 (as amended).
WCH Trust for Children meets the definition of a public benefit entity.
## _**Going concern**_
The trustees are of the opinion that the Fund can continue to meet its obligations as they fall due for the foreseeable future. Therefore, the trustees have prepared the financial statements on a going concern basis.
## _**Income recognition**_
All income is recognised as soon as the charity has entitlement to the resources, it is probable that the income will be received, and the amount of income receivable can be measured reliability.
Dividends are included when receivable and the amount can be measured reliably by the charity. This is normally once the dividend has been declared and notification has been received of the amount due.
## _**Expenditure recognition**_
Expenditure is recognised as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, 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 costs related to that activity. All expenditure is accounted for on an accruals basis inclusive of any VAT which cannot be recovered.
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## **WCH TRUST FOR CHILDREN**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 March 2026**
- 1 **Accounting policies (continued)**
## _**Expenditure recognition (continued)**_
Expenditure on raising funds includes costs associated with generating income for the charity through its investment portfolio. Other expenditure relates to contributions towards the Redress Scheme. Expenditure on charitable activities includes costs incurred in the delivery of the charity’s objectives. It includes both the direct cost of grant making and those costs of an indirect nature necessary to support them.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the charity. The grants are accounted for where either the trustees have agreed to pay the grant without condition and the recipient has a reasonable expectation that they will receive a grant, or any condition attaching to the grant is outside the control of the charity.
Support costs are allocated between governance costs and other support costs. Governance costs comprise those costs including the public accountability of the charity and therefore include the cost of independent examination. Other support costs relate to the administrative costs of running the charity.
## _**Investments**_
Investments are a form of basic financial instrument and are initially measured at their transaction value and subsequently measured at fair value at the balance sheet date. Gains and losses on disposal and revaluation of investments are credited or charged to the Statement of Financial Activities throughout the year.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to underlying economic conditions, the attitude of trustees to investment risk and changes in sentiment concerning equities within particular sectors or sub sectors.
## _**Debtors**_
Debtors are recognised at the settlement amount due.
## _**Cash at bank and in hand**_
Cash at bank and in hand include cash and short term highly liquid investments with a short maturity date of three months or less from the date of acquisition or opening of the deposit or similar account.
## _**Creditors**_
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure, it is probable the transfer of funds to a third party will be required and the amount due to settle the obligation can be measured reliably.
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## **WCH TRUST FOR CHILDREN**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 March 2026**
- 1 **Accounting policies (continued)**
## _**Funds structure**_
The charity’s funds are all considered by the trustees to be unrestricted and are therefore available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
## _**Taxation**_
The charity is recognised by HM Revenue and Customs as a charity and is therefore not liable to tax on its income and gains to the extent that these are applied to its charitable objectives.
|2
**Raising funds**
Investment management charges
3
**Other expenditure**
Legal fees
Redress scheme contribution
Tax withheld on foreign dividends|2026
£
2025
£
7,304
8,785
2026
2025
£
£
39,642
-
93,333
143,333
320
19
133,295
143,352|
|---|---|
As per the Trustees Report, legal fees incurred for the ongoing support with the trusts’ inclusion in the Scottish Child Abuse Inquiry.
|4
**Charitable activities**
**Grants**
Asthma and Allergy Foundation
Baltic Street Adventure Playground
Branch Out Together
Butterfly Trust
Callander Youth Project Trust
Carers of West Lothian
Cerebral Palsy Scotland
Children Health Society
Crew 2000 (Scotland)
Cruse Bereavement
Dean & Cauvin Young Peoples Trust
Dr Bell’s Family Centre
Edinburgh Young Carers Project
Epilepsy Scotland
Balance c/fwd|2026
£
-
2,000
-
1,000
1,000
-
3,000
-
-
-
2,000
-
2,000
2,000
13,000|2025
£
2,400
-
3,000
2,000
1,000
3,400
-
2,000
-
3,000
3,000
3,000
3,000
-|
|---|---|---|
|||25,800|
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## **WCH TRUST FOR CHILDREN**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 March 2026**
|4
**Charitable activities (continued)**
**Grants (continued)**
Balance b/fwd
Families First
Families Outside
Fife Young Carers
Friends of Forthview
Hearts and Minds
Helm
Hillhouse
Homelink
Hopscotch
Kidney Kids
Kindred
Leith Athletic F.C
Light Up Learning
LINK
Moira Anderson Foundation
One Parent Families
Pleasance Theatre Trust
Plus (Forth Valley)
Pregnancy Counselling & Care (Scotland)
React
Strange Town
Salvesen Mindroom Centre
Super Power Agency
Tailor Ed Foundation
The Cottage Family Centre
The School Bank West Lothian
The Wee Haven Youth Project
The Yard Adventure Centre
Tourette Scotland
Venchie
YDance
Grants to organisations
Individual grants to former residents of the Home - 26 (2025: 29)
Total grants|2026
£
13,000
2,000
2,000
2,000
-
2,000
2,000
-
2,000
-
3,000
-
-
2,000
1,000
2,000
2,000
-
-
3,000
-
-
2,000
-
-
-
2,000
-
2,000
1,000
5,000
-
50,000
7,505
57,505
|2025
£
25,800
3,000
-
-
3,000
-
-
2,000
2,000
2,000
-
3,000
1,000
-
-
-
-
2,000
2,000
-
3,000
2,000
-
2,000
3,000
1,000
4,000
-
2,000
-
-
2,000|
|---|---|---|
|||64,800
6,154
70,954|
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## **WCH TRUST FOR CHILDREN**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 March 2026**
## 4 **Charitable activities (continued)**
|**Support costs**
Secretaries and Treasurers’ fees
Governance costs (see note 5)
Total support costs
**Total costs**
5
**Governance costs**
Secretaries and treasurers’ fees
Independent examiner’s fees|2026
£
5,900
5,452
11,352
68,857
2026
£
3,934
1,518
5,452|2025
£
5,880
5,160|
|---|---|---|
|||11,040|
|||81,994
2025
£
3,920
1,240
5,160|
## 6 **Staff numbers**
The charity operated with no employees during the year (2025: None).
## 7 **Trustees’ remuneration and expenses**
Trustees received no remuneration (2025 - £nil) and were not reimbursed for any of their expenses in the year (2025 - £nil).
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## **WCH TRUST FOR CHILDREN**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 March 2026**
|8
**Fixed asset investments**
Market value at start of year
Add: Acquisitions at cost
Less: Disposal proceeds
Net investment gains in year
Market value at end of year
Historical cost at end of year|2026
£
1,038,633
53,429
(221,943)
117,365
987,484
674,163
|2025
£
1,212,658
242,482
(430,140)
13,633|
|---|---|---|
|||1,038,633
777,771|
||The charity’s investments are all in listed securities. Investments in holdings at|The charity’s investments are all in listed securities. Investments in holdings at|31 March|
|---|---|---|---|
||2026 which are over 5% of portfolio by value are:|||
||Aviva Investors US Equity Income Fund|66,188|64,948|
||Invesco European|49,415|43,731|
||JP Morgan US Equity Income Fund|85,086|79,131|
||M&G Global Div|52,940|46,651|
|9|**Debtors**|2026
|2025|
|||£|£|
||Dividends receivable|437|1,794|
|10|**Creditors: amounts falling due within one year**|2026
|2025|
|||£|£|
||Secretaries and treasurers’ fee|4,256|4,256|
||Investment management fees|1,799|2,170|
||Independent examiner’s fees|1,350|1,182|
|||7,405
|7,608|
15
Docusign Envelope ID: 7BC2ABC3-D217-884D-82A4-C312BF8D4683 Docusign Envelope ID: FF61A574-5986-8D10-81BF-22D5C1131A04
## **WCH TRUST FOR CHILDREN**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 March 2026**
## 11 **Analysis of net movement in funds**
|General fund
2025/26
General fund
2024/25|At 1 April
£
1,062,152
1,242,557|Income
£
30,474
40,093|Expenditure
£
(209,456)
(234,131)|Gains/
(losses)
£
117,365
13,633|At 31
March
£
1,000,535
1,062,152|
|---|---|---|---|---|---|
## 12 **Related party transaction**
There were no related party transactions in the year (2025: None).
16