Registered number: NI014040
Charity number: NIC100264
Grent Trust Limited
(A Company Limited by Guarantee)
Unaudited
Trustees' Report and Financial Statements
For the year ended 31 December 2023
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Grent Trust Limited
(A Company Limited by Guarantee)
Contents
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Reference and Administrative Details of the Company, its Trustees and Advisers
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Independent Examiner's Report
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Statement of Financial Activities
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Notes to the Financial Statements
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Grent Trust Limited
(A Company Limited by Guarantee)
Reference and Administrative Details of the Company, its Trustees and Advisers
For the year ended 31 December 2023
Company registered number
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Charity registered number
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c/o Sumer Accountants NI Ltd
Glendinning House
6 Murray Street
Belfast
BT1 6DN
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Sumer Accountants NI Ltd
4th Floor
Glendinning House
6 Murray Street
Belfast
BT1 6DN
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Ulster Bank Ltd
PO Box 232
11-16 Donegall Square East
Belfast
BT1 5UB
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George L MacLaine & Co
Imperial Buildings
72 High Street
Belfast
BT1 2BE
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Page 1
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Grent Trust Limited
(A Company Limited by Guarantee)
Trustees' Report
For the year ended 31 December 2023
The Trustees present their annual report together with the financial statements of Grent Trust Limited for the year 1 January 2023 to 31 December 2023. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The Trustees have referred to the Charity Commision's guidance notes on public benefit when considering the objectives and activities of the charity.
The Trustees have the power to apply the funds in such a manner as they think fit or for the benefit of any
charitable object or purpose. Grants are only made to other UK registered charities. The Trustees identify
projects and organisations they wish to support and so the Trust does not make grants to persons or
organisations who apply speculatively.
The directors currently have a policy of supporting three types of activity - religious organisations, medical
charities and Third World relief.
b. Strategies for achieving objectives
The Grent Trust's Mission is:
1. to use investments prudently to generate income;
2. to maximise the sustainability of its revenue base;
3. to make a difference to the supported charities;
4. to support the growth of local and Christian charities; and
5. to improve the physcial, mental and spiritual well-being of people.
c. Risk Management
Grent Trust's objective is to identify and manage those risks which are likely to occur, and if they did, would have
significant impact on Grent Trust. The Trust will utilise risk management techniques in all aspects of its
operations and will integrate risk management as part of its culture. Annually the Trust will identify, prioritise and
assess the risk that it is subject to. Procedures to control and monitor the risk will then be identified.
Achievements and performance
a. Main achievements of the Company
The Trust was able to allocate grants of £29,000 for the year, details of which are given in Note 7 of the
accounts.
Page 2
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Grent Trust Limited
(A Company Limited by Guarantee)
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The reserves are kept at an adequate level to ensure the future of the Charity.
Structure, governance and management
a. Constitution
Grent Trust Limited is a charity established on 31 December 1979, registration number NI014040, and is
governed by its Memorandum and Articles of Association and the Companies Act 2006. It is recognised as a
charity by H M Revenue & Customs, reference XN 56712, and by the Charity Commission of Northern Ireland,
reference NIC100264.
b. Methods of appointment or election of Trustees
The management of the company is the responsibility of the Trustees who are elected and co-opted under the
terms of the Memorandum of Association.
The directors resign and are eligible for re-election on a three year tenure as required by the Companies Act.
When there is a requirement for new directors these are identified and appointed by the remaining directors,
subject to re-election at the next annual general meeting. Suitable induction training is given to new directors.
c. Organisational structure and decision-making policies
The Trustees, who are the directors, are responsible for governance. The day to day administration, originally
delegated to a Trustee, is now handled externally with Board oversight.
The Trustees who served the company during the period were as follows:
D A Houston
M Bell OBE
P Ritchie
Page 3
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Grent Trust Limited
(A Company Limited by Guarantee)
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) 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).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP (FRS 102);
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards (FRS 102) 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 Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and 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.
Approved by order of the members of the board of Trustees and signed on their behalf by:
___________________________
D A Houston
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Page 4
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Grent Trust Limited
(A Company Limited by Guarantee)
Independent Examiner's Report
For the year ended 31 December 2023
Independent Examiner's Report to the Trustees of Grent Trust Limited
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I report on the financial statements of the company for the year ended 31 December 2023 which are set out on pages 7 to 17.
Respective Responsibilities of charity Trustees and Examiner
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As the company's trustees (and also the directors of the company for the purpose of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the company is not subject to audit under company law, and is eligible for independent examination, it is my responsibility to:
∙examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008;
∙follow the procedures laid down in the general Directions given by the Commission under section 65(9)(b) of the Charities Act; and
∙state whether particular matters have come to my attention.
Basis of Independent Examiner's Statement
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I have examined your company 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.
My examination included a review of the accounting records kept by the company and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as company trustees concerning any such matters.
My role is to state whether any material matters have come to my attention giving me cause to believe:
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that accounting records were not kept in accordance with section 386 of the Companies Act 2006;
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that the accounts do not accord with those accounting records;
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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 (FRS 102);
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that there is further information needed for a proper understanding of the accounts to be reached.
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Page 5
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Grent Trust Limited
(A Company Limited by Guarantee)
Independent Examiner's Report (continued)
For the year ended 31 December 2023
Independent Examiner's Statement
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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.
This report is made solely to the company's Trustees, as a body, in accordance with section 65(3)(a) of the Charities Act (Northern Ireland) 2008 and regulations made under section 66 of that Act. My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.
Signed: Dated: 26 September 2024
Amanda McMaw FCA
Sumer Accountants NI Ltd
4th Floor
Glendinning House
6 Murray Street
Belfast
BT1 6DN
Page 6
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Grent Trust Limited
(A Company Limited by Guarantee)
Statement of financial activities (incorporating income and expenditure account)
For the year ended 31 December 2023
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Total funds brought forward
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Total funds carried forward
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The Statement of Financial Activities includes all gains and losses recognised in the year.
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The notes on pages 10 to 17 form part of these financial statements.
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Page 7
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Grent Trust Limited
(A Company Limited by Guarantee)
Registered number: NI014040
Balance Sheet
As at 31 December 2023
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Net assets excluding pension asset
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Page 8
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Grent Trust Limited
(A Company Limited by Guarantee)
Registered number: NI014040
Balance Sheet (continued)
As at 31 December 2023
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
D A Houston
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The notes on pages 10 to 17 form part of these financial statements.
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Page 9
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Grent Trust Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 December 2023
1.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Grent Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The Trustees of Grent Trust Ltd have reviewed the appropriateness of the going concern assumption and consider that the company has sufficient resources to continue as a trading entity for the foreseeable future.
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 10
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Grent Trust Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 December 2023
1.Accounting policies (continued)
In accordance with FRS 102 the investment property portfolio is stated at fair value with all gains or mpairments reported through the Statement of Financial Activities. Fair value is determined by reference to valuations carried out by appropriately qualified external valuers.
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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Liabilities and provisions
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Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
Page 11
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Grent Trust Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 December 2023
Page 12
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Grent Trust Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 December 2023
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Grants to UK Registered Charities
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Independent examiner's remuneration
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Fees payable to the Company's independent examiner for the independent examination of the Company's annual accounts (excluding VAT)
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Fees payable to the Company's independent examiner in respect of:
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Secretarial services (excluding VAT)
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Trustees' remuneration and expenses
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During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
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During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL).
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Page 13
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Grent Trust Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 December 2023
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Analysis of grants to UK registered charities
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ICEJ - Ireland & NI Branch
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Freehold investment property
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Investments have been valued by the directors on advice from external valuers on 31 December 2011.
Page 14
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Grent Trust Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 December 2023
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Prepayments and accrued income
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Trade debtors includes a bad debt provision of £68,000 (2022: £68,000).
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Alotted, called up and fully paid
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100 Ordinary Shares of £1 each
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Page 15
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Grent Trust Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 December 2023
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Statement of funds - current year
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Balance at 1 January 2023
£
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Balance at 31 December 2023
£
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General Funds - all funds
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Statement of funds - prior year
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Balance at
1 January 2022
£
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Balance at
31 December 2022
£
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General Funds - all funds
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Summary of funds - current year
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Balance at 1 January 2023
£
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Balance at 31 December 2023
£
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Page 16
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Grent Trust Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 December 2023
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Summary of funds (continued)
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Summary of funds - prior year
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Balance at
1 January 2022
£
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Balance at
31 December 2022
£
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Analysis of net assets between funds
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Analysis of net assets between funds - current year
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Creditors due within one year
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Analysis of net assets between funds - prior year
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Creditors due within one year
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Related party transactions
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The Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Company at 31 December 2023.
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Page 17
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