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REGISTERED COMPANY NUMBER: 06065754 (England and Wales)
REGISTERED CHARITY NUMBER: 1118357








Report of the Trustees and

Unaudited Financial Statements

For The Year Ended 31 August 2024

for

Margaret McMillan Limited

Margaret McMillan Limited






Contents of the Financial Statements
For The Year Ended 31 August 2024




Page

Report of the Trustees 1 to 4

Independent Examiner's Report 5

Statement of Financial Activities 6

Balance Sheet 7

Cash Flow Statement 8

Notes to the Cash Flow Statement 9

Notes to the Financial Statements 10 to 16

Margaret McMillan Limited (Registered number: 06065754)

Report of the Trustees
For The Year Ended 31 August 2024


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the provisions of 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) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES
Objectives and aims
Our charitable objects are "the provision of nursery education for children under the age of six years whose parent or parents or guardian or guardians are resident in or whose place of work is in the bounds of the city of Plymouth together with the provision of recreational facilities for such children together with any other charitable purposes which the executive committee deems to be for the benefit of such children".

In this reporting year we have continued to operate the Margaret McMillan Nursery providing nursery education for children from birth to entry into primary school. The Nursery is divided into Baby, Toddler and Pre-School units. Our mission is to enhance the lives of children and their families by providing a safe place of excellence and innovation, where children can develop, communicate confidently, build resilience, become independent and are courteous to all.

We provide places for up to 124 children per day. The exact number is limited by staffing ratios for particular age groups, the capacity of the building and the requirements of those children with Special Educational Needs The number of children on role is also influenced by the needs of parents for full or part-time places. The Nursery participates in the Government's free childcare scheme, enabling access for all.

It is expected that the nursery will continue to provide pre-school education for the foreseeable future. Education continues to evolve, and the Nursery will continue to respond to these changes, through the active search for and implementation of best practice or driven by government policy as articulated through legislation and OFSTED. Our activities therefore directly further our objective.

The Trustees have referred to the guidance contained in the Charity Commission general guidance on public benefit.

Public benefit
The trustees have had regard to the Charity Commissioner's guidance on public benefit: We provide nursery care for children whose parents live or work in the City of Plymouth. Our location in the City Centre enables parents to return to work in the knowledge that their children are being cared for in a secure, caring and stimulating environment, designed to encourage young children from birth to five years to grow in confidence and independence and develop their creativity and individual personalities. The nursery delivers early education benefits for children through high quality provision and early intervention (where required) that provides a strong start to their statutory schooling and improving their success for the future.

The trustees have complied with the duty in section 17(5) of the 2011 Charities Act to have due regard to guidance issued by the Charity Commission.

ACHIEVEMENT AND PERFORMANCE
Charitable activities
The nursery has continued to operate near full capacity throughout the reporting period. The success of the nursery continues to be monitored by reference to Ofsted inspections and ratings and has been maintained at a good level and we continue to enjoy positive feedback from parents and from the primary schools that our children move on to.

The continued commitment and hard work of the staff and trustees has enabled the charity to continue to build sufficient reserves to assist in maintaining the financial security of the nursery. The purchasing of the freehold of 24 Hoe Street continues to be a long-term aim of the trustees along with the purchase of the land opposite the nursery, currently rented and used for parking spaces.

Other than our Trustees there is no significant volunteer element to our activities.

Internal and external factors
Difficulties in the recruitment and retention of staff with relevant experience and qualifications continues to impact nursery provision. However, success in recruiting primary-qualified teachers has enhanced the pre-school offering. However, management staff are often diverted to nursery duties to maintain safe staff/child ratios, with the resulting impact on their primary roles.

The unexpected and significant increase in minimum wage has had an impact on the nursery's budget and this coupled with the cost-of-living crisis, rising energy prices and food costs, has had a noticeable financial impact.


Margaret McMillan Limited (Registered number: 06065754)

Report of the Trustees
For The Year Ended 31 August 2024

FINANCIAL REVIEW
Financial position
The Trust's financial position at the end of the year is considered to be satisfactory In addition the financial performance of the nursery is monitored and discussed at each trustee meeting with satisfactory results for the year.

The net operating surplus for the year amounted to £32,253 (2023: net operating surplus £30,527).

The unrestricted fund held at the year ended 31 August 2024 was £504,666 (2023:£472,413).

Expenditure for the year has been made to support the charity's objectives of providing quality nursery education and childcare.

Principal funding sources
The charity's income is primarily received from parents for the provision of nursery places. The charity also receives grant income from the local authority.

Investment Policy
The management committee has considered the most appropriate policy for investing funds and has found that investing surplus funds in a deposit account meets their requirements. The management committee consider the return that they receive on their investments to be satisfactory.

The charity also holds £4,000 (2023: £4,000) invested in National Savings Certificates.

Total investment income from all sources was £4,975 for the year (2023: £3,074).

Reserves policy
The Trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets ('the free reserves') held by the charity should be three months of the resources expended. At this level, the management committee feel that they would be able to continue the current activities of the charity in the event of a significant loss of income. It would obviously be necessary to consider how the income would be replaced or activities changed.

The free reserves at 31 August 2024 total £447,161. This balance is above our reserves policy however the long term goal of the Charity is to purchase the property we operate from.

The charity prepares budgets each year which are regularly reviewed by the trustees against actual performance. Variances from budget are reported to the trustees for consideration. All capital expenditure outside of the normal budget is approved in advance by trustees.

FUTURE PLANS
The Charity will continue to maintain the good reputation that it has within the City of Plymouth and to continue to provide first-class nursery care for children of pre-school age.

The charity currently occupies the property known as 24 Hoe Street under a 99-year lease expiring on 29 April 2101. Our long-term aim is to acquire the freehold of the property to improve security of tenure.

The nursery plans to undertake further internal refurbishment of our building and has investigated potential options to change the current building to expand the scale and range of provision. This would be a significant capital expenditure.

The impending increase to Government-funded "free childcare" without sufficient Government funding, further substantial increases to the Living wage and increase to Employers' National Insurance Contributions will provide a further financial challenge.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity is constituted under a trust deed dated 23 October 1995. The charitable company is governed by its Memorandum and Articles of Association from its incorporation on 24 January 2007, and constitutes a limited company, limited by guarantee as defined by the Companies Act 2006.

Recruitment and appointment of new trustees
The members carry out the election of the officers and committee members at the Annual General Meeting. Nominations are made in writing and delivered to the Chairperson. Each nomination must be proposed and seconded by a voting member of the Charity and accompanied by the written consent of the nominee. New trustees are inducted into the workings of the charity during meetings held on a quarterly basis, supported by a comprehensive Trustee's handbook that details all aspects of the Nursery and the Trustees' responsibilities and roles. Trustees are recruited through advertisement, direct approaches to relevant organisations and through networking.

Margaret McMillan Limited (Registered number: 06065754)

Report of the Trustees
For The Year Ended 31 August 2024


STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational structure
Full responsibility for the running of the Charity is vested in the Trustees, who by reason of incorporation of the Charity are also Directors of the company. The company is limited by guarantee and does not hold any share capital. The Memorandum of Association precludes the Trustees/ Directors receiving any remuneration or benefits.

Mrs Toni Hambly is responsible for the day to day running of the charity.

The charity continues to maintain its good relationship with the landlord, the Plymouth Astor Trust which is also a Charity.

Key management remuneration
The Trustees meet annually to discuss and set the levels of remuneration for key members of staff.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
06065754 (England and Wales)

Registered Charity number
1118357

Registered office
Harscombe House
1 Darklake View
Plymouth
Devon
PL6 7TL

Principal address
24 Hoe Street
Plymouth
Devon
PL1 2JA

Trustees
J Achilles Chairman
J Cook Treasurer
P Strang
A Henry (resigned 21.3.24)
W Wood (resigned 6.12.23)
J Prichard
A Rees
C L Layland, MBE
G Stelmaszczyk
Y Baker (appointed 2.10.24)

Company Secretary
A Rees

Independent Examiner
James Groves
TC Bromhead Limited
Harscombe House
1 Darklake View
Plymouth
Devon
PL6 7TL

Solicitors
Wolferstans
Deptford Chambers
60/66 North Hill
Plymouth
PL4 8EP


Margaret McMillan Limited (Registered number: 06065754)

Report of the Trustees
For The Year Ended 31 August 2024


REFERENCE AND ADMINISTRATIVE DETAILS
Bankers
Natwest Plc
14 Old Town Street
Plymouth
PL1 1DG

TRADING NAME
The charity operates under the name Margaret McMillan Nursery.

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

Approved by order of the board of trustees on 26 February 2025 and signed on its behalf by:





J Achilles - Trustee

Independent Examiner's Report to the Trustees of
Margaret McMillan Limited (Registered number: 06065754)

Independent examiner's report to the trustees of Margaret McMillan Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2024.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I 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 accounts to be reached.








James Groves
The Institute of Chartered Accountants in England and Wales

TC Bromhead Limited
Harscombe House
1 Darklake View
Plymouth
Devon
PL6 7TL

4 March 2025

Margaret McMillan Limited

Statement of Financial Activities
(Incorporating an Income and Expenditure Account)
For The Year Ended 31 August 2024

31.8.24 31.8.23
Unrestricted Total
funds funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Charitable activities 3
Nursery provision 752,102 705,714

Investment income 2 4,975 3,074
Total 757,077 708,788

EXPENDITURE ON
Charitable activities 4
Nursery provision 724,824 678,261

NET INCOME 32,253 30,527


RECONCILIATION OF FUNDS
Total funds brought forward 472,413 441,886

TOTAL FUNDS CARRIED FORWARD 504,666 472,413

Margaret McMillan Limited (Registered number: 06065754)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Unrestricted Total
funds funds
Notes £    £   
FIXED ASSETS
Tangible assets 10 57,505 53,765
Investments 11 4,000 4,000
61,505 57,765

CURRENT ASSETS
Debtors 12 14,295 5,330
Cash at bank 467,210 465,280
481,505 470,610

CREDITORS
Amounts falling due within one year 13 (38,344 ) (55,962 )

NET CURRENT ASSETS 443,161 414,648

TOTAL ASSETS LESS CURRENT LIABILITIES 504,666 472,413

NET ASSETS 504,666 472,413
FUNDS 15
Unrestricted funds 504,666 472,413
TOTAL FUNDS 504,666 472,413

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 26 February 2025 and were signed on its behalf by:





J Achilles - Trustee

Margaret McMillan Limited

Cash Flow Statement
For The Year Ended 31 August 2024

31.8.24 31.8.23
Notes £    £   

Cash flows from operating activities
Cash generated from operations 1 10,546 41,539
Net cash provided by operating activities 10,546 41,539

Cash flows from investing activities
Purchase of tangible fixed assets (13,591 ) -
Interest received 4,975 3,074
Net cash (used in)/provided by investing activities (8,616 ) 3,074

Change in cash and cash equivalents in
the reporting period

1,930

44,613
Cash and cash equivalents at the
beginning of the reporting period

465,280

420,667
Cash and cash equivalents at the end of
the reporting period

467,210

465,280

Margaret McMillan Limited

Notes to the Cash Flow Statement
For The Year Ended 31 August 2024

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
31.8.24 31.8.23
£    £   
Net income for the reporting period (as per the Statement of Financial
Activities)

32,253

30,527
Adjustments for:
Depreciation charges 9,851 9,975
Interest received (4,975 ) (3,074 )
Increase in debtors (8,965 ) (5,173 )
(Decrease)/increase in creditors (17,618 ) 9,284
Net cash provided by operations 10,546 41,539


2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.23 Cash flow At 31.8.24
£    £    £   
Net cash
Cash at bank 465,280 1,930 467,210
465,280 1,930 467,210
Total 465,280 1,930 467,210

Margaret McMillan Limited

Notes to the Financial Statements
For The Year Ended 31 August 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

The financial statements are prepared on the going concern basis.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Grant funding is received in advance and is recognised over the period of delivery of the service.

Parents are invoiced monthly in advance and this income is recognised over the period of the delivery of the service.

Donations are recognised when these can be reliably measured which is taken as at receipt.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Charitable activities
Charitable activities expenses comprise those costs incurred by the charity for the provision of the nursery. It includes both costs that can be directly attributed to this activity and those of an indirect nature necessary to support it.

Support costs
Support costs are those not directly related to the delivery of nursery activities.

Governance costs
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include independent examination fees and costs linked the strategic management of the charity.

Allocation and apportionment of costs
All direct costs incurred are considered to be in the furtherance of it's charitable objective to provide nursery education.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Improvements to property - 10% on cost
Fixtures and fittings - 10% on cost

It is the charity's policy to capitalise as fixed assets material fixtures and fittings.

All other expenditure is included within the Statement of Financial Activities.

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.


Margaret McMillan Limited

Notes to the Financial Statements - continued
For The Year Ended 31 August 2024

1. ACCOUNTING POLICIES - continued

Fund accounting
All funds received are unrestricted.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Fixed asset investments
Fixed asset investments are stated at market valuation and any movement in the valuation is allocated to the Statement of Financial Activities.

Financial instruments
The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2. INVESTMENT INCOME
31.8.24 31.8.23
£    £   
Deposit account interest 4,975 3,074

3. INCOME FROM CHARITABLE ACTIVITIES
31.8.24 31.8.23
Activity £    £   
Fees Nursery provision 506,228 523,728
Grants Nursery provision 243,526 180,316
Milk rebates Nursery provision 1,092 1,312
Miscellaneous income Nursery provision 1,256 358
752,102 705,714

4. CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see
Costs note 5) Totals
£    £    £   
Nursery provision 707,921 16,903 724,824


Margaret McMillan Limited

Notes to the Financial Statements - continued
For The Year Ended 31 August 2024

5. SUPPORT COSTS
Governance
Depreciation Finance costs Totals
£    £    £    £   
Nursery provision 9,851 670 6,382 16,903

Support costs, included in the above, are as follows:
31.8.24 31.8.23
Nursery Total
provision activities
£    £   
Depreciation of tangible and heritage assets 9,851 9,975
Bank charges 670 792
Independent examiners fee 1,986 1,860
Accountancy fees 4,396 4,344
16,903 16,971

6. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.8.24 31.8.23
£    £   
Independent examiners fee 1,986 1,860
Depreciation - owned assets 9,851 9,974
Other operating leases 4,838 4,506

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023.


8. STAFF COSTS

Staff Costs
2024 2023
£    £   
Gross staff salaries 537,419 497,172
Employers national insurance 36,169 32,688
Pension contributions 10,687 9,225
Agency staff 1,097 6,107
585,372 545,192



The average monthly number of employees during the year was as follows:
2024 2023
Nursery staff 26 25
No employees received emoluments in excess of £60,000.

Margaret McMillan Limited

Notes to the Financial Statements - continued
For The Year Ended 31 August 2024

9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£   
INCOME AND ENDOWMENTS FROM
Charitable activities
Nursery provision 705,714

Investment income 3,074
Total 708,788

EXPENDITURE ON
Charitable activities
Nursery provision 678,261

NET INCOME 30,527


RECONCILIATION OF FUNDS
Total funds brought forward 441,886

TOTAL FUNDS CARRIED FORWARD 472,413

10. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and
property fittings Totals
£    £    £   
COST
At 1 September 2023 108,647 89,905 198,552
Additions 4,140 9,451 13,591
At 31 August 2024 112,787 99,356 212,143
DEPRECIATION
At 1 September 2023 104,195 40,592 144,787
Charge for year 984 8,867 9,851
At 31 August 2024 105,179 49,459 154,638
NET BOOK VALUE
At 31 August 2024 7,608 49,897 57,505
At 31 August 2023 4,452 49,313 53,765


Margaret McMillan Limited

Notes to the Financial Statements - continued
For The Year Ended 31 August 2024

11. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
MARKET VALUE
At 1 September 2023 and 31 August 2024 4,000
NET BOOK VALUE
At 31 August 2024 4,000
At 31 August 2023 4,000

There were no investment assets outside the UK.

The historic cost of the fixed asset investments at 31 August 2024 is £4,000 (2023: 4,000). The investments are held for the purpose of providing a return on funds to the charity.

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 10,408 2,811
Prepayments 3,887 2,519
14,295 5,330

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade creditors 7,960 9,126
Other creditors 901 1,293
Accruals and deferred income 6,804 30,488
Accrued expenses 22,679 15,055
38,344 55,962

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.8.24 31.8.23
£    £   
Within one year 613 -
Between one and five years 1,843 -
2,456 -

15. MOVEMENT IN FUNDS
Net
movement At
At 1.9.23 in funds 31.8.24
£    £    £   
Unrestricted funds
General fund 472,413 32,253 504,666

TOTAL FUNDS 472,413 32,253 504,666

Margaret McMillan Limited

Notes to the Financial Statements - continued
For The Year Ended 31 August 2024

15. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 757,077 (724,824 ) 32,253

TOTAL FUNDS 757,077 (724,824 ) 32,253


Comparatives for movement in funds

Net
movement At
At 1.9.22 in funds 31.8.23
£    £    £   
Unrestricted funds
General fund 441,886 30,527 472,413

TOTAL FUNDS 441,886 30,527 472,413

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 708,788 (678,261 ) 30,527

TOTAL FUNDS 708,788 (678,261 ) 30,527

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1.9.22 in funds 31.8.24
£    £    £   
Unrestricted funds
General fund 441,886 62,780 504,666

TOTAL FUNDS 441,886 62,780 504,666

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 1,465,865 (1,403,085 ) 62,780

TOTAL FUNDS 1,465,865 (1,403,085 ) 62,780

Margaret McMillan Limited

Notes to the Financial Statements - continued
For The Year Ended 31 August 2024

16. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 August 2024, (2023: none)