REGISTERED COMPANY NUMBER: 03404789 (England and Wales) REGISTERED CHARITY NUMBER: 1065086
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 FOR
THE FRONTIERS CHARITABLE TRUST
Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA
THE FRONTIERS CHARITABLE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
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Page
Report of the Trustees 1 to 7
Independent Examiner's Report 8
Statement of Financial Activities 9
Balance Sheet 10 to Ll
Cash Flow Statement 12
Notes to the Cash Flow Statement 13
Notes to the Financial Statements 14 to 25
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THE FRONTIERS CHARITABLE TRUST (REGISTERED NUMBER: 03404789) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
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 2023. 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
The objectives of The Frontiers Charitable Trust (TFTC) are as follows:
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To advance the Christian faith by such means as the charity shall determine from time to time;
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To relieve people who are in conditions of need, hardship or distress;
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To educate and assist young people through their leisure time actives so as to develop their physical, mental and Spiritual capacity; - To advance education in family life, in marriage and family relationships; and - To advance Christian religious education and training. The over-arching aim of the charity is to reach out into society at every level to give hope and compassion where there is none; and to build a local Christian church. This church will consist of members who have a desire for the worship of God, love of one another, communication of Jesus to the world and training of the whole Church. It's members will: - Gather to family and friendship; through regular meetings and midweek groups, with meetings being made as accessible as possible
~ Grow in character and gifting; through education in the Bible, use of spiritual gifts and regular prayer meetings.
- Go in mission and service; actively serving others and sharing the Gospel of Jesus.
Key objectives for the financial year ending August 2023 included:
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Advancement of the Christian faith
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Development of activities with all members of the Church
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Development of further links with Churches overseas
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THE FRONTIERS CHARITABLE TRUST (REGISTERED NUMBER: 03404789)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Ministry Areas, Community & Mission
Sunday and Thursday meetings - the church gathers twice every week at the Kings Centre to take part in collective worship, teaching and prayer. The primary Sunday morning meeting attracts around 400-500 people each week, the main meeting running alongside groups catering for babies, young children, youth and those with specific needs. The Thursday meeting, held during regular work hours, has grown to a regular attendance of 60-70 members and can provide a much more intimate church experience, with a focus on pastoral care.
Prayer meetings - held weekly, the regular prayer meetings allow people to meet with the express purpose of praying for the church, the local community and also about national & global current affairs.
Focus - a baby and toddler group that runs three morning sessions a week during term time at the Kings Centre building. The group, coordinated by a TFTC member of staff and a team of regular DBS-checked volunteers, often has a full register and waiting list because of it's popularity. Focus provides essential support to local families, offering their young children a safe space to play together and gentle exposure to Bible stories & singing. The group gives parents an invaluable opportunity to meet together in community, find understanding, support and friendship from the Focus team and from each other.
Kids and Youth - meeting at least once per week, primarily at the Kings Centre, groups such as True (11-18s) and ID (11-14s) gather local young people together to socialise as well as experience collective worship, prayer and take part in age-appropriate discussions. The groups provide ideal opportunities for young people to experience the gospel and the church community, some for the first time. The Kids and Youth team take a large number of young people to Newday, a major Christian youth event held each summer. Individual church members often provide financial sponsorships to allow as many youth as possible to attend the event, take part in a conference atmosphere and explore some of life's big questions.
Students and 20s - the group supports students attending the university campus in the town in addition to those who live locally. Each meeting provides a previous source of community for those who may be living away from home or starting out in employment to share the gospel and grow in faith together.
Inspire - meeting weekly at the Kings Centre, the group attracts older adults who experience a church gathering followed by refreshments and activities. Whilst predominantly catering to a an essential part of the local population demographic, Inspire is open to all and emphasises the importance of community and friendship in the Christian walk.
Fusion - a fortnightly life group open to adults who need a bit more time to learn, especially those with learning difficulties. Fusion is almost always fully subscribed, a close-knit community who enjoy a unique exposure to Christianity with the support of a passionate team of volunteers. Alpha - running several times per year at the church, the well-known Alpha course offers a chance for anyone to explore the Christian faith. Following a program of nine sessions, the course has proved pivotal for many people facing the consequences of Covid, asking some of life's big questions and taking their first steps as new Christians.
Livestream - launched during the start of the Coronavirus pandemic, Livestream offers the chance to experience church online for those unable to, or choosing not to, attend services in person. Sunday services are available to watch live and also via catch-up 24 hours after the meeting. An invaluable resource during times of lockdown for people to remain connected to church life, Livestream has continued to grow and has been a route by which new members have found the organisation and subsequently become part of the church family.
Groups - smaller settings, known as Groups, form an essential part of church life: cultivating friendships, growing in faith, exploring God's word and sharing life together in community. Groups range from Bible reading, discipleship and prayer to badminton, bowling and boxing; allowing people to experience the Kings centre building and get a flavour of the Christian life in a more personal setting.
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THE FRONTIERS CHARITABLE TRUST (REGISTERED NUMBER: 03404789)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
Courses - running periodically through the year at the Kings Centre, established courses include Joining the Church: digging deeper into church values, The Bereavement Journey: for those affected by loss and grief, and The Marriage Course: for couples to invest and enrich their union.
Love Eastbourne - setup in response to the Covid-19 crisis, the Love Eastbourne fund looks specifically at local need with 100% of all donations going to those in the local community who are struggling financially. Since its inception in March 2020, Love Eastbourne has given over £51,447 to support local people.
Local organisations - TFTC recognises a number of local organisations to support their charitable and community work including Sanctuary Cafe: a meeting place for refugees, asylum seekers and immigrants; Bramber Bakehouse: an award winning bakery supporting women survivors of human trafficking; Beachy Head Chaplaincy: a search and rescue charity savings lives from suicide in the region; Eastbourne Street Pastors: caring for people involved the local night life; Eastbourne FoodBank: providing emergency nutritional food to those in need.
Overseas - the charity has strong links with a number of overseas projects including Inkosi Kids, a project in Zimbabwe to help children in the rural areas of Bulawayo to enter education. As part of New Ground, the church has connection and regular contact with organisations in France, Romania, Germany and the Netherlands.
Significant Events During the Year
During the year the existing Chair of Trustees stepped down after guiding the church through the very challenging period post Covid-19. A transition was made to a new Chair who was appointed in May 2023 and will lead the Trustees in delivering the objectives of the charity.
FINANCIAL REVIEW
Principal funding sources
Regular, voluntary giving from Kings Church members, Income from the Trading Company, One-Off Gift Days, Gift Aid.
Investment policy and objectives
TFTC holds minimal significant surplus funds that are not required to conduct the regular operations of the charity. A portion of cash balances are held in high-interest accounts with our bankers to maximise the efficiency of funds being held for various purposes. In these circumstances, there is no requirement for an advanced investment policy.
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THE FRONTIERS CHARITABLE TRUST (REGISTERED NUMBER: 03404789)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
FINANCIAL REVIEW
Reserves policy
The trustees review the reserves policy regularly in line with Charity Commission guidelines. TFTC trustees have considered and established a reserves policy based on an assessment of the needs of the charity's activities. These are held in four distinct areas: long term reserves, future projects, restricted funds and free reserves. Long term reserves represent those funds held specifically to safeguard TFTC in case of unforeseen financial circumstances. In light of fall ownership of the Kings Centre by the charity and a high level of predictability of ongoing income and expenditure, a decision by the trustees was taken not to hold excess fund in long term reserves. However, where ongoing activities allow, is it TFTC's intention to steadily increase the amount of long term reserves where possible.
Long term reserves at the end of the reporting period were £76,958 (£75,000 Aug-22).
Future projects reserves are held in anticipation of known projects to be undertaken by TFTC. These may include income from specific gift days for special events and provisions for strategic development for the benefit of the trust.
The year-end balance in this category of reserves was £162,125 (£86,985 Aug-22). The increase year on year is due to short term deferral of several projects which are expected to commence during financial year starting September 2023.
Restricted funds represent donations received for specific activities. Where possible and financially diligent, charity policy is to expend these funds as quickly as possible to the benefit of the recipients.
At 31st August 2023 the balance held in restricted funds stood at £44,692 (£ 46,905 Aug-22).
Free reserves are undesignated but should be sufficient to provide TFTC with the flexibility to manage change, cover increased costs and react to increased needs of those beneficiaries who come within the bounds of the charity's objects.
FUTURE PLANS
The trustees of TFTC have continued to pursue discussions and make preparations for the development of the Kings Centre building. The centre, first purchased by the organisation in 1998 is beginning to show signs of age and is not a highly energy-efficient premises. As one of the primary exhibition and conference centres in the town as well as the home of Kings Church, works being discussed put emphasis on maximising the environmental performance of the site and safeguarding its future for the years to come.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
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THE FRONTIERS CHARITABLE TRUST (REGISTERED NUMBER: 03404789) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
a eee eee STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational structure
TFCT is constituted as a company, limited by guarantee, and operates in accordance with its Memorandum and Articles of Association. The charity is covered by the Board of Trustees. Trustees may not receive any remuneration for being a trustee other than professional services provided as permitted by the Articles. In practice, trustees provide their services free of charge.
The trustees have appointed a Senior Management team, the members of which are set out in the charity's legal and administrative information. The senior managers and their direct reports across a range teams meet regularly to review, refine and set out the day-to-day running of the charity's activities. Senior managers are required to report to the trustees on the progress of activities, performance against objectives and future plans.
Recruitment and Appointment of Trustees
Trustees must accept the truth of, and hold a belief in, the Statement of Christian Faith set out in the Appendix to the Memorandum of Association and are normally invited from existing members of Kings Church. Trustees are elected by the existing Board of Trustees, appointed by majority vote and are subject to periodic retirement and reappointment by rotation.
Newly appointed trustees are subject to checks with the Disclosure and Barring Service (DBS) and are provided with a copy of TFCT's Child Protection Policy and Practice Guidelines (revised March 2017), with which they are required to comply. Trustees are chosen for their ability to contribute to the efficient and effective management of the charity's activities, using their collective skills towards the governance of the charity. The trustees are alert to the need to expand their knowledge and skills as and when appropriate for the enhancement of their responsibilities.
None of the trustees had any beneficial interest in the company during the period.
Trustees
Meetings are held six times a year in which reports are received, as appropriate, from trustees and/or senior management team according to their areas of specialisation. Specific sub-groups, for example a finance sub-committee, have been formed to review charity performance in greater detail, utilising specific trustees with specialised knowledge and_ skills. Minutes from meetings of sub-groups are circulated to the full board of trustees who are encouraged to familiarise themselves and pose any questions concerning anything reported at the time of the next trustees meeting.
Senior Management Team
The senior management team comprises of Church Leaders, Church Elders and the Executive Pastor. As leaders and elders, the members of this team exercise day-to-day management of church affairs. Although primarily spiritual, their leadership role encompasses the whole range of church activities and pastoral care. The Executive Pastor oversees the efficient and effective management of the Kings Centre, its administration and financial operations.
Network Bodies
TFCT is a member of the Evangelical Alliance, an association of mainstream UK Evangelical churches (www.ea.org).
TECT is also a part of New Ground (www.newgroundchurches.org) which has developed out of Newfrontiers Group of Churches (www.newfrontierstogether.org) Nationally, TFCT is part of over 250 UK churches involved in mission, outreach and discipling. Internationally, there are over 1,500 Newfrontiers related churches in over 80 nations throughout the world.
Active membership of these bodies provides a wide forum for the exchange of information, training and support at a national and international level. No external party, including the Evangelical Alliance and Newfrontiers, took decisions or had voting rights in the governance of TFCT.
Related Parties
KCEL, operated for the purpose of raising funds for the benefit of TFCT, through the hiring of the Kings Centre for conferences, meetings, weddings, sports and other events. The KCEL directors are Mr. D A Gamester, Mr. JR Phillips, Mr. A P Stevens and Mr. O W Stevens.
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THE FRONTIERS CHARITABLE TRUST (REGISTERED NUMBER: 03404789)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
The trustees have overall responsibility for determining risk management policy including how risks are identified, assessed, managed, reviewed and reported. The senior management team have responsibility for implementing and maintaining systems that assist with the delivery of successful risk management, consistent with the policy set out by the trustees. A risk register is compiled and reviewed by all departments across the charity, scoring each identified risk by the likelihood of occurrence and the overall impact.
Advice is taken from church members in risk areas as well as from the charity's accountants and other professional advisers. Policies for safeguarding children and vulnerable adults are published and are implemented. Financial management systems for cash handling and the authorisation of transactions are in place. Each area is subject to periodic review by comparison with best practice. Appropriate insurance is in place, via brokers competent in this field, to protect the interests of the charity, its employees and trustees.
The trustees and the senior management team regularly review progress against budgeted financial and operational plans. Management accounts are prepared every month to allow the assessment of the financial position of the charity. These are reviewed in detail alongside a summary financial report to identify potential financial risks to the charity and agree actions for their mitigation. It is recognised that the review procedure cannot provide absolute assurance against loss or material misstatements, however the trustees are of the opinion that the appropriate systems of financial risk management and control are in place within TFTC.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 03404789 (England and Wales)
Registered Charity number 1065086
Registered office Kings Centre 27 Edison Road Eastbourne East Sussex BN23 6PT
Trustees Mr A M Berry Mr R J Butler Mrs S M Wootton (Chair) (resigned 18/5/2023) Mr J Phillips Ms J Williams Ms D Daniel (appointed 19/1/2023) Mr R Savage (appointed 23/3/2023)
Company Secretary Mr D A Gamester
Independent Examiner Dr Shona F Wardrop C.A. Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA
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THE FRONTIERS CHARITABLE TRUST (REGISTERED NUMBER: 03404789)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
REFERENCE AND ADMINISTRATIVE DETAILS Senior Management Team MDA Gamester Executive Pastor Mr A Thorpe Church Leader Mr O Stevens Church Leader Mr C Cemik Church Leader Mr M Cooper Church Elder Mr B Holbrook Church Elder Bank Barclays Bank plc 63 Terminus Road Eastbourne BN21 3PQ CAF Bank Limited PO Box 289 Kings Hill West Malling Kent ME19 4TA Santander Bootle Merseyside L30 4GB Nationwide Building Society Kings Park Road Moulton Park Northampton NN3 6NW Approved by order of the board of trustees on IZ[.ex) .Jobb and signed on its behalf by:
Ms J Williams - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FRONTIERS CHARITABLE TRUST
Independent examiner's report to the trustees of The Frontiers Charitable Trust (‘the Company’) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2023.
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 of Scotland, 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:
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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
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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
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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)).
Ihave 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.
Dr Shona F Wardrop C.A. The Institute of Chartered Accountants of Scotland
Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA Date: AL a MAL- ZOZU6
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THE FRONTIERS CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023
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|||||||||
|---|---|---|---|---|---|---|---|
|2023|2022|
|Unrestricted|Restricted|Total|Total|
|funds|funds|funds|funds|
|Notes|£|£|£|£|
|INCOME AND ENDOWMENTS FROM|
|Donations|and|legacies|2|782,287|47,027|829,314|880,618|
|Charitable|activities|5|
|Kings Church|37,257|9,575|46,832|34,244|
|Frontier Community Clubs|5,150|120|5,270|2,404|
|Other trading|activities|3|78,102|-|78,102|46,361|
|Investment|income|4|2,106|30|2,136|6,803|
|Total|904,902|56,752|961,654|970,430|
|EXPENDITURE|ON|
|Charitable|activities|6|
|Kings|Church|888,219|85,032|973,251|1,200,090|
|Frontier Community|Clubs|7,924|944|8,868|28,416|
|Frontier Community|Training|-|-|-|303|
|Total|896,143|85,976|982,119|1,228,809|
|NET INCOME/(EXPENDITURE)|8,759|(29,224)|(20,465)|(258,379 )|
|Transfers|between funds|22|13,923|(13,923)|-|-|
|Net movement|in funds|22,682|(43,147)|(20,465)|(258,379)|
|RECONCILIATION|OF FUNDS|
|Total|funds|brought|forward|283,870|1,246,727|1,530,597|1,788,976|
|TOTAL FUNDS CARRIED FORWARD|306,552|1,203,580|1,510,132|1,530,597|
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The notes form part of these financial statements
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THE FRONTIERS CHARITABLE TRUST (REGISTERED NUMBER: 03404789)
BALANCE SHEET
31 AUGUST 2023
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|---|---|---|---|---|---|---|
|2023|2022|
|Notes|£|£|
|FIXED ASSETS|
|Tangible|assets|14|1,231,345|1,289,232|
|Investments|15|100|100|
|1,231,445|1,289,332|
|CURRENT|ASSETS|
|Stocks|16|3,433|2,091|
|Debtors|17|53,920|58,828|
|Cash|at bank|and|in hand|293,225|273,647|
|350,578|334,566|
|CREDITORS|
|Amounts|falling|due within|one year|18|(39,020)|(54,874)|
|NET CURRENT ASSETS|311,558|279,692|
|TOTAL|ASSETS|LESS|CURRENT|
|LIABILITIES|1,543,003|1,569,024|
|CREDITORS|
|Amounts|falling|due|after more than one year|19|(32,871)|(38,427)|
|NET|ASSETS|1,510,132|1,530,597|
|FUNDS|22|
|Unrestricted|funds|306,553|283,870|
|Restricted|funds|1,203,579|1,246,727|
|TOTAL FUNDS|1,510,132|1,530,597|
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The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(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.
The notes form part of these financial statements
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THE FRONTIERS CHARITABLE TRUST (REGISTERED NUMBER: 03404789)
BALANCE SHEET- continued 31 AUGUST 2023
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 vod L091 2b... and were signed on its behalf by:
Ms J Williams - Trustee
The notes form part of these financial statements
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THE FRONTIERS CHARITABLE TRUST
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023
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|||||||||
|---|---|---|---|---|---|---|---|
|2023|2022|
|Notes|£|£|
|Cash|flows|from|operating|activities|
|Cash generated|from operations|1|39,664|(452,229)|
|Net cash provided by/(used|in)|operating|activities|39,664|(452,229)|
|Cash|flows from|investing|activities|
|Purchase|of tangible fixed|assets|(38,351)|(16,732)|
|Sale of tangible fixed|assets|16,129|454,733|
|Interest|received|2,136|232|
|Net|cash|(used in)/provided by|investing|activities|(20,086|)|438,233|
|Change|in|cash|and|cash|equivalents|in|
|the reporting|period|19,578|(13,996)|
|Cash|and|cash|equivalents|at the|
|beginning|of the reporting period|273,647|287,643|
|Cash|and|cash|equivalents|at the end|of|
|the|reporting period|293,225|273,647|
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The notes form part of these financial statements
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THE FRONTIERS CHARITABLE TRUST
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
2.
| ACTIVITIES | |||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Netexpenditure forthereportingperiod (aspertheStatement of | |||
| FinancialActivities) | (20,465) | (258,379) | |
| Adjustments for: | |||
| Depreciation charges | 80,109 | 72,153 | |
| Interest received | (2,136) | (232) | |
| Increasein stocks | (1,342) | (156) | |
| Decrease in debtors | 4,908 | 86,870 | |
| Decrease increditors | (21,410) | (352,485) | |
| Netcashprovided by/(used in)operations | 39,664 | (452,229) | |
| ANALYSISOFCHANGES INNETFUNDS | |||
| At 1/9/22 | Cash flow | At 31/8/23 | |
| £ | £ | £ | |
| Net cash | |||
| Cash atbankand inhand | 273,647 | 19,578 | 293,225 |
| 273,647 | 19,578 | 293,225 | |
| Debt | |||
| Debts fallingduewithin 1 year | (5,556) | - | (5,556) |
| Debts fallingdue after 1 year | (38,427) | 5,556 | (32,871) |
| (43,983) | 5,556 | (38,427) | |
| Total | 229,664 | 25,134 | 254,798 |
The notes form part of these financial statements
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THE FRONTIERS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
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 charity meets the definition of a public benefit entity as defined by FRS102
The financial statements are prepared in sterling, which is the functional currency of the entity and are rounded to the nearest pound
Critical accounting judgements and key sources of estimation uncertainty
In the application of the charity's accounting policies, the charity is required to make judgments, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors considered to be relevant. Actual results may differ from these estimates.
There are no estimates and assumptions that are considered to have a significant risk of causing a material adjustments to the financial statements in a future period.
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.
Government grants
Government grants are recognised under the performance model. The grant income is recognised upon performance conditions being satisfied (and should it be received in advance of satisfying the performance, recognition of the income is deferred as a liability) and where there are no specific future performance-related conditions then grants are recognised when proceeds are received or receivable.
Bounce Back Loans
The government provided a 100% guarantee on loans to small or medium-sized business up to a maximum of £50,000. There are no fees or interest chargeable on these loans for the first 12 months and interest is capped at 2.5% per annum thereafter. The Trust obtained a loan of £50,000 which is shown as part of long term creditors.
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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property
- 2% on cost
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THE FRONTIERS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2023
- ACCOUNTING POLICIES - continued
Tangible fixed assets
Fixtures and fittings - 20% on cost
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK Corporation Tax purposes. Accordingly the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pensions
The charity operates a defined contribution pension scheme. Contributions payable for the year are charged in the Statement of Financial Activities as part of the costs of charitable activities.
Value Added Tax
The Trust has registered with a Group VAT arrangement covering both the charity and the subsidiary trading company on a partial exemption method agreed with H M Revenue and Customs and subject to review from time to time. Irrecoverable VAT is included in resources expended in the Statement of Financial Activities.
Basic Financial instruments
The charity has only financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and are subsequently measured at their settlement value with the exception of bank loans which are measured at amortised cost using the effective interest method.
- DONATIONS AND LEGACIES
| DONATIONS AND LEGACIESLEGACIES | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Churchofferings and gifts | 698,975 | 716,992 |
| GiftAid - taxrefunds | 86,270 | 112,432 |
| Sundry gifts | 44,069 | 51,194 |
| 829,314 | 880,618 |
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THE FRONTIERS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2023
| 3. | OTHERTRADINGACTIVITIES | OTHERTRADINGACTIVITIES | ||||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| £ | £ | |||||
| Charges to subsidiary undertaking | 78,102 | 46,361 | ||||
| 4, | INVESTMENT INCOME | |||||
| 2023 | 2022 | |||||
| £ | £ | |||||
| Gift aid from subsidiary | - | 6,571 | ||||
| Deposit account interest | 2,136 | 232 | ||||
| 2,136 | 6,803 | |||||
| 5. | INCOMEFROMCHARITABLE ACTIVITIES | |||||
| 2023 | 2022 | |||||
| Activity | £ | £ | ||||
| Eventincome | KingsChurch | 46,414 | 33,549 | |||
| Churchbookstall | KingsChurch | 418 | 647 | |||
| Kidz andYouth Activities | Kings Church | - | 48 | |||
| Focus | FrontierCommunityClubs | 4,306 | 2,245 | |||
| Kidz andYouth Activities | FrontierCommunity Clubs | 964 | 159 | |||
| 52,102 | 36,648 | |||||
| 6. | CHARITABLE ACTIVITIES | COSTS | ||||
| Grant | ||||||
| funding | of | |||||
| Direct | activities | Support | ||||
| Costs (see | (see note | costs (see | ||||
| note 7) | 8) | note 9) | Totals | |||
| £ | £ | £ | £ | |||
| Kings Church | 79,394 | $2,875 | 840,982 | 973,251 | ||
| FrontierCommunity Clubs | 8,868 | - | - | 8,868 | ||
| 88,262 | 52,875 | 840,982 | 982,119 |
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THE FRONTIERS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2023
7. DIRECT COSTS OF CHARITABLE ACTIVITIES
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|2023|2022|
|£|£|
|Activity Groups|78,458|74,569|
|Bookstall|936|294|
|Focus|Costs|2,125|1,512|
|Kidz|and Youth Activities|6,743|6,466|
|88,262|82,841|
|8.|GRANTS|PAYABLE|
|2023|2022|
|£|£|
|Kings Church|52,875|346,032|
|The|total|grants paid to|institutions|during|the year was|as|follows:|
|2023|2022|
|£|£|
|Mission|Support|-|3,499|
|Support|for|other|charities|361|-|
|Evangelical|Alliance|700|-|
|Supporting|Churches|in Zimbabwe|22,644|24,980|
|Newfrontiers|6,402|17,040|
|Local|charities|181|3,210|
|Love|Eastbourne|9,284|11,440|
|Grants|for Church in Berlin|8,195|10,000|
|Seaford|Church|-|246,321|
|47,767|316,490|
|9.|SUPPORT|COSTS|
|Management|
|£|
|Kings Church|840,982|
----- End of picture text -----
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THE FRONTIERS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2023
nn
9. SUPPORT COSTS - continued Support costs, included in the above, are as follows:
Management
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|2023|2022|
|Kings|Total|
|Church|activities|
|£|£|
|Wages|557,877|543,989|
|Rates|and water|14,433|§,582|
|Insurance|13,560|12,729|
|Light and heat|62,222|29,812|
|Telephone|4,254|4,078|
|Maintenance and Repairs|26,777|36,218|
|Building rent|6,654|15,957|
|Cleaning and Household|31,241|25,335|
|Books and Equipment|786|1,796|
|Travel|Costs|462|475|
|Office|costs|13,707|18,515|
|Bank charges|4,307|4,836|
|External|audit|fee|7,241|6,577|
|Legal|and professional|fees|6,433|9,105|
|Trustee compliance|costs|10,918|12,779|
|Depreciation of tangible|fixed|assets|80,110|72,153|
|840,982|799,936|
|10.|NET INCOME/(EXPENDITURE)|
|Net|income/(expenditure)|is|stated|after|charging/(crediting):|
|2023|2022|
|£|£|
|Depreciation|- owned assets|80,109|72,153|
|Independent Examiners' Fee|4,000|3,500|
----- End of picture text -----
- TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022.
ee
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THE FRONTIERS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023
12. STAFF COSTS
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Salaries | 493,156 | 488,436 |
| EmployersNational Insurance | 34,891 | 34,169 |
| Pension Contributions | 27,430 | 25,723 |
| LifeAssurance | 2,400 | 1,866 |
| 557,877 | $50,194 |
During the year, the total paid to Key Management Personnel was £158,779 (2022: £149,542).
The average monthly number of employees during the year was as follows:
| 2023 | 2022 | |||
|---|---|---|---|---|
| Direct charitable | 23 | 25 | ||
| Administrative | 12 | 12 | ||
| 35 | 37 | |||
| No employees receivedemoluments inexcess of£60,000. | ||||
| 13. | COMPARATIVESFORTHESTATEMENT OFFINANCIAL | ACTIVITIES | ||
| Unrestricted | Restricted | Total | ||
| funds | funds | funds | ||
| £ | £ | £ | ||
| INCOMEANDENDOWMENTSFROM | ||||
| Donations and legacies | 843,409 | 37,209 | 880,618 | |
| Charitable activities | ||||
| KingsChurch | 32,817 | 1,427 | 34,244 | |
| FrontierCommunity Clubs | 2,404 | - | 2,404 | |
| Othertrading activities | 46,361 | - | 46,361 | |
| Investment income | 6,802 | i | 6,803 | |
| Total | 931,793 | 38,637 | 970,430 | |
| EXPENDITUREON | ||||
| Charitable activities | ||||
| KingsChurch | 945,554 | 254,536 | 1,200,090 | |
| FrontierCommunity Clubs | 27,825 | 591 | 28,416 | |
| FrontierCommunity Training | 303 | - | 303 | |
| Total | 973,682 | 255,127 | 1,228,809 | |
| NETINCOME/(EXPENDITURE) | (41,889) | (216,490) | (258,379) | |
| RECONCILIATION OFFUNDS | ||||
| Totalfundsbroughtforward | 325,759 | 1,463,217 | 1,788,976 |
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THE FRONTIERS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2023
| 13. | COMPARATIVESFORTHESTATEMENT | STATEMENTOFFINANCIALACTIVITIES - continued | STATEMENTOFFINANCIALACTIVITIES - continued | STATEMENTOFFINANCIALACTIVITIES - continued | |
|---|---|---|---|---|---|
| Unrestricted funds |
Restricted funds |
Total funds |
|||
| £ | £ | £ | |||
| TOTALFUNDS CARRIED | FORWARD | 283,870 | 1,246,727 | 1,530,597 | |
| 14, | TANGIBLE FIXED ASSETS | ||||
| Fixtures | |||||
| Freehold | and | ||||
| property | fittings | Totals | |||
| £ | £ | £ | |||
| COST | |||||
| At 1 September2022 | 2,102,169 | 612,727 | 2,714,896 | ||
| Additions | - | 38,351 | 38,351 | ||
| Disposals | (1,232) | (71,931) | (73,163) | ||
| At 31 August 2023 | 2,100,937 | 579,147 | 2,680,084 | ||
| DEPRECIATION | |||||
| At 1 September2022 | 899,900 | 525,764 | 1,425,664 | ||
| Charge foryear | 42,152 | 37,957 | 80,109 | ||
| Eliminated ondisposal | - | (57,034) | (57,034) | ||
| At 31 August 2023 | 942,052 | 506,687 | 1,448,739 | ||
| NETBOOKVALUE | |||||
| At 31 August 2023 | 1,158,885 | 72,460 | 1,231,345 | ||
| At31August2022 | 1,202,269 | 86,963 | 1,289,232 |
The Bank Loans and overdraft are secured by way of charge over the charity's freehold property at Kings Centre, 27 Edison Road, Eastbourne. The balance of the loan at 31 August 2021 owed to Barclays Bank pic was £Nil, however the charge still remains in place.
In compliance with the terms under which the £220,000 grant from National Lotteries Charity Board (received during the year 2003-2004) was made, a second charge in favour of National Lotteries Charities Board for the sum of £220,000 was placed over 27 Edison Road, Eastbourne.
- FIXED ASSET INVESTMENTS
| FIXED ASSETASSET INVESTMENTS | |
|---|---|
| Shares in | |
| group | |
| undertakings | |
| £ | |
| MARKETVALUE | |
| At 1 September2022 and 31 August 2023 | 100 |
| NETBOOKVALUE | |
| At 31 August2023 | 100 |
| At31August 2022 | 100 |
There were no investment assets outside the UK.
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THE FRONTIERS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023
- FIXED ASSET INVESTMENTS- continued
The company's investments at the balance sheet date in the share capital of companies include the following:
Kings Centre (Eastbourne) Limited (KCEL)
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|Registered|office:|
|Nature|of business:|Trading|subsidiary|of|TFCT|
|%|
|Class of share:|holding|
|Ordinary|100|
|2023|2022|
|£|£|
|Aggregate|capital|and reserves|41,992|20,331|
|Profit|for the year|21,661|4,184|
----- End of picture text -----
KCEL is the subsidiary trading company of TFCT and is a private limited company incorporated on 19 February 2004. KCEL is registered in England and Wales, company number 5049241 and limited by shares. TFCT owns 100% of the ordinary shares of KCEL and controls the appointment of directors.
KCEL trades with the purpose of raising funds for the benefit of TFCT, by letting parts of the Kings Centre for conferences, meetings, weddings, parties, sports and games and providing catering and café facilities.
It is the intention to donate the taxable profits to TFCT each year by Gift Aid. KCEL's trading results, as extracted from the financial statements are summarised below:
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|2023|2022|
|£|£|
|Shareholder's|Funds|(including|£100|share|capital)|41,992|20,331|
|Profit|and|Loss|Account|
|Turnover|122,251|92,870|
|Expenditure|(89,835)|(82,115)|
|Operating|profit|32,416|10,755|
|Other|interest|receivable|-|-|
|Gift Aid donations|to TFCT|10,755|6,571|
|Tax on|profit|on|ordinary|activities|-|:|
|Retained profit|for the year|21,661|4,184|
|Accumulated|profit|carried forward|41,892|20,231|
|16.|STOCKS|
|2023|2022|
|£|£|
|Finished goods|3,433|2,091|
----- End of picture text -----
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THE FRONTIERS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023
| 17. | DEBTORS: AMOUNTSFALLINGDUEWITHINONEYEAR | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Trade debtors | 11,958 | 20,795 | |
| Other debtors | 33,624 | 11,270 | |
| Prepayments and accrued income | 8,338 | 26,763 | |
| 53,920 | 58,828 | ||
| 18. | CREDITORS: AMOUNTSFALLINGDUEWITHINONEYEAR | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Bank loans and overdrafts (see note20) | 5,556 | 5,556 | |
| Trade creditors | 14,420 | 22,510 | |
| Social security andothertaxes | 9,325 | 9,554 | |
| VAT | 5,930 | 4,314 | |
| Other creditors | 3,184 | 6,135 | |
| Accruals and deferred income | 605 | 6,805 | |
| 39,020 | 54,874 | ||
| 19. | CREDITORS: AMOUNTSFALLINGDUE AFTERMORETHANONEYEAR | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Bankloans (see note 20) | 32,871 | 38,427 | |
| 20. | LOANS | ||
| An analysis ofthe maturity ofloans is given below: | |||
| 2023 | 2022 | ||
| £ | £ | ||
| Amounts fallingdue withinoneyearon demand: | |||
| Bank loans | 5,556 | 5,556 | |
| Amounts fallingbetween one andtwo years: | |||
| Bank loans - 1-2 years | 5,556 | 5,556 | |
| Amounts falling due betweentwo and five years: | |||
| Bank loans - 2-5 years | 16,667 | 5,556 | |
| Amounts falling due inmore than fiveyears: | |||
| Repayableby instalments: | |||
| Bankloansmorethan5yearsrepayablebyinstalments | 10,648 | 27,315 |
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THE FRONTIERS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2023
- ANALYSIS OF NET ASSETS BETWEEN FUNDS
----- Start of picture text -----
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|2023|2022|
|Unrestricted|Restricted|Total|Total|
|funds|funds|funds|funds|
|£|£|£|£|
|Fixed|assets|72,458|1,158,887|1,231,345|1,289,232|
|Investments|100|-|100|100|
|Current|assets|305,886|44,692|350,578|334,566|
|Current|liabilities|(39,020)|-|(39,020)|(54,874)|
|Long term|liabilities|(32,871)|-|(32,871)|(38,427)|
|306,553|1,203,579|1,510,132|1,530,597|
|22.|MOVEMENT|IN FUNDS|
|Net|Transfers|
|movement|between|At|
|At|1/9/22|in funds|funds|31/8/23|
|£|£|£|£|
|Unrestricted|funds|
|Kings|Church|fund|258,948|14,036|32,729|305,713|
|Special|Events|fund|1,572|(5,895)|5,163|840|
|Designated|-|Strategic Development|23,350|619|(23,969)|-|
|283,870|8,760|13,923|306,553|
|Restricted|funds|
|Building Fund|1,197,772|(42,153)|3,268|1,158,887|
|Resourcing & Training fund|2,050|-|(2,050)|~|
|Restricted Reserve fund|46,905|12,928|(15,141)|44,692|
|1,246,727|(29,225)|(13,923)|1,203,579|
|TOTAL FUNDS|1,530,597|(20,465)|-|1,510,132|
|Net movement|in|funds,|included|in|the|above|are|as|follows:|
|Incoming|Resources|Movement|
|resources|expended|in funds|
|£|£|£|
|Unrestricted|funds|
|Kings Church|fund|871,571|(857,535)|14,036|
|Special Events|fund|31,212|(37,107)|(5,895)|
|Designated|-|Strategic Development|2,119|(1,500)|619|
|904,902|(896,142)|8,760|
|Restricted|funds|
|Building|Fund|-|(42,153)|(42,153)|
|Restricted Reserve fund|56,752|(43,824)|12,928|
|56,752|(85,977)|(29,225)|
|TOTAL FUNDS|961,654|(982,119)|(20,465)|
----- End of picture text -----
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THE FRONTIERS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2023
22. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|Net|
|movement|At|
|At|1/9/21|in|funds|31/8/22|
|£|£|£|
|Unrestricted|funds|
|Kings Church fund|307,370|(48,422)|258,948|
|Special|Events fund|3,043|(1,471)|1,572|
|Designated|-|Strategic|Development|15,346|8,004|23,350|
|325,759|(41,889)|283,870|
|Restricted|funds|
|Building Fund|1,394,470|(196,698|)|1,197,772|
|Resourcing &|Training|fund|2,399|(349)|2,050|
|Restricted Reserve|fund|66,348|(19,443)|46,905|
|1,463,217|(216,490)|1,246,727|
|TOTAL FUNDS|1,788,976|(258,379)|1,530,597|
----- End of picture text -----
Comparative net movement in funds, included in the above are as follows:
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|Incoming|Resources|Movement|
|resources|expended|in|funds|
|£|£|£|
|Unrestricted|funds|
|Kings Church|fund|903,579|(952,001)|(48,422)|
|Special|Events|fund|17,609|(19,080)|0,471)|
|Designated|-|Strategic|Development|10,605|(2,601)|8,004|
|931,793|(973,682)|(41,889)|
|Restricted|funds|
|Building Fund|-|(196,698|}|(196,698|)|
|Resourcing & Training|fund|-|(349)|(349)|
|Restricted Reserve fund|38,637|(58,080)|(19,443)|
|38,637|(255,127)|(216,490)|
|TOTAL FUNDS|970,430|(1,228,809 )|(258,379)|
----- End of picture text -----
The nature and purpose of each fund are as follows:
Restricted Funds
The restricted funds are to be used for specific purposes and laid down by the donor. Expenditure that meets these criteria is charged to the fund together with the appropriate management and support costs.
a) Building Fund
This relates to monies specifically given or set aside to fund the acquisition of the whole building known as The Kings Centre, 27 Edison Road, Eastbourne and the refurbishment and development to date of the building.
b) Resourcing and Training Fund
Page 24
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THE FRONTIERS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2023
22. MOVEMENT IN FUNDS - continued
This relates to the Impact Project, which trains adults in church mission and theology and Newfrontiers Leadership One training, which trains adults in church leadership, for a fee.
c) Restricted Reserve Fund
This represents monies set aside as specified for restricted purposes and prior to being assigned for use to other restricted funds.
Unrestricted Funds
The unrestricted funds include donations and other incoming resources receivable or generated for the Objectives of the Charity without further specified purpose and are available as general funds.
a) Kings Church Fund/General Fund
This relates to the activities of Kings Church, Eastbourne, the purpose of which is to advance the Christian faith. The fund includes activates, governance costs, as well as the bulk of support costs that are not directly allocated to activities in other funds.
b) Reserve Fund
This represents monies set aside as free reserves to provide flexibility to manage changes and increased needs and for the various projects of the trust, the precise allocation of which has yet to be decided.
c) Special Events Fund
Various church activity special events take place during the year within Kings Centre, held under the umbrella of the Special Events Fund, with the intention of them also generating funds or at least being self financing. This can include social, educational, sporting and youth events, or various other community activities.
Designated Funds (Unrestricted)
The designated funds are unrestricted funds earmarked by the trustees for particular purposes.
a) Giving Fund
This relates to monies specifically set aside by Kings Church and given away to other charities, Christian organisations and to those in need.
b) Strategic Development Fund
This relates to monies specifically set aside by Kings Church for strategic projects.
- RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2023.
- MEMBERS
At 31 August 2023, there were 10 (2022: 10) members of the company.
Page 25