Charity registration number 1103436
Company registration number 05049817 (England and Wales)
THE WELLS TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022
THE WELLS TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Stephen Adewole | |
|---|---|---|
| Fiona Wells | ||
| Owen Day | ||
| Christopher Harris | ||
| Caroline Boxall | (Appointed 15 June 2021) | |
| Shona Elliott | (Resigned 29 November | |
| 2021)) | ||
| Secretary | Owen Day | |
| Charity number | 1103436 | |
| Company number | 05049817 | |
| Type | Company Limited By Guarantee | |
| Principal address | Wells Way | |
| Camberwell | ||
| London | ||
| SE5 7SY | ||
| Independent examiner | James Foskett | |
| Cansdales Business Advisors Limited | ||
| St Mary's Court | ||
| The Broadway | ||
| Old Amersham | ||
| Buckinghamshire | ||
| HP7 0UT | ||
| Bankers | Barclays Bank PLC | |
| Co-op Bank PLC |
THE WELLS TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 14 |
THE WELLS TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 28 FEBRUARY 2022
The Trustees present their annual report and financial statements for the year ended 28 February 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "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).
The Well Community Church is a church of 70 adult members that has led groups and projects for the benefit of our congregation and local community throughout the past year. The Church has good relationships with other Churches in Southwark and across London; partnering to see transformation in our communities and is currently part of a wider Church network called Pioneer.
By engaging in these community activities, the trustees have had regard to the guidance on public benefit issued by The Charity Commission.
Objectives and activities Church Activities
During a year which included both the removal of all Covid-19 related legal restrictions and the introduction of the UK government’s, ‘Living with Covid’ strategy, The Well Community Church has continued to serve the community in a variety of ways.
Regular Sunday morning Church services have been open to all members of the public over the past year, with a new rhythm of meetings that has enabled the Church to welcome new members from a range of backgrounds and across the generations. In addition, we were able to restart our rhythm of outreach that enabled us to engage with members of the public from a variety of backgrounds, and to offer prayer and invite them to activities based in our building.
Regular support groups for ante-natal, post-natal and children’s groups have either restarted or continued to meet in our building, providing an essential service for families.
We hosted commemoration/celebration of life services on two occasions over the year, and one wedding.
In partnership with other local Churches, we joined together in August for the Summer Munch Club (a three-week project to feed and organize sport & craft activities to local children). We recruited a team of volunteers to help cook 30 meals for local families over the course of a week and designed/delivered fun activities for the children.
Monthly Men’s Breakfast groups resumed in person and were open to guests.
An Alpha group for inquirers into the Christian faith was hosted towards the end of the year.
Other Activities in the building
Destiny Children’s Nursery continue to provide nursery care for local families.
ACET UK have continued to operate out of our building where their main office is based.
Pilates classes have continued meet on a weekly basis for members of the local community.
The hall has been hired for other one-off community events such as parties.
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THE WELLS TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2022
Step Out
Step Out (our young person’s mentoring project) continued to grow by recruiting and training mentors and delivering an excellent mentoring experience for dozens of local young people – many of whom were referred from local schools or social services. The project specifically focuses on outdoor/physical activities for young people and is recognized as contributing to the mental health and wellbeing of young people who might otherwise suffer because of a lack of engagement or support. Our midweek youth club continued to provide a safe & healthy environment for both Step Out mentees and other local children to enjoy, and there were also residential trips arranged for the young people.
Staff
Alison and Haydon Murr continue to lead the staff team with Phil and Julie Stokes currently serving alongside them. Phil White leads both Step Out and Youth while Rachel Young provides administrative support.
Partnerships
Lumberjack Cafe continues to rent our property at 70 Camberwell Church Street and has sustained their move into high end groceries which augment the café business. Lumberjack is the business arm of the charity which continues to mentor and train young people referred to them through their workshop at Goldfinch Furniture and London Reclaimed.
The Well continues to support the Price family who have relocated to another part of the country where they continue to support a refugee and migrant community drawn from a known persecuted people group.
Phil and Julie Stokes serve on the London Leadership of Pioneer and lead a London wide Church Leaders Relational Network called REACH.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Financial review
Income for the year was £194,531 (2021: £152,961), expenditure for the year was £176,732 (2021: £162,832), so that there was a net surplus of £17,798, (2021 - Net loss: £9,871), before a transfer of £27,384 between funds (2021 - restricted to general: £1,566). Year funds were £142,720 (2021: £124,922).
Reserves Policy
The Board of Directors have established a policy whereby free reserves held by the charity should be maintained at three months' unrestricted funds charitable expenditure, which would equate to around £40,000. General reserves less operational property of £61,897 at the year end are £43,738. The Trustees will continue to monitor reserves based on planned expenditure for the next financial year.
Risk Statement
The Directors have reviewed the risks to which a small charity operating with few employees is exposed. Appropriate procedures are in place to identify, monitor and review these risks on a regular basis.
Structure, governance and management
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Stephen Adewole Fiona Wells Shona Elliott (Resigned 29 November 2021) Owen Day Christopher Harris Caroline Boxall (Appointed 15 June 2021)
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THE WELLS TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2022
During the period covered by this report there has been a change in makeup of the current board, with the departure of one member and their replacement by a new member.
The process for recruitment of new trustees is the responsibility of the Board of Trustees, who seek to recruit either when resignations occur or when specific skills are required to help the Trust achieve its aims. Recruitment procedures are consistent with guidance from the charities Commission.
Statement of trustees' responsibilities
The Trustees, who are also the directors of The Wells Trust for the purpose 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 which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees' report was approved by the Board of Trustees.
Christopher Harris
16 November 2022
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THE WELLS TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WELLS TRUST
I report to the Trustees on my examination of the financial statements of The Wells Trust (the charity) for the year ended 28 February 2022.
Responsibilities and basis of report
As the Trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
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 that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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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4 the financial statements 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 financial statements to be reached.
James Foskett Cansdales Business Advisers Limited St Mary's Court The Broadway Old Amersham Buckinghamshire HP7 0UT
Dated: 17 November 2022
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THE WELLS TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2022
| Unrestricted Designated Restricted funds funds funds 2022 2022 2022 Notes £ £ £ Income from: Donations and legacies 3 102,253 - 55,559 Charitable activities 4 36,718 - - Total income 138,971 - 55,559 Expenditure on: Charitable activities 5 134,921 5,750 36,061 Net incoming/(outgoing) resources before transfers 4,050 (5,750) 19,498 Gross transfers between funds 27,385 - (27,385) Net movement in funds 31,435 (5,750) (7,887) Fund balances at 1 March 2021 74,200 17,250 33,472 Fund balances at 28 February 2022 105,635 11,500 25,585 |
Total Unrestricted Designated Restricted funds funds funds 2022 2021 2021 2021 £ £ £ £ 157,812 105,780 - 11,330 36,718 35,851 - - 194,530 141,631 - 11,330 176,732 144,961 5,750 12,121 17,798 (3,330) (5,750) (791) - 1,566 - (1,566) 17,798 (1,764) (5,750) (2,357) 124,922 75,964 23,000 35,829 142,720 74,200 17,250 33,472 |
Total 2021 £ 117,110 35,851 152,961 162,832 (9,871) - (9,871) 134,793 124,922 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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THE WELLS TRUST
BALANCE SHEET
AS AT 28 FEBRUARY 2022
| Notes Fixed assets Tangible assets 8 Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Total assets less current liabilities Income funds Restricted funds 11 Designated Funds Unrestricted funds |
2022 £ 23,465 48,078 71,543 (2,220) |
£ 73,397 69,323 142,720 25,585 11,500 105,635 142,720 |
2021 £ 18,544 53,415 71,959 (2,101) |
£ 55,064 69,858 |
|---|---|---|---|---|
| 124,922 | ||||
| 33,472 17,250 74,200 |
||||
| 124,922 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 28 February 2022.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 however, in accordance with Section 145 of the Charities Act 2011, the accounts have been examined by an independent examiner and their report has been included in these financial statements
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 16 November 2022
Christopher Harris Trustee
Company registration number 05049817
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THE WELLS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022
1 Accounting policies
Charity information
The charity is a charitable company limited by guarantee and is incorporated in the United Kingdom. The company's registered number and registered office address can be found on the Company Information page.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
The trustees (who are the charitable company's directors for the purposes of company law) have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
1.3 Charitable funds
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects.
1.4 Income
Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.
Income from donations and legacies includes:
i) Recoverable gift aid. This is recognised when the related donation is received. Gift aid that has not been recovered by the balance sheet date is included as a debtor.
ii) Legacies. Income from legacies is recognised when a distribution is received from the estate or, if earlier, when the charity has been notified that a distribution will be made and the amount receivable can be measured reliably.
The charity relies on volunteers to carry out many of its activities. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured.
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THE WELLS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2022
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.
The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.
The cost of raising funds is not significant and has not been separately disclosed.
Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects.
1.6 Tangible fixed assets
Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £500 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:
Freehold Land Is not depreciated (because it is not consumed by use) Freehold Buildings Over 50 years after taking account of the building's residual value Equipment Over 3 to 7 years
The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.
1.7 Taxation
The company is a registered charity; it has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.
1.8 Exemption from preparing a cashflow statement
The charity has taken advantage of an exemption conferred by the Charities SORP and has not prepared a cash flow statement.
1.9 Pension Scheme Arrangements
The charity operates defined contribution pension schemes for its employees. Obligations for contributions to these schemes are recognised as an expense when the liability arises. The assets of these schemes are held separately from those of the charity in independently administered funds.
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THE WELLS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2022
1 Accounting policies
(Continued)
2 Critical accounting estimates and judgements
The trustees do not consider that there any material sources of estimation or uncertainty at the balance sheet date that could result in a material adjustment to the carrying values of assets and liabilities in the next reporting period.
3 Donations and legacies
| Unrestricted Restricted funds funds 2022 2022 £ £ Donations and gifts 67,491 13,623 Gift Aid Tax Recoverable 16,873 3,466 Other Donations 17,889 38,470 102,253 55,559 |
Total Unrestricted Restricted funds funds 2022 2021 2021 £ £ £ 81,114 62,908 930 20,339 15,727 - 56,359 27,145 10,400 157,812 105,780 11,330 |
Total 2021 £ 63,838 15,727 37,545 |
|---|---|---|
| 117,110 |
4 Charitable activities
| Rental Income Other Income |
2022 £ 35,700 1,018 36,718 |
2021 £ 33,810 2,041 |
|---|---|---|
| 35,851 |
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THE WELLS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2022
5 Charitable activities
| Staff costs Depreciation and impairment Church Activities Building Cost Grant Payable Subscriptions Conferences Training Governance (independent examination fees) Travel and hospitality Office costs Analysis by fund Unrestricted funds Designated Funds Restricted funds 6 Grant Payable Mission support The main beneficiaries of the grants made to institutions were: Mr & Mrs Price Gift Pioneer Trust I-Net London Baptist Association Others |
2022 £ 108,734 6,934 20,868 18,484 7,871 5,520 265 711 2,231 1,207 3,907 176,732 176,732 134,921 5,750 36,061 176,732 2022 £ 7,871 7,871 2022 £ 1,100 - 5,580 481 710 7,871 |
2021 £ 90,479 7,410 18,321 21,865 8,608 6,077 130 699 2,931 356 5,956 |
|
|---|---|---|---|
| 162,832 | |||
| 162,832 | |||
| 144,961 5,750 12,121 |
|||
| 162,832 | |||
| 2021 £ 8,608 |
|||
| 8,608 | |||
| 2021 £ 1,700 500 5,580 500 328 |
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| 8,608 |
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THE WELLS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2022
7 Employees
The average monthly number of employees during the year was:
| Employment costs Wages and salaries Social security costs Pension costs |
2022 Number 5 2022 £ 103,846 2,926 1,962 108,734 |
2021 Number 5 |
|---|---|---|
| 2021 £ 86,266 2,435 1,778 |
||
| 90,479 |
During the year, total remuneration paid to key management for two employees totalled £36,649 (2021: two employees amounted to £20,368).
There were no employees whose annual remuneration was more than £60,000.
8 Tangible fixed assets
| Freehold land and buildings Fixtures and fittings Computers £ £ £ Cost At 1 March 2021 151,000 21,448 11,457 Additions 25,350 - 2,985 At 28 February 2022 176,350 21,448 14,442 Depreciation and impairment At 1 March 2021 99,550 19,449 9,842 Depreciation charged in the year 8,818 858 326 At 28 February 2022 108,368 20,307 10,168 Carrying amount At 28 February 2022 67,982 1,141 4,274 At 28 February 2021 51,450 1,999 1,615 |
Total £ 183,905 28,335 |
|---|---|
| 212,240 | |
| 128,841 10,002 |
|
| 138,843 | |
| 73,397 | |
| 55,064 |
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THE WELLS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2022
| 9 Debtors Amounts falling due within one year: Tax Recoverable Prepayments and accrued income 10 Creditors: amounts falling due within one year Accruals and deferred income |
2022 £ 20,278 3,187 23,465 2022 £ 2,220 |
2021 £ 15,727 2,817 |
|---|---|---|
| 18,544 | ||
| 2021 £ 2,101 |
11 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement in funds | Movement in funds | ||||
|---|---|---|---|---|---|
| Balance at | Incoming | Resources | Transfers | Balance at | |
| 1 March | resources | expended | 28 February | ||
| 2021 | 2022 | ||||
| £ | £ | £ | £ | £ | |
| Welcome project | 31,785 | 224 | (3,675) | (28,334) | - |
| Reach London | - | 4,792 | (5,521) | 729 | - |
| Step Out | 1,687 | 50,427 | (26,529) | - | 25,585 |
| Bibles For China | - | 116 | (336) | 220 | - |
| 33,472 | 55,559 | (36,061) | (27,385) | 25,585 |
The welcome project - is a building project to improve access to the main building. Reach London - Specific giving towards a ministry to connect churches across London which is led by an employee.
Step Out - Specific giving/grants towards a ministry for childrens mentoring which is led by an employee. Bibles For China - Specific giving towards bibles for China.
12 Designated funds
Designated funds relate to the designated property fund. This is made up of the 2021 brought forward balance of £17,250 less charitable activities of £5,750 making a carried forward balance of £11,500. This relates to the original cost of the property and movement here relates to the depreciation charge for the year.
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THE WELLS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2022
| 13 Analysis of net assets between funds Unrestricted funds Designated funds Restricted funds 2022 2022 2022 £ £ £ Fund balances at 28 February 2022 are represented by: Tangible assets 61,897 11,500 - Current assets/(liabilities) 43,738 - 25,585 105,635 11,500 25,585 |
Total Unrestricted funds Designated funds Restricted funds 2022 2021 2021 2021 £ £ £ £ 73,397 6,029 17,250 31,785 69,323 68,171 - 1,687 142,720 74,200 17,250 33,472 |
Total 2021 £ 55,064 69,858 |
|---|---|---|
| 124,922 |
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THE WELLS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2022
14 Related party transactions
The charity received £36,263 in donations (2021: £27,643) from related parties (which includes trustees, anyone closely connected to them and key management).
During the year the charity also made expenses payments to 5 trustee totalling £1,108, In 2021 this was to 3 trustees totalling £216.
Except as disclosed in note 7 'Employees', there have been no other transactions with related parties during the year.
15 Members
Each member of the company commits to contribute if the charity is wound up an amount of £10.
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