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2021-03-31-accounts

Swamp Circus Trust Limited

(A charitable company limited by guarantee)

Charity No. 1129011

Company No. 06697208

Trustees' Report and Unaudited but Independently Examined Accounts 31 March 2021

Cornwall Community Accountancy Service The Elms, 61 Green Lane Redruth Cornwall TR15 1LS

Swamp Circus Trust Limited CONTENTS

Pages
Trustees' Annual Report 2 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Accounts 9 to 19

Page 1

Swamp Circus Trust Limited TRUSTEES ANNUAL REPORT

REFERENCE AND ADMINISTRATIVE DETAILS

Company No. 06697208

Charity No. 1129011

Registered Office

10 Lower Market Street Penryn Cornwall TR10 8BG

Directors and Trustees

The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:

Anthony Rogers Louise Martin (Resigned 1 August 2020) Sarah Redfern Stephan Bolton

Accountants

Cornwall Community Accountancy Service The Elms, 61 Green Lane Redruth Cornwall TR15 1LS

Bankers

HSBC Market Street Falmouth Cornwall TR11 3AA

Solicitors

Nalders Solicitors 49 Arwenack Street Falmouth Cornwall TR11 3LB

Page 2

Swamp Circus Trust Limited TRUSTEES ANNUAL REPORT

The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 March 2021.

OBJECTIVES AND ACTIVITIES

To provide or assist in the provision of facilities and training in the community. Including classes for juggling, mime, acrobatics, aerial, balance, dance, movement and conventional games and outdoor education and sports in the interests of vocation training, social welfare for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age infirmity or disability, financial hardship or social circumstances with the object of improving their conditions of life.

The relief of unemployment for the benefit of the public in such ways as may be thought fit, including assistance to find employment regardless of age, sex,ability and origins. To promote for the benefit of the public the conservation protection and improvement of the physical and natural environment.

All our charitable activities focus on providing support to all members of the community, young and old,to allow them either to enjoy the benefits of participating in, or attending arts events, and also in helping practitioners to reach their full potential, through training, help and support, allowing them to share their skills with others in the community.

ACHIEVEMENTS AND PERFORMANCE

During 2020-2021 the activities of the charity in Cornwall and the South West comprised:

Grants 2020 - 2021: Norman Foundation (restricted ) St James Place Foundation (restricted) Cloth Workers ( restricted) CLLD ( restricted) Emerge Foundation ( restricted)

Outline:

  1. Circus training for young people and families of all ages with even clubs in Falmouth and taster sessions in other areas.

  2. Circo Kernow – The core work of accredited training for NEETS – young people out of work and education. Prioritising areas of deprivation and those with SEN. Circo Kernow comprised:

  3. a. 1 day plus office based support of guided training per week in Falmouth.

  4. b. Outreach programme focused on risk of NEET learners in Schools / youth agencies.

  5. c. Classes and master classes.

  6. d. Additional keyskills.

  7. e. School events and shows eg Playfest

  8. f. Taking on at least 2 trainee teachers on each of 3 x 3 month programs

  9. School and community projects

  10. Community and Educational Events

Page 3

Swamp Circus Trust Limited TRUSTEES ANNUAL REPORT

In Detail:

1. Cornwall Children's Circus

Initially busy the numbers dropped off and parents have struggled to find the money even though it's much subsidised. Children from the circus clubs had the opportunity to perform on stage at Mini Playfest and other local events.

  1. Circo Kernow - continued with successful uptake of students and productions especially at Easter where students had the opportunity to take part in the Chyan based big top school. Circo Kernow students had the opportunity to train for free at Swamp Circus Camp in August with qualified tutors from around the world.

  2. Work with over 12 schools, the University of Exeter and Falmouth University.

  3. Environmental projects e.g. collaboration with Chyan and Roots and Seeds plus BTEC Horticulture and Circus Sundays ( especially successful during Covid - outdoors at distance)

  4. We performed at many community events including Truro Children's Day

  5. Circo Kernow Big Top and Workshops Local community shows and local festivals as detailed above

  6. Circus shop with offices and drop in space with laptops and wifi access for students and those seeking work.

FINANCIAL REVIEW

The income for the year has increased to £203,969 (£73,676 in 2020). A large proportion of this was to fund capital development costs so although costs have increased it is not in the same proportion. The spend for the year of £93,970 (£87,943 in 2020) has led to a surplus of £109,999 (deficit of £14,268 in 2020).

Risk management

The Cornwall Council, PLUS and Positive People community provision representatives have examined the major risks to which the charity is exposed and are satisfied that systems are in place to minimise or mitigate these. The trustees will continue to review potential risks on a regular basis and will take further action to minimise or mitigate these risks as required. All Covid precautions have been reviewed with Environmental Health and The Cornwall Covid Team.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Swamp Circus Trust Limited is a company limited by Guarantee. It is also a registered charity with the Charity Commission. In the event that the charity is wound up the members agree to contribute an amount of not more than £10 to the assets of the charity.

Governing document

The charity is governed by its Memorandum and Articles of Association dated 25th January 1995

Page 4

Swamp Circus Trust Limited TRUSTEES ANNUAL REPORT

The directors of the company are also charity trustees for the purposes of charity law. Subject to the approval of the members, the trustees may appoint a person who is willing to be a trustee. Recruitment is on the basis of skills, experience and approach required within the spectrum of the existing trustee membership. Recruitment is undertaken through a range of media and follows an equal opportunities process where appropriate. Potential trustees meet the Chair, other trustees and senior management prior to the proposal as a trustee. Once appointed, trustees undertake an induction into the working of the charity including attending events, observing operational activity in the office, discussions with staff and reading information such as accounts, marketing material and evaluation documents

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

Signed on behalf of the board

Stephan Bolton Trustee 31 January 2022

Page 5

Swamp Circus Trust Limited INDEPENDENT EXAMINERS REPORT

Independent Examiner's Report to the trustees of Swamp Circus Trust Limited

I report to the charity trustees on my examination of the accounts of Swamp Circus Trust Limited for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet and the related notes.

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 accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.

Having satisfied myself that the accounts 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 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

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

During the course of my examination I have noted that there is an element of the Chyan Development matched funding which the trustees believe can be transferred to unrestricted funds but there is no written approval of this from the donor. This value of £31,245 is significant in terms of ensuring unrestricted funds are healthy.

I 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.

Debbie Risborough Association of Chartered Certified Accountants Cornwall Community Accountancy Service The Elms, 61 Green Lane Redruth Cornwall

TR15 1LS 31 January 2022

Page 6

Swamp Circus Trust Limited STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31 March 2021

Notes
Income and endowments
from:
Donations and legacies
4
Charitable activities
5
Investments
6
Total
Expenditure on:
Charitable activities
7
Total
Net gains on investments
Net income/(expenditure)
8
Transfers between funds
Net income/(expenditure)
before other gains/(losses)
Other gains and losses:
Net movement in funds
Reconciliation of funds:
Total funds brought
forward
Total funds carried
forward		 Unrestrict
ed funds
2021
£
-
18,306
-		 Restricted
funds
2021
£
-
185,663
-		 Total
funds
2021
£
-
203,969
-		 Total
funds
2020
£
5
73,668
2
18,306
30,677		 185,663
63,293		 203,969
93,970		 73,675
87,943
30,677
-		 63,293
-		 93,970
-		 87,943
-
(12,371)
31,245		 122,370
(31,245)		 109,999
-		 (14,268)
-
18,874 91,125 109,999 (14,268)
18,874
(1,357)		 91,125
13,166		 109,999
11,809		 (14,268)
26,077
17,517 104,291 121,808 11,809

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

Page 7

Swamp Circus Trust Limited BALANCE SHEET

at
31 March 2021
Company No. 06697208
Notes
2021
£
Fixed assets
Tangible assets
10
92,556
92,556
Current assets
Debtors
11
26,895
Cash at bank and in hand
29,231
56,126
Creditors:Amount falling due within one year
12
(26,874)
Net current assets
29,252
Total assets less current liabilities
121,808
Net assets excluding pension asset or liability
121,808
Total net assets
121,808
The funds of the charity
Restricted funds
13
Restricted income funds
104,291
104,291
Unrestricted funds
13
General funds
17,517
17,517
Reserves
13
Total funds
121,808		 2020
£
1,272
1,272
6,899
14,341
21,240
(10,703)
10,537
11,809
11,809
11,809
13,166
13,166
(1,357)
(1,357)
11,809

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For the year ended 31 March 2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 31 January 2022

And signed on its behalf by:

Stephan Bolton

Trustee

31 January 2022

Page 8

Swamp Circus Trust Limited NOTES TO THE ACCOUNTS

for the year ended 31 March 2021

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

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 charity constitutes a public benefit entity as defined by FRS102.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. These are unrestricted funds earmarked by the trustees for particular Designated funds purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Page 9

Swamp Circus Trust Limited NOTES TO THE ACCOUNTS

Income

Income
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the
income charity becomes entitled to, and virtually certain to receive, the income and
the amount of the income can be measured with sufficient reliability.
Income with Where income has related expenditure the income and related expenditure is
related expenditure reported gross in the SoFA.
Donations and Voluntary income received by way of grants, donations and gifts is included
legacies in the the SoFA when receivable and only when the Charity has
unconditional entitlement to the income.
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the
donations and gifts gift/donation to which it relates.
Donated services These are only included in income (with an equivalent amount in
and facilities expenditure) where the benefit to the Charity is reasonably quantifiable,
measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts.
Investment income This is included in the accounts when receivable.
Gains/(losses) on This includes any gain or loss resulting from revaluing investments to
revaluation of fixed market value at the end of the year.
assets
Gains/(losses) on This includes any gain or loss on the sale of investments.
investment assets
Expenditure
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any
expenditure VAT which cannot be fully recovered, and is reported as part of the
expenditure to which it relates.
Expenditure on These comprise the costs associated with attracting voluntary income,
raising funds fundraising trading costs and investment management costs.
Expenditure on These comprise the costs incurred by the Charity in the delivery of its
charitable activities activities and services in the furtherance of its objects, including the making
of grants and governance costs.
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual
for grants that have been approved by the trustees at the end of the year but
not yet paid.
Governance costs These include those costs associated with meeting the constitutional and
statutory requirements of the Charity, including any audit/independent
examination fees, costs linked to the strategic management of the Charity,
together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.

Taxation

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

Page 10

Swamp Circus Trust Limited NOTES TO THE ACCOUNTS

Tangible fixed assets and depreciation

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

estimated useful life:
Leasehold property 5% Straight line
Plant and machinery
including motor vehicles		 10% Straight line
Motor Vehicles 25% Reducing balance
Office Equipment 25% Straight line

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Page 11

Swamp Circus Trust Limited NOTES TO THE ACCOUNTS

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Statement of cash flows

The charity is exempt from preparing a statement of cash flows on the grounds that it is a small charity

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

Page 12

Swamp Circus Trust Limited NOTES TO THE ACCOUNTS

3 Statement of Financial Activities - prior year

Income and endowments
from:
Donations and legacies
Charitable activities
Investments
Total
Expenditure on:
Charitable activities
Total
Net income
Net income before other
gains/(losses)
Other gains and losses:
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
2020
£
6
57,796
2
57,804
79,784
79,784
(21,980)
(21,980)
(21,980)
20,624
(1,356)		 Restricted
funds
2020
£
-
15,872
-
15,872
8,159
8,159
7,713
7,713
7,713
5,453
13,166		 Total
funds
2020
£
6
73,668
2
73,676
87,943
87,943
(14,267)
(14,267)
(14,267)
26,077
11,810
4
Income from donations and legacies
Appeals and donations		 Total
2021
£
-
-		 Total
2020
£
5
5

Page 13

Swamp Circus Trust Limited NOTES TO THE ACCOUNTS

5 Income from charitable activities

Unrestricte

Grant Income
Cornwall Council
Cornwall Development
Company
Emergence Grant
Hildren Charitable Fund
HMRC Furlough Grant
Big Potential
Clothworkers
St James Place
The Casey Trust
Small Grants below £2000
Primary Purpose Trading
Events Income
Sale of purchased goods
Circus Clubs
Fees for workshops etc
Hire of Big tops
Support to social
enterprises
Festival Sundays
Other income		 d
£
19,431
-
-
-
-
-
-
-
-
1,000
(1,188)
5,407
848
1,020
(7,588)
(2,114)
889
601
18,306		 Restricted
£
59,286
82,576
15,900
5,000
14,401
-
-
7,500
-
1,000
-
-
-
-
-
-
-
-
185,663		 Total
2021
£
78,717
82,576
15,900
5,000
14,401
-
-
7,500
-
2,000
(1,188)
5,407
848
1,020
(7,588)
(2,114)
889
601
203,969		 Total
2020
£
-
-
-
-
-
3,372
8,500
-
2,000
3,000
4,200
10,357
2,729
14,508
21,905
1,283
-
1,814
73,668

6 Income from investments

Income from investments
Interest received Total
2021
£
-
-		 Total
2020
£
2
2

Page 14

Swamp Circus Trust Limited NOTES TO THE ACCOUNTS

7 Expenditure on charitable activities

Unrestricte

Direct expenditure on
charitable activities
Venue hire
Materials
Training equipment
Artist fees
Teacher/ workshop costs
Sub-contract costs
Support Costs
Wages
Pensions
Staff training
Travel and subsistence
Rent & rates
Light, heat and power
Insurance
Telephone and fax
Printing, postage and
stationary
Subscriptions
Equipment Hire
sundry expenses
Cleaning
Marketing and promotion
Legal and professional fees
Specific Bad Debts written
off
Bank charges
Depreciation
Governance costs
Accountancy fees
Independent examination
of the charity's accounts
8
Net income/(expenditure) before
transfers
This is stated after charging:
Depreciation of owned fixed assets		 d
£
2,650
217
-
1,237
259
3,303
11,506
1,208
1,243
-
3,100
934
1,461
827
811
-
-
112
-
585
93
-
112
424
-
595
30,677		 Restricted
£
1,250
-
-
30
5,136
3,223
52,571
-
-
243
-
-
-
-
840
-
-
-
-
-
-
-
-
-
-
-
63,293
2021
£
424		 Total
2021
£
3,900
217
-
1,267
5,395
6,526
64,077
1,208
1,243
243
3,100
934
1,461
827
1,651
-
-
112
-
585
93
-
112
424
-
595
93,970		 Total
2020
£
8,647
50
44
19,754
9,503
7,924
21,337
349
-
474
6,306
751
1,107
1,046
290
458
1,200
2,863
188
1,866
589
500
448
424
1,230
595
87,943
2020
£
424

Page 15

Swamp Circus Trust Limited NOTES TO THE ACCOUNTS

9
Staff costs
Salaries and wages
64,077
Pension costs
1,208
65,285
No employee received emoluments in excess of £60,000.
Total employee benefits received by key
management personnel
42,497
The average monthly number of full time equivalent
employees during the year was as follows:
2021
Number
Charitable activities
4
4		 21,337
349
21,686
11,415
2020
Number
2
2

The charity operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the charity to the scheme and amounted to £1,208 (2020-£348).

10 Tangible fixed assets

Land
and
buildings
£
Cost or revaluation
At 1 April 2020
-
Additions
62,715
At 31 March 2021
62,715
Depreciation and
impairment
At 1 April 2020
-
Depreciation charge for the
year
-
At 31 March 2021
-
Net book values
At 31 March 2021
62,715
At 31 March 2020
-
11 Debtors
Trade debtors
Prepayments and accrued income		 Plant and
machinery
including
motor
vehicles
£
67,319
-
67,319
66,047
424
66,471
848
1,272		 Motor
Vehicles
£
-
26,882
26,882
-
-
-
26,882
-
2021
£
13,606
13,289
26,895		 Office
Equipment
£
-
2,111
2,111
-
-
-
2,111
-		 Total
£
67,319
91,708
159,027
66,047
424
66,471
92,556
1,272
2020
£
6,899
-
6,899

Page 16

Swamp Circus Trust Limited NOTES TO THE ACCOUNTS

12 Creditors:

amounts falling due within one year

Creditors:
amounts falling due within one year
Other loans
Trade creditors
Other taxes and social security
Other creditors
Accruals and deferred income		 2021
£
16,000
4,186
-
1,094
5,594
26,874		 2020
£
-
3,249
43
1,815
5,596
10,703

Page 17

Swamp Circus Trust Limited NOTES TO THE ACCOUNTS

13 Movement in funds

13 Movement in funds
At 1
April
2020
-
-
-
-
-
2,000
8,500
2,666
13,166
(1,357)
11,809		 Incoming
resources
(including
other
gains/losses
)
£
141,862
15,900
5,000
14,401
7,500
-
-
1,000
185,663
18,306
203,969		 Resources
expended
£		 Gross
transfers
£
(31,245)
-
-
-
-
-
-
-
(31,245)
31,245
-		 At 31
March
2021
£
86,314
8,311
-
-
-
-
8,500
1,166
Restricted funds:
Restricted income funds:
Development of Chyan
Plen
Emergence grant
Hilden Charitable
Foundation
HMRC Furlough
St James Place
The Casey Trust
The Clothworkers
Foundation
Other grants below £1000
Total
Unrestricted funds:
General funds
Revaluation Reserves:
Total funds
(24,303)
(7,589)
(5,000)
(14,401)
(7,500)
(2,000)
-
(2,500)
(63,293)
(30,677)
(93,970)
104,291
17,517
121,808

Purposes and restrictions in relation to the funds:

Restricted funds: Development of Chyan Includes capital expenditure for the library building as well as Plen support for salaries. Due to Covid the project could not be completed and the final balances transferred to unrestricted funds were not confirmed in writing as at the date of signing the accounts. Emergence grant Support for well being training

Emergence grant Support for well being training Hilden Charitable Foundation HMRC Furlough Salary support during lockdown for Covid19 St James Place Support for well being training The Casey Trust Delivery of well being workshops The Clothworkers Specifically towards costs of yurt, solar powered battery, laptop, Foundation metal chairs, waterproof floor, fire pit, battery and wheel barrow

Other grants below £1000 Usually for small pieces of equipment

Page 18

Swamp Circus Trust Limited NOTES TO THE ACCOUNTS

14 Analysis of net assets between funds

Analysis of net assets between funds
Fixed assets
Net current assets		 Unrestricted
funds
£
848
16,669
17,517		 Restricted
funds
£
91,708
12,583
104,291		 Total
£
92,556
29,252
121,808

15 Related party disclosures

Controlling party

The company is limited by guarantee and has no share capital; thus no single party controls the company.

Page 19