DocuSign Envelope ID: 8CAB44DE-FC4A-4310-9428-F2FED39D1E7C **REGISTERED COMPANY NUMBER: 07712000 (England and Wales) REGISTERED CHARITY NUMBER: 1159655** ## **REPORT OF THE TRUSTEES AND** **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **FOR** **THE PELICAN CENTRE LTD** Fairhurst Chartered Accountants Douglas Bank House Wigan Lane Wigan Lancashire WN1 2TB DocuSign Envelope ID: 8CAB44DE-FC4A-4310-9428-F2FED39D1E7C **THE PELICAN CENTRE LTD** **CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 March 2023** ||**Page**| |---|---| |**Report of the Trustees**|1 to 2| |**Independent Examiner's Report**|3| |**Statement of Financial Activities**|4| |**Statement of Financial Position**|5 to 6| |**Statement of Cash Flows**|7| |**Notes to the Statement of Cash Flows**|8| |**Notes to the Financial Statements**|9 to 16| DocuSign Envelope ID: 8CAB44DE-FC4A-4310-9428-F2FED39D1E7C ## **THE PELICAN CENTRE LTD (REGISTERED NUMBER: 07712000)** ## **REPORT OF THE TRUSTEES for the Year Ended 31 March 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 March 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** To promote for the benefit of the inhabitants of Tyldesley and the surrounding area the provision of facilities for recreation or other leisure time occupation, in particular swimming, for the public at large in the interests of social welfare and with the objective of improving the condition of life of said inhabitants. ## **Significant activities** The management team has continued to build on the core leisure and recreational activities of the charity and there has been a marked increase in the income generated. There were no Covid related grants received this year and also fewer other grants available however the charity returned a surplus for the year of £36,703 which is very pleasing. ## **Public benefit** Our main activities and the groups at which they are aimed are described above within Objectives and Activities. All of our charitable activities are focused on furthering our charitable objectives for the public benefit of the local community. ## **STRATEGIC REPORT** ## **Reserves policy** The reserves policy is reviewed annually by the trustees in light of current events. The unrestricted reserves are currently £348,635 and the free reserves (net current unrestricted assets) stand at £196,729. This is in line with the board's recommendation of holding 3 months running costs of the charity in free reserves which, based on these accounts, currently stands at £145,000. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The role, scope and responsibilities of the Trustees are enshrined in law, principally the Charities Act 2011 and the Companies Act 2006, and also the Articles of Association. ## **Recruitment and appointment of new trustees** Co-opted Trustees are selected following a search, advertising on the club website and personal recommendation. They meet with at least two existing Trustees, including the Chairman of the charity. It is the intention of the charity to have Trustees who have a strong interest in the sport of swimming, especially to encourage wide community participation for health and leisure purposes, and an appreciation of the governance role. The policy is to have a strong, gender diverse trustee board with a range of experience and skills. ## **Risk management** The trustees actively review the major risks which The Pelican Centre faces on a regular basis. These include health and safety, operational and human risks as well as reputational and financial risks. The trustees believe that the maintenance of general reserves, combined with the regular review of controls over financial systems, will provide sufficient resources in the event of adverse conditions. The trustees have also examined the other operational and business risks which The Pelican Centre faces and confirm that policies and systems have been established to mitigate most of the significant risks. It is noted that, as a consequence of its status as a company limited by guarantee, the trustees of the company are liable to contribute £1 each should the company be wound up insolvent. Public Liability Insurance is purchased in respect of certain events where the potential for liability exists. Page 1 DocuSign Envelope ID: 8CAB44DE-FC4A-4310-9428-F2FED39D1E7C ## **THE PELICAN CENTRE LTD (REGISTERED NUMBER: 07712000)** **REPORT OF THE TRUSTEES for the Year Ended 31 March 2023** ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** 07712000 (England and Wales) **Registered Charity number** 1159655 ## **Registered office** Tyldesley Swimming Pool Castle Street Tyldesley Manchester M29 8EG ## **Trustees** P A Costello J A Johnson Mrs A Roberts Dr A R T Thompson ## **Independent Examiner** Fairhurst Chartered Accountants Douglas Bank House Wigan Lane Wigan Lancashire WN1 2TB Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by: 22 December 2023 | 09:49 GMT .......................................................................... J A Johnson - Trustee Page 2 DocuSign Envelope ID: 8CAB44DE-FC4A-4310-9428-F2FED39D1E7C ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PELICAN CENTRE LTD** ## **Independent examiner's report to the trustees of The Pelican Centre Ltd ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 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 in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Mrs Jane Dennis BA (Hons) FCA Fairhurst Chartered Accountants Douglas Bank House Wigan Lane Wigan Lancashire WN1 2TB 22 December 2023 | 12:47 GMT Date: ............................................. Page 3 DocuSign Envelope ID: 8CAB44DE-FC4A-4310-9428-F2FED39D1E7C ## **THE PELICAN CENTRE LTD** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the Year Ended 31 March 2023** |Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
3
13,880
**Charitable activities**
5
Leisure & Recreational activities
541,767
Other trading activities
4
61,539
Other income
6
-
**Total**
617,186
**EXPENDITURE ON**
Raising funds
7
8,860
**Charitable activities**
8
Leisure & Recreational activities
571,623
**Total**
580,483
**NET INCOME**
36,703
**RECONCILIATION OF FUNDS**
Total funds brought forward
311,932
**TOTAL FUNDS CARRIED FORWARD**
348,635|Restricted
funds
£
7,334
-
-
-
7,334
-
7,334
7,334
-
-
-|2023
Total
funds
£
21,214
541,767
61,539
-
624,520
8,860
578,957
587,817
36,703
311,932
348,635|2022
Total
funds
£
95,191
432,528
53,140
3,175
584,034
7,477
499,432
506,909
77,125
234,807
311,932| |---|---|---|---| The notes form part of these financial statements Page 4 DocuSign Envelope ID: 8CAB44DE-FC4A-4310-9428-F2FED39D1E7C ## **THE PELICAN CENTRE LTD (REGISTERED NUMBER: 07712000)** ## **STATEMENT OF FINANCIAL POSITION 31 March 2023** |Notes
**FIXED ASSETS**
Tangible assets
13
**CURRENT ASSETS**
Stocks
14
Debtors
15
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
16
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CREDITORS**
Amounts falling due after more than one year
17
**NET ASSETS**
**FUNDS**
20
Unrestricted funds
**TOTAL FUNDS**|2023
£
174,357
850
25,489
258,831
285,170
(88,441)
196,729
371,086
(22,451)
348,635
348,635
348,635|2022
£
187,173
850
29,928
239,421
270,199
(113,032)
157,167
344,340
(32,408)
311,932
311,932
311,932| |---|---|---| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006. - The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. 22 December 2023 | 09:49 GMT The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: The notes form part of these financial statements Page 5 continued... DocuSign Envelope ID: 8CAB44DE-FC4A-4310-9428-F2FED39D1E7C ## **THE PELICAN CENTRE LTD (REGISTERED NUMBER: 07712000)** **STATEMENT OF FINANCIAL POSITION - continued 31 March 2023** ............................................. J A Johnson - Trustee The notes form part of these financial statements Page 6 DocuSign Envelope ID: 8CAB44DE-FC4A-4310-9428-F2FED39D1E7C ## **THE PELICAN CENTRE LTD** ## **STATEMENT OF CASH FLOWS for the Year Ended 31 March 2023** |Notes
**Cash flows from operating activities**
Cash generated from operations
1
Interest paid
Net cash provided by operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Net cash used in investing activities
**Cash flows from financing activities**
Loan repayments in year
Net cash used in financing activities
**Change in cash and cash equivalents in the**
**reporting period**
**Cash and cash equivalents at the beginning**
**of the reporting period**
**Cash and cash equivalents at the end of the**
**reporting period**|2023
£
34,231
(948)
33,283
(4,172)
(4,172)
(9,701)
(9,701)
19,410
239,421
258,831|2022
£
139,529
(2,235)
137,294
(51,922)
(51,922)
(7,891)
(7,891)
77,481
161,940
239,421| |---|---|---| The notes form part of these financial statements Page 7 DocuSign Envelope ID: 8CAB44DE-FC4A-4310-9428-F2FED39D1E7C ## **THE PELICAN CENTRE LTD** ## **NOTES TO THE STATEMENT OF CASH FLOWS for the Year Ended 31 March 2023** ## **1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES** |**Net income for the reporting period (as per the Statement of Financial**
**Activities)**
**Adjustments for:**
Depreciation charges
Interest paid
Increase in stocks
Decrease in debtors
(Decrease)/increase in creditors
**Net cash provided by operations**|2023
£
36,703
16,987
948
-
4,439
(24,846)
34,231|2022
£
77,125
15,870
2,235
(530)
1,410
43,419
139,529| |---|---|---| ## **2. ANALYSIS OF CHANGES IN NET FUNDS** ||At 1/4/22|Cash flow|At 31/3/23| |---|---|---|---| ||£|£|£| |**Net cash**|||| |Cash at bank and in hand|239,421|19,410|258,831| ||239,421|19,410|258,831| |**Debt**|||| |Debts falling due within 1 year|(9,702)|(255)|(9,957)| |Debts falling due after 1 year|(32,408)|9,957|(22,451)| ||(42,110)|9,702|(32,408)| |**Total**|197,311|29,112|226,423| The notes form part of these financial statements Page 8 DocuSign Envelope ID: 8CAB44DE-FC4A-4310-9428-F2FED39D1E7C ## **THE PELICAN CENTRE LTD** ## **NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 March 2023** ## **1. STATUTORY INFORMATION** The Pelican Centre is a charitable company, limited by guarantee, registered in England and Wales. The charitable company's registered number and registered office address can be found in the Report of the Trustees. ## **2. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** 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 02) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. There are no material uncertainties regarding the charities ability to continue as a going concern. The financial statements are presented in Sterling (£). ## **Income** All incoming resources are included on the Statement of Financial Activities when the company is entitled to the income and the amount can be quantified with reasonable accuracy. Income from schools for swimming lessons is recognised at the fair value of the consideration receivable for services provided. Income is recognised according to the period to which it relates. Amounts invoiced in advance of the service being performed are accounted for as deferred income and recognised as income in the appropriate period, once the service has been performed. ## **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. ## **Irrecoverable vat** Irrecoverable VAT is charged against the expenditure heading for which it was incurred. ## **Governance costs** Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Improvements to property - over the remaining term of the lease Plant and machinery - 25% on cost Computer equipment - 25% 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 charitable company is exempt from taxation on activities relating to its primary trading purpose. continued... Page 9 DocuSign Envelope ID: 8CAB44DE-FC4A-4310-9428-F2FED39D1E7C ## **THE PELICAN CENTRE LTD** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023** ## **2. ACCOUNTING POLICIES - continued** ## **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. ## **Pension costs and other post-retirement benefits** The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Contributions payable to employees personal pension schemes are charged to the Statement of Financial Activities in the period to which they relate. ## **3. DONATIONS AND LEGACIES** ||||2023|2022| |---|---|---|---|---| ||Unrestricted|Restricted|Total|Total| ||funds|funds|funds|funds| ||£|£|£|£| |Grants|13,880|7,334|21,214|95,191| Grants received, included in the above, are as follows: |Government & local authority COVID support
Sports England
Power to Change
Government Initiative|2023
£
-
7,500
7,334
6,380
21,214|2022
£
34,325
52,450
8,416
-| |---|---|---| |||95,191| ## **4.** ## **OTHER TRADING ACTIVITIES** |Unrestricted
Restricted
funds
funds
£
£
Hairdryers
2,824
-
Lockers
223
-
Vending machine income
548
-
Resale of goods
12,722
-
Private hire
45,222
-
61,539
-|2023
Total
funds
£
2,824
223
548
12,722
45,222
61,539|2022
Total
funds
£
71
633
396
11,213
40,827| |---|---|---| |||53,140| continued... Page 10 DocuSign Envelope ID: 8CAB44DE-FC4A-4310-9428-F2FED39D1E7C ## **THE PELICAN CENTRE LTD** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023** ## **5. INCOME FROM CHARITABLE ACTIVITIES** |**INCOME FROM CHARITABLE ACTIVITIES**||| |---|---|---| |Activity
Memberships
Leisure & Recreational activities
Swimming lessons
Leisure & Recreational activities
General swimming
Leisure & Recreational activities
Gym membership
Leisure & Recreational activities
Lifeguard sessions
Leisure & Recreational activities
Discount cards
Leisure & Recreational activities|2023
£
4,710
247,980
49,262
226,995
3,734
9,086
541,767|2022
£
1,235
157,823
45,827
213,888
2,823
10,932| |||432,528| ## **6. OTHER INCOME** Other income relates to Furlough grants received. ## **7. RAISING FUNDS** ## **Other trading activities** |Unrestricted
funds
£
Purchases
8,860
**CHARITABLE ACTIVITIES COSTS**
Leisure & Recreational activities
**SUPPORT COSTS**
Leisure & Recreational activities|Restricted
funds
£
-
Direct
Costs
£
570,898|2023
2022
Total
Total
funds
funds
£
£
8,860
7,477
Support
costs (see
note 9)
Totals
£
£
8,059
578,957
Governance
costs
£
8,059| |---|---|---| ## **8. CHARITABLE ACTIVITIES COSTS** ## **9. SUPPORT COSTS** continued... Page 11 DocuSign Envelope ID: 8CAB44DE-FC4A-4310-9428-F2FED39D1E7C ## **THE PELICAN CENTRE LTD** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023** ## **10. NET INCOME/(EXPENDITURE)** Net income/(expenditure) is stated after charging/(crediting): |Depreciation - owned assets|2023
£
16,988|2022
£
15,870| |---|---|---| ## **11. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022. ## **12. STAFF COSTS** |**STAFF COSTS**||| |---|---|---| |Wages and salaries
Social security costs
Other pension costs|2023
£
251,346
12,612
6,929
270,887|2022
£
213,519
10,493
5,741| |||229,753| The average monthly number of employees during the year was as follows: |Manager
Support staff (FTE)|2023
1
8
9|2022
1
8| |---|---|---| |||9| No employees received emoluments in excess of £60,000. continued... Page 12 DocuSign Envelope ID: 8CAB44DE-FC4A-4310-9428-F2FED39D1E7C ## **THE PELICAN CENTRE LTD** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023** ## **13. TANGIBLE FIXED ASSETS** |Improvements
to
property
£
**COST**
At 1 April 2022
205,255
Additions
4,172
At 31 March 2023
209,427
**DEPRECIATION**
At 1 April 2022
37,352
Charge for year
11,317
At 31 March 2023
48,669
**NET BOOK VALUE**
At 31 March 2023
160,758
At 31 March 2022
167,903
**14.**
**STOCKS**
Stocks
**15.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Other debtors
Prepayments and accrued income|Plant and
machinery
£
72,126
-
72,126
56,015
4,739
60,754
11,372
16,111
|Computer
equipment
£
9,007
-
9,007
5,848
932
6,780
2,227
3,159
2023
£
850
2023
£
3,254
1,650
20,585
25,489|Computer
equipment
£
9,007
-
9,007
5,848
932
6,780
2,227
3,159
2023
£
850
2023
£
3,254
1,650
20,585
25,489|Totals
£
286,388
4,172
290,560
99,215
16,988
116,203
174,357
187,173
2022
£
850
2022
£
17,610
22
12,296
29,928| |---|---|---|---|---| |||||| |||||| |||||| |||||| |||||| |||||| continued... Page 13 DocuSign Envelope ID: 8CAB44DE-FC4A-4310-9428-F2FED39D1E7C ## **THE PELICAN CENTRE LTD** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023** |**16.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Bank loans and overdrafts (see note 18)
Trade creditors
Social security and other taxes
Other creditors
Accrued expenses
**17.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
Bank loans (see note 18)
**18.**
**LOANS**
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank loans
Amounts falling between one and two years:
Bank loans - 1-2 years
Amounts falling due between two and five years:
Bank loans - 2-5 years
**19.**
**ANALYSIS OF NET ASSETS BETWEEN FUNDS**
Unrestricted
Restricted
fund
funds
£
£
Fixed assets
174,357
-
Current assets
283,437
1,733
Current liabilities
(86,708)
(1,733)
Long term liabilities
(22,451)
-
348,635
-|| |---|---| ||| continued... Page 14 DocuSign Envelope ID: 8CAB44DE-FC4A-4310-9428-F2FED39D1E7C ## **THE PELICAN CENTRE LTD** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023** ## **20. MOVEMENT IN FUNDS** |**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**Restricted funds**
Power to Change fund
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1/4/22
£
311,932
311,932
Incoming
resources
£
617,186
7,334
624,520
At 1/4/21
£
234,807
234,807|Net
movement
At
in funds
31/3/23
£
£
36,703
348,635
36,703
348,635
Resources
Movement
expended
in funds
£
£
(580,483)
36,703
(7,334)
-
(587,817)
36,703
Net
movement
At
in funds
31/3/22
£
£
77,125
311,932
77,125
311,932| |---|---|---| Page 15 continued... DocuSign Envelope ID: 8CAB44DE-FC4A-4310-9428-F2FED39D1E7C ## **THE PELICAN CENTRE LTD** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023** ## **20. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**Restricted funds**
Power to Change fund
CRLF fund
**TOTAL FUNDS**|Incoming
resources
£
574,418
8,416
1,200
9,616
584,034|Resources
Movement
expended
in funds
£
£
(497,293)
77,125
(8,416)
-
(1,200)
-
(9,616)
-
(506,909)
77,125| |---|---|---| ## **21. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 March 2023. ## **22. CONTROL** The company is under the control of the trustees. Page 16