## **UNAUDITED FINANCIAL STATEMENTS For the year to 31 December 2025** 

**Charity Reg No 1170403** 

1 



**TRINITY CHURCH NOTTINGHAM Financial Statements for the year to 31 December 2025 Contents** 

|Page 3<br>**Page**<br>Page 4/5<br>Page 6<br>Page 7<br>Page 8<br>Page 9<br>Page 10<br>Page 11<br>Page 12|Company Information<br>**Contents**<br>Directors Trustees' Report<br>Independent Examiners Report<br>Statement of Financial Activities<br>Balance Sheet<br>Notes to the Financial Statements - Accounting Policies<br>Notes to the Financial Statements (Continued)<br>Notes to the Financial Statements (Continued)<br>Notes to the Financial Statements (Continued)|
|---|---|



2 



## **TRINITY CHURCH NOTTINGHAM Financial Statements for the year to 31 December 2025 Company Information** 

Trustees Rev'd Jonathan Hughes Chair Amelia Watkins Smith Adam jones Fraser Bell Ben Waymark Resigned 19 May 2025 Ruth Lancastle Clarkson Webb Eleanor Dawn Wreford Kirsten Chung Charlie Palmer Resigned 19 May 2025 Rasmi Mohan M Arlington L Bignall Robert Newsome Appointed 19 May 2025 Elizabeth Wright Appointed 19 May 2025 Bejamin Baguley Appointed 19 May 2025 Address Trinity Church Nottingham (Registered Charity No 1170403) 192 Mansfield Road Nottingham NG1 3HX 

Independent Examiner Andrew Pearson 

Exec Practice Ltd 87 Main Street Newtown Linford Leicestershire LE6 0AF 

3 



## **TRINITY CHURCH NOTTINGHAM Financial Statements for the year to 31 December 2025 Directors Trustees' Report (1)** 

The trustees present their report and financial statements for the year ended 31 December 2025. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) ''Accounting and Reporting by Charities'' FRS 102 in preparing the annual report and financial statements of the charity. 

## **Objectives & Aims of the Charity** 

The objectives of the CIO are to advance the Christian faith for the benefit of the public, by serving and reaching for Christ. 

- the community of Nottingham,and 

- wider networks of people connected with members of the congregation. 

## **By, and in particular** 

- holding services of worship 

- promoting study of the bible 

- Establishing missionary work 

The vision of the Trinity Church is to see, "The Church on Fire", a city alive. As such it is our intent, to act in such waysthat, aligned to the Charity's purpose, bring this about. 

## **Public Benefit** 

The Trustees have considered the Charity Commission guidance on public benefit and consider that the activities of the charity meet its charitable objectives and provide a benefit to the public. 

## **Achievements  and Performance** 

In 2025 we continued to pursue our vision to see the Church on Fire and the City Alive by learning to TRY. We held our first TRY conference with Jordan Seng, and began a cultural shift that has seen us share stories of how God is at work in our everyday lives ever since. It was also a year of sending, as we planted a team into St. Paul’s Carlton led by Beth and Luke Resch, accompanied by many in Trinity’s leadership pipeline and staff team. Funding for that project was part of the Diocese of Southwell and Nottingham’s ambitious bid to the Church of England’s Strategic Mission and Ministry Investment Board to support a decade-long programme which builds on fruitful mission and ministry in recent years. We mentioned this decision which also released funds for the re-ordering of St. Andrew’s, last year and benefited from them with the appointment of an Associate Pastor for Church Planting and Leadership Development at Trinity in June 2025. We thank God for the way we are seeing him at work in Trinity, across TABLE E.Mids, and in the national TABLE family, and continue to pray that he would pour out the power of his Spirit and revive his Church. 

## **Volunteers** 

We would like to express our thanks to the many volunteers who support the various teams including hospitality, kids, youth, set-up, worship, production. In the current period the number of volunteers was 60 (2024 60) 

## **Financial Review** 

Grants & Donations and Ther Income , including funds reclaimed under the Gift Aid system were £779,605 (2024 £725,347) . Expenditure on charitable activities including governace costs were £768,855 (2024 £778.830) 

There was a Surplus for the year-ended 31 December 2025 was £10,750 (Deficit 2024  £53,483) . Unrestricted Cash Reserves at year end were £226,741 (2024 £204,440). Further information regarding Trinity Church Activities can be found on the Charity Website. Many thanks to everyone who has given generously throughout the year. 

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## **TRINITY CHURCH NOTTINGHAM Financial Statements for the year to 31 December 2025 Directors Trustees' Report (2)** 

## **Reserves Policy** 

The policy of the organisation is to maintain three months running costs as reserves wherever possible. This reflects the concern of the trustees that they should maintain sufficient reserves to meet any unforeseen circumstances and in particular, to meet the organisation's obligations. 

## **Directors & Trustees** 

Directors who have held office are also Trustees of the charity as follows 

|ve held office are also|Trustees of the charity as f|
|---|---|
|Rev'd Jonathan Hughes|Chair|
|Amelia Watkins Smith||
|Adam jones||
|Fraser Bell||
|Ben Waymark|Resigned 19 May 2025|
|Ruth Lancastle Clarkson|Webb|
|Eleanor Dawn Wreford||
|Kirsten Chung||
|Charlie Palmer|Resigned 19 May 2025|
|Rasmi Mohan||
|M Arlington||
|L Bignall||
|Robert Newsome|Appointed 19 May 2025|
|Elizabeth Wright|Appointed 19 May 2025|
|Bejamin Baguley|Appointed 19 May 2025|



## **Directors & Trustees** 

Subject to appointments at the Annual General Meeting the trustees shall appoint members and committees to control of the affairs of the organisation and may delegate any part of its duties to such committees. Without prejudice to the generality of the foregoing, the directors powers shall include the appointment, control and dismissal of all members and staff. 

## **Recruitment and appointment of new trustees** 

The trustees identify suitable candidates who are then invited to join trustee meetings as observers for a short period of time. The primary requirements for suitability are being a natural person over the age of 16 with an expectation of being a member of Trinity Church Nottingham and already and active participant. After this, any candidates who would wish to serve as trustees are considered by the current trustees and appointment following the necessary approvals.  All new trustees are provided with a copy of the Constitution, and details of their responsibility as a Trustee, Rules of the Church, together with a copy of the latest accounts and any other past minutes or further information they may require. 

## **Statement of Trustees Responsibilities** 

The Trustees are required as a charity and under the  Charities Act 2011 to prepare financial statements for each financial year which give a true and fair view of the affairs of the company and disclose the net income or expenditure of the charity for that period and 

- select suitable accounting policies and apply them consistently 

- make reasonable and prudent judgements and estimates 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business 

- observe the methods and principles in the Charities SORP 

The Trustees are also responsible for: 

- keeping proper accounting records 

- safeguarding the company assets 

- taking reasonable steps for the prevention of fraud 

Approved by the Trustees on …........................... and signed on its behalf by: 

Revd J Hughes Chair Trustee L Bignall Trustee 

5 



## **TRINITY CHURCH NOTTINGHAM Financial Statements for the year to 31 December 2025 Independent Examiners Report** 

## **Independent examiner's report to the trustees of Trinity Church** 

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2025. 

## **Responsibilities and basis of report** 

The trustees'  are responsible for the preparation of the accounts. The Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011(the 2011  Act) and that an independent examination is needed. I am qualified to undertake the independent examination, by being a qualified member of CIMA. 

## **Independent examiners 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: 

- 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. 

> _Signed                                                                                                 Date_ 04 August 2026 

Andrew Pearson FCMA 87 Main Street Newtown Linford Leicestershire LE6 0AF 

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## **TRINITY CHURCH NOTTINGHAM** 

## **Financial Statements for the year to 31 December 2025** 

## **Statement of Financial Activities including Summary of Income & Expenditure Account** 

|Note<br>**Incoming Resources**<br>Grants & Donations<br>2<br>Other incoming resources<br>Gift Aid<br>Investment Income<br>**Total Income**<br>**Resources expended**<br>**Charitable Activities**<br>Activities<br>Charitable Donations<br>Salaries, Wages & Pensions<br>5<br>Bank Charges<br>Utility Costs<br>Insurance<br>Professional Fees<br>IT Phone & Computer Costs<br>Repairs & Maintenance & Cleaning<br>Building Rent<br>Office Administration Costs<br>Bank Interest<br>Depreciation<br>Parish Share<br>Total<br>**Other Costs**<br>Independent  Accounts & Examination<br>7<br>**Total Expenditure**<br>**Net Income/(Expenditure) for the Year**<br>Accumulated Reserves b/f<br>Pror Year Adjustment<br>Accumulated Reserves c/f|**£**<br>**£**<br>**£**<br>_£_<br>**Unrestricted**<br>**Restricted**<br>**Total**<br>_Total_<br>**Funds**<br>**Funds**<br>**2025**<br>_2024_|
|---|---|
||559,208<br>32,264<br>**591,472**<br>_584,761_<br>96,562<br>-<br>**96,562**<br>_55,685_<br>87,910<br>-<br>**87,910**<br>_79,810_<br>3,661<br>-<br>**3,661**<br>_5,091_|
||**747,341**<br>**32,264**<br>**779,605**<br>_725,347_|
||182,046<br>20,753<br>**202,799**<br>_174,664_<br>37,074<br>15,999<br>**53,073**<br>_-_<br>286,479<br>9,042<br>**295,521**<br>_302,951_<br>120<br>-<br>**120**<br>_135_<br>19,394<br>-<br>**19,394**<br>_19,805_<br>23,993<br>-<br>**23,993**<br>_444_<br>-<br>-<br>**-**<br>_10,442_<br>4,151<br>-<br>**4,151**<br>_3,868_<br>20,037<br>-<br>**20,037**<br>_103,957_<br>19,600<br>-<br>**19,600**<br>_16,200_<br>31,868<br>-<br>**31,868**<br>_46,717_<br>727<br>-<br>**727**<br>_2,150_<br>8,772<br>-<br>**8,772**<br>_12,117_<br>87,360<br>-<br>**87,360**<br>_84,000_|
||**721,621**<br>**45,794**<br>**767,415**<br>_777,450_|
||1,440<br>-<br>**1,440**<br>_1,380_|
||**723,061**<br>**45,794**<br>**768,855**<br>_778,830_|
|||
||**24,280**<br>**(13,530)**<br>**10,750**<br>_(53,483)_|
||204,440<br>51,160<br>**255,600**<br>_309,083_<br>(1,979)<br>-<br>**(1,979)**<br>_-_|
||**226,741**<br>**37,630**<br>**264,371**<br>_255,600_|



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## **TRINITY CHURCH NOTTINGHAM (Company Registered No 08364771) Financial Statements for the year to 31 December 2025 Balance Sheet** 

|Note<br>**Assets**<br>**Fixed Assets**<br>4<br>**Current Assets**<br>Debtors & Prepayments<br>6<br>Cash at Bank and in hand<br>**Less Current Liabilities**<br>Creditors less than one year<br>8<br>**Net Current Assets**<br>**Total Assets less Current Liabilities**<br>Creditors more than one year<br>**Reserves**<br>Unrestricted funds<br>Restricted funds<br>9<br>**Total Reserves**|**£**<br>**£**<br>**£**<br>**_£_**<br>**Unrestricted**<br>**Restricted**<br>**Total**<br>_Total_<br>**Funds**<br>**Funds**<br>**2025**<br>_2024_<br>22,837<br>-<br>**22,837**<br>_29,610_<br>803<br>-<br>**803**<br>_14,733_<br>238,529<br>9,404<br>**247,933**<br>_239,643_<br>239,332<br>9,404<br>**248,736**<br>_254,376_<br>(7,202)<br>-<br>**(7,202)**<br>_(14,821)_|
|---|---|
||232,130<br>9,404<br>**241,534**<br>_239,555_|
|||
||254,967<br>9,404<br>**264,371**<br>_269,165_|
||-<br>-<br>**-**<br>_(13,565)_|
||254,967<br>9,404<br>**264,371**<br>_255,600_|
||254,967<br>-<br>**254,967**<br>_229,676_<br>-<br>9,404<br>**9,404**<br>_25,924_<br>254,967<br>9,404<br>**264,371**<br>_255,600_|



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

Approved by the Trustees on  …................ and signed on its behalf by: 

Rev'd Jonathan Hughs Chair Trustee L Bignall Trustee 

8 



## **TRINITY CHURCH NOTTINGHAM Financial Statements for the year to 31 December 2025 Notes to the Financial Statements** 

## **1 Accounting Policies** 

## **1.1a Basis of preparation** 

The charity is a 'public benefit entity'. 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 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The CIO has taken advantage of the following disclosure exemptions in preparing these financial statements as permitted by FRS 102 

- the requirements of Section 7 Statement of Cash Flows 

## **1.1b Preparation of the accounts on a going concern basis** 

The Charity reported a Surplus of £10,750 for the year ended 31 December 2025. The trustees are of the view, that given the Charity's reserve position, and outlook of support for the next 12 months, that the charity is a going concern. 

## **1.2 Resources Expended** 

Expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all costs related to that category. Where costs cannot be directly attributed to particular headings, costs have been allocated to activities on a basis consistent with the use of resources. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure and it is probable that a transfer of economic benefit will be required in settlement of the obligation, and can be reliably measured. 

## **1.3 Donations and Voluntary Income** 

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

## **1.4 Grants Receivable** 

Grants for immediate expenditure are accounted for when they become receivable. Grants received for specific purposes are treated as restricted funds. 

## **1.5 Grants Payable** 

Grants Payable are accounted for when they are paid. 

## **1.6 Allocation of Costs & Restricted Fund Accounting** 

Costs have been allocated between charitable activity and governance costs Where items involve more than one fund they are apportioned between categories, and apportioned to fund based on the estimated expenditure of resource according to the nature of cost. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The aim and use of restricted funds is set out in the notes to the financial statements. 

## **1.7 Fixed Assets and Depreciation** 

Fixed Assets for charity use are capitalised at cost, or valuation if donated. Depreciation is calculated to write off the assets. Less their estimated residual value, over their useful lives on the following basis: 

PA Equipment 4 years straight line basis Office Equipment 4 years straight line basis 

Depreciation commences in the year after purchase or commissioning 

9 



## **TRINITY CHURCH NOTTINGHAM Financial Statements for the year to 31 December 2025 Notes to the Financial Statements** 

## **2 Grants and Donations** 

During the year the charity received the following voluntary income 

|**3**<br>**4**<br>**5**|**£**<br>**£**<br>**Total**<br>**Unrestricted**<br>**Restricted**<br>**2025**<br>**Church Donations**<br>Compassion<br>-<br>495<br>**495**<br>Love Christmas<br>-<br>-<br>**-**<br>Building Fund<br>-<br>6,263<br>**6,263**<br>Restricted Appeal<br>-<br>1,790<br>**1,790**<br>Pastoral Suport Fund<br>-<br>3,750<br>**3,750**<br>Legacy<br>-<br>-<br>**-**<br>Youth Fund<br>-<br>4,256<br>**4,256**<br>Just Sow<br>-<br>-<br>**-**<br>Other Donations<br>496,955<br>-<br>**496,955**<br>**Grants**<br>Henry Smith<br>-<br>15,710<br>**15,710**<br>Other Grants<br>62,253<br>-<br>**_62,253_**<br>**Total Grant & Donations**<br>**559,208**<br>**32,264**<br>**591,472**<br>**Investment Income**<br>3,661<br>-<br>**3,661**<br>**Fixed Assets**<br>**Leasehold**<br>**PA**<br>**Office**<br>**Building Equipment**<br>**Equipment**<br>Cost b/f<br>30,193<br>129,572<br>21,599<br>Additions<br>-<br>1,999<br>-<br>Disposal<br>-<br>-<br>-<br>Write off<br>-<br>-<br>-<br>Cost c/f<br>30,193<br>131,571<br>21,599<br>Depreciation b/f<br>17,611<br>112,544<br>21,599<br>Charge for Year<br>1,943<br>6,829<br>Eliminated on Disposal<br>-<br>-<br>-<br>Depreciation c/f<br>19,554<br>119,373<br>21,599<br>**Net book value b/f**<br>_12,582_<br>_17,028_<br>_-_<br>**Net book value c/f**<br>**10,639**<br>**12,198**<br>**-**<br>**Staff costs & Employees**<br>**2025**<br>The average monthly number of employees during the period was as follows:<br>**11**<br>Clergy and ordinands in training placed full or part-time by the Diocese<br>**9**<br>Employment costs:<br>**£**<br>Wages and salaries<br>**284,639**<br>Employer pension contributions<br>**10,882**<br>**295,521**<br>No employee received remuneration amounting to more than £60,000 in either year.<br>No of Volunteers assisting the organisation was:<br>60|**£**<br>**£**<br>**Total**<br>**Unrestricted**<br>**Restricted**<br>**2025**<br>**Church Donations**<br>Compassion<br>-<br>495<br>**495**<br>Love Christmas<br>-<br>-<br>**-**<br>Building Fund<br>-<br>6,263<br>**6,263**<br>Restricted Appeal<br>-<br>1,790<br>**1,790**<br>Pastoral Suport Fund<br>-<br>3,750<br>**3,750**<br>Legacy<br>-<br>-<br>**-**<br>Youth Fund<br>-<br>4,256<br>**4,256**<br>Just Sow<br>-<br>-<br>**-**<br>Other Donations<br>496,955<br>-<br>**496,955**<br>**Grants**<br>Henry Smith<br>-<br>15,710<br>**15,710**<br>Other Grants<br>62,253<br>-<br>**_62,253_**<br>**Total Grant & Donations**<br>**559,208**<br>**32,264**<br>**591,472**<br>**Investment Income**<br>3,661<br>-<br>**3,661**<br>**Fixed Assets**<br>**Leasehold**<br>**PA**<br>**Office**<br>**Building Equipment**<br>**Equipment**<br>Cost b/f<br>30,193<br>129,572<br>21,599<br>Additions<br>-<br>1,999<br>-<br>Disposal<br>-<br>-<br>-<br>Write off<br>-<br>-<br>-<br>Cost c/f<br>30,193<br>131,571<br>21,599<br>Depreciation b/f<br>17,611<br>112,544<br>21,599<br>Charge for Year<br>1,943<br>6,829<br>Eliminated on Disposal<br>-<br>-<br>-<br>Depreciation c/f<br>19,554<br>119,373<br>21,599<br>**Net book value b/f**<br>_12,582_<br>_17,028_<br>_-_<br>**Net book value c/f**<br>**10,639**<br>**12,198**<br>**-**<br>**Staff costs & Employees**<br>**2025**<br>The average monthly number of employees during the period was as follows:<br>**11**<br>Clergy and ordinands in training placed full or part-time by the Diocese<br>**9**<br>Employment costs:<br>**£**<br>Wages and salaries<br>**284,639**<br>Employer pension contributions<br>**10,882**<br>**295,521**<br>No employee received remuneration amounting to more than £60,000 in either year.<br>No of Volunteers assisting the organisation was:<br>60|**_Total_**<br>**_2024_**|
|---|---|---|---|
||||_-_<br>_1,796_<br>_18,149_<br>_790_<br>_1,648_<br>_20,000_<br>_7,655_<br>_10,000_<br>_411,488_<br>_30,000_<br>_83,235_|
||||_584,761_|
||||_5,091_<br>**Total**<br>**2024**<br>**181,364**<br>**1,999**<br>**-**<br>**-**|
||||**183,363**|
||||**151,754**<br>**8,772**<br>**-**|
||||**160,526**|
||||**-**<br>_29,610_<br>**22,837**|
||||**_2024_**<br>_7_<br>_8_<br>_£_<br>_291,835_<br>_11,116_|
|||**295,521**|_302,951_|
|||60|_60_|



10 



## **TRINITY CHURCH NOTTINGHAM Financial Statements for the year to 31 December 2025 Notes to the Financial Statements** 

|**6**|**Debtors & Prepayments**<br>Sundry Debtors<br>Total|**2025**<br>**_2024_**<br>**£**<br>_£_<br>**803**<br>_14,733_|
|---|---|---|
|||**803**<br>_14,733_|



Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective rate of interest, less any impairment. 

|**7**<br>**8**|**Independent Examiners Fees**<br>Fees for independent examination<br>**Creditors : amounts falling due within one year**<br>Accruals<br>Taxation and Social Security<br>Loans|**£**<br>_£_<br>**1,440**<br>_1,380_<br>Unrestricted<br>Restricted<br>**2025**<br>_2024_<br>**2,441**<br>**-**<br>**2,441**<br>_350_<br>**4,761**<br>**-**<br>**4,761**<br>_3,791_<br>**-**<br>**-**<br>**-**<br>_14,821_|
|---|---|---|
|||**7,202**<br>**-**<br>**7,202**<br>**_18,962_**|



## **9 Creditors : More than one Year** 

## Diocese Loans 

Short term Creditors are measured at transaction price. Ther financial liabilities including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost using the effective rate of interest method. 

## **10 Analysis of Funds** 

## **Restricted Funds - Net Current Assets** 

|**Donor/Sponsor**<br>Compassion<br>Just Sow<br>Pastoral Support Fund<br>Restricted Appeal<br>Afghan Grant<br>Henry Smith<br>Building Fund<br>Youth Fund<br>**Balance Sheet**<br>Fixed Assets<br>Current Assets<br>Current Liabilities<br>Long Term Liabilities<br>**Total**|**Balance b/f**<br>**Income**<br>**Expenditure**<br>**Balance c/f**<br>-<br>495<br>-<br>495<br>10,000<br>(10,000)<br>-<br>4,922<br>3,750<br>(3,183)<br>5,489<br>118<br>1,790<br>(1,908)<br>-<br>1,530<br>-<br>(1,530)<br>-<br>9,042<br>(9,042)<br>-<br>8,211<br>6,263<br>(14,090)<br>384<br>4,821<br>4,256<br>(6,041)<br>3,036|
|---|---|
||**38,644**<br>**16,554**<br>**(45,794)**<br>**9,404**|
||**Designated**<br>**Unrestricted**<br>**Restricted**<br>**Total**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Funds**<br>-<br>22,837<br>-<br>**22,837**<br>-<br>239,332<br>9,404<br>**248,736**<br>-<br>(7,202)<br>-<br>**(7,202)**<br>-<br>-<br>-<br>**-**|
||-<br>254,967<br>9,404<br>264,371|



## **11 Transactions with Director Trustees & Related Parties** 

None of the trustees have been paid any remuneration or received any other benefits from an employment with the charity or a related entity for the years ended 31 December 2025. No trustee expenses have been incurred for the years ended 31 December 2025. 

## **12 Controlling Party** 

No one party has control over the company. 

11