REGISTERED COMPANY NUMBER: CEO18590 (England and Wales) REGISTERED CHARITY NUMBER: 1184982
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 August 2023
for
King's School of Theology
Johnston Wood Roach Limited 24 Picton House Hussar Court Waterlooville Hampshire PO7 7SQ
King's School of Theology
Contents of the Financial Statements for the Year Ended 31 August 2023
| Page | ||
|---|---|---|
| Report of the Trustees | 1 to | 5 |
| Statement of Financial Activities | 6 | |
| Balance Sheet | 7 | |
| Notes to the Financial Statements | 8 to | 11 |
| Detailed Statement of Financial Activities | 12 |
King's School of Theology
Report of the Trustees for the Year Ended 31 August 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The object of the charity is to advance the education of the public in the sphere of Christian Theology, providing theological education to adults. KST seeks to advance the Christian faith by means of being a theology and training resource and advance the education, training and personal development of Christian leaders who operate in church, community and business spheres.
To deliver the charity's object, KST offers two programmes: a three-year part time certificate in theology, and standalone short courses. In a context where many 'everyday Christians' would love to study, but see theology as an unattainable pursuit, KST's courses are designed to be accessible, affordable and applied.
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Accessible - all courses are part time, and whilst they are academically rigorous, they are achievable alongside work and other commitments.
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Affordable - at a time when university undergraduate fees have risen to over £9K per year, we have sought to keep our fees as low as possible. Annual fees for the three year programme are £1200, but thanks to the generous support of donors, all students can access a subsidised rate of £900.
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Applied - KST seeks to equip 'everyday Christians' serving in a variety of roles across churches, community projects and workplaces. We believe in academically robust learning which connects to the real-world concerns of today's society.
Our courses enable students to grow in knowledge, lead with greater depth, think with more clarity, and serve God with greater purpose, whatever their background or context.
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King's School of Theology
Report of the Trustees for the Year Ended 31 August 2023
OBJECTIVES AND ACTIVITIES Significant activities
Core Programme
KST's core programme is a three-year part time course in Theology. This comprises 15 teaching weekends (21 modules), supplemented by small group mentoring sessions and personal study for the completion of assignments. Students are able to take a 'specialism' accounting for 30% of their second and third year, in either Theology and Biblical Studies, Theology and Christian Spirituality or Theology and Transforming Mission.
During the pandemic, we invested significantly in reconfiguring and optimising our course delivery. As of 2022-23, KST now permanently follows a hybrid model, allowing students to participate online wherever they are, with the option of attending additional in-person gatherings. Approximately two thirds of students attend in person when this is offered.
In 2022-23 we had 46 students across the three academic years of the programme, of whom 16 enrolled in September 2022.
Efforts to widen KST's geographical reach continued to bear fruit, with new students joining not only from the UK, but France, Cyprus, Nigeria and the Philippines. The UK-based students included new participants from Iran and Poland, studying in their second language.
The new cohort were ethnically, educationally and ecclesiologically diverse, with multiple nationalities and church backgrounds represented. This is part of KST's vision: to create learning environments where students can cross geographical and cultural barriers, and whose learning experience and theological reflection is strengthened by the diversity represented.
Inevitably, the pandemic, and ensuing cost of living crisis, continued to affect recruitment, despite the best efforts of the marketing team. Those who signed up reflected a strong desire to study, and were motivated by reasons of personal faith and the church ministry and community roles in which they worked or volunteered. A significant number sought to be equipped for lay leadership roles within their church communities.
Short Courses
KST's Short Courses allow people to engage with KST without having to commit to the full 3 year part time course. They are typically 4-6 sessions, offered weekly. Courses are particularly attractive to alumni who wish to top up previous studies, and church leaders seeking continuing professional development.
This year we continued to develop our programme of short courses. In order to do this, KST invested reserves to pay an existing staff member for an additional 1 day per week. This upfront investment expanded the offering and built momentum for the project. They were able to focus on content development, marketing and delivery of courses.
Between 2022-23 we ran eight short courses which engaged a total of 110 students. This included a new Greek language course, which will be repeated annually, and a course called 'Exploring the Bible: lenses to see scripture more clearly'. This attracted 29 people and was popular with church-based groups, who wished to sign up together.
"The teaching and content were excellent and in each session there was information and further links which I could research and explore in my own time" - short course participant, 2023
"Given the quality of teaching and resources, this course was excellent value for money" - short course participant, 2023
Bursary Support
In addition to the generally available subsidy mentioned above, particular support was given to a number of students with the greatest financial need. Due to generous support from churches, organisations and alumni, bursaries of nearly £3500 were awarded.
Julia (not her real name) was one recipient of a bursary. Disability and challenges with her mental health have prevented her from working, and she was on complete bed rest at the time when she first heard about KST and attended a Taster session.
"I've always wanted to go to Bible College but it never felt possible. I saw an advert for KST and apprehensively signed up for the Taster session. KST appealed to me because I could study online.
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King's School of Theology
Report of the Trustees for the Year Ended 31 August 2023
OBJECTIVES AND ACTIVITIES
"Since starting KST I have preached for the first time during a Sunday Morning Service (and have been asked to do it again!). I have always lacked confidence…but I now feel that I have learned the skills necessary to 'dig deeper' [into the Bible] in order to bring something impactful. I'm also getting involved in the youth work in our church."
Julia reports that she has appreciated the hybrid structure: it has enabled her to study when her health was poor. But thanks in part to the support of the bursary, she was able to attend the first weekend of her studies in person. This was a special time, where she appreciated making connections with other students.
"As I enter the second year, I am hungry to learn more. I want to use what I am learning to help, teach and encourage others."
Fundraising
We are continuing to explore additional avenues of funding, in order to strengthen our position following the pandemic and increase our impact. We have invested in fundraising this year, which will have long-term benefits for the college and students. Increased funding will help us to achieve our aim of making theological education accessible to as wide a range of people as possible.
Looking Ahead
As we look ahead, we have a number of goals and milestones on the horizon.
Firstly, we are approaching a significant anniversary: 40 years since KST's forerunner King's Bible College opened its doors. We plan to run a series of celebrations through the next academic year, including a 'student stories' project gathering alumni stories, and a special celebration in conjunction with our next graduation ceremony.
Secondly, we plan to invest in developing our first of a series of international 'hubs'. This will involve a cohort of students from the same location being linked with a local mentor and studying in collaboration with one another. These will increase our international reach, whilst providing stability and connection for those in the hub.
Additionally, we hope to increase the intake of students, by renewed investment in advertising and networking. To do this we will seek to increase our staffing levels, releasing capacity for communications and marketing.
Impact
KST exists to advance the education of the public in the sphere of Christian Theology, by providing theological education to adults. Our programmes are of benefit to Christian leaders, lay ministers and volunteers, who employ their learning within their churches, workplaces and wider communities.
As well as the accumulation of knowledge, KST offers intangible benefits in the form of growth in confidence, improved communication skills and the wisdom that comes from encountering a variety of perspectives on an issue.
"Having done KST, I have become more confident in expressing my views. Others have noticed this, and it is opening up opportunities at church" - Ruth, KST graduate.
"I am a full time pastor and Dad of four, so I didn't have time to do a full degree, but KST offered me the perfect level of study that fitted with my life. I didn't want just another leadership course with a bit of theology bolted on. I wanted to improve how I handled scripture, how I preached and taught. KST has absolutely given me that" - Ben, KST graduate.
In order to monitor standards and satisfaction, student feedback was taken after each teaching weekend (module) and short course. This demonstrated a high level of satisfaction. Across the whole school and all modules, 94% of students gave each module a rating of either satisfied or very satisfied.
In addition, an end of course survey was completed by graduating students:
"KST has given me the tools, the courage and the intrigue, to dig deeper, to read commentaries, to explore the culture and background of the Bible, to ask questions, to expand my thinking, to challenge my previous thoughts, so that I can understand the Word of God more. What a gift!" - Jen, Graduate 2023
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King's School of Theology
Report of the Trustees for the Year Ended 31 August 2023
OBJECTIVES AND ACTIVITIES
"It has been more rigorous academically than I expected, and the quality of lecturers has been impressive. I have become much more confident at expressing myself, and participating in group work. And I have become less dogmatic and more open to other viewpoints and interpretations" - Margaret, Graduate 2023
With contemporary debates increasingly causing divisions in the Church, many leaders and lay believers alike are illresourced to grapple with these complex issues. KST exists to equip everyday Christians with understanding and depth of thinking, to live out their faith sensitively and faithfully in their local communities. Our Graduates apply their learning within their local churches, enabling these churches to be places of good news to their communities and wider society.
Public benefit
The trustees are aware of and consider the requirements regarding public benefit in their ongoing planning and decision making.
FINANCIAL REVIEW
Financial performance
At the end of the period 31 August 2023 the charity reports income of £65,814 and expenditure of £70,514. This reflects a deficit of £4,700 for the period which is due to planned investment in a new website and the development of new short courses. The total unrestricted funds carried forward is £37,422 (2022: £42,122).
Accounting Changes
In this set of accounts we have changed our reporting structure, more carefully dividing costs for delivering charitable activities and charity management and fundraising. In particular the accounts for the previous period erroneously placed the majority of expenditure under "Raising Funds" rather than "Charitable Activities".
Reserves policy
The policy of the trustees is to hold a minimum of 3 months costs in reserve, at times this will be exceeded and invested at appropriate in the ongoing development of programs to further benefit the objectives of the charity.
Going concern
KST continues to invest resources, and reserves to develop our educational programmes. Adjusting to the academic models post-pandemic context has required investment. The overall financial outlook of the charity is positive.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Organisational structure
KST has a board of trustees who meet quarterly and are responsible for the charity. The board of trustees has three members who were selected for their experience in financial management and charity governance, and experience in the fields of theological education and church leadership. They are all also long standing members of the charity's Executive Committee. The Principal and the Executive Committee have been delegated responsibility by the trustees for the day to day running of the charity.
The Executive Committee comprises six members, who meet quarterly with the Principal and Vice Principal. They review educational delivery, strategy and finances, and support the senior team in the delivery of their roles.
The charity employs four staff: Principal, Vice Principal, Academic Dean and Operations Manager. Each works part time.
The staff have been supported by a team of 24 paid lecturers and six volunteer mentors. The mentors run discussionbased sessions for groups of 4-6 students between teaching sessions.
Related parties
KST currently has no contractual relationships with related parties.
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King's School of Theology
Report of the Trustees for the Year Ended 31 August 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational, reputational, staffing and business risks which they face, and confirm that they have established systems to mitigate the significant risks.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
CEO18590 (England and Wales)
Registered Charity number
1184982
Registered office
24 Picton House Hussar Court Waterlooville Hampshire PO7 7SQ
Trustees
M S Nash Trustee A J Cutteridge Trustee/Chair M N Mumford Trustee
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of King's School of Theology for the purposes of company law) are responsible for preparing the Report of the Trustees 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those 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 Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
25/3/24
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ M S Nash - Trustee
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King's School of Theology
Statement of Financial Activities
for the Year Ended 31 August 2023
| 31.8.23 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 65,715 Investment income 2 100 Total 65,815 EXPENDITURE ON Raising funds 3 17,801 Charitable activities General charitable activites 52,714 Total 70,515 NET INCOME/(EXPENDITURE) (4,700) RECONCILIATION OF FUNDS Total funds brought forward 42,122 TOTAL FUNDS CARRIED FORWARD 37,422 |
31.8.22 Total funds £ 63,825 - 63,825 56,239 12,669 68,908 (5,083) 47,205 42,122 |
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The notes form part of these financial statements
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King's School of Theology
Balance Sheet
31 August 2023
| 31.8.23 Unrestricted fund Notes £ CURRENT ASSETS Debtors 7 659 Cash at bank 41,841 42,500 CREDITORS Amounts falling due within one year 8 (5,078) NET CURRENT ASSETS 37,422 TOTAL ASSETS LESS CURRENT LIABILITIES 37,422 NET ASSETS 37,422 FUNDS 9 Unrestricted funds 37,422 TOTAL FUNDS 37,422 |
31.8.22 Total funds £ 1,810 45,910 47,720 (5,598) 42,122 42,122 42,122 42,122 42,122 |
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The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
.............................................
M S Nash - Trustee
The notes form part of these financial statements
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King's School of Theology
Notes to the Financial Statements for the Year Ended 31 August 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
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.
Accounting Changes
In this set of accounts we have changed our reporting structure, more carefully dividing costs for delivering charitable activities and charity management and fundraising. In particular the accounts for the previous period erroneously placed the majority of expenditure under "Raising Funds" rather than "Charitable Activities".
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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.
2. INVESTMENT INCOME
| Deposit account interest | 31.8.23 £ 100 |
31.8.22 £ - |
|---|---|---|
continued...
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King's School of Theology
Notes to the Financial Statements - continued
for the Year Ended 31 August 2023
3. RAISING FUNDS
Raising donations and legacies
| Staff costs Virtual learning Sundries Support costs |
31.8.23 £ 8,070 - 615 9,116 17,801 |
31.8.22 £ 12,931 503 751 42,054 |
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| 56,239 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2023 nor for the year ended 31 August 2022.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
6.
| Employees No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Donations and legacies EXPENDITURE ON Raising funds Charitable activities General charitable activites Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.8.23 31.8.22 4 4 Unrestricted fund £ 63,825 56,239 12,669 68,908 (5,083) 47,205 42,122 |
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continued...
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King's School of Theology
Notes to the Financial Statements - continued
| for the Year Ended 31 August 2023 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Social security and other taxes Other creditors Accruals and deferred income 9. MOVEMENT IN FUNDS At 1.9.22 £ Unrestricted funds General fund 42,122 TOTAL FUNDS 42,122 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 65,815 TOTAL FUNDS 65,815 Comparatives for movement in funds At 1.9.21 £ Unrestricted funds General fund 47,205 TOTAL FUNDS 47,205 |
31.8.23 31.8.22 £ £ 659 1,810 31.8.23 31.8.22 £ £ - (1,392) - 3,690 5,078 3,300 5,078 5,598 Net movement At in funds 31.8.23 £ £ (4,700) 37,422 (4,700) 37,422 Resources Movement expended in funds £ £ (70,515) (4,700) (70,515) (4,700) Net movement At in funds 31.8.22 £ £ (5,083) 42,122 (5,083) 42,122 |
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continued...
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King's School of Theology
Notes to the Financial Statements - continued
for the Year Ended 31 August 2023
9. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 63,825 63,825 |
Resources Movement expended in funds £ £ (68,908) (5,083) (68,908) (5,083) |
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A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.9.21 £ 47,205 47,205 |
Net movement in funds £ (9,783) (9,783) |
At 31.8.23 £ 37,422 37,422 |
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A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 129,640 129,640 |
Resources Movement expended in funds £ £ (139,423) (9,783) (139,423) (9,783) |
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10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2023.
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King's School of Theology
Detailed Statement of Financial Activities for the Year Ended 31 August 2023
| INCOME AND ENDOWMENTS Donations and legacies Gifts Donations Student fees Investment income Deposit account interest Total incoming resources EXPENDITURE Raising donations and legacies Fundraising costs Course materials Virtual learning Sundries Charitable activities Wages Extra costs paid to freelance tutors and mentors General student resources Software licences and maintenance fees Support costs Management Wages Pensions Insurance Advertising Administration Travel Finance Bank charges Governance costs Accountancy and legal fees Total resources expended Net expenditure |
31.8.23 £ 1 17,953 47,761 65,715 100 65,815 8,070 - - 615 8,685 35,442 4,189 8,467 623 48,721 4,102 2,234 158 3,894 - 1,504 11,892 95 1,122 70,515 (4,700) |
31.8.22 £ - 11,375 52,450 63,825 - 63,825 5,609 7,322 503 751 14,185 - - - - - 43,868 2,202 151 4,503 462 2,266 53,452 131 1,140 68,908 (5,083) |
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This page does not form part of the statutory financial statements
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